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Sunday, February 26, 2023
Cardano Daily Discussion - February 27, 2023
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).
⚠️ 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):
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.
See this post for more examples of what they look like
Do not be fooled!
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 ⚠️
Midnight Subreddit
In anticipation of Input Output's new data protection blockchain 'Midnight', I've managed to acquire r/Midnight through some negotiation and repurpose it for the Cardano Community (the sub was created for a card game back in 2011 but was mostly unused).
I decided to do this as I thought the project will eventually need a home on reddit and best to setup now before any scammers do. Obviously there's not much to post about on there right now as it's early days as the project is yet to be released, but if you'd like to be kept up to date on the project please feel free to join the new subreddit if the project interests you and I'll be sure to post updates as and when they become available.
Right now the sub is mostly a carbon copy of r/cardano, I've copied most of the automod and rules over, so certain aspects may seem a little incongruent atm, but I'll tailor and tweak the sub as we go. Feel free to send me or post any input if you want stuff to change.
Cheers all
Fed-loosening Bets Unwound and Crypto Regulatory Pressures Build
It was a down week for markets as Fed-loosening bets were unwound. Several members of the Fed indicated a “higher peak” than anticipated; Atlanta Fed Chief Bostic cited January’s hot jobs data as an indicator that it is too early to claim victory in the fight against inflation. In Crypto, regulatory pressure mounts as it “kraks” down on staking (more in Cryptocurrency News below), pressuring U.S. banks to cut ties with crypto firms.
SPX -1.11%, DJIA -0.17% and NASDAQ -2.41% amidst “hawkish” comments from the Fed throughout the week. BTC -5.02% and ETH -6.97%, pulled back below $22,000, and the latter broke through the lower bound of its rising channel, falling below $1,550.
Looking on-chain, self-custody remains the most common means of retaining Bitcoin for traders and HODLers alike. More supply of Bitcoin continues to move to self-custody as opposed to exchanges, with approximately $416.5 billion of Bitcoin not currently traded on any exchanges. Compared to the $29.2 billion in the marketplace, this indicates 14.26X as many coins off exchanges as there are on them (@santimentfeed).
Cryptocurrency News
- Kraken shutters its U.S. crypto-staking service in response to the U.S. SEC investigation, agreeing to pay a $30 million settlement. The Securities and Exchange Commission (SEC) charged the firm for the unregistered sale of securities through its staking-as-a-service program. The news caused liquid staking tokens, the decentralized alternative, to rally.
Our View: the news received negative backlash from the crypto community, with Coinbase’s CEO commenting that the U.S. SEC is headed down a “terrible path” if it bans crypto staking for retail customers. If regulations head towards that direction, we could see staking flows turning to offshore markets or on-chain alternatives. - Ethereum testnet processes first ETH staking withdrawals. The upgrade on the Zhejiang testnet was the first of three dress rehearsals for the much anticipated Shanghai hard fork.
Our View: with the anticipation for the Shanghai upgrade, we can expect increased price volatility around the event. Some expect it to encourage more staking (stickier prices), while others expect ETH to drop as stakers rush to withdraw their long-held funds – what do you think? - Binance.com temporarily suspends USD bank transfers. A Binance spokesperson noted that just 0.01% of active monthly users use USD bank transfers. Binance.US is not affected by the suspension.
Our View: it is not clear why USD bank transfers were suspended, but this could be linked to their U.S. banking partner, Signature Bank, increasing USD transaction minimum to $100,000 in late January as it reduces its exposure to digital-asset markets. - Genesis reaches an agreement in principle with DCG and key creditors. The proposed resolution includes DCG exchanging its $1.1 billion promissory note, due in 2032, for convertible preferred stock to be issued by DCG, refinancing its existing 2023 term loans through a new, junior secured term loan in two tranches, and selling its subsidiary Genesis’ crypto trading business and lending arm. In addition, Gemini will fund “up to $100 million more for Earn users as part of the plan.”
Investment Consideration
Our best strategy for medium to long term investment is to take at least 1-3 years in Moderate Portfolio because it has a good defense with 50% Fixed Deposit , 30% In DCD and 20% in Staking because we still have potential return in DCD and Staking especially in BTC.
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Disclaimers
The above information and views provided by Tokenomy are for general informational purposes only and do not constitute an opinion nor offer or recommend, by or on behalf of Tokenomy, that any person enter into or buy or sell any particular security, investment product, or token, or participate in any other transactions. Tokenomy does not make any representation as to the accuracy, reliability, or completeness of the information herein and does not accept liability for any direct, indirect, incidental, specific, or consequential loss or damages arising from the use of, or reliance on, the information contained herein. This information is for general purposes only and is not intended, and should not be construed or relied upon as legal, accounting, tax, or financial advice or opinion provided by Tokenomy and should not be used or relied on by anyone for any other purpose.
This information herein is made available to you as confidential information. It may not be disclosed, reproduced, or redistributed to any other person, in whole or part, except with the prior written consent of Tokenomy.
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