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    Cryptocurrency Daily Discussion - December 30, 2020 (GMT+0)

    December 30, 2020

    Cryptocurrency Daily Discussion - December 30, 2020 (GMT+0)

    Daily Discussion - December 30, 2020 (GMT+0)

    Posted: 29 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 The prior exemption for karma and age requirements is no longer in effect.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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    This is the top, kids. I'm a millionaire.

    Posted: 29 Dec 2020 11:41 PM PST

    This is the top, kids. I'm a millionaire.

    ​

    Graph of net worth, fiat + crypto

    • I can't tell anyone around me, but I'm so happy.
    • My holdings are 60% ETH, 20% BTC, and the rest alts. (Edit to add, 449 MOONs.) My fiat is in index funds.
    • I bought BTC at around $1000 in 2013.
    • I bought ETH at around $10 in 2017.
    • I haven't sold anything or taken profits, with the exception of a couple of ETH a few years ago for a trip to Vegas.
    • I will sell 80% of my holdings when they reach $5 million. I'll quit my job and buy a house.
    • I'll hodl 20% forever.
    • Everything is in cold storage.
    • The graph starts at $100k because I didn't keep track of my money until 2013.
    • Please don't wrench me.
    submitted by /u/10ke
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    Russell Okung Becomes First NFL Player to Be Paid in Bitcoin

    Posted: 29 Dec 2020 07:05 AM PST

    Would anyone here be interested in me releasing a Reddit bot that monitors how often a coin is being mentioned across Reddit in real-time?

    Posted: 29 Dec 2020 04:16 PM PST

    So, I created a similar tool to what's explained in the title a year ago for the Blocknet Discord community (just monitoring Blocknet) and I'm looking to expand it and release it for free - the full details are over here: https://np.reddit.com/r/SatoshiStreetBets/comments/kmqb5q/your_feedback_please_im_testing_community/

    But in a nutshell you would type something like this anywhere in Reddit:

    !satoshi bitcoin

    And it returns:

    2500 bitcoin mentions today (+25% daily increase, +34% weekly increase, +11% monthly increase)

    Or:

    !satoshi trending

    Returns:

    Top 5 trending coins today:Zilliqa (245 mentions +3000%)1Inch etc

    My questions are:

    1. Would the mods here allow use of that bot here? My aim is to have it as a site-wide free service. I'm also not sure how it would because the bot would need to have a certain age and karma to post in some subreddits?
    2. Does anyone have any other ideas I can add to it?

    Also if people don't think it's a good fit for most of Reddit but like the idea in general, I will most likely have a daily summary page which will be posted here: r/SatoshiStreetBets

    Since I have the tools mostly in place I anticipate a day or so and it would be ready.

    submitted by /u/little-eagle
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    Bittrex to remove XRP

    Posted: 29 Dec 2020 03:17 PM PST

    Take Profits on Your Bitcoin If You Want To, Don't Let Anyone Make You Feel Bad About It

    Posted: 30 Dec 2020 01:57 AM PST

    Bitcoin breached $28k again today and I believe the top is not yet in.

    However, unless you're a very long-term holder, it is not wrong to take some money off the table if you're already in profit.

    There's a popular saying that "you're not really in profit until you take profit."

    Also, a small profit is better than no profit.

    Don't think that the price of Bitcoin will keep mooning forever.

    A drop will happen at some point, even though we can't say how low it will go.

    No matter how long Bitcoin defies gravity, what goes up must eventually come down.

    So, if you're already in profit, take some of it and hold on to an amount you can afford to play with going forward.

    ​

    • Will Bitcoin hit $50k in this bull run?
    • Will it hit $35k?

    No one knows for sure.

    But all that won't matter if this epic bull run ends and you have nothing to show for it.

    Don't let anyone make you feel bad about it.

    It's your winning.

    Enjoy it!

    submitted by /u/wmredditor
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    Update: The SEC Is Now Officially Suing Ripple

    Posted: 29 Dec 2020 02:13 PM PST

    Bitcoin price inches closer to $30,000 with new all-time highs

    Posted: 30 Dec 2020 12:00 AM PST

    To those who were involved in the last bullrun of 17/18. What are your top 5 holds and top 5 new projects?

    Posted: 29 Dec 2020 10:16 PM PST

    What are your top 5 projects that you held since 2018 that have remained strong?

    What are your top 5 new projects that weren't around last time?

    For me: Bitcoin, Ethereum, Cardano, Chainlink, Vechain

    Haven't gotten into any new projects yet, but possibly Polkadot. Curious what all of you are noticing that look promising. Oh, Banano.. that's my moonshot meme coin.

    submitted by /u/jazzywaffles84
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    Sending Money With Ripple is 5x More Expensive - Western Union CEO

    Posted: 30 Dec 2020 02:30 AM PST

    So, there's this post from June 2019 where Western Union CEO, Hikmet Ersek said at a conference that their test result shows that sending money with payment networks like Ripple's is 5-times more expensive than Western Union.

    https://coinfomania.com/ripple-5x-more-expensive-than-western-union/

    Makes me wonder what Brad and the guys have been doing all along and that the SEC's lawsuit was well deserved.

    The SEC lawsuit even says:

    To encourage adoption of ODL, Ripple paid XRP to both the money transmitting businesses and certain market makers that supported the product for their efforts.

    Even Moneygram that had a deal with Ripple to use ODL has come clean to say it's not their major cross-border payment tool.

    What have Ripple been doing all along?

    Just dumping XRP on the market?

    Sorry XRP guys, but these questions need to be answered.

    submitted by /u/wmredditor
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    Cardano Staking (How to stake ADA) - Exodus Wallet

    Posted: 29 Dec 2020 09:07 PM PST

    China's Energy Shortage Threatens Bitcoin Mining | OilPrice.com

    Posted: 30 Dec 2020 03:24 AM PST

    Cryptocurrency Is not necessarily the future: crypto assets can be either useful hedges or useful forms of payment — but not both.

    Posted: 30 Dec 2020 12:49 AM PST

    Is day trading for a living your dream job? Get another one - study says 97% of day traders lose money

    Posted: 29 Dec 2020 06:00 AM PST

    Bitfinex's lawyers resign from the Tether fraud case

    Posted: 29 Dec 2020 12:56 PM PST

    Source: https://www.courtlistener.com/docket/16298999/in-re-tether-and-bitfinex-crypto-asset-litigation/?page=2

    The motion to withdraw: https://www.courtlistener.com/recap/gov.uscourts.nysd.524076/gov.uscourts.nysd.524076.159.0.pdf

    Just a fun tidbit:

    Counsel believe that withdrawal is appropriate under Rule 1.16(c)(1) of the New York Rules of Professional Conduct. New York Rule of Professional Conduct 1.16(c)(1) states that "a lawyer may withdraw from representing a client when withdrawal can be accomplished without material adverse effect on the interests of the client

    If I remember correctly, the deadline is in 2 weeks. Should be a fun story in the next weeks.

    submitted by /u/SenatusSPQR
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    So why is Bitcoin increasing so much in price?

    Posted: 29 Dec 2020 07:22 PM PST

    Hello. I don't know anything about crypto but my friend appears to have made a lot of money from his investments, and I can see for myself how much it has grown since spring 2019. Is there a particular reason or reasons as to why it's price has increased so much?

    Answers are appreciated, I'm curious about this stuff

    submitted by /u/hmmm3973441
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    Need money, have to sell my crypto, can i transfer from CoinBase to the Bank/Paypal?

    Posted: 30 Dec 2020 01:29 AM PST

    I do not have a lot of crypto, but about 2 years back I had invested about 20K in crypto, and for the past two years the value of the investment was reduced to sub 5000 USD. Now that the markets have started to get better, my crypto standing is exactly at a point of initial investment, i need to buy a home next month, and I could use this money for the closing cost. Honestly I could get back to crypto after things settle down a bit with my house acquisition. But right now, I need this money. So is it safe to sell the crypto I have on Huobi, convert it to BTC, and then move it to Coinbase wallet, sell it on CB and then move it to the bank or paypal account? Its barely 20K USD, I am sure the fees and all will reduce the value further more, but as i said, at this point of time, i could care less.. The house is the priority. Would it be wise to move to paypal or bank of america/chase is fine? Will the bank uphold the money coming from CB? This used to happen in the past, whats the scene now?

    submitted by /u/sludj5
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    Anthony Scaramucci's Skybridge has invested up to $182 million in bitcoin

    Posted: 29 Dec 2020 09:15 PM PST

    Today after almost 12 years since the first transaction of 10 BTC from Satoshi to Hal Finney, Bitcoin recorded its 600 millionth transaction!

    Posted: 29 Dec 2020 07:45 AM PST

    Today after almost 12 years since the first transaction of 10 BTC from Satoshi to Hal Finney, Bitcoin recorded its 600 millionth transaction!

    Almost 12 years since its very first transaction, today Bitcoin network has surpassed 600 million transactions, according to the blockchain intelligence provider Glassnode. The first transaction of 10 BTC was made on Jan 12th 2009 from Satoshi Nakamoto to the legendary Hal Finney. It took Bitcoin another seven years to surpass 100 million transactions in early 2016 and only four more years to reach six times bigger milestone. The average transaction is worth around $127,000, so an enormous amount of wealth has been moved through the network.

    Quite an accomplishment fam! How long do you think it'll take us to reach the magical 1B? My bet is early 2022 – right at the peak of this bull run.

    ​

    https://preview.redd.it/xlaqh7zuc5861.png?width=1846&format=png&auto=webp&s=03bc093dc403a7b6390d03731aeb7f84b553ebbf

    submitted by /u/robis87
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    I'm asking the community to criticize and advise my strategies. Please help me get better

    Posted: 30 Dec 2020 02:55 AM PST

    I'm not new to cryptos or investing by any means of the word, but I have been pretty much isolated in creating my own crypto strategies. What I'm asking for here is criticism on my assumptions, and advice on improvements.

    Portfolio

    My current strategy is as follows (high-level):

    40% savings (buffer) 40% traditional investing (through bank) 20% cryptos

    The 20% cryptos are spread over BTC, ETH, LINK, ADA, LTC, BSV, DOGE. This is in changing ratios to pump my portfolio.

    My reasoning is as follows:

    BTC has proven time and time again to be capable of incredible bull runs, and challenging the understanding of many institutional investors.

    ETH has always done great for me. It's getting more and more stable, I got in when it was still very (very) volatile.

    LINK has a good framework and is working on building their dev team, and adding staking. It jumped a few months ago, which I was thankfully in on, it's since then corrected.

    ADA is still cheap, and has great potential to soar like BTC does. Limited market cap helps with that.

    LTC is currently about 1/3 of ATH and short term volatility has great potential for pumping.

    Tools

    I use Exodus as a wallet. I'm using this because I like the interface, and the built-in exchange. My only gripe with it are the fees (not transparant) and the transfer speeds. I prefer using a local wallet, rather than an exchange, but that's just personal preference.

    I have heard great things about Uniswap as well, but I don't know what the benefit is of Uniswap (as an exchange) over the Exodus exchange.

    Questions

    Is there a big benefit to use exchanges like Binance, over a local wallet?

    Is 20% a good percentage for cryptos vs other resources?

    What other coins should I look at for my portfolio?

    Also, first post here, I hope it follows the rules. If this post is better discussed in the sticky threads, please let me know.

    submitted by /u/DracarysMeansFire
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    Ed Snowden on Bitcoin

    Posted: 29 Dec 2020 10:26 PM PST

    The CEO of Coinbase now holds r/CryptoCurrency MOON

    Posted: 29 Dec 2020 10:21 AM PST

    Yesterday I stumbled upon the Reddit account of Coinbase CEO Brian Armstrong: u/bdarmstrong

    I spent some time looking through his comments and found one in this sub from two years ago. I realized that at some point he set up his vault, but had a balance of 0. Today I made a small purchase of moons and tipped him 10 through the account u/MoonsOnCoinbase

    Here's the receipt

    &

    Here's the transaction in rinkeby

    submitted by /u/nanooverbtc
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    Kraken CEO: “Future is Extremely Bright for Ethereum” and Investors Should Pay Attention

    Posted: 29 Dec 2020 09:36 AM PST

    Crypto Taxes - If the IRS is going to utilize Chainanalysis and Palantir to figure out how much we should've owed for the year, why tf can't we utilize the same data/system too?

    Posted: 29 Dec 2020 03:30 PM PST

    For CEX only traders, tools like cointracker.io / zenledger.io / cryptotrader.tax are great, as in all transactions are easily parsed by the system. But if you dove into the DeFi world through DEX's and traded tokens that have like "taxes" on each transaction (token burns or liquidity providing actions), farming tokens, etc, these tools sh*t themselves trying to calculate what happened in the transaction, and you're stuck with a mess of trying to manually figure out. These next couple of months are going to be a shit-show for heavy traders like me that traded within these spaces to figure out what we need to owe, and if the IRS is just going to run a tool on me to figure out what i owe, and i'm going to run one myself and run the risk of calculating things wrong, why tf aren't the same tools they use available to the public if their going to be able to calculate what the current offerings to the public can't.

    Anyone feel me on this? I have no problem paying what is owed, there's a beauty to taking advantage of tax loss harvesting that should make it worth it to people who are wild enough to try and go under the radar, But i've yet to find a software that's able to read my degen transactions successfully, and without something i've got like 300+ transactions out of ~1,200 i've got to figure out how to make any of these programs read them correctly. Which is barely anything compared to some others i'm sure

    submitted by /u/Tr33squid
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    Princeton study finds Bitcoin's supply cap is untenable, other troubling implications.

    Posted: 29 Dec 2020 05:33 AM PST
    Read more
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