Saturday, November 11, 2023

Solana Gains Over 175%

Coinciding with the new bullish trend of the cryptocurrency market, Solana (SOL) has made significant progress, rising over 175% in the last 30 days.

The recent cryptocurrency market rally not only propelled Bitcoin (BTC) to an 18-month high, but also sparked massive gains for Solana, effectively pushing it above the $20 billion market cap mark.FTX wallets unlock $160 million in SOL

Recently, Lookonchain analysts reported a substantial spill of $160 million in SOL from FTX-linked wallets. The move caused the price of Solana’s native SOL token to fall to around $40, before orchestrating a recovery. Despite this major and low-risk event, Solana price remains strong.

Solana Price Analysis

The latest data from CoinGecko shows that Solana changed hands for $60.39, representing a 183% increase in the last 30 days.

With a circulating supply of 420 million SOL, its market capitalization amounts to $25.2 billion.

Solana’s exceptional growth in 2023 positions it among the top three Layer 1 blockchains, challenging Ethereum and Binance Chain with its unique technology and growing user base.

Solana’s journey to 2023 presents a compelling narrative of growth, overcoming market challenges and demonstrating resilience.​


These two Black Swan events have set Bitcoin for a parabolic shift

https://finbold.com/these-two-black-swan-events-have-set-bitcoin-for-a-parabolic-shift/

AstroPay Prepaid Card and Crypto Join Forces for Black Friday Savings

https://preview.redd.it/b3rci2457szb1.jpg?width=1024&format=pjpg&auto=webp&s=3f6710b0220ccbf435c1b8d4a5cda34e476e81f4

Introduction

Black Friday, the annual shopping extravaganza, has long been an occasion for consumers to seek out the best deals and discounts. In recent years, the shopping landscape has undergone a significant transformation, with the rise of cryptocurrencies and digital payment methods changing the way people make purchases. AstroPay, a leading global provider of prepaid cards, has recognized this shift and partnered with cryptocurrency options to offer consumers a novel way to maximize their Black Friday savings. In this article, we'll explore the intersection of AstroPay prepaid cards and cryptocurrencies during Black Friday and how they can be the key to unlocking remarkable discounts and deals.

AstroPay: Revolutionizing Prepaid Cards

AstroPay is a well-established name in the financial services industry, offering reloadable gift cards that provide a safe and convenient way for individuals to make online payments. The company has built a reputation for its robust security measures and commitment to providing a seamless payment experience. With the advent of cryptocurrencies and their increasing popularity, AstroPay recognized an opportunity to enhance their services and bring additional value to their customers.

Prepaid cards, such as those offered by AstroPay, have long been favored by consumers as a means of managing their spending, particularly during shopping events like Black Friday. These cards allow users to load a specific amount of money onto them, ensuring that they don't exceed their budget. However, the collaboration between AstroPay and cryptocurrencies has the potential to take prepaid cards to a whole new level.

The Crypto Connection

Cryptocurrencies, such as Bitcoin and Ethereum, have gained prominence as an alternative form of payment in recent years. Their decentralized nature, security features, and potential for quick transactions make them an attractive option for many consumers. While cryptocurrencies are increasingly accepted by online retailers, integrating them with traditional payment methods can still be challenging.

AstroPay recognized the potential synergy between prepaid cards and cryptocurrencies. By allowing users to load their AstroPay cards with cryptocurrencies, they have bridged the gap between traditional and digital payment methods. This innovative approach enables consumers to enjoy the benefits of both worlds during Black Friday and throughout the year.

How It Works

The process of using AstroPay prepaid cards in conjunction with cryptocurrencies is surprisingly straightforward. Here's a step-by-step guide:

  1. Purchase an AstroPay prepaid card: If you don't already have one, you can easily obtain an AstroPay card online or from a local retailer.

  2. Load your card with cryptocurrency: To take advantage of the cryptocurrency integration, you'll need to use a participating platform that allows you to transfer your crypto assets to your AstroPay card. This step is where you'll see the true potential of this collaboration.

  3. Shop online: Once your AstroPay card is loaded with cryptocurrency, you can use it just like any other prepaid card to make purchases online. Many online retailers accept AstroPay as a payment method.

  4. Enjoy discounts and savings: As Black Friday approaches, you can leverage your cryptocurrency-loaded AstroPay card to access exclusive deals and discounts. Some retailers may offer additional savings to customers who use this payment method.

Benefits of AstroPay Prepaid Cards and Crypto

The partnership between AstroPay and cryptocurrencies offers several advantages for consumers:

  1. Security: AstroPay is renowned for its rigorous security measures, and cryptocurrencies provide an additional layer of security with their encryption and blockchain technology. Together, they offer a highly secure payment method.

  2. Anonymity: Some consumers prefer to keep their online purchases private. Using cryptocurrencies with AstroPay cards allows for a level of anonymity that traditional payment methods may not offer.

  3. Quick transactions: Cryptocurrency transactions are typically faster than traditional payment methods, reducing the time spent on checkout during Black Friday sales.

  4. Accessibility: Cryptocurrencies are borderless, making them accessible to consumers worldwide. This partnership allows people from various countries to participate in Black Friday deals without currency conversion issues.

  5. Potential savings: Retailers may incentivize the use of AstroPay prepaid cards loaded with cryptocurrencies by offering exclusive discounts or cashback rewards. This can lead to significant savings during Black Friday shopping.

Black Friday 2023: A Game Changer

As Black Friday approaches in 2023, consumers can expect a game-changing shopping experience with the combination of AstroPay prepaid cards and cryptocurrencies. While both these payment methods offer numerous benefits individually, their synergy has the potential to revolutionize how people approach Black Friday sales.

Here are a few scenarios that demonstrate the potential impact of this partnership:

  1. Crypto-Exclusive Deals: Retailers may offer exclusive discounts for customers who pay with cryptocurrencies using their AstroPay cards. This would be an attractive proposition for crypto enthusiasts looking to maximize their savings.

  2. Faster Checkout: The quick transaction times associated with cryptocurrencies can significantly expedite the checkout process, allowing shoppers to secure their desired items before they sell out.

  3. Global Shopping: International consumers can use AstroPay cards loaded with cryptocurrencies to shop on global online platforms without worrying about currency conversion and exchange rate fees.

  4. Enhanced Security: With AstroPay's strong security protocols and cryptocurrencies' encryption, consumers can shop with peace of mind, knowing their financial information is well-protected.

Conclusion

Black Friday is an annual shopping event that millions of consumers eagerly anticipate. The collaboration between AstroPay prepaid cards and cryptocurrencies adds a new dimension to this tradition, making it easier and more advantageous for consumers to capitalize on discounts and deals.

As the world of finance and payment methods continues to evolve, innovative partnerships like the one between AstroPay and cryptocurrencies demonstrate the adaptability of the industry. This Black Friday, consumers have a unique opportunity to experience the future of online shopping, where security, speed, and savings converge in a seamless and rewarding manner. So, get ready for Black Friday 2023, and don't miss out on the incredible savings that AstroPay prepaid cards and cryptocurrencies can offer. It's time to shop smarter and save bigger.


Exactly one year ago, FTX filed for bankruptcy after FTT collapsed. Customer funds gone, their data stolen, FTT deployer rugged, (alleged) huge price manipulation by Justin Sun, "FTX is fine" tweet etc. Bitcoin's price had crashed to $16k. But Bitcoin is now 130% higher

On the 11th November 2022, FTX filed for bankruptcy after freezing customer withdrawals because they could no longer meet the demand for customer withdrawal requests. Many of us probably know the story, but this event was (mostly) precipitated by CZ/Binance's annoucement of a decision to liquidate their FTT holdings.

https://preview.redd.it/8l2e0dh2zpzb1.png?width=913&format=png&auto=webp&s=72d5b80cc6836d85677c9c68cec3ae63d55f6aa6

Binance's decision itself came from loss of trust/speculations surrounding Alameda Research, the trading firm that was also run by SBF, holding extremely large amounts of FTT(as well as SOL) on their balance sheet which they used as collateral for loans.

Per Coindesk reported 2nd Nov 2022

Per Coindesk reported 2nd Nov 2022

Per Coindesk reported 2nd November

There was/is also a lot of backroom talk about disagreements between SBF and CZ such that SBF was through Binance and other exchange under the bus during talks with regulators.

Regardless, it just took a few days for market panic to set in, particularly because Binance's announcement took place over the weekend and the majority of trading happens during the week. FTT's price started sliding slowly then suddenly snowballed and hit fever pitch.

https://preview.redd.it/73329mmq0qzb1.png?width=822&format=png&auto=webp&s=0129d13e5f94b8a54cfc19b731591f81a8edbf06

FTX customers then began to panic withdraw funds followed by SBF putting out bewildering statements that "FTX was fine" and FTX posting pictures(now deleted) about their new corporate buildings.

https://preview.redd.it/rlnc0o1nypzb1.png?width=609&format=png&auto=webp&s=aec8ec5473e8dee211481ce21f951572d6b03059

https://preview.redd.it/kgj1dpxoypzb1.png?width=609&format=png&auto=webp&s=fffb8f9166442e6e2da9d816c3f8e4fa182033b6

As we know everything was definitely not fine as they later closed withdrawals. There was then a very strange "FTX credit facility" whereby customer could withdraw but only using tokens owned by Justin Sun(BTT,SUN,JST,TRX,HT etc) which caused the price of these tokens to jump by as much as 4600% over market price on FTX.

https://preview.redd.it/vggk2p095qzb1.png?width=940&format=png&auto=webp&s=6023e547d25ada7913145294fe7f6a51b1a4e680

https://preview.redd.it/rikmnb5c5qzb1.png?width=949&format=png&auto=webp&s=abc9164aaea8a754208f76e23308d394ce0d4a05

https://preview.redd.it/1wcwja8e5qzb1.png?width=954&format=png&auto=webp&s=b62f7da99790503ca89789647ef67929a2ad0469

Soon after however, they later filed for bankruptcy whereupon insiders too advantage by stealing customer data, draining customer funds etc.

Per Reuters

The FTT deployer was also drained as massive supply was suddenly unlocked.

FTT deployed drained

Bitcoin price dropped to as low as $16,300 from around $20,300 just days prior. Bitcoin is now around 130% higher than it was a year ago with seemingly more room to go and the price continues to appreciate. This turned out to be a great buy low sell high scenario.

https://preview.redd.it/dsht79y21qzb1.png?width=854&format=png&auto=webp&s=98cee03acc4c1a4f5f70d8804b99e5a4b75d6995


UK crypto tax query

Hi all. I have been in crypto for a good few years but did lots of trading and buying and selling coins on a few of the bigger sites.

I have some bitcoin offline on a hardware wallet but i cant even remember where i bought it or where it came from. i have dipped in an out if it over the years. most of the shit coins i bought tanked and i pretty much just gave up on them.

I never took any money back into fiat in my bank account, but also never did any tax return or paid any taxes. After or during this run i may consider taking out around £20k by selling some bitcoin.

My question is how would i pay taxes on this with such a long and complex crypto history, will i be required to try and work out all my previous trades and taxable events through the years?

Can you just assume a baseline and attempt to pay the max tax possible for amount being withdrawn now, Im assuming previous years of not paying tax will come back to bite me?

Ideally i would like to buy more bitcoin and dca for a while, but these tax worries about getting it back into fiat eventually are holding me back.