Cryptocurrency News & Discussion

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The original was posted on /r/cryptocurrency by /u/JAlbert653 on 2023-12-29 15:09:55+00:00.

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The original was posted on /r/cryptocurrency by /u/jwinterm on 2023-12-29 15:32:39+00:00.

Original Title: Samourai teases the release of non-custodial BTC-XMR swaps coming soon™️ maybe just in the nick of time with the recent privacy coin delisting announcements from OKX and presumably other exchanges also soon™️

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The original was posted on /r/cryptocurrency by /u/TwoCapybarasInACoat on 2023-12-29 14:44:49+00:00.

In the last weeks, Orbiter started 'quests' to advertise new blockchains like Zkfair. Collect points by bridging to zkfair and back:

Well, the problem is, you can't bridge back. This is what 'support' tells people:

'angry users', haha. Yeah, so why do you enable bridging to zkfair then? Right, because some people need their funds and are willing to pay 18 USD in 'withholding fee' to bridge USDC to Ethereum mainnet. Orbiter could simply suspend this bullshit, but they don't. Profits are better than non-angry useres, I suppose.

Even under normal circumstances, you'll pay $1-2 in withholding fees on Orbiter. Of course, this number is written in very small caps, so many people think they're paying a few cents ;)

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The original was posted on /r/cryptocurrency by /u/gr8ful4 on 2023-12-29 13:22:58+00:00.

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The original was posted on /r/cryptocurrency by /u/gr8ful4 on 2023-12-29 13:22:58+00:00.

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The original was posted on /r/cryptocurrency by /u/Perfect_Ability_1190 on 2023-12-29 13:09:30+00:00.

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The original was posted on /r/cryptocurrency by /u/kirtash93 on 2023-12-29 14:55:55+00:00.

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The original was posted on /r/cryptocurrency by /u/hiredgoon on 2023-12-29 14:46:30+00:00.

Sources:

• SOL Marketcap: $46,409,297,276 (coingecko.com)
• Solana inflation schedule: 5.589% (solanacompass.com/tokenomics)
• Solana cumulative non-voting transactions in December: ~1.6M (dune.com/web3academypro/solana)
• Average non-voting transaction fee cost = 0.000076373 SOL / $0.0083 (solanacompass.com/statistics/fees)
• Date: December 29, 2023 (29 days)

Math:

• ($46,409,297,276*5.589%) / 365 days in a year = $7,106,344.18 of SOL issued daily to validators and stakers
• 1.6M / 29 days = 55,172 average daily transactions
• $7,106,344 daily inflation / 55,172 daily transactions = $128.80 per transaction in December 2023.

By incorporating an average user transaction fee of $0.0083, the total cost per transaction with SOL bumps up to $128.81, with SOL holders bearing nearly the entire transaction cost (99.99%!).

The common perception of Solana as an economical choice, due to its sub-penny transaction fees, appears paradoxical. However, as explained by Solana Compass, Solana's inflation model essentially requires non-stakers to compensate stakers for their role in maintaining network security through SOL delegation.

This highlights an important lesson for SOL holders: actively staking is crucial. Otherwise, they inadvertently contribute to a subsidy that benefits users and validators, amounting to an astounding $8 million daily, or ~$129 per transaction.

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The original was posted on /r/cryptocurrency by /u/gr8ful4 on 2023-12-29 14:31:54+00:00.

Poloniex and HTX have closed Monero withdrawals for a month or two already with decoupled prices. Now OKX follows with a complete turbo delisting after having withdrawals halted for some days and nice price divergence.

One by one, all fractionally reserved exchanges are closing their doors. Binance will follow in January.

They ~~will~~ claim hacks and regulation when indeed The CartelTM has been gambling away all their customers Monero and now that the bill is due they pull out to buy time. Will it be enough to save their asses? Who knows. But 2024 will start with some big surprises and I am not talking about the ETF.

CEX order books for a +2% move (compared to one week ago)

1. Binance (4 pairs) $420k (-$90k)
2. Kraken (4 pairs) $360k (-$230k)
3. KuCoin (3 pairs) $320k (+$20k)
4. Bitfinex (3 pairs) $260k (-$120k)
5. OKX (4 pairs) $100k (-$60k) (no withdrawals)
6. Poloniex (3 pairs) $50k (+$5k) (no withdrawals)
7. HTX (1 pair) $3k (-$2k) (no withdrawals)
8. Coinex (3 pairs) $5k (-$10k)

     Total $1.530k ($-470k)

DEX order books for a +2% move

1. bisq (1 pair) $1.020k (-$130k)

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The original was posted on /r/cryptocurrency by /u/Qwahzi on 2023-12-29 13:35:07+00:00.

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The original was posted on /r/cryptocurrency by /u/Feeling-Inside5147 on 2023-12-29 12:50:40+00:00.

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The original was posted on /r/cryptocurrency by /u/drjacks on 2023-12-29 12:16:42+00:00.

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The original was posted on /r/cryptocurrency by /u/drjacks on 2023-12-29 12:14:35+00:00.

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The original was posted on /r/cryptocurrency by /u/Adventurous-Ad-101 on 2023-12-29 10:59:29+00:00.

Yesterday, TravelX announced their partnership with VivaAerobus to expand their NFT marketplace into a new territory, Mexico.

TravelX Twitter Update

The news came days after Algorand community members noticed a spike in chain usage as the NFT based start up began minting 51 tickets per second on the chain.

The high volume need, that comes from the potential global use case, has led an early backer of TravelX, Arul, the Managing Partner of Borderless Capital, to announce desires to see the company launch cross chain

Borderless Managing Partner Statement

If there is a need to expand beyond Algorand, which chain do you think will be next? Could Polygon, Polkadot or an ETH layer 2 be the right fit for the company?

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The original was posted on /r/cryptocurrency by /u/Adventurous-Ad-101 on 2023-12-29 10:59:29+00:00.

Yesterday, TravelX announced their partnership with VivaAerobus to expand their NFT marketplace into a new territory, Mexico.

TravelX Twitter Update

The news came days after Algorand community members noticed a spike in chain usage as the NFT based start up began minting 51 tickets per second on the chain.

The high volume need, that comes from the potential global use case, has led an early backer of TravelX, Arul, the Managing Partner of Borderless Capital, to announce desires to see the company launch cross chain

Borderless Managing Partner Statement

If there is a need to expand beyond Algorand, which chain do you think will be next? Could Polygon, Polkadot or an ETH layer 2 be the right fit for the company?

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The original was posted on /r/cryptocurrency by /u/fap_fap_fap_fapper on 2023-12-29 09:42:52+00:00.

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The original was posted on /r/cryptocurrency by /u/fap_fap_fap_fapper on 2023-12-29 09:42:52+00:00.

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The original was posted on /r/cryptocurrency by /u/koinlyofficial on 2023-12-29 10:01:38+00:00.

• What it is tax loss harvesting?

  • A strategy to reduce taxes on crypto and other investments.
  • Involves selling crypto at a loss to offset capital gains, reducing overall tax bill.

• How it works

  • Realize a capital loss by disposing of crypto.
  • There is an order which should be followed when offsetting gains - generally short term losses are first offset against short term gains. No Capital Gains Tax on the offset gains if you have enough losses to cover the gain.
  • Possible repurchase of the asset (wash sale)

• Considerations

  • In the US the wash sale rule does not currently apply to crypto. Whilst this may change in the future, investors can sell crypto to realise a loss and repurchase the same asset to benefit from a tax saving.
  • Offset up to $3,000 in capital losses against ordinary income annually.
  • Unused losses can be carried forward indefinitely.
  • Different cost basis methods available: FIFO and Spec ID.

• Risks and limits

  • Beware of high transaction fees in sales and purchases.
  • Reducing cost basis might increase future Capital Gains Tax.
  • No limit on offsetting capital losses against gains, but max $3,000 against ordinary income.

• Reporting and strategies

  • Report losses on annual tax returns on Form 8949
  • Use losses to offset gains from other property assets such as crypto and stocks.
  • Consider holding period for strategic tax savings.

• Tools and resources

  • Koinly offers a free tool for US investors who use the FIFO cost-basis method without wallet-based cost tracking.
  • Sign in and use Koinly’s ‘Tax Optimization’ dashboard to track unrealized gains/losses and identify tax loss harvesting opportunities.
  • Get more info on Tax Loss Harvesting. Read the full guide here:

Koinly's new Tax Optimization dashboard - Beta

• Deadlines and procedures
  • Realize losses by December 31st to offset them in the same financial year.
  • File tax returns by April 15th, reporting gains and losses.
  • Koinly provides specific tax reports, including IRS Schedule D and Form 8949.

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The original was posted on /r/cryptocurrency by /u/trtrhie on 2023-12-29 09:55:47+00:00.

Hi. I've seen the advice to sell multiple times on here. I'm not planning to hold my BTC or other coins for life and learn to take profit and spend on myself when I need to and need some guidance in how to sell this upcoming bullrun.

Do you convert then to any other coins/stocks or sell directly on exchanges for fiat? If so, Which platform do you recommend for selling Cryptos?

What is your strategy to sell or convert bitcoin this upcoming bull run? At least for ETH & BTC? What has worked foe you in the past?

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The original was posted on /r/cryptocurrency by /u/TGWTDH on 2023-12-29 09:53:56+00:00.

Hello everyone, my father got texted to by some Singaporian woman that told him to invest his money in a underground binance project called "Cyr". Its greenish and I've never heard or seen this, you cannot find anything online.

He had to pay various fees and the last one totalling $20k to get out his money. They never wrote back and nothing happened.

Have you experienced something similar or exactly that? Is it a scam?

I am very stressed out, because my dad has nothing left now and I can't help him out and it's making me so so sad.

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The original was posted on /r/cryptocurrency by /u/ISupprtTheCurrntThng on 2023-12-29 09:52:39+00:00.

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The original was posted on /r/cryptocurrency by /u/Allen_sylvestri on 2023-12-29 06:51:39+00:00.

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The original was posted on /r/cryptocurrency by /u/brickmadness on 2023-12-29 06:27:15+00:00.

I’m a long-time holder and I was hoping it would gain when the rest of the market did the last few months, but it has dropped like a lead weight.

I know they still have a long runway, and the platform is easy to use and works pretty well, but is anyone confident that it will do better once the bull market kicks into full gear?

Was there fraud or controversy that I’m unaware of? It seems like there must be something going on to make it perform so poorly lately.

Julian Hosp actually sends out pretty decent information in his emails, I just feel like I’m missing something.

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The original was posted on /r/cryptocurrency by /u/FitScore3115 on 2023-12-29 05:07:11+00:00.

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The original was posted on /r/cryptocurrency by /u/VagabondingHeart on 2023-12-29 03:51:52+00:00.

I bought CRO for around $0.06 three years ago to get the jade card and also bought a bit more last year when it crashed back down to $0.06.

I've had the card for around three years now so just the three years of free Netflix, Spotify and Airport lounge alone have been worth it and I would still be up a bit if I cashed out now.

Personally I'm expecting that it will get close to $1 this bull period as it did in the last one, and if it gets to around $0.80 I will probably cash out, but will keep my card to get free airport lounge.

What are your thoughts on CRO in 2024?