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Cryptocurrency - Michigan Swamp Buck - 11-04-2025
Has anyone here been playing with cryptocurrency tokens?
If so, do you have any advice?
RE: Cryptocurrency - Michigan Swamp Buck - 11-04-2025
Personally, at the beginning of crypto, I thought of it as fake money, worthless compared to a fiat currency. It's not like that now. So I've gotten involved with cryptocurrency, at no real cost to myself, actually.
I've mentioned here at RN how the social media platform Parler is back. They have added a number of features, including crypto rewards for participation. I figured, "What the hell?" and so I have been getting my feet wet playing with Parler's funny money called Optio (OPT).
You need a secure crypto wallet, so Parler has one for you called Kyvo, where they deposit their OPT tokens for you. From there, you can shop online at stores that use OPT. There aren't that many stores and products available yet, but you could use the tokens that are awarded.
Now, OPT is only traded on two crypto exchanges where you can trade it for other strong or stable cryptocurrencies like Bitcoin, Ethereum, or Tether (a "stablecoin" tied to the US dollar). One is XT.com, I use the other called Coinstore to trade the OPT for other tokens. I can't cash out any tokens from Coinstore, so I send it to Coinbase, a popular exchange, where I can continue trading it or cash it out to a prepaid debit card account I use.
I managed to accumulate enough OPT during a year at Parler to have around $150 USD worth. The OPT token value is pretty low and volatile. Right now it averages around 200 tokens = $1 or 2 tokens = one cent. I'm not sure how my activities are scored, but my current activity is earning around 20 tokens a day or a dollar's worth every week to ten days.
I sent half the OPT cryptocurrency tokens I accumulated in my Kyvo wallet to Coinstore ($75 USD). I staked the other half where I get interest for three weeks before I can use it again, its like a saving account. I traded the half at Coinstore for Tether (USDT) and the highly valued Ethereum (ETH) that can then be sent to the Coinbase exchange to be cashed in. Those are the three steps I am using to get my Parler OPT tokens traded into USD for a bank account. Each transaction has a small fee attached that is deducted from the tokens before the trade.
Now the trick shall be to trade the OPT when it hits a high for another coin that is a stronger "stablecoin" like Tether that is always valued at around a dollar a token. Once I get enough stablecoin saved, I will trade for other volatile, low value cryptocurrencies that interest me along with the OPT I receive daily.
These risky low-value "altcoins" are often called "shitcoins" and need constant trading to keep from losing out on them. Some are so low in value compared to OPT that they are nearly worthless. It depends on what the crytpo is tied to. It can be tied to a currency or a physical commodity like gold for example, or an activity in business, social media or even game play. There are all kinds of cryptocurrency platforms out there.
Crypto Price Charts
It is a complicated process that has a big learning curve. Crypto is actually a digital commodity, not a currency, that is traded like stocks but acts like currency in a bank. Plus it is outside of the official banking system even though they tether coins to currency to create these stablecoins.
RE: Cryptocurrency - Michigan Swamp Buck - 11-05-2025
Great News. Once I figured out how to send the OPT cryptocurrency from one wallet to another, and then trade them for other tokens (ETH and USDT) on the Coinstore exchange, it took one working day (security precaution) to send the ETH and USDT to my Coinbase wallet, where I can now cash them in and deposit the money in a prepaid Visa account.
I will wait, though, as Ethereum continued to drop, and I lost around $20 since I traded for it. So my $75 worth of Optio tokens became a little over $50 since I converted them to USDT (stable) and ETH (that took a dive).
ETA: The security precautions have been insane. The Kyvo wallet used a list of code words and a passkey, along with the usual email or SMS security message. I was surprised no ID was necessary, but I never attached a bank to that one. The Coinbase one was absolutely crazy, and I had to do it through their phone app on my smartphone, as the desktop just couldn't do it.
RE: Cryptocurrency - Michigan Swamp Buck - 11-07-2025
These last posts on this RN thread would have brought in 20 or so OPT tokens on Parler that would currently equal around 10 cents.
Optio Price Chart
Sounds pathetically small, but I have figured that I can earn a dollar a day with 20 or so simple posts, created from cutting and pasting my news feeds from Feedly. Plus, I will let it add up until the value per token is above one-half a cent, then trade it for a stablecoin that retains its value against the US dollar.
A year of random posts on Parler added up to $150 when I finally got my crypto wallet. I am playing games with that right now, plus the value dropped on the market, so I have lost out since then, but I will regain that by being patient and racking up more OPT at Parler.
RE: Cryptocurrency - Michigan Swamp Buck - 11-09-2025
As a newbie with crypto, I was bound to make mistakes.
First off, the crypto-exchange, XT.com, won't work with certain IP addresses, like mine, so I have to use Coinstore to trade OPT. When withdrawing from the Kyvo wallet to deposit into Coinstore, make sure the send and receive addresses are correct and use the memo code numbers. A wrong address for the sending wallet stops the transaction, but a wrong receiving address will make your deposit disappear entirely.
My first few Coinstore deposits went perfectly. But I didn't know they had a minimum deposit, and when I sent less, the transaction failed, and the 100 OPT I sent, worth about 36 cents, was lost forever. When I say an amount of crypto is equal to a money value, it is the market value at the time of the transaction. Looking at its value now, I lost 40 cents, so the token has a potential value based on the market and carries more value because of that.
They say send a little first to be sure it makes it. Lots of things to keep track of, but I'm getting it, and my balance is doing great at Coinbase where I do my trading. I easily added my PayPal account to Coinbase for transferring cash into my wallet or making cash deposits when I convert to USD.
Some things do go right. An altcoin I'm interested in, Jasmy, was predicted to go up for the next month, so I invested $10 (half crypto and half cash) last night and have earned 12 cents by this morning (Oh, now it's 18 cents). By keeping the trades at even dollar amounts, I can easily tell if I am gaining or losing.
https://coincodex.com/crypto/jasmy/price-prediction/
RE: Cryptocurrency - Michigan Swamp Buck - 11-11-2025
Man, this crap is complicated, but all my current crypto assets are currently valued at $135. I have $40 in stablecoins, $10 in cash, and the rest in other coins. I'm tightening up my plans while learning and want to convert most of it to stablecoins (Tether USDT) that are pegged to the US dollar. That's like having money in the bank because its value remains the same.
It is important to note that withdrawals and deposits have minimums and maximums. Each coin or token (there is a difference, apparently) is on a blockchain platform, such as Ethereum, and they have different limits regarding withdrawals and deposits. Screw up the details during these transactions, and you could lose whatever coins you are moving around. There are transaction fees involved, too; some are better than others. I sell at market value, but there are better strategies for selling. Then there is trading in general, something I know little about.
It seems like the old saying, "Buy low and sell high", is a little more complex than that. Consider the following below.
Two crypto traders are trading low-value altcoins, and both have a budget of one cent. Trader A buys 1/2 of a coin valued at two cents, while trader B buys 4 coins valued at one quarter of a cent each. Both coins gain one-half a cent in value, so now trader A has 1/2 of a coin valued at one and a quarter cents, while trader B has 4 coins valued at three cents total.
RE: Cryptocurrency - Michigan Swamp Buck - 11-23-2025
Trading Parler's Optio tokens is getting shadier all the time.
Coinstore is considered by some reviews to be a scam exchange, and it can have problems depositing and withdrawing certain coins and tokens. Here is a glitch I've been dealing with since Nov. 18th.
Coinstore will temporally suspend the deposit function of OPT token. We are sorry for any inconvenience caused. Please stay tuned on our official channels and website for further updates.
The XT exchange is seeming questionable to me as well.
XT.com is unavailable in the US due to regulatory restrictions imposed by U.S. financial authorities like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
There is one more exchange that just started trading OPT called MEXC, but that exchange isn't available in the States either.
MEXC is currently not supported in your region. MEXC is currently not available in your area due to local laws and regulations.
I might be able to use a VPN to join these other exchanges, but I could be breaking some laws doing that. So, IMO, trading Optio tokens is like doing shady business in a dark ally or buying things from a trunk of a car in a parking lot.
RE: Cryptocurrency - Ninurta - 11-23-2025
Trading on MEXC was probably hampered by US authorities to combat cartel money laundering. Trying to trade on it ha a high likelihood of getting on someone's radar, a radar no one wants to be on.
Trying to use a VPN might work, but it also might be sort of illegal, and on top of that it might not work anyhow, depending on which chunk of the aether the coins being traded are floating around in - whether it is on a US housed cloud or somewhere overseas. If it's in a US cloud, then it would likely be blocked and investigated, but if it's in a Chinese cloud, it would probably go through - but then might open one to charges of financial espionage and/or money laundering if discovered by US authorities.
Probably not worth the effort, IMO.
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RE: Cryptocurrency - Michigan Swamp Buck - 11-29-2025
(11-23-2025, 07:55 PM)Ninurta Wrote: Trading on MEXC was probably hampered by US authorities to combat cartel money laundering. Trying to trade on it ha a high likelihood of getting on someone's radar, a radar no one wants to be on.
Trying to use a VPN might work, but it also might be sort of illegal, and on top of that it might not work anyhow, depending on which chunk of the aether the coins being traded are floating around in - whether it is on a US housed cloud or somewhere overseas. If it's in a US cloud, then it would likely be blocked and investigated, but if it's in a Chinese cloud, it would probably go through - but then might open one to charges of financial espionage and/or money laundering if discovered by US authorities.
Probably not worth the effort, IMO.
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Yes, they don't follow the laws in the States meant to stop money laundering, so rather than comply, they simply don't allow members from the U.S. to join. However, I just found out if I am in Japan I can join up and might be able to deposit my OPT to trade it. If I can move it into MEXC (I can), I'll need to deposit to my crypto wallet from MEXC after trading the OPT for something else. If not, I'll need to find one that I can deposit in and then withdraw to the exchanges that I use to cash out to the bank accounts.
I've stepped over into that world now. Crypto always seemed like the black market currencies to use. Well, OK then, I guess I'm ready to do business if the opportunity presents itself.
RE: Cryptocurrency - Michigan Swamp Buck - 11-29-2025
I was considering how misrepresenting my location in the US is probably a violation of MEXC's terms of service and against some laws in Mexico; however, it's Mexico, right? The trouble only begins when you try to cross back over to the States from a night in Tijuana.
Quote:The U.S. Treasury Department is advancing one of its most assertive regulatory measures yet in the cryptocurrency sector: a proposed "mixer rule" aimed at significantly enhancing anti-money laundering (AML) controls. This initiative, spearheaded by the Treasury's Financial Crimes Enforcement Network (FinCEN), is poised to dramatically increase transparency around digital asset transactions by targeting services that obscure the origin and destination of cryptocurrencies. While proponents argue the rule is crucial for combating illicit finance and terrorist financing, critics warn of its broad scope, potential to stifle innovation, and the risk of criminalizing legitimate privacy-preserving activities for everyday users.
LINK
This part here is a bit concerning . . .
"targeting services that obscure the origin and destination of cryptocurrencies"
And this part too . . .
"criminalizing legitimate privacy-preserving activities for everyday users"
RE: Cryptocurrency - Michigan Swamp Buck - 11-30-2025
Coinstore, the exchange legal in the U.S., is allowing deposits of Optio tokens once again. I guess I jumped the gun on MEXC. Not like the Optio tokens are pouring in, it's more like a trickle. I guess alternatives are good when trading can't wait.
ETA: Coinstore allowed those deposits for about a week, then stopped again. I'm liking MEXC more; it's not a problem there (so I've heard).
RE: Cryptocurrency - Michigan Swamp Buck - 12-08-2025
Well, I've been playing games with the available coins in the exchanges and trying to get my Parler coins out of being staked (half of my beginning total). These Parler coins have been going up, and I want to get them exchanged for stablecoins.
As it stands now, I was able to do some small trades to make up for $5 of losses compared to the value when I first got them in my wallet. I feel like I broke even basically, even though these coins only have potential value until traded.
I'll have those Parler OPT coins unstaked in about a week. If OPT is still going up in value, I might see my assets get closer to $200, $50 more than when I got started. Not too shabby for knowing nothing about investing in cryptocurrencies and playing around with free tokens.
The Coinbase exchange has a learning program for newbies and since I'm a member there, I'll be doing that, esp. when they will reward me with crypto for the effort. I'm like a crypto whore, working the back alley exchanges, turning tokens like turning tricks. ETA: I have just conjured up some disturbing innuendos that I will refrain from sharing.
RE: Cryptocurrency - Michigan Swamp Buck - 12-09-2025
I've been thinking about some tax accounting I'll be working on soon, to wrap up this year, and prepare for April. Of course, my adventures in cryptocurrency will need to be claimed as well. Here are some basics I've discovered.
First, cryptocurrency is treated like the stock market, and any money you make trading needs to be claimed as capital gains. When you lose, it is a capital loss, and you deduct that.
In my case, because I received these tokens as rewards from Parler, I will have to claim them. Now, if I had purchased them with cash, or were sitting on them, or transferring the tokens from one account to another, there would be no taxes.
The USD cash value of the tokens at the time they were issued as a reward is claimed on taxes as gains. This value is called the "cost basis", the same as the value if you buy them. The cost basis is used for making capital gains and losses claims. If you earn any coins or tokens from staking, or mining them, then you have to include that as cost basis income as well. Gathering that information has been a pain in the ass, and very time consuming to get into a format I want to use for my records.
That seems to be about it. Treat it like gains and losses from playing the stock market. I'm not sure what Mexico's laws are, you know, if you are using their exchange outside the the States.
RE: Cryptocurrency - Michigan Swamp Buck - 12-12-2025
I've been looking into minting NFTs (nonfungible tokens). These are tokens for digital artwork or other digital creations that act as proof of ownership for digital stuff, like a copyright sort of thing. Photos, graphics, music, videos, and unique texts could be made into tokens and sold, along with royalties paid back to the creator.
If NFTs are traded or sold, you contract the copyrights, and can receive royalties. I'm not sure if you can make NFTs of any real value, but at least that would be one way to assign a value and have a legal claim.
I think that's how NFTs work, I'm just looking into this . . .
https://cointelegraph.com/learn/articles/how-to-create-an-nft
ETA: Things like slogans, jokes, and memes would be fairly easy to create and might make valuable NFTs, compared to digitizing an oil painting or sculpture, for example. With memes and jokes, create them, make them into NFTs, then post them here and there to make them popular and drive up their value. Along with a 3-D rendering, value can be added for a sculpture that has a holograph and instructions for a 3-D printer so that a real object can be made from the digital token. Just spitballing ideas here.
Actually, the original quotes below this post could be tokens that can be bought and sold. That might work if Michigan Swampbuck got really popular somehow.
RE: Cryptocurrency - Ninurta - 12-12-2025
There is a website on the internet where you can create an NFT token from your DNA - for a price. I've never seen the value of it, though. If I want to prove ownership of my own DNA, they can just run a test on me - I'm the only person on this planet, or who has EVER been on this planet, that carries this DNA in my body. If that's not proof enough of ownership, I dunno what would be!
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RE: Cryptocurrency - Michigan Swamp Buck - 12-12-2025
(12-12-2025, 09:35 AM)Ninurta Wrote: There is a website on the internet where you can create an NFT token from your DNA - for a price. I've never seen the value of it, though. If I want to prove ownership of my own DNA, they can just run a test on me - I'm the only person on this planet, or who has EVER been on this planet, that carries this DNA in my body. If that's not proof enough of ownership, I dunno what would be!
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That's the only method of copyrighting my DNA I ever heard of. I thought my DNA was claimed by whoever wanted it, like communist China. Still, no money unless you sell it or sue people using without paying for it.
RE: Cryptocurrency - Ninurta - 12-13-2025
(12-12-2025, 03:58 PM)Michigan Swamp Buck Wrote:(12-12-2025, 09:35 AM)Ninurta Wrote: There is a website on the internet where you can create an NFT token from your DNA - for a price. I've never seen the value of it, though. If I want to prove ownership of my own DNA, they can just run a test on me - I'm the only person on this planet, or who has EVER been on this planet, that carries this DNA in my body. If that's not proof enough of ownership, I dunno what would be!
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That's the only method of copyrighting my DNA I ever heard of. I thought my DNA was claimed by whoever wanted it, like communist China. Still, no money unless you sell it or sue people using without paying for it.
Unfortunately, the Chinese do not exhibit a great deal of respect for copyrights - just as Microsoft, or nearly any movie distributors. I also somehow doubt my copyright claims would prevail in a Chinese court, so no luck there, either.
Which brings me back to the question of why create an MFT of my DNA, where it would be on a blockchain and therefore subject to summary and random seizure by any government or corporation that wanted it for whatever purpose...
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RE: Cryptocurrency - Michigan Swamp Buck - 12-13-2025
(12-13-2025, 07:10 AM)Ninurta Wrote:(12-12-2025, 03:58 PM)Michigan Swamp Buck Wrote:(12-12-2025, 09:35 AM)Ninurta Wrote: There is a website on the internet where you can create an NFT token from your DNA - for a price. I've never seen the value of it, though. If I want to prove ownership of my own DNA, they can just run a test on me - I'm the only person on this planet, or who has EVER been on this planet, that carries this DNA in my body. If that's not proof enough of ownership, I dunno what would be!
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That's the only method of copyrighting my DNA I ever heard of. I thought my DNA was claimed by whoever wanted it, like communist China. Still, no money unless you sell it or sue people using without paying for it.
Unfortunately, the Chinese do not exhibit a great deal of respect for copyrights - just as Microsoft, or nearly any movie distributors. I also somehow doubt my copyright claims would prevail in a Chinese court, so no luck there, either.
Which brings me back to the question of why create an MFT of my DNA, where it would be on a blockchain and therefore subject to summary and random seizure by any government or corporation that wanted it for whatever purpose...
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Well, if they want to copy it, they will have to add to the block chain and pay me royalties. Plus, my DNA code will be divided up into individual tokens that would have to be purchased and reassembled in the proper order. So, first come, first served, if they want the complete sequence.
Then, once purchased, it can be sold to the next guy on the open market who can play with it for a while before selling again. In a way, you could become super wealthy and immortal if your DNA tokens take off on the open market. If they remain low value and you get seller's remorse, you could buy your DNA tokens back off the market.
ETA: I such a damn pervert. Now I'm wondering if I can make tokens from my sperm cells. No cap on how many tokens I issue as long as I can continue to physically produce them. Keep them on ice and then token holders can redeem them. WTF?
RE: Cryptocurrency - Michigan Swamp Buck - 12-13-2025
Copyrights and NFTs are complicated. Having the digital token doesn't transfer ownership of the digital asset or its copyrights. The NFT would be like owning a figurine of, say, a Walt Disney character as an example. Having a ceramic figurine doesn't give you copyrights for the image of Mickey Mouse, but you could sell it at auction. You might be able to use an image of the figurine itself, but that sounds like a potential lawsuit for infringement. The tokens have smart contracts attached to them that specify legal details, so I assume this could transfer some or all copyrights for the digital item that was tokenized.
Quote:The role of smart contracts in NFTs
Smart contracts are self-executing contracts with the terms of the agreement directly written into code. In the context of NFTs, smart contracts automate the process of transferring ownership and distributing royalties. However, smart contracts do not inherently transfer copyright ownership unless explicitly programmed to do so.
This limitation has led to confusion among NFT buyers, who may assume that owning an NFT automatically grants them rights to use the underlying work. In reality, transferring any copyright associated with the asset often requires a separate, written agreement.
https://stevenslawgroup.com/copyright-issues-for-non-fungible-tokens-nfts/
Getting away from the DNA angle, I have been reading about how NFTs are valued, and the scarcity of the tokens is important. Then you have added value by redeeming the digital asset for a physical one, and other creative ways to add real world value.
I would transfer some copyrights while retaining royalties. The digital asset should have some kind of real-world value as well. Divide the digital asset into tokens and then only make it redeemable when all the tokens are held by a single owner. Perhaps it can be redeemed for other NFTs for larger digital assets with more features, like a pyramid scheme.
RE: Cryptocurrency - Ninurta - 12-14-2025
Does that mean the government has to pay you royalties if they seize your digital assets? I ask because I can't imagine any government or corporation paying any attention at all to any such law.
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