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    Bitcoin Daily Discussion, November 28, 2020

    November 28, 2020

    Bitcoin Daily Discussion, November 28, 2020

    Daily Discussion, November 28, 2020

    Posted: 27 Nov 2020 11:00 PM PST

    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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    BITCOIN VS LEGACY FINANCE

    Posted: 27 Nov 2020 09:13 PM PST

    Bitcoin's adoption curve.

    Posted: 27 Nov 2020 09:53 AM PST

    I put many, many, many hours into the creation of this video

    Posted: 27 Nov 2020 04:30 AM PST

    There are so many great articles on Bitcoin, but not enough videos that put the concepts into visuals and link the different layers from "why" to "how". So I tried doing that with a video where I cover everything I learned throughout the years. Economics, Ethics and Technology.

    https://www.youtube.com/watch?v=Ai5z2T4WhWg

    About me: I got into Bitcoin 2017 and ofc bought the top. I then diversified into alts and got rekt even harder. I guess this is the natural Bitcoiners starting path. However having my skin in the game I started learning and kept buying. From Andreas talks to The Bitcoin Standard as a start. After that articles, Mises, Hayek and Rothbard. Running a full node, understanding the technology through Mastering Bitcoin.

    Here I am 3 years later. I love this community and the revolution we are witnessing. This video is my contribution. If you like it, please consider subscribing. Thank you!

    submitted by /u/tillmusshoff
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    Rick Rieder, CIO of BlackRock believes Bitcoin is there to replace gold.

    Posted: 27 Nov 2020 09:35 PM PST

    Rick Rieder, Chief Investment Officer of BlackRock which is the world's largest asset management corporation said at CNBC's Squawk Box when asked about Bitcoin:

    "I think that digital currencies, and their receptivity, particularly millennials' receptivity of technology and cryptocurrencies, is real. Digital payment systems are real."

    He also believes Bitcoin's durable technology could make it take gold's place in the digitizing world.

    submitted by /u/rollingincrypto
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    PayPal next moves will show it's brilliance

    Posted: 27 Nov 2020 05:36 PM PST

    tl;dr PayPal's closed ecosystem for Bitcoin will finally make using Bitcoin for purchases a reality by allowing Bitcoin to be used on millions of merchants' sites and simplify tax reporting by PayPal issuing 1099-B forms for those purchases.

    I used to buy stuff with Bitcoin but it was such a pain in the ass to report every purchase on my taxes. There are a bunch of people that are anti-IRS in the Bitcoin community and don't feel like people are obligated to report to the IRS their purchases using Bitcoin. I don't want to debate that. Let's assume every purchase that a person makes with Bitcoin needs to be reported on form 8949. When a person buys on exchanges like coinbase, binance, etc, those exchanges are an open eco-system. Once a bitcoin leaves those exchanges, those exchanges don't know what happens to those bitcoins(for the most part). So, those exchanges can't automate your tax filings.

    PayPal has setup a closed eco-system where they know a person's purchase history of bitcoin, their sales history of bitcoin and the history of when they bought something using bitcoin(via PayPal). So, PayPal has all the necessary information to generate a 1099-B for that person. A 1099-B completely simplifies tax filing for purchases made with Bitcoin.

    To give you a concrete example. Let make the following assumptions:

    I bought 1 bitcoin on August 1st 2020 for $10,000

    On Sept 1st, 2020, I bought a TV for $2000 using Bitcoin and the price of one Bitcoin was $20,000.

    So, let's work through what happens if I used Coinbase to originally buy that 1 bitcoin. So I bought that Bitcoin and then I moved it to my hardware wallet. I had to pay some amount of bitcoin in transaction fees to move that bitcoin. To make things "simple", let's assume the network transaction fee was .01 btc. So that improves my cost basis but overall it cost me money but my new cost basis is .99 bitcoin for a $10,000(this makes the effective cost basis of 1 btc to be $10,101.01). Then I purchase the tv from my hardware wallet. There would be another network transaction cost but let's assume it was free. Coinbase has no idea what I did with that bitcoin that I bought from them. So, it's now my obligation to report my capital gain to the IRS since the price had gone up since I bought that bitcoin. So, my capital gain would be: I used .1 bitcoin to buy a $2000 TV. My cost basis of that .1 btc was $1010.01. So I had a capital gain fo $989.99 that I need to pay short term capital gain taxes on that.

    Now I imagine that I buy a $4 cup of coffee every day. I have to do this calculation for every cup of coffee that I had. Complete and utter insanity to manually calculate the capital gain of every purchase a person makes. I decided it wasn't worth it so I stopped buying things with bitcoin.

    Let's work through the example of the closed eco-system of PayPal. Since PayPal doesn't allow me to move bitcoin in or out, they know exactly my cost basis of all of the btc that I have in my PayPal bitcoin wallet. Now I used a merchant that accepts PayPal(which is a lot of them) and I used the bitcoin that I bought via PayPal. PayPal knows exactly what my capital gain/loss is on that purchase. At the end of the year, they generate a 1099-B. All tax software can easily import a 1099-B. There is no manual calculation that I need to do. I don't need to keep track of any cost basis. PayPal has literally solved what I believe is the number one issue of using bitcoin for day to day purchases. There are only three companies in the U.S. that could pull this off. They are PayPal, Visa and MasterCard. A company needs to be already integrated into merchants.

    Also, when I make a purchase using my PayPal bitcoin wallet to a PayPal merchant, PayPal doesn't need to register that transaction on bitcoin's blockchain. So, there will be no network fee for that. Yes, this is centralization. Yes, this goes against a root philosophy of decentralization.

    I understand a lot of Bitcoin purists dislike these choices of PayPal. I think it's brilliant as a business strategy for PayPal. I personally will take the tradeoffs if PayPal makes it simply for me to make purchases with bitcoin. I think it's great for bitcoin if this improves adoption rate, increases the number of merchants accepting bitcoin and brings bitcoin mainstream.

    References:

    https://fortune.com/2020/11/02/paypal-cryptocurrency-bitcoin-venmo/

    "According to Schulman, starting in the first half of next year PayPal will let users draw from cryptocurrency accounts to pay for goods and services at 28 million merchants that use the company's platform."

    submitted by /u/DrRobertBottle
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    Multibillion Fund Prepares for Investment in Bitcoin

    Posted: 28 Nov 2020 02:06 AM PST

    If you’re in this for real, you know that conditions have never better. BTFD.

    Posted: 27 Nov 2020 05:47 PM PST

    Canada-Listed Investment Firm Sells All Its Ether, Monero to Buy More Bitcoin

    Posted: 27 Nov 2020 03:43 PM PST

    Raoul Pal: Institutional Clients Entering The Bitcoin Market At An Enormous Pace

    Posted: 27 Nov 2020 09:03 PM PST

    Let's not forget what Bitcoin is really capable of outside of Hodling. Here's a payment between two completely unrelated banks in Europe powered by Lightning - Near INSTANT and for stupidly low fees.

    Posted: 27 Nov 2020 08:28 AM PST

    Imagine it's the year 2030. And someone is reading the comments & FUD posted in r/bitcoin today in respect of the ecosystem. Here's a copy of a random thread posted in r/bitcoin 9 Years ago, same thing shills and trolls spreading FUD about Bitcoin and the collapsing market.

    Posted: 27 Nov 2020 10:26 AM PST

    I did it. I emptied my Coinbase account.

    Posted: 27 Nov 2020 01:19 PM PST

    Yeah, the title was a little bait and switch, but I did empty my coinbase account. I finally pulled the trigger and took control of my own keys.

    I have always been hesitant to maintain full custody of my bitcoin since I wasn't 100% sure I could reliably and responsibly control it. My personal coinbase holdings were from my early days and it has been a relatively small amount. Plus I've just been lazy.

    However, with everything going on with Coinbase, and rumors that they will be introducing new policies with the US government regarding self-custody, I am pretty worried they will sanction BTC for all US citizens. Yes, I know it's an extreme case, but as soon as things get real and the current elite realize they have holes in their moneybags (inflation, quantitative easing, stimulus, money printing, bailouts, etc...), they will probably take extreme measures to make sure they retain power.

    p.s.

    If anyone has or knows someone with mass amounts of venture capital, and wants to bring a better mousetrap to the market, I have a working concept for a hardware wallet that is better than any of the current offerings. I have the manufacturing set up. Just need the money to place the order. I also have experience in manufacturing crypto hardware and software, created the first plug-and-play bitcoin miner, and founded Hands Free Bitcoin. And before anyone starts trolling, yes, my business accounts have always had excessive custodial measures taken to ensure security. My personal coinbase holdings were from my early days and I just haven't taken time to pay much attention to them until now.

    submitted by /u/Adamsimecka
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    A question Do you people trust your wife with your bitcoins and share with her all info about your purchase and private keys or you keep bitcoins as a secret?

    Posted: 27 Nov 2020 07:10 PM PST

    I made this meme hope some will like it.

    Posted: 27 Nov 2020 12:04 PM PST

    The very first person to receive Bitcoin from Satoshi himself is ...

    Posted: 27 Nov 2020 01:45 PM PST

    Hal Finney!

    He is a cryptographer, computer scientist, and contributor to bitcoin received 10 bitcoins from Nakamoto himself – to test the software.

    https://www.cryptovantage.com/news/crypto-characters-hal-finney-was-the-original-cypherpunk/

    submitted by /u/thecryptovantage
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    Bitcoin Could Hit $500,000, the Founder and CEO of Ark Invest Says

    Posted: 27 Nov 2020 11:49 AM PST

    Bitcoin Is Doing the Hardest Work 40-80% retraces Will Be a Blip in 10 Years from Now

    Posted: 28 Nov 2020 02:34 AM PST

    Can you buy Bitcoin without exchanges?

    Posted: 27 Nov 2020 06:27 PM PST

    The season of giving

    Posted: 28 Nov 2020 03:39 AM PST

    Post a picture of your Christmas tree and a btc address.

    Donate to your favorite trees

    submitted by /u/ttsfaulty
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    The Australian government is set to use blockchain technology for inter-government document exchanges.

    Posted: 28 Nov 2020 03:33 AM PST

    Australia Border Force on November 23, 2020, launched a blockchain trade trial in collaboration with Singapore Customs and Singapore Infocomm Media Development. Michael Outram, ABF Commissioner said:

    "This initiative will incorporate paperless trading and secure, digital exchange of trade information as part of the future architecture and design of an Australian Trade Single Window."

    Source: https://youtu.be/PO0n6jwFap4

    submitted by /u/rollingincrypto
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    “Banning” non-custodial wallets is impossible to enforce. Sort of like “banning” drugs....

    Posted: 27 Nov 2020 05:09 AM PST

    Don't let these short term swings get to you. It's just more FUD. We've been seeing these same types of news stories since China banned bitcoin back in 2013

    submitted by /u/the420chronicler
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    Started my journey by leaving Coinbase and getting an actual wallet, but I need help.

    Posted: 28 Nov 2020 03:07 AM PST

    Hi everyone, I just created a btc wallet as I grew tired of dealing with Coinbase and was curious as to how I could convert money from my bank account into my wallet? I know there are bitcoin ATMs IRL, but are there any (trusted) services that can bridge my bank account to my wallet?

    I do apologize if this is a common question, I just couldn't find a good answer in the resources.

    submitted by /u/ElliotDotpy
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    Look at this scam

    Posted: 28 Nov 2020 03:01 AM PST

    https://bitgenerator.cloud/

    It shows that 8605.52 bitcoins have been "made"(when I checked the site), but bitcoins can only be "made" in 0.05BTC increments on that site. What a poorly designed scam.

    ​

    DISCLAIMER: THE ABOVE HYPERLINK REDIRECTS TO GOOGLE. ANY COMPLAINTS ABOUT GETTING SCAMMED ON THE WEBSITE DESCRIBED ABOVE WILL BE IGNORED.

    submitted by /u/GVSK1728
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