This is a response to the post on the front page titled ‘How I accumulated my wealth by looking at pages 10 and beyond on Coingecko’.

Let me just start of that his story is anecdotal and not based on any evidence, but let’s just give it the benefit of the doubt.

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Being early is everything in crypto

That’s not entirely true. Of course everyone wants a time machine so they can buy Bitcoin back in 2009/2010/2011, but what’s the point if being early if you would not have held until 2021/2022? Remember pizza guy?

A lot of people who were early sold early too. When Bitcoin was $1k or even $100 for example. But I don’t blame them, because profit = profit. Anyway, being early is good but certainly not “everything”.

so it baffles me that people buy top 50 coins and expect to get rich. These generally have 2-3x potential at best in any reasonable investor timeframe, while lowcaps have 100-500x potential.

Incorrect. If FTM (#46 on Coingecko) had the marketcap of DOGE (#12 on Coingecko), the upside would be 544%. Even if ATOM (#23 on Coingecko) had the marketcap of ADA (#8 on Coingecko), the upside would be 330%. And let’s not forget that the crypto market is relatively new: Bitcoin exists for only 13 years. Cryptocurrency in general has a lot of grow potential.

Also, OP has a narrow definition of “reasonable investor timeframe”. What does that even mean? People expecting quick gains, chasing pumps or waiting for their coin to x100 often get burned. Besides, lowcaps may have 100-500x potential, but are very volatile and even though the price may go up fast… it can dump real fast too. High/mid marketcaps are a more stable and safer choice.

"But it's so risky!" you may object. Well, here's the thing: that risk can be managed by looking at some key factors before you invest in a project:

OP then continues by writing down some rules. These are good guidelines to pick a solid project with a good use case, and avoid things like a pump and dump.

If your inquiry survived all 7 points, congratulations! You're early in a project that has a good chance of becoming very valuable.

Exactly. “A good chance.” We only hear of success stories and generally don’t hear about the times people who failed to pick a project that did a x100.

To finish this rant, I would like to get rid of the assumption that a good project or a doxxed team does not automatically mean that the price is going to x100. There are a LOT of very good and solid (low marketcap) projects that never got in the top marketcap rankings for years.

Hi guys, just updating this week numbers.

26 BTC were traded last week measured only LocalBitcoin, around 5,000,000 "new" Bolivares (Bs.) and a little more than 1,000,000 USD.

Small amount, months ago traded weekly was even over 2,000 BTC! New exchanges came and took the users and BTC from LocalBitcoin.

Binance is king, it allows P2P from many cryptos to Bs. directly. Others exchanges are Reserve, AirTM and Uphold. Coinbase works here but very limited.

Electricity is free (but unreliable) big oportunity mining (also high risk, even when it's legal you cannot be safe with bad people, that includes the goverment itself)

One BTC is around 180,000 Bolivares (Bs.).

Where are all the zeroes? Well, goverment eliminated them by law, since october six zeroes were removed from the currency. 1,000,000 "old" Bs. are now 1 "new" Bs. So these 180,000 Bs. (1 BTC) would have been 280,000,000,000 "old" Bs.

Monthly minimum wage is around 30 USD, it was increased from 2 USD. Still not enough, NGO says to live one 5 members family needs around 500 USD.

How do I live? Having a wage that makes me barely making it, a lot of help from redditors, online work (translating) and even moons (new proposal hurts me but I consider it fair).

Average wage, is around 70 USD. For a manager maybe 200-250 USD. All of these monthly.

Inflation slowed down form 1,000,000% to 700% anually.

Any question? Let me know and AMA!

Sources:

https://coin.dance/volume/localbitcoins/VED/BTC

https://coin.dance/volume/localbitcoins/VED

https://www.caracaschronicles.com/2020/10/23/you-need-285-minimum-wages-in-venezuela-to-feed-your-family/

https://localbitcoins.com/country/VE

https://www.bloomberg.com/features/2016-venezuela-cafe-con-leche-index/

Has anyone here stopped buying useless stuff because they want to spend their extra fiat on crypto? Questioning every purchase of superfluous nonsense because your DCA is coming?

Do you think of everything in terms of crypto? Like, "Oh, I could buy this jacket I don't need, or I could buy .05 ETH". Crypto has curbed my spending habits, and even though the market is down right now, it has saved me money in the long run. Choosing crypto first has helped me think a little deeper about where my money is going and what I'm spending it on.

The percentage of money I used to spend on "things" has decreased immensely. Less crap, more crypto. "Live, laugh, love" signs will not appreciate in value, but ETH will.

Hi, i am from India. A 30% tax has been introduced on crypto profits from 1st April, 2022. The centralized exchanges would also deduct a 1% TDS on every transaction on behalf of the government.

I had an idea that could help save taxes - If we buy suppose a stablecoin, transfer it to a crypto wallet. Swap for the cryptocurrency you want to hold. Than when you want to sell it, you can swap it for a stablecoin, deposit back to the exchange and sell.

So my question is, how would i be taxed in this situation? Would it be only the 1% TDS i have to pay since there are no profits in stablecoins and the government cannot track on-chain transactions?

There is a sucker born every minute, and there are a LOT of projects that are DOA across all chains.

My experience however, and unabashedly only in the Cardano space (shilling, y’all are missing out), is that with the right research into projects and a solid exit strategy and luck, there are a lot of returns that will make your 10-100% token returns look like a wasted opportunity.

My strategy is to mint 3. Ride the hype, pull out investment and keep the ball rolling. Have had a couple lucky hits that are an immediate 20-30x investment. Trick is to take that money and be happy with that profit. Maybe reinvest into the floor for further possible future returns. If not, you’re already in “house money.”

A number more the floor price bottomed out the day after drop, but over the course of a month+ has seen the floor move to 5-20x mint price.

ALWAYS MINT if you can.

Check the community engagement on twitter and discord, see how the project is set up, and what the white paper and roadmaps tell you. Are they realistic? Does the team have the capability to see the project to actual fruition? Etc…

Rule #1 is to TAKE YOUR INITIAL INVESTMENT OUT!

Could have you made more later? Maybe. Could the project flatline at the bottom after the hype dies in a couple days. WAY more likely.

Find some fun money, find a chain with low transaction costs and maybe you can turn your coins/tokens into more than just watching the super exciting daily 5-10% returns.

I just saw the news about ledger sync issues and blocked trading in India and began to think about how small issues can have serious consequences on your life or livelihood. Imagine you need to access funds to pay a bill, rent, or or your mortgage and cant because the exchange is down or your wallet is inaccessible for any number of reasons...things could get bad really fast for you.

Also with crypto being used as paying in criminal transaction lack of access to funds can cost people their lives. Kidnappers for example aren't going to take kindly to "sorry i can't access my funds right now" if they demand payment in cryptocurrency.

I guess this just goes along with a technology based currency but still news like the items mentioned earlier shake people's faith that they can access their funds and doest help the market or adoption one bit.

Maybe its time for exchanges to do more in the way of contingency planning for IT problems in the future for the sake of the market and the people who use crypto.

Mc²

There seems to be a growing battle of ideologies everywhere you look online these days between those that think crypto is the future and those that think crypto is all some sort made up BS Ponzi and scam.

Holders Vs No-coiner argumentative duels seem to plauge comment sections everywhere from social media to comment sections of news articles and blogs.

I think people need to remember that crypto has survived all historic FUD and many major networks today we're vastly smaller yet operated just fine.

I think many are salty and cynical because they've seen the dramatic price appreciation.

At the end of the day I don't think there's any need to try convert anyone to crypto, rather encourage them to do they're own research and remind them that at the end of the day crypto doesn't really give a shit about what they conclude.

TLDR: IM A FAT BLIND (possibly ADHD) SQUIRREL WITH ZERO IMPULSE CONTROL AND ABSOLUTELY ZERO WORRIES.

Let me preface this by saying I have ZERO impulse control when it comes to spending money. Never had more than a few thousand dollars to my name for more than a month.

Savings accounts are just back up checking accounts to me. Always have been and if the last 20 years are any indication of the next 50 years they always will be

I've had an easy come easy go mentality that I haven't been able to shake since I was a kid and it hasn't been great to me. I'm fact it's been pretty fucking rough to me.

I don't straight up throw my life savings into cryptos But I would definitely feel it if I lost it all. Like it would hurt. FUCKING BAD, bordering on being devastating but at the same time that doesn't worry me.

Like I wouldn't die without I'm good at being poor. Always have been. but I could definitely use the money and bordering on not being ok without the money "invested"

.im not 100% paycheck to paycheck. My bills get paid (mostly on time) and I'm not too worried I won't have money by the next paycheck but I feel like I'm fairly aggressively invested. I'm usually down to $150-300 dollars left in the checking account by the time my next check comes in.

I am FUCKING HORRENDOUS at saving otherwise. Like I can't have money in a traditional savings account. It only takes one click of a button to transfer that money to my checking account and I know it. If my card gets declined it's 15 seconds to transfer money from savings and presto! Caviar for everyone! So my savings account is just a reserve checking account in my mind.

So I have to keep money from myself in varying forms of difficulty to get it to my checking account.

Takes at least 5 minutes to get cryptos from my wallets to my accounts and some of those much much longer plus it hurts. Gas fees, transaction fees, withdrawal fees and instant deposit fees all hurt. It's definitely more of a David hasslehoff than saving to checking fiat swap.

So I essentially hide my own money from myself like a fat damn squirrel hiding nuts for the winter. When times get tough at least I got a nut buried somewhere. . I probably put 50-60% of my money into what I call " forced savings. " Every paycheck.

I take that 50-60% of that months income and divide that roughly in half between cryptos and an even less liquid savings form that isn't cash or Reseverl checking accounts.

While they are liquid in a pinch cryptos are my riskiest form of savings. Seeing as I'm so heavily invested, these dips don't feel great. And there are times that I've had to sell at an unpleasant loss but I'm still thankful to be able to sell at a 20 and even once or twice 50% loss because it was enough to cover my emergency but had I not had that option I would have most likely had none of that savings at all had it been in my "Checking reserve account"

I'd rather have 80% or even 50% of my savings than a couple hundred dollars when I need thousands.

For me it's a matter of a perception. I should probably be less risky but there have been plenty of times where market spikes on that money have saved me in an "emergency" (read hole I dug myself into) and left money to spare.

So for me the volatility of the crypto markets are far less volitile than my own weak ass lack of impulse conrol. If I were to let myself spend unchecked I would spend myself to destitution I'm old poor. I'm comfortable being poor. I'd rather spend today than save for tomorrow if left to my own free will.

I have to Self sabotage my self sabotaging tendencies if you will.

It's been a struggle but honestly my impulse control is better aimed at cryptos than it is left unchecked. Even a blind nut finds a squirrel once or twice year.

This "investing" has been an over all positive experience. I've been thru some dark days in these markets and long drawn out boring ass YEARS long bear markets that bleed my ass day in and day out. But without cryptos I wouldn't be half as secure as I am now

Even tho my day to day life feels like im living paycheck to paycheck like I have done for so many years, in reality I'm not anymore and that feels good.

Actually that feels fucking great.

Here's my reasoning, please share your thoughtful responses and perspectives. I'm trying to find a reason why not to hedge against the dollar.

So I've been wondering if in the event of economic downturn if crypto will boom since it's not tied to the US dollar and countries around the world are supporting crypto? What do you guys think? I'm doing some research on the amount of involvement globally in crypto.

My thinking is that if the dollar tanks and crypto does as well for a bit all the people in other countries and intelligent investors see that as opportunity and buy up crypto like crazy when it dips hard, thus preventing long and deep economic recessions by hedging against the dollar with crypto. Is there something I'm missing or do you guys think that is solid reasoning?

With China looking to take away the value of the petrodollar and replace it with the yuan there's not much retaining the value of the dollar other than belief. (Although this is how all fiat currency functions without real assets like gold or silver to back then up) correct?

I think it's something very human if you hate other people slowing down your success. That's why I as many other people once hated a bit in people selling their Crypto. But over my time in this Crypto community I learned that in various cases selling is the best plan and not bad at all.

With those some cases I mean if we are in top of a certain rally. It would be very wise to try to time the top and sell there and afterwards buy back when we correct. As another thing that I learned and probably the most important thing is that after EVERY rally comes a correction. This kind of selling is a clear strategy, even if risky as Crypto us unpredictable but it is one.

Obviously also you should not hate on anyone selling because he/she possibly need that money. That's what Crypto is about helping people in difficult situations. If they get the help through selling, fabulous. At the end of the day you can't know why a person possibly sold.

Cryptocurrencies such as Bitcoin and Ethereum have established themselves as recognized assets for all investors. The problem is unlike bonds and stocks, cryptocurrency assets can’t be stored on an online brokerage account. You need to store your digital assets into a wallet, a cryptocurrency wallet to be exact.

Many of you probably already know this and maybe it’s a given. But there are many new people entering the space that are just buying crypto off Robinhood. This is good and all but you do not own it just yet. A crypto wallet enables crypto holders to store their crypto in one place.

Here are some wallets that might be right for you.

For those wanting to get their first wallet: Exodus Wallet, is a very user friendly, easy to use wallet that allows users to manage their crypto portfolio on one interface. Great for beginners.

If you’re looking for security and an overall good wallet: Guarda, is a highly secure and UI friendly wallet that allows users to buy, store, swap and stake a wide range of cryptocurrencies. It is a multi-platform software wallet as well.

For the next wave of crypto users: Squirrel wallet does not require private keys and if you’re a mobile user, you control your assets from your device. Rather than relying on controlling your wallet through a private key. This wallet’s code allows features to be programmed directly into the wallet that have the ability to recover lost wallets without the need for seed phrases. The name might not be the best but it has promising results.

All in all wallets are important and at the end of the day it doesn’t matter what you use as long as it fits your needs.

I'm constantly seeing posts about how "we're all still early! mass adoption hasn't taken place yet!"

Really? You're early? With bitcoin at literally $40,000 a coin. That's early?

That's like someone buying Berkshire Hathaway stock and going "I'm still early! Warren Buffet still has 80 years to go!"

You're not early. You know who was early? The guys that were mining bitcoin back in 2009 and 2010 on a Pentium 4 processor for frations of a penny. Those guys were early. Not you. You're late to the game. It's already over.

I held crypto for 14 months and it did absolutely nothing. Where's the 50x - 100x gains? Mine did a mere 1.5x gain.

/rant over

Honestly, like why do people do this? Since the prices are spiraling down for the last couple of months, I am seeing so many clickbait articles saying 'Crypto X down 40%!, is this the end?'. When you look into the comments or arguments they are 9/10 times absolut bullsh*t.

No it is not because a certain person behind the project did something bad, no it is not because they are behind on something from the whitepaper and no it is definitely not because that crypto 'just sucks'.

Take the trend of bitcoin and take the trend of crypto x. Zoom out 6 months. Wow crypto x is just following the trend of bitcoin and doing crypto things. Who would have thought that!

I am of opinion that everyone should be allowed to post whatever they want as long as it is following the rules, but this is plain and simple FUD.

(Disclaimer: I am not naming specific cryptonames because I do not want to be called a cultist /s and downvoted into oblivion.)

When I started learning about crypto, I expected that sort of aha moment....

I think that's sorta how the crypto appears to those on the outside...that if you really spend some time trying to learn, you'll be all aboard the hype train.

But that's really not been my experience. Maybe it's because my foray into this space has coincided with a bear market in crypto - but I sense a lot of unease and uncertainty. I'm constantly inundated with news that doesn't exactly instill confidence - multi-million dollar hacks of crypto assets, one new iteration of the blockchain after another (i.e. Solana) that supposedly performs better than the current, forks in blockchain protocols and other esoteric shakeups in crypto, government-backed stablecoins, etc. Suffice it to say, the HODL ethos has not overcome me quite yet.

I'm wondering if anyone else here has felt that way in the past, or does now?

Although I never thought I would write about my country on r/cc since we are the smallest country in Southeast Europe and a lot of people don't know that we even exist.

Therefore, this opportunity is not to be missed.

Vitalik received Montenegrin citizenship and I am really happy about that.

For your information:

- Our current Minister of Finance and Social Welfare is a young man who, when stepped in the office, never hid that he owned Bitcoin

-Here you can see that one lecture was held and the translation from the panel is "Future now! How blockchain technology can help Montenegro"

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https://preview.redd.it/hs3zwjgwxnt81.png?width=677&format=png&auto=webp&s=71c8eebfdc2075b1663a77ed886c7f3bd55f7b24

- Twitt of our Minister of Finance and Social Welfare says " Future Now! Crypto law, innovation, community Opportunity to establish a healthy, sustainable, blockchain industry in the service of the Montenegrin people."

- At one point, the Minister said that he was thinking about purchase of Bitcoin for the benefit of the Montenegrin people

- This is the very proof that future generations will not give up cryptocurrencies and the obstacles we may have today will be solved much easier and more efficiently tomorrow when our generation comes to power, in favor of cryptocurrencies and the people in the whole world.

- In a way, our country is crypto friendly, since there are no taxes on cryptocurrency trading. Sadly, Montenegrin people are not that interested in cryptocurrencies. A lot of them didn't had PCs while growing up.

Fortunately, from what I saw, a lot of young people are into crypto.

Also, one of the best hotel&resort on this side of Europe accepts crypto! You can pay in BTC or ETH.

https://preview.redd.it/90qv7waqznt81.png?width=1516&format=png&auto=webp&s=e637e1d17cdb1f21db6ef4ff208488854419d6dc

The Celsius news blocking regular Americans investors is terrible, but not surprising you could sense they were tightening the screws because allowing common folk to earn 7% on stables vs the 0.3% they get in banks is soooo risky.

Common folk can however invest happily, all their savings into IPOs like Didi...

Which is down a whopping 84% from its IPO

The IPO which SEC's anti-poor hitman Gary Gensler approved...

You see, as long as you lose money, its all fun and games.

But when the average guys finds a way to make just a little more than what the government allows them to make, they have to be shut down using the entire force of the regulatoooors who want to protect you from earning more than what banks allow you.

The 7% rate offered by Celsius or Blockfi isnt even inflation beating, in the era of > 8% CPI. But you cant earn that unless you are accredited.

I think the one thing everyone in this market agrees with is how stupid shitcoins are. Literally cryptos with no target or anything just some fancy name that sounds stupid enough and has some trendy words in it. But that's not the worst. I mean the people that make those shitcoins are just smart enough to rub people's money. The real stupidity is those people that are mostly "adults" and invest their life savings in them.

I mean just roll over that scenario. You look through a crypto list and you are probably at like the #6969 biggest Crypto. It's called CumSafeElonMoon and you choose to invest your live savings or even 10% of all the money you have in that. For me that sounds bizarre.

Really, the crypto market has many so-called adults that are meant to be mature but are acting as the biggest 8 year Olds.

Influencers, high profile figures, actors, musicians, you name it. Everyone and their mother is shilling some shitcoin, or worse, making their own coin and then shilling it.

The post from u/tngsystems about Ben Phillips (Bravo TNG, your posts are always a good read) is the latest example of a long line of those scumbags tricking their own fan base into buying a worthless coin/token, that they are selling at the same time.

The thing is, all of them are just continuing to do what they used to do for the last few years: promoting something they are paid to promote. Drinks, clothes, jewelry, vaginal douches, essential oils, vampire repellants (???), etc.

The thing is, they (the scumbags) don't understand the difference between those and crypto. While those products may or may not work, by promoting the weird or overpriced products they are not under the hook for fraud, embezzlement, misleading the investors and every other actionable offense they are currently doing in their crypto adventure. The advertising of those products is simply immoral, while the pump and dump tactics in crypto are illegal. And the chef's kiss beauty of it: it's all on the blockchain, permanent, accessible to anyone and not altered in any way, shape or form.

Bcs sooner or later, a highly public influencer (or two of them, or ten) WILL go to jail bcs of this. For a very long time. And I simply can't wait for this to happen.

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https://preview.redd.it/xkpahndkwdt81.png?width=1027&format=png&auto=webp&s=0f8c358c5da6912188a6a5ff873b9b7e03ce46ff

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Note the blue line consists of data points where the forward 5 year return data is fully known

The orange line consists of data points where we aren't yet 5 years past and thus don't know where the final print will be. The most recent months are especially volatile, as it's extrapolating 1 or a few months into an annualized return

But even just focusing on the blue line where the 5 year returns are known, and locked in, it's clear that it seems improbable that future returns will replicate what past holders have experienced.

BTC can potentially do very well, but please ignore tweets and posts from pumpers who just quote how well BTC HAS performed. It's more important to think about how it WILL perform going forward. Specifically when that most recent data point for April 2022 turns blue in 2027, where will it end up?

As volatile as crypto is , it is gradually decreasing as the market caps keeps increasing. Crypto market is in the trillions now.

“I think [4-year cycles are] over because the market is much larger than it was and Bitcoin is not as dominant so at the margin, the four-year cycle will have an impact but not as large an impact. For example, the ETH 2.0 thing is going to create a potential dynamic that’s different, so I think the cycles have changed and I think over time, these very volatile trends get less volatile and we saw that with Amazon in its early days… It’s the same with crypto now, there’s 300 million people using it now so what’s happening is the volatility dampens.”

Just like Paul said , the volatility will eventually dampen. As much as I want less volatility for crypto adoption , deep down I wish it doesn't. Volatility kind of makes crypto different and fun .The volatility is both the biggest pro and con of crypto.

The volatility really fucked up our concept of profits where doubling your money doesn't feel like a great deal , gonna miss this insane volatility

“I'll pay 10,000 bitcoins for a couple of pizzas…like maybe 2 large ones so I have some left over for the next day. I like having left over pizza to nibble on later. You can make the pizza yourself and bring it to my house or order it for me from a delivery place, but what I'm aiming for is getting food delivered in exchange for bitcoins where I don't have to order or prepare it myself, kind of like ordering a 'breakfast platter' at a hotel or something, they just bring you something to eat and you're happy!

I like things like onions, peppers, sausage, mushrooms, tomatoes, pepperoni, etc.. just standard stuff no weird fish topping or anything like that. I also like regular cheese pizzas which may be cheaper to prepare or otherwise acquire.

If you're interested please let me know and we can work out a deal.”

Thanks, Laszlo

EDIT: For those who don’t get the reference, this was the original message sent by Lazlo Hanyecz and marked the infamous transaction of 10,000 BTC for pizza. It was the first time that BTC was used as a medium of exchange on May 18, 2010.

Seriously, this is way beyond me so please enlighten me.

Governments have been doing it for ages, and really not only that. Why is it suddenly such a big masquerade? It's basic human nature after all. This is the system that we live on - rich gets richer, poor gets poorer.

We've witnessed politicians, governments, people working in the law departments, heck it even the average Joe play it in his favour. Why is the fact that some people working at coinbase took advantage of the rumours? Frankly speaking, wouldn't you do it too given the opportunity?

Of course it's wrong and unfair, but things like these have been going on for thousands of ages way before, I don't see why is such a main event.

Just for a quick example - care to remember pandora papers? Where are they now? What happened to the people who's names were in those documents?

Exactly. Nothing. Welcome to reality.

Well we've all seen the news that the Merge is being delayed till the later half of 2022 now.

I'm seeing a lot of split opinion on this and the jokes rolling in as ever.

However in my opinion I think its a good sign. There is a lot of pressure on ETH to get this right and I would rather them delay than release a half cooked version that falls flat on its face.

Nothing has fundamentally changed...

My point is, I think its good for projects to be cautious and diligent rather than just to speed run development to cash in on the hype etc...

The market is subject to a lot of speculation and I think its a good look for crypto overall (not just on about eth) for projects to accept when there is issues and deal with it and be forthcoming than just glaze over it and clean up the aftermath later

Tldr: better safe than sorry