In this edition of The Daily Shard’s ongoing series, Know Your Downmarket, we explore the concept of “Diamond Hands.” What does it mean to have diamond’s for hands, is it bad or good, and should you see a doctor? These questions probably won’t be answered below, but read on anyway!
Defining Diamond Hands
If you’re new to the world of crypto trading, you may be wondering what all the fuss is about “diamond hands.” To put it simply, diamond hands are traders who are willing to hold onto their assets for the long term, no matter what the markets are doing.
This term was first popularized during the Gamestop saga, when a group of traders banded together to drive up the price of the struggling retailer’s stock.
When it comes to trading in the stock market, there are a lot of different strategies that people use. Some people are day traders, some people swing trade, and some people hold onto their positions for years. And then there are those who have what are known as “diamond hands.”
What exactly are diamond hands? Well, they’re basically the opposite of weak hands. Where weak hands are those who sell at the first sign of trouble, diamond hands are those who hold on no matter what.
And this week, we’ve seen a perfect example of diamond hands in action. With the GameStop short squeeze, we’ve seen a group of retail investors band together to take on the establishment and drive up the price of a heavily shorted stock.
Sure, there’s a risk that the stock could come crashing back down.
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In 2022, a report found that 100% of crypto stadium investments had turned bad. The report was released by the FTX arena in Miami, which is one of the most popular sports stadiums in the world.
The report found that crypto sponsorships of sports stadiums are a huge waste of money.
A new report has found that 100 of the crypto sports stadium investments made in 2023 have turned bad.
The report found that the majority of the investments were made by individuals who were not familiar with the risks associated with investing in cryptocurrencies. The report also found that many of the investments were made through third-party platforms, which added another layer of risk.
What do users really want
The report found that crypto companies should save their money instead of investing in dumb stuff. The report, which was released by the research firm Gartner, found that crypto companies are wasting their money on sponsorships and other bad investments.
“Crypto companies are wasting their money on sponsorships and other bad investments,” said Gartner research director Matthew Wiser. “They should be saving their money so they can survive the inevitable downturn in the market.”
Wiser added that crypto companies need to be more disciplined with their spending and focus on saving money so they can survive when the market turns against them.
Crypto companies are known for their eccentricities. From investing in weird startups to sponsoring luxury items, these companies spare no expense when it comes to self-promotion. But their latest venture may be their strangest yet: investing in dog shelters.
That’s right, crypto companies are now using their millions to sponsor dog shelters around the world. And they’re not just doing it for the publicity; they genuinely care about the welfare of these animals.
Conclusion
While the report paints a bleak picture of the current state of crypto sports stadium investment, it’s important to remember that these investments are still relatively new and there is a lot of potential for growth in this space.
The Daily Shard and all its stories are complete wastes of time and works of fiction. Names, characters, businesses, places, events, and incidents are either the products of the author’s imagination or used in a fictitious manner. Any resemblance to actual persons, living or dead, or actual events is purely coincidental.
In a stunning turn of events, coal miners have begun protesting a bitcoin mining facility. The miners, who are used to working in some of the most eco-unfriendly conditions imaginable, say that the bitcoin mining facility is an insult to their way of life. “We mine coal because it’s dirty and dangerous,” said one miner. “But this bitcoin mining is just too clean and safe for us.
Coal miners in West Virginia are up in arms over a new bitcoin mining facility that they say is putting their jobs at risk.
The facility, which is powered by renewable energy, is located near a coal mine that employs hundreds of workers.
The situation on bitcoin mining
Bitcoin mining is having a negative effect on the coal mining industry. For one, the process of mining for bitcoins uses up a lot of energy, which is typically sourced from coal. This means that there is less demand for coal, and thus less work for coal miners. Additionally, some people have started using bitcoin mining to attack servers. This involves using specialized software to overload a server with requests in an attempt to force it to shut down. While this doesn’t directly impact the coal industry, it does add to the perception that bitcoin is a dangerous and volatile investment.
What’s next
The miners say that the bitcoin mining operation is taking away business from the coal mine and could eventually put them out of work.
They’ve even started a petition to get the facility shut down.
So far, it doesn’t seem like their efforts are going to be successful. The bitcoin mining operation is up and running and doesn’t appear to be going anywhere. We will be staying up to date with the latest from the protest sites. Bitcoin miners have refused to comment.
The Daily Shard and all its stories are complete wastes of time and works of fiction. Names, characters, businesses, places, events, and incidents are either the products of the author’s imagination or used in a fictitious manner. Any resemblance to actual persons, living or dead, or actual events is purely coincidental.
NFTs have been all the rage in the crypto world recently, with everyone from celebrities to your average joe buying and selling them. However, a new investigative report has found that many of these NFT projects could have easily been run as Etsy shops.
The report, which was conducted by an anonymous group of researchers, found that a majority of NFTs are nothing more than worthless pieces of digital art that are being sold for exorbitant prices.
NFT projects have been called a lot of things: “fake money,” “paper hands,” and “bad investments.” But a new investigative report has found that they could have just as easily been Etsy sellers.
NFTs Have a Lack of Fundamentals
According to the report, many NFT projects lack the fundamental understanding of what it takes to be a successful business. For example, they often fail to properly assess the market, set realistic goals, or create a viable product.
A new investigative report has found that many of the projects currently being built on the Ethereum blockchain could have easily been successful Etsy sellers.
The report, which was conducted by a team of independent researchers, found that a majority of NFT projects are simply re-purposing old antiques and DIY crafts that would have otherwise been sold on Etsy.
“We were really surprised by the findings,” said lead researcher Sarah Jones. “It seems like a lot of people are getting into the NFT space just because they think it’s cool or they want to make a quick buck.”
Jones and her team believe that the current craze around NFTs is simply a fad that will eventually die down. “People will realize that they can get the same thing from an Etsy seller for a fraction of the price,” she said. If you’re interested in learning more about how to take your NFT project to Etsy, Google instructions because we’re a news outlet.
The Daily Shard and all its stories are complete wastes of time and works of fiction. Names, characters, businesses, places, events, and incidents are either the products of the author’s imagination or used in a fictitious manner. Any resemblance to actual persons, living or dead, or actual events is purely coincidental.
Institutional investors say they forgot that crypto was real money and not fake. They say they were tricked by the cool kids who told them to invest in Bitcoin. Now they’re stuck holding the bag while the prices continue to drop. But don’t worry, they’ll probably get bailed out by the government.
Institutional investors are scrambling to distance themselves from the crypto industry after a series of bad investments. Twitter is divided on the discussion.
it's so funny that crypto people looked at the problem of money being fake and were like "let's invent a kind of money that is even more fake"
“We thought crypto was fake money,” said one institutional investor. “But it turns out it’s real money, and we’ve lost a lot of it.”
What investors are saying
These investors are now saying that they’ll stay away from crypto for a while, until they can figure out what it is and how it works. In the meantime, they’ll be sticking to more traditional investments.
Institutional investors can’t sell their crypto because it’s fake money. They bought into the hype and now they’re stuck holding the bag. They’re like a bunch of paper hands trying to unload their bad investments.
“We got caught up in the hype and invested in some risky projects,” said another. “Now our paper hands are getting burned.”
It’s really too bad that these institutional investors didn’t do their homework before buying into the crypto craze. Now they’re stuck holding onto worthless tokens that they can’t even sell. Maybe next time they’ll think twice before investing in something that doesn’t even exist.
When it comes to institutional investors and cryptocurrency, it seems like they just can’t catch a break. First, they were criticized for not investing in crypto early enough and missing out on the huge gains. Now, they’re being criticized for forgetting that crypto is real money and not fake. It’s easy to see why some people might think that crypto is fake money, but the truth is that it’s just as real as any other currency.
The Daily Shard and all its stories are complete wastes of time and works of fiction. Names, characters, businesses, places, events, and incidents are either the products of the author’s imagination or used in a fictitious manner. Any resemblance to actual persons, living or dead, or actual events is purely coincidental.
On November 16, the world watched in disbelief as a group of Taylor Swift fans and FTX investors stormed the Capitol building in Washington D.C. It was a surreal sight to behold, as the two groups – who seemingly have nothing in common – came together to voice their frustration with the current state of affairs.
The Taylor Swift fans were upset about Ticketmaster’s presale policies, which they felt were unfair. The FTX investors, on the other hand, were angry about the company’s recent bankruptcy filing. Both groups had valid grievances, and they decided to take matters into their own hands by storming the Capitol.
Due to extraordinarily high demands on ticketing systems and insufficient remaining ticket inventory to meet that demand, tomorrow's public on-sale for Taylor Swift | The Eras Tour has been cancelled.
WASHINGTON, DC – DECEMBER 08: CEO of FTX Sam Bankman-Fried testifies during a hearing before the House Financial Services Committee at Rayburn House Office Building on Capitol Hill December 8, 2021 in Washington, DC. The committee held a hearing on “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States.” (Photo by Alex Wong/Getty Images)
While FTX has yet to comment on the events, they have continued the process of chapter 11:
Scenes from the display were traumatizing to many tourist and visitors at the capitol. Many claimed they could hear crowds singing All Too Well (10 Minute Version) (Taylor’s Version) on repeat.
The two groups had converged on the Capitol after learning that Ticketmaster was holding a presale for Swift’s upcoming tour. But when they arrived, they found that the Ticketmaster website had crashed.
That’s when FTX investors, who had been waiting in line for hours to get their hands on tickets, decided to take matters into their own hands. They stormed the Capitol, demanding that Ticketmaster give them their tickets.
Meanwhile, Swift fans were reportedly seen cheering and chanting “We want Tay!” as the FTX investors forced their way into the building.
It’s still unclear what exactly happened during the insurrection, but one thing is for sure: it was a strange day indeed. The world will be watching to see what comes next from these two unlikely groups of protesters.
Editors note: At the time of publication (11/17) the Daily Shard team neither reached out or confirmed any of the above statements to be true or false. Currently no comments have been made from either party.
The Daily Shard and all its stories are complete wastes of time and works of fiction. Names, characters, businesses, places, events, and incidents are either the products of the author’s imagination or used in a fictitious manner. Any resemblance to actual persons, living or dead, or actual events is purely coincidental.
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In this interview, Bitstamp’s CEO shares the story of the early days of Bitcoin, how Bitstamp grew from 8 to 570 people, how the exchange picks cryptocurrencies to list, and if we’re still early.
Bitstamp is one of the veteran crypto exchanges, operating since 2011. It’s a European-focused platform based in Slovenia, with its headquarters in London, England — and serves the USA and many other countries as well.
CryptoPotato a chance to meet up with Jean-Baptiste Graftieaux (JB for short), the company’s global Chief Executive Officer (CEO). He has held leadership roles in traditional finance, fintech, payments, and eCommerce – as well as cryptocurrency. He became the global CEO of Bitstamp in May 2022 – before that, he was serving as the CEO of Bitstsamp Europe.
At the Paris Blockchain Week Summit, Graftieaux shared with us the story of the early days of Bitcoin (“in 2011, the only way to buy BTC in Europe was by sending money to Japan”), the enormous growth of Bitstamp (“we were 8 in 2014 and now 570”), how Bitstamp picks which cryptocurrencies to list on their exchange, and the institutional growth (“we are still early”).
Jean-Baptiste Graftieaux. Source: Bitstamp
The Days When You Could Buy BTC Only in Japan
Many people wish they had bought Bitcoin back in the early days when prices were in the range of a few cents. However, while we’re currently used to being able to buy BTC as easy as putting your credit card details back in 2011, it was different story – according to Graftieaux.
“Back in 2011, when you wanted to buy crypto in Europe, you had to send your money to Japan. The two founders (of Bitstamp), Nate and Damian, 20 years old at the time probably, their idea was, ‘Let’s give crypto access to European users, not going to Japan, but with a European platform, European bank.’ So overnight they put together Bitstamp.”
Three years later, Bitstamp was still a startup venture, but today it’s a vast global operation with a billion dollars a day worth of crypto trade volume.
“I joined the company in 2014. We were just eight people at the time. It was still a startup. It was in the garage. But nevertheless the market has evolved significantly over the last six to eight years. Now we have 570 employees over in Europe, in the US, in APAC [Asia-Pacific] as well.”
The First European Regulated Crypto Exchange
Along with that much trading volume comes the compliance responsibilities for Graftieaux and his team to manage in collaboration with national regulatory authorities:
“The DNA of Bitstamp is to be a trusted company. Very early in the process we became regulated – in 2016. We were the first exchange to be regulated in Europe. Then after in the US, and very soon after that in APAC. But that’s part of our DNA. That’s why we are very, very strong with institutional clients, banks, and payment service providers— but also 5 million retail [users].”
Today Bitstamp remains a top 10 cryptocurrency exchange, but JB still remembers the days they were processing only $20 million in a day – a number that has grown to billions. He also shared that they had 15,000 clients back in 2014, whereas now they have over 5 million.
It’s a completely different story, a completely different ecosystem.”
Today Bitstamp facilitates liquid exchange markets for a wide variety of cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Tether (USDT), USD Coin (UDC), Ripple (XRP), Cardano (ADA), and dozens of others.
The company’s work is one of Slovenia’s greatest exports and claims to fame, says Graftieaux:
“Interestingly the company is still in Slovenia where it was founded. We have offices in Luxembourg, Amsterdam, New York, and Singapore. Out of the 570, probably 450 people are in Slovenia. Bitstamp in Slovenia — it’s like Apple in the US. Everybody wants to work for Bitstamp.”
In recent years there’s been a rise in cyberattacks on cryptocurrency companies and users. It’s reminiscent of the early days when crypto first rose to prominence as a major bounty online for cybercriminals.
Bitstamp is one of three exchanges, Graftiaux tells us, that keeps a U.K. SOC 2 audit/certification for information security:
“We have an InfoSec or CISO [chief information security officer] team internally with tons of experience. And what we do to comfort us and to comfort the ecosystem is that we are audited, and we have the higher certification in terms of IT security, which is a Soc 2 report.
I think we have only three exchanges in the world with that type of audit or certification. So for us it’s outsourcing to reputable very, very solid partners, and at the same time, getting this validation that we are set of the art in terms of security.”
Bitstamp has notably stayed out of the news over incidents or security breaches for the last eight years. The CEO said that out of the roughly 300 cryptocurrency exchanges operating today, he doesn’t think there are more than 20 fully regulated exchanges. He believes that focusing on compliance first, then build, as opposed to build first, ask questions later has been a key ingredient to Bitstamp’s staying power.
‘Exchanges List Everything’
He says another aspect of that is quality control in the choice of trading pairs on the exchange. There are fewer coins to trade compared to some of the exchange’s newer competitors. That could be a high reward opportunity for holders, but also with the trade-off of higher risk.
One of Bitstamp’s criteria for quality is liquidity:
“We want to ensure when our clients want to buy the coin — there is coin on the market, there is coin on the platform. That when they want to sell, we want to make sure there’s a buyer. Otherwise there is no transaction.
What we have seen on the other exchanges is that they will be listing everything, every kind of coin. You buy the coin, but at some point when you want to sell, there is no one— and the price is dropping. You lose all your money, basically. So in terms of consumer reputation, this is bad. We think it’s very bad. So for us the first point is we want to ensure there’s liquidity on the platform.”
The second criterion is the team behind the crypto or token. The CEO explained that they are extremely selective because they want to make sure that if users buy a cryptocurrency – “there is a business plan, there is a team behind it, there is knowledge, there is IT security – that this coin will stay for the next 20 years, 50 years – forever.”
On Institutions: We Are Still Early
Speaking of that kind of longevity, Graftieaux told us he thinks we are still early in terms of institutional players making big investments in cryptocurrency.
Source: Bitstamp
While many institutional investors are beginning to add crypto to their holdings — especially in the U.S., where a more clear regulatory framework has begun to emerge — the Bitstamp CEO thinks there’s still big growth that we haven’t seen yet coming. Here’s the timeframe he guesses:
“The way to look at it is that the ecosystem is only 12-years-old. From 2009 to 2016, it was the Wild West: no regulation, no best practices, no law, no mediation whatsoever.
We played by the book, by the best practices at the time. Now it’s very fragmented. The US has a very clear regulatory framework. In Europe it’s less clear, but it’s coming.
At the moment, it’s more like a regulatory puzzle, with the VASP, the Virtual Asset Service Provider. This means that we are in a transition phase, which means that institutions are preparing themselves for the next wave, which will come after… let’s say 24 months more or less. Hopefully 24 to 30 months. So is it still early? I think it’s still early. There’s been growth, but the big one is coming.”
Bitcoin has slipped below $30,000, while Ethereum is fighting to remain above $2,000. Most of the market is slightly in the red.
Bitcoin failed at decisively overcoming $31,000 and has retraced by over $1,000 to a familiar ground of approximately $30,000. Most altcoins are also slightly in the red today, with Ethereum fighting to stay above $2,000. Polkadot has lost the most from the larger-cap alts.
Bitcoin Stalls at $30K
Last week was nothing short of a volatile rollercoaster for bitcoin, in which the asset plummeted by $15,000 at one point from $40,000 to a multi-month low of $25,300. After recovering around $5,000 in the following few days, the tides changed, and this week has been significantly calmer, at least for now.
The most substantial price increase came two days ago when BTC spiked to and beyond $31,000. However, it failed at that point, reversed its trajectory, and came back down to below $30,000.
Something similar transpired yesterday as BTC traded above that coveted level for most of the day. Now, though, the cryptocurrency is beneath that line, and its market cap is down to $570 billion. Its dominance over the alts remains rather still at just over 44%.
BTCUSD. Source: TradingView
ETH Fights for $2K, DOT Slumps
The alternative coins have mimicked BTC’s performance to a large extent in the past ten days or so, with massive plunges last week and a calmer outlook since the weekend.
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Ethereum tried its hand at $2,100 yesterday but failed there, and the subsequent rejection has driven it back down to around $2,000.
Binance Coin touched $310 yesterday but sits $10 lower now after a minor daily decline. Similar decreases are evident from Ripple, Solana, Cardano, Dogecoin, Avalanche, and Shiba Inu.
Polkadot has lost the most in the past 24 hours. A 6.5% drop has pushed DOT to just over $10. TRON and Litecoin are among the few larger-cap alts with minor increases.
The crypto market cap has remained stagnant as well and is close to $1.3 trillion.
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