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581  Alternate cryptocurrencies / Altcoin Discussion / Re: Solana Staking - Increased staking reward! From 7% to 11.5% on: January 26, 2024, 11:20:28 AM
If, I have the correct information for Solana staking you would need at least 10 SOLs to validate the blocks as the daily transaction fee is 1.1 SOL. Solana does not have any minimum requirement for staking that is clear to me but if you do not have a big stash of SOL in your wallet you won't even qualify for staking rewards. This is how the POS protocol works. They infuse liquidity through staking rewards, the more you stake the more your rewards will be. Not everyone can now stake SOL in the current price and I am sure you are not staking it. When the price of SOL was way less than what it is now a bulk purchase could have helped anyone who was looking for staking and earning rewards from it. For now, it is practically useless for anyone who sees the rates increase to 11% when you need a huge investment only to earn that kind of percentage.
582  Bitcoin / Legal / Re: Nigeria unbans cryptocurrency on: January 26, 2024, 11:03:02 AM
When I wrote information about Nigeria, I remember that USDT TRC 20 is also very popular there, due to inexpensive commissions.
For many residents, paying fees of several dollars or more is very expensive and they will not be able to use Bitcoin. In Nigeria there are also very small salaries, 50-200 dollars a month. The problem of commissions is very relevant there.
The crypto situation in Nigeria is very similar to the situation here in my country, I mean before the crypto ban was unbanned in Nigeria.

Most people in my country prefer Bitcoin and hold it in the long term, but for daily transfers that are made exclusively through an intermediary, the preferred coin is USDT TRC 20 because it is somewhat stable relative to the dollar, its fees are low, and its transactions are fast.

Therefore, when I always want to exchange Bitcoin into a local currency, I convert it to USDT TRC 20 first and then send it to the broker. This process costs a fee of only about $1 and only takes about 5-10 minutes, while transferring via Bitcoin costs more fees and a much longer time.
But if you want to exchange Bitcoins for USDT TRC 20, then you will pay a commission on the Bitcoin network, which can be very high depending on demand.
I don't understand your benefit in this exchange when it's easier to send bitcoins and receive cash.

I am quoting all three of you as I found a way to pay less than $1 as a transaction fee using USDT. In my country which is India, we have to pay a 30 percent tax every year on our profits and then a 1% tax is deducted on source for every cryptocurrency transaction, such as for trading crypto to crypto and crypto to fiat. The 1 percent tax deducted at source only applies to local exchanges and not to international exchanges. To avoid it all crypto communities shifted to international exchanges and whenever they wanted to convert their crypto to fiat they used local exchanges.

To avoid the 30 percent tax the preferred deposit crypto was USDT as it is stablecoin and does not show the government that it is generating any profit. At first, a lot of us were using USDT on the Tron blockchain but the fee was $1. With the introduction of USDT on the Binance smart chain the fee was significantly reduced. I am not from your country but if in your country brokes accept USDT on the Binance smart chain then it would reduce the fee that you guys are paying for every transaction now.
583  Bitcoin / Legal / Re: Tether Cryptocurrency Becoming ‘Preferred Choice’ Among Money Launderers on: January 26, 2024, 10:47:51 AM
I saw some darknet sites, and they mainly use Bitcoin and Monero. Centralized stablecoins are not as popular.
Criminal activity when money is stolen and settlements between people, which will then not be declared to the tax authorities, are different options. And the second option is more common in business relationships.

Earlier it was mostly Bitcoin that was accepted as a mode of payment in the Darknet. With mixers getting seized and authorities focusing more on Bitcoin they started accepting Monero side by side with Bitcoin. Now, almost all darknet websites are asking for Monero as a payment method and it will go on until they face issues with Monero. I mean if you focus on the basic necessity of money laundering it was always meant for converting black money to white. Now, with cryptocurrencies and before the implementation of the tax it was easy for them, it was the best way to convert black to white. With harsh taxation policy and regulations, it is still a favorite way, but I feel they are now using DEX rather than CEX as it requires mandatory KYC.
584  Bitcoin / Legal / Re: Tether Cryptocurrency Becoming ‘Preferred Choice’ Among Money Launderers on: January 25, 2024, 12:40:46 PM
DAI has huge liquidity for exchange for the most popular stablecoins USDT and USDC
https://app.uniswap.org/tokens/ethereum/0x6b175474e89094c44da98b954eedeac495271d0f
DAI is backed by a large amount of USDC
If the tokens are criminal, then a loss of 1-2% on the exchange will not be critical, because cashing out costs much more.

I understand and I agree to what you are saying but what about the perception. Criminals know that USDT is pegged to USD, would they dug deep to find about DAI. No, they will not as once an order of payment is set in the criminal world they rarely shift to any other mode unless, they get scrutinized by the authorities. I agree that Tether can be frozen, by the time it gets frozen as the government is involved the amount gets shifted to another wallet and gets cashed out. It is still a convenient way to operate in countries that have local exchanges as it is acceptable in most countries in their local exchanges. The point is to get USD pegged currency, convert it to local currency and utilise it for illegal activities.
585  Local / India / Re: Best Topic Contest for the Indian Local Board on: January 25, 2024, 12:28:45 PM
Thanks a lot for all three being part of this competition I and Heisenberg_Hunter appreciate your efforts. Although the campaign lasted approximately one month and a few days your incredible effort to win the contest was amazing. As I said in the ANN our first preference will be to reward someone active on the local board before this campaign starts. We found out the winner and the topics created we felt were relevant to the community and engaging to the crypto sphere.

Congratulations! Bureau on winning this contest and those who have lost please wait for the next contest. It won't be similar but it will be engaging. As I informed you earlier in my post Heisenberg_Hunter will be paying the winner. Thanks to everyone for their participation.
586  Bitcoin / Legal / Re: Tether Cryptocurrency Becoming ‘Preferred Choice’ Among Money Launderers on: January 25, 2024, 11:27:56 AM
DAI is free from blocking, but criminals use USDT because they are aware of the complex procedures that the police must follow to get USDT blocked. And as a rule, these tokens can change several addresses, the winner will be the lucky one who sends the tokens to a centralized crypto exchange and receives a block.
It is true, but if they can freeze the account due to authorities report, then if regulatory pressure increases, they will do so through administrative decisions, then reports from the local police. Tether relies primarily on its bank accounts to maintain the stability of the currency, and a single decision can threaten its existence if the authorities decide to freeze their bank accounts Or impose restrictions on treasury bonds that are used to support currency stability.

DAI has wider options in the event that pressure is imposed on it.

I agree with both of you that DAI should be preferred over USDT by those who participate in money laundering. But, the question is how is DAI pegged and how is USDT pegged? Criminals want USD and not a stable coin which is not pegged 1:1 with USDT. That can be one of the reasons why they do not go for DAI and the other issue could be converting DAI to USD as USDT is available for conversion on most P2P exchanges whereas DAI is not. Another thing that came to my mind is that these are criminals who are not interested in understanding the concept of DAI. Their perception of USDT as it was the first stablecoin is that it is backed by USD and it might be the only way these criminal organizations deal in cryptocurrency.
587  Local / India / Re: India cricket Discussion and predictions [self-mod] on: January 25, 2024, 10:25:44 AM
England all wiped out on the first day for 246, except Ben Stokes none of the batters played well. He got 70 runs at a stage when England had lost 8 wickets and were struggling to reach 200. I like this all-rounder that England has, he is not only good with the bat down the order but can bowl as well. The Indian start has been good both Jaiswal and Rohit have been after the English bowling, Jaiswal is on 42 and he should reach his half-century. It doesn't look like this Indian side will miss Virat Kohli as they have a good replacement for him. Shubhman Gill has been out of touch but in this test match, he will regain his lost form back. To date, he has the best timing when he places the ball which is why it goes to the boundary in a zip.
588  Bitcoin / Bitcoin Discussion / Re: Are these P2P crypto platforms SCAM? on: January 25, 2024, 09:48:26 AM
Bybit, OKX and bitget are centralized exchanges wherein you can trade and do P2P transactions as well but KYC has to be verified which takes out your anonymity and

Paxful also has mandatory KYC apart from the three you mentioned. There are only a few centralized exchanges left that still allow trading without KYC.

I am kind of new to the crypto era, and I am wondering if any of these P2P platforms scammed or legit?

- Paxful
- Bybit
- OKX
- Phemex
- Bitget


I am not sure about Phemex since I have heard this name for the first time. P2P scams are not due to exchanges but happen if you trade with a relatively new merchant listed on these platforms. If you are doing a P2P trade on any centralized exchange ensure that you do with a merchant who has a reputation and has made a significant amount of trade.
589  Local / Mining (India) / Re: How well people here in india knows about Mining on: January 25, 2024, 09:34:45 AM
What you wrote sounds more like MLM, as this is how chain marketing works. Until they stop getting new bakra they keep on the money rotation and when new users do not come in they start winding up their business. In this scenario, the user has to onboard other users to make money but with cloud mining, it is not an option. Like any other business, a cloud mining company needs to invest funds in marketing and a lot of money is spent to get new users. These users will be asked to buy hash rate as I have explained earlier.

The price of the hash rate would cover marketing expenses and if a scammer is running it then nothing would be paid but if a genuine mining company is running it they would pay a small amount to the user and keep a large amount with themselves. In most scenarios, they would wind up the business citing that it is no longer profitable to mine the particular cryptocurrency. I agree it is not recommended to invest in cloud mining but what you have explained is not how it is done.

Like TheUltraElite said Cloud mining is just a Ponzi scheme and everyone should avoid it. I have not dug deep into it, as I believe it is nothing but a way to scam people and make it look like anyone can mine without investing money and without having technical knowledge. The fact is if you do not have the technical knowledge and still have the money to invest in mining equipment you won't be able to mine. It is not something you can do by learning on YouTube or following a book. A miner should be aware of the hardware device and should know the coding.

All of the cloud mining is nothing but a way to scam people and rotate the fee within the users until they are out of it. The scammer who is selling cloud mining keeps a big chunk of the money that the user pays and passes on the smaller amount as long as he can. I remember there was a time when a few cryptocurrencies were released that were offering the mobile mining concept. Most of them later on left abruptly and a few kept going but never listed their coins on the exchange.
590  Bitcoin / Legal / Re: Founder of Crypto Firm USI Tech Charged With Fraud on: January 24, 2024, 12:40:38 PM
"The German founder of USI Tech, a crypto mining company and digital-asset trading platform, was charged by federal prosecutors in New York with defrauding investors of about $150 million in an illegal multilevel marketing scheme.

I am not interested in clicking the link and still, I am certain he came up with a cloud-mining company. This news is a trade mark example as to how cloud mining companies work.

Horst Jicha, 64, faces securities fraud, money laundering, wire fraud and other charges, authorities said Friday. After promising investors returns of as much as 140%, he shut down the USI online platform and transferred much of its Bitcoin and Ether assets to accounts he controlled, according to an indictment. He was arrested Dec. 23 while attempting to vacation in Miami, prosecutors said."

He is the bigger fish or he may not be looking at his age, but one thing I am sure of is that he trusted some young guys who are responsible for his problem. Grandpa will not rot in a cell till he dies and goes somewhere. It is quite bad as I feel he was the name and identity for those who committed the crime, as I cannot expect my elders to handle their smart phone properly.
591  Alternate cryptocurrencies / Altcoin Discussion / Re: zcash, pirate chain, monero, prcy, which is the best coin for future of privacy? on: January 24, 2024, 12:30:01 PM
zcash, pirate chain, monero, prcy

What do you think will be the best and why? Is anyone of these also scams?


Best for what? Investment or Privacy be clear about it next time.

If you are looking for investment purposes then it should be Monero, because it has the potential to grow and is always paired with Bitcoin. Another benefit of investing in Morero is staking, it is not as easy anymore as it used to be when it got listed the first time on an exchange. Accumulating more whenever the market is in red will help anyone reach the goal of earning the staking reward.

If you are looking for complete privacy then Monero has proven it is the best. All other coins you have listed came after Monero and you can call it the father of privacy coin. A lot of users who are active in the forum use it to hide their Bitcoin transaction trace, which I would consider a is a good habit in the current environment we are living today.

592  Economy / Lending / Re: Lending Service Started! (USDT/BUSD/BTC/LTC/ETH/DOGE/ETC)! on: January 24, 2024, 11:34:45 AM
Sorry for the delay in payment as I should have done it yesterday. As stated earlier in the application for the loan I have made a payment of $70 which is less by $5. I would add that amount to next week's payment. Please confirm that you have received the payment. Thanks.
70$ received and the new repayment amount is 455$

$75 repayment towards the existing loan has been made. Please check and please confirm that you have received it. Thanks.
593  Local / India / Re: India cricket Discussion and predictions [self-mod] on: January 24, 2024, 11:26:02 AM
Rajat Patidar would has been selected as a replacement of Virat Kohli. It is uncertain whether he will be part of the team that will play tomorrow against England. He made is debut last year when he was part of the ODI team and I would say his performance was okay.

BTW, Shubhman Gill got the Polly Umrigar Award for Best International cricketer for 2022- 2023, he was really good before he got dengue. The same award was given to Virat Kohli in 2014 when he was only 14 year old. He did mentioned on his x.com handle about it as he was present at the award show at that time.
594  Local / India / Re: New Scam related to URL ban for exchanges in India - [Awareness] on: January 24, 2024, 11:14:24 AM
Snip..

Already the Indian community is facing issues because of the decision by the Indian government to ban urls of prominent International exchanges. Now, this scamming shit, what low can scammers stoop too is being evident with such scams. I sometimes feel how intelligent these scammers are as they come up with scams which none of us could think about. If these guys had used their brain for the right thing then they would have made more money and would have been treated like celebrities. Unfortunately the harsh reality is that scammers won't stop to scam innocent people and day by day they are getting better with new tools that were created for the betterment of the internet society.
595  Local / India / Re: Why is Bitcoin getting dumped after the ETF approval? on: January 23, 2024, 01:10:28 PM
This is normal as we know Bitcoin is known for its volatility, it is the best time for accumulation and it is the best time to invest in altcoins. As you said it has gone down by 10 percent which is normal with Bitcoin, if you did not know the price of BTC in January of 2018 fell from $21000 to $3000. Now do your math and you will know how big the price fall was in percentage. What we are seeing is normal before halving as institutional investors love a lower entry price point for Bitcoin and it has been happening before halving.

Grayscale sold Bitcoin would now be bought by BlackRock and other institutions that have got their ETFs approved. I mentioned BlackRock because their demands are far higher than others who got their ETF approved. BTW, Indians can invest in Bitcoin ETFs, there is a way to do it but, why anyone would do it as investing in an ETF won't give anyone Satoshis as they will get a paper on behalf of the financial institution.
596  Other / Meta / Re: Use of AI on Bitcoin talk on: January 23, 2024, 11:31:00 AM
snip..

I have been using free Grammarly for quite some time now and it corrects my spelling, does help me with grammar, and sometimes removes unwanted words from a sentence. They recently came up with another free product which is called Rewrite with Grammerly, it will only help if used to improve a paragraph or a sentence and helps with ideas to write a topic. As you are suggesting Grammarly I would like to ask you, If rewrite is used will it be considered AI written content?
597  Other / Beginners & Help / Re: What is signature campaign all about on: January 23, 2024, 09:30:30 AM
To understand a signature campaign you need to first understand the ranking structure of the forum. Your rank at the moment is Jr. Member and for any users to participate in a signature campaign they need to be Full Member. There are a few signature campaigns that sometimes onboard users who have Member rank. For any user to rank up they first need to focus on learning about Bitcoin and altcoins and building up the account reputation. Another important thing that you should know is that not every high ranking user gets selected for a signature campaign, a lot depends on the posting quality and posting habits of the user.
598  Alternate cryptocurrencies / Altcoin Discussion / Re: Where to promote information about projects? on: January 23, 2024, 09:10:21 AM
I've run a Bounty campaign before, and the results were virtually nil. On Twitter, 500 people signed up, who either had baited followers or were subscribed to several tens of thousands of accounts, and all of them didn't have a single live follower. And Telegram gained 200 people, and maybe three of them wrote into the chat.

Twitter is now not what it used to be before it became x.com, it is only good for tolling. I would say use Reddit, tiktok, a blogging platform, Youtube, and our forum (signature campaign) for promoting your project. Create a bounty campaign in the forum and use the mentioned platforms to promote your project. Run the campaign initially for 4 weeks and then evaluate the results. If your project is unique and solves natural world issues it will be a hit in the first 4 weeks. Depending on the result you can then extend it to a few more weeks.
599  Bitcoin / Legal / Re: Tether Cryptocurrency Becoming ‘Preferred Choice’ Among Money Launderers on: January 23, 2024, 08:42:42 AM
That's quite surprising! USDT is a centralized cryptocurrency where the issuers have the power to block any transactions or wallets. They have done it multiple times before and they can do it again. So it's surprising to see that a centralized crypto is being used for illicit transactions. Ideally cryptos like XMR are supposed to be used for such transactions the way it happens in the black markets. Is USDT knowingly allowing such transactions to happen using their network?

XMR is not stable and is not pegged to the global currency which is USD that is why USDT is being used for illicit activities. Tether can freeze USDT only when authorities report it. Without any reporting, they don't freeze USDT and those criminals who are into money laundering are not some small-time thugs. They know that Tether provides greater anonymity than Fiat, has far lesser transaction fees than Fiat, and is easy to use. As the UN is the mouthpiece of five countries I am assuming money laundering using USDT has grown in those five countries. Globally USD is still a preferred way of laundering money and financing terrorism.
600  Local / India / Re: Apple removes Binance, OKX and Kucoin from App Store in India. on: January 22, 2024, 01:02:45 PM

I can open stake.com with Jio. What error message did you receive?

I don't know because when it happened, I quickly switched over to Airtel. I got the default message the website cannot be accessed.


Crypto casinos are probably out of their radar for now, once their eyes fall on those, we'll see things getting tightened around them too.

I think so that crypto casino is out of their radar, still the ways things are shaping for crypto in India they will go after them in the future.
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