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submitted by /u/sylsau [link] [comments] |
Saturday, 30 July 2022
Anyone else have trouble deciding whether to pay off debts earlier or use that money to buy more Bitcoin?
I hate the idea of having things that I still need to pay off (even my house), but I have a hard time justifying paying those off when I could be using that money to buy something that will return me way more in the long run than the interest that would accrue on my debts.
What do you all do?
Edit: Three 0% credit cards. 3.5% mortgage. I'm silly for even asking this question.
Back to sat stackin'
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Why are miners in support of BCH, if they have to mine at a loss?
My question doesn't mean any disrespect to the BCH community. I just love BCH as much as you do, and I keep asking questions in the subreddit to increase my own knowledge through discussion here. I see that BCH isn't much of a profitable coin to mine by the miners, so why the miners are in support of BCH. And if BCH is attacked today, will mining pools come forward to protect it?
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source https://www.reddit.com/r/btc/comments/wbe3vt/why_are_miners_in_support_of_bch_if_they_have_to/
Friday, 29 July 2022
CoinEx/ViaBTC CEO was arrested on money laundering charges in early June 2022
The CEO and founder of the cryptocurrency exchange CoinEx.com and mining pool ViaBTC, Haipo Yang, has been arrested by Chinese police, along with his wife and brother-in-law, on money laundering charges.
Sources close to police said this happened in early June 2022. Yang and his wife have been in jail for nearly two months. This is the second time the CoinEx/ViaBTC CEO has been put into jail. As with his previous arrest in 2018, both CoinEx and ViaBTC remain tight-lipped about Yang’s whereabouts.
The news was discussed in twitter. But it was written in Chinese, thus not caught notice by English-language media: https://twitter.com/SEFATUBA3/status/1539276545281253379
CoinEx/ViaBTC users should be on the alert for the development of this event and for the potential confiscation of the exchange and pool assets by Chinese police.
Though claiming to be based elsewhere, most of CoinEx and ViaBTC staff are actually operating from offices in Shenzhen, China.
According to CoinMarketcap, CoinEx ranks 29th in cryptocurrency derivative business: https://coinmarketcap.com/rankings/exchanges/derivatives/
And ViaBTC.com ranks 6th among bitcoin mining pools, according to https://hashrateindex.com/hashrate/pools
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source https://www.reddit.com/r/btc/comments/wagomn/coinexviabtc_ceo_was_arrested_on_money_laundering/
Thursday, 28 July 2022
The USD sucks. Everyone who holds it is losing value everyday due to record high inflation. Crypto is a hedge against rampant government inflation of FIAT worldwide. People will take it seriously after more adoption when it finally no longer is pegged to FIAT inflation movements.
Wednesday, 27 July 2022
Crypto Trading Platform Survey - Can you help us? If you do, you gain a 30-day trial with our platform
Can you all answer a survey for a company about trading platforms that you use and your opinion about it ? It takes only 5 minutes
Thanks for your time
External research: Plataform, UI, payment (typeform.com)
If you complete the survey, you gain a 30-day trial with our platform
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source https://www.reddit.com/r/btc/comments/w8u53e/crypto_trading_platform_survey_can_you_help_us_if/
Tuesday, 26 July 2022
Halvings matter less each time they occur, so will the next one matter much at all?
Halvings cut the new supply of BTC issued to miners every 10 minutes by 50%. Halvings occur every 4 years. There was one in 2012, 2016, 2020 and one coming up in 2024. The current amount of BTC issued to miners is 900 BTC daily.
Why does this matter? Because miners sell BTC to cover expenses for mining. And this creates daily selling pressure on BTC.
But why would 900 BTC affect anything when the total supply of BTC is over 19 million? Specially considering miners don’t sell every bitcoin they earn.
I would argue that the 900 BTC should not be compared to the total supply but instead to the daily on chain volume. If most BTC is in cold storage or not being actively traded, it doesnt come into play when considering the market supply and demand on a daily basis. What matters more is how much BTC is being actively exchanged on chain. And that number is closer to 250,000 BTC on average per day.
So if miners are selling 75% of the 900 BTC they earn per day, that is 675 BTC being sold daily. That is 0.0027 of the daily average volume.
So what? Well that selling pressure is daily, so per week that selling pressure becomes 0.0189 of an average days volume. Per month its 0.081 and per year its 0.9855. Almost a whole days average volume of selling pressure. But is one days worth of volume out of 365 days in a year a lot?
Put another way, if miners sell 675 of the 900 BTC issued daily, that is $14 million in selling pressure at current prices. As price increases, that selling pressure increases. When BTC is at $60k, the selling pressure becomes $40 million daily. That means currently, $14 million worth of BTC must be purchased daily to keep a price level stable. And when BTC was at $60k, it meant $40 million had to be purchased daily just to prevent a price drop, let alone an increase.
So the amount of BTC issued per day looks minuscule by volume standards but when you look at the actual amount that must be purchased daily to maintain a given price, not even taking into account any other daily selling pressure, you can see that the halvings do matter.
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Monday, 25 July 2022
Bitcoin increases more adoption globally, while Mercado Bitcoin prepares to start operations in Mexico. Is Mercado Bitcoin moving to Mexico?
Popular Brazilian cryptocurrency exchange platform, Mercado Bitcoin follows the current expansion trend in the crypto sector. Mercado Bitcoin prepares to expand its operations in Mexico.
While popular Bitcoin cryptocurrency has been increasingly expanding its popularity into different countries of the world, with recent additions being the Central African Republic which has made Bitcoin a legal tender, Ukraine’s use of Bitcoin as support funds, and several other countries utilizing crypto technologies but under regulations.
Furthermore, these expansions have been facilitated by many platforms similar to like Crypto,com offering Bitcoin exchange to different countries, and Zetrix blockchain utilizing cross-chain technology to provide smart contracts, scalability, and security services, as well as popular platforms like Binance. According to Cointelegraph, Mercado Bitcoin isn’t looking to include a Mexico-based crypto exchange to operate in the country but is waiting for approvals to start operations in Mexico. Creating thick competition with other crypto exchanges in the country.
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Sunday, 24 July 2022
When there are colonies on Mars, will Bitcoin usage be practical since the network needs to connect with Earth?
When there are colonies on Mars, will Bitcoin usage be practical since the network needs to connect with Earth?
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USDC vs selling for cash
Question for those smarter than me on this; when crypto is peaking and you want to take profit, is it better to convert to USDC and keep in cold storage or sell for cash on a platform?
I’m worried about USDC potentially depegging or one of the companies backing USDC going under.
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Why does nobody want to mine BCH? Mining difficulty at long time low.
Mining difficulty for BCH is at a 3,5 year low. https://bitinfocharts.com/comparison/difficulty-bch.html#alltime
This means not many miners are competing for the right to write the next block despite profitability being the same as for BTC. https://bitinfocharts.com/comparison/difficulty-bch.html#alltime
I know SHA256 miners can switch between the chain they mine on without much difficulty. So why do they mine so much more on BTC? I can imagine 3 reasons as to why miners do this:
1) It is because blocks are not full and miners don't get enough transaction fees.
2) It is because MEV is greater on BTC. The question still would be why.
3) It is because miners have a reason to prefer one over the other.
Unfortunately I could not find out if transaction fees are considered in the source linked above. If they are not included then this would be an easy explanation since there actually is competition for block space on BTC while BCH blocks are hardly ever full.
MEV might also make sense since it is based on the miners ability to give a transaction higher priority. This is obviously more valuable if block space is very limited.
Or option 3 plays and I just haven't figured it out yet. Maybe it's really about what miners prefer to hold on their balance sheet / what they want their worth to be denominated in.
I hope the community can shine some light on this topic for me. Thank you in advance.
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source https://www.reddit.com/r/btc/comments/w6958x/why_does_nobody_want_to_mine_bch_mining/
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