Cryptocurrency mega-thread

[YippeeYiYeo]

It’s not the cryptography, it’s the wild speculation and over-valuation.

Pity i didn’t invest in shovel manufacturing


On iPhone using BigFooty.com mobile app

Chief I get the feeling that you are on the fence about investing I crypto. You keep watching this thread so obviously you are interested. But if every post of yours is to remind us you think crypto is overvalued then what’s your motivation to repeat the same sentiment over and over?

 

[Chief]

Chief I get the feeling that you are on the fence about investing I crypto. You keep watching this thread so obviously you are interested. But if every post of yours is to remind us you think crypto is overvalued then what’s your motivation to repeat the same sentiment over and over?

No - I bought $500 worth of XRP yesterday.

I do not recommend anyone do this.

 

[Duritz]

No - I bought $500 worth of XRP yesterday.

I do not recommend anyone do this.

One of us, one of us, one of us, one of us...

 

[Chubberson]

No - I bought $500 worth of XRP yesterday.

I do not recommend anyone do this.

You could do worse than ripple. Walton really is next level crypto tech that will change crypto from being looked at as a slot machine to something more functional, that is seen and interacted with on a day to day basis.

 

[Pedro]

Question, why do you want to move your BTC from BTCMarkets to Coinspot ?? You can't trade on Coinspot, and if you buy and sell on there to get into some alt coins you are going to get severely r*ped.

OK. Cheers for the advice. As I said, NOOB here. Trying to navigate my way around the ins and outs. When you say r*ped, do you mean by fees? At the moment I'm just sitting on a few bucks in there in a few different things. To trade, are you better off sending it to somewhere like Binance rather than trying to buy & sell on Coinspot?

 

[Mercurial89]

OK. Cheers for the advice. As I said, NOOB here. Trying to navigate my way around the ins and outs. When you say r*ped, do you mean by fees? At the moment I'm just sitting on a few bucks in there in a few different things. To trade, are you better off sending it to somewhere like Binance rather than trying to buy & sell on Coinspot?

He does mean fees. Current landscape is not friendly in this country with some of the major inroads into Crypto taking outrageous fees to go from AUD into tokens.

For example, Coinspot. Cash deposit via newsagents (as in you physically have to go in and hand over cash) is a 3% deposit fee. Then they charge a 3% fee for a trade. They also have a higher price spread quoted on their website so you are paying more for less tokens. then if you want to trade out of that token its another 3% fee to get back to AUD.

That is 9% at the very least. You would be mad to trade on there.

Best "advice" I can give is use either BTC markets or Coinspot with BPAY, purchase a large amount of ethereum and send it over to Binance. Do not purchase bitcoin unless you plan on holding that one thing, it has inbuilt high fees and is slow (at least until lightning protocol). Buy 1 binance token (BNB) which halves your fees and do any trading there.

 

[Pedro]

He does mean fees. Current landscape is not friendly in this country with some of the major inroads into Crypto taking outrageous fees to go from AUD into tokens.

For example, Coinspot. Cash deposit via newsagents (as in you physically have to go in and hand over cash) is a 3% deposit fee. Then they charge a 3% fee for a trade. They also have a higher price spread quoted on their website so you are paying more for less tokens. then if you want to trade out of that token its another 3% fee to get back to AUD.

That is 9% at the very least. You would be mad to trade on there.

Best "advice" I can give is use either BTC markets or Coinspot with BPAY, purchase a large amount of ethereum and send it over to Binance. Do not purchase bitcoin unless you plan on holding that one thing, it has inbuilt high fees and is slow (at least until lightning protocol). Buy 1 binance token (BNB) which halves your fees and do any trading there.

Cheers. That was probably my next question. It seems transferring ethereum is the cheapest way to transfer to Binance. What about the other coins? Do they need to be somehow converted to ethereum and then sent over? Is there a conversion process or is it simply sell up and buy ethereum (getting rogered in the process for doing so).

Charging a fee to deposit cash is criminal, I agree. BPay (which is what I have used) should also be free.

 

[WeetBixKid]

I think I’ve moved enough $$ into Walton this month, currently sitting at 65% of the portfolio. Time to wait

My favourite low cap coin is Enigma.
- Seriously good team.
- Backing by VC.
- Unique technology: secret contracts.
- Data will be competely private and anonymous.
- Will have its own platform to build DAPPS on. Essentially the ETH of privacy.
- Provides privacy and scalability for exiting blockchains. These are the two biggest issues facing blockchains today.
- Blockchain agnostic, works with any platform.
- Endorsed by Vitalik himself and Enigma are attending the upcomming NEO conference. Potential partnerships on the way.
- Already partnered with Ethlend, Aion, Kyber and Etherdelta.
- Enigma are building their own app, Catalyst, to showcase what their platform can do. Catalyst is essentially a trading platform that allows you to create your own hedgefund (or invest in others) using market data from the Enigma protocol. They want to be the Bloomberg or Reuters of crypto markets.
- Catalyst is just one of hundreds of potential applications.
- You’re essentially getting a 2 for 1 with your investment: the Enigma platform and the Catalyst app that runs on ENG tokens.
- Currently sitting at under half of its ATH.

The coins that will be successful will have more than just utility as a currency IMO. With a market cap of just $300 million, I think Enigma is seriously undervalued.

Can you explain something about Enigma to me? I like the idea of the individual selling their data on the data marketplace rather than it going through a middle man.

But. How exactly is the data packaged? Would we be uploading our internet history or something like that? Or would be providing information through something like a voluntary survey?

Trackers/internet history is a far more reliable indicator of variable informtion than a survey is. There's another ICO trying to do something similar with the data marketplace & I decided not to buy in for that reason-- their data is basically reliant on concrete information which can be confirmed (age, nationality etc--OK great, that is worth at least something) and voluntary surveys. I'm not sure how to value the latter sort of stuff especially when you can bullshit a survey so easily.

 

[WeetBixKid]

Good question - I’m still researching the finer points of how their technology will work.

I’m not sure if you submit the data or allow for it to be tracked. Either way, even if your data is tracked, there’s no way of anyone a) seeing your specific data and b) knowing that the data came from you. For a basic example, you could submit your height and weight into the data pool. This data will be used for mean/median/mode but your identity and numbers will never actually be revealed. You influence the data pool whilst being completely anonymous.

The implecations are pretty huge. People will be much more willing to submit data that is private or controversial.

Do you think people will be honest? Or is everyone gonna be a ripped 6ft 2 with a 9 inch dick? That's my concern if the data sets are going to be voluntary.

Also, is it really decentalized when (I assume) you're going to have to use documents do verify your identity via Eniga or their partners? What's the guarantee that your account and thse documents aren't linked? I've read a bit about SMC computing & it's claimed to be possible, but I still don't quite get it.
Defintely a project to keep an eye on though

 

[Carl Hooper]

He does mean fees. Current landscape is not friendly in this country with some of the major inroads into Crypto taking outrageous fees to go from AUD into tokens.

For example, Coinspot. Cash deposit via newsagents (as in you physically have to go in and hand over cash) is a 3% deposit fee. Then they charge a 3% fee for a trade. They also have a higher price spread quoted on their website so you are paying more for less tokens. then if you want to trade out of that token its another 3% fee to get back to AUD.

That is 9% at the very least. You would be mad to trade on there.

Best "advice" I can give is use either BTC markets or Coinspot with BPAY, purchase a large amount of ethereum and send it over to Binance. Do not purchase bitcoin unless you plan on holding that one thing, it has inbuilt high fees and is slow (at least until lightning protocol). Buy 1 binance token (BNB) which halves your fees and do any trading there.

great post.

 

[Cuzdup]

I think I’ve moved enough $$ into Walton this month, currently sitting at 65% of the portfolio. Time to wait

My favourite low cap coin is Enigma.
- Seriously good team.
- Backing by VC.
- Unique technology: secret contracts.
- Data will be competely private and anonymous.
- Will have its own platform to build DAPPS on. Essentially the ETH of privacy.
- Provides privacy and scalability for existing blockchains. These are the two biggest issues facing blockchains today.
- Blockchain agnostic, works with any platform.
- Endorsed by Vitalik himself and Enigma are attending the upcomming NEO conference. Potential partnerships on the way.
- Already partnered with Ethlend, Aion, Kyber and Etherdelta.
- Enigma are building their own app, Catalyst, to showcase what their platform can do. Catalyst is essentially a trading platform that allows you to create your own hedgefund (or invest in others) using market data from the Enigma protocol. They want to be the Bloomberg or Reuters of crypto markets.
- Catalyst is just one of hundreds of potential applications.
- You’re essentially getting a 2 for 1 with your investment: the Enigma platform and the Catalyst app that runs on ENG tokens.
- Currently sitting at under half of its ATH.

The coins that will be successful will have more than just utility as a currency IMO. With a market cap of just $300 million, I think Enigma is seriously undervalued.

I get the whole privacy, anonymity thing and there will always be a place for this type of thing on an individual level but i think the real future lies in transparency at a business level as businesses try to regain the trust of its clients and consumers.

Doesn't Monero already have the privacy coin market locked down? Verge cops a lot of shit which is warranted thanks to the team behind it but Wraith Protocol is a great piece of technology and still people are not willing to adopt it

 

[woota]

Finally people are talking about enigma - another coin that I'm kicking myself for not getting more of when it was at a lower price point. But there was many other coins at the time competing for my hard earned cash. LAWL. Enigma is going to be one of the big winners of 2018.

 

[woota]

In other news, Enjin have created a new mobile crypto wallet for android and IOS, which I've installed. It's very simple and easy to use, and it supports every coin out there. Best part is, it's a free wallet and you don't have to own Enjin coins to use it.

https://www.enjinwallet.io/

 

[woota]

I get the whole privacy, anonymity thing and there will always be a place for this type of thing on an individual level but i think the real future lies in transparency at a business level as businesses try to regain the trust of its clients and consumers.

Doesn't Monero already have the privacy coin market locked down? Verge cops a lot of shit which is warranted thanks to the team behind it but Wraith Protocol is a great piece of technology and still people are not willing to adopt it

Locked down? Far from it. There's lots of competition in that space. Zcash, Spectrecoin, and Tokenpay (among others) boast even more superior privacy/anonymity features than Monero. One of the big downfalls of Monero has been the fact that it's hard to store; none of the hardware wallets support it (although that's going to change in the not-too-distant future), and there's no mobile wallet or desktop wallet for it. You have to use the MyMonero website to store your coins. If Tokenpay lives up their to promises, I think they're going to blow all these other privacy coins out of the water. They're not just a currency but also a crypto bank with a debit card. Tokenpay have released the coins to people who bought into the ICO - they already have a functional desktop wallet and mobile wallet which is integrated with the Tor network. There's other functionality built into the desktop wallet interface, such as a chat box so you can talk to other people on the Tor network via the desktop wallet.

 

[woota]

w00tas top f*cking picks for 2018:

Ethereum
Litecoin
Monero
Zcash
Enigma
Lisk
Tokencard
Electroneum
Power Ledger
Tokenpay
0x


If you're not invested in these ^coins^ then you missed out. Bye.

 

[PP34]

Since its treated Capital gains asset its also treated for loss.

So judging by many people flooding into the market when Tron was around 30c before it plummeted to 6c there may be a few people able to claim that loss to offset their gains

In all seriousness though, I totally understand why people would not want to pay tax on crypto. Investing their own wages (they already paid tax on) to take a risk (classified by many as one of the riskiest investments available to your common Aussie) on a speculative asset that could be wiped down to absolute zero in an instant in an attempt to try and make some money to bridge the gap between themselves and the rich who know and exploit every tax loophole in the book. Not to mention how this country is using our hard earned that they take in tax?

Tbh I don't blame them.

People take a risk on plenty of things like the stock market and still pay tax.

Why should Crypto be any different?

 

[woota]

People take a risk on plenty of things like the stock market and still pay tax.

Why should Crypto be any different?

Many people see cryptocurrency as a way to subvert the government's control over us. Remember, fiat currency is not merely a transactional tool; it's a means of surveillance and control. Being taxed on crypto therefore comes as a real kick in the face to a lot of people because it's at odds with the philosophy that compels people to invest in cryptocurrency to begin with.

 

[PP34]

Many people see cryptocurrency as a way to subvert the government's control over us. Remember, fiat currency is not merely a transactional tool; it's a means of surveillance and control. Being taxed on crypto therefore comes as a real kick in the face to a lot of people because it's at odds with the philosophy that compels people to invest in cryptocurrency to begin with.

Oh please. That’s a tiny minority.

Most are in it to make a quick buck.

Let’s not act like people buying crypto are anarchists. If you want to be free from government control, go live on some desert island.

 

[Mercurial89]

People take a risk on plenty of things like the stock market and still pay tax.

Why should Crypto be any different?

And i can see why people dont want to pay through the nose for gains they make on those investments too.

Im not saying it should or shouldnt be taxed. I just understand where that group is coming from.
Also remember the people who have made good money on it are early adopters. These people are often more in the know with regards to the principles of cryptocurrency, so they are more inclined to view it as a personal freedom issue aswell.

 

[Long Live HFC]

Many people see cryptocurrency as a way to subvert the government's control over us.

you buy in with government currency, cash out with government currency. can you explain the subversion of the government's control?

Remember, fiat currency is not merely a transactional tool; it's a means of surveillance and control.

could you elaborate on how fiat currency specifically is uniquely related to "surveillance and control" compared to, say, commodity-backed currency?

 

[Long Live HFC]

Im not saying it should or shouldnt be taxed. I just understand where that group is coming from.

perhaps i missed it, but i didn't see you justify or explain why capital gains made in crypto trading should be treated differently to any other asset? or are you just against capital gains taxes generally?

 

[ash_1050]

Ponzicoin is the next big ICO. Get on board now before it's too late!

 

[ash_1050]

UK based exchange cex.io looks to be the next big collapse in the crypto world as they've halted withdrawals in USD and GBP and users have been waiting over a month for withdrawals to be processed.

 

[Mercurial89]

perhaps i missed it, but i didn't see you justify or explain why capital gains made in crypto trading should be treated differently to any other asset? or are you just against capital gains taxes generally?

I never said that, i reiterated the reasons why some people dont believe it should be or why they dont want it to be. I understand that stance.
Im not a huge fan of capital gains tax but i understand its role. I also dont agree with being able to claim a loss either just so we are clear.

Im not saying they are right or wrong however , again just that i understand the pushback.

I understand what the ATO has outlined as the way to handle this situation currently and ill be complying with any obligations i have.

 

[big_bazza]

Thinking about chucking a few hundred on WTC and ENG for a long term HODL, they both seem to have lots of potential in the next year or 2. Thoughts?