API

f6shfll7

Yes, I'm a true believer, 2023 marks my 10th year in crypto. I don't believe in getting fiat rich, fiat is legacy shitcoins. For me crypo is about reducing the power of profligate banksters, who fucked over the global economy in 2008, got bailed out for free and no-one went to jail. Everyone else lost jobs, homes, probably lives too. Fuck "too big to fail". Fuck standing in line trying to get your money out. I have severe concerns about how crypto has just led back to centralised methods though. Not just Celsius, FTX etc. but browser API wallets and dApps accessed through websites. Bitcoin was an amazing first step, but it was obviously not going to work when I got in. Also PoW simply wasting hashes is against my ethics. First crypto was Peercoin, then cycled through Gridcoin (still hold and do research on it), through many other coins, and now the only one that makes sense is Cardano. I don't care what people think about gains, Cardano is at least trying for real world adoption, its the best placed to disrupt long term. If that makes me wealthy in crypto terms, that's a nice side effect.

aerodeck

bro i barely know what API even means

Dro1100

I only used CB for a week before I changed so I can't help unfortunately. There's no options with an API either?

ioWxss6_bot

Yeah, this is how it's going to be today. I've patched it up, it should be fine tomorrow. What happened? So the bot is automated to pull coinbase API for newly issued tokens. And so here's [this new token named T](https://www.coinbase.com/price/threshold) (yeah, just one letter), Threshold. The counting algorithm did not do a good job here. I've modified the logic so that letter "T" does not get counted. When designing the bot, did not account for one letter coin names 😀

CointestMod

#NFT Pro-Arguments Below is an argument written by Maleficent_Plankton which won 2nd place in the NFT Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ####**Niche following** > > By now, we need accept that most communities, especially the technology and gaming communities, hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs, and they will likely remain a **very niche product** for the foreseeable future. > > NFTs are similar to everything else that attract criticism from more practical shoppers because they have little practical use. In this aspect, they are similar to Rolex watches, gacha waifus, game character skins, anime car decals, expensive designer t-shirts, brand-name medicine, etc. Even though these products are expensive and have little practical value, **they still make their owners happy**. And who are we to criticize others for spending money that goes towards increasing happiness. > > Some game items like character skins, tradeable gacha items, and Steam/game marketplace items could easily be turned into NFTs without changing gameplay, so there is an existing market for them. > > ####**Decentralized backend, allowing more auditability and access** > > NFTs can be stored on public, immutable blockchains. This gives their users more flexibility in controlling how they transfer and interact with them. It also provides an auditable record that anyone else could build an API to visualize or track the NFTs. **The community no longer has to rely on the front-end service provider for API tools since the blockchain already provides public access to the data source.** Communities can build markets and other visualizers for their NFTs on their own without needing additional permissions. > > Keeping NFTs on open ledgers is also useful for tracking unethical practices like wash sales and money laundering. > > ####**Automatic Royalties** > > NFTs can be set up as smart contracts that provide automatic royalties to the original creator. There is no need for an intermediary, who can often take a huge cut of the creator profits. > > ####**Potentially lower fees** > > Ethereum NFTs are insanely expensive. It can easily cost tens to hundreds of dollars to mint a Layer 1 Ethereum NFT even when there's little congestion. > > However, many NFT collections have now moved over to cheaper networks like Polygon, Solana, and Ethereum Layer 2 networks. For example, the Reddit collectible avatars only cost around $0.002 each to bulk-mint on Polygon. That's $50 total to mint the 27000 NFTs currently available for [my avatar set](https://polygonscan.com/address/0x466a330887bDF62D53f968EA824793150f07762e). Reddit doesn't have to pay for the backend of keeping track of all these NFTs or ongoing costs of concerning they're transferred, so it's orders of magnitude cheaper than it was on Ethereum. > > Most NFT marketplaces only charge 1-2% for listing fees, which is much cheaper than many traditional digital art marketplaces that charge 5-20% (e.g. ArtStation, DeviantArt). After all, they only need to provide the front end, not the backend or customer support for transfers. Even gaming communities like Steam charge a 5-10% commission fee for item trades. **People can skip marketplace fees by trading directly on the blockchain.** ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/v2jl5l/general_concepts_nft_proarguments_june_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find arguments on this topic in other rounds.

CointestMod

#NFT Pro-Arguments Below is an argument written by Maleficent_Plankton which won 2nd place in the NFT Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ####**Niche following** > > By now, we need accept that most communities, especially the technology and gaming communities, hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs, and they will likely remain a **very niche product** for the foreseeable future. > > NFTs are similar to everything else that attract criticism from more practical shoppers because they have little practical use. In this aspect, they are similar to Rolex watches, gacha waifus, game character skins, anime car decals, expensive designer t-shirts, brand-name medicine, etc. Even though these products are expensive and have little practical value, **they still make their owners happy**. And who are we to criticize others for spending money that goes towards increasing happiness. > > Some game items like character skins, tradeable gacha items, and Steam/game marketplace items could easily be turned into NFTs without changing gameplay, so there is an existing market for them. > > ####**Decentralized backend, allowing more auditability and access** > > NFTs can be stored on public, immutable blockchains. This gives their users more flexibility in controlling how they transfer and interact with them. It also provides an auditable record that anyone else could build an API to visualize or track the NFTs. **The community no longer has to rely on the front-end service provider for API tools since the blockchain already provides public access to the data source.** Communities can build markets and other visualizers for their NFTs on their own without needing additional permissions. > > Keeping NFTs on open ledgers is also useful for tracking unethical practices like wash sales and money laundering. > > ####**Automatic Royalties** > > NFTs can be set up as smart contracts that provide automatic royalties to the original creator. There is no need for an intermediary, who can often take a huge cut of the creator profits. > > ####**Potentially lower fees** > > Ethereum NFTs are insanely expensive. It can easily cost tens to hundreds of dollars to mint a Layer 1 Ethereum NFT even when there's little congestion. > > However, many NFT collections have now moved over to cheaper networks like Polygon, Solana, and Ethereum Layer 2 networks. For example, the Reddit collectible avatars only cost around $0.002 each to bulk-mint on Polygon. That's $50 total to mint the 27000 NFTs currently available for [my avatar set](https://polygonscan.com/address/0x466a330887bDF62D53f968EA824793150f07762e). Reddit doesn't have to pay for the backend of keeping track of all these NFTs or ongoing costs of concerning they're transferred, so it's orders of magnitude cheaper than it was on Ethereum. > > Most NFT marketplaces only charge 1-2% for listing fees, which is much cheaper than many traditional digital art marketplaces that charge 5-20% (e.g. ArtStation, DeviantArt). After all, they only need to provide the front end, not the backend or customer support for transfers. Even gaming communities like Steam charge a 5-10% commission fee for item trades. **People can skip marketplace fees by trading directly on the blockchain.** ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/v2jl5l/general_concepts_nft_proarguments_june_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find arguments on this topic in other rounds.

ioWxss6_bot

So the bot is automated to pull coinbase API for newly issued tokens. And so [here's this new token named T](https://www.coinbase.com/price/threshold) (yeah, just one letter), Threshold. I don't think that the counting algorithm does a good job here. Will soon modify the logic so that letter "T" does not get counted. When designing this, did not account for one letter coins names 😀

knowmansland

“The Self-Trade Prevention Function is optional, and won't impact those who choose not to use it. It will be available to all of users of Binance's API” This seems like a feature to prevent an account from accidentally wash trading and not to stop anyone from intentionally manipulating price . However, the opt-in data will reveal who they are and put them under the microscope for further analysis.

Mikeyctc

Literally says it’s an optional feature.. LOL. So basically nothing is changing because people. That wash trade want to wash trade. And people that don’t will still trade against the market manipulators using this tactic. “The Self-Trade Prevention Function is optional, and won't impact those who choose not to use it. It will be available to all of users of Binance's API, which allows users to connect to the company's services via programming languages to allow for automated trading. Users of the Binance site and app won't be affected.”

CointestMod

#NFT Pro-Arguments Below is an argument written by Maleficent_Plankton which won 2nd place in the NFT Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ####**Niche following** > > By now, we need accept that most communities, especially the technology and gaming communities, hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs, and they will likely remain a **very niche product** for the foreseeable future. > > NFTs are similar to everything else that attract criticism from more practical shoppers because they have little practical use. In this aspect, they are similar to Rolex watches, gacha waifus, game character skins, anime car decals, expensive designer t-shirts, brand-name medicine, etc. Even though these products are expensive and have little practical value, **they still make their owners happy**. And who are we to criticize others for spending money that goes towards increasing happiness. > > Some game items like character skins, tradeable gacha items, and Steam/game marketplace items could easily be turned into NFTs without changing gameplay, so there is an existing market for them. > > ####**Decentralized backend, allowing more auditability and access** > > NFTs can be stored on public, immutable blockchains. This gives their users more flexibility in controlling how they transfer and interact with them. It also provides an auditable record that anyone else could build an API to visualize or track the NFTs. **The community no longer has to rely on the front-end service provider for API tools since the blockchain already provides public access to the data source.** Communities can build markets and other visualizers for their NFTs on their own without needing additional permissions. > > Keeping NFTs on open ledgers is also useful for tracking unethical practices like wash sales and money laundering. > > ####**Automatic Royalties** > > NFTs can be set up as smart contracts that provide automatic royalties to the original creator. There is no need for an intermediary, who can often take a huge cut of the creator profits. > > ####**Potentially lower fees** > > Ethereum NFTs are insanely expensive. It can easily cost tens to hundreds of dollars to mint a Layer 1 Ethereum NFT even when there's little congestion. > > However, many NFT collections have now moved over to cheaper networks like Polygon, Solana, and Ethereum Layer 2 networks. For example, the Reddit collectible avatars only cost around $0.002 each to bulk-mint on Polygon. That's $50 total to mint the 27000 NFTs currently available for [my avatar set](https://polygonscan.com/address/0x466a330887bDF62D53f968EA824793150f07762e). Reddit doesn't have to pay for the backend of keeping track of all these NFTs or ongoing costs of concerning they're transferred, so it's orders of magnitude cheaper than it was on Ethereum. > > Most NFT marketplaces only charge 1-2% for listing fees, which is much cheaper than many traditional digital art marketplaces that charge 5-20% (e.g. ArtStation, DeviantArt). After all, they only need to provide the front end, not the backend or customer support for transfers. Even gaming communities like Steam charge a 5-10% commission fee for item trades. **People can skip marketplace fees by trading directly on the blockchain.** ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/v2jl5l/general_concepts_nft_proarguments_june_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find arguments on this topic in other rounds.

InvestAn

3 lines of API code making it interoperable with both crypto and legacy systems (banks). Secure. Great CEO in Gilbert Veridian! All with less supply than BTC. My biggest position.

Zopheus_

API3

CointestMod

#NFT Pro-Arguments Below is an argument written by Maleficent_Plankton which won 2nd place in the NFT Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ####**Niche following** > > By now, we need accept that most communities, especially the technology and gaming communities, hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs, and they will likely remain a **very niche product** for the foreseeable future. > > NFTs are similar to everything else that attract criticism from more practical shoppers because they have little practical use. In this aspect, they are similar to Rolex watches, gacha waifus, game character skins, anime car decals, expensive designer t-shirts, brand-name medicine, etc. Even though these products are expensive and have little practical value, **they still make their owners happy**. And who are we to criticize others for spending money that goes towards increasing happiness. > > Some game items like character skins, tradeable gacha items, and Steam/game marketplace items could easily be turned into NFTs without changing gameplay, so there is an existing market for them. > > ####**Decentralized backend, allowing more auditability and access** > > NFTs can be stored on public, immutable blockchains. This gives their users more flexibility in controlling how they transfer and interact with them. It also provides an auditable record that anyone else could build an API to visualize or track the NFTs. **The community no longer has to rely on the front-end service provider for API tools since the blockchain already provides public access to the data source.** Communities can build markets and other visualizers for their NFTs on their own without needing additional permissions. > > Keeping NFTs on open ledgers is also useful for tracking unethical practices like wash sales and money laundering. > > ####**Automatic Royalties** > > NFTs can be set up as smart contracts that provide automatic royalties to the original creator. There is no need for an intermediary, who can often take a huge cut of the creator profits. > > ####**Potentially lower fees** > > Ethereum NFTs are insanely expensive. It can easily cost tens to hundreds of dollars to mint a Layer 1 Ethereum NFT even when there's little congestion. > > However, many NFT collections have now moved over to cheaper networks like Polygon, Solana, and Ethereum Layer 2 networks. For example, the Reddit collectible avatars only cost around $0.002 each to bulk-mint on Polygon. That's $50 total to mint the 27000 NFTs currently available for [my avatar set](https://polygonscan.com/address/0x466a330887bDF62D53f968EA824793150f07762e). Reddit doesn't have to pay for the backend of keeping track of all these NFTs or ongoing costs of concerning they're transferred, so it's orders of magnitude cheaper than it was on Ethereum. > > Most NFT marketplaces only charge 1-2% for listing fees, which is much cheaper than many traditional digital art marketplaces that charge 5-20% (e.g. ArtStation, DeviantArt). After all, they only need to provide the front end, not the backend or customer support for transfers. Even gaming communities like Steam charge a 5-10% commission fee for item trades. **People can skip marketplace fees by trading directly on the blockchain.** ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/v2jl5l/general_concepts_nft_proarguments_june_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find arguments on this topic in other rounds.

josef3110

After all that's not true. It uses Tendermint and its consensus mechanism. BSC and ETH chains have nothing in common. Tendermint is inferior to ETH because is cannot scale and therefore decentralization and handing over control over the chain is not possible. Or in other words - BSC is not much different to a general ledger of a regular bank, just trying to give believers the illusion of being a crypto. But in opposition to a regular bank Binance is not regulated at all. They do with their customers money whatever they want. The same way FTX did. They are just a bit smarter to survive their recent money outflow. EVM is not a consensus mechanism but an API. One can execute transactions and smart contracts the same way as ETH, but the blockchain and it's blocks are entirely different. The same way as ETH1 was PoW and ETH2 is PoS. Same API different validation.

CointestMod

#NFT Pro-Arguments Below is an argument written by Maleficent_Plankton which won 2nd place in the NFT Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ####**Niche following** > > By now, we need accept that most communities, especially the technology and gaming communities, hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs, and they will likely remain a **very niche product** for the foreseeable future. > > NFTs are similar to everything else that attract criticism from more practical shoppers because they have little practical use. In this aspect, they are similar to Rolex watches, gacha waifus, game character skins, anime car decals, expensive designer t-shirts, brand-name medicine, etc. Even though these products are expensive and have little practical value, **they still make their owners happy**. And who are we to criticize others for spending money that goes towards increasing happiness. > > Some game items like character skins, tradeable gacha items, and Steam/game marketplace items could easily be turned into NFTs without changing gameplay, so there is an existing market for them. > > ####**Decentralized backend, allowing more auditability and access** > > NFTs can be stored on public, immutable blockchains. This gives their users more flexibility in controlling how they transfer and interact with them. It also provides an auditable record that anyone else could build an API to visualize or track the NFTs. **The community no longer has to rely on the front-end service provider for API tools since the blockchain already provides public access to the data source.** Communities can build markets and other visualizers for their NFTs on their own without needing additional permissions. > > Keeping NFTs on open ledgers is also useful for tracking unethical practices like wash sales and money laundering. > > ####**Automatic Royalties** > > NFTs can be set up as smart contracts that provide automatic royalties to the original creator. There is no need for an intermediary, who can often take a huge cut of the creator profits. > > ####**Potentially lower fees** > > Ethereum NFTs are insanely expensive. It can easily cost tens to hundreds of dollars to mint a Layer 1 Ethereum NFT even when there's little congestion. > > However, many NFT collections have now moved over to cheaper networks like Polygon, Solana, and Ethereum Layer 2 networks. For example, the Reddit collectible avatars only cost around $0.002 each to bulk-mint on Polygon. That's $50 total to mint the 27000 NFTs currently available for [my avatar set](https://polygonscan.com/address/0x466a330887bDF62D53f968EA824793150f07762e). Reddit doesn't have to pay for the backend of keeping track of all these NFTs or ongoing costs of concerning they're transferred, so it's orders of magnitude cheaper than it was on Ethereum. > > Most NFT marketplaces only charge 1-2% for listing fees, which is much cheaper than many traditional digital art marketplaces that charge 5-20% (e.g. ArtStation, DeviantArt). After all, they only need to provide the front end, not the backend or customer support for transfers. Even gaming communities like Steam charge a 5-10% commission fee for item trades. **People can skip marketplace fees by trading directly on the blockchain.** ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/v2jl5l/general_concepts_nft_proarguments_june_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find arguments on this topic in other rounds.

CointestMod

#Chainlink Pro-Arguments Below is an argument written by FrogsDoBeCool which won 2nd place in the Chainlink Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > # Chainlink - Oracles, the thing no basic crypto investor understands > > Disclaimer: I own Chainlink, and believe it's a good project. > > * Chainlink is, confusing to say the least. It does a lot. Specifically with smart contracts. I really feel like I need to explain an oracle before I dig too deep in this. (it's okay, oracles are directly related to chainlink). > > # Oracles > > * Transactions when validated need to be sequential and agreed upon with every ledger? right? yes, but [smart contracts ruin that.](https://www.youtube.com/watch?v=ZJfkNzyO7-U) (0:00-3:00, heavily referenced in oracle problem). Imagine you need to send $5 of eth to someone every minute, forever. great. cool. no. > * When we use an API in the smart contract to find the price of eth to send $5 to person A, we have to deal with the fact the price of ETH will changes, all the nodes that validate this one transaction take time to validate the transaction, therefore all the nodes validating said transaction will get a different result. Destroying the entire Ethereum network and making Vitalik cry. > * When we call transactions already validated to be checked again, the API used will be called again. So imagine sending $5 of eth to person A in 2017, which would be 0.5 eth at the time. But today 0.5 eth is worth like, $2000. So getting the history of all transactions.. can't happen. > * **How Oracles Solve this dilemma** > * Oracles in a sense connect historic data to current. They keep the data of API's, transactions, etc, so that they can bridge the differences in data and keep transactions able to be validated. For an easier explanation, they take the transaction, and bundle it, for all the nodes to get, to validate. > * **The Oracle problem** > * The reason many, many oracles have failed in the past is due to the [oracle problem](https://blog.chain.link/what-is-the-blockchain-oracle-problem/), in which we trade decentralization for well.. smart contracts to work. Because an Oracle keeps the data of all smart contract transactions to distribute to nodes to give one singular result, and the fact many oracles have used a single storage server, they're inherently centralized. It's similar to having a cryptocurrency being made on one node. > * [Centralization is not the only issue,](https://medium.com/@DelphiSystems/the-oracle-problem-856ccbdbd14f) Native blockchains cannot pull or push data onto off-chain data. This gives these networks security from hackers and vulnerabilities. Although, the world is kinda sexy with data, and apis, and oh my god. all the numbers. Smart contracts love numbers. > * How are these problems solved? Chainlink! > > # Chainlink, its use, purpose, and value > > * The actual coin, [Link](https://cryptonews.com/coins/chainlink/), is used similar to a gas payment, in which they use it to help validate transactions. It's been stated historically that Link as a coin is not needed at all, and is a useless coin.. But, nope, if that was true, then ethereum gas fees would be useless too. (while i wish gas fees were useless, they're not!) > * The more link a node has collected, [generally the more trusted it is](https://www.youtube.com/watch?v=j2fg8qGWBYE), allowing it to get more data. This one key idea would make people think Chainlink is centralized, but instead, there's been a way to increase the speed of the network and validation of transactions, since the fastest nodes are also the ones with the most link. > * Chainlink works on several blockchains > * [External adaptors](https://docs.chain.link/docs/external-adapters/) allow smart contracts to be able to be used and validated on multiple blockchains, one of the earliest examples of attempting to bridge cryptocurrencies! > * External adaptors are also what chainlink use to bridge data from API's to the blockchain network in a decentralized way. > * **The Oracle Problem** > * Chainlink solves this issue efficiently, cleanly, and thankfully easy to explain. They basically built an entire blockchain on a blockchain just for smart contracts. > * [They have decentralized nodes](https://docs.chain.link/docs/running-a-chainlink-node/). The nodes collect data from API's, then validate them via specific oracles in each node, then is sent to the blockchain. Nodes are compensated in LINK coins for this work. They also receive data from the blockchain too to then send that data usually to API's. > * Real World Use > * Data feeds is the initial problem I basically introduced in this cointest, in that we cannot know the historic value of eth on an API that's ever changing. Chainlink, because of oracles, has solved this. Don't believe me? kinda hurts, but no matter. [Here's an example.](https://data.chain.link/) Data feeds are now a basic example of what Chainlink can do, and should be known as one of the first things chainlink and oracles, in general, were built to solve. > * the entire ethereum DeFi world is built on chainlink's protocols. Yeah, by the way, Ethereum is valued at 500 billion dollars. > * Chainlink is honestly, **the bridge to the internet** \- **to the blockchain**. It is one of the most useful projects that could ever be made in crypto, and it's one of the only decentralized oracle cryptos. > * Any data that can be scraped into an API can be put onto the blockchain now because of Chainlink. Bank information, financial statements.. you could even end up building an API on r/cc to scrape data, to host a website on web 3.0 using smart contracts, and by that nature, chainlink. > * Grayscale crypto etf's have a Chainlink trust, [specifically for chainlink!](https://grayscale.com/products/grayscale-chainlink-trust/?gclid=Cj0KCQiA4b2MBhD2ARIsAIrcB-RTNwh_LNWBoCGHuRRAbQYNuwpo095BoYlYF2xFPawJecHUBNYZgwwaAoqOEALw_wcB) > * Chainlink is used everywhere in most blockchains with smart contracts, because of its decentralized, ease of use, oracles. I'm grasping at straws just simply because Chainlink seems to solve specific issues that people would not encounter in daily cryptocurrency life, but Chainlink literally is the foundation of many things cryptocurrency. That's the key takeaway from this. > > ​ > > ​ > > some cool things i found: > > when looking over reddit, i found apparently the technical community manager vibing, explaining [oracles.](https://www.reddit.com/r/CryptoTechnology/comments/81te2i/how_do_blockchainssmart_contracts_communicate/) back in 2018, when link was around $0.50. Like damn bro, why couldn't I have had the fucking TCM explain oracles to me when link was 50 cents. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/qk4yos/coin_inquiries_round_chainlink_proarguments/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Chainlink) to find arguments on this topic in other rounds.

CointestMod

#NFT Pro-Arguments Below is an argument written by Maleficent_Plankton which won 2nd place in the NFT Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ####**Niche following** > > By now, we need accept that most communities, especially the technology and gaming communities, hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs, and they will likely remain a **very niche product** for the foreseeable future. > > NFTs are similar to everything else that attract criticism from more practical shoppers because they have little practical use. In this aspect, they are similar to Rolex watches, gacha waifus, game character skins, anime car decals, expensive designer t-shirts, brand-name medicine, etc. Even though these products are expensive and have little practical value, **they still make their owners happy**. And who are we to criticize others for spending money that goes towards increasing happiness. > > Some game items like character skins, tradeable gacha items, and Steam/game marketplace items could easily be turned into NFTs without changing gameplay, so there is an existing market for them. > > ####**Decentralized backend, allowing more auditability and access** > > NFTs can be stored on public, immutable blockchains. This gives their users more flexibility in controlling how they transfer and interact with them. It also provides an auditable record that anyone else could build an API to visualize or track the NFTs. **The community no longer has to rely on the front-end service provider for API tools since the blockchain already provides public access to the data source.** Communities can build markets and other visualizers for their NFTs on their own without needing additional permissions. > > Keeping NFTs on open ledgers is also useful for tracking unethical practices like wash sales and money laundering. > > ####**Automatic Royalties** > > NFTs can be set up as smart contracts that provide automatic royalties to the original creator. There is no need for an intermediary, who can often take a huge cut of the creator profits. > > ####**Potentially lower fees** > > Ethereum NFTs are insanely expensive. It can easily cost tens to hundreds of dollars to mint a Layer 1 Ethereum NFT even when there's little congestion. > > However, many NFT collections have now moved over to cheaper networks like Polygon, Solana, and Ethereum Layer 2 networks. For example, the Reddit collectible avatars only cost around $0.002 each to bulk-mint on Polygon. That's $50 total to mint the 27000 NFTs currently available for [my avatar set](https://polygonscan.com/address/0x466a330887bDF62D53f968EA824793150f07762e). Reddit doesn't have to pay for the backend of keeping track of all these NFTs or ongoing costs of concerning they're transferred, so it's orders of magnitude cheaper than it was on Ethereum. > > Most NFT marketplaces only charge 1-2% for listing fees, which is much cheaper than many traditional digital art marketplaces that charge 5-20% (e.g. ArtStation, DeviantArt). After all, they only need to provide the front end, not the backend or customer support for transfers. Even gaming communities like Steam charge a 5-10% commission fee for item trades. **People can skip marketplace fees by trading directly on the blockchain.** ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/v2jl5l/general_concepts_nft_proarguments_june_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find arguments on this topic in other rounds.

CointestMod

#NFT Pro-Arguments Below is an argument written by Maleficent_Plankton which won 2nd place in the NFT Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ####**Niche following** > > By now, we need accept that most communities, especially the technology and gaming communities, hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs, and they will likely remain a **very niche product** for the foreseeable future. > > NFTs are similar to everything else that attract criticism from more practical shoppers because they have little practical use. In this aspect, they are similar to Rolex watches, gacha waifus, game character skins, anime car decals, expensive designer t-shirts, brand-name medicine, etc. Even though these products are expensive and have little practical value, **they still make their owners happy**. And who are we to criticize others for spending money that goes towards increasing happiness. > > Some game items like character skins, tradeable gacha items, and Steam/game marketplace items could easily be turned into NFTs without changing gameplay, so there is an existing market for them. > > ####**Decentralized backend, allowing more auditability and access** > > NFTs can be stored on public, immutable blockchains. This gives their users more flexibility in controlling how they transfer and interact with them. It also provides an auditable record that anyone else could build an API to visualize or track the NFTs. **The community no longer has to rely on the front-end service provider for API tools since the blockchain already provides public access to the data source.** Communities can build markets and other visualizers for their NFTs on their own without needing additional permissions. > > Keeping NFTs on open ledgers is also useful for tracking unethical practices like wash sales and money laundering. > > ####**Automatic Royalties** > > NFTs can be set up as smart contracts that provide automatic royalties to the original creator. There is no need for an intermediary, who can often take a huge cut of the creator profits. > > ####**Potentially lower fees** > > Ethereum NFTs are insanely expensive. It can easily cost tens to hundreds of dollars to mint a Layer 1 Ethereum NFT even when there's little congestion. > > However, many NFT collections have now moved over to cheaper networks like Polygon, Solana, and Ethereum Layer 2 networks. For example, the Reddit collectible avatars only cost around $0.002 each to bulk-mint on Polygon. That's $50 total to mint the 27000 NFTs currently available for [my avatar set](https://polygonscan.com/address/0x466a330887bDF62D53f968EA824793150f07762e). Reddit doesn't have to pay for the backend of keeping track of all these NFTs or ongoing costs of concerning they're transferred, so it's orders of magnitude cheaper than it was on Ethereum. > > Most NFT marketplaces only charge 1-2% for listing fees, which is much cheaper than many traditional digital art marketplaces that charge 5-20% (e.g. ArtStation, DeviantArt). After all, they only need to provide the front end, not the backend or customer support for transfers. Even gaming communities like Steam charge a 5-10% commission fee for item trades. **People can skip marketplace fees by trading directly on the blockchain.** ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/v2jl5l/general_concepts_nft_proarguments_june_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find arguments on this topic in other rounds.

CointestMod

#NFT Pro-Arguments Below is an argument written by Maleficent_Plankton which won 2nd place in the NFT Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ####**Niche following** > > By now, we need accept that most communities, especially the technology and gaming communities, hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs, and they will likely remain a **very niche product** for the foreseeable future. > > NFTs are similar to everything else that attract criticism from more practical shoppers because they have little practical use. In this aspect, they are similar to Rolex watches, gacha waifus, game character skins, anime car decals, expensive designer t-shirts, brand-name medicine, etc. Even though these products are expensive and have little practical value, **they still make their owners happy**. And who are we to criticize others for spending money that goes towards increasing happiness. > > Some game items like character skins, tradeable gacha items, and Steam/game marketplace items could easily be turned into NFTs without changing gameplay, so there is an existing market for them. > > ####**Decentralized backend, allowing more auditability and access** > > NFTs can be stored on public, immutable blockchains. This gives their users more flexibility in controlling how they transfer and interact with them. It also provides an auditable record that anyone else could build an API to visualize or track the NFTs. **The community no longer has to rely on the front-end service provider for API tools since the blockchain already provides public access to the data source.** Communities can build markets and other visualizers for their NFTs on their own without needing additional permissions. > > Keeping NFTs on open ledgers is also useful for tracking unethical practices like wash sales and money laundering. > > ####**Automatic Royalties** > > NFTs can be set up as smart contracts that provide automatic royalties to the original creator. There is no need for an intermediary, who can often take a huge cut of the creator profits. > > ####**Potentially lower fees** > > Ethereum NFTs are insanely expensive. It can easily cost tens to hundreds of dollars to mint a Layer 1 Ethereum NFT even when there's little congestion. > > However, many NFT collections have now moved over to cheaper networks like Polygon, Solana, and Ethereum Layer 2 networks. For example, the Reddit collectible avatars only cost around $0.002 each to bulk-mint on Polygon. That's $50 total to mint the 27000 NFTs currently available for [my avatar set](https://polygonscan.com/address/0x466a330887bDF62D53f968EA824793150f07762e). Reddit doesn't have to pay for the backend of keeping track of all these NFTs or ongoing costs of concerning they're transferred, so it's orders of magnitude cheaper than it was on Ethereum. > > Most NFT marketplaces only charge 1-2% for listing fees, which is much cheaper than many traditional digital art marketplaces that charge 5-20% (e.g. ArtStation, DeviantArt). After all, they only need to provide the front end, not the backend or customer support for transfers. Even gaming communities like Steam charge a 5-10% commission fee for item trades. **People can skip marketplace fees by trading directly on the blockchain.** ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/v2jl5l/general_concepts_nft_proarguments_june_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find arguments on this topic in other rounds.

CointestMod

#NFT Pro-Arguments Below is an argument written by Maleficent_Plankton which won 2nd place in the NFT Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ####**Niche following** > > By now, we need accept that most communities, especially the technology and gaming communities, hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs, and they will likely remain a **very niche product** for the foreseeable future. > > NFTs are similar to everything else that attract criticism from more practical shoppers because they have little practical use. In this aspect, they are similar to Rolex watches, gacha waifus, game character skins, anime car decals, expensive designer t-shirts, brand-name medicine, etc. Even though these products are expensive and have little practical value, **they still make their owners happy**. And who are we to criticize others for spending money that goes towards increasing happiness. > > Some game items like character skins, tradeable gacha items, and Steam/game marketplace items could easily be turned into NFTs without changing gameplay, so there is an existing market for them. > > ####**Decentralized backend, allowing more auditability and access** > > NFTs can be stored on public, immutable blockchains. This gives their users more flexibility in controlling how they transfer and interact with them. It also provides an auditable record that anyone else could build an API to visualize or track the NFTs. **The community no longer has to rely on the front-end service provider for API tools since the blockchain already provides public access to the data source.** Communities can build markets and other visualizers for their NFTs on their own without needing additional permissions. > > Keeping NFTs on open ledgers is also useful for tracking unethical practices like wash sales and money laundering. > > ####**Automatic Royalties** > > NFTs can be set up as smart contracts that provide automatic royalties to the original creator. There is no need for an intermediary, who can often take a huge cut of the creator profits. > > ####**Potentially lower fees** > > Ethereum NFTs are insanely expensive. It can easily cost tens to hundreds of dollars to mint a Layer 1 Ethereum NFT even when there's little congestion. > > However, many NFT collections have now moved over to cheaper networks like Polygon, Solana, and Ethereum Layer 2 networks. For example, the Reddit collectible avatars only cost around $0.002 each to bulk-mint on Polygon. That's $50 total to mint the 27000 NFTs currently available for [my avatar set](https://polygonscan.com/address/0x466a330887bDF62D53f968EA824793150f07762e). Reddit doesn't have to pay for the backend of keeping track of all these NFTs or ongoing costs of concerning they're transferred, so it's orders of magnitude cheaper than it was on Ethereum. > > Most NFT marketplaces only charge 1-2% for listing fees, which is much cheaper than many traditional digital art marketplaces that charge 5-20% (e.g. ArtStation, DeviantArt). After all, they only need to provide the front end, not the backend or customer support for transfers. Even gaming communities like Steam charge a 5-10% commission fee for item trades. **People can skip marketplace fees by trading directly on the blockchain.** ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/v2jl5l/general_concepts_nft_proarguments_june_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find arguments on this topic in other rounds.

GapingFartLocker

>According to Coinbase execs, there could be several reasons for the front-running. Most likely, according to Grogan, the insider is MNPI (Material Non-Public Information) operated by a rogue employee who is connected to the listing team and keeps track of new asset announcements. Another explanation could be that a trader is finding a leak in the API or a test trading exchange. It's possible that it's a rogue actor or actors and not direct actions of Binance as a corp. Binance doesn't need to front-run to make a fortune, and with everything going on and the attention that's already on them, I'd be surprised to see them pulling shady behavior like this. I've been surprised before though.

Spacesider

> I'm not sure if I agree an that :) You're saying this on a thread where a bug took down a huge percentage of all the nodes. If you imagine there were 4 client implementations on Cardano and each one (ideally) had 25% of the client share. Lets say this bug did affect one of these clients and took down 60% of the nodes running it. Because this client is only 25% of the network, it would only affect just over half of *all* running nodes, or just over 13%. The network is much more resilient and the impact is heavily reduced and in cases fully mitigated. Expanding on that point further - Even in a catastrophic scenario where *all* the nodes for one client are taken down, this still leaves 75% of the network running. >External parties would risk having generally different behaviour or lag behind in features. Typically a specification is put forward and the teams that maintain the various clients implement it in their own way, it just has to follow the specification. That way everything is standardised across the network, and in the case of Ethereum, the execution clients have API's that can be used by any of the consensus clients, and the consensus clients have API's that can be used by any of the consensus validators. Other networks have competely different clients written in other programming languages, the risk of a bug taking out *all* nodes running *all* client implementations is incredibly low. [Lets celebrate progress.](https://clientdiversity.org/)

Invest07723

The customer service lady was basically like oh, well, sorry I couldn't help. So I called customer service, and the guy said the issue has to be escalated to some email team. The API is missing a few buys and I need to find the transactions. I buy less crypto from Coinbase vs what I used to on Coinbase Pro.

InvestAn

CBDC's are wildly unpopular here, but inevitable which is why my play is QNT. They are a DLT with API gateway which is going to provide the interoperability between legacy systems (banks), government (CBDC) and crypto. In the future, we will have multiple cryptos and currencies in what is a more complex, global economy. QNT already working on the Latin American dollar and the digital Euro.

Uglysinglenearyou

I like the cut of your jib. It's all been rigged for the wealthy since the Declaration of Independence. I wish I were smart enough to do anything profound about it though. I probably shouldn't have even gotten into crypto since I'm too dumb to even figure out how to get an API or two into Koinly which I'll need to do here quite soon..

fartigrade

You are overestimating its capabilities. NLP models are just sequence predictors. Using 2-4 character segments (tokens), they are trained with a large enough data set to predict with reasonable accuracy what characters should follow others, given a starting set of tokens. This allows them to generate boilerplate code effectively if there was a lot of it referenced in the training set (e.g. generate a Python function that makes an API call), but they lack the creative reasoning and intelligence required to create novel ideas and projects. As for their predictive power in the markets, NLP is a poor choice to begin with, you're much better off with an LSTM modeled and trained specifically for that type of data.

callunquirka

CoinGecko has an API, their documentation page has a Try It Out feature too.

purpleyak0

For staking, from what I understand you need to report the income from staking on the day received, and keep a log of what the price of the coin was on that date for whenever you sell said coin in the future. The staking reward is counted as regular non-wage based income, whereas gains on said reward when you sell are taxed as capital gains. For example, you have $100 ETH staked, receive 5% in staking rewards ($5) you would report the $5 as misc income (w/o a form) to the IRS. Let's say that $5 in ETH grows to be worth $6 when you sell, then you would also report the different ($6-$5=$1) which is $1 in either long or short term capital gains depending on how long you have held it. I use the website [Bitcoin.tax](https://Bitcoin.tax) for staking on Coinbase. There is an option where you can import records via API settings (view but not trade permissions) and it will automatically calculate out what you owe and how to report to the IRS. The staked amount from Coinbase is calculated every three days; other staking can be lump sum or as often as every couple minutues/day if you have your own staking set up.

CointestMod

#NFT Pro-Arguments Below is an argument written by Maleficent_Plankton which won 2nd place in the NFT Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ####**Niche following** > > By now, we need accept that most communities, especially the technology and gaming communities, hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs, and they will likely remain a **very niche product** for the foreseeable future. > > NFTs are similar to everything else that attract criticism from more practical shoppers because they have little practical use. In this aspect, they are similar to Rolex watches, gacha waifus, game character skins, anime car decals, expensive designer t-shirts, brand-name medicine, etc. Even though these products are expensive and have little practical value, **they still make their owners happy**. And who are we to criticize others for spending money that goes towards increasing happiness. > > Some game items like character skins, tradeable gacha items, and Steam/game marketplace items could easily be turned into NFTs without changing gameplay, so there is an existing market for them. > > ####**Decentralized backend, allowing more auditability and access** > > NFTs can be stored on public, immutable blockchains. This gives their users more flexibility in controlling how they transfer and interact with them. It also provides an auditable record that anyone else could build an API to visualize or track the NFTs. **The community no longer has to rely on the front-end service provider for API tools since the blockchain already provides public access to the data source.** Communities can build markets and other visualizers for their NFTs on their own without needing additional permissions. > > Keeping NFTs on open ledgers is also useful for tracking unethical practices like wash sales and money laundering. > > ####**Automatic Royalties** > > NFTs can be set up as smart contracts that provide automatic royalties to the original creator. There is no need for an intermediary, who can often take a huge cut of the creator profits. > > ####**Potentially lower fees** > > Ethereum NFTs are insanely expensive. It can easily cost tens to hundreds of dollars to mint a Layer 1 Ethereum NFT even when there's little congestion. > > However, many NFT collections have now moved over to cheaper networks like Polygon, Solana, and Ethereum Layer 2 networks. For example, the Reddit collectible avatars only cost around $0.002 each to bulk-mint on Polygon. That's $50 total to mint the 27000 NFTs currently available for [my avatar set](https://polygonscan.com/address/0x466a330887bDF62D53f968EA824793150f07762e). Reddit doesn't have to pay for the backend of keeping track of all these NFTs or ongoing costs of concerning they're transferred, so it's orders of magnitude cheaper than it was on Ethereum. > > Most NFT marketplaces only charge 1-2% for listing fees, which is much cheaper than many traditional digital art marketplaces that charge 5-20% (e.g. ArtStation, DeviantArt). After all, they only need to provide the front end, not the backend or customer support for transfers. Even gaming communities like Steam charge a 5-10% commission fee for item trades. **People can skip marketplace fees by trading directly on the blockchain.** ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/v2jl5l/general_concepts_nft_proarguments_june_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find arguments on this topic in other rounds.

CointestMod

#Chainlink Pro-Arguments Below is an argument written by FrogsDoBeCool which won 2nd place in the Chainlink Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > # Chainlink - Oracles, the thing no basic crypto investor understands > > Disclaimer: I own Chainlink, and believe it's a good project. > > * Chainlink is, confusing to say the least. It does a lot. Specifically with smart contracts. I really feel like I need to explain an oracle before I dig too deep in this. (it's okay, oracles are directly related to chainlink). > > # Oracles > > * Transactions when validated need to be sequential and agreed upon with every ledger? right? yes, but [smart contracts ruin that.](https://www.youtube.com/watch?v=ZJfkNzyO7-U) (0:00-3:00, heavily referenced in oracle problem). Imagine you need to send $5 of eth to someone every minute, forever. great. cool. no. > * When we use an API in the smart contract to find the price of eth to send $5 to person A, we have to deal with the fact the price of ETH will changes, all the nodes that validate this one transaction take time to validate the transaction, therefore all the nodes validating said transaction will get a different result. Destroying the entire Ethereum network and making Vitalik cry. > * When we call transactions already validated to be checked again, the API used will be called again. So imagine sending $5 of eth to person A in 2017, which would be 0.5 eth at the time. But today 0.5 eth is worth like, $2000. So getting the history of all transactions.. can't happen. > * **How Oracles Solve this dilemma** > * Oracles in a sense connect historic data to current. They keep the data of API's, transactions, etc, so that they can bridge the differences in data and keep transactions able to be validated. For an easier explanation, they take the transaction, and bundle it, for all the nodes to get, to validate. > * **The Oracle problem** > * The reason many, many oracles have failed in the past is due to the [oracle problem](https://blog.chain.link/what-is-the-blockchain-oracle-problem/), in which we trade decentralization for well.. smart contracts to work. Because an Oracle keeps the data of all smart contract transactions to distribute to nodes to give one singular result, and the fact many oracles have used a single storage server, they're inherently centralized. It's similar to having a cryptocurrency being made on one node. > * [Centralization is not the only issue,](https://medium.com/@DelphiSystems/the-oracle-problem-856ccbdbd14f) Native blockchains cannot pull or push data onto off-chain data. This gives these networks security from hackers and vulnerabilities. Although, the world is kinda sexy with data, and apis, and oh my god. all the numbers. Smart contracts love numbers. > * How are these problems solved? Chainlink! > > # Chainlink, its use, purpose, and value > > * The actual coin, [Link](https://cryptonews.com/coins/chainlink/), is used similar to a gas payment, in which they use it to help validate transactions. It's been stated historically that Link as a coin is not needed at all, and is a useless coin.. But, nope, if that was true, then ethereum gas fees would be useless too. (while i wish gas fees were useless, they're not!) > * The more link a node has collected, [generally the more trusted it is](https://www.youtube.com/watch?v=j2fg8qGWBYE), allowing it to get more data. This one key idea would make people think Chainlink is centralized, but instead, there's been a way to increase the speed of the network and validation of transactions, since the fastest nodes are also the ones with the most link. > * Chainlink works on several blockchains > * [External adaptors](https://docs.chain.link/docs/external-adapters/) allow smart contracts to be able to be used and validated on multiple blockchains, one of the earliest examples of attempting to bridge cryptocurrencies! > * External adaptors are also what chainlink use to bridge data from API's to the blockchain network in a decentralized way. > * **The Oracle Problem** > * Chainlink solves this issue efficiently, cleanly, and thankfully easy to explain. They basically built an entire blockchain on a blockchain just for smart contracts. > * [They have decentralized nodes](https://docs.chain.link/docs/running-a-chainlink-node/). The nodes collect data from API's, then validate them via specific oracles in each node, then is sent to the blockchain. Nodes are compensated in LINK coins for this work. They also receive data from the blockchain too to then send that data usually to API's. > * Real World Use > * Data feeds is the initial problem I basically introduced in this cointest, in that we cannot know the historic value of eth on an API that's ever changing. Chainlink, because of oracles, has solved this. Don't believe me? kinda hurts, but no matter. [Here's an example.](https://data.chain.link/) Data feeds are now a basic example of what Chainlink can do, and should be known as one of the first things chainlink and oracles, in general, were built to solve. > * the entire ethereum DeFi world is built on chainlink's protocols. Yeah, by the way, Ethereum is valued at 500 billion dollars. > * Chainlink is honestly, **the bridge to the internet** \- **to the blockchain**. It is one of the most useful projects that could ever be made in crypto, and it's one of the only decentralized oracle cryptos. > * Any data that can be scraped into an API can be put onto the blockchain now because of Chainlink. Bank information, financial statements.. you could even end up building an API on r/cc to scrape data, to host a website on web 3.0 using smart contracts, and by that nature, chainlink. > * Grayscale crypto etf's have a Chainlink trust, [specifically for chainlink!](https://grayscale.com/products/grayscale-chainlink-trust/?gclid=Cj0KCQiA4b2MBhD2ARIsAIrcB-RTNwh_LNWBoCGHuRRAbQYNuwpo095BoYlYF2xFPawJecHUBNYZgwwaAoqOEALw_wcB) > * Chainlink is used everywhere in most blockchains with smart contracts, because of its decentralized, ease of use, oracles. I'm grasping at straws just simply because Chainlink seems to solve specific issues that people would not encounter in daily cryptocurrency life, but Chainlink literally is the foundation of many things cryptocurrency. That's the key takeaway from this. > > ​ > > ​ > > some cool things i found: > > when looking over reddit, i found apparently the technical community manager vibing, explaining [oracles.](https://www.reddit.com/r/CryptoTechnology/comments/81te2i/how_do_blockchainssmart_contracts_communicate/) back in 2018, when link was around $0.50. Like damn bro, why couldn't I have had the fucking TCM explain oracles to me when link was 50 cents. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/qk4yos/coin_inquiries_round_chainlink_proarguments/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Chainlink) to find arguments on this topic in other rounds.

zoomercoomer9000

I once downloaded a crypto trading bot I found on github and plugged in my Binance API key for it to play around with $100. The thing made a loss on almost every trade.

suzannerashka

But we get the reward in the every coin on the daily basis according to their API.

CointestMod

#NFT Pro-Arguments Below is an argument written by Maleficent_Plankton which won 2nd place in the NFT Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ####**Niche following** > > By now, we need accept that most communities, especially the technology and gaming communities, hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs, and they will likely remain a **very niche product** for the foreseeable future. > > NFTs are similar to everything else that attract criticism from more practical shoppers because they have little practical use. In this aspect, they are similar to Rolex watches, gacha waifus, game character skins, anime car decals, expensive designer t-shirts, brand-name medicine, etc. Even though these products are expensive and have little practical value, **they still make their owners happy**. And who are we to criticize others for spending money that goes towards increasing happiness. > > Some game items like character skins, tradeable gacha items, and Steam/game marketplace items could easily be turned into NFTs without changing gameplay, so there is an existing market for them. > > ####**Decentralized backend, allowing more auditability and access** > > NFTs can be stored on public, immutable blockchains. This gives their users more flexibility in controlling how they transfer and interact with them. It also provides an auditable record that anyone else could build an API to visualize or track the NFTs. **The community no longer has to rely on the front-end service provider for API tools since the blockchain already provides public access to the data source.** Communities can build markets and other visualizers for their NFTs on their own without needing additional permissions. > > Keeping NFTs on open ledgers is also useful for tracking unethical practices like wash sales and money laundering. > > ####**Automatic Royalties** > > NFTs can be set up as smart contracts that provide automatic royalties to the original creator. There is no need for an intermediary, who can often take a huge cut of the creator profits. > > ####**Potentially lower fees** > > Ethereum NFTs are insanely expensive. It can easily cost tens to hundreds of dollars to mint a Layer 1 Ethereum NFT even when there's little congestion. > > However, many NFT collections have now moved over to cheaper networks like Polygon, Solana, and Ethereum Layer 2 networks. For example, the Reddit collectible avatars only cost around $0.002 each to bulk-mint on Polygon. That's $50 total to mint the 27000 NFTs currently available for [my avatar set](https://polygonscan.com/address/0x466a330887bDF62D53f968EA824793150f07762e). Reddit doesn't have to pay for the backend of keeping track of all these NFTs or ongoing costs of concerning they're transferred, so it's orders of magnitude cheaper than it was on Ethereum. > > Most NFT marketplaces only charge 1-2% for listing fees, which is much cheaper than many traditional digital art marketplaces that charge 5-20% (e.g. ArtStation, DeviantArt). After all, they only need to provide the front end, not the backend or customer support for transfers. Even gaming communities like Steam charge a 5-10% commission fee for item trades. **People can skip marketplace fees by trading directly on the blockchain.** ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/v2jl5l/general_concepts_nft_proarguments_june_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find arguments on this topic in other rounds.

lj26ft

You people lack critical thinking skills really. The escrow is there to limit Ripples ability to effect the market with sales. They make it transparent and have from the beginning. Who or what is stopping large mining conglomerates from dumping their whole supply or Dogecoin where the top 20 wallets hold +50% of the supply. Where's my Dogecoin escrow for that 50% and API showing their sales? Where's Consensys API showing their Ethereum sales? All the scam VC tokens they sell to investors?

lj26ft

So let's shit on the only company in crypto that's transparent about it. Where's my Consensys API showing their Ethereum sales and distribution of all the VC scam tokens they make in their Token Foundry? Ripple has always made this info available through the API, stop reading headlines and maybe get it from @Leerzeit at the source.

lj26ft

As if every other project in the space doesn't sell the fucking asset. Ripple is the only one transparent about it. Where is my Consensys API showing their Ethereum sales and scam VC tokens they offer to insiders then dump on the market?

MaeronTargaryen

The interesting thing is that it’s all visible from their API, so it’s not even hidden by Ripple labs

itslavanda

Well.. it depends on what exchange data you're looking for.. prices may vary depending on the exchange, especially those hi-res.. However... I would suggest you to take a look at API from some major exchanges to harvest the data you need.. e.g. https://binance-docs.github.io/apidocs/spot/en/

kirtash93

It depends on what you allow the API to be able to do. But this are the main risks: * Read permissions: They can get your wallet addresses and target you with dust attacks, etc if your API codes are leaked. Low risk. * Write/Update permissions: They can do everything. High risk. * If the API has some sort of big write/update vulnerability you can get fucked.

OneThatNoseOne

Well first of all, you can usually set different permissions on the API key. Can vary from read-only like seeing your trades, account balances etc, to actually making trades to depositing and withdrawing. Cornix has a simple explainer [here](https://help.cornix.io/en/articles/5814843-what-is-an-api-key). so basically it comes down to what you set them to be. Also, bear in mind even if you disable withdrawals, a saavy hackers can simple use their funds to cheaply buy a illiquid token and then use your hacked funds to have to purchase tokens from them at some very inflated price. So you still end up losing a fair bit, though I believe *some* exchanges use a band on how much higher prices can be set from the market price(say +5%/+10%).

Mr_Bob_Ferguson

Any time you allow an API you are trusting an additional party. That’s an additional party who may have lax security and/or be hacked in the future. It’s just an extra potential point of failure.

Dry_Log_4696

You should read about "3comma" case. Multiple crypto traders who used it to trade using APIs, lost their funds. Hacker got access of the API keys. Binance eventually reset-ed all API keys. There is counterparty risk involved while using third-party services to trade using APIs. Although it can be eliminated by developing your own system. But it requires time and coding knowledge.

Allions1

Thanks for the comment. I’ll think about this when I decide. Of course I consider the drawdown or the fact that it can “lose” the money with bad trading, but I am more concerned of what he can do with with the API keys.

zoomercoomer9000

Permitting someone you don't know access to your trading API sounds like a bad idea. I did something silly with mine a few years ago. Found a trading bot on Github with over 3,000 stars and a lot of community input. Set it up on Termux (terminal emulator for android) with about $100 on a live account. The damn thing started making trades and then selling at a loss. Now obviously I didn't configure it correctly, but that was a lesson for me not to mess around with money-making schemes.

Castr0-

I don't think you need to worry about API.

Maxx3141

>the guy that will execute the trades though trading signals is not directly known by me I don't think the API is you biggest reason to worry here...

Chgralac73

from what i understand Alameda was creating spoofed buy orders for higher prices than rest of market and then cancelling them before they could get filled, thus making competition up their BTC buy orders as well to match it. no idea tough how the guy got access to analyze that, maybe FTX/Alameda had some public API for trading positions? no idea

cinyar

This was obviously an inside job BUT - if you target someone you can get a lot of info. The fact they will be launching some new API was public info. After that you can start interrogating DNS, scanning IP ranges around their other services, social engineering to try to get info out of devs. Again, this is clearly a setup for plausible deniability, but an experienced attacker will find a new server unless you take precautions against it (VPN, IP whitelists etc).

CointestMod

#Chainlink Pro-Arguments Below is an argument written by FrogsDoBeCool which won 2nd place in the Chainlink Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > # Chainlink - Oracles, the thing no basic crypto investor understands > > Disclaimer: I own Chainlink, and believe it's a good project. > > * Chainlink is, confusing to say the least. It does a lot. Specifically with smart contracts. I really feel like I need to explain an oracle before I dig too deep in this. (it's okay, oracles are directly related to chainlink). > > # Oracles > > * Transactions when validated need to be sequential and agreed upon with every ledger? right? yes, but [smart contracts ruin that.](https://www.youtube.com/watch?v=ZJfkNzyO7-U) (0:00-3:00, heavily referenced in oracle problem). Imagine you need to send $5 of eth to someone every minute, forever. great. cool. no. > * When we use an API in the smart contract to find the price of eth to send $5 to person A, we have to deal with the fact the price of ETH will changes, all the nodes that validate this one transaction take time to validate the transaction, therefore all the nodes validating said transaction will get a different result. Destroying the entire Ethereum network and making Vitalik cry. > * When we call transactions already validated to be checked again, the API used will be called again. So imagine sending $5 of eth to person A in 2017, which would be 0.5 eth at the time. But today 0.5 eth is worth like, $2000. So getting the history of all transactions.. can't happen. > * **How Oracles Solve this dilemma** > * Oracles in a sense connect historic data to current. They keep the data of API's, transactions, etc, so that they can bridge the differences in data and keep transactions able to be validated. For an easier explanation, they take the transaction, and bundle it, for all the nodes to get, to validate. > * **The Oracle problem** > * The reason many, many oracles have failed in the past is due to the [oracle problem](https://blog.chain.link/what-is-the-blockchain-oracle-problem/), in which we trade decentralization for well.. smart contracts to work. Because an Oracle keeps the data of all smart contract transactions to distribute to nodes to give one singular result, and the fact many oracles have used a single storage server, they're inherently centralized. It's similar to having a cryptocurrency being made on one node. > * [Centralization is not the only issue,](https://medium.com/@DelphiSystems/the-oracle-problem-856ccbdbd14f) Native blockchains cannot pull or push data onto off-chain data. This gives these networks security from hackers and vulnerabilities. Although, the world is kinda sexy with data, and apis, and oh my god. all the numbers. Smart contracts love numbers. > * How are these problems solved? Chainlink! > > # Chainlink, its use, purpose, and value > > * The actual coin, [Link](https://cryptonews.com/coins/chainlink/), is used similar to a gas payment, in which they use it to help validate transactions. It's been stated historically that Link as a coin is not needed at all, and is a useless coin.. But, nope, if that was true, then ethereum gas fees would be useless too. (while i wish gas fees were useless, they're not!) > * The more link a node has collected, [generally the more trusted it is](https://www.youtube.com/watch?v=j2fg8qGWBYE), allowing it to get more data. This one key idea would make people think Chainlink is centralized, but instead, there's been a way to increase the speed of the network and validation of transactions, since the fastest nodes are also the ones with the most link. > * Chainlink works on several blockchains > * [External adaptors](https://docs.chain.link/docs/external-adapters/) allow smart contracts to be able to be used and validated on multiple blockchains, one of the earliest examples of attempting to bridge cryptocurrencies! > * External adaptors are also what chainlink use to bridge data from API's to the blockchain network in a decentralized way. > * **The Oracle Problem** > * Chainlink solves this issue efficiently, cleanly, and thankfully easy to explain. They basically built an entire blockchain on a blockchain just for smart contracts. > * [They have decentralized nodes](https://docs.chain.link/docs/running-a-chainlink-node/). The nodes collect data from API's, then validate them via specific oracles in each node, then is sent to the blockchain. Nodes are compensated in LINK coins for this work. They also receive data from the blockchain too to then send that data usually to API's. > * Real World Use > * Data feeds is the initial problem I basically introduced in this cointest, in that we cannot know the historic value of eth on an API that's ever changing. Chainlink, because of oracles, has solved this. Don't believe me? kinda hurts, but no matter. [Here's an example.](https://data.chain.link/) Data feeds are now a basic example of what Chainlink can do, and should be known as one of the first things chainlink and oracles, in general, were built to solve. > * the entire ethereum DeFi world is built on chainlink's protocols. Yeah, by the way, Ethereum is valued at 500 billion dollars. > * Chainlink is honestly, **the bridge to the internet** \- **to the blockchain**. It is one of the most useful projects that could ever be made in crypto, and it's one of the only decentralized oracle cryptos. > * Any data that can be scraped into an API can be put onto the blockchain now because of Chainlink. Bank information, financial statements.. you could even end up building an API on r/cc to scrape data, to host a website on web 3.0 using smart contracts, and by that nature, chainlink. > * Grayscale crypto etf's have a Chainlink trust, [specifically for chainlink!](https://grayscale.com/products/grayscale-chainlink-trust/?gclid=Cj0KCQiA4b2MBhD2ARIsAIrcB-RTNwh_LNWBoCGHuRRAbQYNuwpo095BoYlYF2xFPawJecHUBNYZgwwaAoqOEALw_wcB) > * Chainlink is used everywhere in most blockchains with smart contracts, because of its decentralized, ease of use, oracles. I'm grasping at straws just simply because Chainlink seems to solve specific issues that people would not encounter in daily cryptocurrency life, but Chainlink literally is the foundation of many things cryptocurrency. That's the key takeaway from this. > > ​ > > ​ > > some cool things i found: > > when looking over reddit, i found apparently the technical community manager vibing, explaining [oracles.](https://www.reddit.com/r/CryptoTechnology/comments/81te2i/how_do_blockchainssmart_contracts_communicate/) back in 2018, when link was around $0.50. Like damn bro, why couldn't I have had the fucking TCM explain oracles to me when link was 50 cents. ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/qk4yos/coin_inquiries_round_chainlink_proarguments/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Chainlink) to find arguments on this topic in other rounds.

CointestMod

#NFT Pro-Arguments Below is an argument written by Maleficent_Plankton which won 2nd place in the NFT Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ####**Niche following** > > By now, we need accept that most communities, especially the technology and gaming communities, hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs, and they will likely remain a **very niche product** for the foreseeable future. > > NFTs are similar to everything else that attract criticism from more practical shoppers because they have little practical use. In this aspect, they are similar to Rolex watches, gacha waifus, game character skins, anime car decals, expensive designer t-shirts, brand-name medicine, etc. Even though these products are expensive and have little practical value, **they still make their owners happy**. And who are we to criticize others for spending money that goes towards increasing happiness. > > Some game items like character skins, tradeable gacha items, and Steam/game marketplace items could easily be turned into NFTs without changing gameplay, so there is an existing market for them. > > ####**Decentralized backend, allowing more auditability and access** > > NFTs can be stored on public, immutable blockchains. This gives their users more flexibility in controlling how they transfer and interact with them. It also provides an auditable record that anyone else could build an API to visualize or track the NFTs. **The community no longer has to rely on the front-end service provider for API tools since the blockchain already provides public access to the data source.** Communities can build markets and other visualizers for their NFTs on their own without needing additional permissions. > > Keeping NFTs on open ledgers is also useful for tracking unethical practices like wash sales and money laundering. > > ####**Automatic Royalties** > > NFTs can be set up as smart contracts that provide automatic royalties to the original creator. There is no need for an intermediary, who can often take a huge cut of the creator profits. > > ####**Potentially lower fees** > > Ethereum NFTs are insanely expensive. It can easily cost tens to hundreds of dollars to mint a Layer 1 Ethereum NFT even when there's little congestion. > > However, many NFT collections have now moved over to cheaper networks like Polygon, Solana, and Ethereum Layer 2 networks. For example, the Reddit collectible avatars only cost around $0.002 each to bulk-mint on Polygon. That's $50 total to mint the 27000 NFTs currently available for [my avatar set](https://polygonscan.com/address/0x466a330887bDF62D53f968EA824793150f07762e). Reddit doesn't have to pay for the backend of keeping track of all these NFTs or ongoing costs of concerning they're transferred, so it's orders of magnitude cheaper than it was on Ethereum. > > Most NFT marketplaces only charge 1-2% for listing fees, which is much cheaper than many traditional digital art marketplaces that charge 5-20% (e.g. ArtStation, DeviantArt). After all, they only need to provide the front end, not the backend or customer support for transfers. Even gaming communities like Steam charge a 5-10% commission fee for item trades. **People can skip marketplace fees by trading directly on the blockchain.** ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/v2jl5l/general_concepts_nft_proarguments_june_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find arguments on this topic in other rounds.

Maleficent_Plankton

> They claim that, while attempting to create an API on their new website for the insucrance fund, an hacker managed to get through the FTP of the site and steal their seeds and got access to the fund (now this is what I understood reading the posts from the team). There is no way any server admin is that stupid. * FTP directories are supposed to be in DMZs with low security. * Why are they keeping seeds on servers in the first place without layers of encryption? Totally smells like a scam/rug pull

No_Sheepherder_3431

I took 15,000$ as play money (friends more and less as well) and lost it before the end of the bull run last cycle on bot trading leverage. (WE) Got too cocky after about a month of skimming profits on micro trades and left it on too long before closing a long. (right about the time I noticed the Chinese were absolutely dumping markets nightly or their morning or something idk but it lined up time zone wise) I gained around 9,000 in profit that month, well at the end of the month (I believe this was either Sept or Oct) I lost it all in what's called a scam wick. The price dumped so fast I got liquidated faster than the bot could close, faster than Binance could alert me I'm close to margin call, faster than anything. I watched it happen live in disbelief too. (two of my friends doing the same thing got wrecked too) One lost way more than me and wanted to KYS himself, but we cheered him up and didn't blame him for "essentially dragging us into this mess" as he thought of the situation that night. (WE decided to do it to, he didn't drag us into it at all) Needless to say a bot trades WAY better than your average fleshbag wannabe trader. Especially with someone (my friend was very good at models) behind the bot hooked into the API who knows what they were doing. WE got cocky. WE thought the dumps which repeated wouldn't be a problem because we took risk to avoid liquidations MOSTLY... but we got cocky that night on some bullish predictions and info combined. It's not all gambling like people think, but one thing we understood and didn't even properly account for that night was that at any time scam wicks can happen. Lost it all. Don't trade unless you're going to bot, and even then don't bother quitting your job, and don't bother leveraging at first either. STILL HERE. STILL TRADING. I'm better off than that year as well so thankfully got more play money but I'm not leveraging... for now. Gtting more read up on matters and just DCAing strategically until after next bull then I'll try shorting my way down in the next cycle)

InvestAn

Agreed! Quant uses API gateways and is less known among retail investors because they market and partner more in the b2b space. Where they have the edge is in providing interoperability not only between blockchain, but to legacy systems as well. They will be the connection between legacy (banks, government/CBDC) and blockchain.

Parking-Ad-3796

>reate a watching-only wallet by importing the master public key. Watch the wallet build the tx history and calculate the balance u/igadjeed, thanks for responding. Unfortunately, you didn't answer my question. I asked for an API, not an application that I'll manually enter my wallet. And, no, I don't want to spy on anyone. I'm developing an application that I hope to open-source which will let people manage all of their wallet assets in the same place. For tax, risk, and trading purposes. And to do that I'll have the user to be able to input all addresses including xpub, ypub, and zpub.

igadjeed

Some exchanges expose their order books to API. But every order is transient. Also, the order makers are not identifiable. Nobody publishes the statisitcs you're seeking. You could extract them by coding a script to access each exchange's API every few minutes

kirtash93

I am a computer engineer and what surprises me is that they celebrate these kind of features. I don't want to underestimate the work of the developers but my developer mind tells me that adding practically a lot of coins takes a maximum of 1 week, being an slow developer. Steps to develop it: * Call an API with the coins you want to retrieve each X time * Save this data in the DB to avoid calling every time a user ask * Call your internal API to retrieve this data from the DB to show it in the front end when users ask for it.

igadjeed

> they don't have an API Electrum has an API. You'll need to read the documentation

igadjeed

> there are several automated services out there which allow a business to immediately convert the bitcoin to fiat. (for example coinbase) Are you sure of this? This is actually one of the barriers. Anybody with a junior level of coding skills can harness the exchange's API for instant selling. But if the business uses the non-API auto features on an exchange, the fee is going to be at least 2% because those features don't use limit orders on the trading exchange Then it comes back to having to justify the expense of hiring a coder to implement auto-deposit from wallet to exchange, and auto-sell on exchange Where's the customer demand?

CointestMod

#NFT Pro-Arguments Below is an argument written by Maleficent_Plankton which won 2nd place in the NFT Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ####**Niche following** > > By now, we need accept that most communities, especially the technology and gaming communities, hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs, and they will likely remain a **very niche product** for the foreseeable future. > > NFTs are similar to everything else that attract criticism from more practical shoppers because they have little practical use. In this aspect, they are similar to Rolex watches, gacha waifus, game character skins, anime car decals, expensive designer t-shirts, brand-name medicine, etc. Even though these products are expensive and have little practical value, **they still make their owners happy**. And who are we to criticize others for spending money that goes towards increasing happiness. > > Some game items like character skins, tradeable gacha items, and Steam/game marketplace items could easily be turned into NFTs without changing gameplay, so there is an existing market for them. > > ####**Decentralized backend, allowing more auditability and access** > > NFTs can be stored on public, immutable blockchains. This gives their users more flexibility in controlling how they transfer and interact with them. It also provides an auditable record that anyone else could build an API to visualize or track the NFTs. **The community no longer has to rely on the front-end service provider for API tools since the blockchain already provides public access to the data source.** Communities can build markets and other visualizers for their NFTs on their own without needing additional permissions. > > Keeping NFTs on open ledgers is also useful for tracking unethical practices like wash sales and money laundering. > > ####**Automatic Royalties** > > NFTs can be set up as smart contracts that provide automatic royalties to the original creator. There is no need for an intermediary, who can often take a huge cut of the creator profits. > > ####**Potentially lower fees** > > Ethereum NFTs are insanely expensive. It can easily cost tens to hundreds of dollars to mint a Layer 1 Ethereum NFT even when there's little congestion. > > However, many NFT collections have now moved over to cheaper networks like Polygon, Solana, and Ethereum Layer 2 networks. For example, the Reddit collectible avatars only cost around $0.002 each to bulk-mint on Polygon. That's $50 total to mint the 27000 NFTs currently available for [my avatar set](https://polygonscan.com/address/0x466a330887bDF62D53f968EA824793150f07762e). Reddit doesn't have to pay for the backend of keeping track of all these NFTs or ongoing costs of concerning they're transferred, so it's orders of magnitude cheaper than it was on Ethereum. > > Most NFT marketplaces only charge 1-2% for listing fees, which is much cheaper than many traditional digital art marketplaces that charge 5-20% (e.g. ArtStation, DeviantArt). After all, they only need to provide the front end, not the backend or customer support for transfers. Even gaming communities like Steam charge a 5-10% commission fee for item trades. **People can skip marketplace fees by trading directly on the blockchain.** ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/v2jl5l/general_concepts_nft_proarguments_june_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find arguments on this topic in other rounds.

CointestMod

#NFT Pro-Arguments Below is an argument written by Maleficent_Plankton which won 2nd place in the NFT Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ####**Niche following** > > By now, we need accept that most communities, especially the technology and gaming communities, hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs, and they will likely remain a **very niche product** for the foreseeable future. > > NFTs are similar to everything else that attract criticism from more practical shoppers because they have little practical use. In this aspect, they are similar to Rolex watches, gacha waifus, game character skins, anime car decals, expensive designer t-shirts, brand-name medicine, etc. Even though these products are expensive and have little practical value, **they still make their owners happy**. And who are we to criticize others for spending money that goes towards increasing happiness. > > Some game items like character skins, tradeable gacha items, and Steam/game marketplace items could easily be turned into NFTs without changing gameplay, so there is an existing market for them. > > ####**Decentralized backend, allowing more auditability and access** > > NFTs can be stored on public, immutable blockchains. This gives their users more flexibility in controlling how they transfer and interact with them. It also provides an auditable record that anyone else could build an API to visualize or track the NFTs. **The community no longer has to rely on the front-end service provider for API tools since the blockchain already provides public access to the data source.** Communities can build markets and other visualizers for their NFTs on their own without needing additional permissions. > > Keeping NFTs on open ledgers is also useful for tracking unethical practices like wash sales and money laundering. > > ####**Automatic Royalties** > > NFTs can be set up as smart contracts that provide automatic royalties to the original creator. There is no need for an intermediary, who can often take a huge cut of the creator profits. > > ####**Potentially lower fees** > > Ethereum NFTs are insanely expensive. It can easily cost tens to hundreds of dollars to mint a Layer 1 Ethereum NFT even when there's little congestion. > > However, many NFT collections have now moved over to cheaper networks like Polygon, Solana, and Ethereum Layer 2 networks. For example, the Reddit collectible avatars only cost around $0.002 each to bulk-mint on Polygon. That's $50 total to mint the 27000 NFTs currently available for [my avatar set](https://polygonscan.com/address/0x466a330887bDF62D53f968EA824793150f07762e). Reddit doesn't have to pay for the backend of keeping track of all these NFTs or ongoing costs of concerning they're transferred, so it's orders of magnitude cheaper than it was on Ethereum. > > Most NFT marketplaces only charge 1-2% for listing fees, which is much cheaper than many traditional digital art marketplaces that charge 5-20% (e.g. ArtStation, DeviantArt). After all, they only need to provide the front end, not the backend or customer support for transfers. Even gaming communities like Steam charge a 5-10% commission fee for item trades. **People can skip marketplace fees by trading directly on the blockchain.** ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/v2jl5l/general_concepts_nft_proarguments_june_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find arguments on this topic in other rounds.

Narmotur

While looking for a library to derive addresses from an xpub, I did find this site: https://www.blockonomics.co/views/api.html Their balance request API endpoint allows for xpubs. I cannot vouch for it as I have only just discovered it.

BlindestofMonks

Besides the API key leaking shenanigans, I've used it in the past(2020) and the bots were very unreliable, at least at the time, they might have improved them in the meantime. They ended up doing 20x profit trades but then completely mess it up in 1x trade that threw it all away. In the end!(month long experiment) I was in the red, stopped using it and never tried since. My take on it is if it sounds like free, easy-peasy money, it either won't work or there's some hidden machination you don't see that compromises you somehow, I'd stay away from it, if it was that easy no one would incur in losses and that's not at all the case, just my 2 cents as someone who tried it before

Parking-Ad-3796

>xpub explorer Great! Can you share an API to it? Please don't say it's one I'll have to open a website to access. My problem isn't finding an xpub explorer it's finding an xpub explorer which has an API that I can use. One that I can access systematically.

Parking-Ad-3796

>should work for xpub Thanks for your response, however, they don't have an API that I can use. I'm a developer searching for an automated way. Which means a service to use or how to implement it myself.

fartigrade

You could easily automate it by just adding a function that makes an API call to retrieve the current price for a given asset, and have each cell update itself whenever you want.

CointestMod

#NFT Pro-Arguments Below is an argument written by Maleficent_Plankton which won 2nd place in the NFT Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ####**Niche following** > > By now, we need accept that most communities, especially the technology and gaming communities, hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs, and they will likely remain a **very niche product** for the foreseeable future. > > NFTs are similar to everything else that attract criticism from more practical shoppers because they have little practical use. In this aspect, they are similar to Rolex watches, gacha waifus, game character skins, anime car decals, expensive designer t-shirts, brand-name medicine, etc. Even though these products are expensive and have little practical value, **they still make their owners happy**. And who are we to criticize others for spending money that goes towards increasing happiness. > > Some game items like character skins, tradeable gacha items, and Steam/game marketplace items could easily be turned into NFTs without changing gameplay, so there is an existing market for them. > > ####**Decentralized backend, allowing more auditability and access** > > NFTs can be stored on public, immutable blockchains. This gives their users more flexibility in controlling how they transfer and interact with them. It also provides an auditable record that anyone else could build an API to visualize or track the NFTs. **The community no longer has to rely on the front-end service provider for API tools since the blockchain already provides public access to the data source.** Communities can build markets and other visualizers for their NFTs on their own without needing additional permissions. > > Keeping NFTs on open ledgers is also useful for tracking unethical practices like wash sales and money laundering. > > ####**Automatic Royalties** > > NFTs can be set up as smart contracts that provide automatic royalties to the original creator. There is no need for an intermediary, who can often take a huge cut of the creator profits. > > ####**Potentially lower fees** > > Ethereum NFTs are insanely expensive. It can easily cost tens to hundreds of dollars to mint a Layer 1 Ethereum NFT even when there's little congestion. > > However, many NFT collections have now moved over to cheaper networks like Polygon, Solana, and Ethereum Layer 2 networks. For example, the Reddit collectible avatars only cost around $0.002 each to bulk-mint on Polygon. That's $50 total to mint the 27000 NFTs currently available for [my avatar set](https://polygonscan.com/address/0x466a330887bDF62D53f968EA824793150f07762e). Reddit doesn't have to pay for the backend of keeping track of all these NFTs or ongoing costs of concerning they're transferred, so it's orders of magnitude cheaper than it was on Ethereum. > > Most NFT marketplaces only charge 1-2% for listing fees, which is much cheaper than many traditional digital art marketplaces that charge 5-20% (e.g. ArtStation, DeviantArt). After all, they only need to provide the front end, not the backend or customer support for transfers. Even gaming communities like Steam charge a 5-10% commission fee for item trades. **People can skip marketplace fees by trading directly on the blockchain.** ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/v2jl5l/general_concepts_nft_proarguments_june_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find arguments on this topic in other rounds.

CointestMod

#NFT Pro-Arguments Below is an argument written by Maleficent_Plankton which won 2nd place in the NFT Pro-Arguments topic for a prior [Cointest](/r/CointestOfficial/wiki/cointest_policy) round. > ####**Niche following** > > By now, we need accept that most communities, especially the technology and gaming communities, hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs, and they will likely remain a **very niche product** for the foreseeable future. > > NFTs are similar to everything else that attract criticism from more practical shoppers because they have little practical use. In this aspect, they are similar to Rolex watches, gacha waifus, game character skins, anime car decals, expensive designer t-shirts, brand-name medicine, etc. Even though these products are expensive and have little practical value, **they still make their owners happy**. And who are we to criticize others for spending money that goes towards increasing happiness. > > Some game items like character skins, tradeable gacha items, and Steam/game marketplace items could easily be turned into NFTs without changing gameplay, so there is an existing market for them. > > ####**Decentralized backend, allowing more auditability and access** > > NFTs can be stored on public, immutable blockchains. This gives their users more flexibility in controlling how they transfer and interact with them. It also provides an auditable record that anyone else could build an API to visualize or track the NFTs. **The community no longer has to rely on the front-end service provider for API tools since the blockchain already provides public access to the data source.** Communities can build markets and other visualizers for their NFTs on their own without needing additional permissions. > > Keeping NFTs on open ledgers is also useful for tracking unethical practices like wash sales and money laundering. > > ####**Automatic Royalties** > > NFTs can be set up as smart contracts that provide automatic royalties to the original creator. There is no need for an intermediary, who can often take a huge cut of the creator profits. > > ####**Potentially lower fees** > > Ethereum NFTs are insanely expensive. It can easily cost tens to hundreds of dollars to mint a Layer 1 Ethereum NFT even when there's little congestion. > > However, many NFT collections have now moved over to cheaper networks like Polygon, Solana, and Ethereum Layer 2 networks. For example, the Reddit collectible avatars only cost around $0.002 each to bulk-mint on Polygon. That's $50 total to mint the 27000 NFTs currently available for [my avatar set](https://polygonscan.com/address/0x466a330887bDF62D53f968EA824793150f07762e). Reddit doesn't have to pay for the backend of keeping track of all these NFTs or ongoing costs of concerning they're transferred, so it's orders of magnitude cheaper than it was on Ethereum. > > Most NFT marketplaces only charge 1-2% for listing fees, which is much cheaper than many traditional digital art marketplaces that charge 5-20% (e.g. ArtStation, DeviantArt). After all, they only need to provide the front end, not the backend or customer support for transfers. Even gaming communities like Steam charge a 5-10% commission fee for item trades. **People can skip marketplace fees by trading directly on the blockchain.** ***** Would you like to learn more? [Click here](/r/CointestOfficial/comments/v2jl5l/general_concepts_nft_proarguments_june_2022/) to be taken to the original topic-thread or you can scan through the [Cointest Archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find arguments on this topic in other rounds.

chandlar

For the free version, you need to manually push API updates/ wallet queries. Regarding price, that is quite odd - I have never had issues with them like that before; unless it is related to unsupported coins. Granted, I have a paid subscription - but I think it is quite a good tracking software.

lo________________ol

How does this improve on functionality that traditional databases already have? > “A product’s NFT undergoes a status change when it is either sold by Lowe’s, if it has been stolen, or if the status is unknown. It's easier to mutate database data than a blockchain record > All of this information is publicly visible to customers and resellers since it’s recorded on the Ethereum blockchain. It's easy to make data available via a public API

lo________________ol

How does this solve any problems that traditional databases already have? > “A product’s NFT undergoes a status change when it is either sold by Lowe’s, if it has been stolen, or if the status is unknown. It's easier to mutate database data than a blockchain record > All of this information is publicly visible to customers and resellers since it’s recorded on the Ethereum blockchain. It's easy to make data available via a public API

100milliondone

Warning: MEXC exchange trading against clients MEXC is an exchange that offers spot and derivative trading. They are either actively trading against their clients, or are closely associated with an entity that is doing that, just like Alameda was to FTX: - The API for outside traders to connect to futures has been "down for maintenance" since july. - However prices have still been matching perfectly with other exchanges, and there are hundreds of trades still happening per minute for every pair. - Therefore some VIP entity must be market making with a huge advantage over MEXC clients trading manually MEXC has a telegram support for their API which consists of around 5 admins repeatedly ignoring this question (which is asked daily) or answering with "it's just down for maintenance" If you are trading on MEXC be aware they are trading against you.