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    Cryptocurrency Daily Discussion - December 28, 2020 (GMT+0)

    December 28, 2020

    Cryptocurrency Daily Discussion - December 28, 2020 (GMT+0)

    Daily Discussion - December 28, 2020 (GMT+0)

    Posted: 27 Dec 2020 04:00 PM PST

    Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating.

    Disclaimer:

    Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, 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 The prior exemption for karma and age requirements is no longer in effect.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:

    submitted by /u/AutoModerator
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    Approximately 1,000 Bitcoin mined back in 2010 moved on Dec. 27, 2020, for the first time in over ten years.

    Posted: 27 Dec 2020 02:29 PM PST

    Mexico’s second richest man: Buying Bitcoin at $200 his 'best investment ever'

    Posted: 27 Dec 2020 12:57 PM PST

    China Coin No More: Bitcoin Mining Shifting to Sweden and Norway

    Posted: 27 Dec 2020 01:59 PM PST

    Ethereum Spikes 13% to $711, Highest Price since 2018

    Posted: 27 Dec 2020 09:26 AM PST

    Vitalik posts a retrospective on 2020 and the future of cryptocurrency.

    Posted: 27 Dec 2020 10:12 PM PST

    How my boomer father suddenly understood crypto (ok, bitcoin)

    Posted: 28 Dec 2020 01:21 AM PST

    My father is a boomer

    He's not too technical, he uses his smartphone as needed and looks into his email inbox once or twice a month. Bitcoin was always a mystery to him apart from the "fact" that it's a highly volatile investment. He prefers real estate investments.

    But one of the Christmas discussions suddenly made him understand crypto. I explained it as a way to stay liquid, independent from banks similar to what gold did for people after a war. Just that in this case, the scenario is not a war, but a financial crash such as in Greece, Argentinia, Venezuela, etc. where people suddenly discovered, that they either can't access their savings or that they were worthless.

    A week later he told me his investment software offers "bitcoin". A closer look showed there was no way to withdraw it which made him say "oh, so this is not real bitcoin then". That actually made me happier than him investing in this virtual bitcoin.

    TLDR: bitcoin is digital gold is a valid explanation for older people which doesn't need any technical details about Blockchain whatsoever

    submitted by /u/Mr_N1ce
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    Corporations Now Own $30 Billion in Bitcoin as Bull Run Pays Off

    Posted: 27 Dec 2020 03:48 PM PST

    Demex - fully decentralized trading platform - spot markets, futures, LPs, staking and more - layer 2 on tendermint (cosmos sdk) is live, check it out.

    Posted: 28 Dec 2020 01:16 AM PST

    CNN report Bitcoin is crashing upward.

    Posted: 27 Dec 2020 07:51 PM PST

    Turkey Will Test The National Digital Currency In 2021

    Posted: 28 Dec 2020 12:07 AM PST

    Never underestimate the power of Hodl

    Posted: 27 Dec 2020 10:13 AM PST

    ​

    With a lot of new people entering the market, i thought it could be helpful to give a brief summary of why holding truly is the best strategy you can take. Bear in mind there will be some exceptions, but I think this should apply to most people here that are new in the space. I invite experienced investors to share any additional pieces of advice you deem necessary to pass on to the new "generation" of entrants.

    Here a few reasons why holding truly is the best thing you can do:

    ​

    Day Traders lose money

    80% of active traders lose money, 10% break even and the last 10% make money. Im not saying there aren't experienced traders that don't make a fortune. They do. However, this requires A LOT of work, dedication and discipline. Sadly, most people will fall under the losing category. I think the "instagram-image" of successful investors play day trading out to be a simple thing that everyone will be able to do. Rest assured, this is not the reality. From my personal experience, I've also attempted to day trade and take advantage of swings, but looking back at my last 4 years in the crypto world, I most surely would have made A LOT more money by just keeping my crypto untouched and not being tempted to day trade.

    Source: https://www.wealthwithin.com.au/learning-centre/share-trading-tips/trading-the-stock-market

    ​

    Taxes

    This area is tricky. Every country has different rules in regards to taxes, therefore always make sure you consult with an accountant before making any decisions. Nevertheless, the general advice here is that all trades will trigger some kind of tax liability. Day trading will involve a lot of trades, some profitable, some not. Therefore keeping an eye on your taxes will be a lot more difficult when you day trade. There are countless stories I know of people making big bucks on a trade, using those profits to re-invest and then losing their money, only to find out they still owe money from the profitable trade, and not only now owe a large amount of taxes, but have also lost their money on new trades. As the saying goes, if you're gonna sell drugs, make sure you still pay your taxes, because not paying taxes is 10x the crime of selling drugs. Whether you agree with the concept of taxes or not, you will feel the full power of the law when avoiding taxes, and therefore, holding will simplify your tax payments massively.

    ​

    FUD

    Fear, uncertainty and Doubt. Take the latest ripple news as an example. Im not going to go into detail at all whether or not ripple did anything bad at all. My point here is that this market is young, markets tend to overreact massively when news comes out. Most people will panic sell, and then kick themselves when they re-enter their original positions at higher prices.Im not saying its not possible to sell high and buy low, but there is a reason people joke about things like "Buy high, sell low". Whatever you think you know about the market, you don't know anything. Whether you believe in technical analysis, as a beginner, FUD will cause you to want to abandon ship at any sign of negative news. Remember that time a Chinese article claimed Vitalik Buterin was killed din a car crash? The market bled more than the virgin Mary on her first period, only to regain most of the losses shortly after. Long story short, most of the FUD that exists now, you won't even remember a year from now. Don't get emotional, don't overreact, don't panic!

    ​

    Risk of exchanges

    Never leave your coins on an exchange. When trying to time the market, you may be temped to keep your coins on the exchange to be able to react quickly to news, this puts your coins at risk as you are trusting the exchange with your money.

    ​

    Unpredictable markets

    As the name implies, markets are unpredictable. I get messages daily from new friends entering this space asking "Why is the market down 10% today????". Nobody, i don't care if your warren buffet or jimmy buffet, nobody knows if the stocks gonna go up down left right or in circles.

    ​

    Long term thinking

    I remember talking to my friend at a BTC price of 200$ if we should be buying more. My god I wish we had. What im getting at is, you need to think long term. Don't buy crypto if you're not willing to hold them for at least a few years. This market is so so young and we have no idea where it is going. Think of the gains we could see if only institutions invested just 1% of their capital in the crypto space. Think long term!

    ​

    Take profits

    This post is not to say you shouldn't take profits. Do! In cray times like this we all need to keep some small sense of reality in us, your bills will come, your life outside of crypto has real costs, don't bankrupt yourself waiting for a moon. Invest what you can afford to lose and be patient. There will be bumps, but holding what you can afford to lose is the way to go.

    Ive never really made a post like this, many might see this and disregard all of it. This is a post mostly dedicated to new investors, who may be tempted to day trade or panic sell very easily as they are new to the space and are not aware of the things more experienced investors may know. This all represents just my opinion, but i think its important to share, as if it even helps just 1 person, then I will consider this post a success.

    " A child only learns that fire is hot by burning themselves a few times" —> If this post hasn't convinced you, no problem, take a small portion of your investments and give it a go. Maybe you make a killing, and i hope you do. Maybe you lose it all and now have learnt a painful lesson. Either way, trying will let you know the truth for yourself. Thats one way to be assured you learn no matter what :)

    Good luck out there, and feel free to add or correct anything you may agree/disagree with.

    submitted by /u/hodlonbaby
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    They are my keys - they are my coins

    Posted: 27 Dec 2020 10:42 PM PST

    I've had my coin on exchanges since I started buying. I like the freedom of a quick sell or buy if there is a big move.

    But this run up scared the crap out of me, what if coinbase froze my account? What if I got hacked? I was nervous as hell.

    So I finally did it, took out the ledger I bought and moved my BTC and ETH to it. Now I have this little tiny thing smaller than a bite sized candy bar that's worth more than my pickup truck.

    So what the hell do I do with it now! I lose shit all the time. Where do you guys keep your hard wallet?

    submitted by /u/mytvwatchesme
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    After promoting Bitcoin merch discount, Mark Cuban praises BTC monetary policy

    Posted: 27 Dec 2020 08:06 PM PST

    Moons Job Ad on Decrypt: Redditor Makes Over $24k in Bitcoin by Trolling r/CryptoCurrency -

    Posted: 27 Dec 2020 02:36 PM PST

    What was your worst hodl circa 2017

    Posted: 27 Dec 2020 04:48 PM PST

    2020 has been rough but at least Bitcoin has been a shining beacon of hope. It wasn't always though, a lot of strong hands have crashed and burned on shit coins.

    What is the worst old coin you've held until rock bottom?

    Ernestly shill it to me like it's in its heyday.

    Then tell me how much of a dumpster fire it turned out to be.

    submitted by /u/Azurel3laze
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    IB Times Ranks 2020's Best Performers

    Posted: 27 Dec 2020 07:11 PM PST

    Trump signs stimulus and government spending bill into law, averting shutdown

    Posted: 27 Dec 2020 05:26 PM PST

    Ways to make HODLing easier

    Posted: 28 Dec 2020 01:56 AM PST

    Apart from what your targets are and how big your stack is, suppose you are convinced (as am I) that holding is the best thing to do, for now. One of the important things it not to sell (no shit Sherlock). I'd like to discuss ways of making this easier. So how to prevent the urge of selling.

    First I think you need to realize whether your urge to sell flares up when prices go down or up. In my case I feel the biggest urge to sell after the first drop after a heavy run up. This obviously stems from 2017. I do not feel the urge to sell after a long bleed for example. Some people do. Now I have the following mechanisms to ease my HODLing.

    1. Hardware wallet. I leave nothing on the exchange. Also because of safety issues, but I also noticed it is such a hurdle to get the wallet, connect it, send the funds, that I often do not even want to bother to sell anymore.

    2. Moon math I look at crazy bullish predictions. Digitalik, S2F, rainbow chart etc. Do I really want to sell my BTC at X, when it might hit 20X in a year?

    3. Not needing the money or knowing what to do with it. If I would cash out now, I don't even know what to do with it. Most things immediately lose value and investing in stocks now.... looks less of an opportunity in terms of risk/reward than keeping it in BTC.

    4. Tax This one does not apply to me, but for most people this is a thing. The more you trade in and out the more your tax burden will be.

    5. Consider the money lost anyway

    6. Look up old discussions and articles about people selling sub $100 I mean, this is the one that helps me a lot. Reading about people that sold hundreds of BTC at $90. They still made a nice profit, so it is not a bad decision per se. But wow, they could have held onto it for generational wealth.

    submitted by /u/toplelkekfag
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    Snowden on Bitcoin

    Posted: 27 Dec 2020 09:20 PM PST

    Bitcoin blasted through $28k today

    Posted: 27 Dec 2020 04:29 PM PST

    Its on: Ether Trades Above $700 for the First Time Since 2018

    Posted: 27 Dec 2020 08:15 AM PST

    The crypto currency bull run isn’t just about Bitcoin

    Posted: 28 Dec 2020 01:46 AM PST

    The Ultimate Crypto Tax Guide (2020)

    Posted: 27 Dec 2020 06:58 PM PST

    I spun up an uptime tracker for various Crypto Exchanges!

    Posted: 27 Dec 2020 11:12 PM PST

    Stimulus Check Downsizing and BTC Implications?

    Posted: 27 Dec 2020 08:55 PM PST

    I had theorized that stimulus checks and enhanced unemployment would lead to calls for living wage in the US, or at minimum catalyze continued inflation into 2021.

    Granted, we have a fed that claims inflation is too low and will increase, but we are seeing Congress claw back funding for things like high-yield corporate bond purchases and we saw stimulus payments come in at half of prior levels.

    I'm worried the short-term bull case on near-term inflation isn't as strong as it was prior to these developments. I'm also still learning about this asset class though. Any thoughts?

    submitted by /u/BagofBabbish
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