Official Bitcoin Thread

[アミーゴ]

let's not forget about him stealing native land in kauai. true scumbag.

AND SUING THEM

 

[OnlySinkDunks]

JRS, I just started down the Woodies rabbit hole, wow I gotta get one of these

 

[johnnyredstorm]

Woodies are cool. They have decent backing and are trying to get into becoming an outdoor brand. If you buy one there’s a free mint for their deadfellaz collab.

 

[DsLee]

Fam, just thought about the irony of this right now. Joined NT over 15 years ago and I’ve cared less about sneakers and more on researching crypto/NFT projects haha now.

 

[mplsdunk]

I get a lot of my crypto knowledge from here.

I knew about it and had some eth before I read this thread but if it wasn't for this thread I wouldn't know about anything off Coinbase.

 

[アミーゴ]

Fam, just thought about the irony of this right now. Joined NT over 15 years ago and I’ve cared less about sneakers and more on researching crypto/NFT projects haha now.

Its because you understand how to become wealthy

 

[johnnyredstorm]

BASIS is worth .14 on raydium



$1 is next hopefully

 

[mplsdunk]

with a crypto lending platform say I wanted a 10k loan I’d need to have roughly 20k in eth right?

then how do I pay it back? If I took 10k in usdc to I just put back 10k in usdc over the next year so I don’t get liquidated?

I avoid paying all capital gains this way correct?

so it’s better than cashing out 10k in crypto which will actually cost you like 14k after taxes.

 

[ICE CITY CF]

with a crypto lending platform say I wanted a 10k loan I’d need to have roughly 20k in eth right?

then how do I pay it back? If I took 10k in usdc to I just put back 10k in usdc over the next year so I don’t get liquidated?

I avoid paying all capital gains this way correct?

so it’s better than cashing out 10k in crypto which will actually cost you like 14k after taxes.

The amount of collateral you'll need to provide will vary by protocol and it's often flexible with a minimum value allowing the borrower to take on varying levels of risk.

Loan-to-value ratio is the measure you want to be familiar with. In general you won't be at risk of liquidation unless your LTV breaches the maximum threshold defined by the protocol and your loan becomes undercollateralized.

I like to sleep easy at night, a 50% LTV on an ETH backed loan is a little too risky for my taste. If the protocols maximum allowed LTV is 60% then around a 38% drop in price would get you liquidated if you weren't able to decrease your LTV by repaying a portion of the loan or adding more collateral.

I feel pretty comfortable in the 20-30% range with most assets and stablecoins as high as 80%. There are also protocols with fixed LTV ratios usually around 25%. An interesting one is Alchemix Finance. They basically offer self repaying loans at 25% LTV.

As for repayment, again depends on the protocol but generally speaking there's not an amortization schedule, you pay back what you want when you want and the outstanding borrowed amount continues accruing interest.

I avoid paying all capital gains this way correct?

Yup. If you don't sell there's no taxable event and if you borrow against your holdings you get both access to capital and future price appreciation of the underlying asset.

With DeFi and collateralized lending there's no reason to ever sell your ETH or BTC.

 

[mplsdunk]

Thanks man, I appreciate the help. I’m just thinking down the line I got a couple big purchases I want to make but I don’t really want to spend my eth and top it off pay some disgusting amount of taxes but I actually want to use my crypto for real world purchases…

I have a celsius account already I was looking at nexo too.

 

[pdino]

Thanks man, I appreciate the help. I’m just thinking down the line I got a couple big purchases I want to make but I don’t really want to spend my eth and top it off pay some disgusting amount of taxes but I actually want to use my crypto for real world purchases…

I have a celsius account already I was looking at nexo too.

Yup, I’ve been thinking this is the move to avoid taxes. I was thinking going through Celsius too. Can still take out <10k/ year and won’t be reported (9.99k?) December 31st, January 1st?

 

[mplsdunk]

Yup, I’ve been thinking this is the move to avoid taxes. I was thinking going through Celsius too. Can still take out <10k/ year and won’t be reported (9.99k?) December 31st, January 1st?

see the problem is though you still have to pay that money back with fiat, so sure it works if you're strapped for cash and don't want to sell but I guess you're still screwed if you just want to take some profits.

ideally I'd like to see some longer term loans to use in place of banks for whips and houses and stuff but I guess that's a little too risky at this point in time.

 

[yogetoffmykickz]

Is there a particular reason why gas has been so low lately...?

Definitely not complaining.! Just curious....

Just paid the fees on my StongBlock Nodes... 36gwei.!

 

[johnnyredstorm]

Gas is just a reflection of demand for block space

so fewer people are swapping, minting, buying, selling NFTs and doing DeFi things

just think of it as a long line at the bathroom

fewer people on line means less money you need to spend bribing the bouncer to let you cut the line and get in

 

[mplsdunk]

good looking, just paid.

 

[jjs]

page 3, yikes !

Any referral code for gate.io ?

 

[ballinsam23]

Man we had some real regulars in the first 1-3 pages.

 

[wr]

SEC case against Ripple Labs for XRP crypto sale a ‘Bit’ of a double standard

Securities and Exchange Commission boss Gary Gensler is once again overstepping his boundaries on overregulating cryptocurrency — this time with XRP, Charles Gasparino writes.

nypost.com

 

[jjs]

How would Bitcoin register with the SEC

Curious to see what happens with XRP from here

 

[mplsdunk]

These dudes are gonna get sued to Bolivia.

not even trying to hide the corruption anymore.

 

[wr]

 

[HNL HI]

anyone deal with blockfi customer service before?

gonna call them tomorrow, the app keeps asking for a code from google authenticator but but always says its invalid.

 

[DLF]

Took out a 100k loan at 19 percent to buy dogecoin.

to the moon we go

 

[mplsdunk]

well played dude.

 

[johnnyredstorm]

Can’t see anything going wrong here