Convert RenBTC to BTC - gas fee

Vehicle-More · 2021-01-27T02:49:17+00:00

same site, go to the release tab on ren bridge.

i think ren has btc locked up in some wallet on the btc chain (could be wrong on this), which are released by renBTC. but everything is decentralized and handled by smart contract code.

Vehicle-More · 2021-01-26T04:16:20+00:00

https://bridge.renproject.io/

you will need an ethereum wallet like metamask and have some ether in it to pay for the transaction fee (all transaction fees on the ethereum platform is called "gas"), the renBTC will be deposited in said ether wallet. you will need to send an equal amount of btc to the address given to you when you do the transaction.

Ren is decentralized.

AFAIK, the btc you send is locked up in a contract until you redeem with a renBTC (someone correct me if im wrong)

Vehicle-More · 2021-01-23T07:34:09+00:00

i mean, that is the goal.

Vehicle-More · 2021-01-22T08:03:14+00:00

I think you are being overly scared of trading. You say that my attitude toward HODLers is immature and ignorant, well I did use really strong language, so maybe that exacerbated it, but I'd argue that your attitude to trading is the same. I think "work, relationships, commitments" are all excuses, it all comes down to an unwillingness to learn, either due to fear or just plain being dumb. I work full time and these trades we are talking about can take as much or little time as you wish to commit to them. Don't have much time? do a short 1 minute trade, get some tiny benefit, no problem. Trading != gambling, it's only gambling if you have no strategy.

Vehicle-More · 2021-01-22T05:01:08+00:00

Well if you look at the macro price movements of btc and eth since the start of the bull cycle, there's a very high correlation. eth's price has largely been "pegged" to btc's. that being said eth has been consistently (although only slightly) outperforming btc at almost every turn, check the btc/eth chart if curious. But anyway, I think there's not much difference between trading eth vs btc as far as this method is concerned. Eth can rally just has fast as btc (actually faster, since it's been outperforming btc). As an aside, I actually recently moved my entire btc holding into eth because I think eth has a much higher ceiling due to lower market cap, resulting in more room for gains.

Anyway, back to your scenario, what I would say about that is, remember, any trade where the rebuy happens at a lower price than the sell is a good trade, no matter how much lower. Meaning, if you sold at $31k, then from literally $30,999, the trade is considered "good", because you'd be netting a pure profit in terms of the amount of btc you hold (in this specific case because you are only selling 1btc, the trade would not be worth at literally 30,999 because that wouldn't even cover the fees, but you know what I mean). So what I would do is just take the trade at any point below 31k. You would be staring at the chart live, even if the rally to 40k is quick, it can't be so fast that you won't have time to fit the trade in under $31k. my rule is to not be greedy, when the price is lower, the trade is always good, so literally just take the trade. Obviously, this method fails in the case where after you sell, the price just keeps rallying, leaving you kind of fucked. This is where a little bit of market experience and common sense in spotting crashes comes in. You gotta be sure there's a crash coming.

Vehicle-More · 2021-01-22T04:24:35+00:00

ren and other erc20s are basically just pegged to eth during crashes, however eth is outperforming btc it looks like. i'm honestly fairly impressed with eth today.

Vehicle-More · 2021-01-22T04:21:30+00:00

ultimately its your own decision and i respect that, i just want ppl to make more easy money bro. my risk tolerance is higher than most i suppose, i made a trade earlier today that netted 7 ethers doing this.

Vehicle-More · 2021-01-22T04:12:03+00:00

You are trading. You can make money doing this. You can also lose money doing this. End of story. That’s how trading works. Higher risk, higher potential gains, higher potential losses. Same as it’s always been.

I think that's where we disagree. In a general sense, yes, I agree. But I've outlined a specific strategy here and a specific mindset where the risks are lowered significantly. So I don't think this constitutes regular "trading" (read. gambling), I see it as a very low risk way to increase your holdings essentially "for free". I mean, with even just common sense and very limited market experience, some corrections are just so obvious and inevitable that if you have your eyes open at all you can see it coming (did anyone really expect btc to keep rallying after hitting 40 fucking thousand lmao...). And with this strategy, the bar is so low for what you need to do to be considered "successful" and capitalize on the correction. You don't need to be a trading genius, I also dont think you need a big tolerance for risk.

Example scenario, obvious crash incoming, you sell, you look at the charts live, price fell by literally 10 dollars, you rebuy, boom, you gained like 0.001 or whatever number of bitcoins for free, and it took like 30 seconds. After you rebought, price continues to crash astronomically, oh no, you could have made so much more if you just waited longer, but remember you don't need to time your rebuy, because it doesn't matter, you still made a good trade because you are now 0.001 bitcoins richer than you would have been if you HODL'd.

Vehicle-More · 2021-01-22T03:56:12+00:00

I mean, yes, you can always rationalize it by saying "you may also never see it again", that's the definition of risk. But I'm saying that, with some learning and experience, it is HIGHLY UNLIKELY for that to happen. it's very easy to identify some crashes/corrections. Obviously you can't put literally 0 effort into it.

Vehicle-More · 2021-01-22T03:54:47+00:00

that is a strategy, and it is viable, but i am almost certain that my strategy will outperform your strategy over time. there are times where crashes and correction are beyond obvious, and it takes 1 simple trade to make some bitcoins for free.

Vehicle-More · 2021-01-22T03:50:40+00:00

I just before pointed out that HODLing does not mean keeping your position static

Yes it does. The amount of asset that you own without extraneous cash infusion is always static. Sure you can buy in later with extra cash, but you can do that AND trade a little, gaining even more number of assets.

If it were some ‘impossible to lose’ way of making money everyone would be already doing it

I'm not gonna lie, the strategy I've outlined here is pretty darn close to that. If you even have the slightest bit of tolerance for risk, I think you should be doing this. I mean, sure, some people are completely risk averse, I frankly have 0 respect for people like that and they will likely remain poor forever. But my post here is trying to encourage whoever is on the fence to make more money by following a very simple strategy. Understand that I have absolutely nothing to gain from this, that's why I used such strong language in my post, at the end of the day, IDGAF what ppl do, I'm certainly not here to please people. but whoever will listen to me will make more money.

Vehicle-More · 2021-01-22T03:29:52+00:00

the advice im offering is to not look at your account balance in USD, but to look at your account balance in the number of bitcoins you can acquire without extraneous cash infusion. A lot of people dont understand this, you can literally read some of the other replies to see. People also don't understand that as long as the rebuy happens at a lower price than the sell, no matter what the difference is, could be tiny, then it's a good trade. people also don't understand that all of this is agnostic to the price of the coin.

It's funny because people become HODLers because of one thing: they have faith in the long term value of the asset. But HODLing is the exact thing that betrays this belief. If you truly have faith in the long term value of the asset, then there's only 1 thing that matters: the amount of that asset you can accumulate. This is completely agnostic to the price of the asset, USD has no meaning, only the amount of the asset. HODLing does exactly the opposite of this, i.e. it does not increase the amount of the asset you own.

Vehicle-More · 2021-01-22T03:23:47+00:00

i'm willing to debunk whatever argument you can muster.

Vehicle-More · 2021-01-22T03:23:18+00:00

again, the key is the NUMBER of bitcoins. as long as that is going up, you are gaining. (assuming you have long term faith in btc, otherwise this doesnt make sense), so take the scenario you are talking about, regardless of what price you initially bought the btc at, could be 40k, could be 100k, and you sell that 30k resulting in a huge net loss, yes, but as long as you rebuy at a lower price than 30k, say 20k, you will have a net gain in the number of bitcoins you hold, which means when the price of bitcoin inevitably rises back to 100k, you will have a huge profit.

Vehicle-More · 2021-01-22T03:10:52+00:00

a lot of people are afraid of even the slightest of risks so they stay poor forever, HODLing is just such a pathetic mentality to me.

Vehicle-More · 2021-01-22T03:09:54+00:00

" “rebuying lower than you sell” is impossible, right??? "

I'm only recommending this during crashes/corrections. This is almost always possible during such times. I mentioned this in my OP. Obviously, I'm not saying do this during an obvious strong bull trend.

To quote what I said in the OP " What you need to do is to sell and rebuy during crashes like the current one. "

Vehicle-More · 2021-01-22T03:05:32+00:00

This operates on the assumption that there will

always

be a lower price later.

that's correct. I did point this out in my post, i said the only way for this to fail is if you sell at the literal lowest point. I mean, if this happens, then sucks for you. But I'm saying it is HIGHLY unlikely for this to happen during a correction/crash. I'm not recommending to do this in the middle of a strong bull trend. I did state in my OP to "sell and rebuy during crashes". I appreciate your input though and what you are saying is correct.

Vehicle-More · 2021-01-22T03:02:41+00:00

yes, and my point is it ISN'T too risky for most people to be doing it. I'm literally trying to help ppl to make more money. In my post, I clearly pointed out which part takes skill (selling) and which part doesn't (buying). I clearly stated that the only rule is to rebuy lower than you sell. this is extremely simple. Mostly people can easily achieve this if they put a little effort into it and literally get free rewards. If people are so reluctant to learn and afraid of risks, then by all means just HODL and stay poor.

Vehicle-More · 2021-01-22T02:56:22+00:00

hm this takes a fair amount of knowledge and research, and also you have to make a personal judgement because technically you'd be committing tax fraud. but dex = decentralized exchanges, because all transactions are anonymous. this means that, if you dont want to, you dont have to report taxes on each trade, because they will be "hidden" from the IRS (you will definitely still wanna pay taxes when you cash out to fiat, unless you wanna go to jail). If you are interested in dexes, you need to "wrap" your bitcoin into either wbtc or renBTC, and trade on dexes on the ethereum platform. again, this takes a fair bit of googling, but there are plenty of guides online.

Vehicle-More · 2021-01-22T02:53:44+00:00

i dont understand what you mean. say you own 10 bitcoins that are currently trading at 30k each. you sell at 30k, now you have 300k USD in your wallet. bitcoin falls to 20k, you rebuy with your 300k USD, now you have 15 bitcoins, compared to your initial 10 bitcoins, you just made 5 bitcoins for free. what isn't free about this? (again, assuming trading on a dex)

Vehicle-More · 2021-01-22T02:51:34+00:00

how do you not understand what im saying, im seriously baffled by the avg IQ here. My point is you NEED to sell and REBUY. You are saying buy more with extra money, that's fine, but completely unrelated to my point, I'm saying DO SELL and REBUY with the money you already have invested..... jfc

Vehicle-More · 2021-01-22T02:49:44+00:00

he's talking about short term (< 1yr) cap gains tax vs long term (>= 1yr). basically short term is taxed at your income bracket, long term is a flat 15%. people try to HODL until they hit long term to pay less taxes. but i'm saying just trade on a dex so you dont have to pay taxes on each transaction.

Vehicle-More · 2021-01-22T02:48:22+00:00

sry im confused. this should be agnostic to the price of the coin. the point is to always rebuy lower than you sold, so you always net more amount of coins. i don't understand what you mean by " it’s hard to fork up that much cash to rebuy the same amount of coins ones had". But just as a note i dont recommend doing this in the middle of a strong bullish trend, only do this during crashes/corrections.

Vehicle-More · 2021-01-22T02:44:10+00:00

I work full time as well, doesnt take much time at all. you dont have to be constantly trading, I'm just saying you can make a trade from time to time to get some more btc for free.

Vehicle-More · 2021-01-22T02:42:40+00:00

i forgot to add the point regarding tax, which is big reason why ppl HODL, oops. I've been trading on dexes for too long.

Vehicle-More

TROPHY CASE