Crypto thread
(02-10-2021, 01:40 AM)billydingdong Wrote:
(02-09-2021, 08:17 PM)churros Wrote: Noob question. What's the most cost efficient way to get my ERC20 tokens from ledger to binance, given I currently have no ETH on the wallet? Do I have to buy ETH on an exchange, transfer to ledger, and then transfer back? Or can I just buy eth through ledger live or something?

Since you must have ETH on your wallet in order to send ERC20 tokens or do anything else with them, then what you've written above is the only way to go about it. 

What tokens are you trying to move?

edit : I've never bought through Ledger Live, but it may make the most sense to do that since it will save you the step (and expense) of sending ETH from binance to your wallet. It just depends on the purchase fees.

Looking at their site, it seems like they have an integration with coinify that allows you to purchase direct to your ledger wallet.

Some shitcoin that was shilled here earlier...

Would you recommend lending USDT through compound? Rates currently at %14 but apparently transaction fees are high. What should one expect to pay?
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(02-11-2021, 04:30 AM)churros Wrote: Would you recommend lending USDT through compound? Rates currently at %14 but apparently transaction fees are high. What should one expect to pay?

When you lend on Compound you pay 1 transaction fee to initiate. You pay another to reclaim your lent funds. If you are not consistently lending and reclaiming, or are yield farming, you are only looking at 2 tx fees per capital deposited.
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https://loanscan.io/

How safe are those higher yield ones compared to the lower percent offers on there?
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(02-11-2021, 04:30 AM)churros Wrote: Some shitcoin that was shilled here earlier...

Would you recommend lending USDT through compound? Rates currently at %14 but apparently transaction fees are high. What should one expect to pay?

churros, I would only consider it if (a.) have north of $10K to deposit (b.) plan to leave it there for a long time and (c.) think that other major cryptos won't appreciate more over your holding period.

I checked out the price for depositing USDC into compound, and the fee for the deposit was around .027 ETH, or $48 (at about 170 gwei) . 

Assuming you can get the same amount when you withdraw, you would then be looking at about $100 all-in for deposit/withdrawal fees.

Basically, at an investment of $10K held over a year, that $100 to enter and exit would be a 'load' of 1 full percentage point that you would have to subtract from the anticipated APY.

tldr; I doubt it would make much sense
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(02-12-2021, 04:09 AM)billydingdong Wrote:
(02-11-2021, 04:30 AM)churros Wrote: Some shitcoin that was shilled here earlier...

Would you recommend lending USDT through compound? Rates currently at %14 but apparently transaction fees are high. What should one expect to pay?

churros, I would only consider it if (a.) have north of $10K to deposit (b.) plan to leave it there for a long time and (c.) think that other major cryptos won't appreciate more over your holding period.

I checked out the price for depositing USDC into compound, and the fee for the deposit was around .027 ETH, or $48 (at about 170 gwei) . 

Assuming you can get the same amount when you withdraw, you would then be looking at about $100 all-in for deposit/withdrawal fees.

Basically, at an investment of $10K held over a year, that $100 to enter and exit would be a 'load' of 1 full percentage point that you would have to subtract from the anticipated APY.

tldr; I doubt it would make much sense

Thank you for breaking that down man, I appreciate it.

Thankfully the bull market meant I could dump my bags with heavy but reasonable loss.

But at this rate it seems the big pump is over. What's your feeling, are we due a correction? Seems late to be getting in the game now. Might sit this bull market out and let the interest accrue in tether.
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Churros I hope you held or averaged down with BZRX, yuge gains incoming.
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(02-12-2021, 06:50 AM)churros Wrote: Thank you for breaking that down man, I appreciate it.

Thankfully the bull market meant I could dump my bags with heavy but reasonable loss.

But at this rate it seems the big pump is over. What's your feeling, are we due a correction? Seems late to be getting in the game now. Might sit this bull market out and let the interest accrue in tether.

Man I have no fucking idea!

All the top signals are there: 
  • Major coins at all time high levels
  • Celebs in on the action 
  • Absolute dogshit like doge pumping huge along with significant pumps for everything else
  • Buzz in real life (friends texting me out of the blue, overheard conversations in coffee shops, etc.) 
At the same time, I get the sense that crypto has crossed a legitimacy threshold due to monetary policy dysfunction, increased institutional investment, and the recognition of useful, global internet currencies and protocols with decentralized governance.

Smartest thing to do at this point, in my view, is to commit to a % of assets or net worth to crypto and scale in or out if that number goes below or above some amount. 

Example: 10% of portfolio is dedicated to crypto. If it goes down below 6%, allocate more to get it back to 10% equilibrium. If it goes up to 15%, sell and take profits and get back to 10%.
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(02-12-2021, 06:14 PM)SC87 Wrote: Churros I hope you held or averaged down with BZRX,  yuge gains incoming.

Why do you say that? I see their rebrand is upcoming but I don't know whether that will be enough to save this token. It has admittedly been climbing lately against eth but USDT rates were good enough for me to bail.
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Just hopium I guess, I averaged down to about .15 cents, so at .75 now that is an ok profit but similar to what everything else is doing lately it's not overly impressive, just good enough.

We aren't even half way into February, in 2016 or 2017 when BTC broke it's previous ATH it took 9 months to peak.
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Well there was a community call today with a reasonable pump afterwards so maybe some new info dropped. I do know that if this token really pumps I will for sure kill myself.
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(02-13-2021, 04:09 AM)churros Wrote: Well there was a community call today with a reasonable pump afterwards so maybe some new info dropped. I do know that if this token really pumps I will for sure kill myself.

I sold KAVA shortly before it pumped last year, lost out on 6 figure gains.
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(02-12-2021, 06:53 PM)billydingdong Wrote: Example: 10% of portfolio is dedicated to crypto. If it goes down below 6%, allocate more to get it back to 10% equilibrium. If it goes up to 15%, sell and take profits and get back to 10%.

I like this idea, will have to give it a try.

Index fund and BTC portfolio
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Small pullback in the DeFi tokens today, so I decided to buy a few thousand worth of $DPI – an index token comprised of the major Ethereum DeFi tokens. 

Its holdings are AAVE, UNI, SNX, MKR, COMP, YFI, and a few others. I already have some substantial AAVE and SNX bags, but I bought it anyways to get broader exposure to the major DeFi tokens. 

I did it through:
 
  1. Buying USDC on Coinbase (no purchase fee for USDC)

  2. Sending the USDC to my Metamask wallet (which already has ETH on it)
     
  3. Using Zerion to buy $DPI which connects to Uniswap

Gas costs were 155 gwei when I executed the transactions and the fees were fucking expensive. 

It cost $6 to move my USDC from coinbase to my wallet
$12 to approve the spending limit on my wallet for USDC.
And $43 to execute the transaction on Uniswap.

Total fees for just one trade: $61

Until proper scaling comes along, DeFi on Ethereum is a whale's game.

It only make sense to use these dapps if you're trading in increments north of $3K, and even then only during lower traffic periods (like Saturday and Sunday afternoon). For busier time periods, and depending on the dapp, probably $10K and above.

Like the restaurant that nobody goes to because it's too crowded, it's a good problem to have for now. High fees indicate high demand to use blockspace.

But if the scaling issue doesn't get sorted in the medium term, I can see it being a major issue.
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Little dip here... let's see what comes of it.

Is it better to hold USDT or USDC? Wonder why binance offers 6% vs. 5% on these respectively. Hearing a lot of tether FUD lately for some reason.

Hole shit billy is Norm McDonald a crypto savant now?
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(02-15-2021, 04:42 AM)churros Wrote: Little dip here... let's see what comes of it.

Is it better to hold USDT or USDC? Wonder why binance offers 6% vs. 5% on these respectively. Hearing a lot of tether FUD lately for some reason.

Hole shit billy is Norm McDonald a crypto savant now?

Haha.. yeah it looks like it. If you go through his timeline, you'll see Norm talking about running a REN dark node and also farming PICKLE. Can't think of a better comedian to get mixed up in DeFi.

To answer your question about USDC v USDT, personally, I greatly prefer using USDC. Both are centralized, but USDC dollar reserves are audited independently making it more transparent.

You hear the FUD because Tether is dodgy with independent audits and some even suspect them of potentially fraudulent activities.

The APY rates for lending USDT are higher than USDC for the moment. I imagine that's the case because more centralized exchanges allow/encourage the use of borrowing Tether for leverage. It's worth noting though that on Compound, COMP rewards are still higher for USDC. That's no small consideration when you consider that COMP is sitting at $400 / token.

Equally important in my case, I can purchase USDC and exchange USDC to fiat USD without fees on coinbase. 

With USDT, I'd ultimately have to pay an exchange fee when I withdraw (unless on Bitfinex, iirc) or in getting back to ETH or BTC.
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And on the same day Bitcoin hits $1 trillion, ETH hits $2K. 


Some other crypto related news..

Ethereum's fee issue has come to a head faster than anyone could have imagined. 

Binance created a competing smart contract platform platform, Binance Smart Chain (BSC), in September of 2020 that is fast gaining traction and is responsible for Binance Coin's ($BNB) recent meteoric rise of 600% over the last 30 days to the #3 spot. 

Since BSC runs on Ethereum's engine (the EVM), the major dapps are forkable and all of the Ethereum tokens and developer tools like wallets and testnets can be ported easily to the BSC ecosystem. And this is exactly what is happening — they've wasted little time creating a BSC Dex known as Pancakeswap ($CAKE), which supposedly now has more volume than Uniswap.

BSC is more performant than Ethereum and transaction fees are dirt cheap. The major drawback is that it comes at a cost of being essentially centralized — 21 nodes, all approved and operated under Binance.

I'm still forming my opinion, but for now I'm not touching BSC even if there may still be a lot of money to be made. I'm willing to wager that if Ethereum dapps can't or won't implement Layer 2 scaling solutions soon, then BSC could steal a lot of smaller retail from ETH, but I'm willing to wager that long-term that the major dapps in the Ethereum ecosystem will figure out how to successfully migrate to Layer 2.



One of the largest emerging trends in crypto is the explosion of Non Fungible Tokens (NFT's). The idea of an NFT is that they are unique tokens that can be minted from a smart contract and represent a scarce, unique commodity. 

The major use case for NFT's right now are digital collectibles.

It's still taking me awhile to wrap my head around them, but people in the crypto community are going nuts over certain collections.

The main NFT collections that have generated buzz so far are Cryptopunks (the first NFT's in the space), NBA Top Shot (which captures highlights as 'moments' in NBA history in the fashion of trading cards), and generative art projects like Autoglyph and Ringers (the unique transaction hash generated to mint the NFT as part of the art).

Basically anything can be coded in the smart contract that generates the NFT such as the amount of the NFT in a series to be minted, the pricing mechanism for initial distribution, and percentage fee to creator when the NFT is traded.

This all seems crazy as hell and stupid. Who tf cares about a digital collectible...? That's what I was thinking, but there's something going on here. 

The most expensive cryptopunk just sold today for 800 ETH (around $2M usd).

NFT's are popping up in the mainstream — next week the largest auction house in the UK, Christie's, will be brokering a series from a popular digital artist named Beeple. And they'll be accepting ETH as payment.

And on a more micro level, there is even a Non Fungible Pepe Series that, at time of writing, is receiving bids of 2 - 5 ETH per Pepe. In today's dollars, that's $4K - $10K for a fucking internet Pepe card!


I don't know if I'm going to part with my ETH for an NFT, but as our lives become more digitized, I have a feeling that NFT's are here to stay and I'll strongly consider buying protocol tokens like NFT DEX's or auction platforms if the opportunity presents.
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I used to be rich...

This leg down has been rough and I imagine it will continue this month since a lot of people will need to cash out to pay taxes for trading profits.

In other news, another layer 2 scaling solution on Ethereum called Optimistic Rollups will arrive this month. This is a big deal because it will allow for a near seamless migration for the major dapps and is expected to increase transaction throughput by 10x to 100x depending on the complexity of the operation. The hope is that transaction fees will drop to an extent that non whale users will migrate back to eth for defi. 

As for me, I'm loading up on $DPI l, a defi token index.
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If you listen closely you can hear the herd coming.

This week an important 'fee burn' proposal, EIP 1559, was officially voted in on the Ethereum roadmap for an upcoming network upgrade in July. 

The new spec will do 2 important things:
 
  • (a) add a deflationary component to ETH by burning it when transactions are executed 
  • (b) establish a more predictable pricing mechanism for 'gas', the ETH that must be paid to execute a transaction.

You can read more technical details in this article for those who are interested.

So to sum up, there's a native layer 2 scaling solution coming this month (Optimisic Rollups) and in July, ETH might actually become deflationary if transaction volumes remain what they are.

And those volumes show no sign of showing down.

Ethereum is rapidly entering the public conscious through a new frontier of digital IP via NFT's. 

We're continuing to see high profile involvement in the space in the form of NBA Topshot 'moment' collectibles,  Mark Cuban minting gifs on Rarible, to former Bitcoin maximalist Jack Dorsey who minted his first tweet, to digital artist Beeple whose works are currently auctioning on Christie's for north of $3m, to Kings of Leon who released a recent album as an NFT.

DeFi, NFT's, and who knows what will emerge next...

Been trying to educate y'all the last several years on the significance and implications of a programmable cryptocurrency blockchain (of which Ethereum has lead the way — head, shoulders, and torso). 

Can't say I saw NFT's emerging as a probable 'killer app'.

But to me it's always been clear that the scales tilt in favor of something like ETH accruing the most value, when its ecosystem has the preponderance of enterprise, devs, designers and other technologists working to solve problems posed by economic intermediaries and irresponsible/incompetent counterparties.
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