The original post: /r/cryptocurrency by /u/Beyonderr on 2024-12-22 11:46:42.

The original post: /r/cryptocurrency by /u/GreedVault on 2024-12-22 10:17:32.

The original post: /r/cryptocurrency by /u/goldyluckinblokchain on 2024-12-22 08:00:18.

The original post: /r/cryptocurrency by /u/kirtash93 on 2024-12-22 07:53:53.

The original post: /r/cryptocurrency by /u/Every_Hunt_160 on 2024-12-22 06:41:32.

The original post: /r/cryptocurrency by /u/No_Pass3115 on 2024-12-22 01:27:28.

The IRS has made a new rule regarding how to report crypto losses and gains.

I would like some advice as I started building my cryptocurrency portfolio, and I noticed that this is not something easy to keep track of. I use multiple CEXs (Coinbase, Kraken, Gemini) to buy tokens and then move them to a cold wallet. Most of my tokens are staked to receive rewards. My question concerning this new rule is whether the staking rewards I receive are considered a taxable gain, even though I don't sell them and just reinvest them?

Also, what software would be best to track these staking rewards automatically?

The original post: /r/cryptocurrency by /u/CryptoDaily- on 2024-12-22 00:00:34.

Welcome to the Daily Crypto Discussion thread. Please read the disclaimer and rules before participating.

Disclaimer:

Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here.

Please be careful about what information you share and the actions you take. Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams.

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The original post: /r/cryptocurrency by /u/russbird on 2024-12-21 23:21:21.

It's been said before but it bears repeating: if you've been HODLing for some time and are finally looking to DCA out or take profits, make sure that your off-ramp is fully setup and functional.

For me, I aped in at the peak of 2021 and diamond handed it all the way to now. I've got some winners and some losers, but am finally net up and am looking to cash out some bags. I'm primarily on Trezor, and don't really want to transfer back to Coinbase, which was my main on-ramp.

Trezor allows you to sell and transfer directly to your bank within the suite, but you do need to do some KYC first. It's pretty straight forward, but it does take some time and effort, so if you're looking to cash out during a spike or just need some fast cash, make sure your off-ramp works.

Nothing too ground breaking here, just a reminder. Stay safe out there, and ALWAYS do a test transaction first.

The original post: /r/cryptocurrency by /u/partymsl on 2024-12-21 22:16:57.

The original post: /r/cryptocurrency by /u/Silver-Maximum9190 on 2024-12-21 22:15:08.

The original post: /r/cryptocurrency by /u/CragBawz on 2024-12-21 22:01:04.

The original post: /r/cryptocurrency by /u/CatNDoge42 on 2024-12-21 21:39:01.

Dear Leverage crypto traders,

You thought having "free" leverage money to help with your crypto trades were going to make you super rich very fast, till grinch powell dropped a bomb on your head and your long position went margin called. There is a reason why they say nothing in life is easy or free. Especially in money markets. This market cycle leverage trading seems to be a lot more popular than then last previous cycles, and while spot traders, might not make as much as you, we have the ability to not worry about margin calls and getting liquidating out of the market.

For newbie traders this market cycle, I hope you learn the lessons from these losers. Don't leverage trade, unless you know what you're doing. It's better to spot trade. If you don't know the difference between spot and leverage trading go learn about it, don't just fomo into money markets without understanding the game you're playing. You wouldn't walk into a casino and start playing regular poker at a Texas holdem table. For the players still in hodling strong while this dip is playing out, keep DCAing in/out and remember to hedge your risks, because even spot trading can turn out bad for you, if you don't know what you're doing. Good luck out there, trade and invest smart. Or you might end up being losers like the leverage people who bit the dust. I hope you all have happy holidays. Money is important but so is family and life, try to enjoy it.

The original post: /r/cryptocurrency by /u/kirtash93 on 2024-12-21 20:37:26.

The original post: /r/cryptocurrency by /u/InclineDumbbellPress on 2024-12-21 20:18:38.

The original post: /r/cryptocurrency by /u/Odd-Radio-8500 on 2024-12-21 19:21:52.

The original post: /r/cryptocurrency by /u/InclineDumbbellPress on 2024-12-21 18:14:25.

The original post: /r/cryptocurrency by /u/No-Elephant-Dies on 2024-12-21 17:19:39.

The original post: /r/cryptocurrency by /u/hiorea on 2024-12-21 16:19:10.

The original post: /r/cryptocurrency by /u/Emmaolivy on 2024-12-21 15:39:53.

Crypto scam recovery refers to the process of attempting to recover funds lost to fraudulent activities or scams in the cryptocurrency space. Given the decentralized and often irreversible nature of cryptocurrency transactions, recovering funds can be particularly challenging. However, several methods and approaches are used to address this issue:

1. Contacting the Platform ==========================

• If the scam occurred on a particular platform (e.g., a hacked exchange or a fraudulent trading platform), you can report the issue to the platform. Some legitimate platforms have procedures to assist victims.

2. Tracing Transactions =======================

• Blockchain transactions are transparent and recorded publicly. Blockchain analysis tools, such as Chainalysis or CipherTrace, can help track the movement of stolen funds. While this doesn’t guarantee recovery, it may provide leads for law enforcement.

3. Engaging Cybersecurity Experts =================================

• There are firms and professionals specializing in crypto scam recovery who can help trace transactions, identify scammers, or provide evidence for legal action. Be cautious when choosing a recovery service, as some may themselves be fraudulent.

4. Reporting to Authorities ===========================

• Filing a complaint with local law enforcement or a regulatory body can help initiate an investigation. Agencies like the FBI (in the U.S.) or Interpol may get involved in large-scale crypto scams.

5. Using Decentralized Tools ============================

• In some cases, decentralized recovery platforms or community-driven efforts within blockchain networks have been used to recover stolen funds. These are rare and often depend on the specific blockchain involved.

6. Seeking Legal Action =======================

• Hiring a lawyer specializing in cryptocurrency and cybercrime can help you pursue legal action against the perpetrators if they can be identified.

Challenges in Crypto Scam Recovery

• Anonymity: Many scammers operate anonymously, making identification difficult.
• Irreversible Transactions: Once a transaction is confirmed on the blockchain, it cannot be reversed.
• Jurisdictional Issues: Scammers often operate across multiple countries, complicating legal and enforcement efforts.
• Fake Recovery Services: Many fake recovery services target victims of crypto scams, further exploiting them.

Reducing the Risk of Crypto Scams

• Use reputable platforms and wallets.
• Enable two-factor authentication (2FA) for accounts.
• Avoid sharing private keys or seed phrases.
• Be cautious with unsolicited investment opportunities or offers that sound too good to be true.

If you believe you've been scammed, act quickly but cautiously, as timely action can sometimes help increase the chances of recovery.

The original post: /r/cryptocurrency by /u/CragBawz on 2024-12-21 15:32:34.

The original post: /r/cryptocurrency by /u/Original-Assistant-8 on 2024-12-21 15:17:35.

I think we have a simple solution here. 

Why not agree that people who have coins stored in the the old P2PK format are on notice starting now... to move them to a more secure option. 

Start with a target of 18 months with some flexibility as we learn more over the next year.

Those owners should be securing their coins to avoid the risks of quantum capabilities - known and unknown- anyway. Right? 

If there are rightful owners "hodling" of course you would take precautions.

This buys time to make good decisions for upgrade solutions, and not worry about a panic setting in.

It also allows bitcoin to demonstrate the threat is being thought through, and acceptable steps are being taken to mitigate both security and financial risks.

I don't care if we think it's 2 years or 20.  It will be so much easier to say the risk is being addressed, rather than try to come up with weak talking points to convince us there is nothing to worry about.

In my opinion, this would be much better than having people trying to assess for themselves if the risk may come in faster.  

The common argument is other targets would be first.  But agencies and businesses are working on the upgrades, so we don't want bitcoin to be left without a good plan to mitigate risk. 

And we can eliminate all the efforts going on to try and convince everyone there isn't a concern.  It just won't work as we see countries like Australia requiring upgrades by 2030, and major companies working on how to best implement the standards released over the summer.

Isn't this a good interim approach until we know for certain what needs to be done?

The original post: /r/cryptocurrency by /u/KIG45 on 2024-12-21 15:07:13.

The original post: /r/cryptocurrency by /u/Wise-Grapefruit-1443 on 2024-12-21 14:57:23.

The original post: /r/cryptocurrency by /u/Abdeliq on 2024-12-21 14:50:09.

The original post: /r/cryptocurrency by /u/kirtash93 on 2024-12-21 14:18:32.