Cryptocurrency News & Discussion

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The original was posted on /r/cryptocurrency by /u/AGroCrag2 on 2023-12-13 00:28:02+00:00.

I bought the worst time ever for crypto a few years ago. I forgot the exact date but I lost like 70-80% in months. 😂🤦‍♂️

It wasn't a huge sum of money, and it was money I was mentally prepared to throw away..

Anyways, I haven't checked my balances and wallets for over two years and just decided to log into everything.

Something I never did previously but was always interested is day trading the crypto. I have a little bit of money sitting that I'm ready to do some gambling with - but will this result in a nightmare come tax time? When I was dabbling, it wasn't a tax report requirement. Plus I never sold anything so I had nothing to worry about 😂

Is this something I should throw some time at? Or will I regret it come tax time? I am in the USA

Sorry for the babbling. 😂

Thanks

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The original was posted on /r/cryptocurrency by /u/CryptoDaily- on 2023-12-13 00:00:52+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 The prior exemption for karma and age requirements is no longer in effect.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.
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• u/CryptoNewsUpdates — Posts the Monthly News Summary threads.

This is an automated archive.

The original was posted on /r/cryptocurrency by /u/CryptoDaily- on 2023-12-13 00:00:52+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/SJJ__ on 2023-12-12 23:34:17+00:00.

I just had 9 calls today with Santander after attempting to purchase £3000 worth from Coinbase, they blocked the payment and froze my account, they didn’t believe I wasn’t being scammed. I have been buying and selling for 3 years on and off and it took 5 hours to regain access. Barclays closed my account in 2021 for purchasing crypto from binance which I can assume is because of its own controversies. I had to go into branch with payslips and shit to prove my money was mine, I was then investigated by the national crime agency and had my bank account closed🤣🤣. I had done nothing wrong and it wasn’t even a large amount.

What am I doing wrong and have others had this problem recently? Best UK crypto friendly banks?

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The original was posted on /r/cryptocurrency by /u/LisHere321 on 2023-12-12 21:28:44+00:00.

Here I write down 3 facts, you do your own conclusion what to do with the information provided:

[Fact 1:] BTC halving will occur mid April 2024

[Fact 2:] BTC spot ETF last approval deadline is on January 2024

[Fact 3:] After every BTC halving which cuts mined supply to half, a crypto bullmarket occurs.

Now market valuations for crypto is still so low. The whole crypto marketcap is $1.6T. In comparison Apple has a marketcap of $3T...double of whole crypto mcap!!! Gold has a mcap of $13T.

Real institutional money isn't in crypto (yet). An ETF of any crypto will unlock immense amounts of capital inflow right into crypto.

Knowing these facts you can either see the potential or stay deluded that this is all a "big bubble".

I do not care if the markets does a minus 5% or minus 10% or whatever. Once the real big institutions are storming into crypto you don't mind if you've bought at $44k or at discount $40k or a possible $30k.

It doesn't matter for you at all and if this happens, you wished for a timemachine to take you back where you've read this post...just to buy even more coins.

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The original was posted on /r/cryptocurrency by /u/butcheeksaflexin on 2023-12-12 21:05:40+00:00.

In Nov 2021 I got a notification that “Tipsy Santa” coin was listed on CoinMarketCap. I knew there was a 99.5% chance it was a scam, but I thought maybe if I put $30 I would sell at some sort of profit a couple weeks before Christmas, because if it was a scam the scammers would want the price to be driven up until right before Christmas when the rug would be pulled, right?

Not more than 15 minutes after converting BNB to Tipsy Santa the rug was pulled. I still laugh about it to this day.

What’s y’all’s dumb coin story?

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The original was posted on /r/cryptocurrency by /u/Gullmine on 2023-12-12 20:48:11+00:00.

Imagine you have a one-time opportunity to peek at the future price of any single cryptocurrency on a specific future date. Which cryptocurrency would you choose to check, and on what exact date? Remember, this unique chance allows you to see only the price of your chosen coin on that particular day, without access to any other price history or graphs. It could be Bitcoin on an important date in the future, or perhaps a different cryptocurrency at a crucial moment.

How would you use this information, and why would you choose that specific coin and date?

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The original was posted on /r/cryptocurrency by /u/KobraKay87 on 2023-12-12 20:15:21+00:00.

Hi there,

Excuse my bad english, but I'm at loss for words right now. I have been hodling my Cryptos for over 3 years now and had them on Exodus on an Android phone, that is constantly switched off and stored in my closet. After the recent surge in prices I decided to turn my Android back on again and check my Exodus.

Then I saw the zeros behind all my previously owned cryptos. Checked the history and all my cryptos had already been transferred to different wallets in September. Man, haven't cried that bad in a long time! Compared to many others here it wasn't much, but losing 2,5 ETH and a ton of ADA and (fucking) Doge hurts me personally. Motherfucker only left a handful of Algo.

Now I wonder how this could have happened. Somebody must have gotten access to my Seed somehow and also bypassed my Google Authenticator, right? Or is it just enough to know the Exodus password? Must have been my Android phone that was compromised maybe?

I transferred all my assets from Crypto.com to Exodus in November 2022 to "be safe" but now I wish I would have never done it.

Here's the wallet adress that received all my ETH for example:

0x040da7d2a9cce9e5530405473cfa6c2c397718ac

Not to familiar how to track anything with this, maybe someone can shine some light on it for me.

Already sent a message to Exodus support, but of course I know that the money is gone for good.

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The original was posted on /r/cryptocurrency by /u/kirtash93 on 2023-12-12 19:55:37+00:00.

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The original was posted on /r/cryptocurrency by /u/sleepy-panda521 on 2023-12-12 16:15:39+00:00.

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The original was posted on /r/cryptocurrency by /u/Hermes_Trismagistus on 2023-12-12 15:48:05+00:00.

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The original was posted on /r/cryptocurrency by /u/InnocentOfTheCharges on 2023-12-12 16:56:18+00:00.

The problem with solo mining is that there is only one winner per block, and all but one loses, resulting in an extraordinary waste of work. Mining pools have done a fair job of reducing waste, but they can't eliminate it without consolidating into a single global pool, which introduces centralization issues.

To eliminate the waste, miners must take turns following a list, from the top down. Each position on the list is a miner's payment address, and corresponds with a specific future block height. The list is limited in length. With a block interval of two-minutes, a list of 10,000 addresses would cycle about every two weeks.

For a chance to get on the list, miners must create a visible transaction to back their addresses with coins, and publish it to the address pool, similar to PoS, only there's no risk, no reward, and no penalty. The transaction outputs are only for reference. They can be validated but are not intended to be spent, and don't need to be confirmed. Once an address is added to the list, all other data relating to its selection process is permanently discarded.

The side effects of PoS are good for everyone. It strongly encourages miners to concentrate their coins behind a single address, which discourages spam, but a minimum staking requirement eliminates substandard commitments. It favors the wealthiest stakers, which encourages miners to save their coins for staking instead of selling them. The lack of supply on the exchanges reduces downward pressure on the price, and the increased demand for coins generates upward pressure on the price.

When a miner takes their turn, they update the list using PoS, solve their block using PoW, and publish the new block. If a miner fails to solve a block within the block interval, they are skipped and the next miner on the list takes their turn. The miner removes the address above theirs from the list, moves their address, and all the addresses below them, up a spot, and adds a new address to the bottom of the list.

A minimum difficulty still applies to PoW, but to encourage miners to maximize their hash power in the absence of competition, the block reward should scale with the hash difficulty. The more extra leading zeros there are in the hash, the more extra trailing zeros there should be in the block reward. :)

Does this sound like a good or bad idea? Do you think it would save energy, improve the price, and be more fair without compromising security?

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The original was posted on /r/cryptocurrency by /u/EZLIFE420 on 2023-12-12 16:29:31+00:00.

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The original was posted on /r/cryptocurrency by /u/HoldUpHoldMyBeer on 2023-12-12 14:54:23+00:00.

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The original was posted on /r/cryptocurrency by /u/Brinker59 on 2023-12-12 14:54:11+00:00.

Cardano Foundation announced the development of the Identity Wallet. The wallet will enable the creation of a decentralized identity (DID). It will support new and existing identity standards, multiple ecosystems, and frameworks.

Identity Wallet

The Cardano Foundation's announcement of the development of a new wallet came as a surprise to the community. We can speculate if it was a Christmas present. In any case, we can look forward to another product that can support adoption and bring new functionality that has been talked about for a long time.

For the Cardano ecosystem, the topic of decentralized identity is an old one. Cooperation with the Ethiopian government was announced in Africa Special. It was agreed to build a system providing a decentralized identity to the education sector, i.e. to pupils and teachers. An identity management solution named Atala PRISM was to be used. Cardano was to be used as public infrastructure.

I expected Atala PRISM to be available to the entire ecosystem and to integrate with Cardano wallets much sooner. The first official announcement of a wallet supporting DID came from the IOG team. The IOG team is working on the Lace wallet, which should also support DID in the future.

Cardano Foundation introduces Identity Wallet. It is already obvious from the name that the key feature will be the support of a decentralized identity. This is a feature that can set this wallet apart from others and move the crypto industry closer to the Web3 world. However, I expect many other wallets to support DID in the future.

What can we look forward to?

Identity Wallet will be a wallet compatible with W3C standards. Initially only available for the Cardano ecosystem and later for other blockchains. In this regard, the target audience is the same as in the case of Lace Wallet. Identity Wallet can enable the onboarding of all users into the Cardano ecosystem. Unifying the user interface and making it easier for users to use on-chain services regardless of the specific blockchain is important for entering Web3.

Identity Wallet will support multiple identity and credential standards. It will be possible to use the wallet with all existing services, but mainly with those that are yet to start supporting DID.

Identity Wallet will enable seamless interaction with applications on Cardano. This can be a challenge, especially for those who install a wallet to hold BTC and use DID. Will these people be able to easily buy tokenized dollars for BTC in one click through the DEX on Cardano? This would be perfect. However, we will have to wait for the result.

There is a mention of social recovery of the wallet on GitHub.

Social recovery refers to a mechanism that allows a user to regain access to their wallet even if they lose their private key or forget their password. It operates through a smart contract deployed on the blockchain and involves the use of guardians. Social recovery provides an extra layer of security and peace of mind, as it mitigates the risk of losing access to funds due to forgotten credentials or lost passphrases.

The community is asking if Atala PRISM will be used as a DID solution for Identity Wallet. I couldn't find a clear answer anywhere. Some community members who may have insight into the internal processes of the Cardano Foundation believe that this solution will not be used.

Conclusion

Two multi-platform wallets with DID support are currently being built in the Cardano ecosystem. Lace Wallet by IOG and Identity Wallet by Cardano Foundation. I wonder if it wouldn't be better to join forces and not focus on the development of one wallet that could be brought to market faster. On the other hand, a competitive environment and diversity is healthy. IOG and Cardano Foundation are two independent entities with their agenda. If we see at least one DID-enabled wallet in 2024, it will be a positive event. During the bull market, many new users come to crypto. It would be nice to allow them easy access to crypto through a multi-platform wallet, including the possibility of creating a decentralized identity.

Article:

Try it out here:

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The original was posted on /r/cryptocurrency by /u/UpstairsOcelot on 2023-12-12 16:09:13+00:00.

Hey everyone, when getting taxed on your gains can gas fees be deducted from your gains? I know I transferred crypto from coinbase and back and kept a record of those costs for myself but was wondering how they factored in at tax time

Just using imaginary numbers but say I made 10K from selling btc but throughout my time holding btc I had 500 dollars worth of gas fees transferring it around. Would this then be reduced from my gains allowing only 9.5K to be taxed?

Also in the USA how much tax will I be expected to pay. I know I held this for longer than a year and so I am expecting the normal long term capital gains of 20%. Is this assumption correct?

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The original was posted on /r/cryptocurrency by /u/ZenGoOfficial on 2023-12-12 14:09:08+00:00.

When the unexpected (but inevitable) happens and you’ve passed away, what's your plan to ensure your close ones can inherit your on-chain assets?

Especially if you're HODLing for the long-term...

• What if they don't know how to follow best-security practices with a seed phrase?
• What if they make a mistake and lose all of the assets (it's not like they know your system).
• What do you think needs to be created to help facilitate this process and make it easier and more accessible for everyone to self-custody?

We've created our own solution...but we're not going to shill it today.

It might feel like something you can worry about in the distant future (and we hope it is)...but for this industry to mature we need better solutions for this problem.

What's your plan?

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The original was posted on /r/cryptocurrency by /u/ForeProtocol on 2023-12-12 12:04:54+00:00.

$MOON Burn

Hello, r/cryptocurrency - thanks for hosting us once again!

From our recent product launch to new features and listings, join us on December 14th, 2023 at 12:00PM UTC to learn what's in store for FORE.

Since our last AMA, we’ve successfully launched our first solution FORE Predict. It’s the first of its kind: a truly people-powered predictions platform where you earn rewards for creating, participating in, and validating prediction markets.

Whether NFT prices, crypto volatility, sporting events, the next US president, or even the next viral meme, you can take a position on the future outcome of any event on FORE. You can find any market on FORE, or create it if you don’t! Creating markets allows you to ‘become the bookmaker’ and earn a share of the market - regardless of the outcome. Participate in markets against other users with low fees, better odds, and transparent and trustless payout. And you can even earn up to 50% of platform fees just by using the platform!

FORE Predict is live now, and thousands of users are already earning by creating, participating in, and validating markets. Learn more, or come and join us!

Giveaway:

FORE Predict is powered by the FORE token on the Arbitrum network. We’ll be giving away 1,000 FORE for your participation in this AMA, and we’ll have even more surprises and prizes in store during the AMA 🔥

Connect with us: https://linktr.ee/foreprotocol

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The original was posted on /r/cryptocurrency by /u/forbes on 2023-12-12 15:33:38+00:00.

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The original was posted on /r/cryptocurrency by /u/HoldUpHoldMyBeer on 2023-12-12 14:54:23+00:00.

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The original was posted on /r/cryptocurrency by /u/drjacks on 2023-12-12 11:38:41+00:00.

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The original was posted on /r/cryptocurrency by /u/Brinker59 on 2023-12-12 14:54:11+00:00.

Cardano Foundation announced the development of the Identity Wallet. The wallet will enable the creation of a decentralized identity (DID). It will support new and existing identity standards, multiple ecosystems, and frameworks.

Identity Wallet

The Cardano Foundation's announcement of the development of a new wallet came as a surprise to the community. We can speculate if it was a Christmas present. In any case, we can look forward to another product that can support adoption and bring new functionality that has been talked about for a long time.

For the Cardano ecosystem, the topic of decentralized identity is an old one. Cooperation with the Ethiopian government was announced in Africa Special. It was agreed to build a system providing a decentralized identity to the education sector, i.e. to pupils and teachers. An identity management solution named Atala PRISM was to be used. Cardano was to be used as public infrastructure.

I expected Atala PRISM to be available to the entire ecosystem and to integrate with Cardano wallets much sooner. The first official announcement of a wallet supporting DID came from the IOG team. The IOG team is working on the Lace wallet, which should also support DID in the future.

Cardano Foundation introduces Identity Wallet. It is already obvious from the name that the key feature will be the support of a decentralized identity. This is a feature that can set this wallet apart from others and move the crypto industry closer to the Web3 world. However, I expect many other wallets to support DID in the future.

What can we look forward to?

Identity Wallet will be a wallet compatible with W3C standards. Initially only available for the Cardano ecosystem and later for other blockchains. In this regard, the target audience is the same as in the case of Lace Wallet. Identity Wallet can enable the onboarding of all users into the Cardano ecosystem. Unifying the user interface and making it easier for users to use on-chain services regardless of the specific blockchain is important for entering Web3.

Identity Wallet will support multiple identity and credential standards. It will be possible to use the wallet with all existing services, but mainly with those that are yet to start supporting DID.

Identity Wallet will enable seamless interaction with applications on Cardano. This can be a challenge, especially for those who install a wallet to hold BTC and use DID. Will these people be able to easily buy tokenized dollars for BTC in one click through the DEX on Cardano? This would be perfect. However, we will have to wait for the result.

There is a mention of social recovery of the wallet on GitHub.

Social recovery refers to a mechanism that allows a user to regain access to their wallet even if they lose their private key or forget their password. It operates through a smart contract deployed on the blockchain and involves the use of guardians. Social recovery provides an extra layer of security and peace of mind, as it mitigates the risk of losing access to funds due to forgotten credentials or lost passphrases.

The community is asking if Atala PRISM will be used as a DID solution for Identity Wallet. I couldn't find a clear answer anywhere. Some community members who may have insight into the internal processes of the Cardano Foundation believe that this solution will not be used.

Conclusion

Two multi-platform wallets with DID support are currently being built in the Cardano ecosystem. Lace Wallet by IOG and Identity Wallet by Cardano Foundation. I wonder if it wouldn't be better to join forces and not focus on the development of one wallet that could be brought to market faster. On the other hand, a competitive environment and diversity is healthy. IOG and Cardano Foundation are two independent entities with their agenda. If we see at least one DID-enabled wallet in 2024, it will be a positive event. During the bull market, many new users come to crypto. It would be nice to allow them easy access to crypto through a multi-platform wallet, including the possibility of creating a decentralized identity.

Article:

Try it out here:

This is an automated archive.

The original was posted on /r/cryptocurrency by /u/drjacks on 2023-12-12 11:32:17+00:00.

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The original was posted on /r/cryptocurrency by /u/Strawberry_666 on 2023-12-12 14:28:52+00:00.

I made countless mistakes over the years in crypto. But I stuck around and became a complete nerd (I love the tech and how this space evolves). I would recommend myself the follwing:

1. The dullest pencil is sharper than the sharpest mind. Always write down everything and have at least 2 copies of it.
2. Don't reply to DM's of scammer parasites
3. Don't assume that fundamentals matter. Being in DOGE has been the best investment I ever made. The market is irrational and during bull markets logic goes straight out the window.
4. Don't trade - hodl!
5. Never bite yourself in the ass over missed gains or missed entry targets. We're all human. Remember Elsa and just "Let it go"

What advise would you give your younger self?

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The original was posted on /r/cryptocurrency by /u/ZenGoOfficial on 2023-12-12 14:09:08+00:00.

When the unexpected (but inevitable) happens and you’ve passed away, what's your plan to ensure your close ones can inherit your on-chain assets?

Especially if you're HODLing for the long-term...

• What if they don't know how to follow best-security practices with a seed phrase?
• What if they make a mistake and lose all of the assets (it's not like they know your system).
• What do you think needs to be created to help facilitate this process and make it easier and more accessible for everyone to self-custody?

We've created our own solution...but we're not going to shill it today.

It might feel like something you can worry about in the distant future (and we hope it is)...but for this industry to mature we need better solutions for this problem.

What's your plan?