Crypto lounge thread

Mikeyd03

Robin
@bucky “untraceable”—>ban? There’s a reason governments are using this narrative.

Already the default currency of tor. Forget future promise of being a reserve currency. Monero has already proven its use case. Like burner said....this one should be $1k minimum. My personal observation though is that for normies it is a bit more difficult to get their hands on Monero with all the transfers (effort). Perhaps atomic swaps will help with adoption.
 

bucky

Ostrich
@bucky “untraceable”—>ban? There’s a reason governments are using this narrative.

Already the default currency of tor. Forget future promise of being a reserve currency. Monero has already proven its use case. Like burner said....this one should be $1k minimum. My personal observation though is that for normies it is a bit more difficult to get their hands on Monero with all the transfers (effort). Perhaps atomic swaps will help with adoption.
That's interesting. I tried to buy some Monero knowing very little about crypto a few years ago and eventually gave up because I just couldn't figure it out. This time around it's just available for purchase on the exchange I joined recently, so I just picked some up along with the Bitcoin I bought. But then the other day someone here was saying you don't actually own it if it's just on an exchange, you need it in a wallet. Which I don't yet understand.
 

Penitent

Sparrow
I have considered buying sXMR, which tracks the price of XMR. It would be easier to buy and hold if you have an ethereum based wallet (for the purpose of speculation).
 
Somewhat of a noob, but have been making some moves and doing research:

1) Don't store your coins longterm on online exchange wallets (ie: coinbase wallet). Always send to a desktop/hardware wallet
2) The most secure storage is a hardware wallet (Trezor/Ledger/coldcard). Trezor is very simple to setup. Even if you lose/break the Trezor device you can still recover your coins as long as you remember your 12 word recovery passcode
3) Never ever lose/forget your 12 word recovery passcode. Don't store it on your phone/computer either. Write it down and store it in a safe. Some also recommend using cryptosteel which is stainless/fireproof.
4) Monero is legit. Bitcoin isn't as private as you think, although it's more private than a bank/credit card purchase. Monero, on the other hand, hides the sender, amount, and receiver in the transactions.
5) Buying coins on mainstream exchanges (ie: coinbase) is the easiest..but you lose alot of privacy with their KYC (online identification). A couple more private options are buying at https://localbitcoins.com or https://localmonero.co/
6) If you are having issues buying monero directly, you can 'swap' bitcoin for monero. One (open sourced) mobile app that can do this is cake wallet. You can send bitcoin there, swap for monero easy - boom.
7) Have a few wallets. It's not smart to keep all your eggs (coins) in one basket...so create a few wallets. For example store 2/3 of your coin on a hardware wallet...then the remaining coins split between two desktop wallets.

Always remember to store your coins on safe and open sourced wallets. Exodus is appealing, but it's closed source. For desktop wallets - Wasabi and Electrum are solid. For mobile use cake wallet. And to store the bulk of your coins, use a hardware wallet. Good luck fellas.
 

redbeard

Hummingbird
Gold Member
Somewhat of a noob, but have been making some moves and doing research:

1) Don't store your coins longterm on online exchange wallets (ie: coinbase wallet). Always send to a desktop/hardware wallet
2) The most secure storage is a hardware wallet (Trezor/Ledger/coldcard). Trezor is very simple to setup. Even if you lose/break the Trezor device you can still recover your coins as long as you remember your 12 word recovery passcode
3) Never ever lose/forget your 12 word recovery passcode. Don't store it on your phone/computer either. Write it down and store it in a safe. Some also recommend using cryptosteel which is stainless/fireproof.
4) Monero is legit. Bitcoin isn't as private as you think, although it's more private than a bank/credit card purchase. Monero, on the other hand, hides the sender, amount, and receiver in the transactions.
5) Buying coins on mainstream exchanges (ie: coinbase) is the easiest..but you lose alot of privacy with their KYC (online identification). A couple more private options are buying at https://localbitcoins.com or https://localmonero.co/
6) If you are having issues buying monero directly, you can 'swap' bitcoin for monero. One (open sourced) mobile app that can do this is cake wallet. You can send bitcoin there, swap for monero easy - boom.
7) Have a few wallets. It's not smart to keep all your eggs (coins) in one basket...so create a few wallets. For example store 2/3 of your coin on a hardware wallet...then the remaining coins split between two desktop wallets.

Always remember to store your coins on safe and open sourced wallets. Exodus is appealing, but it's closed source. For desktop wallets - Wasabi and Electrum are solid. For mobile use cake wallet. And to store the bulk of your coins, use a hardware wallet. Good luck fellas.
I was about to "like" your post, but then you went and recommended Wasabi. Sad!
 
I was about to "like" your post, but then you went and recommended Wasabi. Sad!
From my understand it's a legit wallet (open sourced, privacy focused). Everyone has their own preferences though. I'm just giving my 2cents. Everyone should do their own research. Curious - Can you explain why Wasabi isn't recommended in your opinion?
 

redbeard

Hummingbird
Gold Member
Can you explain why Wasabi isn't recommended in your opinion?
The tl;dr is that Wasabi's mixing is shaky at best. This is evidenced by the fact that criminals involved in BitClub, PlusToken, and other scams have used Wasabi....and have been promptly arrested, after chain analysis firms were able to unwind their mixes.

What makes things worse is that whenever confronted with technical challenges, Wasabi's lead maintainer nopara makes excuses and blames the users, not his software.

This (long) article is frequently updated with proof of Wasabi's failures: https://monero-head.medium.com/wasabi-wallet-mixing-is-broken-566f3726ff45

The technical reasons why Wasabi sucks are complicated, but if you read some of the OXT reports, they give graphical evidence that shows how poor the mixing is. I could go on and on, but this is just the gist of it.
 
The tl;dr is that Wasabi's mixing is shaky at best. This is evidenced by the fact that criminals involved in BitClub, PlusToken, and other scams have used Wasabi....and have been promptly arrested, after chain analysis firms were able to unwind their mixes.

What makes things worse is that whenever confronted with technical challenges, Wasabi's lead maintainer nopara makes excuses and blames the users, not his software.

This (long) article is frequently updated with proof of Wasabi's failures: https://monero-head.medium.com/wasabi-wallet-mixing-is-broken-566f3726ff45

The technical reasons why Wasabi sucks are complicated, but if you read some of the OXT reports, they give graphical evidence that shows how poor the mixing is. I could go on and on, but this is just the gist of it.
Sounds good thanks for the info. Electrum is still a solid desktop wallet alternative to wasabi.
 

Tactician

Kingfisher
Gold Member
Electrum is fine, but make sure you read up on the old electrum malware issue where attacker nodes tricked users into downloading a compromised software update. It's just good to know these things.

Honestly, I'm not the best security guy, but I'm starting to lean towards ONLY 1. Samurai on a wiped phone, or 2. Bitcoin core + laptop (see https://yeticold.com/).

Amounts I'm not willing to do that with, I am fine to leave on exchanges & understand the risks. What I DON'T want is a false sense of security by taking half-assed measures. Definitely no hardware wallets.
 

redbeard

Hummingbird
Gold Member
2. Bitcoin core + laptop (see https://yeticold.com/).
This seems overly complicated. Level 3 recommends 14 CD's and 2 USB drives? What?

Outside of custodians and hip crypto influencers, I don't know of anyone using DIY multi-sig for large amounts. Complex setups like this actually introduce a bit of risk as user error increases.

Running an old laptop with GNU/Linux + BTC Core is a sound plan, but it doesn't offer much advantage over a Samourai-only phone. Both will be turned off when not in use, both run a hardened OS, and both won't be downloading any other software. However Samourai has mixing :cool:
 

Deepdiver

Crow
Gold Member
FYI I just set up my Trezor 1 that I bought during the 2017 Bull Run - after successfully withdrawing my cryptos on Binance.com were I as a US Citizen can no longer trade - I withdrew to my kucoin account an then sold all of my odd cryptos and 75% of my Cardano to BTC which is up...

When I tried to withdraw to my trezor1 Kucoin said the Trezor 1 Legacy BTC addresses starting with 1b are NOT supported so I have to buy the new Trezor T for the latest supported BTC addresses.


The other issue with Kucoin is you can register no KYC on Kucoin but if you take large payments in BTC for large projects you will need to verify KYC if you want to be able to withdraw more than 5 BTC per day.

Set new BTC ATH at 52,640 on the .618 Wave 3-4 Fib Extension (Left Fib)

Expecting .382 Pull back on Fib Retracement Right to 43,500:
1613598300998.png
 
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king bast

Kingfisher
Electrum is fine, but make sure you read up on the old electrum malware issue where attacker nodes tricked users into downloading a compromised software update. It's just good to know these things.

Honestly, I'm not the best security guy, but I'm starting to lean towards ONLY 1. Samurai on a wiped phone, or 2. Bitcoin core + laptop (see https://yeticold.com/).

Amounts I'm not willing to do that with, I am fine to leave on exchanges & understand the risks. What I DON'T want is a false sense of security by taking half-assed measures. Definitely no hardware wallets.

I got stung by that fake electrum wallet a year or two back. Had some BTC sitting on electrum, went to move it to my new ledger when a popup came from the wallet, telling me I had to update first...followed the link it provided and downloaded the fake wallet, sent the transaction and wondered why the address on the tx ID didn't match what I'd entered. It was only then that I checked and saw the scam was fairly well worn. I lost 0.032 BTC, which was worth about $500 at the time, now more like $2000. You live, you learn.
 

Deepdiver

Crow
Gold Member
Crazy day.
LTC, XRP, XMR, ZEC are all up at least 10%.
Just wondering if this is sustainable.
BTC is the tide that floats the ALTs thus when BTC corrects it has a cascading effect across the ALTs which is why I posted the Waves 3 to 4 Fibonacci Extension and the Wave 5 Fibonacci Retrace in the chart above - target correction is the .382 retrace of 43,500 could also tag .5 retrace at 40,600 the previous Wave 3 swing high - I sold all of my BTC and ADA today at 52,300 just after the pullback from 53,600 into USDC - will buy back in at the correction.

My Stealth Advisor is making a killing trading massive CME BTC Futures which had a 4,000 pt True Range today and still at an ATR(20) of 3,200 per day. I am investigating Kucoin Futures to see how/if KUC correlates to most widely traded CME Futures. Honestly I trust CME whereas Kucoin futures a wild card.
Note the Barchart high was only 52,584 whereas Coinbase high today was 52,640 a 56 pt difference - Barchart BTCUSD feed not indicated.
1613618833589.png
 

Deepdiver

Crow
Gold Member
Interesting Pomp Podcast News Bytes - as much as we do not like Coinbase's intrusive KYC and IRS reporting does not seem to be an issue with the deep pocketed Corp people:

Tesla Tapped Coinbase for $1.5B Bitcoin Buy: Coinbase’s institutional trading wing handled electric car-maker Tesla’s $1.5 billion bitcoin investment earlier this month, according to The Block. The report illustrates Coinbase’s growing role as corporate America marches deeper into crypto. Coinbase handled MicroStrategy’s early allocations; The Block reported it has five Fortune 500 firms as clients. Read more.

Coinbase, Readying for Public Listing, Gets $77B Valuation From Nasdaq Private Market: Cryptocurrency exchange Coinbase, which is preparing to trade publicly in the next few months, is being valued at $77 billion, based on trading of the company’s privately held shares on a secondary market. Those shares in the largest crypto exchange in the U.S. are changing hands on the Nasdaq Private Market at $303 a piece, according to two people with knowledge of the auction. That implies a total company value of about $77 billion – greater than Intercontinental Exchange Inc., the owner of the New York Stock Exchange. Read more.
 

Coja Petrus Uscan

Hummingbird
Gold Member
^

Even if you are very strong on privacy and decentralisation, the centralised systems emerging around crypto are largely in our favour. It's mostly those that are buying your coins up multiples. As long as the same coins can still be in your custody it's better than fiat. The issue is that they are going to build the same system as they have for fiat; in which you have to provide proof you are not engaging in money laundering to transact larger sums. But for the moment crypto is much, much freer. Most exchanges allow you to transfer huge sums per day by submitting just your name and national ID number (not an actual document).

There was an interesting piece in COINTEL-eGraph:


It's a sponsored post by a chain analysis company in which they detail their business monitoring chains. It's safe to presume your wallet(s) already have risk scores by such companies and they will be sidelining up to regulators and institutions as crypto is adopted.
 

aynrus

Pelican
By just submitting name and national ID number, not the copy of the document - I assume you meant non-US ones?
Anything that works with US citizens will require ID copy... at least it used to be so.
Any experience opening business crypto account recently - what kyc do they require (US)?
 
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