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    Bitcoin Daily Discussion, October 04, 2020

    October 04, 2020

    Bitcoin Daily Discussion, October 04, 2020

    Daily Discussion, October 04, 2020

    Posted: 04 Oct 2020 12:00 AM PDT

    Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!

    If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.

    Join us in the r/Bitcoin Chatroom!

    Please check the previous discussion thread for unanswered questions.

    submitted by /u/rBitcoinMod
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    Taxation Is Theft

    Posted: 03 Oct 2020 11:04 AM PDT

    Coinbase's CEO Brian Armstrong is a hero for not making Bitcoin about race

    Posted: 03 Oct 2020 10:32 PM PDT

    It started back in June, amid the nationwide protests over the death of George Floyd, when Brian Armstrong, the company's extremely introverted cofounder and CEO, was asked a question at an employee town hall about why Coinbase had not shown public support for the Black Lives Matter movement. Armstrong declined to give a clear answer, according to crypto news site The Block, and his avoidance resulted in a virtual walkout by "hundreds" of Coinbase's 1,100 employees on June 3.

    In response, Armstrong has made Coinbase's mission clear: it's not political. He has given severance packages to employees who disagree. And this, I believe, is how any business ought to be run. If you want to make *everything* political, you should join a political party. Corporations and businesses are not political. It's no different from the separation of Church and State. You ought to separate business from political, especially the feverish social-justice-warrior kind.

    I think Armstrong deserves some goddamn respect for having a spine.

    FYI- Bitcoin isn't about race. It isn't a "white supremacist" technology. Most Bitcoin miners are living in China. It's a global asset. Inventor Satoshi Nakamoto specifically designed Bitcoin to be able to process transactions on slow third-world internet connections (and it does work in Africa, and India, too). Bitcoin was always, first and foremost, a *human* technology, for everyone to use to avoid financial censorship.

    Insurgent employees trying to blackmail their own CEO into making everything about race IS NOT OK.

    submitted by /u/iamnobodysfriend
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    3 years anniversary of monthy stacking, target 1 mil net worth

    Posted: 04 Oct 2020 03:06 AM PDT

    Its been 3 years now since my first Bitcoin purchase. Ever since ive bought every month. Constant stacking with smallish amounts might feel useless at the time of purchase but already after few months you'll start to appreciate the stack youve managed to build. Let alone 3 years. I encourage everybody who thinks they are late to just start! It doesnt matter if the amount is small, what matters is that you continue to do it every month, and never stop. I initially set a target to myself that I ll stack until Im a fiat net worth millionaire. This is the current goal post yes, but only for declaring some sort of personal victory. In reality, I ll never stop stacking, never going back to fiat, never giving up my Bitcoin. Its been a blast the last 3 years, looking forward to the next three!

    http://er-bybitcoin.com/stacking-em-volume-5-october-2020/

    submitted by /u/jamespunk
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    Jeff Booth: It’s Highly Likely Bitcoin Will Become the Reserve Currency

    Posted: 04 Oct 2020 12:53 AM PDT

    "You’re not getting inflation on YouTube and Netflix streaming videos and candy-bars manufactured by robots in factories and Dominos Pizza. You’re getting inflation on everything you WANT." -Michael Saylor on PompPodcast

    Posted: 04 Oct 2020 01:50 AM PDT

    Understanding Lightning Part IV – Payment Forwarding

    Posted: 04 Oct 2020 04:21 AM PDT

    NEVER Use Coinstar ATM to Buy BTC

    Posted: 03 Oct 2020 03:21 PM PDT

    I bought $140 worth of BTC at a Coinstar ATM in a Vons supermarket. The posted transaction fee was 4%, which is very reasonable for a BTC ATM. However, instead of allowing me to immediately buy the BTC and transfer it to my wallet I was given a voucher and instructed to go online to redeem the voucher to receive the BTC I just paid for. After going to the website, which is called coinme, not Coinstar, I was told to enter my drivers license and a selfie. Then, when I finally received my BTC and transferred it to my wallet, I was left with $120 of the $140 that I had paid for the BTC. Which means I paid a 14% fee instead of the 4% that was posted on the ATM.

    ​

    Stay away from Coinstar BTC ATM's!!

    submitted by /u/scifiwriter99
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    How I found out about bitcoin.

    Posted: 04 Oct 2020 01:50 AM PDT

    I keep seeing pictures of Bitcoin ads found in the wild posted here, which is exactly how I learned about it for the first time. So whoever paid for that Billboard on Lawrence expressway. Thank you, sir!

    submitted by /u/EAW_astro
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    Bitcoin bridge

    Posted: 03 Oct 2020 10:16 PM PDT

    Let’s talk some demographics

    Posted: 04 Oct 2020 04:00 AM PDT

    Near free power has implications for proof of work

    Posted: 04 Oct 2020 12:00 AM PDT

    Gems from Tavi Costa

    Posted: 03 Oct 2020 04:53 PM PDT

    Michael Saylor on why bitcoin is digital gold

    Posted: 03 Oct 2020 01:40 PM PDT

    Ledger Live to add support for full node, says Ledger CEO Pascal Gauthier

    Posted: 03 Oct 2020 07:07 AM PDT

    I have idea, tell me why is it sucks

    Posted: 04 Oct 2020 12:15 AM PDT

    I got an idea here.

    I have all the APIs for CS:GO and for everything related to betting. From here, you really want to see the betting history - but in a more open format, where you can see the participants and make sure that everything is paid to everyone, and so on.

    Actually the idea: Google sign with bids for CS:GO through the crypt.

    Where will you see who put where? At first, this is just a hand-written story, that is, you can see in the comments to the cell who put it.

    Where is the openness of transfers? So the same crypt, just to see what account is launching the headstock. It's simple - the story with the fact that the fuck is more likely to go away than it comes.

    How will it work in the end? There is a somewhat tricky betting story - what if the losing side pays the winning side? In other words, the BC itself does not participate in payments in any way, but only controls them.

    Let's give an example. Playing Navi vs Astralis

    Vasya, Petya and Sasha, bet on Navi - total amount of 1BTC Seryozha, Gena, Pasha bet on Astralis - total amount of 3BTC

    Let's assume that each of them poured an equal amount of money. Let's say the Navi team wins, in this case 3BTC is distributed between Vasya, Petya and Sasha, depending on how much each of them invested in 1BTC.

    And then what will such a service earn? On the Commission from turnover, the total contribution to the rate is 4BTC – 0.003% to take for yourself. This is an option. In another case, you can not take anything at all and just let people have fun.

    submitted by /u/gaserd
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    Beware CGT!!! UK tax on BTC even when you think it doesn't apply to you!!!

    Posted: 04 Oct 2020 02:03 AM PDT

    UK specific post - although the essence might be relevant for other markets.

    I recently became aware that HMRC views cryptocurrencies as a taxable item, that mainly attracts Capital Gains Tax. This may be commonly known on here, but I had done some prior research before starting to stack and was fairly confident in my mind that it was treated similarly to a currency & therefore that, when it's your personal money, you wouldn't get taxed on it. So a slight bummer and better research needed - but glad I'm still trying to learn and read.

    With this new found knowledge, I was still fairly satisfied with the impact on me - as I would only be liable for CGT when I disposed of the coins. My plan is to hold until it becomes a currency - so this is not really an issue. At worse it's a 20% tax on something that avoids holding a mass inflation of GBP in this time.

    Reading into the HMRC paper though, they are counting a disposal of BTC (for example) not only when you sell for FIAT and 'realise the gains', but also if you buy another cryptocurrency with your BTC.

    I hold an equal amount of another coin and have grown these on a 50/50 basis (I view that it is likely to be the $ to BTC's gold position in the market and so both sides could end up being good calls (or both bad :shrug:)). The second coin I can't buy in GBP using the platform I purchase through, so have merrily been buying BTC and immediately using the BTC/Othercoin market to trade it across. Slightly more fees, than buying direct, but for my own sanity, I was happy with this.

    Now in the normal world, this shouldn't be an issue as '1' BTC held for a short time then used to purchase another coin of the same FIAT value hasn't gained any value - so no CGT would be recognised.

    BUT... HMRC are pooling the value of BTC you hold. So the outcome from dollar averaging. This means that although I buy '1' BTC at a cost of £8k to swap it for '1' other coin, if my dollar cost average position is £6k, then I am realising £2k of profit from this trade - meaning that it attracts £400 worth of tax liability.

    This is obviously a huge impact on something that was a simple 'lazy' step around having to use two exchanges to buy the two different coins, but I am sure that I am not the only one - especially when the exchange I use has ABSOLUTELY NO INFORMATION on the BTC/other currency markets to suggest that it attracts on this basis.

    Am I the only one who has fallen into this hole? Am I reading this wrong? Original source documentation from HMRC is here: https://www.gov.uk/government/publications/tax-on-cryptoassets/cryptoassets-for-individuals

    submitted by /u/habitualpotatoes
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    Has Bitcoin ruined any friendships?

    Posted: 03 Oct 2020 12:56 PM PDT

    When I first discovered bitcoin I wanted to be an evangelist. I spoke about it with friends and strangers. Over time I came to realize that you can lead a horse to water but if the horse isn't thirsty well fuck em. But one particular friend I was explaining it to and he set up a wallet and I sent him some coin so he could see how it works. Years later when the price had exploded I know exactly what my friend is sitting on but don't say anything. Come to find out he had erased the wallet almost immediately. He didn't say it but I feel that his opinion of bitcoin was a reflection of his opinion of me. He got a wallet to humor me. Rolling his eyes when he deleted it. Shortly after the boom he sheepishly reached out and starts asking about how he might acquire some bitcoin but he lives in New York and apparently it's not easy to buy there? I'm not sure Anyway. I can't quite look at him the same.

    submitted by /u/thegrandknight
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    There is no going back. Bitcoin technology will bring about the great monetary renegotiation of our time.

    Posted: 04 Oct 2020 03:57 AM PDT

    The Digital Rush, October 31 on Amazon Prime Video

    Posted: 04 Oct 2020 03:49 AM PDT

    buying bitcoin.

    Posted: 04 Oct 2020 03:45 AM PDT

    please message me if your selling the btc atm fucked me again. please helpp!

    submitted by /u/Beautiful_Quiet_6106
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    “Structural Deflation” In Europe To Boost Bitcoin Growth: Macro Investor

    Posted: 04 Oct 2020 03:35 AM PDT

    SNARKs and the future of blockchains – Aggregated Witness Data and Fast IBD through NIWA

    Posted: 03 Oct 2020 09:58 AM PDT

    Something doesn't add up

    Posted: 04 Oct 2020 03:16 AM PDT

    For the past weeks news were all the time how financially powerful entities apparently amass bitcoin, in the range of many tens of thousands of coins, some owning even 100k BTC or more. However, the price doesn't budge an inch. This just doesn't add up. Are the news fake or are there other factors that could cause this? With these amounts of BTC and considering that BTC cannot be money-printed, the price should be a couple thousands if not ten thousand $ higher, no?

    submitted by /u/redzorino
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    Here Are the 5 Rules That You Must Embrace Right Now to Get the Most of Bitcoin

    Posted: 03 Oct 2020 10:20 AM PDT
    Read more
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