Cardano Daily Discussion - November 13, 2022

Hello everyone,

Welcome to the Cardano Daily Discussion!

The standard sub rules apply here (see sidebar), with the exception that price discussion is allowed in this thread, though we encourage you to try not to make this the focus and talk about the project itself. Please ask questions, help others and be civil - be sure to get involved in Project Catalyst too!

If you're new, please make sure you're read through the newbies guide and share it with others (use the ?newbies comment command to reference it).

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⚠️ Scam Warning ⚠️

Please read the Cybersecurity guidelines for Cardano Users.

There are ongoing giveaway scams on youtube and many scammers lurking in Cardano's social channels impersonating ambassadors/moderators/official staff contacting users via direct messages.

For example, searching 'cardano' on youtube and sorting by most recent upload date shows several giveaway scams running (all videos in screenshot are scams):

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Ongoing 'giveaway' scams on Youtube

The youtube scams are automated; use stolen footage usually of Charles Hoskinson and are restreamed so to appear to be 'live'; appear to have many watchers (which are bots); use bought hacked channels and are edited to appear like official channels.

Do not be fooled!

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To be clear:

• ⚠️ There is no such thing as a Cardano giveaway
• ⚠️ Never share your seed phrase with ANYONE
• ⚠️ Never send ADA to someone promising to send you more ADA back
• ⚠️ You will never be contacted by ambassadors/moderators/staff

Please report scams on the Cardano Fraud Detection Bureau.

⚠️ Scam Warning ⚠️

So many cryptocurrency critics giving us the "I told you so" as if bad actors and their centralized entities conducting fraud is somehow the fault of the decentralized Bitcoin protocol.

I keep seeing comments along the lines of "told you crypto is a scam" or "it's time to admit you were wrong about cryptocurrencies," particularly from users with "Buttcoin" in their flairs.

Recent events have nothing to do with the Bitcoin protocol. I mean the whole reason behind Bitcoin's existence is to self-custody and avoid storing funds on a centralized entity. It's not Bitcoin's fault that it was used in a ponzi scheme. Bitconnect used Bitcoin for its own ponzi scheme. Fiat has been used in ponzi schemes God knows how many times throughout its history.

Additionally, Bitcoin got to 20k and ETH to 1.4k in 2017 without any of this whole layers upon layers of leverage and over-collateralized ponzi crap.

An unregulated market attracted bad actors. Takes nothing away from Bitcoin fundamentally.

Finally - the BIGGEST FESTIVE EVENT OF THE YEAR IS HERE: Bitcoin Cash Conference 2022

https://read.cash/@alberdioni8406/finally-the-biggest-festive-event-of-the-year-is-here-bitcoin-cash-conference-2022-1c42ae43

We are going to be fine.

Today's bitcoin price is 16800 dollars and in January 2018 the price of Bitcoin reached a peak of 17527$.

But what really has changed since then?

Everything

It seems we are following Murphy's law which states that everything that could go wrong will go wrong.

Let's go through some of the events that took place:

1) COVID happened which initially brought the bull with the government distributing money like candies but slowly the real effects showed up which brought rampant inflation that we are still dealing with.

FED increased rates in response which further pushed the price down.

2) Terra Collapse: Luna , UST and other tokens in the ecosystem had a worth of 60 billion $ before it went belly up.

A major stablecoin just went poof.

3) Russia-Ukraine War: A freaking war is happening right now btw nuclear power Russia and Ukraine backed by nuclear powers , that's literally the worst nightmare for any market especially for something as volatile as crypto market.

4) Celsius and voyager went down and with that took away a lot of investors money and belief in crypto.

5) FTX collapse: And now one of the biggest exchanges went bust like that locking off the user's funds and to top it off it now has an exploit too.

Everything has been pretty bad but still we have almost held on to the 2018 prices and we have a lot more adoption than before ,like a lotttt.

So yeah , we are going to be fine , we just need the bear to weed out some of the bad actors , a little bit of favor from powell and some time and will come out of this stronger than ever.

Also 100k eoy is always on the table rt