Cryptocurrency Daily Discussion - February 11, 2021 (GMT+0) |
- Daily Discussion - February 11, 2021 (GMT+0)
- PSA: Binance recently increased ADA withdrawal fees by 400% and are lying about why they did it
- Maybe I will get downvoted to oblivion, but "TOP COINS THAT WILL 100X" Youtube videos should be banned.
- Why today's Mastercard news is even BIGGER than the Tesla news
- Mastercard Will Let Merchants Accept Payments in Crypto This Year - CoinDesk
- How a became a millionaire using crypto technical analysis and here is a guide
- I see a lot of people trying to time the market or being anxious for when to sell. Perhaps a short overview of potential strategies could help.
- If you’re young, then you should hodl, not trade
- I have a weird feeling.
- It wasn’t wrong to buy a pizza or a Tesla with BTC.
- The origin of HODL
- Is anyone else's strategy simply to hold and not sell for ten, twenty or thirty years?
- Nice to see some education happening here!
- Can I just thank y'all for knocking some sense into me and getting me out of DOGE?
- Twitter Considering Adding Bitcoin to Its Balance Sheet, Paying Employees in Crypto!
- We have $46K bitcoin, and they're about to inject $1.9 trillion into the economy.
- I bought my first ever Crypto today!!!
- I think Visa and MasterCard stories are the low key signal
- Don't listen to anyone who makes price predictions
- PSA: Buying alts will NOT help diversify your investment portfolio
- Microsoft and Enjin Bring Cross-Platform Custom NFTs to Minecraft
- Hold crypto for over 1 year = long-term capital gains = 0% tax under if $40,000
- Amazon Looking to Develop Digital Currency Payments System
- Don't fall into "Big Pump Groups" and other "Pump and Dump" schemes
- What do people think of VeChain (VET) ?
| Daily Discussion - February 11, 2021 (GMT+0) Posted: 10 Feb 2021 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:
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| PSA: Binance recently increased ADA withdrawal fees by 400% and are lying about why they did it Posted: 10 Feb 2021 12:40 PM PST FINAL EDIT: it's back to 1 ADA 😄 Withdrawing ADA on Binance, until 2 days ago, would "only" cost 1 ADA. They increased it to 3 ADA yesterday, and some time between yesterday and today they increased it further to 5 ADA. That's a 400% increase in less than 48h. For comparison, transaction fees on Cardano are only 0.17 ADA. And yet, after a user from r/cardano enquired about this issue, Binance claimed that the 5 ADA fee "depends on the blockchain and miners" (Miners on Cardano? Am I missing something?). Proof: https://ibb.co/5k0MMpq EDIT: proof of higher fees https://ibb.co/b6X5zh3 This is disgusting. They're promoting their BNB coin boasting about their low fees, making other coins like ADA look like much less appealing alternatives. For the sake of the free market, and to prevent Binance to pull off any more shady stuff á la Robinhood, please consider complaining to Binance about this. Not cool Binance. Not cool. EDIT: at the time of writing, the fee is down to 2 ADA (I'm based in UK if it matters). They keep changing it, fuck knows why [link] [comments]  | ||
| Posted: 10 Feb 2021 01:36 PM PST With the influx of people joining the crypto world, myself included, I found that the most prominent trend right now is the countless cookie cutter youtube videos stating that coin x will 100x and coin y will 1000x... These videos are extremely harmful to the community itself, people would randomly hop on exchanges and start buying the stated coins without doing any kind of research or trying to actually understand the projects they represent. This turns this whole revolution into a quick money making scheme and deviates the real story and goals behind the crypto revolution... Please share your thoughts on this subject! And for the people who just buy whatever coin is being pumped on youtube please do your research ! [link] [comments]  | ||
| Why today's Mastercard news is even BIGGER than the Tesla news Posted: 10 Feb 2021 10:56 PM PST TL;DR: Mastercard isn't just opening the doors to 30 Million merchants to use crypto for transactions, it's forcing Visa, Discover, and others (over 100M merchants between those two) to jump on the bandwagon too, or be left in the dust. The game has been changed. I'd argue this may be THE BIGGEST bombshell in Bitcoin adoption history, and BTC is DIPPING today? What a year we have in front of us... [link] [comments]  | ||
| Mastercard Will Let Merchants Accept Payments in Crypto This Year - CoinDesk Posted: 10 Feb 2021 01:04 PM PST
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| How a became a millionaire using crypto technical analysis and here is a guide Posted: 11 Feb 2021 02:49 AM PST I wanna share how i became a millionaire using technical analysis and maybe you can do it to. Technical analysis is the study of statistical trends, collected from historical price and volume data, to identify opportunities for trade. Technical analysts observe patterns of price movements, trading signal and other analytical tools to evaluate the strength and weakness of an asset. Technical Analysis can be applied to any security with historical trading data such as cryptocurrencies, forex, commodities and stocks. A chart of prices and volume represents all the past decisions taken by market participants (buying and selling). This information will, in turn, affect future participant decisions in two ways:
Bollinger Bands Bollinger Bands display a graphical band (the envelope) with a simple moving average in the middle. The width of the envelope expresses the volatility. Volatility refers to the rate at which the price of an asset can increase or decrease. A higher volatility means that the asset can potentially fluctuate rapidly within a larger range of value. Moving Average Convergence Divergence (MACD) Moving Average Convergence Divergence (or MACD) is a trend following indicator that looks at the combination of two moving averages:
These two moving averages are combined to identify what is the current trend and if there is a change in the momentum. The MACD lines displayed below can be interpreted as follows:
So what did i do? I started with the basic, BUY HIGH, SELL LOW. I used $2.500.000,- from my wife, put in crypto. Lost 50%. deposit the rest into my account. $1.250.000,- profit.... Simple like that. Your welcome Source: https://swissborg.com/blog/how-to-apply-technical-analysis-to-cryptocurrencies [link] [comments]  | ||
| Posted: 10 Feb 2021 10:22 PM PST So i'm seeing a lot of people in this subreddit recently asking "when bear market", "when crash" and the like. These are either 2017 veterans that are feeling the uncomfortable familiarity or new people that read enough to understand that at some point, the music stops. After I made a shit ton of money in 2014, and then lost almost all in 2015 I vowed to make sure that would never happen. In 2017/2018 I did a lot better this way, though clearly not perfect. There are basically three strategies you can employ to make sure that at the end of all the coming mania, you're left holding bags, bags of Tesla Roadster 2 car keys that is. 1: The anxious noob: "Just sell the top bro"Based on your favoured TA, fundamental analysis, youtube video or astrological sign, you pick a price for your current assets, and you sell when it hits that price. Pros:
Cons:
This strategy is the noob approach where you think "if only I get out at the right time", you wont, and even if you do, you'll FOMO back in and lose it again. The foresight you need to pick the right price borders on magic, and the massive balls of steel you need to execute this strategy would make Deep_Fucking_Value blush. This approach will most likely burn you big time and I recommend against it. 2: HODL supreme: "Where we're going we don't need fiat"You pick your bags, and when the market goes up you slowly unload part of your bags to take profit, making sure to always keep at least 50-90% of your bags in crypto. Pros:
Cons:
This strategy is all in all quite solid, and best if you have a longer time horizon (5+ years) if you plan on staying in this market multiple cycles this will pay off big time. It's easier on your emotions because you'll never be the guy/girl/nb that had all their money vaporize, but also not the person that sold btc at $3,50 and now cries themselves to sleep. The profit-taking is an amazing remedy for your emotions because you can't complain when you have actual $$$ in your hands. You won't get the "full gains" of a cycle, but truth is, you never will, because timing the market is a meme. 3: The sophisticated investor: "If traditional finance is building their tools in crypto, might as well use them"In this case you buy your bags of crypto in a different way. You use assets that can be hedged, have a downside cap or take care of it yourself. Assets such as Invictus Capitals C10 and IBA buy crypto (the top 10 and BTC respectively) but have a hedging element that makes sure your losses are capped (40% max and 10% per month). These kinds of assets give up some potential profits to pay for the hedge. Alternatively, you manage derivatives such as put options on platforms such as FTX to hedge your downside yourself. Pros:
Cons:
This strategy is really great for set and forget, it allows you to just hold through a market cycle, and from beginning to end you might capture 60% of the profits, instead of the 15% that you would just normal HODLing. For example, BTC went from 600 --> 19K --> 3K in the last cycle. Utilizing proper hedging might leave you with the equivalent profits of BTC at 12K. The easiest way to do this is to look for assets that automate this for you. I currently only know of Invictus Capital with C10 and IBA that represent the top 10 and BTC respectively, i'd love to hear of any other similar assets you might know. Putting it into practiceMy portfolio is about 60% these hedging assets and 40% alts and smaller coins that currently can't be hedged. I have set stretch goals for my portfolio where I have to sell X% to enforce I take profits on the way up, and I keep a close watch on crypto chatter and the market to make sure that when I think we're in another heated bubble moment, 100% of my portfolio is in hedged assets. When friends or family ask for advice I advise them to put 100% in hedged assets because they don't spend 2 hours per day reading about crypto (if only it was 2 hours). Your strategy can differ, be a combination or be whatever you want, but I advise you to pick option 2 or 3 and putting the majority/part of your portfolio in there for you own sanity and mental health. TL:DR; Making money is easy in a market like this, keeping that money is a lot harder. Disclosure: I am 100% in crypto, financially and professionally and have been for years, thank you for coming to my TED talk [link] [comments]  | ||
| If you’re young, then you should hodl, not trade Posted: 10 Feb 2021 09:11 AM PST Over the years, I've learned that maybe the best decision you can make is to simply invest long-term. Continue to add to your positions through DCA methods and invest larger sums when there are pullbacks or dips. "Timing the market" is absolutely the worst thing you can do because you will lose. Nobody can time the market.. you may get lucky once in a while, but 9 times out of 10 you will lose, especially when you factor in capital gains tax. Avoid the tax man by buying and HODLing! It's as simple as that. This is a long-term play. Zoom out to see what I'm talking about. Godspeed fellow investors, see you at the moon 🚀 [link] [comments]  | ||
| Posted: 10 Feb 2021 11:27 PM PST A very weird feeling. Like, it's good but its just foreign to my life. I've been watching for years. I've seen the stories of euphoria and fomo that occurred in 2017. It's just weird how all calculated it all is. Like, this is actually happening. I think many don't know the flood thats about to come. Those that have been here for awhile I imagine are feeling it too. There's a different vibe floating around. As if, hearing a stampede in the distance and knowing its coming your way. I'm not excited or sad. It'a just like. Oh dang, this is actually happening. [link] [comments]  | ||
| It wasn’t wrong to buy a pizza or a Tesla with BTC. Posted: 10 Feb 2021 08:19 PM PST Why does this community like to mock and criticize people who were early adopters of using Bitcoin as a currency? Isn't that what we all ultimately want? Was it really wrong to buy a pizza with 10,000 Bitcoin in 2010? No, that was a fair exchange, as long as it didn't have pineapple. Was it wrong to buy a Tesla in 2013 with 91.4 BTC? No, that was also a fair exchange. When you're using Bitcoin for purchases, it doesn't matter what it will be worth in 10 years. It matters what it's worth that day, at that minute. [link] [comments]  | ||
| Posted: 10 Feb 2021 01:10 PM PST There are plenty of new people here and some of you may be wondering why everyone keeps saying hodl instead of hold. It originated with this post on the bitcointalk forum in 2013. HODL has been part of this community longer than most of us have been here! [link] [comments]  | ||
| Is anyone else's strategy simply to hold and not sell for ten, twenty or thirty years? Posted: 10 Feb 2021 11:13 AM PST We are so early in the advent of the cryptocurrency world. All of the prices we are seeing today were unthinkable a few days or weeks ago, let alone back in 2009. Who knows what they will look like in 2030? So many studies - and schadenfreude anecdotes - reveal that the people who do best across the world of investing are those who simply hold through everything and restrain themselves from ever trading. (I think there was a famous Felicity study about the stock market that found that dead people's accounts usually outperformed living people's accounts, however I cannot find a source for this upon doing a cursory google search, so if anyone has heard of the same study, please let us know what it was.) My game plan is simply a little bit of euro cost averaging each month for the next few decades, never selling, and using a bit of cash on the side whenever there are huge dips or if a new cryptocurrency with potential pops up and I find myself particularly compelled by it. Is anyone else the same? I feel like this should be the textbook method of making the most out of your money. And it also means that you lose nothing if, say, in twenty or thirty years, the world had completely converted to cryptocurrencies and government-backed fiat monies became obsolete. [link] [comments]  | ||
| Nice to see some education happening here! Posted: 11 Feb 2021 01:02 AM PST I've noticed a stack of posts popping up at the top today: If you're young, then you should hodl, not trade Everyone is a genius in a bull market. PSA: Buying alts will NOT help diversify your investment portfolio Don't listen to anyone who makes price predictions When euphoria is high, take all price predictions with a pinch of salt Don't fall into "Big Pump Groups" and other "Pump and Dump" schemes Hard work doesn't pay off, invest! If you came to this sub to make money, make sure you also learn about the technology. Please newcomers, do not react to hype you see here!!! It's great that we've finally got some clear help and posts that try to educate and assist newcomers in the space. PS. I know some of this is just common sense and people moon farming, but still, better than the hype and scams IMO. [link] [comments]  | ||
| Can I just thank y'all for knocking some sense into me and getting me out of DOGE? Posted: 10 Feb 2021 09:54 AM PST After reading more in this sub, I literally sold that shit just in time. Now it's in ETH and dear lord I feel safer. Y'allsies saved my ignorant ass. The thing that took my blinders off: one person owns 1.9 Billion in Doge Coin! That's like a quarter of all DOGE. I didn't know that until looking at this sub! If that one person suddenly sold? I'd be f***ed. Value would do like a 90 degree drop because of how rapidly others would sell. Here I was thinking that, if value took a downturn, it would be a relatively gradual taper and I would have time to exit. Nope. Also, if I were that one person, you better believe I would sell. Thank you r/CryptoCurrency To those of you still in DOGE, who have made a nice profit: more power to you. I personally just cannot stomach that kind of risk. Edit: u/Bot-01A just very kindly let me know that I made a common but major mistake in the way I was understanding the market. I guess that 1.9 bil owner couldn't have sold all at once, like I'd assumed, but instead would have had to sell it in increments. Whew! Still glad I got out, though. [link] [comments]  | ||
| Twitter Considering Adding Bitcoin to Its Balance Sheet, Paying Employees in Crypto! Posted: 10 Feb 2021 06:32 AM PST
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| We have $46K bitcoin, and they're about to inject $1.9 trillion into the economy. Posted: 11 Feb 2021 03:04 AM PST This week so far, we've had the official announcement that Tesla invested $1.5 billion in BTC. Yesterday, we've had the Mastercard news which is even bigger in my opinion. Also, Twitter is considering crypto payments for employees, according to their CFO. And to top it all off, the United States will inject $1.9 TRILLION dollars into the economy with stimulus payments. This must be a dream, it's too sweet to be real. This is going to be a wild ride folks! 🚀 [link] [comments]  | ||
| I bought my first ever Crypto today!!! Posted: 10 Feb 2021 08:22 PM PST Today I finally decided to take the plunge and put a tiny amount into ETH. Reasoning, I like the symbol, it reminds me of an icon in my favorite game of all time. I am using Gemini, which seemed the easiest to use out of Coinbase and Binance and I'm a total newb so, happy for it to be easy... Anyways hopefully this is an OK place to put this but I'm Enjoying learning more and more on a daily basis. I have a lot of questions, and if there's a more basic-user friendly sub please send me that way and sorry for the waste of time <3 Cheers !! [link] [comments]  | ||
| I think Visa and MasterCard stories are the low key signal Posted: 11 Feb 2021 02:05 AM PST Anyone plugged into financial matters should understand the implications of both major CC processors not only confirming it would be very easy to facilitate cryptos but that they FULLY INTEND TO! The increased number of private to private whale sized transactions makes me believe that some of those have been demos done in board rooms. [link] [comments]  | ||
| Don't listen to anyone who makes price predictions Posted: 10 Feb 2021 07:04 PM PST No one really knows what the market is going to look like this time tomorrow. Don't be duped by these crypto influencers who think they know which crypto's are going to see 10x increases in the next month. They don't know what they're talking about and they have most certainly been wrong before. Anyone making positive price predictions on a crypto holds the coin and stands to profit from you buying into it. DYOR and make picks that you see value in yourself. [link] [comments]  | ||
| PSA: Buying alts will NOT help diversify your investment portfolio Posted: 10 Feb 2021 07:36 PM PST TLDR; Buying heaps of alts won't protect you from a market crash. Diversifying in investments term does not mean 'having a bunch of different things'. The purpose of diversifying is to protect yourself from the downside risk of a part of your portfolio crashing. In a bull market, everything is going up and people think they should diversify to make sure they maximise chances of their portfolio mooning. This works really well, until there's a bear market where absolutely everything is decimated when btc falls (which has happened massively over 3 times in the last 2 years). To have a properly diversified portfolio, you will need stocks, gold/bonds and other assets which are far less correlated with each other. I'm not telling you to do this, I certainly don't want to buy/hold gold or bonds or other assets with shitty returns but be aware that what you are doing carries a much higher risk and don't delude yourself into thinking you have a diversified portfolio because you have xxx porn coin, doge and dentacoin in it. P.S. I personally think this bullrun is FAR from over. I just want newbies to be aware of the risks. [link] [comments]  | ||
| Microsoft and Enjin Bring Cross-Platform Custom NFTs to Minecraft Posted: 11 Feb 2021 12:27 AM PST
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| Hold crypto for over 1 year = long-term capital gains = 0% tax under if $40,000 Posted: 10 Feb 2021 02:48 PM PST Just a public service announcement.AMERICAN TAX LAWS If you hold your crypto for over a year and sell it after that time, its considered a LONG TERM INVESTMENT. You do not pay the same tax rates on it. It could be as low as 0% tax rate. https://www.nerdwallet.com/article/taxes/capital-gains-tax-rates What is long-term capital gains tax?Long-term capital gains tax is a tax on profits from the sale of an asset held for more than a year. The long-term capital gains tax rate is 0%, 15% or 20% depending on your taxable income and filing status. They are generally lower than short-term capital gains tax rates. EXAMPLE2020 Long-term capital gains tax ratesSingle filers Tax rate .... Your income 0% ... $0 to $40,000 15% ... $40,001 to $441,450 20% ... $441,451 or more Short-term capital gains are taxed as ordinary income according to federal income tax brackets. https://www.irs.gov/taxtopics/tc409 Capital Gain Tax RatesThe tax rate on most net capital gain is no higher than 15% for most individuals. Some or all net capital gain may be taxed at 0% if your taxable income is less than $80,000. A capital gain rate of 15% applies if your taxable income is $80,000 or more but less than $441,450 for single; $496,600 for married filing jointly or qualifying widow(er); $469,050 for head of household, or $248,300 for married filing separately. However, a net capital gain tax rate of 20% applies to the extent that your taxable income exceeds the thresholds set for the 15% capital gain rate. Note: Net short-term capital gains are subject to taxation as ordinary income at graduated tax rates. https://www.cpajournal.com/2019/01/24/the-taxation-of-cryptocurrency/ IRS Treatment of CryptocurrencyThe IRS addressed the taxation of cryptocurrency transactions in Notice 2014-21, which provides that cryptocurrency is treated as property for federal tax purposes. Therefore, general tax principles that apply to property transactions must be applied to exchanges of cryptocurrencies as well. Notice 2014-21 holds that taxpayers must recognize gain or loss on the exchange of cryptocurrency for cash or for other property. Accordingly, gain or loss is recognized every time that cryptocurrency is sold or used to purchase goods or services. How the gain or loss is recognized depends largely on the type of transaction conducted and the length of time the position was held. Settled for cash.Cryptocurrency gains from trading coins held as capital assets are treated as investment income by the IRS, and the same capital gains rules apply. A taxpayer who sells a coin position for cash must report a capital gain on Form 8949. A coin position held for one year or less is considered a short-term capital gain, taxed at ordinary tax rates; a position held for more than one year is considered a long-term capital gain. I will just leave this here..... Tax his land, tax his wage, Tax his bed in which he lays. Tax his tractor, tax his mule, Teach him taxes is the rule. Tax his cow, tax his goat, Tax his pants, tax his coat. Tax his ties, tax his shirts, Tax his work, tax his dirt. Tax his chew, tax his smoke, Teach him taxes are no joke. Tax his car, tax his grass, Tax the roads he must pass. Tax his food, tax his drink, Tax him if he tries to think. Tax his sodas, tax his beers, If he cries, tax his tears. Tax his bills, tax his gas, Tax his notes, tax his cash. Tax him good and let him know That after taxes, he has no dough. If he hollers, tax him more, Tax him until he's good and sore. Tax his coffin, tax his grave, Tax the sod in which he lays. Put these words upon his tomb, "Taxes drove me to my doom!" And when he's gone, we won't relax, We'll still be after the inheritance tax.? [link] [comments]  | ||
| Amazon Looking to Develop Digital Currency Payments System Posted: 11 Feb 2021 01:19 AM PST
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| Don't fall into "Big Pump Groups" and other "Pump and Dump" schemes Posted: 10 Feb 2021 01:45 PM PST Just a reminder for the new guys here to be careful. Seriously, be super careful. You might think "Ah, an easy way to win money ! I just have to be faster than the other dudes, and Bingo, +50% Profit every day !" You'd be wrong, seriously, the dudes in charge of those groups are buying the crypto a few seconds before you, and then they use you to pump it, right before letting it die. You will literally NOT gain money using these groups, so please be careful about those groups, they will make you LOSE money. And yes, I've just lost $200 of my savings in 1 min thinking that I'll get a lot of money. Don't be as stupid as me. [link] [comments]  | ||
| What do people think of VeChain (VET) ? Posted: 11 Feb 2021 12:32 AM PST Have been thinking of investing in VET coin as it currently looks like it's ready to break and I kind of like the look if it as it is anyway. Just wondering what other people think of VET, is it a good investment? Or should I stay clear of it? [link] [comments]  |
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