Daily Crypto Markets Live Blog: Bitcoin Pulling Back (10/08/21)

in LeoFinance3 years ago

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Here is the post for the Daily Leo Talk. In preparation for the upcoming Microblogging features, this is a good place to start conversations, posts charts, memes, trades, or anything else that comes to mind.

Let us boost our overall numbers by posting lots of comments throughout the day. Spread the word to get others involved.

It is a great way to stimulate engagement.

We can think of this as a Reddit type engagement thread. We are not dealing with long form content so topics of discussion can start off with a top line comment. We can fill in from there.

We are open 24/7/365.

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I just want to say it's been amazing to be on the LMT because over the course of 6 to 8 months I've learnt so much when it came to crypto in general. This place is a school on all things crypto and no other place anywhere on any blockchain can beat it.

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Try to place comment in the appropriate sections.

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Will do... I thought that didn't fall into any specific category though.

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It would go into miscellaneous. That is kind of the catchall.

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BITCOIN

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Soros Fund Management CEO confirms investment into bitcoin. So though many business people deny all of them surely have invested into some form of crypto if not bitcoin.

https://www.cnbc.com/2021/10/07/george-soros-fund-owns-bitcoin-ceo-confirms.html

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Ugh I hate George Soros. I don't know if I like having him enter BTC.

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I am sure he is not running his fund at this point. It just carries his name.

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Even if he isn't running his fund, I still think he has a large influence over it. I am pretty sure he gave the ok otherwise it wouldn't work.

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To negelect Bitcoin at this present level is to deny yourself opportunity to be able to buy Bitcoin at a considerable price value. In coming years , the price of Bitcoin will rise to an extent that having 0.01 Bitcoin can make someone a millionaire

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They all will get in. There is no way around it.

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The more the merrier

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Bitcoin going to moon? There is talk about it amassing a $10 trillion market cap which would put it up there with gold.

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If you remember very well. The other day I was telling you that bitcoin will always grow above most coins because it is getting more adoption not just by individuals but also by countries. If Bitcoin should hit $80k price value. You will see how people are likely to key into it.

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Yes and I dont think it will end up having the greatest growth rate from this point.

Bitcoin getting a $10T market cap is a 10x. There are a lot of other tokens, like Hive, that will have one greater than that.

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But when??? ;)

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Gold has been the ultimate store of value for millennia, but as jfang003 mentioned the younger generations are moving ahead.

And as in the technological age, 1 day is a decade in the past, we are advancing very, very fast.

Of course, gold will continue to be very valuable as it is still very sought after, but in the future we will see how bitcoin is more sought after than gold, and also the other uses given to gold will not lose its value, as the technology sector depends a lot on gold.

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Gold bugs are dying off. For the most part, they are the Boomers (and some Gen X). As they depart this world, we will see the new breed.

We are also in a technological age, moving into a virtual world. I do not think anything physical will be the store of value.

And perhaps the ultimate store of value throughout the ages was land.

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Well I think it's very well possible since the younger generation prefer BTC over gold. Also if you add the bond and stock market funds moving out, there is plenty of cash on the side lines.

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I am not sure stock and bond buyers are the atypical Bitcoin purchaser but I guess it is possible. There is going to be a lot of changes over the next few years.

It could be a major push from institutional investors.

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If all these smaller nations dump their monetary systems of the US I mean Crypto 🤣 system then yeah that would make one massive international currency. It would pretty much have flow on effects to other nations having to use it.

International trade would change completely.

The challenge is Bitcoin is really a crap currency. It is good for a store of value but much better ways to transact.

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About 8 months ago @jrcornel published a post about a metric called SOPR (Spent Output Profit Ratio) :

@jrcornel explains why we should pay attention to SOPR when it comes to Bitcoin.

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CRYPTOCURRENCY

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An excellent article about the ability to regulate cryptocurrencies. It is from the New Yorker no less.

It is great to see cryptocurrency articles spread past the typical crypto media.

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Well...it looks like we need to wait for a court ruling so the SEC can't fight it anymore.

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Of course but I fear that the court ruling can be manipulated and to favor SEC . Government will surely want to control crypto in any possible way.

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They can but you are allowed to continue filing court cases until one shows up. All it takes is one good ruling to turn everything around.

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Well, true but the money and time involved can be discouraging most times. For example the case between RIPPLE AND SEC has stopped ripple from getting some partnership

Indeed it is. Also if you consider the fact that cryptocurrency regulation is quite a trending topics in crypto market, you will see reason why the topic has attracted many analyst. Cryptocurrency regulation may not necessarily be a bad move.

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And whether it's FUD or not, it's good to see how the mainstream media is helping to spread the word about cryptocurrencies.

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South Korea plans to Tax crypto to 20% from 2022 onwards.
https://finance.yahoo.com/news/south-korea-20-tax-crypto-194040885.html

What do you think of this? good or bad news?

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What I want to know is how this affects HIVE when the pumps (and dumps) take place after that tax takes effect.

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It's going to be a nightmare figuring all of this out. What they should do (but won't) is put a set of rules in place going forward. In other words, tell everyone to take a snapshot of their crypto portfolios on Dec 31st, 2021 and that will be their base cost. Pay taxes on gains and losses from there. While it would certainly give the early adopters a huge break, they might actually be able to successfully force people to "go legal" and pay their taxes on it. As it is now, it's such a mess with defi and airdrops and ins and outs and presales and public sales and gas fees and transfers....it would take an untrained tax cop fresh out of college months to figure it all out.

Unfortunately (or fortunately, depends upon how you look at it), that would be too smart, so there's no chance it would happen.

It's just like getting those trillions of dollars back from overseas into our economy. The gov't wants to tax it so the companies won't bring it back. If they gave them a big break like Trump was trying to do, the gov't would still get a nice bonus and then those dollars would be in the economy earning tax dollars in other ways. Again, that would make too much cents (pun intended).

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...As it is now, it's such a mess with defi and airdrops and ins and outs and presales and public sales and gas fees and transfers...

DeFi and Airdrops are at least 2 gremlins in this plan to tax unrealized gains on crypto. There could be others, but these are the big ones. Wouldn't DeFi be analogous to having money in a savings account which earns interest, and wouldn't Airdrops be analogous to stock dividends? I ask because I'm guessing this is how the legislators view crypto, as just a digital form of an existing system and structure.

It's just like getting those trillions of dollars back from overseas into our economy. The gov't wants to tax it so the companies won't bring it back. If they gave them a big break like Trump was trying to do, the gov't would still get a nice bonus and then those dollars would be in the economy earning tax dollars in other ways.

Taxation is theft, pure and simple. This is why tax havens will always be popular with people who have money and the resources to take advantage of them. The least that government could do is let the money be repatriated, do its thing for a while, generate more investment and capital income along the way, and then tax that newly generated income. If government wants to "collect" more tax revenue, it needs to let the pie get bigger rather than letting it stay as-is or shrink from immediate and direct taxation.

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Wouldn't DeFi be analogous to having money in a savings account which earns interest, and wouldn't Airdrops be analogous to stock dividends?

No. Interest and dividends are paid in USD so you have it liquid and in a form that can be used to pay the taxes. Airdrops and Defi interest are in crypto. I suppose the government could start accepting crypto as payment so then you could just ship the percentage over. But if that costs transaction fees, then what? Would those be tax deductible? Airdrops are the same thing: unrealized gains. If you don't sell them, you don't make any "money". If you swap them for Bitcoin, is that supposed to be a taxable event? It's crypto to crypto. Just lots of things that don't make sense with our current tax system.

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All good points. I'm not there yet as a crypto investor, so I wasn't aware of those details.

Whoever works on that piece of legislation, they are not the right people to be working on it. Crypto still needs to pass through the Gold Rush phase to allow people a chance at wealth, economic security, and financial independence. Once that's reached, then it would make more sense to pass legislation which gets signed into law.

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Hive is a crypto and as such it will affect it just like other cryptocurrency. It all depends on the level of taxation.

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The legislation, once signed into law, won't distinguish among Bitcoin, Hive, or SafeMoon-- it's all crypto. My concern is how it would affect activity on both the social and gaming aspects of Hive.

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Indeed you have a valid point. It will likely cause a reduction in activity

The plan to tax cryptocurrency transactions has always been on the agenda of most countries.
It is more reason why crypto ban is fading away because the government has seen that they will generate huge amount of money from it.

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Better than my current 50% CGT and 20% is probably alot less than many other taxes

Thats actually less than my income tax

Let's say it is in a gray area :l

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About 1 month ago @belemo published a post asking a fundamental question :

He makes the case for both YES and NO.

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HIVE

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Screenshot_2021-10-08-05-06-49-906_com.brave.browser.jpg

Just saw a hive ad on brave. We are making moves. 💪🏿

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Just edited.

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Screenshot_20211008114139654_com.twitter.android.jpg

We got a BUSD pairing on finance guys:

~~~ embed:1446302747708428289?t=mTdzuaGCN8-xdh1-aVmq2w&s=19 twitter metadata:YmluYW5jZXx8aHR0cHM6Ly90d2l0dGVyLmNvbS9iaW5hbmNlL3N0YXR1cy8xNDQ2MzAyNzQ3NzA4NDI4Mjg5fA== ~~~

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Yup. I am kind of surprised SHIB got added as well.

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HIVE price holding about 90 cents. We will see how Bitcoin reacts and if it can pull it up higher.

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If it settles around 0.80-0.70ish cents I dont mind. Won't be a bad position at all

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It actually depends on what you are looking put for. For entry, it might not really be a good position but except for someone who wants to short trade.

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You said it well yourself.

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It's down to about 86 cents right now so it couldn't hold 90.

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If it can hodl within that position for a week, then there are possibilities of a further rise.

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This HIVE price action is extremely demoralising...

Anyone able to give me some words of encouragement today to spur me on today? ;)

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Suck it up!!! 🤡

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Just another Korean pump and now the dump. They are good for this every couple months.

But 90 days you get your LARNYX miners dropped to you.

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I wonder if Hive DeFi will just remain on Hive-Engine or maybe we can have some solutions on the first layer itself, I know smart contracts were once in the talk...

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I think there was plenty of smart contract talks but I haven't really heard too much about it. I think Hive Smart Chain and a few others were in the works for smart contract ability but I don't know if they are making any progress.

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About 7 months ago @simplifylife published a post scalping HIVE :

The post provides a bit of TA and a recipe for scalping HIVE.

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SpkNetwork airdrop announced. 90 days from today.

1 for 1 LARYNX for each HIVE/HP held.

Get yourself buying some HIVE if you want to be better situationed.

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discontinuing my power down from Sunday. staking all the way!

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I just saw it. I should be 2k HP by then so I guess I'll get 2k LARYNX.

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LEOFINANCE

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Leofinance update.

Some nuggets of information in there. The key is to get things rolling out. Updates in writing are fine but people want to see things rolling out.

It is good that we are getting closer on the mobile application. Many are looking forward to that.

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It looks like October is going to be a busy month! Loving it

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Tightly fasten the panties

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What if she is one who doesnt wear any?

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So it seems. We will see what rolls out. This is good stuff to have happening.

I am in a good position with CUB.

It can begin its run now if it wants. LOL

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Yea it looks like the mobile application is coming soon and there is also news on the IDO. I assume we won't get any Project Blank news until the mobile is rolled out.

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I assume we won't get any Project Blank news until the mobile is rolled out.

I would make the same assumption. I doubt we will find out much about it for a month or two depending upon the bugs found in the mobile application.

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I am one of such people looking out to see the mobile application functional. This is because it will go a long way in making it easier for me to navigate round the platform as I am mostly on mobile during the day.

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The app is the most expected.

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My question related to content on Leofinance.

Is it a good idea to post your NFT games progress on leofinance? Because I don't see any other community front end being right for it. I am not talking about splinterlands but other NFT games which are outside HIVE like say gods unchained etc. Is it a good option to post their progress on leofinance?

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Well...I considered it and I see giveaways for NFTs there as well. I tend to do a Rising Star giveaway every week but I don't add LEO to the tags because I felt like it didn't fit as well. However I do think it should be fine so long as you aren't spamming it like everyday.

The only one I moved back to LEO is the splinterstats report card because it includes earnings on my past Splinterlands season.

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Well that's why the 1UP community was born, to publish content related to games and NFT.

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For what you want to write about, I think it's OK to post about them at LeoFinance. A good number of Leos are also gamers, and some play games at other blockchains. Just as we track how well Splinterlands does, it's good to not how well competing games at other blockchains also do. Trends in gaming and Play2Earn are good posts for LeoFinance, too.

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About 9 months ago @khaleelkazi published a post about LeoFinance as a holding company :

Elon Musk has "X" and Google has Alphabet, so why not LeoFinance?

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CUBFINANCE

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I have all my CUB in the Cub Kingdom and I must say it is doing very well. I check ever couple of days.

Hopefully Khal is right and there are some incredible things on tap for Cubfinance this month.

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I've been adding some to the kingdom recently. Great price point and I'm really bullish on it long term.

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The kingdoms are the best, the aspect that attracts me the most attention is the compound investment, since it saves me a lot of time and money.

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In the most recent post you linked earlier, the IDOs are coming soon so we can expect some positive price action since it's CUB being burned out of circulation.

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Yeah. There is nothing more profitable than generating passive reward from your stakes. This is something that few people know and fewer practice it. Cub finance is a good place to invest in .

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Were you ever in the CUB:BUSD LP?

If so, what price point did you pull out and go all into CUB?

I still have like 20% of my CUB in the LP and am wondering if now is the time to go all in, or if I should keep the hedge for a bit longer.

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I still have some in that LP as well. Going to stay there a bit longer for now

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STOCK MARKETS

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Could Tesla's revenues surpass General Motors in 2022?

With two new plants opening, most likely in the 4th quarter, along with the ramping up in China, it is possible.

We are looking at the legacy automakers taking the same path as retailers like Sears. There is a new sheriff in town and it is taking control.

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Well I don't think they will surpass GM in 2022. While GM isn't doing so bad, I still think the number of cars right now just isn't enough since their solar business isn't doing so well.

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We will soon see the Tesla monopoly

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Tesla moving its corporate headquarters to Texas. This came on the shareholders meeting.

This follows the likes of Oracle and HP who left town.

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I suppose this is because california is getting expensive for tech infrastructure, real estate and overall growth of business.

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It's not only due to that but also due to the government over here. The lockdowns changed a lot of things and it doesn't help the business in a positive way.

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And since Texas is an economically strong state, it is an opportunity to grow the business.

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California is such a trainwreck for both people and businesses that it's losing population for the first time in its 170+ years as a state. It's bad enough that both regulations and cost of living there are too high and the business climate is ranked 50 out of the 50 states. Since 2020 quality of life has plummeted and crime has soared to the point where even the beautiful areas are afflicted with vagrancy and crime.

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It was fully expected since Elon couldn't open up his factory during the lockdowns in California. Those regulations and taxes makes things quite tough.

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Here is a quick recap of what was discussed at the Tesla shareholder meeting.

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PERSONAL FINANCE

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Are you staking any tokens or coins (not HIVE) in your portfolio? Which tokens or coins do you prefer for staking?

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Right now, pob and Leo. Next month I hope to start staking sps.

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LEO, UTOPIS and a bunch of other ones. There is probably too many to count in mine.

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Yeah. I have a lot of staking outside hive and hive tokens and they give me huge rewards at the end of the month.
I utilize LP staking for huge rewards.

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BTC, ETH, CUB

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CAKE, I am starting to accumulate one cake per week and placing it in the kingdom, so I can make it grow, the goal is to have 100 cakes for the autocompotion to do its thing.

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POB on top for sure. I am Staking Cine, Broadhive, Neoxian, PIZZA. I am close to 200 Leo Power too.

TRADING

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TECHNOLOGY

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What type of technology will you like to see in coming years ?

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So many! I'll probably forget some of them, but here are a few:

  • Nuclear Fusion
  • Lab-grown meat
  • Quantum computing
  • Advance of Concentrated Solar Power
  • 3D Bioprinting

Well, there are a lot more but I think this is a good starting point

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The crypto metaverse, and holograms as well as cyberpunk.

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NFTs

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Well, that was quick!

In yesterday's post, I shared a link to an article about a company starting an NFT based "Fantasy startup investing" game. That didn't seem to work as they shut down the marketplace and announced they are pivoting. They were in business for about 24 hours.

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I guess they didn't prepare very well for it and this is what caused the shut down.
Outside this Sir, what do you think about NFT , do you also see it from my side of view as something that is profitable mostly for firms and influencers ?

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Not really. I think there is a lot of potential for NFTs outside of art, collectibles and memes.

As blockchain technology advances into the mainstream I believe we'll see many use cases for NFTs

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Correct, NFT is a very young market and still lacks growth.

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I think youtber logan paul or jake paul, had something similar happen to him with a NFT sale that after a few hours went down the drain.

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Things move fast in the digital realm.

Companies are made and busted overnight.

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DeFi

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Not sure if fits here but I just did a write up on Pylon Money. It has a subscription based system where you can host a Pylon. People deposit UST and you get paid the divs for providing content.

Might be worth exploring for Leo Finance blogs? I'm shooting through an email later today to see costs involved and how to get one started.

https://leofinance.io/@melbourneswest/pylon-protocol-terra-network-launchpad-with-a-no-loss-investment-strategy

Privacy centric DEFI are coming into the market. So the regulation will be challenged too.
https://decrypt.co/82825/sienna-network-launches-privacy-centric-defi-crypto-exchange

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Surely, it will come and I believe that they will be very much prepared for it. Privacy centric defi to an extent is important to give people opportunity to benefit from private transactions

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BLOCKCHAIN GAMING/PLAY2EARN

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@forexbrokr

Dane:

The other day I believe you were looking for information on a game called 'Plants v Undead'. I found this article for you. (Sorry, I know you hate Publish0x, but...)

Plants Vs. Undead: PVP Mode Review

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Cheers Kevin.

Even today the token is still in the most visited list on CoinGecko.

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It's a game that is a good time to get in, as less than $50 will get you in.

But with the next updates the game will be as popular as axie infinity, or it can also end up collapsing, anything can happen, as greed destroys everything.

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I think I'm gonna try to focus on one or two splinters to build up my deck instead of having a bunch of weaker decks.

Is there any splinter that stands out or you can make all of them work with the right cards? Personally, I really like Water, but I've never been past Silver III so I don't know how it performs on higher leagues

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That sounds like a good strategy, to focus on where you can do more rather than to be all over the place. It works in crypto for earning, why not #play2earn?

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Yea, I think it's the way to go, especially since I just got in and I don't really have a lot to invest

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Find a game, play it, see how well you do.

If you don't go far in terms of earnings or gains, find another game.

Repeat until you find a game you like and is a winner for you, then play the hell out of it until you have enough of a bag to call your winnings "loot" (which we can't do if you have only 38 DEC or 0.053 SIM).

When you have a big enough bag, then reconsider earlier games you dropped to see if you know enough to do better at them before trying them again. If you do better, earn what you can. If it's like before, drop it again and move along.

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The key (at least in my view) is being able to get Summoners leveled up to at least 4. That's the expensive part. Once you're there with any of the Splinters, I think they all can be successful, especially in the right rule-sets.

Personally, I like Life and Fire. I've got Lorna Shine at level 4 so I can now basically use the highest level cards available in the Silver Leagues.

It's a BIG jump to level 5 Summoners and Gold Leagues. You basically have to double your current holdings just to move each card up one level. Very expensive. I'll probably stick with playing Silver and then if and when I get my collection power up over 100,000, I'll move to Gold on the final day of the season to up my rewards.

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That sounds like a good plan. I'm not a fan of the Life splinter but that it's probably because I don't have good Life cards. I've been crushed before by people with some pretty sick Life decks hehe

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Well any deck works out but I think it's easier for people to grow by focusing on one or two. It might be rough to get your quest done though so I am not sure if you want to rent cards or not.

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Yes, that's what I'm thinking. Maybe have one or two core decks and just rent specific cards for quests every now and then

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Before the coming of play to earn games , gaming industries weren't benefiting much and gamers are only there for fun. Glad that people have something at the end of the day from gaming.

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I currently have 1250 power in splinterlands, and I would like to increase it by renting useful cards, any article that can guide me?

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MISCELLANEOUS

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REMINDER!!!

Get those #CANDIES. You do not want to miss out.

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Candies grabbed. It was back to 10 for me today

#candylicious

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100 today!!! Yay! 10 tomorrow. Booo!

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Candies and diamonds grabbed.

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Sadly , I am not always consistent with it and each time I miss , I will be made to start over again .

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Here is someone few heard about but he was, at one time, the richest man in the world.

It is always good to read biographical information about wealthy people. A lot can be learned and inspiration can come.

Anyone ever heard of him (before reading the info on him)?

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Nope I have never heard of him before. Did you know about him before someone pointed him out to you?

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I have never heard of him and there are many other people like him that are not known by the world.

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And mansa musa?

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Content monetization network built on Polygon blockchain.
https://www.cryptosnewss.com/creaton-raises-1-1-million-from-top-vcs-to-build-decentralized-content-platform-on-polygon/

Do you think considering it's on ETH, it'd work with all the fees and expenses?

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No I don't. Will anyone want to spend $50 or $100 to earn potentially a few dollars? I have a feeling it will die fast.

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This might not be the case buddy. Let us consider it this way , where they pay with a native site token which has no price value but users upon withdrawal receives Ethereum. The fees can be made to be fixed like that of centralized exchanges

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It could be but that would mean everything is centralized and not really that transparent. I have a feeling it's not exactly what I would expect so it would be a Publish0x and not a HIVE.

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It depends on the strategy they are employing. They may decide to use a native platform token representing Ethereum to pay users but users get to receive Ethereum when they withdraw their earning.

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Nobody will even spend 5c per upvote.

Social media on any chain that has any sort of fees will never work.

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Nasa Reinvented The wheel. Tyres that don't go flat because they are airless and made out of metal.

https://www.freethink.com/technology/airless-bike-tires

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And the rubber tappers will be robots? because I imagine that carrying it must be complicated here with the earth's gravity.

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@forexbrokr

Dane:

I just published and linked "Bridging Assets From Binance Smart Chain to Terra - TERRA BRIDGE" as a supplement to the Terra Guide.

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Bitcoin is in a clear long-term uptrend that I do not think will change in the medium term since there is more and more adoption and uses of the crypto market. The financial market is changing profoundly despite attempts to control banks and governments.