Bitcoin/cryptocurrency thread

[the jambo-rocker]

5 hours ago, iron mike python said:

It looks like Swissborg is a centralised service offering the high rates from Decentralised Finance (Defi) currently based on Ethereum. You are giving them your data and personal information in return for the ease of access to Defi. A major selling point of Defi is not having to give any information over and actually having access to your own coins. "Not your keys/ Not your Coins" as they say.

This is the same sort of service that I foresee banks offering in 1 year. There is the same concern as you get with Exchanges, they could get hacked/someone could exit with your money but it looks like it is an easy way to get access to products like Curve where I am currently getting 40% APY on my stable coins.  

Hope you don't mind me giving a write up for the noobs and please correct me if I'm wrong.

I'm a noob myself so I expect full correction from anyone who wants to chip in. After reading and doing my homework for the last week, today was my first transaction and this is where I think is my best starting bet.

 

I don't what other user accounts/platforms as theirs but you are correct, no key against your coin. Works for me as I just want less complicated access to my account. I would say the currencies they have on offer are limited to the main ones. No dodecoin, for example.

If someone did tried to steal, your account is asked for full photo Id(passport or driving license) just to get to the first level you're allowed to deposit withdraw from and escalates higher the more proven information you give them. So the more drastic the steal the more information to do it from what I gather.

It seems to convert in more than one stage. In Swissborg case. British pound > Binance>  Swissborg. I don't know if that's a thing with most others but my only concern is that it's pegged to bitcoin. It has to be pegged to something at the end of the day but it's a fair warning to anyone going in.

[jamamafegan]

Anyone with binance able to give me a hand: I tried to buy LiteCoin but there isn’t an option to buy with my debit card, it only gives me the option to trade with other coins. What do I need to do to buy LiteCoin or any other coin that I encounter this situation with? Google isn’t really providing the answers!

[iron mike python]

1 minute ago, jamamafegan said:

Anyone with binance able to give me a hand: I tried to buy LiteCoin but there isn’t an option to buy with my debit card, it only gives me the option to trade with other coins. What do I need to do to buy LiteCoin or any other coin that I encounter this situation with? Google isn’t really providing the answers!

Yeah so I guess you are starting with GBP? 

You need 2 trades. GBP> BTC  then BTC > LTC

[jamamafegan]

2 minutes ago, iron mike python said:

Yeah so I guess you are starting with GBP? 

You need 2 trades. GBP> BTC  then BTC > LTC

Correct. Thanks. Is there anything I should look out for when doing this i.e can you get stung with fees or get shit deals when doing this?

This probably sounds daft - complete rookie!

[SANTAN]

Didnt someone that was just starting out acquire a bunch of BnB here or have I made that up? Lucky boy! 

[Tartan Dave]

On 07/02/2021 at 10:07, Tartan Dave said:

really good week for me. Cardano and Bitcoin my only holds now. 55% profit in total

Reached just shy of 100% profit. Have took my stake back and now playing with “free” money. Can someone please tell me if I need to pay tax or declare this at all? I spent 900 dollars. Just withdrew 900. And have about 900 still invested. (Numbers are rough but more or less right). I live in scotland

[jamamafegan]

Didnt someone that was just starting out acquire a bunch of BnB here or have I made that up? Lucky boy! 

Might be me although I only own half a coin! It’s fair going up though, mental to watch. Anyone know why it’s taking off?

My portfolio currently stands at:

BNB - 0.5 coins
LINK - 1 coin
DOT - 1 coin
SNX - 1 coin
ADA - 25 coins
DOGE - 560 coins

I’m keen to accumulate coins ASAP as it feels and looks like to me that things in general are taking off.

I need to start looking through each crypto as an actual project and see what they are all about before I decide to take things up a notch. Very difficult to make heads or tails of it all though when you don’t know what any of the lingo means. Kinda putting my faith into the words of strangers on the internet just now who say “*insert coin* is good.” [emoji38]

Folk are predicting a crash this year as well. I assume I should continue to just #hold in the event of a crash?

[gaz5]

Didnt someone that was just starting out acquire a bunch of BnB here or have I made that up? Lucky boy! 

I was looking to buy some of it, to buy SNX with as there was no GBP pair. I didn't in the end.

To be fair, I was never viewing it is a vehicle for gains as it was just for buying other things and is have spent it apmost instantly.

It blows my mind that a coin created by an exchange basically for trading on their exchange is accruing so much value. [emoji1745]

Saw it was up 50% this morning and had a WTF moment till I looked at the rest of my list and realised everything was up. [emoji1787]

I'm currently holding:

BTC
ETH
LINK
XRP

All of them gains this week, so pretty happy for a beginner. About £60 up. Sure it won't last. [emoji1787]

[SANTAN]

2 minutes ago, gaz5 said:

I was looking to buy some of it, to buy SNX with as there was no GBP pair. I didn't in the end.

To be fair, I was never viewing it is a vehicle for gains as it was just for buying other things and is have spent it apmost instantly.

It blows my mind that a coin created by an exchange basically for trading on their exchange is accruing so much value.

Saw it was up 50% this morning and had a WTF moment till I looked at the rest of my list and realised everything was up.

I'm currently holding:

BTC
ETH
LINK
XRP

All of them gains this week, so pretty happy for a beginner. About £60 up. Sure it won't last.

I remember buying in at under a fiver and being blown away it got to $10.

I understand the more people that use Binance then the more it gets traded so when you get loads of newcomers it would surely increase but 50% is crazy. 

Anyone know when the XRP case will be concluded? 

[gaz5]

Reached just shy of 100% profit. Have took my stake back and now playing with “free” money. Can someone please tell me if I need to pay tax or declare this at all? I spent 900 dollars. Just withdrew 900. And have about 900 still invested. (Numbers are rough but more or less right). I live in scotland

As best I can tell it falls under capital gains tax, for which we ask get a free allowance of £12,300 per year and that's only on actual gains.

So the £900 you just took back doesn't apply, as that's just your initial capital.

Whatever you make with the 900 still in, when you crystallize that gain, would apply and should be declared on a self service return if you do one (to keep you right) but would be free until you breach £12300 then 20% for anything over that (though it is being predicted that Signal will increase that inline with income tax bends in the March budget, if you fall into the 40% tax category)

Working it out seems a bit more complicated, as they use an average price paid to work out the overall gain. Not got my head round that.

I'd be surprised if many people in the UK were declaring crypto gains though. [emoji846]

[gaz5]

I remember buying in at under a fiver and being blown away it got to $10.
I understand the more people that use Binance then the more it gets traded so when you get loads of newcomers it would surely increase but 50% is crazy. 
Anyone know when the XRP case will be concluded? 

Pre hearing is the 12th, trial if it goes there the 24th.

I was hoping to get a bit more in before that to bet on a positive outcome but the overnight price movement has made me think as it's now above it's average.

I've got 513 coins just now, so not a huge hold, but if it got back to its high of $3 a decent return.

I've seen some claiming it's possible to see it get to $20-$30 dollars this year with a positive trial outcome and if they then float on the NYSE like that were talking about pre Covid.

Others claiming a deal with Visa being discussed could push it higher.

Speculative in the extreme I think, but I see that one as a longer term hold and hope that what they are trying to do takes off. I like the underlying idea.

[DMCs]

Is there any point getting into Bitcoin at the current ATH price? I sold about £600 worth of crypto 3 years ago (think I invested about £300 initially) which would now be worth maybe 4x that. 

What coins should I go for that aren't too high right now but also aren't too low volume to grow?

[iron mike python]

36 minutes ago, DMCs said:

Is there any point getting into Bitcoin at the current ATH price? I sold about £600 worth of crypto 3 years ago (think I invested about £300 initially) which would now be worth maybe 4x that. 

What coins should I go for that aren't too high right now but also aren't too low volume to grow?

No, I don't think it is too late for Bitcoin. It is the 'safest' bet in the space. (The worlds richest man just bought it and everyone else up to that point thought it was a scam)

AVAX is performing well and for good reason from what I have heard. They just made a bridge with Ethereum which allows tokens to be moved to Avalanche's Ecosystem allowing for cheaper transactions (Ethereums biggest hurdle currently!) 

It is a competitor with Polkadot which is currently over 5 times AVAx's market cap so it has plenty to grow (even after its steep climb)

It will be interesting to see how it plays out. Transactions will move to Avalanche but this could also mean Ethereum transactions gets cheaper. 

Edited February 10, 2021 by iron mike python

[DMCs]

1 minute ago, iron mike python said:

No, I don't think it is too late for Bitcoin. It is the 'safest' bet in the space. (The worlds richest man just bought it and everyone else up to that point thought it was a scam)

AVAX is performing well and for good reason from what I have heard. They just made a bridge with Ethereum which allows tokens to be moved to Avalanche's Ecosystem allowing for cheaper transactions (Ethereums biggest hurdle currently!) 

It will be interesting to see how it plays out. Transactions will move to Avalanche but this could also mean Ethereum transactions gets cheaper. 

Is it better hoping for the price to drop below £30k though?

[iron mike python]

Just now, DMCs said:

Is it better hoping for the price to drop below £30k though?

I don't think we see those days for a while to be honest. At best you might get a shot at 35k if there is some massive fear in the air. 

[DMCs]

Managed to find my old paperwork with my passwords on it and restore my old wallet. However looks like the email address I used has now been deleted so might be tricky reactivating accounts on exchanges. 

What exchange is best/easiest/cheapest?

I had accounts for:

Cryptomate

Bitstamp

blockchain.info

so potentially looking for something other than those.

[iron mike python]

1 hour ago, DMCs said:

Managed to find my old paperwork with my passwords on it and restore my old wallet. However looks like the email address I used has now been deleted so might be tricky reactivating accounts on exchanges. 

What exchange is best/easiest/cheapest?

I had accounts for:

Cryptomate

Bitstamp

blockchain.info

so potentially looking for something other than those.

You can use  the link in my signature if you want 5% discount of fees in Binance.

Binance has good liquidity, volume and better fees than Coinbase. It is also quick to get started.

[gaz5]

Alright @iron mike python what's the deal with binance earn (which I clicked on accidentally! [emoji846]).

Read through the stuff in their academy, but is it really as simple as my moving my coin into a savings account and they give me interest and I can take it out any time?

Seems like one of those "must be a catch somewhere" deals, especially given they are advertising 5% for £ at the minute.

And what's all this staking/airdrop stuff? You can make money from the crypto you already own AND get gifted new crypto coins for backing projects (if you get in early enough)?

Seems like Crypto has its own world outside of just buying coin! [emoji846]

[Zetterlund]

Well my recent decision to buy into Haven (XHV) appears well timed, up 90% in a week. I would actually be quite happy to see if pull back and let me add another load as it has huge potential imo.

My main crypto interest Safex is about to launch the first version of their main product after 5 years in the making. I've been waiting for this since first buying in 2018, while also mining it at home since then too. Been a long slog with no price action to get excited about, being such a small unknown project with no budget for marketing or big exchange listings (they built their own in-house exchange).

Basically it's an ecommerce protocol built into the blockchain. Their new wallet will have extra functions for setting up a vendor account and viewing other accounts and items for sale on the marketplace. Like a crypto Ebay inside your wallet. From an investment point of view, the best thing about the project is that the 5% selling fees on every sale get distributed to those who stake their Safex tokens (SFT). If the platform is adopted and does a decent volume of sales, the returns are potentially pretty comical tbh with the tokens so cheap just now. There has been talk of an initial target of $500m of sales volume, which sounds a lot but there are plenty of ecommerce sites around doing multi-billions that nobody has heard of, particularly in Asia. With this amount of sales a $5k investment now would earn you a full time salary annually, then there's the increase in token value that would come with such returns. 

Ecommerce seems like a natural fit for crypto (especially with privacy coins) so again the potential here is huge. I'm looking forward to seeing some vendors setting up shop on the platform and I'll no doubt contribute to it myself too. 

[Aufc]

Alright @iron mike python what's the deal with binance earn (which I clicked on accidentally! [emoji846]).

Read through the stuff in their academy, but is it really as simple as my moving my coin into a savings account and they give me interest and I can take it out any time?

Seems like one of those "must be a catch somewhere" deals, especially given they are advertising 5% for £ at the minute.

And what's all this staking/airdrop stuff? You can make money from the crypto you already own AND get gifted new crypto coins for backing projects (if you get in early enough)?

Seems like Crypto has its own world outside of just buying coin! [emoji846]

Ive done similar with ethereum. I have put it into crypto earn and get 4.3%. I cant touch it for three months (there are different options). I figured this was the one coin i definitely wouldnt touch in that time