Cryptocurrency News & Discussion

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The original was posted on /r/cryptocurrency by /u/Stright_16 on 2024-01-05 00:47:29+00:00.

Hi, my cryptocurrency portfolio has been growing, and I am reaching the point where I think I should get them off Coinbase, and have self custody of them. I've been looking into both hard ware wallets (like Trezor and Ledger), and also mobile wallets (like trust wallet, exodus, coinbase).

Are there any strong differences between them, and any reasons to favor one over the other? All I really know is that hardware wallets are a little bit safer as phones can be stolen, get hacked, malware, and could be storing your seed phrase on the device.

I also have a question about seed phrases, I know most are generated with the BIP-39 standard, and this allows you to access your coins regardless of which wallet you lose, however I was trying out Coinbase wallet and have some funds there, and the seed phrase is only 12 words, and I noticed that the Reddit vault phrase is also 12 words. Can I import and access this on a hardware wallet like the Trezor or Ledger, even though they use 24 words? How many different phrases do you even get on a hardware wallet? Is it one for each coin, or one phrase that covers everything? On Coinbase wallet you can make a bunch of wallets each with their own coins and seed phrases

Finally, do Trezor and Ledger support custom networks and tokens? I know that some mobile wallets.

Thank you :)

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The original was posted on /r/cryptocurrency by /u/CryptoDaily- on 2024-01-05 00:00:29+00:00.

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

Disclaimer:

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

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

Rules:

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

Useful Links:

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The original was posted on /r/cryptocurrency by /u/TrustThyself on 2024-01-04 18:52:33+00:00.

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The original was posted on /r/cryptocurrency by /u/kirtash93 on 2024-01-04 18:16:49+00:00.

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The original was posted on /r/cryptocurrency by /u/johnsom3 on 2024-01-04 16:08:45+00:00.

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The original was posted on /r/cryptocurrency by /u/CryptoMods on 2024-01-04 21:15:31+00:00.

This is a reminder that the first governance polls will be put up soon (1/6/24) on snapshot.

For now all Moons held in self-hosted wallets at the time of poll creation will be eligible to vote, so if you are holding Moons on an exchange, the telegram TipBot or in a wallet that you are not comfortable connecting to snapshot then please be sure to transfer your Moons to a self-hosted wallet that you are comfortable connecting to snapshot before 1/5/24.

Please read through the meta discussions for the upcoming polls if you haven’t already:

• Potential restart of Moon distribution in r/CryptoCurrency
• Give more governance weight to newly earned Moons
• Use or scrap existing reward formula for Moon distribution

Here’s a short demo video on how to vote in our governance polls:

A final test poll has been put up, if you haven’t already please test out the snapshot platform to ensure you are able to vote!

The mod team is also working on a tipbot and special memberships for Moons as well. We have almost got January booked out for AMAs.

Thank you everyone for your patience, and we wish you a Happy New Year 2024.

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The original was posted on /r/cryptocurrency by /u/AwkwardDilemmas on 2024-01-04 21:13:19+00:00.

Original Title: Let's talk shifting narratives and money flow over the next few weeks... what's an efficient strategy as we moving into a) BTC ETF, b) ETH ETF, c) institutional adoptions, d) the halving, and e) widespread public adoption?

PART 1 -- IMMEDIATE TERM, TIMESCALE: ETF APPROVAL

Everyone (on here, at least) is familiar with the history of previous money flows: BTC --> ETH --> large caps --> mid/small caps.

Let's start with the very short term, presuming ETF approval (set your SLs in case of a rug pull, yo!)...

--> assuming play money only, not core holdings, say <5% max <--

Would it make more sense to play in Solana instead of BTC or ETH in order to maximise potential profits from a short term BTC pump by a favorable announcement?

Here's why I think so:

1. BTC may well pump very high, pull back, fizzle, whatevs, but I think that an increase to 48K would be a" minimum" (such as hopium projections are) level to reach in the next week. That's an 8.5% increase from now (44,230). It's where I intend to begin watching VERY closely with trailing SL. That would be a new recent high.
2. Solana may well move in lockstep. It hasn't yet regained it's recent high from Jan 2 (9% up from current), but is on its way, and will **probs** reach it's recent ATH of $125ish , representing a 16.6% increase over current.
3. This is Solana *only** matching its recent high. We could **expect** to actually exceed that by **at least** the same amount that BTC exceeds its recent high (45,800 to 48,00 is another 5%).
4. Therefore I **predict ** that the likelihood of Sol reaching $130 is at least as high as BTC reaching 48K.

Of course this is all, to coin a phrase, just dubious speculation. It's all a gamble anyways, isn't it? All **air quotes** are just fanciful hopium, no doubt.

But tell me why it's "wrong".

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The original was posted on /r/cryptocurrency by /u/goldyluckinblokchain on 2024-01-04 20:33:33+00:00.

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The original was posted on /r/cryptocurrency by /u/Perfect_Ability_1190 on 2024-01-04 19:33:35+00:00.

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The original was posted on /r/cryptocurrency by /u/simonasj on 2024-01-04 19:32:52+00:00.

So as you might've seen, there are numerous posts of banks not playing nice with crypto, ranging from blocked transactions to even accounts being closed. I'm currently in search of a bank, most likely online but a lot of neobanks still don't like crypto. I'm afraid I might have issues if my bank sees me transacting to an onramp or exchange.

Do you have any suggestions? P.S. I've seen many recommend Revolut, but I'm concerned by the way they handle user data, I'm not expecting great privacy with any bank, however I'd like something better in terms of that. TIA

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The original was posted on /r/cryptocurrency by /u/YellowBook on 2024-01-04 19:26:23+00:00.

Just going through the process of trying to estimate possible future values of the altcoins in my portfolio with a view to then defining tiered exit levels for each one.

For me, this involves estimating pessimistic, realistic and optimistic price levels for each asset, with the main underlying assumption being that $BTC reaches a certain value.

Pessimistic forecast assumes each asset reaches .786 fib retracement level from top of last cycle, realistic means asset reaches ATH or thereabouts (for new assets, a guess taking into account roadmap/potential catalysts etc) and optimistic assumes BTC exceeds ATH (to provide a figure to base alt valuations).

Once estimates are established, it provides some type of idea as to how undervalued an asset currently is versus your final expectation and so provides a means for allocating capital and reallocating profit when levels are reached. (For each asset, I also have a maximum buy price so that I don't re-enter over a certain price and to enable me to gradually exit).

I just wondered what other approaches there might be to exit planning. Appreciate the above might be based on shaky ground, but some plan better than no plan?

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The original was posted on /r/cryptocurrency by /u/unwise_entity on 2024-01-04 19:23:29+00:00.

Complete Crypto noob husband asking on behalf of my wife:

My wife recently moved to the US from Japan. She had some crypto investments using crypto apps while living in Japan that she would like to withdraw, however she seems to have issues logging into her accounts from our US IP address. Would using some like a VPN just to login and withdraw funds be considered illegal, or is there a safe approach to this so that she doesn't get locked out of her accounts?

Please keep in mind, I am a complete noob. So please ELI5. How does this generally work to withdraw your crypto investments?

tldr: If you move to a new country, are you forever locked out of your crypto investments? Or is there a way to withdraw them safely?

edit: If she is able to login, what exactly is the process for "withdrawing" from a crypto account? Does she need to by some sort of USD currency and then sell that? Does she need a wallet setup in USD? I'm beginning my research today, but figured I'll throw the question in here in case the answer is quick and simple and can be confirmed by one of you fine folks. Thanks in advance for the help, we both really appreciate it!

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The original was posted on /r/cryptocurrency by /u/flowers_at_dusk on 2024-01-04 17:42:21+00:00.

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The original was posted on /r/cryptocurrency by /u/Gordon_Law on 2024-01-04 16:43:28+00:00.

I've seen a lot of posts about IRS form 8300 and how it relates to crypto on CT. Let me clear some things up:

IRS Form 8300 Reporting:

• If your business receives more than $10,000 in crypto for goods or services, you must report it to the IRS using Form 8300. This applies to direct sales, barter transactions, or trades for other assets.
• It's important to note that personal, non-business crypto transactions AREN'T subject to this form.

More Details:

• The form isn't just for single transactions. If you have multiple related payments that add up to over $10,000, they count too.
• The value of crypto is considered at the time of the transaction. The form requires detailed information from both parties, including the payer's address and Taxpayer Identification Number (TIN).

PLEASE always, ALWAYS report your crypto and reach out to a pro if you need help. The IRS has been cracking down on crypto compliance more and more. Having this tax knowledge can save you from an audit and huge penalties!

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The original was posted on /r/cryptocurrency by /u/majinjohnny on 2024-01-04 17:02:06+00:00.

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The original was posted on /r/cryptocurrency by /u/majinjohnny on 2024-01-04 17:02:06+00:00.

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The original was posted on /r/cryptocurrency by /u/bkcrypt0 on 2024-01-04 16:21:03+00:00.

Fortune just came out with an article explaining that Fidelity has already set its fees (0.39%) for its BTC ETF. That's certainly a lot better than the current 2% Grayscale currently charges for its Bitcoin trust (not a spot ETF). Invesco is set to convert its trust to a spot ETF with 0.59% and 6 months free, according to a LinkedIn news post.

This comes on the heels of the upcoming SEC Jan. 10th deadline, an actual final deadline, not a kick-the-can-down-the-road date, for the Ark21 application. And Goldman is looking to join up with Fidelity and Grayscale.

Stars are aligning for quite a boost in BTC buying as $ billions begin to flow into the market via these new financial routes.

Sources:

-- LinkedIn post:

-- Fortune (paywalled):

-- Reuters article on Goldman:

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The original was posted on /r/cryptocurrency by /u/kirtash93 on 2024-01-04 15:27:29+00:00.

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The original was posted on /r/cryptocurrency by /u/Schniiic on 2024-01-04 14:57:04+00:00.

Its just such a quality of life feature and I missed it since leaving Binance. Everytime I got a goal price at which I want to buy a coin, I just set a trailing order and can possibly lower that entry point even more. Especially because everytime the volatility hits, Im asleep.

Also made some quick bucks (to throw them at BTC) with low market cap coins without looking at charts and waiting to sell, I also just set a trailing order and was able to go on with my day or sleep without worrying too much.

I just love that feature! What are your thoughts on it? Is it a trap for noobs like me or do you also love to use it?

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The original was posted on /r/cryptocurrency by /u/callmev269 on 2024-01-04 14:48:59+00:00.

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The original was posted on /r/cryptocurrency by /u/cointelegraph1 on 2024-01-04 14:42:59+00:00.

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The original was posted on /r/cryptocurrency by /u/crua9 on 2024-01-04 14:42:05+00:00.

So for those of you who doesn't know, Koinly added in a beta feature which I think should be on all sites like it (where it tracks your crypto and helps you during tax time).

Anyways, the useful feature as seen below shows you how much of a given coin you can sell and it would be counted towards long term holding, short term holding, and even tax tricks.

To use it just go to the site and log in, tax optimization, and find the coins you want to sell or check on. Select the coins with the check box. You can then uncheck the short term if you want to keep those. If you uncheck the long term it unchecks the coin.

Something to note is you can't set the amount, but as it is. It's a good general guideline on what you should expect.

Other things to note is in some areas like the USA long term capital gains you could pay $0 in it if you fall within the rules. I didn't look at the rule changes for 2024, but prior it was about under $40k long term capital gains. To qualify you would have to held the thing for over 12 months. Note the rules do change and it is on you to do the research.

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The original was posted on /r/cryptocurrency by /u/jam-hay on 2024-01-04 14:16:06+00:00.

This is the result of the UK government attacking crypto exchanges again in a away they don't do with the likes of other higher risk financial players from stock brokers to gambling companies.

These days you get far less hassle throwing all your money on a horse in the grand national in an online bet or Yolo'ing your last salary on GameStop stock...than investing in Bitcoin or Ethereum.

The narrative is that the UK is crypto friendly however recent actions are in direct contrast to that.

That said many exchanges haven't helped themselves with the endless listing of shitcoins..still no reason they should receive harsher government FUD warnings and regulations then gambling or broker sites.

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The original was posted on /r/cryptocurrency by /u/LisHere321 on 2024-01-04 12:43:04+00:00.

A week ago "experts" had special "sources" of information that by Tuesday or Wednesday the ETF could be approved.

Yesterday (probably) those same "experts" wants to tell us why the ETF will NOT be approved.

Jim Cramer being bullish crypto, too!

Hey guys, don't you see that they're just manipulating us?

It just needs 1 bigger entity to sell some of their portfolio to cause a crash, the long positions get liquidated, even more people get scared by the manipulating narratives, paper hands quickly sell at a loss.

I guess Jim Cramer is laughing his b*tt off and bought the dip.

Crypto is a longrun play, the halving is just 3 months away...not years, months! After the halving, historically seen, the bullrun will appear and reward everyone who held strong.

Be strong and stay strong.

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The original was posted on /r/cryptocurrency by /u/Blocks_and_Chains on 2024-01-04 13:09:34+00:00.