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The original was posted on /r/cryptocurrency by /u/dark_deadline on 2023-08-12 02:36:32.

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It's again that time to give a advice to new comers who are new to crypto and could lose their precious moons by not saving their vault seed phrase.

Remember that even if you have 1 moon that is worth half a dollar it's worth saving your vault who knows Moons might touch $10 soon but never forget 1moon = 1 moon.

At the moment there are total 141,777 vaults total according to ccmoons and probably many of them would have lost their seed phrase by now so not be one of them and store it somewhere safe now.

source: ccmoons.com

Edit: Don't back up your seed phrase on cloud write it anywhere on paper or somewhere safe.

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The original was posted on /r/cryptocurrency by /u/fxralyn on 2023-08-12 02:09:30.

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Newbies in Crypto Space

You might be wondering why I am making this post, because what you do in the crypto space will reflect cryptocurrencies in the future, and it can tarnish the reputation of cryptocurrencies and slow down future adoption.

1. Scams and Ponzi Schemes: Creating fraudulent projects or investment schemes designed to deceive and steal funds from unsuspecting investors.
2. Phishing and Hacking: Attempting to steal sensitive information, private keys, or login credentials through fake websites, emails, or malicious software.
3. Insider Trading: Taking advantage of non-public information to trade cryptocurrencies and gain unfair profits.
4. Pump and Dump Schemes: Inflating the price of a cryptocurrency through false or misleading information, then selling off when the price peaks, causing significant losses to other investors.
5. False Advertising: Misrepresenting the features, benefits, or potential of a cryptocurrency or project to attract investors.
6. Market Manipulation: Engaging in coordinated actions to artificially inflate or deflate the price of a cryptocurrency for personal gain.
7. Counterfeit Tokens: Creating counterfeit tokens or using counterfeit assets to deceive traders and investors.
8. Stealing or Unauthorized Access: Illegally gaining access to someone else's crypto assets, private keys, or accounts.
9. Using Botnets: Deploying malware or viruses to infect computers and use them to mine cryptocurrencies without the owner's consent.
10. Deceptive ICOs/ITOs: Launching initial coin offerings (ICOs) or initial token offerings (ITOs) without a legitimate product or intention to deliver on promises made to investors.
11. Plagiarism and Intellectual Property Theft: Copying and using whitepapers, code, or other intellectual property without proper attribution or permission.
12. Engaging in Pump Groups: Joining or leading groups that artificially inflate the price of a cryptocurrency and then sell off quickly, causing losses for others.

It's important to adhere to ethical standards, abide by legal regulations, and emphasize transparency and honesty in both the crypto space if you don't wanna end up in jail like SBF, Do Kwon, ETC.

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The original was posted on /r/cryptocurrency by /u/1078Garage on 2023-08-12 02:07:16.

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Whether it’s a relative, friend or acquaintance, they’ll have blindly internalised the mainstream narrative that it’s all dead or smugly regurgitate a stand-up’s anti-crypto bit for you. Maybe you were like me and made the rookie mistake of showing them your portfolio app during the last bull run when the numbers were live-spininng green like a slot machine. You certainly don’t owe anyone like this the truth so I suggest a variation on:

“Crypto? I sold it all at a loss in 2022.”

It’s not an avoidant lie, it’s insurance against the next bull when you see them again and they sidle up asking “How do I buy the Bitcoins and the Doges and what do you recommend.”

Best policy is to resist the urge in the first place of revealing your financial genius; as the crypto wisdom rightly says, everyone is in a bull run.

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The original was posted on /r/cryptocurrency by /u/CryptoDaily- on 2023-08-12 02:00:27.

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Welcome to the Daily General Discussion thread. Please read the disclaimer and rules before participating.

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Disclaimer:

Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.

Please be careful about what information you share and the actions you take. Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams.

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Rules:

• All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect.
• Discussion topics must be related to cryptocurrency.
• Behave with civility and politeness. Do not use offensive, racist or homophobic language.
• Comments will be sorted by newest first.

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Useful Links:

• Beginner Resources
• Intro to r/Cryptocurrency MOONs 🌔
• MOONs Wiki Page
• r/CryptoCurrency Discord
• r/CryptoCurrencyMemes
• Prior Daily Discussions - (Link fixed.)
• r/CryptoCurrencyMeta - Join in on all meta discussions regarding r/CryptoCurrency whether it be moon distributions or governance.

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Finding Other Discussion Threads

Follow a mod account below to be notified in your home feed when the latest r/CC discussion thread of your interest is posted.

• u/CryptoDaily- — Posts the Daily General Discussion threads.
• u/CryptoSkeptics — Posts the Monthly Skeptics Discussion threads.
• u/CryptoOptimists- — Posts the Monthly Optimists Discussion threads.
• u/CryptoNewsUpdates — Posts the Monthly News Summary threads.

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The original was posted on /r/cryptocurrency by /u/mbdtf95 on 2023-08-12 01:57:41.

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This is VISA's most recent post about their plan:

In their report of how they're thinking of bringing this possibility of paying blockchain fees with card they're claiming it could bring down the gas fee amount, and simplify the whole process, so you don't have to use or have Ethereum to actually process a transaction on blockchain.

Not sure if this is a positive or negative, but I do know it's a positive to see huge giant company like VISA trying to get a piece of cake in crypto space, and realizing huge future potential of more mainstream adoption of cryptos.

This is one of the excerpts from the whole report:

This proposed solution utilizes Ethereum's ERC-4337 standard and a paymaster contract, allowing Visa cardholders to directly cover their gas fees. We believe that this innovative and adaptable approach can help streamline the onboarding process for new crypto users and improve the experience for current users.

In this proposed solution, we once again put the paymaster at the heart of the process. A paymaster is a specialized type of smart contract account that can sponsor gas fees for user Contract Accounts (think of these as user-centric smart contracts). Our proposed solution liberates users from the need to hold native blockchain tokens or constantly engage in bridging tokens merely to cover gas fees.

This definitely might simplify complication of crypto for less tech savy people. Sometimes it is complicated and confusing for newer individuals to have to know they need to have Ethereum to make some transaction on Ethereum network that doesn't involve transacting Ethereum but some other token. Might be a step further for mainstream adoption.

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The original was posted on /r/cryptocurrency by /u/Onelinersandblues on 2023-08-12 01:53:07.

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Not the biggest fan of ADA but it’s impressive tho

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The original was posted on /r/cryptocurrency by /u/deckartcain on 2023-08-12 01:48:03.

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A lot of people are reporting unauthorized exchange accessing. Most have given API access to Cointracker, that was hacked.. and despite them claiming that only e-mail addresses were leaked, there’s a surpringly large amount of hacks related to users who have granted Cointracker API access.

In any case, you don’t want services to have access or insight into your exchange accounts.

• Remember to check haveibeenpwned.com
• Use different e-mails than your personal on exchanges
• Do 2FA for your e-mail service
• Change your password if you ever used Cointracker in the past

All it takes is a few minutes to avoid risking all your crypto!

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The original was posted on /r/cryptocurrency by /u/jerseynate on 2023-08-12 01:07:17.

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The original was posted on /r/cryptocurrency by /u/Johnny-Joseph on 2023-08-12 01:07:19.

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People always say - "If Bitcoin reached $20,000 or $15,000 right now I would buy straight away".

really?

Unfortunately this is not true.

When the prices go up and you feel like you missed the train, yes, you will think that way and appreciate the cheap price it was at, but in the moment of truth, the feelings are completely different.

Our main emotion is of course fear.

It's not for nothing that one of the well-known index is called the "fear and greed index", because these are the two strongest emotions of investors.

In the case of a sharp drop in price, people's fear is divided into two

1. The fear of buying, seeing the price drop further and thinking that it will not recover anymore and thus we will lose the investment
2. The fear of buying, seeing the price drop and realizing that we bought relatively at a "higher price" than we could have if we had waited.

These two fears lead many people to wait and wait and each time set a lower price at which they will purchase.

We saw this when Bitcoin started its descent from ATH at the beginning of the bear market.

When Bitcoin was in the 60K area many claimed that if the price reached 30K again, they would buy immediately.

Then the BTC price reached 30K, but because of the prolonged declines, people were afraid to enter at that price because of the fears i mentioned earlier.

And so the declines continued to 20K, but even there people were afraid and thought that maybe this was the end of Bitcoin and it would not be able to recover.

The fear and greed index reached to 16 (extreme fear) and the price reached up to 15K.

And people? They didn't buy, they just said that if the price reached 10K or 12K they would buy for sure.

You understand where I'm going, right?

I am not claiming that everyone is like that, and factually it is not true, because people have bought at every opportunity, whether it is with the help of DCA regardless of the price, or in large purchases with large dips, but unfortunately most people do not.

And it's a shame when you think about it, because in a bear market when prices fall by 90%+, this is the best time to buy.

As they say, if the taxi driver or the seller at the neighborhood supermarket is talking about buying Bitcoin, it's time to sell.

I'm still not hearing the talk, so I guess it's still a good time to buy.

This is not a financial advice. Just sharing my opinion.

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The original was posted on /r/cryptocurrency by /u/Ninja_Vagabond on 2023-08-12 00:09:15.

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In an update to an ongoing class action lawsuit alleging crypto payments firm MoonPay conspired with Bored Ape Yacht Club creator Yuga Labs and several celebrities to inflate the value of NFTs, the complaint has been amended to include the account of a confidential witness.

Auction house Sotheby's was also added to the list of high-profile defendants.

According to the newly updated complaint filed last week, the lawsuit now cites a “confidential witness” it said worked in MoonPay’s compliance department. The witness alleges that after seeing “public reports that celebrities were being investigated and sued for unlawfully promoting the sale of crypto assets” they grew suspicious of MoonPay’s activities.

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The original was posted on /r/cryptocurrency by /u/thisbutthis on 2023-08-11 23:54:06.

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The original was posted on /r/cryptocurrency by /u/SpecialistAd5537 on 2023-08-11 23:41:38.

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Since everyone knows about bitcoin halving, and what it implies for the overall crypto market, is it possible for whales to manipulate the market?

I can think of a few ways, but the most notable scenario would be that a person or group of people could offload a massive amount of BTC as volume increases to either keep the price artificially low, or even drop the price. (Assuming the halving would relate to the start of a bull run)

If the halving occurs and the price moves sideways, or down, it's not unreasonable to think the FOMO buyers and short term investors would start to sell fearing an ongoing bear market. In turn lowering the price further, allowing said conspirator(s) to sell at a profit, then buy back below their previous cost basis and ride the wave up as people see the volume and price ultimately increase.

Since I'm an idiot, is this even possible? Or are there too many other factors.

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The original was posted on /r/cryptocurrency by /u/partymsl on 2023-08-11 22:47:56.

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Today we know how after literally every second -5% dump for BTC, it gets called dead by literally all of mainstream media. So much that we already have over 400 dead calls of Bitcoin and many of them are even during absolut peaks of the bull market. Seems like people just never learn…

Bitcoin combined amount of “deaths“ over time

But it may be even “funnier“ to look back on one of the first times Bitcoin was called dead. That was all the way back in August 2011, by the news site Gizmodo, which still exists until today. They called Bitcoin death literally just a few years after it was even born and probably gave it even more attentions with that.

One of the very first Bitcoin “deaths“, from over 12 years ago (pic from Pete Rizzo)

Also just to remember the price back then was just $8 per BTC, so clearly you could not have been more wrong at a certain time to call Bitcoin “dead“. Obviously even today the media will call Bitcoin dead at every situation they got and they will probably continue to do so all the way up to $1M and even more, just showing how irrelevant their words are.

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The original was posted on /r/cryptocurrency by /u/Ryanopoly on 2023-08-11 22:44:22.

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I've been using CoinMarketCap since 2017 to check in on the prices of my coins and tokens from time to time, and not once has it ever triggered my anti-virus protection program... that is until recently sadly.

This is what comes up when my security software is triggered after navigating over to CoinMarketCap via a Google Chrome browser:

Report: Blocked Website

Website: telegaon . c o m <--- (Funnily enough, it triggered it just now simply by typing the website here before breaking it apart... in a Reddit post draft... that's just scarry!)

Category: Riskware

Anyway, ever since this happened, I now check all of my coin and token prices on Coinbase instead. I hope all of you stay safe out there, and be careful. Too many companies out there these days are willing to sacrifice their good names in the pursuit of profits... no matter who gets hurt in the crossfire.

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The original was posted on /r/cryptocurrency by /u/Ninja_Vagabond on 2023-08-11 22:18:38.

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Curve Finance (CRV), a leading decentralized finance (DeFi) protocol, announced significant progress in its recovery efforts following a recent hack that resulted in losing $73.5 million across several projects within its factory pools.

The attack on July 30 exploited a critical security flaw known as a “reentrancy vulnerability,” allowing malicious actors to drain funds from Curve’s smart contracts.

Curve Finance has successfully retrieved 70% of the funds affected by the hack. While this achievement marks an important milestone, an active investigation is underway to recover the remaining balance and hold the perpetrators accountable.

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The original was posted on /r/cryptocurrency by /u/Harucifer on 2023-08-11 21:40:30.

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That's a lot of weird words, right? Buckle up, there are more coming.

Yeah, well, you might know the game "World of Warcraft". It's one of the oldest and still actively updated and played games ever. Launched in 2004, it's now on it's 9th expansion, Dragonflight. Usually every expansion has 3 big chunks of content (Warlords of Draenor, a previous expansion, only had two because it was a terrible expansion). Every big chunk of content has an in-game "endboss", the final confrontation to proceed with the story.

This time around WoW introduced a new race, the "Dracthyr", and the lore of the race is that they worked under Neltharion, the previous Earth-Warder, the Dragon Aspect of Earth, chosen by the Pantheon (Titans) to help shape the world of Azeroth. Neltharion created the Dracthyr as his personal army, and one of the Dracthyr leaders was "Scalecommander SarkarETH". This is where it gets interesting.

Scalecommander Sarkareth on his final moments

• Why not "SarkarBTC" ?
• Why not "SarkarXRP" ?
• Why not "SarkarTETHER" ?
• Why not "SarkarBNB" ?
• Why not "SarkarDOGE" ?
• Why not "SarkarMOON" ?
• Why not "SarkarTRON" ?
• Why not "SarkarSOL" ?
• Why not "SarkarADA" ?

I'll tell you why. Because BLIZZARD IS BULLISH ON ETHEREUM ! It's obvious

ITS OBVIOUS ITS OBVIOUS ITS OBVIOUS ITS OBVIOUS ITS OBVIOUS ITS OBVIOUS ITS OBVIOUS ITS OBVIOUS ITS OBVIOUS ITS OBVIOUS ITS OBVIOUS ITS OBVIOUS ITS OBVIOUS ITS OBVIOUS

I may or may not have had a lot of coffee and sugar today.

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The original was posted on /r/cryptocurrency by /u/DoubleFaulty1 on 2023-08-11 21:20:52.

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The original was posted on /r/cryptocurrency by /u/ToshiSat on 2023-08-11 20:54:12.

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If you don't understand staking and would like to learn more, this guide is made for you ! It's a lenghty post but I won't get too technical, I'll try to dumb it down as much as possible.

Summary

1. What is Staking ?

   1. Why can't I stake Bitcoin ?!
   2. Locking Periods
   3. The Risks
   4. The Rewards
   5. Native vs. 3rd Party

2. How to Stake

   1. Solo Staking
   2. Pooled Staking
   3. Using a CEX

3. What is Staking ? ====================

Staking is like saying "I promise I won't sell those coins!", and you receive rewards because of it. That's the most easiest way to look at it. Of course, it's a bit more complicated than that so let's get into it !

I'm going to take Ethereum as an example through this post, but staking is not exclusive to ETH.

By Staking your coins, you're actually helping the blockchain work, and you're helping securing the network. Staking is a very important part of a project like Ethereum, because it's a Proof-of-stake (PoS) blockchain. It means that the blocks aren't mined like Bitcoin, they are created and validated by the Validators. And who are thoses Validators ? The people who stake !

Because you need to stake your coins to become a validator, it ensures that you're not going to help destroy the network since you have money in that network. Because you're helping the network, you're getting rewarded. We'll get to that !

1.1 Why can't I stake Bitcoin ?!

Because Bitcoin isn't a PoS blockchain, they don't use validators but miners to create the blocks. Since they don't have validators, they don't have staking. Simple as that.

The projects that allow staking are the PoS projects, like Ethereum, Cardano, Polkadot or Cosmos to name a few.

1.2 Locking Periods

Some projects have a Locking Period for staking. If you decide to stake a coin with a locking period, you won't be able to use those coins for a determined time. The idea is too make sure that validators aren't going to leave the project on a impulse decision, the funds are locked and can't be accessed, no matter what, before the end of the locking period.

If you trust a project enough to stake your coins, locking them for a bit of time shoudln't be an issue. But beware, if your project has a massive crash during your locking period, you won't be able to sell, you may end up having a lot of coins with no value.

1.3 The Risks

There isn't a lot of risks related to Staking in itself, it's very safe. Staking Ethereum shouldn't worry you in the slightest.

Since becoming a validator is expensive, most people can't stake by themselves. They need to pool their resources, often using a centralized validator. Those centralized validators can go bankrupt, steal your coins, or be hacked. It doesn't mean that they will, but some do. Like any centralized solution, trust is a major issue and you should always choose a trusted validator to help you stake your coins. We'll get to that too !

I won't talk about the risk directly related to crypto or investments, like having a coin lose 25% of its value or things like that. It's not a risk related to staking in itself.

1.4 The Rewards

It's pretty simple, you'll know beforehand how much you should receive for you staked coins. It's almost aways a % of what you invested, and it's called APY or APR. Let's imagine you have 1000 ETH that you want to stake (lucky you!). Right new the APR is 4.2%, it means that after a year, you would have 1042 ETH in your account, instead of a 1000. The APR is changing overtime but with stable projects like Ethereum, the APR is also quite stable

1.5 Native vs 3rd Party

Projects like Ethereum offer the possibility of Native Staking, it means that you can stake your coins without having to trust anyone. You can stake your coins directly on the blockchain, to make it simple. You're not lending your coins to anyone, you still have full custody of your coins since you can be a Validator by yourself if you have enough ETH.

If you can't use native staking, you'll have to rely on 3rd party staking. Meaning that you'll have to deposit your coins, give them to a trusted validator, and that validator will give you the rewards. It's not self-custody, there's more risks as we've seen earlier.

2. How to Stake ===============

There's a few way to stake your coins, I'll go over the most common ones. Unfortunately, no everyone will be able to stake by themselves, but there's still a way !

2.1 Solo Staking

It's the best way to stake, but it often requires a lot of money. On the Ethereum chain, you can become a Validator by yourself if you have 32 ETH available. Most people don't have that kind of money available for investing, let alone in a single cryptocurrency. If you can do it, do it !

You can deal with all the hardware and become a full-fledged validator at home, or you can use "Staking as a Service". It allows you to Solo Stake without having to deal with the hardware. It's still your coins, your wallet, your validator keys.

2.2 Pooled Staking or Liquid Staking

Let's be honest : you probably don't have 32 ETH available. We wish we could all be this rich on r/cc, but we aren't. We thus need to pool our resources !

Since it's not native to the Ethereum network, the pools are solutions built on top of it. Liquid staking is when you stake some ETH, and you receive a token representing your staked ETH. It's a solution that uses smart contracts, and require less trust that using a centralized pool.

Do your own research on the different validators available, and don't trust someone offering your a high APY/APR. If it's too good to be true, it probably is !

2.3 Using a CEX

It's a bit like using a Pool, you don't have enough ETH to Solo Stake, so you need a trusted entity to stake it for you. Most Centralized Exchanges (CEX) are offering staking services now.

For example, you can stake ETH on Kraken ! Just hit the "Earn" button on your portfolio page, and you'll be able to stake your coins !

It comes with all the risks associated with using a CEX. Not your keys, not your coins !

I really hope this guide helped some people understand Staking, if you have more questions I'll be happy to answer them in the comments. Cheers !

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The original was posted on /r/cryptocurrency by /u/kirtash93 on 2023-08-11 20:45:57.

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The original was posted on /r/cryptocurrency by /u/crua9 on 2023-08-11 20:31:18.

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So I learned about the Matic update coming, and this forced me to go down a rabbit hole to answer a few basic questions.

1. What does this mean for the average person? Like what do you have to do when this update happens?

* You will need to migrate from Matic token to POL through a smart contract. This will be a 1:1. 2. When this update happens, how long do you have?

* Right now they are saying 4 years for when the update goes live. This giving everyone way more than enough time to update. 3. When will this update happen?

* Unknown, but it likely will be big news when it happens. It could take years or months. It's a unknown. 4. What would be used for gas/transfer fee after the update?

* POL, the new token.

Now the last question I looked into was the biggest IMO. And if the network update will require us to jump to a new network, or will it just be a token update.

To make this clear

• If it's a network jump, then this means everything on the old network to include tokens, NFT, etc. They all will have to be bridged to the new network, or risk going on an obsolete network that will likely die sooner than later.
• If it's a token update, you're staying on the same network but just jumping from 1 token to the next.

I couldn't get a clear answer from anyone in Matic no matter where I looked. Because I was having such a hard time finding an answer since even in the white paper it didn't help with this question. I asked companies that deal with Matic, like how unstoppable domains heavily uses Matic network to host their domain NFT. The answer I got back from them was

We are aware of the changes on the chain and we are exploring the best way to handle this with domains. When more information is released and we know how this will work with us we will let everyone know on Twitter, our blog and via email.

So a IDK.

The best guess from everyone including some dapp developers on Matic is likely this is a token update and not jumping from the current network to a updated one. Meaning like ETH the network can get updated in the background, but for this, we will be migrating to a new token on the network. This making it where any functional NFT and so on is fine and doesn't have to be bridged.

But this is a guess.

But assuming this is what will happen. When things are ready, on our end we would go to a given place to use an exact smart contract. This will transform your Matic to POL at a 1:1. You will have up to 4 years to do it.

So other than a name change and having to jump through this 1 thing. Just about everything else for us on our end will be the same.

Hopefully we will get a confirmation on how exactly this will work when we get closer to the date of the update being released.

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The original was posted on /r/cryptocurrency by /u/kirtash93 on 2023-08-11 20:25:03.

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TLDR; I think Reddit will keep RCPs and Reddit Gold Program totally indepedent. One handles karma and the other rewards/coins.

Ever since the Reddit news about reworking Awarding: Changes to Awards, Coins, and Premium () many of us have been wondering over and over again if this would affect RCPs by somehow making them obsolete or canceling the project which they can because we don't have to forget that Reddit has a beacon with which they can do it.

I think that Reddit is going to follow totally independent paths between the new Gold program and the RCPs.

Reddit Gold Program

On the one hand Reddit will have the new official Reddit rewards system which I am 100% sure it will try to imitate the system of Twitter, YouTube, Twitch, etc. to attract "famous" people to create "quality" content on Reddit and in return they can earn money. It will just replace the current award system/coins system and be totally independent from karma.

Reddit Gold Program

Pros:

• Reddit IPO looking more tasty
• New feature that some good content creators can benefit from.

Cons:

• It requires KYC and a lot of people don't want to KYC their account in Reddit
• It will be only available in the US first leaving a lot of people out of this system.

Reddit Community Points (RCPs)

On the other hand, we will have the RCPs () that are based on the karma earned in some communities and that it is totally independent from award/coins system.

Reddit Community Points

Pros:

• Reddit IPO looking more tasty because from the marketing point of view it is really powerful to be able to say that every user in Reddit from every place in the world can win money in your platform communities to improve their lives.
• It doesn't require KYC, yet. (I am concerned that they could think about expanding Reddit Gold Program KYC to every feature that makes you win money.
• Crypto is the future and Reddit knows that Web3.0 is what they have to try to reach.
• Reddit TOS change considering Reddit Community Points "Verified Virtual Goods"

Cons:

• They can cancel them in any time because the beacon they own.
• Some effort to run the snapshots, etc.

I know that the pros on RCPs are based in just hype and that my opinion may be compromised by how involved I am in the project but Reddit is doing everything to make look their IPO tasty so I think that pro argument has some weight.

Disclaimer: I know shit about fuck so we will have to wait until we get more news probably in September 2023.

Stay safe!

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The original was posted on /r/cryptocurrency by /u/marsangelo on 2023-08-11 19:59:06.

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Welcome to our guide that teaches you how to transfer MOONs or BRICKs to/from your Kraken account!

Please note that this guide was written for MetaMask users, but you can use your preferred wallet. The instructions will be very similar no matter which one you use.

We encourage you to do your own research throughout this guide. Don't trust; verify! And if you have any questions or you spot anything that needs updated along the way, just ping us in the thread. 🙂

1️⃣ How to import your Reddit Vault seed to your wallet

1. If you already have a wallet set up, you may be required to uninstall then reinstall the application/extension in order to import your Reddit Vault seed.
2. After reinstalling, you'll see a prompt in your MetaMask wallet that says 'Import using Secret Recovery Phrase.' Click on that.
3. On the next screen, you'll see a field where you can insert your Secret Recovery Phrase and also set up a separate password for your wallet.

⚠️ CAUTION

A little note about doing this: Be extremely careful when importing your seed to ANY wallet. Double and triple check that you have the official wallet app and/or extension installed. There are imposter apps/extensions out there that are created for the purpose of tricking people into handing over their seeds.

NO SUPPORT PERSON WILL EVER ASK FOR YOUR SEED. Never share your seed with any person you don't trust, and ensure that there is no one around you when interacting with your seed. If a bad actor gets their hands on this, they will be able to take your MOONs or BRICKs (and any other funds you may have in your wallet).

2️⃣ How to add the Arbitrum Nova network to your wallet

Once inside the wallet, you will first want to change the network to Arbitrum Nova. Here's how you do this:

In your MetaMask wallet, click where it says 'Ethereum Main Network.'

1. You'll then want to choose 'Add Network.'
2. Find the option that allows you to put in a custom network.
3. You'll then be presented with several fields to fill out. The requested information can be found on several reputable websites, including Arbitrum's website. Although I'll paste it below, I encourage you to do your own research and verify that what's written below is correct.

Configuration for Arbitrum Nova

| Network Name | Arbitrum Nova | |

---

|

---

| | RPC | | | Chain ID | 42170 | | Currency Symbol | ETH | | Block explorer URL | |

3️⃣ How to import MOONs or BRICKs

1. Back at your main screen in your MetaMask account, locate and click on the button that says 'Import tokens.'
2. In the field that says 'Token address,' insert the contract address of MOONs or BRICKs. The contract address of MOON or BRICK tokens can be found on websites like CoinGecko and also directly on the Arbitrum Nova block explorer which is linked above! As always, we recommend doing your own research.

| Token Name | Contract Address | |

---

|

---

| | MOON | 0x0057ac2d777797d31cd3f8f13bf5e927571d6ad0 | | BRICK | 0x6dcb98f460457fe4952e12779ba852f82ecc62c1 |

1. Click down in the next field where you can insert the ticker, and it should populate.
2. When you go back to the main screen and refresh, you should now see your tokens.

4️⃣ How to supply your wallet with ETH (for gas) using the Reddit faucet bot u/MOON2gas

1. Visit the r/CryptoCurrencyMoons subreddit.
2. Use the following command:

!gas nova

The bot will then send you enough funds for gas. You can do this every 30 days!

If the bot is out of funds or if this isn't a viable option for you, we've included another option in the next section. ⤵

5️⃣ How to send ETH to your wallet and bridge it to Arbitrum Nova

What is a bridge? Well, it's a platform that bridges assets from one network to another. 🌉

For example, if you send ETH from Kraken to your wallet over Ethereum Main Network, you would only be able to see these funds and interact with them when you have 'Ethereum Main Network' enabled in MetaMask.

If you want that ETH to be on Arbitrum Nova network instead, you would have to use a bridge such as Arbitrum Bridge (again, DYOR) to move them them from Ethereum Main Network to Arbitrum Nova. (Note: If on your mobile device, you would use the browser within MetaMask to access the bridge.)

The process flow would be as follows:

1. Send ETH from Kraken to your MetaMask wallet over Ethereum Main Network.
2. Once the funds arrive, visit the Arbitrum Bridge, and move your funds to Arbitrum Nova.

It's a relatively straightforward process, but it does cost quite a bit of gas when doing anything on Ethereum Mainnet. 😅

As an alternative, you could send ETH to your wallet over Arbitrum One:

1. Add Arbitrum One to your custom networks in MetaMask. Configurations are below, but again, please do your own research to verify this information.

Configuration for Arbitrum One

| Network Name | Arbitrum One | |

---

|

---

| | RPC | | | Chain ID | 42161 | | Currency Symbol | ETH | | Block Explorer URL | |

1. Send ETH from your Kraken account to your wallet's ETH address on Arbitrum One.
2. You would then use the bridge to move the ETH from Arbitrum One to Arbitrum Nova.

The benefit of doing it this way is you'll spend a lot less in gas, but the negative is that you'll have to go through the whole process of adding another network.

6️⃣ How to deposit MOONs or BRICKs in your Kraken account

You should now have your MOON or BRICK tokens as well as ETH visible in your wallet, and you should be set up on the Arbitrum Nova network.

Assuming you already have a fully verified Kraken account, you should now be able to deposit your MOON or BRICK tokens to your Kraken account. The instructions slightly vary depending on which interface you're using, so please choose the correct one below:

• How to deposit cryptocurrencies to your Kraken account via Kraken web
• How to deposit cryptocurrencies to your Kraken account via Kraken Pro web
• How to deposit cryptocurrencies to your Kraken account via our mobile apps

🚨 IMPORTANT

• Always ensure that you're sending funds over a network that is supported by both the sending and receiving wallet/exchange.
• When sending funds anywhere, it's a good idea to double and triple check that you pasted the correct receiving address.
• Consider sending a test transaction. This is the minimum amount able to be sent just to ensure it arrives to your Kraken account safely! You can check our minimums here.

7️⃣ How to withdraw MOONs or BRICKs from your Kraken account

If you have MOONs or BRICKs in your Kraken account balance, you should be able to withdraw them to the wallet of your choosing. Again, the instructions vary slightly depending on which Kraken interface you're using, so please choose the correct one below:

• How to withdraw cryptocurrencies from your Kraken account via Kraken web
• How to withdraw cryptocurrencies from your Kraken account via Kraken Pro web
• How to withdraw cryptocurrencies from your Kraken account via our mobile apps

This is an automated archive made by the Lemmit Bot.

The original was posted on /r/cryptocurrency by /u/voxcon on 2023-08-11 19:20:23.

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The other day i was thinking about what makes moons and bricks special. And besides them being used on reddit, i noticed that another thing that sets them apart from all the other coins is their distribution methodology. Meaning they utilise social engagement and likeability for their reward system. Meaning, people who engage in the communities and offer value - whether in form of knowledge, expertise or experience - are being rewarded at the end of every distribution cycle. So there is an incentive to provide social value. I'm not aware of any other coins going this route.

It'll be interesting to see if other cryptos will follow along and will use this sort of reward system instead of the classical PoW or PoS approaches.

What's your take on this?

Edit: another thing that also comes to mind is, that by using "proof of social engagement" a fair distribution of tokens is ensured and everybody get's as many as they deserve. Which is defenitely better than who can afford the best mining hardware or most PoS collateral.

This is an automated archive made by the Lemmit Bot.

The original was posted on /r/cryptocurrency by /u/Tayshty on 2023-08-11 18:13:24.

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Hello, me again looking to generate some discussion here on r/cc, tabulate the results, and then post the results back to the sub a week or so later.

We had great success a couple months ago when I asked the community what they think the next big thing in crypto would be and then followed up the results in some charts and graphs which I know the astrology enthusiasts among us love.

So I'm asking the community this time:

What impact will a politician's viewpoint on Cryptocurrency in general have on your likelihood to vote for them? <<

Are you:

•likely to vote for them if positive •not likely to vote for them if negative •their opinion on crypto won't influence my decision at all •self-custody & defi means I don't care what politician's think

I'm not looking to stir a political debate but try get the community's thoughts on whether they care at all about a politician's opinions.

I've seen more news posts about a Kennedy politician in the past few months because of his views and as cryptocurrency becomes mainstream it will become a political talking point.

There's 5k online currently so I'll be sure to indicate the sample size in the follow-up post.

For transparency, I fall into the camp that politicians will say what they want to get votes so their views on it won't influence my decision but I would consider consider my vote if a candidate was staunch against it and voewed to make all interactions with crypto illegal.

This is an automated archive made by the Lemmit Bot.

The original was posted on /r/cryptocurrency by /u/NaturephilicReaction on 2023-08-11 16:14:50.