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Messages - Hipshot

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1
Cryptocurrency discussions / Re: Some governments have plans to launch their own cryptocurrency
« on: October 09, 2021, 06:14:09 PM »
Quote from: Kitaiev on October 09, 2021, 09:06:25 AM
Coin from central banks like only governments, ordinary people will try to avoid interaction with it as much as possible.
Now we can see the experiments of China and in my opinion it is much worse than paper money.
Imagine you might wake up in the morning and find that you can't spend your money because they have lost their shelf life.
And this is probably true for most government e-money projects. Quote from www.euronews.com/next/2021/07/14/what-is-the-e-euro-everything-you-need-to-know-about-the-new-digital-euro-project
Quote
ECB is already warning that it would likely cap the deposits that individuals can own there – suggesting a threshold of around EUR3,000 – or tax the holdings above a certain amount.
Like they want to reinvent the normal bank account, only worse. But this is also some kind of prisoners dilemma among countries, sooner or later some government will issue a state-backed stablecoin that is usable and safe like regular crypto.

2
Stable Coins Forum / Price impact when minting Dai-like stablecoin
« on: August 31, 2021, 09:33:48 PM »
Dai is just the best known example, but this applies to all decentralized algorithmic stablecoins that are backed by cryptocurrency as collateral. Anyone who owns accepted collateral (ETH, USDC etc) can open a MakerDao vault and generate more Dai. Newly minted Dai can then be used to buy more ETH or other collateral.

So, if Alice owns 1 million USDC, and also owns ETH that is worth >= 1.5 million USD, and want to spend 1 million dollar to buy ETH, there are 2 options: she can either buy directly spending the USDC (perhaps ETH will have a green 1-minute-candle because of it).

Or open a MakerDao maker vault, mint 1 million new Dai, and use these to buy ETH. (and again, perhaps ETH will have a green 1-minute-candle because of it)

Is the price impact on ETH in both cases the same? If yes, would someone who owns a very large (>50%) share of any coin that is accepted collateral be able to influence the price of that coin?

3
Cryptocurrency Trading / Re: 5 Things I have learned in 5 years of trading!
« on: August 17, 2021, 06:12:50 PM »
Another point is that successful strategies often won't last. The market always changes and we must formulate a new strategy under time pressure, because on the other side of a good trade there is someone who feels the pain of losing (or underperforming) and this makes him learn faster.


4
Cryptocurrency Trading / Re: THE BULL RUN GETTING STRONGER EVERY DAY
« on: August 10, 2021, 04:27:57 PM »
Quote from: Adoragamand on August 09, 2021, 08:15:58 PM
Such long bullish markets always make me nervous because I always experience the feeling that the prices will soon drop rapidly and I will have no chance to react to it.
Normally I'm always a bit scared before looking at cmc in the morning but feel less nervous after a long bullish market. Risk of a sudden drop is always there, but market correction would be healthy and continuation of the bull run would be nice too, so nothing to worry about.

5
test   / png test
« on: August 07, 2021, 03:36:41 PM »
can we upload images here?




6
Cryptocurrency discussions / Re: EIP-1559 is applied but gas is not reduced
« on: August 07, 2021, 03:19:13 PM »
Quote from: MrSpasybo on August 07, 2021, 03:04:59 AM
I would have expected that after the London update and the adoption of EIP-1559, gas fees would drop as the network automatically calculates gas in line with the actual situation. However the truth is that we don't see 5 gwei or 10 gwei again like in June, instead gas usually ranges from 40 gwei to 50 gwei and each transaction costs a minimum of 8 USD.
Sharding is not part of the London update, there is not more space for more tx per block, how could gas fees go down..

Quote from: MrSpasybo on August 07, 2021, 03:04:59 AM
Do you think high gas prices are a good signal for market recovery and growth? Does high gas prices have a big impact on your crypto market returns?
Sometimes fees are a sentiment indicator, high fees == bubble, low fees == accumulation time. But sometimes they are leading indicator, e.g. when Btc was stagnant at 6k during crypto winter tx fees collapsed, some days later bad things happened.

7
Stable Coins Forum / Re: Is it possible to create a decentralized Stable Coin?
« on: August 03, 2021, 03:31:40 PM »
Quote from: kulkhan on April 11, 2021, 09:50:38 AM
I think It is not possible to create a decentralized Stable Coin. Because decentralization and Stablecoin's are different thing i think.

Quote from: Logitech50 on July 08, 2021, 07:47:24 PM
Stablecoins are cryptocurrencies that claim to be backed by fiat currencies at a 1:1 ratio [...]

I think DAI is the most successful decentralized Stablecoin. It doesn't need to be backed by fiat currency, instead it is backed by a variable amount of Ether and some tokens like USDC, but mostly by Eth that is always worth at least 1.5 USD for each Dai that exists. This works and has survived lots of volatility in the crypto market, including Eth crashing 40 percent in one day, more than once.
 

8
Cryptocurrency discussions / Re: Some governments have plans to launch their own cryptocurrency
« on: August 03, 2021, 02:55:50 PM »
Quote from: emmybd on January 15, 2021, 07:34:49 PM
Many countries including Venezuela, China, USA, Russia and others are planning on launching their own cryptocurrency since the growth of Bitcoin has caught the public eye.
There are so many countries in the world and we have not seen the first cryptocurrency that is issued by Central Bank yet. If would be profitable as they could get a large share of the stablecoin market, probably. So they don't really want or can't decide what they want.


Quote from: emmybd on January 15, 2021, 07:34:49 PM
The dearth of privacy in CDC, meaning that the government and anyone in the system can view the transaction details while controlling and denying it if they want is probable. Governments, possibly insecure of their future in the national economy, due to the mass adaptation of cryptocurrency have decided to join the game.
If anyone in the system is able to view the transaction details, then surveillance goes both ways, right now any government can confiscate bank account and cash of its subjects and usually not many persons know about when it happens.

If this state issued cryptocurrency allows to freeze accounts, and if they do it, then this will be public information.(unless the cryptocurrency is total fake with the purpose that a blockchain merely records transactions made through a central authority)

9
Sorting Box / Re: "Not Your Keys, Not Your Bitcoin"
« on: July 29, 2021, 07:30:34 PM »
https://notyourkeys.org/ is a very good read for beginners.

One of the points is dangerously oversimplified imo:

Quote
Non-custodial wallets are wallets whereas your wallet’s recovery seed isn’t stored on any company’s servers. Instead, the recovery seed is only stored safely and encrypted locally on your device.

The wallet’s recovery seed need the wallet software in working condition to recover the privkeys. Non-custodial web wallets exist, they would would be gone if the website is gone. For desktop apps: does it depend on a single server, can it show the keys while offline, is it auto-updating? If last 2 answers are not Yes and No then saving the keys too is a must (unless this recovery seed can also be used with other types of wallets)

10
Cryptocurrency discussions / Re: Where to save private keys?
« on: July 23, 2021, 06:02:59 PM »
I keep all keys, passwords and wallets on an encrypted USB drive and have made some backups of it.

If all the backups would be actually hidden and not one is plugged in all the time for convenience, an attacker must do 2 steps, find one of the backups and get the password that is only in my head. But this is scary too, it's possible to forget a password and lose all coins.

11
Crypto currency Mining / Re: Is it possible to make crypto sustainable?
« on: July 20, 2021, 03:32:06 PM »
Quote from: Astra on July 13, 2021, 10:02:43 PM
The problem of the carbon footprint of Bitcoin mining, raised by Elon Musk, is in many ways far-fetched. Miners are not looking for carbohydrate energy sources. They consume the energy that the government of the country supplies them centrally. However, in any case, the problem has been raised and it must be solved, and here the solution may be in the transition of cryptocurrency to a proof-of-stake algorithm.

Translated to simple words, Musk has stated that Bitcoin, in contrast to Tesla cars for example, is unworthy to consume electrical energy.

In response, the Bitcoin community is crouching in shame and fear and discusses the possibility of reducing carbon footprint of Bitcoin mining.

This is (ask Foucault) the totally wrong response.

12
Privacy Coins Forum / Re: the best privacy Tokens
« on: July 16, 2021, 07:46:50 PM »
Coins that only have an option to send private transactions are useless, all transactions must be private.

Monero is the best one, currently. In the future when (or rather, if) MimbleWimble Extension Block softfork goes live on Bitcoin mainnet it can be a game changer. In Litecoin MimbleWimble transactions will have not many users due to empty blocks.

13
Sorting Box / Re: Suggestion on altcoin to buy currently.
« on: July 13, 2021, 07:57:54 PM »
Quote from: hair on June 14, 2021, 09:18:57 PM
You can buy cheap coins on top exchanges like Binance, Kucoin etc. it is more guaranteed to get maximum results after you hold for 1 year.
However the low volume coins on top exchanges are the ones that will get delisted from those top exchanges soon.


14
Ethereum Forum / Re: Are we going to see Ethereum Bullish or Bear in the coming months
« on: July 12, 2021, 02:15:07 PM »
I'm afraid too many people expecting too much from July upgrades, articles about this have been confusing in the last few months. When all disappointment about sharding only ready in early 2022 is "out of the system", then Ether could become bullish again.

15
Basic Questions about Cryptos / Re: Hold vs trading what is better?
« on: July 12, 2021, 01:46:22 PM »
When trading for long term, stop loss/stop buy reduce volatility of your portfolio and this is important. To hold and watch market volatility and do nothing is difficult mentally, but profits come from holding. All traders cant win from trading, some win, some lose, all pay fees.

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