Cryptocurrency News & Discussion

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The original was posted on /r/cryptocurrency by /u/Handsome-Lake on 2024-01-22 14:35:27+00:00.

Cosmos based chain with lowest layer 1 fees.

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The original was posted on /r/cryptocurrency by /u/crazybebi on 2024-01-22 14:25:32+00:00.

So I’m looking for one or two new hardware wallets. The Intention for the first is to just hold mainly BTC longterm and usually just send cryptos there one way. Would obv go for open source though I think to remember not all hardware wallets claiming to be open source actually are completely? The Bitbox might be an option, does anyone have opinions on it? As for a maybe second hardware wallet, I would use it for more kinda midterm holding, longest possible close to the cycle top. Would be nice to be able to stake from there. What are your opinions on the Bitbox, keystone pro and onekey classic? Trezor would be another option I guess. I unfortunately don’t have millions in crypto so I don’t really want to spend as much money as I can in hardware wallets but obv it it makes sense to go a little more expensive it’s fine.

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The original was posted on /r/cryptocurrency by /u/BabyishHammer on 2024-01-22 13:35:09+00:00.

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The original was posted on /r/cryptocurrency by /u/cointelegraph1 on 2024-01-22 13:34:25+00:00.

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The original was posted on /r/cryptocurrency by /u/cointelegraph1 on 2024-01-22 13:32:37+00:00.

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The original was posted on /r/cryptocurrency by /u/cointelegraph1 on 2024-01-22 13:27:47+00:00.

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The original was posted on /r/cryptocurrency by /u/NotABlastoise on 2024-01-22 13:21:12+00:00.

I fully understand that selling crypto in the US gets treated as a traditional investment. Either short term or long term depending on amount of time owned.

What happens if you were to sell all your crypto at one time, but have bought at multiple different price points? If I've collectively spent $1000 and it's worth $2000 at sales, is it just the difference? Or are there other things that happen because I spent $100 at one time, and then $900 at a other time? So both those points in time would have differences in percentage growth? Or am I over thinking that?

Also, for some coins that I've had for years, what if I'm unable to provide proof of purchase? What happens then?

Example above is hypothetical btw

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The original was posted on /r/cryptocurrency by /u/chintokkong on 2024-01-22 13:08:14+00:00.

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The original was posted on /r/cryptocurrency by /u/Horror-Badger9314 on 2024-01-22 12:06:53+00:00.

I have invested $ 200 in this just for testing.

I’ve have set the Binance bot to operate in a technical analysis at BNB, resistance an support for the last 7 days.

The bot was supposed to buy at a 0,23% move down and sell at a 0,28% up.

During 3 days it made 22 operations.

The final result: two cents profit.

Result if I just have bought and forgot BNB for two days: a loss of 2 dollars.

This could be considered a good result but it’s peanuts. Because the bot would need maintenance and if the market moves fast it will be out of its range. In a real bull run or a crash the price would move so fast that will be out of the parameters.

The real winner was Binance: 22 transactions fees.

Any results to share?

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The original was posted on /r/cryptocurrency by /u/crypto_dood on 2024-01-22 11:47:21+00:00.

hi,

i haven't transferred anything in the last months, and haven't followed the binance deposit/withdraw news lately. but i want to top up my funds (so i can buy a lambo much earlier). :)

after sepa transfers were stopped for a short period of time, there are three sepa options available.

1. one that automatically exchanges euro to usdt. (0,5€ fee) (0-3 days)
2. one that costs 1€ per transfer (no auto-exchange) (1-3 days)
3. on that's called open banking with 0,5€ fee (0-7 days) which looks like it's the same lithuanian banking partner as before.

now, previously i always used an instant transfer from my bank, and received the money within 10 minutes (usually), sometimes it took an hour or two, although it said 1-3 days.

i wonder, has anyone tested the deposit options already. can anyone tell me what thhe costs of exchange are?`I assume it's 2%, similar to the convert tool.

is an instant trnasfer still possible, if i choose open banking or the 'regular' SEPA transfer?

thanks.

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The original was posted on /r/cryptocurrency by /u/drjacks on 2024-01-22 11:32:45+00:00.

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The original was posted on /r/cryptocurrency by /u/13Robson on 2024-01-22 11:02:48+00:00.

Good morning!

As much as I have liked them, and followed them over the years, Coinbureau is pretty much dead.

They became more of a hub for worldwide conspiracy theories and Guy now only shills his new elite club while sharing shitcoin videos with the plebs. Overall quality went down for a while, now its just below any critique. Quite sad, but it is what it is. but let's move on.

What sources do you use for your reserach?

Would be best someone who dribbles in multichain and who does not promote rubbish projects and flat out scams.

Would prefer Youtube or podcast content. Please name a few and give a short introduction if you dont mind.

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The original was posted on /r/cryptocurrency by /u/cistro on 2024-01-22 10:48:57+00:00.

Maybe it’s just a personal observation, but up until now, Bitrefill has been my go-to method for making purchases using cryptocurrency. It’s always seemed convenient and reliable. Unfortunately, I’ve recently encountered a frustrating issue: every time I try to buy Danish PlayStation store gift cards through Bitrefill, they’re sold out. This has put a bit of a halt on my gaming plans, and I’m looking for some advice on how to navigate this situation.

Has anyone else faced this problem? More importantly, does anyone know of any alternative methods or platforms for purchasing items on the PlayStation store using cryptocurrency? I’m open to exploring new services or even unconventional solutions. Additionally, if there are specific strategies to avoid this kind of inconvenience in the future, I’d greatly appreciate your insights.

I’m particularly interested in hearing from those who have navigated similar situations or who are knowledgeable about the nuances of crypto payments in gaming contexts. Any suggestions or recommendations are welcome!

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The original was posted on /r/cryptocurrency by /u/Raj_UK on 2024-01-22 10:23:27+00:00.

Hi CC

I've never used leverage, but I had a thought about seemingly low risk way of using it that makes use of the highest possible leverage I can find which sounds counter intuitive I know !

Just wondering why it wouldn't work, so here we go !

1. Find exchange with 1000x leverage (would work with 100x too)
2. Go long for $10 in BTC (am I correct in thinking all I can lose is $10 ?) On 1000x leverage, so every 1c it goes up I gain $10 and I get liquidated if it goes down 1c
3. Wait for BTC to change in value 1c to liquidate me or go up $1 at which point I'll cash out $10
4. I'm assuming that price changes will be more than 1c per tick, but won't my exposure be $10 when I lose, but no limit on the upside cap ?

Eg it goes down 1c in a tick so I get liquidated and lose my $10 It goes down 5c in a tick so I get liquidated and lose my $10 not the $50 (or will the exchange contact me and say I owe them $40 more and they'll freeze my account until I pay that ? Which would kill this plan, and sounds reasonable of them to do so when I type this) It goes up 1c in a tick so I gain $10 It goes up 5c in a tick so I gain $50 and cash out and restaje $10 banking $40

1. Win or lose, go back to and repeat step 2

I'm assuming BTC is so volatile that noise on the price will either trigger my liquidation or my sell for 1000x profit on a pretty much 50/50 basis but the times I win will be more than 1c change in price

So what am I missing ?

There must be a reason this wouldn't work, do exchanges want more margin for higher leverage multipliers for example ?

Any feedback would be appreciated

Cheers

Raj

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The original was posted on /r/cryptocurrency by /u/kirtash93 on 2024-01-22 09:35:02+00:00.

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The original was posted on /r/cryptocurrency by /u/fap_fap_fap_fapper on 2024-01-22 06:48:49+00:00.

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The original was posted on /r/cryptocurrency by /u/FitScore3115 on 2024-01-22 05:16:38+00:00.

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The original was posted on /r/cryptocurrency by /u/Gastellier on 2024-01-22 04:37:19+00:00.

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The original was posted on /r/cryptocurrency by /u/mihaiioo on 2024-01-22 04:21:14+00:00.

Me and my friend like gambling small ammounts for entertainment, think cents and pennies, we tried everything and eventually got bored of it all, this is the last fun thing to do with spare change, so is there like a gagilion X leverage on any platform?

I found a 500x one and a 1000x one but both seem shady websites so i'm asking you guys what legit platform provides the most leverage, i know most platforms provide 100-125x but more zeroes means more dopamine XD

P.S. yes i know the risks i wouldn't do this with money i couldn't afford to lose

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The original was posted on /r/cryptocurrency by /u/francis105d1 on 2024-01-22 03:29:14+00:00.

Bitcoin enthusiasts often champion the Lightning Network (LN) as a solution to scalability issues, but certain inconveniences are often downplayed. In this article, we'll explore some of the challenges associated with LN that supporters may not readily disclose.

Bitcoin faces scalability constraints due to a 1Mb native block size limit and the 4Mb SegWit limit. Despite advancements in computer hardware and internet connections, the network struggles to scale. Current computer hardware and internet connections can support a 32Mb block-size network without compromising the decentralization of the nodes.

Using Lightning Network in a self-custody decentralized manner requires users to open on-chain channels, each involving at least two transactions. Maintaining a public or private node necessitates holding a minimum of 16 channels to remain decentralized, resulting in additional transactions. Even when batching transactions to open channels, individual transactions are still required for closure, tying up funds until the channel is closed that fee is called a reserve fee or commit fee.

Upgrading hardware, especially on mobile devices, poses a challenge as nodes cannot be easily backed up and transferred. Users must close channels, and start anew, incurring transaction costs for closure and reopening. With mobile phone upgrades occurring annually, this translates to a recurring cost of at least 16 transactions annually. You need to pay at least 16 transactions at $50 (enough for your LN node to be decentralized) a pop which is enough money to buy yourself a better computer and HDD and run the Bitcoin Cash BCH node

While this issue is less problematic for computer users, running a node on a computer requires a level of technical expertise. Being a supercomputer user is essential initially, and maintaining connectivity from a mobile device further complicates the process. Running open nodes on computers is not easy, you need to have fair computer knowledge and I will go as far as to say probably a computer science degree. You can backup your node but you need to know how.

For those who prefer avoiding these complexities, self-custody wallet solutions like Muun and Phoenix Wallet offer a more straightforward option. However, it's important to note that these wallets, while an improvement from custodians, remain centralized as they only allow connection to a single node (the developers' of that node are the developers of your wallet).

Bitcoin supporters often promote LN as a step towards mainstream adoption, likening LN accounts to wallets. However, these LN "wallets" are more akin to bank accounts without the insurance typically associated with retail bank accounts. Services like Wallet of Satoshi, Strike, and ChivoWallet are touted as symbols of Bitcoin adoption, but users should be aware that they lack the financial protections offered by traditional banks. In the event of custodians facing insolvency or malfeasance, users may find their funds uninsured, unlike regular bank accounts, which typically provide coverage against such risks and do so without the high upfront costs associated with LN transactions.

Bitcoin Cash on the other hand remains decentralized thanks to computer hardware improvements so running a 32Mb block-size blockchain is possible on every home with a regular computer and your current internet connection. And if you need 16 transactions to remain decentralized with LN you better just upgrade your node software instead of paying miners over $800.00 every time you upgrade your mobile device.

Conclusion: with Bitcoin BTC you will be able to run a node with 1998 hardware but you won't be able to use it. With Bitcoin Cash, you can buy a new computer to run a BCH node with the money you will save on fees.

All Lightning Network wallets are hot wallets because they must be online to work.

Phoenix Wallet may allow you to restore your channel state but you only connect to the ACINQ node so that means your wallet is centralized and because it only connects to one single channel it can be restored by the node operator.

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The original was posted on /r/cryptocurrency by /u/Savi321 on 2024-01-22 03:23:05+00:00.

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The original was posted on /r/cryptocurrency by /u/d3jok3r on 2024-01-22 01:45:08+00:00.

Sometime, the best way to win is to make sure that you'll stay away and survive from key events.

The more we look at the factual ETF trading data (until day 6 or last Friday) and insight information shared by highly credible and experience folks like Eric Balchunas (Bloomberg Senior ETF Analyst, one of the best crypto EFT guys) or JA Maartunn (CryptoQuant Comm Manager, the "crypto market watcher guy"), the worse the current situation seems to be.

What we are all probably be aware of the current situation is:

• (1) Grayscale is selling BTC via Coinbase's OTC. And they are selling damn hard every single day last week.
• (2) People are buying the newly approved BTC ETFs at a remarkable rate.

The BTC ETF money flow can be seen in this tweet of Eric Balchunas (and I also copy/paste the figure here for your quick reference).

What we previously assumed is:

• A lot of folks are simply exiting their Grayscale's GBTC position and swich to the other ETFs to save fees/costs. Hence this is kind of a simple swap and will not have any impacts on the market overall.

HOWEVER, IT SEEMS THAT THIS ASSUMPTION IS NOT TRUE.

IT SEEMS THAT A LOT OF THE OUTFLOW FROM GRAYSCALE'S GBTC JUST SIMPLY LEFT THE MARKET.

And majority of the inflow of other ETFs (Blackrock, Fidelity, etc.) are purely new people joining the market.

Why this is important and what is the potential impacts?

This is critical because it means that:

• There are still a lot to sell from Grayscale's end. And it's hard to know when they will end this. More importantly, this huge amount of outflow is actually leaving the market for good.
• The buying power from the other ETFs is mainly from new investors hence will likely cool down very soon. They already reached a historic inflow record for a new ETF. And it's just hard to believe that they have a lot of ammunitions left in their tank when both dXY and interest rate is still at the significantly high value (i.e. people are likely to keep their cash in the short term).
• There might be a significant amount of long positions below 40k BTC. And if that support level is broken, expect a cascading liquidation effect. That support level, unfortunately is pretty close now (we are at ~41.6k at the time of this writing).

So what do all of these things mean?

• You should be highly cautious and stay away from leverage (especially long)
• You should watch the in/out flows of these ETFs. If you see a significant downturn of folks in "The Nine" group ad Eric called it, there's a great chance that BTC will enter a downward spiral and only Satoshi knows where this bloodbath will end (we think it'll be around the rank 30k-35k if this happens).

Eat well and stay away from leverage and you'll probably be fine.

All the best.

Latest BTC ETF flows (from Eric Balchunas)

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The original was posted on /r/cryptocurrency by /u/Joe_Bob_2000 on 2024-01-22 01:35:52+00:00.

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The original was posted on /r/cryptocurrency by /u/francis105d1 on 2024-01-22 01:01:25+00:00.

In this article, we delve into the concept of stablecoins uniquely tailored for the CashTokens ecosystem. Unlike traditional stablecoins, this proposal suggests the creation of a stablecoin exchange by a centralized entity, meticulously backed by Bitcoin Cash. Before passing judgment, let's focus on the message and not crucify the messenger.

Recent developments, notably by CauldronSwap and other entities, aim to introduce a stablecoin into the CashToken ecosystem. While some may perceive this as concerning, given potential challenges for the Bitcoin Cash economy, it's crucial to examine the risks associated with a Liquidy LUSD asset. Users adopting a similar approach to LUSD to generate tokens may encounter smart contract vulnerabilities and susceptibility to sudden market movements leading to loan liquidations.

Looking at El Salvador, a country embracing Bitcoin as its official legal tender, we observe an open invitation for cryptocurrency investment. Beyond the political landscape, it is essential for corporations and startups eyeing El Salvador as a hub for their ventures to find stability in governmental policies. A steady environment is crucial for businesses navigating the complexities of international operations.

El Salvador currently operates with Bitcoin and dollars as its legal currency, allowing for traditional banking practices. The proposal suggests the creation of bank accounts supporting a stablecoin token alongside hard cash. This parallels the model of corporations like Tether but within a regulated framework.

Access to such accounts would be restricted to regions with friendly regulations. Notably, Americans may face limitations due to stringent government oversight, but for fully KYCed clients, inclusion might be possible, akin to services provided by entities like Circle.

Rather than introducing another standalone stablecoin, what I am proposing emphasizes the utilization of mUSD once available. Users can opt to hold this stablecoin in their wallets or seamlessly convert it into cash using an exchange-like service, reminiscent of Tether. This strategic shift positions the corporation as an exchange service provider rather than merely a stablecoin issuer.

I conclude by pondering the potential reception within the Bitcoin Cash community. Will this business idea attract investors and entrepreneurs eager to contribute to the evolution of the CashToken ecosystem? The future success of such a venture may hinge on community support and its ability to navigate the intricate landscape of cryptocurrency markets.

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The original was posted on /r/cryptocurrency by /u/brian-augustin on 2024-01-22 00:44:47+00:00.

edit: USA

I tried to time the market a month ago, had a stop order limit for a certain amount of BTC, it sold everything, which I knew it was going to do but didn't even consider taxes cause I thought you get taxed if you withdraw.

I just checked my tax form on the crypto exchange and it says I have $X,XX.XX amount of gains.

Its listed on the exchange as

Outgoing FROM 0.XXXX BTC ---> Unknown Estimated Tax Impact $X,XX.XX

When I report this during my taxes will I get taxed for the sell? - Even though I don't think I made profit?