Cardano Daily Discussion - December 06, 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 ⚠️

This time IS different

The bear market of 2022 is different than all previous crypto bear markets. We will most likely NOT see a repeat of events which occurred previously.

And there is one metric that makes me confident of this belief. And that is the almost total lack of capitulation from retail, and even larger investors.

On-chain data has shown that despite all of the catastrophic crypto-related events which have occurred over the past year, active wallet addresses continue to increase. And this is the case not only for Bitcoin and Ethereum, but for dozens of L1 altcoins and layer 2 solutions as well.

People are learning about crypto and the blockchain, and although prices have decreased, the objective data suggests that the majority of both old and new wallets are going to be holding through whatever disaster the world has in store.

SAVING YOURSELF FROM FTX - WHICH ASSETS TO SELL

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Terra Luna collapse was a very clear example of how every single coin can get affected by an event that might seem quite distant from it. We learn from our mistakes so here a brief summary of what coins to get rid of right now, so that the FTX bankruptcy doesn’t cause you to lose your investments 🙌

What happened to FTX?

A huge loan pit caused FTX to announce its bankruptcy. Binance, who were initially willing to buyout the exchange suddenly changed their mind, leaving FTX no other choice, but to leave the market.

You can learn more in one of our articles

No wrapped

There is too much risk in holding wrapped coins right now. FTX and Alameda have minted a 100k WBTC with a deposit of actual Bitcoins. Now oops and those 100k are 72k. The panic about wrapped coins has intensified significantly after that, so we should consider staying away from the latter ✋

No games

All the P2E (Play-to-Earn) and M2E (Move-to-Earn) tokens should be sold as soon as possible. The current market is not up to game mechanics. This fun activity is a privilege for the bull cycle. And so far, none of these projects have really been long-lasting: each one of those has shown a significant decrease in the number of active users. It is very unlikely that the trend will change its direction of growth in the near future.

Everything related

Assets that were included in the portfolios of bankrupt or near bankrupt companies may also suffer 😬

As an example, Alameda Research has invested large sums in such projects as: Polygon (MATIC), Anchorage Digital, Immutable (XIMX), Voyager Token (VGX), 1inch (1INCH), Near Protocol (NEAR), Helium (HNT).

FTX Ventures invested in Yuga Labs (owner of the Apecoin token and the Bored Ape Yacht Club, CryptoPunks, Meebits NFT collections), Near Protocol (NEAR), Aptos (APT) and BlockFi crypto platform, which is also soon to become bankrupt. They have also acted as an investor in the GamerGains project (GAMER) 🎮

Conclusion

The list given above is a summary of analysis made by us for you to consider. The research was done by our experts keeping the Terra Luna collapse in mind and taking other factors like the FTX collapse story itself into account. It is up to you to trust or not to trust us, but for everyone holding any of the mentioned assets, there is absolutely no way those could increase in price 🙅‍♀️ Stay tuned 📻

Cryptocurrency gainers for the day: Shiba Inu (SHIB), Litecoin (LTC), Cronos (CRO)

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The cryptocurrencies that led today's gains in the broader crypto market included Cronos (CRO), Litecoin (LTC), and Shiba Inu (SHIB).

This week started on a positive note today for crypto enthusiasts as the global crypto market cap was up 1.76% compared to the last 24 hours at $869.73 Billion. The total crypto market volume over the last 24 hours was spotted at $35.19B at the time of writing this article, increasing by 13.90%. The positive performance of leading cryptocurrencies drove today’s rally in the crypto market as Bitcoin (BTC) and Ethereum were up 1.61% and 2.78% at $17,310.73 and $1,296.17, respectively, suggesting the bulls were gaining more power.

Cryptocurrencies that led today’s gains:

The cryptocurrencies which emerged as top gainers were Cronos (CRO), up 14.39% at USD$0.073149; Litecoin (LTC), up 8.75% at USD$83.33 and Shiba Inu (SHIB), up 4.66% atUSD$0.000010.

Cronos (CRO):

The live Cronos price today (5 December 2022) is USD$0.073149, with a 24-hour trading volume of USD$104,536,685. Cronos is up 14.39% in the last one day. At the time of writing, Cronos posted a circulating supply of 25,263,013,692 CRO coins and a maximum supply of 30,263,013,692 CRO coins.

Shiba Inu (SHIB):

Today, Shiba Inu was spotted trading at USD$0.000010 with a 24-hour trading volume of USD$169,358,126. Shiba Inu has gained 4.66% in the past 24 hours and has a live market capitalization of USD$5,353,583,086. SHIB has a circulating supply of 549,063,278,876,302 SHIB coins at the time of drafting this article.

Litecoin (LTC):

Litecoin was up 8.75% at USD$83.33 during the intraday trading session on Monday, with a 24-hour trading volume of USD$645,105,670. LTC has a live market capitalization of $USD5,979,622,184 and a circulating supply of 71,760,744 LTC coins. Litecoin has a maximum supply of 84,000,000 LTC coins.

Expectations of a Slower rate hike by Federal Reserve boost investors’ sentiments?

Meanwhile, crypto investors hope for a solid finish to a topsy-turvy year after the FTX collapse and other unfavorable events. The bullish behavior of the crypto market on the first day of the week is also driven by a lift in investors’ sentiments who are hoping for a more dovish US Federal Reserve.

There are indications that after the Fed’s tightened monetary policy, there will be a relief in the interest rate spree in the upcoming months. The Federal Reserve Chairman Jerome Powell confirmed last week that smaller interest rate increases are possible ahead and could begin in December. The Federal Open Market Committee (FOMC) is expected to raise interest rates by 50 basis points (bps) instead of continuing its current rate of 75 bps.

Has the crypto market reached the bottom?

It is to be noted that market analysts and investors are finding it difficult to call a bottom in crypto stocks following a grueling month that ended with BlackRock Inc. CEO Larry Fink stating that most digital-asset firms would not survive. Tron (TRX) was one of the biggest losers today, down 0.20% at $0.05356. The cryptocurrencies that were seen trading in red during today’s intraday trading session included; Monero (XMR), Gemini Dollar, and Binance USD (BUSD).

Details Of The Blockchain Wallet

Cryptographic forms of money, for example, Bitcoin and Ethereum are getting some momentum because of their various benefits over conventional government issued money. In the event that you wish to use one of these blockchain-based digital currencies, you'll have to comprehend how blockchain wallets work.

Ultron Foundation Affiliate Agency

What’s one question you will ask Satoshi?

Satoshi Nakamoto seems to have vanished from the face of the earth after conceptualising Bitcoin - much as Craig Wright shamelessly deludes himself that he is Satoshi. This is probably for the best of Bitcoin. Without him deflecting attention from his game changer of a currency, people can focus on adopting Bitcoin to further their own goals. I don’t think even Satoshi could have anticipated that zealous developers would invent the Bitcoin Lightning Wallet. Now there is even Quant that allows for the possibility of smart contracts of Bitcoin. He would surely be bemused at the frenetic activity that happens come every halving. All the relentless rocket emojis and “wen lambos” references - would he think of us as crass?

This is a pipe dream but in the event that Satoshi miraculously surfaces again in some form or other, what is the one question or comment that you would want to ask him?