In the event that I need to move, can I turn off a bitcoin full node and then turn it back on once I have relocated? Are there any concerns in doing this? I am looking to set up my own full node.
Monday, January 31, 2022
[Altcoin Discussion] - February 2022
Thread topics include, but are not limited to:
- Discussion related to recent events
- Technical analysis, trading ideas & strategies
- General questions about altcoins
Thread guidelines:
- Be excellent to each other.
- All regular rules for this subreddit apply, except for number 2. This, and only this, thread is exempt from the requirement that all discussion must relate to bitcoin trading.
- This is for high quality discussion of altcoins. All shilling or obvious pumping/dumping behavior will result in an immediate one day ban. This is your only warning.
- No discussion about specific ICOs. Established coins only.
If you're not sure what kind of discussion belongs in this thread, here are some example posts. News, TA, and sentiment analysis are great, too.
Other ways to interact:
- Get an invite to live chat on our Slack group and check out the #altcoins channel
- Daily Discussion for bitcoin only: Daily Discussion
- Prior Altcoin Discussion: Altcoin Discussion
Report your Crypto taxes & get ahead of Coinbase's Lies to the IRS. Anytime to transfer your Coinbase Crypto to an external address, Coinbase like an angry Ex mislabels that as a Sale to the IRS. The only way around this is to report your Crypto taxes every year so the IRS sees your correction.
This post is to help save people from ending up like this poor bastard, who now has a six figure lean on his assets and house thanks to Coinbase's false reporting: https://np.reddit.com/r/Bitcoin/comments/sh2dqc/beware_coinbase_caused_me_to_be_audited_by_the/
This is why I report and file my crypto taxes every year. I always have to get ahead of Coinbase and prove that my outgoing transfers were just transfers and not sales. Coinbase likes to label external withdrawals to outside wallets as sales, so it's always best to beat them at reporting those withdrawals as just transfers and not sales, otherwise you will not have a good time.
You don't want to fuck with the IRS. You've probably seen posts from others saying they have leans on their assets and income now thanks to these lies Coinbase makes. These kind of problems take years to correct, which can be years while your garnishes and assets not on cold storage wallets get claims to repay the fake owned taxes thanks to Coinbase's lies that label your transfers as sales.
It's a fucked up thing that hopefully gets fixed in the future with a class action lawsuit against Coinbase and other exchanges that do shitty things like this. Because they should allow us to label our transfers as transfers, and not leave a transfer as a liable event where the IRS think you profited money instead of just moved your money thanks to the lies of exchanges like Coinbase which punish you for taking your coins off their platforms through misreported tax shit like this.
Tip:
What I do is use an app like CoinTracker or Koinly, etc to API in all the information from the exchanges I use into 1 place. It takes hours after that to go in and correct every mislabeled transfer, and a lot of trial and error to figure out how the tax aggregator application your using works. Google helps where it can, but a lot of it is still new so trial and error helps you more where Google doesn't.
If you have less than 100 transactions then your taxes might be free in some crypto tax aggregators like CoinTracker, but if you have over 1000 transactions like myself then it will cost you something.
But, I always tell myself that it's better to spend the time correcting transfers and paying them for a correct tax form if need be, than to fight with the IRS for up to a year or more correcting the mistakes Coinbase and other platforms falsely report, all while having a lean against your income and assets that the IRS will be collecting until the errors are fully disputed and corrected.
P4S | PlexStory Inc| Resellers Plan | Plex Appbox | Plex Share | Google TD Shares|Automatic | website | 10GPS | Remux | 4K | Anime | Kids Tv | 27k+M | 10k+T | Automated invoice
Locations - USA (Live) - Middle East (Upcoming) - Europe (Currently Live) - CDN enabled.You can choose your CDN relay , multiple services worldwide Join us via this website: - https://billing.vpnsaga.com/ Services - Plex Share - Plex Appbox Shared - Dedicated Reseller Appbox - IPTV (included PPV events) (VPN app for android user included) - Google Drive Share - Website disguised as VPN provider. Library - 10k + Tv Shows. - 27k + Movies. - 1500 + 4K Movies - 400+ 4K Tv - 800+ Anime -Few foreign films and tv. Total around 2k ish Payment options: - Bitcoin/Bitcoin Cash/Etherium/Litecoin/Dash/XRP/USDT - Paypal Resellers Information(sell my products direcly on your website) - All you have to do is just order my services like normal ! - You buy my service for X amount and up charge it to your clients for X amount ! - You get a dedicated server with a specific amount of appbox.additional appbox can be installed on request - You can sell appbox,plex shares or both as per your wish Information You May Want To Know - Instant scans - We have limited amount of spots. - Auto Requests enabled on appbox - We use GPU for transcoding. - Transcode allowed besides 4k Content. - Instant Setup DISCORD https://discord.gg/QZm8UmQjhY Limited slots.Once we hit our user limits,you will not be able to sign up
Why Russia is unlikely to ban Crypto
The Russian Central Bank has been making headlines over the last few days with reports of a possible nationwide ban on cryptocurrency and crypto mining.
These reports come as a result of the Director of Financial Stability Elizaveta Danilova’s call to ban crypto. The central bank has since released a 37-page report outlining the reasoning behind this proposal.
Politics are local, laws are national, and currency/value is international, and therein lies the inherent problem with the outlined proposal.
The Report in a Nutshell
A key criticism within the report was the market volatility of cryptocurrencies, highlighted on page 23. However, in this context the central bank fails to address activities such as gambling or stocks with the same level of scrutiny. This is the common underlying theme throughout the document, along with several other key points with similar shortcomings. The report paints crypto as one of the main destabilizing threats to the Russian economy, while loosely aided by the idea that people would invest all of their hard-earned money into Bitcoin, a high-risk asset. While the report goes into further detail, no projections or supporting documents were provided to validate such claims.
The report goes on to mention that Bitcoin and crypto transactions in general are often used for illicit activities, on page 27. However, the reality is that any form of monetary transaction can be used for such purposes. In fact, it was recorded that in 2021, only 0.15% of crypto transactions were used for illicit purposes. This contradicts the claim that crypto undermines monetary policy, not to mention that it doesn’t align with Russia’s civil code, which recognizes crypto mining as a form of entrepreneurship.
Additionally, the report raised concerns associated with crypto mining’s high energy consumption and its negative effect on the environment. This point is heavily used throughout the report as a backbone for reinforcing its stance on the crypto ban, while entirely ignoring the possibilities of exploring green and renewable energy solutions that could be researched and funded by Russia’s crypto mining industry.
The report also seemingly throws around various claims, such as that 0.1% of all miners control over 50% of the Bitcoin mining industry in the country (page 23) without citing any credible sources for such information, and failing to acknowledge that some of the biggest miners in the country are publicly traded companies. There are a plethora of other false statements as well, including that stablecoins are not backed by anything and aren’t regulated (page 24), when in reality stablecoins like Circle USDC are fully regulated and legally redeemable.
What is the goal of the ban?
The proposed ban has no intent to ban crypto outright. "We note that we do not suggest that holding cryptocurrencies by citizens be banned," Danilova stated according to TASS, Russia's state media, adding that there are fraud risks, as well as difficulties in asserting rights when acquiring cryptocurrency on foreign crypto exchanges.
What the ban is targeting instead is to prohibit the issuance of tokens, crypto mining, trading activity that uses the country’s existing financial infrastructure, and prohibiting institutional investors from investing in crypto.
Russia is currently the world’s third biggest crypto miner by hashrate, just behind the US and Kazakhstan. As mentioned earlier, crypto mining is defined and officially recognized by its civil code, and has immense potential for stimulating a significant economic growth for the nation, should it be embraced.
Panic Amidst Misunderstanding
To make matters worse, a number of sources have contributed to the spinning of this story by saying that Russia is banning crypto, including an article by Forbes that incorrectly states (and spells) that “Russian is the third nation to crackdown on cryptocurrencies over the last year, following China and Kazakhstan.” The Forbes commentary isn’t true, and while Kazakhstan did face nationwide power disruptions, it in fact did not crack down on mining and crypto and, as of today, neither has Russia.
What does it boil down to?
While the report by the Russian Central Bank’s head of financial stability is 37 pages long, it in itself is just a proposal based on one’s fears and assumptions fueled by misinformation around issues that either do not exist or are not likely to happen.
For such reasons, it is highly unlikely that the Russian government will take Elizaveta Danilova’s proposal seriously, as it simply lacks solutions and fails to outline any concrete next steps, not to mention that it would put the country on a backward trajectory seeing as Russia has just legalized cryptocurrencies in 2020. If such a ban were to go forward, it would reverse this legislation (which took nearly 10 years to pass), not to mention that it would take several years to implement.
Such a decision would be counterintuitive, especially in light of recent calls by the US and its allies to disconnect Russia from SWIFT in the event of its invasion of Ukraine. The hypothetical situation has received widespread media coverage, and Russia’s exclusion from the international payment system would have catastrophic effects on its economy. This would in turn push Russia into mass crypto adoption. Should such events take place, it is highly unlikely that Russia would want to transact in CBDC (China’s digital currency) or the Yuan, and would instead have to rely on Bitcoin to transact with the world.
It is likely that the Russian government understands that it would be far more beneficial to tax the mining industry rather than ban it. Such taxation would present opportunities for infrastructure expansions and reinvestments into green and renewable energy sources. Taxation could also come in the form of utility, or the licensing of mining facilities to use a Russian sponsored mining pool that would implement a tax in real time, further reinforcing the potential for significant economic growth.
It seems that such potential is not far from being actioned on by the Russian government, with the Russian director for financial policy, Ivan Chebeskov, supporting the regulation of crypto as opposed to banning it. Chebeskov’s sentiment comes as a response to the central bank’s proposal, further indicating the unlikelihood of an outright ban. He further outlines: “We need to give these technologies the opportunity to develop. In this regard, the Ministry of Finance is actively involved in the development of legislative initiatives in terms of regulating this market.” According to Chebeskov, the ministry has prepared its own proposal, this one for the regulation of crypto and digital assets, and is awaiting feedback from the government.
Industry Experts Weigh In
“The Bank of Russia conducts its activities independently from other federal bodies of state power, regional authorities and local governments”, meaning they do not have a final say in local government activity and would have a hard time banning utility companies from providing power to mining operations.
Across the entire report, crypto mining in particular is mentioned only a handful of times and within the context of energy consumption. On page 4 of the report, a brief summary of mining is provided and then swiftly dismissed as a threat to the economy: “In this regard, according to the Bank of Russia, the best solution is to introduce these prohibitions on the mining of crypto-currencies.” No actionable solutions are provided, and the statement is followed by a summary of the Bank of Russia’s plan to develop their own digital currency.
Roman Zabuga, PR director of mining hosting provider BitRiver, called the probability of an industry-wide ban “negligible”.
A Widespread Misunderstanding
While the call for a ban on crypto mining sounds daunting, it is important to note that this is currently no more than a proposal on behalf of the Bank of Russia, which would need to be approved by the government first. Such decisions are usually time consuming and initial proposals are often adjusted through compromise, or rejected altogether.
Recent events in the industry have showcased a general lack of understanding for cryptocurrencies and mining on behalf of government bodies and other institutional leaders, as seen with Russia’s Central Bank.
A recent House hearing on energy in crypto mining is another example, prompting Grant McCarty of Bitcoin Magazine to reiterate that Congress doesn’t yet hate Bitcoin: “This hearing didn’t signal malice on the part of Congress; it signaled a lack of education. These people just don’t know enough about Bitcoin to have that strong of an opinion yet [.]”
In Conclusion
The Russian Central Bank’s proposed ban is unlikely to pass as it clearly demonstrates the need for a better understanding of crypto within government bodies in order to allow for the technological advancements and economic spurts that are made possible by this developing industry. As a result, the proposal’s lack of credible sources and solutions stems from general fear, uncertainty, and doubt.
The proposal has also prompted a swift response on behalf of Russia’s Ministry of Finance calling for proper regulation of crypto and digital assets, not a ban. President Putin has also briefly addressed this issue during a conference meeting on January 26, saying that Russia does in fact have a competitive advantage in crypto mining due to a “surplus of electricity and the well-trained personnel available in the country,” further adding to the improbability of a ban on crypto.
https://wattummanagement.com/blog/why-russia-is-unlikely-to-ban-crypto/
What Is Cryptocurrency and How Does It Work?
What Is Cryptocurrency and How Does It Work?
Cryptocurrency, at times called digital money or crypto, is any digital cash that exists or likewise utilizes cryptography to secure exchanges. Cryptocurrencies don't have a significant giving or controlling power, rather they utilize a state-class framework to record the event and arrival of new units.
What is cryptocurrency?
Cryptocurrency is a digital payment framework that doesn't depend on banks to check exchanges. It is a distributed program that can make anybody anyplace send and get payments. Rather than virtual money being exchanged in reality, cryptocurrency payments exist as a digital store on an internet based site that portrays a particular exchange. At the point when you move cryptocurrency reserves, the exchange is recorded in a public book. Cryptocurrency is put away in digital wallets.
Cryptocurrency got its name since it utilizes encryption to confirm exchanges. This implies that exceptional coding is associated with putting away and communicating cryptocurrency information among wallets and public records. The motivation behind encryption is to give security and wellbeing.
The main cryptocurrency was Bitcoin, which was presented in 2009 is still extremely well known today. The greater part of the interest in cryptocurrencies is exchanging for benefit, where theorists once in a while push costs up.
How does cryptocurrency function?
Cryptocurrencies work on a broadly conveyed public book called blockchain, a record of all exchanges renewed and maintained by financial backers.
Cryptocurrency units are framed by a cycle called mining, which includes the utilization of PC ability to tackle complex numerical issues that create coins. Clients can likewise buy coins from vendors, and afterward store and use them utilizing cryptographic wallets.
Assuming you own a cryptocurrency, you have nothing unmistakable. Yours is the key that permits you to move a record or unit of estimation starting with one individual then onto the next without a trusted outsider.
Despite the fact that Bitcoin has been around since 2009, cryptocurrencies and the utilization of blockchain innovation are as yet arising in monetary terms, and more use is expected later on. Occupations that incorporate securities, stocks, and other monetary resources may ultimately be exchanged utilizing innovation.
Examples of Cryptocurrency
There are great many cryptocurrencies. Probably the most well-known ones include:
Bitcoin:
Bitcoin was sent off in 2009, the principal cryptocurrency is as yet the most generally exchanged. This kind of coin was concocted by Satoshi Nakamoto - broadly accepted to be the nom de plume an individual or a gathering of obscure people.
Ethereum:
Created in 2015, Ethereum is a blockchain stage with its own cryptocurrency, called Ether (ETH) or Ethereum. The most famous cryptocurrency after Bitcoin.
Litecoin:
This money is basically the same as bitcoin however has gone quicker to foster new highlights, which incorporate quicker installments and systems to consider more exchanges.
Ripple:
Ripple is a distributed lender program sent off in 2012. Ripple can be utilized to follow various sorts of exchanges, not simply cryptocurrency. The organization behind it has worked with different banks and monetary foundations.
Non-Bitcoin secret monetary standards are altogether known as "altcoins" to recognize them from the original.
Instructions to purchase cryptocurrency
You might be considering how to purchase cryptocurrency securely. There are generally three stages included. These are:
Stage 1: Selecting a forum
The initial step is choosing which stage to utilize. For the most part, you can pick either a conventional broker or a devoted cryptocurrency trade:
Customary representatives. These are online purchasers who offer ways of purchasing and selling cryptocurrency, just as other monetary resources like stocks, bonds, and ETFs. These stages normally offer low exchanging costs however not many crypto features.
Cryptocurrency Exchange. There are numerous cryptocurrency exchanging choices, each offering different cryptocurrencies, wallet stockpiling, premium record choices, and so on. Most exchanges charge resource based payments.
When comparing various stages, consider what accessible expenses are, what are the charges, their security highlights, stockpiling and withdrawal choices, and any instructive assets.
Stage 2: Support your account
Whenever you have chosen your forum, the subsequent stage is to back up your record to begin exchanging. Most crypto trades permit clients to purchase crypto utilizing government issued currency like the US Dollar, the British Pound, or the Euro utilizing their debit or credit cards - albeit this fluctuates by area.
Purchasing Crypto with credit cards is viewed as hazardous, and a few exchanges don't uphold them. Some credit card organizations likewise don't permit crypto exchanges. This is on the grounds that cryptocurrencies are exceptionally unpredictable, and it isn't prudent to chance straying into the red - or covering high credit bills - for specific resources.
A few forums will acknowledge ACH moves and cable transfers. Accepted payment techniques and the time taken to deposit or withdrawal changes from one stage to another. Similarly, the time taken to cancel deposit changes with payment techniques.
A significant element to consider is payments. This incorporates the potential deposit sum and the withdrawal charges and exchanging expenses. Expenses will shift in payment strategy and forum, which is something you should investigate first.
MoonXBT | The First Social Cryptocurrency Trading Platform
Trade the easy way trade at #MoonXBT, get the latest updates and events join us on official website:
Join our Telegram Community:
Subscribe to:
Posts (Atom)