Let's talk about Cryptocurrencies

[Yoho]

Timeline on digital Euro

https://twitter.com/user/status/1378640751316336652

[Azure]

There are a variety of ways to buy BTC.

Coinbase is the most popular, but there are many others.

It really isn't that hard.

Buy, and transfer to cold storage.

Ledger Wallet is cheap and incredibly easy to use.

If you have investments that depend on the CDN or USD, I would definitely look at buying BTC as a hedge against both of those.

[VladtheImpaler]

Originally Posted by Azure

There are a variety of ways to buy BTC.

Coinbase is the most popular, but there are many others.

It really isn't that hard.

Buy, and transfer to cold storage.

Ledger Wallet is cheap and incredibly easy to use.

If you have investments that depend on the CDN or USD, I would definitely look at buying BTC as a hedge against both of those.

If this in answer to my post - thanks. I still want to know about worst-case scenarios. What if CCP "bans" BTC because it is too subversive? What is the impact of that? If I put it into "cold storage", it basically means onto on off-linte HD, right? So, I still have to worry about securing that against theft, loss or failure? Sorry, if these questions seem stupid, but I have not seen clear answers to them from the experts I mentioned...

[Slava]

Originally Posted by VladtheImpaler

If this in answer to my post - thanks. I still want to know about worst-case scenarios. What if CCP "bans" BTC because it is too subversive? What is the impact of that? If I put it into "cold storage", it basically means onto on off-linte HD, right? So, I still have to worry about securing that against theft, loss or failure? Sorry, if these questions seem stupid, but I have not seen clear answers to them from the experts I mentioned...

Well the CCP has started their own "digital Yuan" and it's actually fascinating. It has all the characteristics of other crypto-currencies except it's completed controlled by the government. They can do some pretty interesting things with that, such as having it expire if they want it spent and put into circulation in a specified timeframe, and of course they can get it out to people basically instantaneously. The drawback for people is obvious though...it's pure state control and tracking.

The CCP wasn't a big fan of bitcoin and the others when they first starting coming out around 2008-09, because it's potentially destabilizing. the decentralized nature meant they saw all of this as a threat, so you have to think that they would prefer to run their own as opposed to let btc or any of the others be of use.

[accord1999]

Originally Posted by VladtheImpaler

If this in answer to my post - thanks. I still want to know about worst-case scenarios. What if CCP "bans" BTC because it is too subversive? What is the impact of that?

You would see wild fluctuations in fiat prices for awhile and perhaps some additional challenges in moving cryptos to/from exchanges but almost all the big ones are located outside of China's reach now. But if you're holding BTC or other crypto coins yourself, then it should not affect it or your ability to access it.

If I put it into "cold storage", it basically means onto on off-linte HD, right? So, I still have to worry about securing that against theft, loss or failure?

That's one method and the original form. But the more user-friendly method these days are the hardware wallets which offer better protection for the all-important private keys and use a recovery seed/phrase which is used to secure your private keys and allow it to regenerate the keys even if you lose or damage the hardware wallet. The key is to make sure nobody else (unless you trust them 100%) knows the recovery phrase and you never forget it.

https://www.ledger.com/academy/crypt...ecovery-phrase

[karl262]

Originally Posted by VladtheImpaler

If this in answer to my post - thanks. I still want to know about worst-case scenarios. What if CCP "bans" BTC because it is too subversive? What is the impact of that? If I put it into "cold storage", it basically means onto on off-linte HD, right? So, I still have to worry about securing that against theft, loss or failure? Sorry, if these questions seem stupid, but I have not seen clear answers to them from the experts I mentioned...

If I'm not mistaken China has officially banned bitcoin twice already to basically no effect. The majority of the btc mining is in China because of cheap electricity among other reasons.

So here's my worst-case scenario for bitcoin, admittedly a bit far fetched but maybe possible (and if this isn't technically possible that would be great):
To mine bitcoin at this difficulty level you need a specialized machine designed to do only that, its called an ASIC miner. By far the biggest manufacturers of these are hq'd in China. So one day in the future the CCP walks into these offices and orders them to remotely turn off the equipment worldwide.

I don't know what would happen when essentially all bitcoin miners are turned off besides transactions slowing to less than a snails pace, if even possible. I don't think it would be good for bitcoin.

A problem with a proof of work blockchain like bitcoin is that at some point the math solving required is so difficult that ASIC's or some other new tech becomes financially viable for which there are only a small handful of manufacturers. Even if my worst-case can't or won't happen you still have a less and less decentralized blockchain over time. There are no more home based bitcoin miners using graphics cards anymore, just large companies operating thousands of ASIC's in huge warehouses, mostly in China.

Ethereum recognizes the downsides and are moving as fast as they can to a proof of stake blockchain while some 3rd generation cryptos like Cardano began as proof of stake.
It's probably as close to future proofing against blockchain centralization as possible. But who knows?

Sent from my SM-G973W using Tapatalk

[puckedoff]

Read an article that energy used for Bitcoin is currently equal to Sweden's energy consumption. Assuming the other coins are also energy intensive, curious how that will jive long term with rising ESG concerns.

[tony-soprano]

How can I hide my crypto gains from taxes? I got wrecked with capital gains on the stock market this year, i'd rather not add these gains.

[Jason14h]

Originally Posted by tony-soprano

How can I hide my crypto gains from taxes? I got wrecked with capital gains on the stock market this year, i'd rather not add these gains.

Nice try CRA

[Muta]

Originally Posted by tony-soprano

How can I hide my crypto gains from taxes? I got wrecked with capital gains on the stock market this year, i'd rather not add these gains.

Buy into Crypto ETFs, which were just launched. You can throw that into your TFSA.

[Ozy_Flame]

Yeah Crypto ETFs are the way to go inside a tax-sheltered account.

[indes]

I'm riding the XRP wave now and think it's going to blow up. Obviously there are no guarantees but I think things on the Ripple front are looking good regardless of what the SEC decides (I think this will also go Ripples way).

Getting in with some big banks already I don't believe it's a stretch that we see XRP reach its goal of becoming the go to global money exchanger.

Like I said there's no guarantees but I thought it was worth mentioning as it could blow up big time past the 100% jump it just made.

[Ozy_Flame]

I'm in on XRP (was already) even if it's a pump and dump. BTC is the most stable (and steady riser) but this could make for a good play.

[chummer]

Originally Posted by indes

I'm riding the XRP wave now and think it's going to blow up. Obviously there are no guarantees but I think things on the Ripple front are looking good regardless of what the SEC decides (I think this will also go Ripples way).

Getting in with some big banks already I don't believe it's a stretch that we see XRP reach its goal of becoming the go to global money exchanger.

Like I said there's no guarantees but I thought it was worth mentioning as it could blow up big time past the 100% jump it just made.

I'm in big on XRP, owned it for almost 3 years. It's mind blowing when you see some of the price predictions, if and when this thing reaches full utility

[PsYcNeT]

Speaking of XRP (which made me a nice 30% on a short sell overnight), I'm pretty sure their CEO really bolsters the idea that deep crypto techbros are mostly giant pieces of ####

https://decrypt.co/66090/ripple-stop...ords-to-public

[afc wimbledon]

Originally Posted by PsYcNeT

Speaking of XRP (which made me a nice 30% on a short sell overnight), I'm pretty sure their CEO really bolsters the idea that deep crypto techbros are mostly giant pieces of ####

https://decrypt.co/66090/ripple-stop...ords-to-public

well that's a point in its favour then

[Kswiss]

So super noob question. For those that are using NDAX as an exchange . Is it possible to cold storage your funds? Or does it have to stay in your NDAX account?

[Hemi-Cuda]

Originally Posted by Kswiss

So super noob question. For those that are using NDAX as an exchange . Is it possible to cold storage your funds? Or does it have to stay in your NDAX account?

I had no issue transferring ADA from NDAX to my Daedalus wallet

[Kswiss]

Also how does one keep track of their transactions for tax purposes? Do these exchanges generally have statements you can just print off? You pay capital gains typically only when you convert to fiat yes?

TIA!

[underGRADFlame]

Anyone read up on Helium and the people’s network? I’m gonna take the leap and buy a miner. Friend of mine has purchased as well, now just waiting for it to show up.