Cryptocurrency News & Discussion

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The original was posted on /r/cryptocurrency by /u/fap_fap_fap_fapper on 2024-01-23 07:19:57+00:00.

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The original was posted on /r/cryptocurrency by /u/chintokkong on 2024-01-23 06:45:31+00:00.

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The original was posted on /r/cryptocurrency by /u/FitScore3115 on 2024-01-23 04:48:13+00:00.

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The original was posted on /r/cryptocurrency by /u/OwlSuspicious9254 on 2024-01-23 01:35:39+00:00.

I’ve been steadily accumulating Bitcoin and other crypto for the past few years. I’ll always keep a majority of my Bitcoin in a hard wallet and believe self custody is important but I was also excited to get some exposure to a couple of the Bitcoin ETFs now that they have been approved.

I’ve always used Merrill Lynch for my stock trading and thought it would be a good opportunity to buy a few of the ETFs so that I have some Bitcoin exposure in this portfolio that can easily be traded during the next bull run. I was very unhappy to find out Vanguard and Merrill are not offering these Bitcoin ETFs.

When I went to go purchase it this week a notification came up saying that these ETFs are too risky and volatile and that they aren’t currently offered to Merrill clients.

I called them this morning and spoke to a “trading expert”. When asked about ETFs I didn’t have access to he said “let me guess, you’re asking about one of the Bitcoin ETFs.” After explaining that they don’t offer it because its too risky and unpredictable he also said that typically they wait at least a year before allowing trading for any new ETFs but that I shouldn’t hold my breath because Bank of America’s view on crypto is that it’s too risky to offer in any capacity.

I mentioned that is unfortunate and that I’ll take my money somewhere else like Fidelity to buy these ETFs and I told him I expect they will lose lots of customers who will do the same. He admitted that he thought it wasn’t very wise that they were preventing their clients to get exposure to this asset class and that he gets multiple people a day calling and asking the same thing. He’s mentioned it to his superiors that he gets many requests but he told me he doesn’t expect them to change their stance any time soon.

Is anyone else running into the same issue? Why do you think they are preventing clients from participating in this asset class? I’m thinking they still see crypto as a threat to their way of business and will continue to dig their heels in. But the more they try to tighten their grip, the more people will seek exposure elsewhere and the DeFi ecosystem will grow. Why must these institutions be so stubborn?

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The original was posted on /r/cryptocurrency by /u/_FreeThinker on 2024-01-23 00:51:34+00:00.

Let's say I bought 10 ETH for 1 BTC. I never got any money, don't I need money to pay taxes? I simply don't understand that the government expects me to sell my investment just to pay taxes when I actually never made any money? How is this gonna work? I don't understand. Are there any tips on not having to sell my investments just so I can make taxes? I always thought the point of making investments is to make profit when I want to cash-out.

I sold a bunch of BNB because I did not want to hold on to it after the news on CZ, but I simply chose to diversify to another crypto. I did a BNB/BTC trade. I did not do BNB/USD and then USD/BTC trade. So, I never got my hands to any cash. If anything, BTC can fall to 10k at the end of the year and now I won't even have money to pay the taxes.

Example:

• I buy 100 BNB for $100

• I exchange BNB/BTC with exchange rate of 0.0002, so now I have 2 BTC. Let's assume BNB price was at $200 here. So, I have $10,000 gains according to tax laws.

• Let's say BTC price drops to $3,000 next year during tax season. Now, even if I sell all of my BTC, I still can't pay the taxes. I still would be down $4,000. What kind of joke is this? I never saw any money, so what am I paying taxes for?

I'm absolutely super frustrated and livid. What are you guys doing, do you have any tips here to stay legal? My transactions are on Binance, so there's no way to circumvent the taxes I assume.

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The original was posted on /r/cryptocurrency by /u/stuntpope on 2024-01-22 21:04:50+00:00.

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The original was posted on /r/cryptocurrency by /u/flowers_at_dusk on 2024-01-22 18:58:46+00:00.

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The original was posted on /r/cryptocurrency by /u/Elrondarius on 2024-01-22 17:18:11+00:00.

Hello. At the moment, the fourth week of the new year 2024 begins and I have not yet noticed simmiliar post here, if so, I apologize for writing it again. I would like to start a debate mainly about Altcoins, which have been somewhat forgotten in addition to the new news about the BTC ETF (this is of course great news)

Which Altcoins do you think will be successful in 2024? Which are your favorites and for which do you have any facts that may affect the price rise? Or do you just have a feeling? Which Altcoin do you believe can reach ATH this year?

My personal guesses are:

1. ETH - will grow slowly gradually with BTC, in the case of the announcement of the ETH ETF (I give it a 50% chance) we can see a large influx of money into the general circulation and all crypto cap.

2. ETC Ethereum Classic - If you noticed, on the day of the launch of the BTC ETF, the price of ETC probably rise the most. Investors are interested in this cryptocurrency mainly because it is still proof of work. This crypto represents only about 3% of my total portfolio, but I take into consideration some bull indications.

3. ZEC Zcash - This is my personal favorite. It is currently trading close to an all time low ... which is of course an incredible opportunity to buy this one of the oldest cryptocurrencies. At the moment, it will be a great rarity to own anonymous tools and functions that we still have no idea where we will use everywhere in the future. ZEC is one of them. Also, Monero is very similar and more popular among crypto fans, I personally chose ZEC from this two.

Does anyone here agree with my Altcoin picks for this year? What are your favorites?

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The original was posted on /r/cryptocurrency by /u/Ilovekittens345 on 2024-01-22 16:37:35+00:00.

A California victim was introduced to an AI investment platform through somebody they met on the Facebook dating app. The scammer showed the victim the website for the investment platform – kenskrksr.com – as well as a white paper about the AI trading program. The scammer also introduced the victim to a Telegram discussion channel where others convinced them to invest.

During the holiday season, the platform advertised double earnings. Around the same time, the scammer told the victim she would give them an additional $10,000 if they invested on Kenskr. The victim invested a substantial amount. At this point, Kenskr froze the victim’s account and said that the victim would have to pay them $23,000 in taxes to withdraw funds from the account. The victim’s balance was so high that they sent the $23,000 to Kenskr to withdraw funds. Kenskr then asked the victim to transfer another $10,000 as a deposit that would be returned to them after the tax is paid. After the victim transferred the additional $10,000, Kenskr asked for even more money, saying it was necessary because of “higher U.S. tax deposit requirements”. Around this point, the victim realized they weren’t getting their money back from the Kenskr platform.

The victim was then contacted again by the original scammer. The scammer told the victim that she could help resolve the issue with Kenskr by lending the victim $7,000. However, the scammer told the victim that they would have to transfer $3,000 to the scammer before they would help. The victim wired that money to the scammer, but the scammer then disappeared and the website is no longer operational.

source:

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The original was posted on /r/cryptocurrency by /u/fan_of_hakiksexydays on 2024-01-22 16:30:30+00:00.

Original Title: This market gets very emotional into extremism. With extremism in anti-crypto narratives during bear markets, and vice versa during bull markets. But don't blink, there is potentially a brief period of objectivity and balanced narrative in between the extremism.

Bear markets:

For most of the bear market, and even still a little bit right now, anti-crypto emotions have been dominating more of the narrative. Even this sub looked more like the Buttcoin sub during the height of the bear market.

It's understandable as the volatility has burned a lot of people, and left a lot of people salty about crypto in general. Nobody likes to lose money. Especially when it's an emotional market where most people buy during the FOMO phase.

The FTX and Luna fisaco added even more salt to the wounds. While not all crypto and not all exchanges are like Luna and FTX, those 2 were big enough to create resentment for the entire space.

And when things get bearish, that's when the anti-crypto crowd comes out of the woodwork, and takes advantage of the sentiments of the market, and price being down, to push their narratives. People are in an emotional state, so they aren't as quick at fact checking, much less interested at checking the data. If someone tells them something that matches how they feel they will often stop there and not dig deeper into counter arguments

Bull markets:

And the same thing happens during bull markets.

You have crypto-bros and lambo boys come out of the woodwork, to shill crypto as something more than what it is. As something that will make you a millionaire.

They also take advantage of the price being up, the market being on an emotional high, to push their narratives, or even push their shitcoin.

And just like in the bear market, people fall easily for it, because once again they let emotions get the best of them, and don't even feel the need to do enough research or look enough into counter arguments, as the narrative just "feels right".

The just middle:

Both sides are coming at this with their own dose of bias, as they are always trying to push a narrative, often based on tribalism, emotions, and slipping into the natural human dichotomy of extremism.

We can thank the volatility of this market to amplify those sentiments.

But the truth probably lies somewhere in between.

Both sides have some good points and arguments.

Crypto isn't perfect and has its flaws, and still needs more development. But at the same time, it's hard to deny that there are some technological merits and benefits to blockchain and decentralization, if used right.

If you take the valid points from both sides, you can form a more balanced perspective, remove extremism and bias, and form a more rational and objective argument.

We may start seeing a little more of that balanced perspective (hopefully), as we exit the PTSD of the bear market, but people aren't in full FOMO and get rich quick with shitcoins mode yet.

But don't blink, because you might miss it. This market gets very emotional very quickly, and will switch quickly to extremism again.

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The original was posted on /r/cryptocurrency by /u/CryptoDaily- on 2024-01-23 00:00:28+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.
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The original was posted on /r/cryptocurrency by /u/Savi321 on 2024-01-22 22:50:06+00:00.

Sometimes I feel the bankruptcy laws are for scums and scams like Kwon to hide behind.

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The original was posted on /r/cryptocurrency by /u/HSuke on 2024-01-22 22:49:16+00:00.

(Disclaimer: This is comedy. Do not take this seriously. Real friends and centralized service providers are not as sketchy as I make them out to be. It's ok to be partially centralized on Lightning, and it's ok to use Lightning Shell to connect with random strangers on the Internet.)

Lightning Centralization is FUD (kind of)

I've been seeing a lot of Lightning FUD over the past few years saying that it's completely centralized, and I'm here to correct this misconception.

First, "completely" means 100%. As long as there is one user using a self-custody wallet and running their own full node, all you FUD'ders are wrong.

While I admit most people are connecting to Lightning in a centralized way (e.g. Strike, Wallet of Satoshi, Breez SDK), there are still ways to self-custody and manage your own Lightning account by running your own Lightning node. You only need to learn some simple basic concepts like opening/closing channels, onion routing, managing channel liquidity, rebalancing, and monitoring your channel partners. It's so simple any person can learn this in under 2 hours ... if they have strong IT capabilities ... sometimes.

Step 1 - Opening a balanced channel

How do I open a balanced Lightning channel?

The secret to success is in channel management.

If you open up a lightning channel normally, it will be unbalanced and you will not have any inbound liquidity. Without inbound liquidity, no one can send to you. For every sat you spend outbound on your channel, you open up 1 sat of inbound liquidity. So for each BTC you want others to be able to send you, you will have to first send someone 1 BTC through your channel.

1. Find a friend you trust with your money
2. Open a 1+ BTC (outbound-liquidity) channel with them.
3. Make sure that friend also has at least 0.5 BTC of incoming liquidity with the rest of the Lightning network, meaning that they must've gone through these steps in the past
4. Loan them 0.5 BTC by sending it through your channel with them
5. Ask them to send you back the 0.5 BTC on Bitcoin L1 or off-chain in fiat
6. That's weird. They said that they are encountering technical issues. Ask them to try sending you that 0.5 BTC back again.
7. No response. Maybe they're having an Internet outage. Attempt to track them down.
8. Oh no! It turns out they were hurt in a boating accident. Ask them if they're ok from their boating accident.

I see some of you guys are still stuck on the step of finding a friend. Well, not a problem. If you don't have any friends to trust with your money, there are forums where you can trust random strangers on the Internet to open channels in a ring for mutual liquidity.

Here's a 30-minute tutorial on how to do this with strangers:

And if you don't like strangers, here's a 60-minute tutorial on how to dual-fund:

Step 2 - Rebalancing your channel

I have been using Lightning for awhile and have used up my inbound channel liquidity. How do I rebalance liquidity on that channel?

It's easy, just close your channel and re-open a new one with your friend from step 1 and repeat the same process for the low cost of 2 on-chain transactions. Hopefully he has recovered from his boating accident by now.

Oh no, he hasn't yet? He's not around to collaborative-close a channel? Well then you could buy liquidity from a service provider. The more capacity you buy, the more expensive it gets. You could use Breez and Blocktank, but their services are centralized. The decentralized way is to use a P2P marketplace like Magma for the low cost of only $250 (18k fixed + 6.5k ppm) to buy each 1 BTC of inbound liquidity. No biggies.

Step 3 - Dealing with Routing Issues

I want to send Bitcoin on Lightning to another friend, but they don't have a Lightning address so I can't route to them.

Boohoo. This ain't Ethereum where creating a single account automatically gives you global routing to that account on every layer 2 network and EVM network. That would be too simple. Get your friend onboard Lightning and ask them to create a channel! It was easy for you to open a channel, so they can do it too.

Now that they have opened a channel after 3 hours of fiddling around, you can finally send to them on Lightning. Oh what? They didn't connect to a centralized node so there is no route to their address? Tell them to open another channel to the main Lightning network. Oh what x2? There is a route now, but because they aren't using centralized nodes, there isn't enough capacity to send them 0.5 BTC? Not a problem. You can still send back to their Bitcoin address once you learn how to execute a reverse submarine swap.

If that was too complex, who needs friends anyways? Ever since a boating accident, you are starting to suspect that trusting others isn't ideal for Bitcoin.

Step 4 - Dealing with bad channel partners

I have decided to end my relationship with a friend who has had multiple boating accidents. But before I could get rid of him, he had already force-closed my channel while I was offline on vacation (must've seen my trip photos on FB) and not paying attention.

Ha! This is a newbie mistake that's easy to avoid. First, just keep your node running every day, all day long. If you're offline, your channel partner can force-close your channel or broadcast an outdated commit. As long as you are monitoring the channel, they can't escape with your funds.

If you can't monitor your channel, you can pay for a 3rd-party watchtower to watch over your channel and report for you. Figuring out which watchtower to trust is as easy as spending a few hours to research them. Even if you're monitoring your channel, they can still grief you by screwing around with your channel, forcing you to force-close it, locking up your funds until the channel finishes closing. And if that bothers you, don't use Lightning non-custodially.

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The original was posted on /r/cryptocurrency by /u/kirtash93 on 2024-01-22 19:04:28+00:00.

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The original was posted on /r/cryptocurrency by /u/SpaceBrigadeVHS on 2024-01-22 19:04:07+00:00.

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The original was posted on /r/cryptocurrency by /u/SpaceBrigadeVHS on 2024-01-22 19:02:42+00:00.

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The original was posted on /r/cryptocurrency by /u/Perfect_Ability_1190 on 2024-01-22 18:32:16+00:00.

Original Title: Doctor Who materializes in Web3: Tony Pearce’s journey in time and space Reality+ founder Tony Pearce discovered blockchain in 2017 and has now introduced millions of Doctor Who fans to Web3 collectibles.

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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.