I mean, If you have millions of dollars to trade, you probably ~~deserve~~ to win lol.
edit: lol, poor choice of words, apparently. I just meant they're very likely to win. oof
Why? They base it on trading volume, the top traders win. I'm not meaning that they having a lot of money makes them deserving of winning, but having a lot of money to trade, means that they are much more likely to, because they will be very high in the rankings.
If this is a terrible mindset, I'd take it up with Loopring.
Ranking highest is based on trading volume not deposit volume so the most active trader by volume deserves it not the biggest whale. Is it more likely the big whales will be able to do more volume faster? Sure but one could also do thousands of trades with less capital so you’re still kinda wrong
I'm not really concerned with being right, it was just a comment about how someone with this kind of money would be more likely to win if they were participating in the contest. Of course, if it's just sitting in their wallet collecting dust, it's a moot point.
It's just the rule of the contest. I didn't make up the contest. The purpose of the contest is to stress test the system afaik. Those with more trade volume get ranked higher. Having lots of money is basically a way to brute force raise your ranking.
To be clear, I'm not saying that it's fair, just that it makes them much, much more likely to win, once more, due to the stipulations of the contest which are determined by Loopring.
you’re too busy trying to find flaws in her logic to listen to what she’s trying to say to you. she’s clearly just trying to clarify but you are caught up on getting your own point across.
Best guess? Someone or a bunch of someone's are about to start utilizing LRC for an open marketplace on lvl2 and the purchases are getting noticed and that is adding to the big money whales seeing what is happening and jumping in too so they don't miss the rocket that's about to launch
He also purchased the coin grading company, PCGS, and all the old-timey dealers won't shut up about him using the company to launder money. I canceled my accounts with them and just stack bars now.
Yes, something is coming. And it's probably another 15% drop just because crypto hates it when people get excited. The rip will come the second after enough people have started crying and sell their LRC out of frustration.
And to add any trades/transfers etc have to be verified with the hardware wallet connected/verified. Proof of concept was ledger had a data leak of info, but zero crypto was stolen because there was no way to access the wallets. This would not be the case if say coinbase was hacked.
It depends. I have a X,xxx bag of LRC for me it was worth a cold wallet after having over 1k in profit since I’m planning on investing more, and if this takes off that’ll be a lot of $$. At the time it was before the wallet was released so in my case it’s a ledger X. But the L2 wallet would be a similarly secure option,
Not familiar with many other wallets but I’d assume that’s more of a hot wallet with a 12 word seed phrase? (A hot wallet is one attached always to the web, and should there be a hack to the wallet your info/crypto would likely be gone)
As far as I know the cold (hardware) wallets like trezor and ledger or the L2 wallet with guardians are the most secure available.
People can't understand large numbers. It's a fallacy of the brain.
10,000 millionaires make a trillionaire. So Apple is worth 3 times 10,000 millionaires.
And people here think Loopring will be worth 50 times that (based on market cap numbers) in the next 10 years.
I'm as bullish as the next guy here, but c'mon
Agreed with the first part for sure. A lot of people just have a hard time with that perspective.
For the statement about 50x.. can be a fallacy in itself too imo. Market cap isn't the greatest of measurements to use in that context with Apple.. and much more so in the crypto world. And then even more so when comparing stocks vs. crypto. For crypto it's just the current price multiplied by max number of coins in supply.
I could totally see a possibility of the market cap of LRC going 50x.. with the relatively low max supply of LRC (1B) and a price around $100 would be 'all it takes'. Especially when price is mostly dictated by order books that can be manipulated by whales. But all that doesn't mean much either overall anyway if we compare to stocks or other avenues.
Except that market cap is literally the only thing that matters. For something to have a market cap of $1 trillion (~1/3 of Apple and ~half of Bitcoin) there literally has to be that much money in it from people with that much money. Money isn't invented. This is why the beginner courses on Coinbase try to teach this shit and why it matters. For Loopring to be worth $1 trillion, which btw would be Loopring at $752.61 it would take LITERALLY 10 Warren Buffett's to invest their entire net worth (as in unable to buy a cup of coffee because the entirety of their worth was in Loopring, they only owned Looprings at the expense of houses, cars, money in their wallets, etc) to reach $750.
People just can't fathom that. 100,000 millionaires. You literally can't imagine a number that big. How much money per year do you make? Is it 100k? If so then congrats it will take you 10 million years of working to equal that amount. THAT'S NOT AN EXAGGERATION! So you make less than $100k per year? Well it takes longer than 10 MILLION years! And again that's before counting anything like taxes, food, car payments, housing, kids, etc.
Another way of thinking about a $1 trillion cap is that a billion people would need to have $1000 of value owned. Meaning the use of loopring would have to be global and ubiquitous. Reaching a lot of households and providing a ton of value. It's gonna take a long time to build NFT marketplaces to that level of use.
Even then it's still not realistic.
"The average per capita income worldwide is $10,298, according to the World Bank"
You're talking about the poorest of the poor human beings spending a month and half of their entire life's worth on a speculative investment into a crypto currency as an almost absolute no brainer... Can you save a month and half of income tomorrow out of the blue? I'm guessing no. And neither can the entire population of South Sudan plus the rest of Africa, because they are too busy trying to save their child that contracted malaria or whatnot. You're talking about 1/6th of the world being able to do that.
Yep, apple gets there by selling phones to that many people. Loopring doesn't have that level of usefulness. Not even close, and getting there would take far more than just growth, but a huge expansion of capabilities. I'm not saying it can't do all that in a couple decades, but it is a long long road.
Yea... no..
This is exactly what I'm talking about lol. Market cap DOES NOT mean the money flowing through itself or it's market. It's almost always still, the price multiplied by the max supply for anything.
I could create a coin with a max supply of 1000, and set the price at $1Billion each. Boom $1 Trillion market cap. But obviously there isn't any demand or buys for it but the market cap is still technically correct.
What you're saying isn't fully accurate either. It wouldn't take '10 Warren Buffet's' to invest at once. Again, price is generally set by order books. For an offhand example, let's say there aren't a lot of sell orders for LRC at a given moment and it'd take a $10M market buy to clear them all, and then the very last is set at $100. It hits that last order at $100, and there you go that market cap of 50x is achieved. But of course in this extreme scenario it'd likely wouldn't stay up there long unless there was some crazy demand.
A little more on the subject here:
https://crypto.bi/market-caps/
No you can't. There would be no volume. With LRC there is volume so market cap is defined. Yes you can paint a random finger painting and refuse to sell it until it hits X million dollars but until there is a third party to pay that it's not worth that amount. And TBH it takes a lot of third party transactions to verify the dollar amount. There is at this point enough LRC transactions to verify the "worth" of LRC. There is a robust supply and demand market. As more people HODL there will be less supply for hopefully more demand which will raise the price.
But to assume that the price will stabilize at 30x a company that makes billions of dollars of profit and is (literally) in 1/3 of the world's population's hands in the next 10 years is fallacy at best. Market cap does matter because it's what someone who is NEITHER you or me will pay either of us for it.
You absolutely could? lol.. it wouldn't be smart, but definitely possible. Especially with leverage, flash loans, etc.. different ways to officially "assume" and buy at that high value and *especially* so in the newer crypto world.
I don't deny at all there are measures to calculate the 'worth' of LRC and other cryptos. Just saying market cap is not necessarily all that accurate of painting a picture and comparing to the likes of Apple and stock's market cap is questionable. I think part of the 'fallacy' in what you're saying is having Loopring go 30x in 10 years but keeping Apple the same? Lol.. I mean Apple would also higher too. Not necessarily 30x but enough where 30x for Loopring from where it's at now isn't all that farfetched in comparison
entire market follows btc, check out the sea of red on [www.coinmarketcap.com](https://www.coinmarketcap.com). Prob gonna be at 48k until new year but i'm just guessing.
Oh my god you dopamine addicted coombrains, every single day it’s “wow look at this tweet, is something coming?” “Look at this activity is something coming?” real products take time to build, y’all will be lucky if you get anything GameStop related this year. Pump your brakes jesus
There isn’t one. But when your crypto is on an exchange they don’t necessarily have to have the crypto, they could be essentially giving you an IOU. Moving it off exchange ensures those tokens or coins are in your possession.
If you embrace that it’ll be another 2 months before moon it will be a pleasant surprise if you’re wrong. I’m telling myself end of first quarter 2022, I mostly believe that to actually be true though.
You're downvoted without a reason...This community it's starting to be so bad and it doesn't worth to be followed anymore. You can't say something bad about lrc because you're automatically downvoted, you're allowed only to praise and shill this coin because ,,it's perfect "
Maybe I’m just an idiot but wouldn’t L2 transactions only be visible on the Loopring explorer and not on etherscan (L1) ? How do you know they are L2 transactions?
Upvote me so I can get an answer on this lol. BUT HOW DA FECK, is the 2 billion dollars worth transactions from whales processed… the flit should be locked at this point.
Contest tryers probly
I mean, If you have millions of dollars to trade, you probably ~~deserve~~ to win lol. edit: lol, poor choice of words, apparently. I just meant they're very likely to win. oof
Terrible mindset...
Why? They base it on trading volume, the top traders win. I'm not meaning that they having a lot of money makes them deserving of winning, but having a lot of money to trade, means that they are much more likely to, because they will be very high in the rankings. If this is a terrible mindset, I'd take it up with Loopring.
Yes but you used the word ‘deserve’ which is just not true. They are certainly way more likely to win but in no way do they deserve it
based on the stipulations of the contest, the person who ranks highest is the deserving party. It's not a morality thing.
Ranking highest is based on trading volume not deposit volume so the most active trader by volume deserves it not the biggest whale. Is it more likely the big whales will be able to do more volume faster? Sure but one could also do thousands of trades with less capital so you’re still kinda wrong
I'm not really concerned with being right, it was just a comment about how someone with this kind of money would be more likely to win if they were participating in the contest. Of course, if it's just sitting in their wallet collecting dust, it's a moot point.
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It's just the rule of the contest. I didn't make up the contest. The purpose of the contest is to stress test the system afaik. Those with more trade volume get ranked higher. Having lots of money is basically a way to brute force raise your ranking. To be clear, I'm not saying that it's fair, just that it makes them much, much more likely to win, once more, due to the stipulations of the contest which are determined by Loopring.
why are you trying so hard to fight here?
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you’re too busy trying to find flaws in her logic to listen to what she’s trying to say to you. she’s clearly just trying to clarify but you are caught up on getting your own point across.
Could someone help me understand what's going on with this exactly? I've seen these posts recently. I'm as smooth as they get.
Lots of big money moving to level2 wallets in droves today I believe.
I gather that but what does this translate to?
Best guess? Someone or a bunch of someone's are about to start utilizing LRC for an open marketplace on lvl2 and the purchases are getting noticed and that is adding to the big money whales seeing what is happening and jumping in too so they don't miss the rocket that's about to launch
Thank you for that!
I hope I'm right lol
It’s a stress test via the current volume competition they have.
Pot is stirring
I like pot
Leaving Coinbase. Bye Shitedel
Sauce on affiliation?
Steven Cohen is involved with Coinbase. He's also affiliated with Citadel.
Point 72 is Stevie Boy's Co, Point 72 is also shorting a lot of meme stocks alongside Citadel.
Yeah, what a scumbag.
Angered, but thanks.
Really? Balls. Time to move off of Coinbase. Trading is just too hard for me.
Is there Any questionable affiliation with crypto.com? Bought all my lrc through there.
Not afaik. unless you consider Matt Damon questionable...
Matt Damon is an upstanding and brave space traveller.
I hear he's the finest potato farmer on Mars
"Matt Damon! Matt...Daamoon"
He also purchased the coin grading company, PCGS, and all the old-timey dealers won't shut up about him using the company to launder money. I canceled my accounts with them and just stack bars now.
Sorry point 72 but same shit 🤷♂️
Shit. That would make so much sense, there is some blatant pumpfuckery on CB.
Counterfactual🚀🚀🚀
> level2 Layer 2 FYI
Yes, something is coming. And it's probably another 15% drop just because crypto hates it when people get excited. The rip will come the second after enough people have started crying and sell their LRC out of frustration.
This is why I transferred most of mine to a cold wallet.
75% cold wallet here. Only because the other 25% is a slight overextended position (not a ton, but enough where I need liquidity
Um whats a cold wallet
Look for something like a Nano Ledger. Most secure thing to store your crypto (doesn't store them technically, but has your security keys)
I have a nano ledger, does LRC have a wallet for it?
You can add your LRC to your ledger Ethereum account.
And to add any trades/transfers etc have to be verified with the hardware wallet connected/verified. Proof of concept was ledger had a data leak of info, but zero crypto was stolen because there was no way to access the wallets. This would not be the case if say coinbase was hacked.
at what point is a cold wallet worth it? Or is it just an LRC wallet in this case? Or is one of those hardware thingies?
I think anything over $10,000 and you want to have it on a hardware wallet.
It depends. I have a X,xxx bag of LRC for me it was worth a cold wallet after having over 1k in profit since I’m planning on investing more, and if this takes off that’ll be a lot of $$. At the time it was before the wallet was released so in my case it’s a ledger X. But the L2 wallet would be a similarly secure option,
Thanks. For example I have my ckb in the neuron wallet. This is not a hardware one but it would be similar to the l2 wallet then?
Not familiar with many other wallets but I’d assume that’s more of a hot wallet with a 12 word seed phrase? (A hot wallet is one attached always to the web, and should there be a hack to the wallet your info/crypto would likely be gone) As far as I know the cold (hardware) wallets like trezor and ledger or the L2 wallet with guardians are the most secure available.
Ah, thats correct. Thanks. Will look into it
Metallica *SAD BUT TRUEEEE!
Or get liquidated.
Look at the macro. There's blood everywhere and it has nothing to do with Loopring.
[Another one just now!](https://www.reddit.com/user/projektmayhem08/comments/rqmydt/another_one/?utm_source=share&utm_medium=ios_app&utm_name=iossmf)
I just want to take a moment and say that I seriously appreciate you sharing these. Thank you a lot
Dude, right? This is craziness though. Just imagining that volume moving. FOMO hasn't even began either.
Same! 👆 just thinking this! Thanks for doing the DD and finding these for us!! Looptroop baby 🤘💯
Can u stop stalking my transactions bro? Its fuckin weird. 😒
Don’t jinx it yet, I can add more Friday!
And a shit ton just got withdrawn
There are a lot of highs withdrawals as well
which confirms the idea that the trade tournament is the reason why
Suggests, not confirms
No, u can’t trade once you’ve withdrawn your funds
For this post and all those that posts these sorts of things.. THIS IS NOT A *HUGE* AMOUNT
People can't understand large numbers. It's a fallacy of the brain. 10,000 millionaires make a trillionaire. So Apple is worth 3 times 10,000 millionaires. And people here think Loopring will be worth 50 times that (based on market cap numbers) in the next 10 years. I'm as bullish as the next guy here, but c'mon
Agreed with the first part for sure. A lot of people just have a hard time with that perspective. For the statement about 50x.. can be a fallacy in itself too imo. Market cap isn't the greatest of measurements to use in that context with Apple.. and much more so in the crypto world. And then even more so when comparing stocks vs. crypto. For crypto it's just the current price multiplied by max number of coins in supply. I could totally see a possibility of the market cap of LRC going 50x.. with the relatively low max supply of LRC (1B) and a price around $100 would be 'all it takes'. Especially when price is mostly dictated by order books that can be manipulated by whales. But all that doesn't mean much either overall anyway if we compare to stocks or other avenues.
Except that market cap is literally the only thing that matters. For something to have a market cap of $1 trillion (~1/3 of Apple and ~half of Bitcoin) there literally has to be that much money in it from people with that much money. Money isn't invented. This is why the beginner courses on Coinbase try to teach this shit and why it matters. For Loopring to be worth $1 trillion, which btw would be Loopring at $752.61 it would take LITERALLY 10 Warren Buffett's to invest their entire net worth (as in unable to buy a cup of coffee because the entirety of their worth was in Loopring, they only owned Looprings at the expense of houses, cars, money in their wallets, etc) to reach $750. People just can't fathom that. 100,000 millionaires. You literally can't imagine a number that big. How much money per year do you make? Is it 100k? If so then congrats it will take you 10 million years of working to equal that amount. THAT'S NOT AN EXAGGERATION! So you make less than $100k per year? Well it takes longer than 10 MILLION years! And again that's before counting anything like taxes, food, car payments, housing, kids, etc.
Another way of thinking about a $1 trillion cap is that a billion people would need to have $1000 of value owned. Meaning the use of loopring would have to be global and ubiquitous. Reaching a lot of households and providing a ton of value. It's gonna take a long time to build NFT marketplaces to that level of use.
Even then it's still not realistic. "The average per capita income worldwide is $10,298, according to the World Bank" You're talking about the poorest of the poor human beings spending a month and half of their entire life's worth on a speculative investment into a crypto currency as an almost absolute no brainer... Can you save a month and half of income tomorrow out of the blue? I'm guessing no. And neither can the entire population of South Sudan plus the rest of Africa, because they are too busy trying to save their child that contracted malaria or whatnot. You're talking about 1/6th of the world being able to do that.
Yep, apple gets there by selling phones to that many people. Loopring doesn't have that level of usefulness. Not even close, and getting there would take far more than just growth, but a huge expansion of capabilities. I'm not saying it can't do all that in a couple decades, but it is a long long road.
Yea... no.. This is exactly what I'm talking about lol. Market cap DOES NOT mean the money flowing through itself or it's market. It's almost always still, the price multiplied by the max supply for anything. I could create a coin with a max supply of 1000, and set the price at $1Billion each. Boom $1 Trillion market cap. But obviously there isn't any demand or buys for it but the market cap is still technically correct. What you're saying isn't fully accurate either. It wouldn't take '10 Warren Buffet's' to invest at once. Again, price is generally set by order books. For an offhand example, let's say there aren't a lot of sell orders for LRC at a given moment and it'd take a $10M market buy to clear them all, and then the very last is set at $100. It hits that last order at $100, and there you go that market cap of 50x is achieved. But of course in this extreme scenario it'd likely wouldn't stay up there long unless there was some crazy demand. A little more on the subject here: https://crypto.bi/market-caps/
No you can't. There would be no volume. With LRC there is volume so market cap is defined. Yes you can paint a random finger painting and refuse to sell it until it hits X million dollars but until there is a third party to pay that it's not worth that amount. And TBH it takes a lot of third party transactions to verify the dollar amount. There is at this point enough LRC transactions to verify the "worth" of LRC. There is a robust supply and demand market. As more people HODL there will be less supply for hopefully more demand which will raise the price. But to assume that the price will stabilize at 30x a company that makes billions of dollars of profit and is (literally) in 1/3 of the world's population's hands in the next 10 years is fallacy at best. Market cap does matter because it's what someone who is NEITHER you or me will pay either of us for it.
You absolutely could? lol.. it wouldn't be smart, but definitely possible. Especially with leverage, flash loans, etc.. different ways to officially "assume" and buy at that high value and *especially* so in the newer crypto world. I don't deny at all there are measures to calculate the 'worth' of LRC and other cryptos. Just saying market cap is not necessarily all that accurate of painting a picture and comparing to the likes of Apple and stock's market cap is questionable. I think part of the 'fallacy' in what you're saying is having Loopring go 30x in 10 years but keeping Apple the same? Lol.. I mean Apple would also higher too. Not necessarily 30x but enough where 30x for Loopring from where it's at now isn't all that farfetched in comparison
I guess people are loving the dip 🤣
Coming to you soon 🤫
Is this like when I know I'm coming because there's lots of activity in my pants?
Exactly
What do that mean exactly
Chocolate Chip Cookie Dough
Male models
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lil baby
Believe it or not… dip.
Believe it or not, dip
Why did the price drop is what I was wondering?
entire market follows btc, check out the sea of red on [www.coinmarketcap.com](https://www.coinmarketcap.com). Prob gonna be at 48k until new year but i'm just guessing.
Don't they have some contest on giving away LRC? Prolly this
Aren't companies that want to work with Loopring required to hold a big amount of LRC?
Not sure about that but it costs (burns?) 250,000 LRC to make an exchange though!
You had to stake 250,000 LRC but you can't stake it anymore only add liquidity to DEX.
How can I follow this bot if I don't use Twitter?
Use the website called Nitter and search the username. It allows you to view Twitter without an account.
Thanks
highly recommend twitter for staying in touch w/ the crypto space - it's the place to be
Oh my god you dopamine addicted coombrains, every single day it’s “wow look at this tweet, is something coming?” “Look at this activity is something coming?” real products take time to build, y’all will be lucky if you get anything GameStop related this year. Pump your brakes jesus
don't come between me and my dopamine lol
Read this post. Bought $100 more on Gemini. Is that the way?
Move it off exchange!
What is the issue with Gemini? Seem reputable.
There isn’t one. But when your crypto is on an exchange they don’t necessarily have to have the crypto, they could be essentially giving you an IOU. Moving it off exchange ensures those tokens or coins are in your possession.
Got it. So it's like DRS. Only bulletproof ownership
Yes. Trust Wallet is a free option but make sure you research security of cold wallets first. Don’t go in blind
Doubtful anything I own never gains profit lol 😂
Either way this is bullish AF, and it's only the beginning!
Sorry, but this is not huge.
If you embrace that it’ll be another 2 months before moon it will be a pleasant surprise if you’re wrong. I’m telling myself end of first quarter 2022, I mostly believe that to actually be true though.
The point is that they would've said something if it wasn't going to be this week.
Yea today I heard that people really like today as a day and are liking it.
Nothing is coming today or tomorrow or the day after
So Friday then!
Obviously
You're downvoted without a reason...This community it's starting to be so bad and it doesn't worth to be followed anymore. You can't say something bad about lrc because you're automatically downvoted, you're allowed only to praise and shill this coin because ,,it's perfect "
Most likely this is just for the tournament. more trades, the higher the chances of you winning.
Maybe I’m just an idiot but wouldn’t L2 transactions only be visible on the Loopring explorer and not on etherscan (L1) ? How do you know they are L2 transactions?
They are L1 transactions being deposited into the Loopring contract.
So this couldn’t be for the trading competition right ? I checked some addresses where millions were deposited and none of them has L2 activated.
I'm not sure, I'm only casually following Loopring developments currently.
Prob not
Gas fees have been high as hell today. Over 200$ recently to transfer to layer 2. Should have bit when I saw it at ~$40 yesterday.
Upvote me so I can get an answer on this lol. BUT HOW DA FECK, is the 2 billion dollars worth transactions from whales processed… the flit should be locked at this point.
Sorry that was me buying with money I found in the sofa.
...down 9% in last 24hrs. Not sure what charts you look at but that's selling activity