Why the Reddit Co-Founder is bullish on Bitcoin Micky News
Why the Reddit Co-Founder is bullish on Bitcoin Micky News
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Over the years of mostly lurking in this subreddit I've come to learn that a project I am active on and have been for the past 2.5 years has always had this stigma about it, no matter what gets shared. The comments often go from the range of "it's a ponzi", "shit content cause everyone only posts about Steem", "shit content cause people only post about what the influential users with a lot of stake want to see" to "it's ninjamined". I don't want to talk about most of the other examples in this post, but according to my knowledge the company that started the currency mined it along with other people very early on. Yes there was a restart due to a bug, yes they did manage to mine a lot of stake at a time where people were splitting hashpower into a lot of currencies, but guess what else, they've used a majority of that stake developing the blockchain. So much so they have to lay off employees during a brutal bear market that has hit the majority of coins except xrp and btc just as hard. That they've sold stake in an automated way to help fund dapps instead of dumping at the top only and ruining everyone's ROI. Then there is the crowd that screams DPOS is not a real blockchain cause it's not POW. This one never made much sense to me, not to mention how centralized mining pools are, how the world needs higher TPS, how so much effort has gone into the lightning network as a second layer solution, how Ethereum is moving into a proof of stake environment with proof of work miners still active. It kinda reminds me of Steem's early mining phase where you could mine it through hardware, being a witness, posting, curating and inflation. Oh, it had both of those plus 3 other methods and theoretically can handle 10k tx/s although its record is currently only at [2.5 million at ~0.21% capacity]. I know you might be thinking, "ugh it was another shill post" but I'm not here to just let you know about stats that are easy to find as investors & holders, I'm sure the majority of you know how to invest or at least have learned some harsh lessons along the way which most of us have and a subreddit like this one has been a great source of info, if not always i the posts then in the comment section. It has helped you along a few times probably, even though some major scandals or exit scams have come to light after it was already too late I'm sure there are a lot of you who are thankful to the thoughts, ideas, predictions, warnings and everything positive this platform has given you. That's why I use it and many of you probably too. Just imagine for a second if you were someone with a lot of wealth and saw a possible competitor of you make a lot of waves over the internet, know how imbalanced the world currently is in how people evaluate their time. How hard and expensive do you think it is for a person to either a: create a reddit account or b: purchase one from black markets to a: post a lot of good posts about your project and b: constantly bring up flaws or conflicting material up about the other project. Now I'm not saying that Steem is the perfect version to this solution, there are bid bots and hell even bid bots for comments. What Steem does give you access to though, is a history of all actions of any account you want to look up on since everything is stored on the blockchain. There are a lot of [projects](https://steemprojects.com/) already on Steem that can help you out a long the way to find more info about the account, what kind of content it votes on, which authors it votes on the most, and a lot of other things. In the end though there can always be very good shills who are dedicated and may say anything about everything, the reputation system is pretty flawed as accounts can "promote" their posts by spending Steem/SBD to a bot that has delegated Steem Power which is only used to sell votes which in turn gives users a higher ROI as they are using 90% of their influence of the weekly reward pool just to give out sold votes. While at the same time you have a big community of users who just want to grow the place by curating content and authors wanting to see where this technology can take us if done part right and part being altruistic as curators only earn 25% of the reward pool thus benefiting the authors only voting on themselves or selling votes. This may all seem like a big flaw but to some users it just feels like something that will take more time to show its strength. Much like delegating your stake to another account for a higher ROI, you could put your investment to work to just promote content you want to read more about. In a way, you can create your own community by incentivizing them with a token that has value and is being traded on most markets and has one of the best distributions than most coins. No matter how many promotions certain coins give you for signing up with a new service of theirs or how many airdrops alts of theirs do upon holders. This one is designed to be one of the best at distribution cause it is built into the core to reward you for curating. Curation may seem like a joke to many who have tried it on an account and not gotten much returns, but imagine services doing it, exchanges, businesses. You give your favorite restaurant a review and they return the favor with a vote that directly gives you and them a token reward. It is already built in, the things you can do with Steem are endless. While the company is hard at work to further scale the blockchain, allow creation of tokens that can go with your votes that any company can create for almost no cost at their own and give value to their presence on the blockchain. It will only need one social media manager to learn how to use Steem which is simplified on purpose for beginners, but once you dig deeper into the tech and think that if selling votes as promotion to get on a trending page of thousands of readers is one of its early things, what else can there exist that could evolve the same way? Well, literally everything. You think of it, I could 2/3 tell you a good reason why it would be better over time on the Steem blockchain. I'm not even bluffing here, there are tons of devs and services not just migrating but being created daily throughout the year so they must be thinking the same thing, I can't be the only one with ideas and I'm probably not the best one at it either as I don't code. There's dapps such as d.tube which gained a lot of traction when the first front-end Steemit made it past rank 1000 during the bitcoin ATH, although decentralization of video is not quite there yet through IPFS they try their best to give you a good experience if possible, not only that, they will reward you for using their service. Most dapps being created on Steem get funding through the users of the platform in forms of "delegation", some dapps have beat Smart Media Tokens to the punch and are already distributing tokens as ERC-20 to switch them up once the hardfork is live when you will be able to create your own tokens. Remember the ICO sell off that happened in 2018? Well here users can go a bit more wild at investing and diversifying without risking their own tokens, them just being loaned out to the dapp in exchange for their tokens. No wonder there are so many new dapps being created here where funding can be minimal, work on a as a pay for your contributions so far and can be distributed to many dapps around the site depending on your judgement in their odds of success. Don't let me even start talking about how an increase in price would affect the reward pool and the funding of said investments as most of you know how crypto works. To cut this short(er), I just wanted to let you know about some stuff that is happening over there. The rewardpool has given out more than $50 mil to authors since it's existence with [hundreds of dapps](https://www.stateofthedapps.com/rankings/platform/steem) (recently got listed on stateofthedapps so all activity may not be reflecting the real numbers yet, I reckon it should be more [according to @penguinpablo's daily selected stats of the blockchain](https://steemit.com/steemit/@penguinpablo/weekly-steem-stats-report-monday-december-24-2018) ). In a market where most dapp activity has gone down, being able to create an account and interact with the blockchain is not easy, Steem has been doing a decent job at getting users introduced to blockchain and some of its main advantages to many existing apps they use daily. Although it's price fluctuations are as crazy as Bitcoins were at some point, it has a lot of potential and has already proven once how quick users could get accepted and how fast people with an account came back to use it, reminds me a lot of Bitcoins early hypes and die outs. I'm just saying don't judge a book by it's cover. Like most projects, take a deeper look. Not all things need to be decentralized, you can have some actions happen on centralized servers and it won't necessarily affect users in a bad way if something happened with that. The important thing to know here is that everything on the bockchain is public, anyone can see if someone is selling, anyone can see that devs working on it are invested. What people say is not always the truth, if you ask a lot of Steem users today what they think about their currency they might be just as annoyed as the next guy cause they may be experiencing a market cycle at the wrong time or just expected their project to outperform everyone else. Make sure you diversify. The president of Coinbase recently said in an interview to CNBC that he is looking at 200 coins in the general market that "matter" and is interested in adding them. Do the research, come to a conclusion but give the blockchain project a chance to show it's real potential to you, not what someone said or did about it, not how things may seem. Back in the day when I got in the majority was calling Bitcoin that and it was not pretty. Back when Ethereum had it's presale everyone and their grandmas were calling it a scam on Reddit. Same thing with EOS. There are a lot of people out there and the hivemind can change as often as underwear and some times not even by manipulation. Sorry for the long read those that made it through, I don't post here often as I am quite busy reading but also because Steem exists so there's no real incentive for me to spend a lot of time here other than getting some news combined with some opinions cause even though Steem has those too, it's just too early for it to be of high-end quality, the same way Reddit was before the community started growing in subreddits. While Coinbase is trying to outcompete binance in dominance, see if you can gain any short term profit from banks trying to pump ripple and more centralized entities that rely on adrevenue trying to create their own versions of blockchain without realizing an open internet is always better than a closed one, and let the institutional money start flowing in. Happy Holidays and a Happy New Year! Not sure what to flair this post.
I hope we're all having fun with garlicoin. I put together a small guide for anyone who is interested in getting into trading crypto in general.
(This guide will not help you set up a wallet or mining for garlicoin. You can find that information on the official Discord or the offical website listed in the sidebar on the right.) There's a buttload of coins out there. Some of them were made for fun, like garlicoin, or are unlikely to see the development they need to provide a use for the coin. A lot more are already in use in various ways or look to have a promising future. There's really no obvious rallying point for new people getting into crypto. If you want to discover this world, most sincerely, you may want to start by lurking on /CryptoCurrency. There are a lot of new people dipping their toes in crypto right now, and many have the same questions. Seriously, lurking on /CryptoCurrency will do you a lot of good. That said, if you want to trade crypto currencies, the steps toward making that possible are quite simple. There are, in short, four things you need to do (And the fourth is optional). 1. You need to get your hands on some crypto. Mining is really bloody slow for any coin that is already populaworth any meaningful amount of money, so you almost have to buy some crypto with 'real'/fiat money. There are a few exchanges that do accept normal money, but importantly the exchanges you want to spend most of your time on don't. In short, laws and regulations are a lot more stringent for exchanges that let you trade with normal money, so most exchanges don't. But as I said, a few do. The biggest exchange that takes normal money is Coinbase. I must disclose however that I have never used them. I used a competitor called Bitpanda. Using Bitpanda was a quick and painless experience for me, so I do recommend them, however the googles tell me that they charge 1.5% more in fees than Coinbase do, so I'll leave that choice up to you. What you want to do is pick an exchange, create an account, and then get verified. Regardless of the exchange you pick, you are pretty much going to have no choice but to show them your ID. The governments of the world get awfully interested in any company that accepts large amount of 'real' money in exchange for magical Internet buckaroos. Getting verified makes it a lot harder for you to hide your money for tax/divorce/inheritance purposes, so please don't go into this with the intention of trying to deceive your government. Once you are verified, you will be able to purchase your first coins (except garlicoin, the trebuchet of cryptos, which we'll all get to mine together). Now, you will find that there aren't a lot of options. Depending on the exchange, you are likely to be able to buy Litecoin, Ethereum, Bitcoin, and maybe one or two others. Bitcoin is the most famous, of course, but in preparation for step two, you may want to choose one of the other coins your exchange offers, since they have lower transaction/moving fees. Lastly for this step, remember, you absolutely do not need to buy whole coins. You can buy a tenth of a coin if you want. Everyone in crypto thinks the market is going to continue to grow, but it could crash at some point and not recover for years, so... Don't invest money you can't afford to lose or lock up for a long time. And especially do not take out any loans. Jesus Christ, do not take out any loans. 2. Move your money to the main exchanges. You have some crypto! Woo! Unfortunately, the exchanges that accept normal money kinda suck for trading. The fees they charge are way higher than the fees on the main exchanges, and they only deal in a few different coins. So basically, they are only good for moving normal money into crypto and vice versa. So what you want to do now is you want to move the coin you bought to one of the main exchanges. The most popular one bar none for crypto/crypto trading is Binance. Binance has had to close the registration of new accounts for a while recently, but as of a few days ago registrations are back up. There are a lot of competitors to Binance. The one that grew the most during Binance's registration closure was Kucoin. There are dozens of others, but they tend to have much lower trade volumes. It's entirely up to you where you go, but these two may be a good starting point. Binance is the largest and has the most trade, and many coins to choose between, while kucoin has some promising looking small coins that are not yet on Binance. Among the smaller other exchanges you will find dozens and hundreds of even smaller and more unknown coins, but many of these may be actual shit coins that will slowly fade away and die, and any money invested in them will just be lost. Of course, no doubt there are many nuggets of gold out there too. So whichever exchange(s) you go with, and whichever coins you decide to trade for, do some research first. This goes ten times over on the smaller exchanges, but is important even on Binance and Kucoin. Whichever exchange(s) you go with, go your funds/asset page, find the deposit wallet address for the coin you have and withdraw from your first exchange and send to that address. Do not send to the wrong address. Do not send Bitcoin (BTC) to an Ethereum (ETH) address. If you do, that money is lost forever. Yes, really. 3. Trade. There are two main ways of trading crypto, and most of us do a little bit of both and fall somewhere on the spectrum in between. These two are hodl and daytrading. Daytrading is the same as in stocks. All coins tend to go up and down a bit every day. Back and forth. So if you are lucky or patient enough, chances are you could for example buy a coin at $2 apiece, then sell them for $2.1, then buy again at $2... Of course, this is basically gambling, and the coin you bought at $2 could go down to $1.5. But if you put some effort in you can usually come out ahead. The other way is to 'hodl', which is just a meme name for picking a promising coin and hold on to it come hell or high water, because you think that in the long run it's going to increase greatly in value. Holding on to a favoured coin is often the smartest thing to do, because if the coin really has value, sooner or later more and more people will think so too and the price will rise. Ethereum for example is worth about $1000 per coin now, but it started out trading for under a dollar. It's important to remember that ultimately, the price of a coin is 'supposed' to reflect how useful it is. Every coin has some function it is supposed to fill, whether that be the increased privacy offered by privacy coins or enabling other coins to act through them, or competing with ads for website revenue generation or what have you. A lot of people are in crypto to make money speculating, but the foundation upon which all of that rests is the belief that most of these coins have actual, real world applications, either now or on the horizon. You forget this at your peril. /CryptoCurrency has plenty of discussions about the different coins out there, and just about every coin has its own dedicated subreddit where everyone on it is convinced that their coin has a bright future. A lot of them are right, too. But it's important to remember that the people on those subs are self selected for believing in the coin, and it's always a good idea to try to understand why others don't love the coin. Ultimately the best way to determine whether a coin has good potential is to 1. read the white paper (Most people don't, but they really should...), and 2. look up the team behind the coin (Most people don't, but they really should...). The shortcut is to just absorb the general mood on the various crypto subs and other crypto communities, but if you rely entirely on that you'll be surprised every time the community in general is surprised. Knowledge is a very important edge, whether you want to daytrade or hodl, and it's a tool a lot of people don't have. On the other hand, the mere fact that a lot of people believe in a coin is often enough to (temporarily) raise its price even if the coin is ultimately doomed to fail. So ride that wave if you wish, but at that point you're pretty much just gambling. Odds on the crypto market are better than at casinos, but even so. Be careful. And if you enjoy yourself, do take the time to get to know some of the coins. Really, it's fun and interesting and can save/make you a lot of money. Even if you're just in it for money, it's still the smart thing to do. 4. Decide where you want to keep your coins. You have two choices. You can keep your money on exchanges, or you can withdraw your coins and store them in a wallet. Personally I don't have all that much money, and I am content to have it spread out on a few different exchanges. However, a lot of of people are not comfortable leaving their coins on exchanges, because if it is hacked or goes under those coins are easily lost. This is unlikely to happen, especially on the bigger exchanges, but there is no doubt that getting your own wallet is safer. Different coins require different wallets, but a little bit of googling and double checking crypto forums can easily find a wallet that will work for your coin. The only downsides to keeping coins in your own wallet is that there is a (usually small) fee to withdraw coins from exchanges, and if you later want to trade your coin for something else it'll take a while to transfer it back to an exchange. ...And that's it, really. I will list a little bit of advice below, but this is all you 'need' to know to get started.
Be really, really, really sure that you use the right addresses when you send coins. Sending Bitcoin (BTC) to an Ethereum (ETH) address will result in you losing that money forever. There is no bank to call up and do a charge back. The exchanges can't help you. Nobody can undo your mistake if you send money into the void. So make damn sure you are sending your coins to the right address.
There are real scams out there. We are still in the early days of crypto, and it's pretty lawless much of the time. If someone is explaining to you how to send your coins around, and then give you an address to send to, that's not your address. That's theirs. And if you send them your money, it becomes theirs now, and good luck finding a random stranger on the Internet to press charges against. There are also coins that are never going to amount to anything, and if someone convinces you to buy one, that money is gone. There are scams out there. Before you do anything with your money, check around a bit and try find out if a lot of people think there's a scam involved. Sometimes it isn't entirely clear whether something is a scam or not, but in general you want to err on the side of caution. A good example of this is Bitconnect, a company that offers you easy money if you invest your crypto with them. It's not 100 percent clear that they are defrauding people, because all they are doing is offering really, really good interest rates and growing their user base, but their interest rates are so good that almost everyone in crypto is confident that sooner or later they will be unable to pay those interest rates, either because they run out of new customers with whose money to pay the interest for older customers, or because the crypto market will grow too slowly to sustain their growth no matter how large their customer base grows.
No, seriously, don't invest money you can't afford to lose. We are in the wild west here, and a market down turn or a scam can end up costing you a good chunk or even all of the money you put in. By all means spread your money out between multiple coins on multiple exchanges/wallets, but even then, it is very possible that you will end up losing money. Crypto in general has been going up, up and up, but even so there are plenty of coins that have gone up, down, up, and then down down down. Oyster Pearl is a coin I thought looked really promising, and I still think it is, but in the last few weeks it's taken me from 60 cents per coin to four dollars and back down under 2. That's a net increase, but I assure you, it hurt when it fell by half. It hurt a lot. And some people bought in at $4 and lost half their investment in a few days.
That's the end of the guide. If you found this guide helpful, I would really appreciate if you used my referral links when signing up for exchanges. There is no downside for you in doing so, but the exchanges (pretty much all of them) give a small bonus if people sign up with your referral codes. So while I'm including my referral codes, the sites are the ones I use myself, and the ones I genuinely think are the best around. As I said above, I have not used Coinbase. If you wish to use Bitpanda for your initial coin purchase my link is here. For the main exchanges, my Binance link is here, and my Kucoin link is here. Alternatively you can find these sites on google. My Binance referral code is 11598073, and my Kucoin code is 1wHub. You can of course sign up for all these sites without using my referral codes, but if you found this guide helpful I would be grateful if you used them. ...Anyway. That is largely it. That's my guide for getting started in crypto. I can't stress enough that you'll want to take it slow. If $100 is a lot of money for you, start with $10, trade a little, get the hang of it. There's no substitute for personal experience. If you want to invest more, it's even more important that you take it slowly. ...Sorry for the long post, but I wanted to be thorough. Best of luck. Welcome to crypto trading! I'm happy to answer questions. I'm by no means among the most knowledgeable about crypto on reddit, but I'm enthusiastic, and I should know enough to be able to answer most questions a complete beginner may have.
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