Cryptocurrency News & Discussion

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The original was posted on /r/cryptocurrency by /u/fap_fap_fap_fapper on 2023-12-24 06:58:36+00:00.

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The original was posted on /r/cryptocurrency by /u/fap_fap_fap_fapper on 2023-12-24 06:58:36+00:00.

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The original was posted on /r/cryptocurrency by /u/py-7669 on 2023-12-24 06:24:18+00:00.

Back in the day you just had top coins, one wallet and some exchanges. Now theres bridging, multiple chains that are not inter-compatible, shitty nfts, checking bridge sites if its hacked or not, staking scams, transactions that take 8 days to confirm. Been trying to be into crypto since years an its only getting tougher to understand. And with no "authority" to organise and safeguard the average joe it will never get mass adoption. Theres no trusted guides, no central information source, no historical incidents recorded and the biggest sub for crypto thinks below 500 characters theres no content worth sharing with the people here. It's hard and hard to be involved in crypto especially now since i know when lambo was not true at all.

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The original was posted on /r/cryptocurrency by /u/neen209 on 2023-12-24 03:13:58+00:00.

Hi guys,

Last time I made a post regarding STX was around 3 months ago. I believe STX was sitting around $0.50. It is currently $1.50.

I’m no guru or financial advisor, but I believe STX is a project that you should look into.

STX is the native token of the Stacks blockchain, a layer 2 blockchain network that leverages the security of the Bitcoin blockchain to settle transactions. Essentially, STX is a layer built on top of the Bitcoin blockchain, designed to expand the functionality of Bitcoin by enabling smart contracts and decentralized applications.

STX has a major upgrade that the dev team claims will be released prior to BTC halving. The upgrade (Nakamoto upgrade) adds important capabilities that enhance the power of Stacks as a Bitcoin layer. In addition to the trustless, two-way Bitcoin peg (sBTC), this release would enable transactions secured by Bitcoin finality and faster Stacks transactions between Bitcoin blocks.

A few notable reasons why I believe STX is a solid investment:

STX was the first project to have their ICO approved by the SEC ( )

STX gives you an opportunity to use your STX in a “Stacking” mechanism, which essentially lets you stake STX & receive BTC as rewards (return is currently around 10% APR)

Wrapping this up all together, STX has huge growth potential. I also believe that STX will be one of the coins to benefit drastically along with Bitcoin if/when a Bitcoin spot ETF is approved. And since STX is operating more like a layer 1, the sky is the limit as far as market cap.

I am writing this only because as a cryptocurrency community, I believe it is beneficial to share our findings amongst each other. No one likes to hear someone shilling a project, but if you can recommend a project & the reasons why you believe it is a good project, then I for one am all ears & eager to hear about why you believe it is a good project.

I know a lot of people are going to assume I am making this post just to shill (that’s what happened last time), but regardless, if I can get someone interested to look into it further, I feel like I did well. STX is already at a $2.1 Billion MC, so obviously making this post does absolutely nothing for the price of STX.

As always, don’t take a strangers advice & DYOR. Also, if you have a coin that you recommend, I would love to hear what & why!

Merry Christmas & I wish you all the best

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The original was posted on /r/cryptocurrency by /u/py-7669 on 2023-12-24 06:24:18+00:00.

Back in the day you just had top coins, one wallet and some exchanges. Now theres bridging, multiple chains that are not inter-compatible, shitty nfts, checking bridge sites if its hacked or not, staking scams, transactions that take 8 days to confirm. Been trying to be into crypto since years an its only getting tougher to understand. And with no "authority" to organise and safeguard the average joe it will never get mass adoption. Theres no trusted guides, no central information source, no historical incidents recorded and the biggest sub for crypto thinks below 500 characters theres no content worth sharing with the people here. It's hard and hard to be involved in crypto especially now since i know when lambo was not true at all.

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The original was posted on /r/cryptocurrency by /u/vorchip on 2023-12-24 02:53:52+00:00.

I have tried the platforms and exchanges that offer trading bots. They have always lost. Especially long term. I've honestly never been impressed

This is why I've been working on my own AI assistants to trade for me. I'm building them and honestly wonder what people think about this. I find it to have huge potential.

Here is my approach: Build an AI assistant to build and code strategies from documents and videos. Then the next assistant debugs the output. Stage 3 is where another AI will backtest the strategy, while outputting the data to a spreadsheet. AI assistant number 4 will take the highest performing strategy that has been back tested, and take trades for me.

I am documenting this for future intentions. Also really curious how much someone would pay for such a service? For AI to build, debug, test and complete trades. 24/7. I don't see many people really getting into this. Developing this is a little time consuming but I really look forward to the outcomes.

I'm posting here because I only touch crypto and really only engage with web3 community.

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The original was posted on /r/cryptocurrency by /u/No_Breadfruit_3517 on 2023-12-24 02:15:26+00:00.

Blockchain is a great technology.

Land ownership, patents, academic certificates, research papers, supply chain data, financial transactions, movies/ video copyright, etc can all go into Blockchain, and it is going to be a game changer!!

However my question is :

1. Will banks and financial institutions ever use public Blockchain, instead of creating their own Blockchain? When JP Morgan is coming up with their own Onyx platform, it got me thinking "Which bank will ever use these public Blockchains?"

2. Singapore had many Blockchain pioneers but when Government of Singapore had to implement one, they created OpenCerts . Will any government ever use public Blockchains?

3. Real valuation: Last year, There was a time when Polygon was making 600$ a day in fees. It got me thinking why is Polygon valued at billions when it isn't providing a service/value worth 600$.

4. Unhealthy growth equation: Esp In a bull market, The whale pumps the price 2X 3X. When rewards are 3X, Everyone wants to stake. esp In Proof of Stake, More you stake more rewards you get. To stake more, you buy more. When you buy more, The price goes up. When price goes up, Everyone wants to stake and get token as a reward. Until this bubble crashes...

5. Eventually crypto technology is defamed: I came across Traders Joe Application in AVAX, and the rewards for liquidity pair staking was like 20-300%.

When someone gets 20% USD interest by staking AVAX, They will certainly buy AVAX and stake. When they buy AVAX, the price goes up. When price goes up, they get more interest, and so on. This eventually becomes an exponential function.

I remember the same incident with Raydium application in Solana in 2021.

Until something unexpected happens and it crashes like Celsius, or Terra Luna.

Lets discuss:

1. Where do you think the SOL, AVAX, ADA, ETH, etc are heading in terms of sustainable real world utility (not swap, meme, farming applications)?
2. Any examples where government or private companies are using public Blockchain, and sustainably paying gas fees?
3. Are there any token that are growing sustainably, by preventing unhealthy exponential growth, and crashes that eventually defames the Blockchain technology?
4. Anything we can do to prevent defamation of crypto technology?

I hold BTC, ETH, ADA, and several other tokens.

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The original was posted on /r/cryptocurrency by /u/reddit_4_info on 2023-12-24 00:52:31+00:00.

Many people cannot login to their accounts despite having gone through verification and contacting customer support. For example at Coinbase there are many people who just go through a known ongoing verification loop. Check with your accountant, but it seems to many experts that it would be reasonable to consider this as a capital loss for tax purposes.

This would be a reduction in your taxable income.

There is Federal law and State law and there are probably limits, the limits can probably be carried forward. The point is that if your money is in the account, but the exchange is not letting you access it then there is a reasonable argument that the exchange has liquidity issues since this has happened before. It would make sense that the tax treatment would be the same.

TL;DR If your access to your account has been blocked, you have followed proper protocol and you are being given the runaround, don't assume that it's stolen. Ask your accountant and find out about taking a tax loss because this makes sense. Caveat, if you ever do get your money back then that might be a tax gain. You may want to send the exchange an email and a letter telling them the time and date of when you would have cashed out and in what amount. Again check with your accountant.

The question is, what was the tax treatment for people who lost money in failed exchanges?

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The original was posted on /r/cryptocurrency by /u/knhcxe on 2023-12-24 00:34:21+00:00.

Recently I had my Kraken account closed for an unknown reason, they let me withdraw my funds and there were no problems. I have to move away from Binance due to the fact they have a branch in my country and tax authorities over here are quite intrusive.

Taking those two, which are most likely the best exchanges, I am left with a couple of other options. Coinbase I am already using and they're fine. But I'm looking for something closer to Binance in terms of fees, ease of use, security and no random account blocks or anything like that. From what I've seen, biggest ones are KuCoin, OKX and Bybit. I know KuCoin is often use because they list pretty much everything, no idea about OKX and Bybit I think is following Binances steps. I have used Bitfinex in the past and they're fine but their relatively low volume puts me off.

I just want something where I can park some stables, maybe generate some interest through lending and be able to deposit and withdraw quick.

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The original was posted on /r/cryptocurrency by /u/goldyluckinblokchain on 2023-12-24 00:04:42+00:00.

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The original was posted on /r/cryptocurrency by /u/CryptoDaily- on 2023-12-24 00:00:41+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:

• Beginner Resources
• Intro to r/Cryptocurrency MOONs 🌔
• MOONs Wiki Page
• r/CryptoCurrency Discord
• r/CryptoCurrencyMemes
• Prior Daily Discussions - (Link fixed.)
• r/CryptoCurrencyMeta - Join in on all meta discussions regarding r/CryptoCurrency whether it be moon distributions or governance.

Finding Other Discussion Threads

Follow a mod account below to be notified in your home feed when the latest r/CC discussion thread of your interest is posted.

• u/CryptoDaily- — Posts the Daily Crypto Discussion threads.
• u/CryptoSkeptics — Posts the Monthly Skeptics Discussion threads.
• u/CryptoOptimists- — Posts the Monthly Optimists Discussion threads.
• u/CryptoNewsUpdates — Posts the Monthly News Summary threads.

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The original was posted on /r/cryptocurrency by /u/yeh-nah-yeh on 2023-12-24 00:00:26+00:00.

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The original was posted on /r/cryptocurrency by /u/reddit_4_info on 2023-12-24 00:52:31+00:00.

Many people cannot login to their accounts despite having gone through verification and contacting customer support. For example at Coinbase there are many people who just go through a known ongoing verification loop. Check with your accountant, but it seems to many experts that it would be reasonable to consider this as a capital loss for tax purposes.

This would be a reduction in your taxable income.

There is Federal law and State law and there are probably limits, the limits can probably be carried forward. The point is that if your money is in the account, but the exchange is not letting you access it then there is a reasonable argument that the exchange has liquidity issues since this has happened before. It would make sense that the tax treatment would be the same.

TL;DR If your access to your account has been blocked, you have followed proper protocol and you are being given the runaround, don't assume that it's stolen. Ask your accountant and find out about taking a tax loss because this makes sense. Caveat, if you ever do get your money back then that might be a tax gain. You may want to send the exchange an email and a letter telling them the time and date of when you would have cashed out and in what amount. Again check with your accountant.

The question is, what was the tax treatment for people who lost money in failed exchanges?

This is an automated archive.

The original was posted on /r/cryptocurrency by /u/goldyluckinblokchain on 2023-12-24 00:04:42+00:00.

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The original was posted on /r/cryptocurrency by /u/JAlbert653 on 2023-12-23 21:58:15+00:00.

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The original was posted on /r/cryptocurrency by /u/derika22 on 2023-12-23 20:26:50+00:00.

Hype is more "valuable" in crypto than the tech behind it.

Forget Play2Earn crypto games, they're still crappy and won't drive more customers in here yet.

But "GTA 6", a very popular game, will feature in-game crypto (not real crypto). GTA 6's release date is in 2025. This will expose crypto in a playful manner.

The markets are still choppy at the moment, but in 2025 the hype machinery will pump crypto everywhere.

People will compare 2021 bullrun with the bull in 2025.

I don't expect 2024 to be very bullish, because the market factored an ETF approval already. Also there is no excess liquidity which could pour into the markets, especially not in high risk assets such as crypto.

But 2025 will look completely diffent. If the FED manages to solve the inflation problem by then, we will have a great bullrun.

I'm already so hyped up.

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The original was posted on /r/cryptocurrency by /u/CryptoDaily- on 2023-12-24 00:00:41+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:

• Beginner Resources
• Intro to r/Cryptocurrency MOONs 🌔
• MOONs Wiki Page
• r/CryptoCurrency Discord
• r/CryptoCurrencyMemes
• Prior Daily Discussions - (Link fixed.)
• r/CryptoCurrencyMeta - Join in on all meta discussions regarding r/CryptoCurrency whether it be moon distributions or governance.

Finding Other Discussion Threads

Follow a mod account below to be notified in your home feed when the latest r/CC discussion thread of your interest is posted.

• u/CryptoDaily- — Posts the Daily Crypto Discussion threads.
• u/CryptoSkeptics — Posts the Monthly Skeptics Discussion threads.
• u/CryptoOptimists- — Posts the Monthly Optimists Discussion threads.
• u/CryptoNewsUpdates — Posts the Monthly News Summary threads.

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The original was posted on /r/cryptocurrency by /u/Coursell on 2023-12-23 17:07:04+00:00.

Hello reddit, I have some thoughts/arguments that I would like to hear your respons on. Thanks for reading / Coursell

Cryptocurrencies intrinsic value:

Crypto currencies does not have an intrinsic value. Meaning, You cannot use a bitcoin for anything except exchanging it with another person. It is the same as a useless piece of plastic that has an amount limit and you can throw it instantly to everyone around the world. Does it make you want the plastic piece? Well not me.

This is why Crypto can't be compared to gold since gold have a intrinsic value. you can make jewelry and electronics with gold that people are ready to pay for.

Other cryptos vs Bitcoin

Well, is there is a plastic piece that you can throw to other people easier then at least you would prefer using that piece of plastic instead of the old clumpy plastic piece you used before right? That's old Cryptos(Bitcoin, ether, etc) vs new ones (maybe Solana, bitcoin SV, ripple etc).

With this theory an crypto currency will eventually always go to zero since there will always come new crypto currencies that are better for trading.

BUT Bitcoin can have an intrinsic value!!??

Just like an old painting from 1822, people don't pay millions because it is more beautiful than a painting today. They millions because there are enthusiasts out there that feel great having that rare piece.

Just like the painting, I believe Bitcoin is the crypto currency that can have this kind of intrinsic value. Just because there are enthusiasts that want to have bitcoin because it was the first crypto.

If Bitcoin have intrinsic value, then it can be used for trading/money storage forever

If Bitcoin can have that intrinsic value then the value will never go to zero and eventually stabilize. And with a stabilized crypto that never goes to zero you can store your money safely and trade.

But since it is such an ineffective currency with long transaction times and high transaction fees it can never be used for day to day things. It will remain for money storage with few transactions

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The original was posted on /r/cryptocurrency by /u/yeh-nah-yeh on 2023-12-24 00:00:26+00:00.

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The original was posted on /r/cryptocurrency by /u/TCr0wn on 2023-12-23 15:41:33+00:00.

Several factors outlining a bullish short/mid term view on Bitcoin and the overall crypto market

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The original was posted on /r/cryptocurrency by /u/JAlbert653 on 2023-12-23 21:58:15+00:00.

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The original was posted on /r/cryptocurrency by /u/kirtash93 on 2023-12-23 20:52:27+00:00.

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The original was posted on /r/cryptocurrency by /u/Business-Club-5050 on 2023-12-23 20:39:19+00:00.

The Central Bank of Nigeria has changed its stance on crypto assets in the country and asked banks to disregard its earlier ban on crypto transactions.

This is according to a circular dated December 22, 2023, with reference number FPR/DIR/PUB/CIR/002/003, and signed by the apex bank’s Director, Financial Policy and Regulation Department, Haruna Mustafa.

The circular is titled ‘Circular to all Banks and other Financial Institutions Guidelines on Operations of Bank Accounts for Virtual Assets Service Providers (VASPS).’

The apex bank stated that current trends globally have shown the need for crypto regulation.

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The original was posted on /r/cryptocurrency by /u/_Stealthy on 2023-12-23 19:56:02+00:00.

Trolling conspiracy theorists, worth it?

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The original was posted on /r/cryptocurrency by /u/LincHamilton on 2023-12-23 19:26:08+00:00.