I have not been able to focus on writing the past couple of weeks now. I have learned a lot about using multiple different exchanges over the past couple weeks. I went from GDAX, to Binance to Kucoin. I have learned a lot and what I am about to tell you is my honest opinion. The Hay Way
Investing in crypto is better done when you research a coin. DYOR is a legit term, even sounds like what it means. Do Your Own Research. Start here David Hay Read
Read some books about economics and especially Bitcoin. My favorite books on Bitcoin Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction
and Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money
. Knowing the history and how Bitcoin works is fundamental I believe in this journey. Another great read I believe will make you look at money forever different How an Economy Grows and Why It Crashes Telegram & Alt Coins
I think you should get Telegram. I am not kidding. It is amazing to connect with people from the different Exchanges, coins and dev channels. I warn you right now, you will be targeted for spam channels. You will be targeted in some cases by elaborate stories and ruses. You need to DYOR before following these blindly. Remember jumping into any investment without DYOR is a mistake, there is no free cake in this world. Someone I know was contacted by someone saying they should invest in a coin, it was about to explode, they were hyping about x3 x4 returns. My friend jumped all over it and did DYOLR, do your own little research. Which was is ok, but not wise. All ICO/Crypto Channels
Remember, when you go into telegram you are gonna be on the front lines of Alt coins and you are deeper in the inception of Cryptocurrencies. You are no longer in the kiddy pool. What I mean is that out in the Alt ocean there are more predators. There are more people running scams and tricks to get you to be baited in and lured in. You are not gonna get people saying Ethereum is about to make you rich, how Bitcoin is about to explode, how Litecoin is gonna x3 x4. When you are on Telegram you will run into groups and people, personally over messages and in channels pressuring you in the sweetest way to invest. How to spot a scam on telegram (which I get most info from Here
- Anonymous team or members of the team: sure satoshi was anonymous but satoshi also wasnt asking you to invest in his tech.
- Insufficient information on website/whitepaper: the whitepaper is present or not at all. The white paper is convoluted or does not make sense.
- Empty repositories for open-source projects: Look at their Github, look at their development research if you can. If you cant find quality do not expect to find it.
- No clear roadmap: a website is nice and one video just doesnt cover it. With missing a road map or at least a ledger of working projects or working products.
- Shady Team: If you interact with the team, the leaders of the company and they do not reply to your questions or become defensive. Be aware people are busy but if you ask legitimate questions and there is little to no response, remember you do not know who or whom is on the other end of that connection.
- Special tips or favors: If someone is offering you a tip or a deal of a lifetime, they will say it in a way your defenses will be down. Imagine this is similar to the nicely dressed guy in the walmart parking lot saying his mother is sick and dying and needs to go see her, he needs some money. You will get that same feeling here but you need to be careful. There is no free tips in cryptocurrency, there are people making money and people losing money. If they use terminology a lot like IMO, IMHO. Be aware these are used to drop your defenses. Never get emotionally connected to your investments, if you cant stop thinking about it you have too much invested in it.
When you are in an altcoin maybe from the bottom, maybe you are making it big. Never just keep hodling. Remember this and say it with me What goes up must come down
. I am a huge hodler and swing trader but I am telling you something. Take profits. Do not let greed ruin your feed.
What I mean is that rocket pumps and jumps and quick increases (within a couple days) in price on an alt specifically are the result of a pump. Some are subtle you would never know it. Let me share a story with you.
“…I am upset I have lost so much money… this is what happened… someones messages me on Telegram telling me it alright, I had just lost money. But they say … If I wanna make a profit invest in this coin. So I do. It is great! because you know what ?! it begins to go up up up. I am excited, someone was nice enough to help me out. Such cool. I put more and more money into this altcoin. I mean I believe in the tech, the ideas and the situation is just amazing.… I mean I am making tons of money on my initial investment. It wont stop groing up this is fantastic. I make everything I have into it. With these gains I am going to come out on top. Lambos and all that. Then poof… I have feeling. Maybe I am get scammed this seems all too good to be true. I look at my messages from "the tipper friend" at times I feel like I am talking to a different person, it doesnt seem like the same person. They said oneday they bought some coin it for $.50 and just now they said they actually got it for $1.00. That I should hold and not sell… I have this weird feeling, but I am making increase. By the time it $8.00 I could not believe it. I asked "the tipper" you know he is like my best friend right now, I ask if I should sell, he reminded me to not sell no matter what, do not do it. If you do it you have weak hands, you must hold... but then everything began to drop right after their big annoucement. I wasnt worried I knew they were gonna go back up. He said so… But then Asia banned thing happened and the market just crashed I lost half of everything I owned in that… it hit me… maybe I can help them out maybe do work for them on the side… I mean I want the coin to go back up… I can help build website… my friend laughed at me… he say I work for them now, they give me the money they took from me… ha whatever… well… I ended up helping out and…. To me it felt me I felt trapped. I felt like I owed them something... only to come to find out that whatever just happened was planned maybe and I have this hope if I help out maybe it will go back up.. but it never did…”<
I think its a true story… maybe exaggerated some. You will find these if you ask around. The reality is real, scammers do exist. What is happening in these situations is that often a large group of people are gathered together to hear about a new “coin taking off” one by one they are pulled into a telegram channel. In fact it “the boom” may have already started and the tech seems legitimate enough, you will quickly be blinded by the quick jump in price. If you were in their shoes, you should be asking one question…. ”How did their ICO go? Was it profitable or not?”
. Because if it was not, more than likely they are gonna do something whatever it takes to take profit to get their tech started… What you see happening also is that tech that may be great oneday… Remember that “oneday” could be 1-3 years from now. Story of NEO… Rags to Riches
So you have to presume a coins team will do whatever and be as dirty as they can to make ends meet, often it means taking money from innocent people. In this specific situation, the coin was being pumped surgically, not obviously, so it legitimacy seemed legit. Another question that should of been asked is “Where is the working product? If you do not see one what makes you think other investors will actually like the idea?”
There were no obvious big signs of a pump, so you can easily think this is all ”Organic”
. There is nothing organic in one week in this industry. ”Ask yourself did that 400% literally just happen in a couple days?”
because if its too good to be true, let me explain this to you in simple terms. IT IS
. Even though slowly and surely the price rose and people held out, no weak hands here… But what is happening is that people holding lost a lot when the devs. and whales sold their coins… you have to be aware many of the smaller coins will have either premined their coins or bought up a ton when it was only cents. They essentially will cash out huge returns.
A “premine” distribution system, while not necessarily an indication of a scam suggests that the creators of the cryptocurrency already own a portion of the cryptocurrency before it hits the exchange.<
It happens, it is normal, but in ways it is wrong, especially if you are new to Altcoins. Read More Here
. Buy the dip and sell the news is true.
If this user would of done that, they would have made out probably ok, so next time take profits
… say it with me what goes up must come down
. The Fud Truth
This term is thrown a lot. It does not mean F'd up data. But essentially that is what it is, Fear, Uncertainty & Doubt. In my experience people who specifically had showen good data on their Reddit comments or posts or on Telegram that proved some FUD. They were banned, kicked out or shutdown. If you notice a truly negative or hostile atmosphere to people because they are FUD, you need to step back for second and look around. Who do you actually know here, is it just your "tipper" friend. Really think about the FUD when it comes out. Because if the person above would of listened to the FUD they would not be where they are now. Fud Reddit
Take some time and rest from this. I cannot explain to you the amount of hours I have spent looking at my phone. My computer. Talking on Telegram, acting as if I am being paid for it. Doing little graphic design work here and there. Take a break and have a life. Because at the end of the day your time is what you are using to pay for this. When you buy an alt coin you or anything for that matter you are spending the time you took to make that money. Remember your losing on both ends if you spend your time making money to spend more time losing or making that money. Watch this. Time is your currency.
Tl;dr Get telegram, scams happen more in altcoins, build relationships, research, listen to the FUD, rest.
Edit:spelling errors and link error. Wow I cannot thank you guys enough, your responses have been encouraging. cryptocurrency can be a place of quality and we can decide to do that everyday. I encourage each of you to share what is happening to you, what you have learned.
There was an incredibly important episode of Max Keiser today, the second half he interviews a Venezuelan entrepreneur who is building encrypted meshnet nodes that can send bitcoin transactions and encrypted messages with 3g and 4g without sms, in places that are heavily censored, offgrid, or out of power, they also said you can repurpose old bitcoin miners into these things as well. submitted by
With the direction that governments are going, I think it is increasingly important to seperate the blockchain from the internet backbone itself by using meshnets (and to ultimately make Tor and exchanges a part of it as well)
In any case to the point- G20 summit recently said that they more or less plan to wage a global KYC AML war on cryptocurrency. Many of their proposals undermine the entire privacy and safety of crypto and are antithetical. They are proposing building parallel identity associated traceable refutable, mutable systems and barring countless people out of the economy globally. They could try to break constitutional rights to put backdoors in open source software developers, to persecute miners, node operators, software and wallet releases like Wasabi. And now with FATF, the exchanges will lean towards, they will have a motive to simply ban non compliant or non identity attributed 'smart contract' wallets, a defacto ban on peer 2 peer anonymouty. Countries would attempt to force these wallets onto people and they would essentially have their bitcoin trapped in a statist parrallel bitcoin ecosystem with no way to send money to anonymous wallets, they would attempt to ban and regulate normal wallets and hardware wallets and to ban VPN and Tor, to seize DNS and domain.
IT's very easy to cencor crypto and thus money and economic freedom, because the stupid Decentralized exchanges have seizable servers, addresses, business, name, etc, and the order book and matching engine require a server adn resolver, and have temporary custodianship over crypto assets, happenoff chain, etc.
What is needed is a real time atomic swap over a decentralized DNS/servecomputation like with IFPS/ZeroNet/Namecoin/Blockstack, but there definitely needs to be hostable nodes, proliferated meshnet node phones. I think ethereum 2.0 scaling will be the breakthrough moment for speed/size, etc.
This tendency towards controlled DEX like Binance is just utterly unsustainable and needs to be readily undermined, but it will require the merging of many blockchain systems with meshnet strategies.
I am trying to gain some insight into what people are working on and envisioning for a lot of the coming layer 2 solutions in regard to a broader decentralized ecosystem, notably for DEX and smart contracts.
-How can layer 2 aid and help the concept of something like Ren VM where you have decentralized computing and smart contracts privately interacting with liquidity pools?
-How is layer 2 going to strengthen the feasibility of proliferating full nodes on raspberry pi and phones, and will it help DEX?
I feel like a really big issue like a front and center issue is the reliance of exchanges on a central server for orderbook matching and offchain settlement, margin, colateralization, the data involved. Non custodial wallets aren't enough. The central servers are a vector point for centralization, counter party risk, over reliance upon high capital institutions.
Arguably bitcoin needs something much more decentralized, that could be achieved with layer two solutions that either integrate with or emulate things like namecoin, ethereum smart contracts, and the new Ren VM tools. The biggest issue is of course speed and scalability.
The server function and data of these exchanges should be held inside smart contracts because its more secure, it seems like a virtual machine approach is in fact a better way to go about the challenges of linking liquidity pools and orderbooks.
There's also a project from back in the day called Gridcoin. It was or is used to link up computer processing power for science applications and scientific engine rendering solutions for modeling things. Richard heart is making a project similar for science applications.
I believe this is a much more secure way to approach DAPP's and layer 2 protocols, to get virtual machines that are not located on central servers to help process a lot of the advanced needs of the network, to slowly make the entire exchange and reliance of these failurepoints of bitcoin to be a part of the bitcoin protocol itself, to remove the ecosystem itself away from the clear net and central servers, and to begin to upload it into satellites and proliferated phone nodes.
Bitcoin Bear Trap Jul 8, 2018 Bitcoin by btcadmin If you open an account in Binance Exchange, please help this channel using our link: Binance is taking an extra step into closer regulatory scrutiny as the cryptocurrency exchange plans to offer fiat-to-crypto trading to its customers. The operator, which is now based in Malta, European Union, has been dodging regulation since inception in order to have some of the least rigorous know-your-customer (KYC) policies within the industry and supports initial coin offerings (ICOs). The thieves who stole $40 million from cryptocurrency exchange Binance got in the one way they weren’t supposed to: through the security system. Two-factor authentication is supposed to be the gold standard in privacy and protection of Internet data, but in Tuesday’s $40 million dollar heist from the top cryptocurrency exchange, it seems to have been the method thieves used to break into ... Even though the company launched in 2017, it took only a short time for it to dominate the scene and rise to one of the most trusted Bitcoin exchange platforms. This has attracted a lot of traders to invest money and Binance started to get a lot of investments by making it easy for people to make most of the cryptocurrencies and the entire cryptocurrency trend. Binance is taking an extra step into closer regulatory scrutiny as the cryptocurrency exchange plans to offer fiat-to-crypto trading to its customers. The operator, which is now based in Malta, European Union, has been dodging regulation since inception in order to have some of the least rigorous know-your-customer (KYC) policies within the industry and supports initial coin offerings (ICOs). That is always a trap. For that matter, never follow a link on a social media site, then proceed to login either. Think of them as, by default, links to phishing sites. Just don’t use them. Always type in the URL manually to your favorite crypto exchange. Learn to spell Binance.com properly, or use a bookmark. In closing The world’s largest cryptocurrency exchange, Binance, has targeted London commuters with new ads featuring Bitcoin. According to an Aug. 28 tweet from Binance.UK, the crypto exchange has placed new ads at 17 bus stops in London. The image shows two older generations of coins as well as a current two-pound coin used in the U.K, followed by the largest, Bitcoin. “Money is evolving,” the ad ... Avoid Hacking Your Funds With Binance. Less than a month ago the largest cryptocurrency exchange was the object of a hacking of seven thousand bitcoins, which at the time of the computer crime, amounted to almost $ 40 million dollars.. Although the evil did not happen of majors and Binance responded in a very professional way to the subject, he left as an instructive in his blog so that his ... Tap on this case, we use the suspected was going to purchase cryptocurrencies that they would definitely bigger than 300 signals just click on their exchange, or xrp, bitcoin futures and trade a think-tank and other assets in doubt that binance exchange based in the world ! The price we do you can assume that fiat money is through flutterwave is triggered. Dog as administrator email whenever ... On paypal, you are not buying bitcoin, you are simply buying a promise. It only exists as an entry on an excel spreadsheet, with no guarantee it is backed by actual bitcoin. The point of bitcoin is to be able to hold your own money, and exert financial sovereignety. If you wish to truly own bitcoin, buy them from an exchange (coinbase, kraken ...
Yet another exchange hack just took place, this time Binance is the victim of a 7K BTC hack. Jimmy, Robert, Wendell, and Fredrick explain. Twitter: https://t... !!👨💻 SET UP A BINANCE US ACCOUNT 👩💻!! https://www.binance.us/?ref=35000644 Binance US iOS based Trading App on the Apple App Store https://apps ... Binance is blocking US residence soon. Are you wondering which alternative Bitcoin and Crypto exchanges to use? If so tune in! Become a CryptosRus INSIDER to gain exclusive insight on the market ... Binance is gaining popularity among cryptocurrency exchanges; BNB token is now one of the best investments in the volatile and speculative crypto space. In this video I go through pros&cons of ... Binance has just launched their new cryptocurrency exchange Binance US! Specifically for US residents, what coins are available and what states are allowed t... Binance is making a grand entrance into to the European markets following the launch of a crypto-to-fiat exchange in Jersey. A new platform referred to as Binance jersey is going to use for fiat ... Here are a few exchanges that I have been using over the past few years to purchase, trade or HODL crypto on.. it is always good to signup for them, even if you are not active on them right now ...