Hey newbs.
Quick question.
You've heard the phrase "not your keys, not your crypto" right?
But do you know what that really means?
Let's talk about it.
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Obvi the phrase refers to your private keys to your crypto. And if you don't have them, or own them, then you don't own the crypto. Right?
Kinda like how when you buy #crypto on Robinhood or PayPal, you can't transfer it out. You can only buy and sell.
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Well that's part of it, yes.
But it doesn't just refer to those specific instances.
When you keep your crypto in a CEX, you don't have sole access to it either.
I mean, sure, you can send it out, but if it's in there, the CEX can bar access to it...
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...or reverse trades.
We've recently learned Coinbase can freeze your account, and they've reversed trades of $LUNA.
Ok, ok, obviously we're talking about if you have your crypto in your MetaMask...then you're good.
...right?
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Yes...but maybe not for the reason you think.
See, if your funds are in a centralized exchange (if they are even there at all) then you can be blocked from access.
So obviously a DeFi wallet is the answer. But you may be asking "well what if MetaMask freezes your wallet?"
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OR, "what if Infura, MetaMask's node provider, decides not to service your area (like they were accused of doing in Nigeria) therefore making MetaMask not work there?"
Then you have your keys but you don't have your crypto...right?
WRONG
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Let's take a trip down history lane for a moment
All of this amazing #DeFi wonderfulness comes from something called #Bitcoin Improvement Proposal 39 (BIP-39)
This was the proposal, adopted in 2013, to use a random set of numbers to produce a set of words (seed phrase).
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The seed phrase would then be used to create a "deterministic wallet."
The tech on it is pretty fascinating, but it has since become the standard for all DeFi wallets.
Why is this important?
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Because it means you can use any DeFi wallet app to recover your crypto as long as you have your seed phrase.
They're interoperable with each other through the seed phrase!
So long as the wallet supports the network your crypto is on, you can get to it.
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THIS is why your seed phrase is so important.
And why you should never ever EVER give it to anyone, or input it in any site or app that isn't the wallet app you're trying to use.
Hope you found this educational.
CHEERS!
🧵/finis
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My attempt at humor in the dark times.
What kind of #cryptotrader are you?
Everybody invests differently, but there are some common themes among trader personalities. Do you fit in any of these?
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- the tech analyst
”I’ll place an entry as soon as the stochastic crosses the MACD line and hits a Fibb level on the third Gann line”
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- the fundamentalist
“Your magic #TA 8-ball couldn’t predict this, but fed is raising rates tomorrow and if Powell scratches his nose it means six more months of low crop yields so SELL NOW”
Let's look at some basic #TA for $LUNA shall we?
The purpose is to see if there were any signs before the bottom fell out on $UST on May 9th 2022 (UTC).
Before we do so, let me first state that I completely recognize that hindsight is 20/20....
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Also, our brains are really good at recognizing patterns even when there aren't any.
I want to reiterate too, that I do not believe #TA can be effectively used to predict the future...especially black swan events.
HOWEVER...
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Things rarely happen in isolation. Humans are messy creatures. We leave clues, even when we don't mean to.
And the charts always reveal those clues.
So I just wanted to explore if there were any left before the #Terra ecosystem collapsed.
"TA doesn't work on memecoins" or "TA doesn't work on alts" or "TA doesn't work on $BTC" etc.
I see so many people talking about how #TA doesn't work.
All that does is tells me they don't really know what TA (technical analysis) is.
So here's a 🧵 on it.
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What is TA (technical analysis)?
Before we get into what it IS, let's talk about what it's NOT.
It's not magic tea leaves that predict the future. A lot of people have this misconception that the purpose of TA is to predict the future, but this isn't quite true.
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TA is more of a forecasting tool.
Forecasting assigns probabilities to potential outcomes.
Is this a mega thread? Or a crazy rant? I'll let you decide. But I love the #fantom network and I want to go in-depth on why I think it is so undervalued, and what I believe can be done about it.
Looking back at some of the #rugpulls of the past that have been audited.
This is why it's important to read audits (but interestingly, some audits didn't consider the owner having so much control to be a security risk).
Let's have a look at some...
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The first rug we'll discuss is Univ, audited by Solidity Finance.
Notice they say explicitly in the audit summary "Please ensure trust in the team prior to investing as they have substantial control in the ecosystem.
Date: February 24th, 2022."
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That seems like a catch-all cover-your-butt statement, but hey, at least they warned everyone.
Then we have MaxAPY, audited by Rugfreecoins. Here they missed the owner's ability to change fees to much higher than 25% (which they did so no one could sell....honeypot).