Cardano Daily Discussion - April 16, 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 ⚠️

​

​

​

https://preview.redd.it/60ofludzpq8a1.png?width=284&format=png&auto=webp&v=enabled&s=7d58fc8aaa2eb5f125624608b97bdd7b943a1111

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

📣 Community Vote: Trevor Jones Castle Party, Alotta Money Tribute Exhibit

Vote now for your favorite creators

In partnership with Trevor Jones, we will be honoring the memory of the great Alotta Money at the second annual Bitcoin Angel Castle Party 2023 by showcasing a selection of creators in a charity art exhibition and auction.

We've pre-selected 25 creators with the help of Trevor Jones. But we're not done yet - we want YOU to help us choose the final 6 artists who will join us in celebrating the legacy of Alotta Money. 

VOTE NOW ➜

https://preview.redd.it/wl2dz5ren4ua1.png?width=1200&format=png&auto=webp&v=enabled&s=6c366943bc31ee3c5cb03a566d23afe7fa0ea880

Bitcoin Angel Castle PartySeptember 3–5, 2023

The famous Bitcoin Angel Castle Party promises to be another unmissable event, not only to celebrate the fusion of 21st-century art and technology in a stunning ancient château. The event will bring together the biggest-name creators and collectors under one roof for two unforgettable nights.

With only 6 spots remaining, this is a unique opportunity for creators to showcase their skills alongside the most talented individuals in the industry. So vote now for your favorite creators to join us for an art event like no other!

VOTE NOW ➜

Voting ends April 17 at 11:59 PM PDTCheck out the video below to learn more about Alotta Money, Bitcoin Angel Castle Party 2023, and Maggie's Charity Fundraiser Exhibition:

https://www.youtube.com/watch?v=qZBCHINzBoU

How to start trading cryptocurrencies

Here's a step-by-step guide on how to trade cryptocurrency and analyze charts using Binance as the recommended platform:

Step 1: Sign Up on Binance

1. Go to the Binance website at binance.
2. Click on "Register" to create a new account.
3. Fill in the required information, including your email address and password.
4. Click on "Create Account" and follow the instructions to verify your email address and set up 2-factor authentication (2FA) for added security.

Step 2: Deposit Funds

1. Log in to your Binance account.
2. Go to "Wallet" and click on "Deposit" to select the cryptocurrency you want to deposit.
3. Follow the instructions to generate a deposit address and transfer funds from your external wallet or exchange to your Binance wallet.

Step 3: Analyze Charts

1. Once you have funds in your Binance account, go to the "Trade" tab and select the cryptocurrency pair you want to trade. For example, if you want to trade Bitcoin against Ethereum, select the BTC/ETH pair.
2. Choose a timeframe for your chart analysis, such as 1-hour, 4-hour, or daily, by clicking on the timeframe options available on the chart.
3. Familiarize yourself with the candlestick chart, which displays the price movement of the selected cryptocurrency pair. Each candlestick represents a specific timeframe and shows the opening, closing, highest, and lowest prices during that period.
4. Use technical indicators available on Binance, such as moving averages, Bollinger Bands, and RSI, to analyze price data and identify potential trends or patterns. You can add these indicators to your chart by clicking on the "Indicators" button on the chart's toolbar and selecting the desired indicator.
5. Apply support and resistance lines, trend lines, and other chart patterns to identify potential entry and exit points for your trades. You can draw these lines on the chart using the drawing tools available on Binance.
6. Stay updated with the latest news and developments in the cryptocurrency market, as they can impact price movements. Follow market news and announcements on Binance or other reliable sources to stay informed about regulatory changes, market trends, and major events that may affect the cryptocurrency you're trading.

Step 4: Place a Trade

1. Once you have analyzed the charts and identified a trading opportunity, go to the "Order" tab on the Binance trading interface.
2. Choose the type of order you want to place, such as market order or limit order, and specify the quantity of the cryptocurrency you want to trade.
3. Set your desired entry and exit prices based on your chart analysis and risk management strategy.
4. Review your order details, including the trading fees, and click on "Buy" or "Sell" to place your trade.

Step 5: Monitor and Manage Your Trades

1. Keep an eye on your open trades and monitor their performance.
2. Set stop-loss and take-profit levels to limit potential losses and lock in profits.
3. Adjust your trade as needed based on the market conditions and your trading strategy.
4. Keep learning and improving your trading skills through practice and continuous education.

Please note that trading cryptocurrency involves risks, and it's important to practice proper risk management and make informed decisions based on multiple factors, including technical analysis, fundamental analysis, and market sentiment. Always consider the risks and potential rewards before trading, and only trade with funds that you can afford to lose.

top 7(seven) coins today

https://i.redd.it/8kx7t09c10ua1.png

No…NOW IT’S HAPPENING!!1!!

This time is different guys

AI, climate change, inflation, Russia, other current events*, it’s happening!

Stockpile Bitcoin, no… AI stonks… no, gold… no, Taiwanese at bonds…

IT’S really happening!

• other current events may vary

Layers of trustlessness in bitcoin and cryptocurrency explained. Before you begin investing in anything you need to read and understand this...

TL;DR - Only bitcoin is leaderless and trustless. Almost all other coins, including ethereum, have a leader figure in one form or another. Layers of trust come from layers of trust required for the technology to work.

I used to be of the persuasion, "Hey, bitcoin is old technology. It doesn't work as intended. Try this coin instead. It works." But then I saw the market didn't want anything besides bitcoin and a few other alts in the top 10. So I just called myself a, "Maximalist of useful protocols."

Well, after the USDC depegging event, this is where I backed off of even saying a "maximalist of useful protocols." When SVB collapsed, the creators of USDC - circle, did absolutely nothing wrong, but it depegged, briefly, dropping to 80 cents per USDC. There's 3 layers of trust to USDC, arguably 4:
1. You need to trust the Eth blockchain blockchain and hope it doesn't get corrupted as well as the EVM.
2. You need to trust the team at Circle. See footnote below.
3. You need to trust all of the banks that Circle uses to peg USD to USDC.
4. You have to trust the ETH dev team.
5. Do you need to trust the "leader" of ethereum, Vitalik Buterin?

With bitcoin, what are you trusting in? Assuming you store you private keys / mnemonic correctly, you are trusting in only two things, really:
1. Trusting in the protocol not to get exploited / 51% attacked.
2. Trusting in the volatility / world economy not getting in serious trouble.

These are just my own thoughts... After everything I've seen this past year, I'd rather be paid in bitcoin than any stablecoin I've seen. That's just me.