Cardano Daily Discussion - March 12, 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).

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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.

See this post for more examples of what they look like

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 ⚠️

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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

This could easily be one of the best thing to happen in years

https://www.reddit.com/gallery/11oxiq0

Value of Uncensored BTC in the Event of Widespread Financial Lockdown? (x-post from /r/Bitcoin)

https://www.reddit.com/r/Bitcoin/comments/11otz0z/value_of_uncensored_btc_in_the_event_of/

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Dayz launcher: Find our server https://dayzsalauncher.com/#/home

EnglandRP social reddit: share your experience https://www.reddit.com/r/EnglandDayzServer?utm_medium=android_app&utm_source=share

We all really hope to see you in discord and in game soon.

https://discord.gg/XphY5THW3a

Correlation is 1 during a liquidity event, but... (x-post from /r/Bitcoin)

https://www.reddit.com/r/Bitcoin/comments/11o1a66/correlation_is_1_during_a_liquidity_event_but/

The FTX Contagion Rages On: The Fall of Silicon Valley Bank and its Implications

Liquidity crisis in TradFi is set to roil crypto markets
@BigBlackCrypto

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On March 10, 2023, Silicon Valley Bank collapsed in just two days, marking the biggest bank failure since the 2008 financial crisis. Before its collapse, the CEO sold $3.57 million of stock within the last two weeks. The California Department of Financial Protection and Innovation closed the bank, and the FDIC was appointed as the receiver. Silicon Valley Bank was the 16th largest U.S. bank, with $210 billion in assets.

The timeline of Silicon Valley Bank’s collapse is as follows:

1. SVB began to face a run on the bank as $91 billion in bonds faced interest rate risk.
2. A firesale of $21 billion bond portfolio was announced.
3. Over $1.8 billion was lost during the firesale.
4. SVB announced a $2.3 billion share sale to cover bond losses.
5. Credit agencies cut SVB’s credit ratings.
6. SVB failed to raise capital as investors panicked.
7. The U.S. banking sector lost nearly $100 billion in market cap in 24 hours.
8. SVB announced its intention to sell the company.
9. Regulators and FDIC took control of SVB.
10. The second largest bank collapse in US history seemingly happened overnight.

The fallout from Silicon Valley Bank’s collapse is severe. Currently, 93% of all deposits at SVB are above the $250,000 FDIC insurance limit, and only 2.7% of Silicon Valley Bank deposits are less than $250,000. Meaning, 97.3% aren’t FDIC insured. Circle’s USDC, the second largest stablecoin with $43 billion market capitalization, has an undisclosed part of its $9.8 billion cash reserves at the now-collapsed Silicon Valley Bank.

Furthermore, if Silicon Valley Bank fails, this could be the Lehman moment for the startup world. The bank plays a crucial role in billions of dollars in venture debt, untold amounts of warrants, and convertible notes in early-stage firms. Therefore, if the bank’s collapse triggers a chain reaction, the startup world will feel its effects.

The impact of Silicon Valley Bank’s collapse is not limited to the bank’s depositors and clients. Share prices of other regional banks, such as First Republic Bank, Western Alliance Bancorp, PacWest Bancorp, and Signature Bank, have plummeted. For instance, First Republic Bank’s share prices dropped by 23%. It’s 2008 all over again… but so so much worse.

This recent event also raises concerns about the FDIC’s handling of the crisis. Venture lenders, such as SVB, are reliant on venture capitalists not aggressively pursuing amortization of debt or triggering default for covenant foot faults (e.g., cash balances). Therefore, the FDIC’s handling of the situation is essential to prevent mass defaults.

Silicon Valley Bank also offered wealth management services to many of its founders. Therefore, corporate lenders, corporate banks, personal mortgage lenders, and family’s wealth managers are all one bank, which is now in FDIC receivership. The fallout from Silicon Valley Bank’s collapse is far-reaching.

Finally, this collapse is also affecting companies that don’t bank with SVB because their payroll providers use the bank to make payroll deposits. Payroll is currently being missed, and founders are being locked out of their bank accounts for unknown reasons.

The collapse of Silicon Valley Bank is a significant event that has far-reaching implications. The FDIC’s handling of the crisis will be critical in preventing a chain reaction that could affect the startup world. Furthermore, the fallout from the collapse is not limited to the bank’s depositors and clients, but it affects the broader banking sector and the economy as a whole. The potential ripple effects of this collapse are yet to be fully understood, but it is clear that the impact will be felt across various industries and markets. The collapse of a bank as large and influential as Silicon Valley Bank is a stark reminder of the fragility of our financial system, and the need for robust regulatory oversight. It is a wake-up call for policymakers to reassess the risks posed by the concentration of banking power in a few large institutions, and to take steps to mitigate those risks. The collapse of Silicon Valley Bank serves as a cautionary tale for the entire financial industry, emphasizing the importance of risk management, capital adequacy, and transparency.

It affects other regional banks and their share prices, as well as companies that rely on SVB for payroll deposits. The fact that 97.3% of SVB’s deposits are not FDIC insured is also a cause for concern, as it raises questions about the overall stability of the banking system and the adequacy of deposit insurance. Moreover, the collapse of SVB could lead to a broader loss of confidence in the banking sector and the financial system, potentially triggering a wider economic downturn.

The fall of SVB also highlights the risks associated with high levels of debt and leverage in the financial system, particularly in the context of low interest rates and a prolonged periods of easy monetary policy. It underscores the need for effective regulation and oversight to prevent excessive risk-taking and ensure the stability of the financial system.

The collapse of Silicon Valley Bank is a stark reminder of the fragility of the financial system and the potential for systemic risks to emerge. It serves as a cautionary tale for regulators, investors, and financial institutions alike, highlighting the importance of risk management, transparency, and effective oversight in ensuring the stability and resilience of the financial system.

ADDENUM — How Bad is The Oulook?!

According to recent statistics, a potential bank run of Silicon Valley Bank (SVB), Silvergate, and Signature Bank could result in a liquidity crisis in the cryptocurrency market, leading to a crypto winter.

Silicon Valley Bank: $210 BN (93% uninsured)
Silvergate: $10.5 BN (approx.)
Signature: $114 BN
Eth Unlock: $26 BN
Total: 350,500,000,000

SVB and Silvergate serve as primary banks for the cryptocurrency industry in the United States, providing banking services to some of the largest cryptocurrency exchanges and companies. Their bank runs can result in a significant loss of liquidity in the cryptocurrency market, leading to a decrease in trading volumes and prices.

Moreover, Signature Bank’s ongoing class action lawsuit and the subsequent withdrawal of deposits by its customers could trigger a bank run, leading to the bank’s insolvency. This situation can further cause other banks and exchanges that rely on Signature Bank for liquidity to face a liquidity crisis, leading to a ripple effect in the cryptocurrency market.

The unlocking of $26 billion worth of Ethereum tokens can also exacerbate the liquidity crisis in the cryptocurrency market, causing a significant drop in prices. Additionally, the SEC’s crackdown on exchanges and their staking services can force exchanges to liquidate their positions, leading to significant sell-offs in the market. The fines imposed by the SEC can also force cryptocurrency companies and exchanges to liquidate their assets, leading to a further decrease in prices.

Stablecoin outflows and exchanges with significant altcoin exposure in their balance sheets can also be used as indicators of the health of the cryptocurrency market during a downturn. An increase in stablecoin outflows can signify a liquidity crisis, while exchanges with significant altcoin exposure can be more vulnerable to insolvency.

In summary, the potential bank runs of SVB, Silvergate, and Signature Bank, along with the unlocking of $26 billion worth of Ethereum tokens, can trigger a liquidity crisis in the cryptocurrency market, leading to a crypto winter. Therefore, monitoring stablecoin outflows and exchanges with significant altcoin exposure can help determine the health of the market during a downturn.

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#Bitcoin #Silvergate #SVB #SiliconValleyBank #Ethereum #cryptocrash #cryptowinter #crypto
#cryptonews #cryptocurrency #FTXcontagion #FTX #Contagion

Cryptocurrency Trading An Overview Of Bitcoin News

Introduction

• Do you understand the basics of Bitcoin and cryptocurrency trading?
• Do you know where to look for reliable Bitcoin news and updates?
• Are you aware of the potential risks associated with trading cryptocurrency? 

If you have answered “no” to any of the questions above, then this article is for you! 

Cryptocurrency trading can be lucrative but only for those who have a comprehensive understanding of the underlying technology, current news and updates, and potential risks.

In this article, we’ll provide an overview of the basics of cryptocurrency trading, explain the sources of Bitcoin news, and discuss the benefits of trading with Bitcoin, how it works, and the potential risks.

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Understanding Bitcoin News

Bitcoin has experienced a massive surge of interest over the last several years, as more people become familiar with its potential. This has led to a dramatic increase in the amount of news and information about Bitcoin that’s available to the public. It’s therefore important for anyone interested in trading cryptocurrency to understand what's going on in the world of Bitcoin. 
Bitcoin news can be divided into two broad categories: news about Bitcoin itself and news about other forms of cryptocurrency. When it comes to Bitcoin, it’s important to pay attention to key developments such as the latest moves by developers and changes in the price of Bitcoin. It’s also important to keep track of news related to the development of new businesses and services that are based on Bitcoin, as this can have an effect on the overall value of the currency.
When it comes to other forms of cryptocurrency, it’s important to keep track of news related to specific currency projects. This includes news about the project’s development, any major regulatory changes, and any changes in the value of those currencies relative to other cryptocurrencies. Keeping a close eye on the news helps traders make more informed decisions about which currencies to invest in.
Finally, it’s important to keep track of global news and macroeconomic trends that could have an impact on the value of Bitcoin and other cryptocurrencies. This includes news related to central banks, government policies, and international events. By understanding how global developments could affect the value of cryptocurrency, traders can better position themselves to take advantage of any opportunities that may arise. 
In conclusion, understanding Bitcoin news is an important part of trading cryptocurrency. By staying up to date on the latest developments, traders can make more informed decisions and capitalize on any potential opportunities.

What is Bitcoin

Bitcoin (BTC) is a digital currency that is based on a distributed network of computers called “miners” who use a consensus process to verify transactions and secure the network. Bitcoin was created in 2009 and is the world’s first decentralized cryptocurrency. It is a peer-to-peer system that allows users to send and receive payments without the need for intermediaries or a centralized authority. Bitcoin transactions are secured by public-key cryptography and stored on the blockchain, a distributed public ledger.

Bitcoin has become the world’s most well-known and valuable digital currency, and its price has seen tremendous growth in recent years. Bitcoin has been the subject of much media attention, both positive and negative. As a result, investors and traders need to stay up to date on Bitcoin news to make informed decisions about their investments. 

Bitcoin news can be found in several different places, from news sites to social media platforms. Many cryptocurrency exchanges, such as Binance and Kraken, often include Bitcoin news in their newsletters. Additionally, there are a variety of websites and blogs dedicated to providing Bitcoin news and analysis. Bitcoin news can also be found in other digital currency forums and discussion boards. 

Overall, Bitcoin news provides investors and traders with insight into the latest developments in the world of digital currencies. By staying up to date on Bitcoin news and trends, investors and traders can make informed decisions about their investments and benefit from the price movements of Bitcoin.

Bitcoin News Sources

In the world of cryptocurrency, staying up-to-date on the latest news is essential for success. It is important to keep up-to-date on current events, as well as the latest trends, developments, and technology within the industry. When it comes to trading digital currencies, having access to reliable Bitcoin news sources is key to staying informed and making the most of your cryptocurrency investments. 

The most comprehensive source of Bitcoin news is through the websites dedicated to cryptocurrency. These websites provide comprehensive coverage of the most recent events and developments in the world of Bitcoin, as well as in-depth guides and analysis. There are numerous websites and blogs dedicated to Bitcoin and cryptocurrency news, many of which are written by experts in the field. Examples of such popular websites include Coindesk and CryptoMinded. 

In addition to websites dedicated to cryptocurrency news, several social media platforms regularly post updates and news related to Bitcoin and other cryptocurrencies. Examples of popular social media platforms include Twitter, Reddit, and even Facebook. These platforms allow users to discuss and debate different news topics related to Bitcoin and other cryptocurrencies. 

Furthermore, it is also possible to receive Bitcoin news directly from cryptocurrency exchanges such as Coinbase, Binance, and Kraken. These exchanges typically post updates on the status of their platforms, including any recent changes or developments. Additionally, these exchanges often provide a forum for users to discuss and debate different news topics related to Bitcoin and other cryptocurrencies.

Finally, there are a variety of news outlets that regularly report on Bitcoin and other cryptocurrencies. A few of the top news outlets include the Wall Street Journal, CNBC, and Bloomberg. These news outlets typically report on the latest developments and trends in the cryptocurrency industry, as well as any potential risks associated with investing in digital currencies. 

In conclusion, staying up-to-date on the latest news related to Bitcoin and other cryptocurrencies is essential for success in the world of cryptocurrency. There are a variety of reliable sources for Bitcoin news, including websites dedicated to cryptocurrency, social media platforms, cryptocurrency exchanges, and news outlets.

Benefits of Trading with Bitcoin

The emergence of Bitcoin and other cryptocurrencies has created an alluring opportunity for traders and investors who are looking to capitalize on the volatility of digital assets. Bitcoin and other digital currencies provide a range of benefits for traders – from the ability to trade in global markets with ease to the potential to realize large returns in short periods. 

Lower Transaction Costs: 

One of the biggest benefits of trading with Bitcoin is the low cost of transactions. Traditional currencies come with a hefty fee when making international payments, but Bitcoin and other cryptocurrencies have significantly lower transaction and processing fees which make it easier to move funds across borders quickly and cost-effectively. 

Increased Liquidity:

Another benefit of trading with Bitcoin is the increased liquidity that it offers as compared to other currencies. The decentralized structure of Bitcoin and other cryptocurrencies means that global markets can be accessed quickly and liquidity levels are significantly higher than with traditional currencies. This makes it easier for traders to take advantage of market opportunities as they arise. 

Diversification: 

Bitcoin and other digital currencies offer a great way for traders to diversify their portfolios and reduce overall risk. By trading with multiple digital currencies, traders can spread out their risk and potentially benefit from the performance of multiple cryptos. This allows traders to capitalize on volatility while reducing their overall exposure to the individual cryptocurrencies they are trading. 

24/7 Access: 

Another great benefit of trading with Bitcoin is the 24/7 access that it offers to global markets. With traditional currencies, traders are restricted by the hours of their local market and can miss out on trading opportunities as a result. However, Bitcoin and other cryptocurrencies allow traders to take advantage of global opportunities as they arise, no matter when they occur. 

Increased Security:

The decentralized nature of cryptocurrency trading also offers increased security for traders, as funds are not held on a single, centralized platform. This means that traders’ funds are more secure than with traditional currencies, as they are not stored in a single location. Additionally, Bitcoin and other digital currencies are protected by strong encryption, making them even more secure than traditional currencies.

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How Does Bitcoin Trading Work

Trading Bitcoin involves a few steps one needs to take to stay informed and make profitable decisions when it comes to acquiring and selling cryptocurrency. Bitcoin trading involves predicting how the price of Bitcoin will fluctuate over a certain period and then making decisions based on that forecast. To begin trading, one needs to first get informed on the current Bitcoin news related to the market. 

It is advised to choose a reliable source to get informed on the most up-to-date news and it is important to consult multiple sources to get an understanding of the market. By reading news related to Bitcoin, one will be able to predict how the price of Bitcoin will react to certain events. Additionally, understanding how the cryptocurrency market works is important to comprehend the impact of Bitcoin news. This can be done by reading more general news related to the cryptocurrency industry such as the latest additions to cryptocurrency exchanges, regulations, and more.

After understanding the current state of the market and the news related to it, the next step is to use a trading platform to buy and sell Bitcoin. The most common type of trading involves purchasing Bitcoin at a low price and then selling it back once the price has gone up. This is a good strategy to make a profit if one knows when to buy and when to sell. Additionally, some more experienced traders can make use of leverage to increase their profits by trading on margin. 

Finally, it is essential to stay informed on the latest Bitcoin news. By doing so, one will be able to make more informed decisions when it comes to trading and ultimately make a better profit.

Tips for Researching Bitcoin News

In the ever-evolving cryptocurrency world, having access to accurate and up-to-date information is essential to successful trading. Knowing how to research Bitcoin news is therefore an integral part of the trading process. Here are five tips to help you stay informed when it comes to the latest cryptocurrency news and events: 

Firstly, signing up for news distribution services such as Crypto Radar can be a great way to stay abreast of the latest news. These companies provide cryptocurrency news, as well as analysis and research, to help you make better investment decisions.

Secondly, regularly checking news websites such as CoinDesk and Cointelegraph is key to understanding emerging trends and developments in the sector. 

Thirdly, following influential personalities on Twitter can be beneficial. For example, people such as Changpeng Zhao, the CEO of Binance, or Andreas Antonopoulos, a Bitcoin evangelist, can provide insights into the latest industry news and developments.

Fourthly, attending industry events or conferences is a great way to network and get a better understanding of the industry. 

Finally, forums such as Reddit and Bitcointalk.org are excellent resources for trading information and tips. By reading the comments of other users, it is possible to gain a better understanding of the cryptocurrency landscape. 

By following these tips, you can stay ahead of the curve and make the most of your time in the trading arena. Researching Bitcoin news is a key skill in cryptocurrency trading and by using the methods outlined above, you can ensure that you are always up-to-date with the latest developments.

When to Buy and Sell Bitcoin

Knowing when to buy and sell bitcoin is an important skill for any cryptocurrency trader to have. The cryptocurrency market is notoriously volatile, which means it is easy to make money if you know when to buy or sell. However, it is also easy to lose money if you don’t have an experienced eye. 

To decide when to buy and sell, traders must have up-to-date knowledge of the market by keeping an eye on Bitcoin news. This news can provide insight into how the market is performing, who is trading, and what the current trends are. By understanding the market, traders can make informed decisions on when to buy and sell cryptocurrency. 

Generally, traders look out for a range of indicators when deciding when to buy and sell bitcoin. They might look at the current news on Bitcoin and the wider cryptocurrency market, changes in the price of bitcoin, and patterns in trading activity. 

Technical indicators, such as charting and trading volume, will also be useful for traders who are looking for a more in-depth analysis. By looking at these indicators, traders can get an idea of how the market is performing, and how Bitcoin and other cryptocurrencies are trading. 

Traders should also be aware of the risks associated with cryptocurrency trading. Although the market can provide opportunities to make money, it can also lead to losses, particularly if trades are made without sufficient research or analysis. 

Finally, traders should remember that while cryptocurrency markets can offer good opportunities, they should always exercise caution and ensure they have a reasonable understanding of the market before they invest. Keeping up to date with Bitcoin news and trends is the best way to make informed decisions on when to buy and sell.

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Potential Risks of Cryptocurrency Trading

Cryptocurrency trading is gaining in popularity across the world, but there are certain potential risks associated with it. While cryptocurrency can offer great returns, investors need to understand the risks associated with trading digital assets. 

Volatility: 

The Bitcoin market is highly volatile, with prices fluctuating significantly daily due to a range of factors such as geopolitical developments, technical analysis, and trading signals. As a result, cryptocurrency investors face the risk of seeing the value of their investments plummet suddenly.

Security: 

Security is another potential risk that investors must be aware of when trading cryptocurrencies. As with regular money, cryptocurrencies can be stolen if a user’s wallet is compromised or if a breach occurs in an exchange or broker.

Liquidity: 

Another risk of cryptocurrency trading is liquidity. While there are some exchanges and brokers that offer high levels of liquidity, other traders may have difficulty finding buyers or sellers to complete their trades. This could affect the price of the asset, which in turn could lead to losses for the investor.

Regulation:

Regulatory risk is another risk that investors should be aware of when trading cryptocurrencies, as the space is still largely unregulated in many jurisdictions. This means that there is no clear legal framework governing digital currency trading, and governments could shape the future of the industry with new regulations.

Taxes:

Finally, investors should be aware that digital currencies may be subject to capital gains taxes in some countries. While these taxes may vary from one jurisdiction to another, investors should make sure to understand how their local tax laws apply to cryptocurrency trading. 

To ensure a successful cryptocurrency trading experience, investors should always do their research and be aware of the potential risks associated with trading digital assets. By keeping up to date with the latest bitcoin news, traders can make informed decisions and minimize their risks.

Final Considerations

• Cryptocurrency trading is a relatively new asset class that has been gaining popularity in recent years. It is important to understand that this form of trading is still highly volatile, meaning that investments come with a large amount of risk. Therefore, it is imperative to do your own research and conduct your own due diligence before getting involved. 
• It is also important to be aware of the news that could influence the price of Bitcoin and other cryptocurrencies. While much of the news surrounding cryptocurrency is positive, there are a lot of skeptics out there who remain skeptical about the future of the asset class. Investors should understand both sides of the argument before making any decisions about their investments.
• It is also a good idea to keep an eye on the official Bitcoin and cryptocurrency news sources. These sources can provide valuable insight into the current state of the market, as well as any potential regulations or rules that may come into effect.
• Finally, it is also essential to remember that cryptocurrency trading is still in its early years and there is still a lot of uncertainty surrounding the asset class. It is essential that investors remain open to the possibility of losses and only invest money they can afford to lose. With the right education, research, and due diligence, investors can take advantage of the potential upside that the cryptocurrency market holds.
• In conclusion, Bitcoin is an exciting and promising new form of digital currency that has the potential to revolutionize the financial industry. With the surge in the popularity of cryptocurrency, it is increasingly important for those interested in trading to stay informed on the latest Bitcoin news. By understanding what Bitcoin is, where to obtain reliable news sources, as well as tips for researching and trading, traders can utilize the potential benefits of Bitcoin with fewer potential risks. Cryptocurrency trading is undoubtedly a high-risk activity, but following the above information can help traders make wise and informed decisions with their investments.