Few decentralised trading exchanges like Posi and Serum are surging in price, it seems people are now moving their funds to start using decentralised exchanges, what's your take on this?
It is a hype on decentralized exchanges during this chaos but things must be noted. Decentralized exchanges we have now are not truly decentralized and people are getting hyped on DEX without that awareness. Have centralised exchanges finally ruined their own reputation and people are tried of their games? I doubt this happened in the past when mt.gox faced the same fate, I really hope that's what happening presently.
I hope it's finally over for centralised exchanges
It's not an ending for CEX. The story and fighting between CEX and DEX is like between fiat currency and cryptocurrency. They will both survive and exist together and they are supplements for the another to be improved and grew up. If you like Bitcoin, you will say Bitcoin will replace fiat currency in future, but it is not true. The opposite if you are fiat currency supporter, you will say Bitcoin will die in future. Same support and opposition for CEX and DEX. |
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Thank you so much for the explanation and the website which is bookmarked by me today.
Fortunately, there will be no real race here like in other times of congestion.
The actual capacity of the blockchain right now is over the daily transactions input, unlike the last event where we had more transactions each day and older ones despite paying higher than the averge at that time would be pushed at the bottom.
It is different than past congestion especially times when fee races are crazy with fee rate from 80 to 100 satoshi/ vbyte in 2020 or 400 satoshis/ vbyte in 2018. Right now you just have to outbid Binance 13.5/sat and you will get a confirmation just as you would with 1 sat last week, some will panic and pay more but there are not enough of them to outbid you and leave you outside the blocks for more than a few hours.
You just have to pay 14sat instead of 1sat/b, 50 cents is not the end of the world if you're in a hurry.
I know but it is still more expensive than usual. It is still bad for people who don't know about bumping fee with Replace-by-Fee or Child-Pay-For-Parents. After two days, it has been reduced a little bit in mempool but will Binance spam it again after increase their withdrawal fee on users. In addition, people can wait for weekends to enjoy cheaper fee rates. |
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Oh ok, that's why I was surprised yesterday that when I try to withdraw using my Electrum, I'm getting errors message that I need to upgrade or increased my fees
If you use Electrum, you will never have to make any withdrawal which is more relevant to exchanges. On exchanges, you will have to submit your withdrawal request, wait for their approval before they proceed it for you. With Electrum that is a SPV wallet but non custodial, you simply broadcast your transaction to Bitcoin network, with fee rate is chosen by yourself. You don't need approval from Electrum wallet but have to get confirmations from miners. |
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Double check, it is a little bit less than 135 vMb in mempool according to Johoe's siteIt will take a lot of time for miners to congest all these waiting transactions and additional ones in future. It will force others have to join the fee race if they can not wait. Important to use Replace-by-Fee if you don't want to join the fee race at the moment but still want to have an option to bump fee for your transaction later and get a higher priority to be confirmed by miners. Child-Pay-For-Parents is more complicated than Replace-by-Fee so I strongly recommend to use opt-in RBF at start. |
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I just checked their current BTC withdraw fee and found it's 0.001BTC (about $16.9). I'm sure the fee was 0.0005BTC or lower few months ago. It's unlikely they perform consolidation with such high fees, so your speculation could be right.
Yesterday, their withdrawal fees are much lower: - 0.0005 BTC for Bitcoin Legacy
- 0.00025 BTC for Bitcoin Segwit
It means they increased withdrawal fees to two times (Legacy) and four times (Segwit) after spamming the mempool (assume it's actually Binance spam, not from others). Wayback machine recorded it on 13th November as follows |
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Wrapped BTC is not real BTC SoBTC is not real BTC Other tokens are similar to Wrapped BTC or SoBTC are not real BTC. --> Don't touch them 
In addition, cryptocurrency bridges are very vulnerable to hacks at the moment. Don't put your capital at risk by using tokens are related to bridges. Blockchain Bridges Keep Getting Attacked. Here's How to Prevent ItSome hacks on crypto bridges that I can name. |
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I also edit Wikipedia and there are very strict rules about how to write new articles.
All information must be based on reliable sources, the writing style must be neutral and objective, without using words such as wonderful, excellent, fantastic etc.
They are distracting words and probably mislead readers about actual meanings of fact you are expressing. It is often used in speaking. People here really often write posts that are hard to understand, too long, that don't bring anything new to the discussion etc.
English is important but it does not need to be perfect English to be understandable and acceptable. Each post must be clear and concise and give specific answers to the topic.
It is important to give a specific summary of the topic in the introduction, then give a detailed presentation of the topic and finally a concrete conclusion. It is important to be concise and not use too many words or explanations.
But if we can improve our Writing skills and express our opinion better, it's better for ourselves and other readers too. If there are links to more information, it is important to include them in the article for further verification and analysis.
Links (references) are necessary and serve two main purposes - Avoid plagiarism according to forum rules (un)officially
- Show respect to original authors of those contents
Man, this thread needed a bump
I bumped it today, it is why Daniel saw it and joined the discussion. I forgot it even existed or how good the advice was in it.
Thank you man. My advice is not perfect but I hope it is helpful.  |
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Too many topics recent days about FTX, this one is not about them. I would like to discuss something more general  In the past, I wrote Reminder for crypto newbies, traders. Be cautious with new exchanges and now I would like to remind newbies about exchanges or platforms with too good offers. We know the saying "Too good to be true". Again, it is true in cryptocurrency market. During this year, we have had two big lessons TerraTerra and UST was built with a Ponzi scheme, with very high APY up to 20%. Below is a remarkable point on its vital Achilles. The large demand for UST was driven because of a savings protocol called Anchor on Terra’s blockchain, which promised 20 percent in annual percentage yield
The Ponzinomics were just too obvious: When you pay money for nothing, and stash your nothing in a protocol with the expectation that it will give you a 20 percent yield—all you end up with is 20 percent of nothing.
FTXMonths ago, I am not sure when but maybe in 2020 when transaction fee on Ethereum network was very very high and expensive as consequence of DeFi and NFT hypes, FTX is a first or only exchange which waive withdrawal fee on ERC20 chain for users. The cost for them during those months should be very expensive. Honestly guys, I enjoyed it as many of you but I have never stored my money on that exchange too long. Back in that year, I did not like their user interface too and maybe it is another reason which keeps me away from FTX exchange. Institutional investorsIt is a terrible trend in the last bull run when people over-talked about institutional investors, venture capitals and they made decisions mainly based on backers and VCs. I am sure majority of cryptocurrency degens in the past bull runs simply look at a project's backers to decide spending money or not. They are lazy and believe in third-party, skip their own due diligent research and Alameda Research and FTX are very bloody examples for them this year. It should be recalled in future to remind people about consequence of over dependence on VCs.
From Terra, you can learn that if a platform (in any area) gives you 'too good to be true offers', you should be extremely careful and should not touch it. Not only Terra but also many exchanges and DeFi platforms have a lot of staking programs for users (in altcoins or stable coins). I never touch them and you should not too especially if their offers are too good. From FTX and from my past topic about Altex exchange, you should never believe in exchanges which give you too good benefit. Short term, you can enjoy it but long term, you will never know how it end. Reference[
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Are you a representative of True casino? If you are, please spend a small money to buy Copper membership. Buy it first, then you will have to enable (wear) it, like this Once you have it, you get the choice:  Why do I recommend you to buy it? As a casino representative, you will have to (should) make an announcement topic here and in that topic, you should make graphics in OP and later advertisement updates.
About your casino: - At the landing page, I see Polygon / Solana
- In FAQ, I saw you mentioned about ERC20 chain. And what is Test USDC ?
Can I play True Casino Games now?
Yes, True Roulette -our flagship game is fully functional and available on Polygon mainnet now. However, the test USDC ERC-20 token is used as a currency now. You can mint 100 Test USDC in the Wallet dialog once your wallet is connected.
How about Binance Smart Chain and Bitcoin ? |
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why not withdraw your money little by little from the start, at least your account is not asked for KYC verification maybe withdraw money beyond the limit, do you want to withdraw all your money there, if it is possible to withdraw all your money of course you have to follow their rules to complete all your documents
It is not smart to deposit your money into any platform (exchange or casino), later manage to double your money but DIDN'T withdrawal the initial capital first. If you do this, whatever happens with your won amount would be fine. The story of OP (assumes Owl.games told us the truth) is unbelievable. Because basically casinos and game providers don't design their games and platforms for users to have such absolutely high win rate (up to 97%)  Not that simple dude because I'm sure even if OP try to withdraw little by little, his account might already been flagged by the system because of his betting style/pattern or because of his total winning during the session. In this case the casino will do the same by asking KYC.
Casinos will do investigation and base on betting style, targeted games / game providers and other data to make a conclusion. After investigation, account will be flagged definitely if betting style and other suspicious activities detected. One more thing, KYC is not only about how much you are trying to withdraw but it can be for other reasons.
It can be requested if cheating is detected or if deposits have red flags like money laundering and against casino's Terms of Service. |
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No one should be surprised about the inability of exchanges to give withdrawals at lousy times
The case of FTX exchange recent days is a good example for bankrun in cryptocurrency market past few years. - A bank run occurs when large groups of depositors withdraw their money from banks simultaneously based on fears that the institution will become insolvent.
- With more people withdrawing money, banks will use up their cash reserves and ultimately end up defaulting.
In other words, it is a run to exit a bank when there is only one exit gate but there are too many people which overwhelm ability of that bank to proceed withdrawal request. it's pure business and a measure they must put in place to avoid panic withdrawals. And yes, our money might not be our own when it is with exchanges, they want to be like banks and financial institutions, but they are too small for that. It is our money that sustains them.
Panic withdrawal could cause any exchange to go bankrupt easily, and perhaps if they have allowed all withdrawals at this moment, there might not be exchanges anymore. This is because they don't have sufficient liquidity to back things up, so what do you expect?
When a bankrun happens, it is too late to stop that or to reverse the panic trend. After a death spiral starts, it is impossible to stop it. |
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Mario Gotze Germany's national player who scored the only goal in the 2014 world cup final in Brazil he is about 22 years old, as far as I remember he was only installed at the beginning of the tournament as a starting XI but then he was always a substitute including the Final.
Gotze is young in that World Cup but he actually made his name in Borrusia Dortmund and already was an important player in Dortmund back in that season. He debuted in Dortmund in 2010 and before that World Cup, Gotze already played more than 150 matches for Dortmund. Details. But during the extra time in final, his goal made Germany the champion for the 4th time. It's a very impressive match until now
He was no longer a potential player but actually a star player. Even so he did not get a good position in Germany squad but at the end of World Cup, he helped them to take the trophy. However, did not have such an impressive record on their debut in the 1998 world cup. but there is one that I can remember, Michael Owen, where he made his debut with the England squad at the world cup in France in 1998 at the age of 18, and managed to become a player the best youth at that time. but unfortunately, he could not give the title of champion for England.
Owen is a similar case like Gotze as he already got a very good position in Liverpool before World Cup 1998. It is not like Ronaldo (Brazil), Baggio or Kaka, they were all too young players and not get good positions in big clubs like Gotze or Owen. In fact, Owen ( details) is more impressive than Gotze because he already built up his position in 1997 - 1998 season and get a good position in England squad too. Their national coaches gave them opportunities to join World Cup tournaments because they wanted to give those players chance to learn and grow up. Those coaches knew that they will not use those young players in World Cups. |
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That quote "Not your key not your coins" I just know work from today when looking how difficult to withdraw our money if we don't have the private key and seed.
It is very important and even vital. The Security Checklist can help newbies with more advice. In addition, to choose wallets, let's choose non-custodial ones and better if it is open source. Recommended walletsWallet Basics:
Do not use wallets that don't give you recovery data; these wallets are likely controlling your keys.
Do not use paper wallets unless you're an advanced user who understands all the risks.
Do not store large amounts of value in single signature wallets.
Make sure your heirs know how to recover your wallets without you!
As I know, this is not the first time the exchange or other platform hold customer money in their pocket. it's obvious de facto, it's our money but they can't give to us.
Exchanges can have some endings - Hacks and unable to compensate users
- Bad management to over-degen risk taking (like FTX)
- Bankrupted
- Scam exit
- Still operating but reject to approve your withdrawal, reject your KYC etc.
Exchange graveyard |
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Right now every exchanges and wallet already support it, so it doesn't have any problem if you want to send from legacy to segwit or legacy to native segwit and vice versa.
Not all, not every. Bech32 adoption shows that. BSC chain isn't a Bitcoin exchange
A blockchain and an exchange are different terms, you should not make them as the same. If you want to compare, you should compare Bitcoin blockchain and Binance Smart Chain. If you want to compare exchanges, let's compare Pancakeswap (for Binance Smart Chain) and Uniswap (for Ethereum blockchain) or something similar for other blockchains. it's a shitcoin chain that's centralized created by CZ.
Did you use Binance Smart Chain? I disagree to call everything as shit coin or shit chain just to try make your post stronger and impressive. |
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I wonder which "wallet-ui-label-network" should I choose. I see there are BSC, BTC, BNB & ETH networks.
You should read their warning that means both from and to address should match with each other on a same network. Please ensure your receiving platform supports the token and network you are withdrawing. If you are unsure, kindly check with the receiving platform first.
BSC's miner fee is lower than BTC.
Not correct. It is not miner fee but a withdrawal fee charged by Binance. In addition, BSC is not a Proof of Work blockchain so no miner on that chain. Usually withdrawal fees from exchanges are more expensive than average transaction fees on blockchains if you make your transactions from non-custodial wallets. My BTC address is generated by Bitcoin-core official client. I don't know what kind of network does it support. Can I choose BSC and send my BTC to my address? Or it wouldn't work? Must I choose BTC network?
Because of your receiving address is Bitcoin address (real Bitcoin, not a token on BSC or other chains), you should choose BTC (Bitcoin) on Binance to submit your withdrawal request. For your receiving address, from Bitcoin Core, you should choose Segwit type because with this address type, later you will have to spend less transaction fee. |
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Choosing limited number of players for each national team is a very difficult task but coaches have to do this, one way or another. They can not satisfy all players as well as all fans but it's important to have best players for a balanced team in the tournament. In addition, if possible it is better to assign on slot for a youth player in order to help him gets real experience in such big tournament. In the past, Ronaldo Nazario de Lima was chosen for the World Cup 1994 but did not have a single playing minute in that tournament. Two later World Cup, 1998 and 2002, he was a key player for Brazil especially World Cup 2002 in which Brazil are the winner with a outstanding performance from Ronado. We also have another case from Roberto Baggio in World Cup 1990. In that tournament, he played mainly as a substitute player but did more than Ronaldo by scoring two goals in that World Cup. 4 years later, he brought Italy to the final in World Cup 1994 but failed at the end. Kaka in World Cup 2002 at his 20 years-old with only 25 playing minutes in the match with Costa Rica. Some points from these cases - It gives these players a great opportunity to experience the air of World Cup; how players have to train and prepare for big tournaments; what are huge pressure from fans, social media, coach and themselves; lot of things
- It is helpful and non-buyable experience for youth players
- It helps their career a lot
I don't remember all cases and above are classic cases. Please leave a commenting post and let me know about other past cases. Now it is time to discuss about cases for World Cup 2022 in Quatar. I would go first to share the case of Moukoko in Germany. He has a debut for Dortmund in December 2020 and he just was chosen for the Germany World Cup 2022 squad. He is too young for this tournament and I believe that Hansi Flick gives that youth player a chance like Ronaldo and Baggio. What do you think about Moukoko and this decision of Hansi Flick? Let share other cases in this tournament if you know them. List of youth playersMissing cases |
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Basically but very importantly, what does high return mean ? You should read the whole article but I quoted one important point about APY here High APYs Don’t Necessarily Mean Healthy Projects
It’s now obvious that the whole thing was built on a self-perpetuating, shallow concept. While Terra did have an ecosystem with some use cases, the speed of growth of the ecosystem did not match the speed of the incentives used to attract new users. The growth was “hollow”. Eventually, the bubble burst, and here we are.
Key lesson: don’t just chase high APY. Look at fundamentals.
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is it a good idea to borrow against your crypto assets? Is there anyone practising this right now?
I did not get your question too clearly. What did you imply by "borrow against your crypto assets?" Assume what you want to do are as follows - Use your Bitcoin as a collateral to make a loan for your margin trading
- Then you use what you borrow to short Bitcoin
- What do you feel if Bitcoin soars and your Funding account has a good increase in value but your Margin account is in loss (Red) and even faces with forced liquidation because you opened a Short position ?
What are the risks involved in doing this? Is Defi borrow and lending the best way to go because I know some are centralised.
Lot of risks - You put your initial capital as a collateral on a centralized platform
- Risk of unable to withdraw your initial capital if the platform goes to bankruptcy.
- Risk of forced liquidation as explaining above
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I used to know this fact but forgot it: when did signature campaigns really kick off here? For some reason I thought it was before 2012 (I recall reading the first thread in which signature space was offered up for advertising), but if that's true then the membership count given in the OP seems really low.
Perhaps you recalled about these topics: I'd be really interested in seeing a graph of time vs. member count with the start of sig campaigns marked on it. Probably membership exploded, but I'm not certain about that.
The explosion of members in this forum is a consequence of so many factors: from Bitcoin adoption, Bitcoin usability to income from posting in the forum. If Bitcoin hadn't have real use cases and good usability, it would have not been adopted well and people would have not mind about income in Bitcoin by posting. The decreases of new and active members (then total posts, total topics created monthly) should be a combined effect of bear market, merit system launch, less active (or good) bounties or stricter management and requirements from bounty managers.[/list] |
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