I don't care if the ETH price goes up to 3.5k or 35k, but I am more concerned about the dark strategy of BlackRock! The amount of money they hold under their management, it's extremely easy for them to control a major portion of the ETH in circulation and control its market. I never liked when corporates got into crypto space and still I am not a fan of such things. Bitcoin and ETH are two biggest cryptos that could have become a blessing to the privacy focused population. But with all these corporate interventions, it's more of an investment where you need to pay taxes to the government. I personally do not want any corporate to open any more crypto ETF. |
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Asymmetric distribution is a key factor in determining the value of assets like Bitcoin and Gold. While equal distribution may decrease their value, scarcity and demand dynamics play a crucial role in determining the value, with its asymmetric distribution contributing to its price dynamics.
In your hypothetical scenario with gold, if everyone suddenly received an equal amount of Gold, the supply would vastly exceed the demand, leading to a decrease in value. This is essentially an illustration of the law of supply and demand: when supply overtakes demand, prices fall. The same theory works for any other assets with limited supply. Bitcoin is not an exception!
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It's more unfortunate rather than a joke! It's unfortunate to see US government is constantly attacking crypto related businesses and people involved in it. It's unfortunate to see the negative stance of US government regarding the cryptos in general.
4 months is nothing! But I wonder why a businessman has to go to prison even after agreed to do a settlement of $4 billion! Crypto businesses need to think 10 times before they want to start a new venture from American soil. There are many crypto friendly countries on earth. They just need to move out, completely.
Binance by far, the biggest crypto exchange in the world so they are able to soak that hit. Think about a smaller exchange, they would have to go out of the business!
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I don't find any difference between stock trading and crypto trading. So when we are allowed to continue stock trading using savings bank account, the same should apply for crypto trading as well. I don't see any issues in that.
But the entire crypto scenario is very confusing in India. So I won't be surprised if the bank deactivates anyone's account for cryptocurrency trading. But ideally they should not do that.
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I asked chatgpt, and it answered that Bitcoin transactions are generally subject to tax, just like other forms of asset transactions. Tax requirements may vary depending on the laws and regulations of the country where you are located, but in general, the following situations may require taxation:
Earning profits: If you earn profits through the sale or investment of Bitcoin, these profits may be considered capital gains and are subject to tax. Salaries and wages: If you pay or receive wages in Bitcoin, this may be considered ordinary income and is subject to tax. Mining income: If you receive income from Bitcoin mining, these income may be subject to tax. Currency exchange: If you use Bitcoin to purchase goods or services, you may need to pay the corresponding consumption tax according to the laws of the country.
It really depends on your country or your nationality. If I speak from the perspective of my country, I am liable to pay taxes on my Bitcoin income. I have been doing it since 2016. Check your local law around cryptocurrency. Possibly speak to a lawyer who knows about it to get the best guidance. But in majority of the countries, Bitcoin income is considered as income and it is taxed ccordingly. |
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My question is who do these high fees benefit?
The miners! Honestly, the high fees of Bitcoin is not really good for anyone except the miners. It doesn't give Bitcoin any competitive advantage, rather it snatches away. But it's not the fault of the miners. All these increases are coming from the BRC-20 token madness. Unless these tokens are fully banned from the network, the fees will remain relatively high. |
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Cristiano Ronaldo, a world-renowned footballer facing a class action lawsuit is uncalled for.
Bringing financial damages to his followers by aiding and abetting Binance’s fraudulent practices.
Binance doesn't really care about anyone's status or image but it portfolio and how to make his exchange boom, they knew Ronaldo who has more than 850 million followers across several social media platforms will go along way to make it business boom that's why they signed a multi-year contract just to promote unregistered crypto securities.
And these unregistered crypto securities promoted by Ronaldo caused a 2,5500% increase in celebrity NFT searches by his followers and the rest of the world.
whereby making Binance grew by nearly 5000%.
Why did Ronaldo sign it? What happened to his brand team? Haven't they researched properly before signing the deal? What happened to his legal team? Didn't they know that Ronaldo is promoting unregistered things? Binance is a business organization. When businesses sign any celebrity to promote, they have two simple goals in their mind - growth and reputation! Binance paid money, Ronaldo got money and did what he was asked to do! What's the problem? |
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To be honest, there are many things i will probably never understand about NFTs cos I couldnt understand the inspiration behind its ugliness. I think it was odd how the first generation NFTs, especially this ape club, were ugly as hell. Sure, the whole nft idea was bewildering really, but why was it all so ugly as well?
is there a hidden utility in ugliness or am i missing something?
NFTs are useless! So it really doesn't matter whether they look good or ugly. They are just the most useless thing ever happened in the world of cryptocurrency. I have noticed that the first generation NFTs were mostly pixel based images which got sold for million dollars to some unfortunate investors. The entire NFT madness is pointless. So it is okay to not find any point at all! |
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There are certain occurrences that can reduce or bring down the economy of a particular Nation there by also making there currency lose value in the world market for example war.
And there are also certain occurrences that can increase or rise the economy of a particular Nation there by also making there currency gain more value in the world market for example emergence of good and intelligent government.
Therefore I believe there are certain occurrences that will increase the price of Bitcoin to a very magnificent price.
for me adoption of Bitcoin as world digital currency.
I will also love to hear from everyone in this forum what you think can occur in the future that will increase the price of Bitcoin to it magnificent price.
You probably do not understand the scale of global economy, that's why you are doing about Bitcoin becoming world digital currency. The network will explode if Bitcoin is accepted globally by the governments. You will pay huge transaction fees and your transactions will be stuck in the network for hours. Please understand, Bitcoin is not here to become the global currency. Adoption is good but the Bitcoin network also needs to scale up in order to accommodate the increasing number of transactions. Otherwise nothing great will happen with Bitcoin. |
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Project guidelines
I want to create coins as my own chain or as tokens, and each coin has its own unique number. There is no change no matter how many times you transfer it to other people, just like money or banknotes, each of which has a unique number.
Is there anyone who can do it?
Go to Fiverr or other freelancing platforms and you will find hundreds of people offering you to make a cryptocurrency. They will understand your Idea and build the currency for you. Then you can find marketing agencies who can promote your coins. So when you have money, you can hire people to create a cryptocurrency for yourself. The market is really competitive and I would not suggest you to invest in making cryptocurrencies. The market is flooded with thousands of dead cryptos. Why do you need to add another one to that list? |
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I am not a miner too. I don't think we have any home based miner in the ecosystem anymore. Bitcoin mining is an expensive game and individual really need to invest thousands and thousands of dollars to get a profitable mining facility setup. So for miners, I don't see a big impact unless Bitcoin price starts dropping.
But honestly, the removal of runes and ordinals will be positive for the Bitcoin. A lot of people have stopped transacting through Bitcoin because of exorbitant transaction fees. If Bitcoin wants to survive as a cryptocurrency and remain competitive, the transaction fees must come down. Wiping out of these nonsense tokens will be a great help.
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What went wrong? Operating a crypto mixing service knowing the negative stance of the US government against such services - this is precisely what went wrong! It's not a surprise that US government is extremely negative about the crypto mixing services. They had taken action earlier as well if you remember the case of Chipmixer. So it's no surprise that they kept such services under constant surveillance. If running a crypto mixer considered a crime, it's a bigger crime to try to run it from the US soil. |
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Regarding crypto, the finance ministry speaks the same thought of RBI. So I don't think anything is going to be changed. Anyway the current finance minister doesn't have much insights about how finance works. She is a puppet mostly.
So whoever comes in the power or become the finance minister, the outlook towards cryptocurrency is not going to change in India. The 30% tax will continue and a general negative outlook will be maintained. I don't see any change there!
Atleast they should think about reducing 1% TDS amount which is affecting most of the small scale traders than 30% tax. Recently I have been in contact with someone who day trade now shifted to trading stocks because with the 1% TDS it's impossible to make profits at all by a day trader. I am happy with the 30 percent tax on capital gain what seems to be a problem is that 1% TDS on every trade. Crypto-to-crypto transactions should be excluded and those related to conversion of crypto to INR should be charged with this tax. With the 1% TDS, you do not have a chance to make a profit while using a local exchange as this tax ruins 1 percent profit. It is so much non-crypto trading that many users have now started on tier 2 exchanges after the blanket ban that does not hold or provide many returns on investment if someone chooses the wrong crypto. The best we can do is to wait till the elections are over and hear the new budget which is supposed to be presented in the parliament in June. As said my hope is not that high regarding this year because government will not give a look at anything once the election results came and probably they will look into making changes in 2025 if someone is capable enough to understand the revenue will be a lot high if the reduce the TDS cause it will encourage everyone to use the local exchanges or exchanges that follows the frameworks of India. But what results now is youngsters who saw crypto trading is good way to make money as an addiction income is struggling or choosing the low tier unknown exchanges to beat 1% TDS. We only saw interim budget by the ruling party. The main budget will come out after the election is over most probably by July. There might be some news about crypto in that budget but tax figures will not change. You are right that big news will be in 2025 and no this year. Although I feel if the current FM doesn't continue in the office then we might see a more positive approach towards crypto by the new FM. As long as the same ruling party wins we cannot see any positive news neither for crypto not any other domain as they are just keen in dividing the people based on the lines of religion to gather vote bank and we cannot expect anything and unfortunately due to certain geographical votes every one will suffer. Reason I am saying this is because FM alone doesn't take the call it's a coordinated plan wherein FM is just the face of it. Bingo! That's what it is! Thanks for sharing the right information. Our finance Minister has no idea about finances. It's the bureaucrats who runs the economy and takes major policy decisions. Out PM is too busy in dividing people in the names of religion so he should have much idea about the finances either. The most powerful man in Indian economy is the RBI governor. He is very negative about crypto and I think nothing positive will come after the election. |
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United Arab Emirates leads the Middle East in crypto adoption, with 72% of local users investing in Bitcoin
It's a good development, indeed! I am sure that, the presence of free economic zones like Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) has fostered an environment which helped in this case. I am sure the rest of the world is catching up as well! With the access of faster internet and information, people around the world are showing interest in crypto adoption. But the regulatory framework remain a bottleneck. Majority of the countries are still thinking to have a legal framework. So unless these countries come out something on paper, the situation will remain uncertain. |
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Zero inflow is not a new occurrence in ETF market. When the market is uncertain and people are not sure whether to invest or not, ETFs can have zero inflow. It should not be seen as a problem. ETFs are very competitive! Especially when you have multiple companies having a single asset ETF.
When the market goes up, you will see more outflows than inflows on profit booking.
Also it's hilarious to have an ETF for an asset which is very easy to buy from open market and without any middle man.
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Question on BTC and other cryptos
This is from being in Canada.
I was wondering if there is a way to further invest with my BTC and other cryptos without and being in legal terms. As in ways that would not be considered a taxable event.
I know crypto to fiat and doing trades now is consider taxable.
Even staking?
What other ways can I further invest with my cryptos without it being a taxable event? Thanks
Move from centralized exchanges to decentralized exchanges. That might help you in trading. But for crypto to fiat trading, I don't think you have any options available. If you volume is huge, you may consider setting up a company in crypto tax heavens and you can transfer funds from that company to your Canadian account as profit. But I am not sure how the local law works. You may want to get more clarity from a local lawyer. |
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just figure i share thoughts on crypto world, it sure has changed in last 6 years, where it used to be the free market and we could do as we please, with trades, buying and selling crypto
now its so different now
as the governments in the world have gotten involved and trying to make it harder in crypto
as in if you need to trade out to fiat ,
u have to pay taxes and lots of it
Governments are cracking down on exchanges and regulations etc.
in one way it does prove crypto has value and here to stay
There is more adoption going on. Slowly but it is happening,.
Do you think all this will make people to drop out of crypto and leave it to the people who have high wealth only?
Or will the average person still stay in the markets?
but its too bad that the powers that be are making it difficult
ur thoughts?
It's a symbol of growth! Whenever the common people have done something extraordinary, governments always came sniffing in to get their cut. That's exactly happening in the crypto world as well. Initially no government had thought that crypto can indeed become so valuable. But when they did, governments around the world, are now trying to get their cut from our income. That's always happens! But I am more concerned about deep-pocket corporates getting into this market. If commoners stop going into this market, that will be for these corporates and not for the governments asking to pay tax. Corporates know how to take control over anything and that dirty game will be attempted in the crypto market as well. |
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They acting as meme coins SEC- Well the idea is not bad because the USA sec also are the group of people who took the power started the sec. Anyways here is the group link If your project there you got reputation and creditility because they don't approve easy. Something like i been looking for the next thing we should have is goverment backed insurance for meme Coins investors this will make this space more attractive to investors but that's my dream anyways the meme coins Center acting as SEC. https://t.me/memecoinscenterSEC is not an approving authority of meme coins. Meme coins are fraud. Majority of the ex-ponzi scheme creators are now active in meme coins space. If you have $200 in your bank account, you can hire a freelancer to create a coin as per your wish. If you pay a little extra, they will design a brand for your meme coin and give you a fully functional website. If you want, they can manage it for you as well. Meme coins are not good for investment. No telegram group can give you a pre-information unless that telegram group is run by the ponzi scammers and coin owners. Beware of such shitty things and don't promote such things here! |
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The positive side of cryptocurrency Peer to Peer Transfe.I can send you money directly without any middleman. It is a positive thing. But it can be a negative thing because if I send the money directly. In that case, if you have any illegal intentions or if I have any terrible bad intentions, then I can take the money directly from you. If there is a bank in the middle you can get your money back in many ways. When you send money directly, there is no possibility of getting this money back. This is why hackers say bad things are happening.Bitcoin is now the most popular thing or cryptocurrency in general among people in the criminal world. If it is a peer-to-peer transaction through cryptocurrency, it is a big deal. Once sent, there is no way to get it back and it is very difficult to trace. When opening a normal bank account, the account is opened with your name and your parents' names. So it is very easy to find out who sent and who received money. When I open the wallet and do the transaction in Bitcoin. Actually, no information has to be given while opening the wallet. This is because I am not opening an account by filling any information or any form. When I am receiving or sending bitcoins, I can see who is sending the wallets. You can see which account is going from which account. But it is very difficult to find out who is the owner of that account. This is a negative aspect of Bitcoin.
Yes it's a real challenge of cryptos. In banking system, there's a hope of getting your stolen/mistakenly sent money back to your account with proper procedure and legal interference. But in crypto, one a transaction is signed, it's final. The transaction can't be reversed. That's why you will see scammers and hackers are very active in the crypto market. because they know that the chance of getting caught is very less here. There are some standard practices which can help you to safeguard your cryptocurrency. But it can never be 100% secure. That's a real challenge. But I believe it works well for privacy focused people. |
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Runes are already dead! NFT mania is already dead! These are worthless things which is ruining the Bitcoin network and making bitcoin transactions super expensive. Just so tired of these nonsense! This goes in the direction of suspecting that the miners are behind this hype, they benefited the most from this euphoria.  This is surely a possibility! Because when the transaction fees go up, no one else is benefitted apart from the miners. But if this continues, Bitcoin will become an investment only and people will find new cryptos to make daily transaction. It's defeating the whole purpose of bitcoin. |
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