• Breaking News

    Monday, January 25, 2021

    Home Unlabelled Bitcoin Daily Discussion, January 25, 2021

    Bitcoin Daily Discussion, January 25, 2021

    January 25, 2021

    Bitcoin Daily Discussion, January 25, 2021

    Daily Discussion, January 25, 2021

    Posted: 24 Jan 2021 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
    [link] [comments]

    Michael Saylor "People can go f**k themselves, they can't take your Bitcoin/Crypto".

    Posted: 24 Jan 2021 08:30 AM PST

    Grayscale Adds $120M in Its Bitcoin Holdings As Institutional Interest Continued

    Posted: 24 Jan 2021 09:01 PM PST

    More and more bitcoins are beginning to be held by ideological hodlers who won't sell until the day it becomes the prevailing global monetary supply. This is the path of Hypberbitcoinization.

    Posted: 25 Jan 2021 01:38 AM PST

    MrBeast: "I Want to Put a Million Dollars Worth of Bitcoin on the Moon"

    Posted: 24 Jan 2021 12:18 PM PST

    HODL 101

    Posted: 24 Jan 2021 08:47 PM PST

    Thanks, Fidelity!

    Posted: 24 Jan 2021 11:14 AM PST

    Lost Tape: Incredible Michael Saylor Bitcoin Interview Made Private - Here's a Copy - Jan 22nd 2021

    Posted: 24 Jan 2021 02:56 PM PST

    Got my first Bitcoin/Lightning node running!

    Posted: 24 Jan 2021 08:01 AM PST

    HOW TO KEEP YOUR BITCOIN PRIVATE IN 2021 - Andreas Antonopoulos

    Posted: 25 Jan 2021 02:26 AM PST

    Bitcoin Space Trip VOL1

    Posted: 25 Jan 2021 02:21 AM PST

    Michael Saylor explaining the Bitcoin boating accident trope

    Posted: 24 Jan 2021 08:36 PM PST

    I want to give a shout out to strike.me. They built something super slick. Was able to onboard lightning using USD and buy something by scanning a Lightning QR code. Process was smooth. Check it out at https://strike.me

    Posted: 24 Jan 2021 07:16 PM PST

    Use Lightning when u want to send Bitcoin (fees are only a fraction of a cent)

    Posted: 25 Jan 2021 02:47 AM PST

    Michael Saylor - How to never pay Capital Gains Tax

    Posted: 24 Jan 2021 12:52 PM PST

    His latest interview articulates this strategy the clearest way I've heard him refer to it..

    https://youtu.be/BoVlCnZe5vQ?t=3378

    He makes a compelling case to never sell, his logic about Debt / Equity ratio is sound..

    What I still can't wrap my head around, is the argument goes.. "you need money to live", don't sell your BTC as you'll incur capital gains tax.

    So say you take out $200K on the $1M asset..

    a. What happens if the asset goes down in value?

    b. How do you pay back the $200k without selling something?

    I get that as the value of your asset goes up, the percentage you owe back in relative terms shrinks..

    But whoever loaned you that money is still gonna want it back.. how do you pay it back?

    I'm guessing the answer is your asset has gone up so high that you do eventually have to sell, but you've benefitted from holding the asset for much longer therefore when the loan is called eventually you sell a much lower percentage of your asset..

    Thoughts?

    submitted by /u/uk-anon
    [link] [comments]

    SLP246 Mandrik – Earning Bitcoin Will Change Your Life

    Posted: 25 Jan 2021 03:34 AM PST

    This Is Why Bitcoin Will Be $500k (With Tyler Winklevoss)

    Posted: 24 Jan 2021 10:04 PM PST

    r/investing's u/AutoModerator used to delete any mention of bitcoin, but now it replies with a link to Satoshi's whitepaper

    Posted: 24 Jan 2021 07:23 AM PST

    Future amount of on chain transactions - is lightning enough?

    Posted: 25 Jan 2021 12:54 AM PST

    As we know, lightning reduces the amount of on chain transactions needed to send funds between peers, future features like

    -Channel factories

    -Exchanges adopting lightning

    -Transaction batching (On-Chain)

    -Batch Channel opening and closing

    -Ready-to-use 0 conf lightning channels(lighting wallets like breez)

    ​

    Do you think, in case of total mainstream adoption, these measurements will already be enough to keep it economic enough to keep cost of closing channels low if needed?

    Are there any developments or improvements I am not aware of? What are your thoughts?

    submitted by /u/Immediate-Host
    [link] [comments]

    Is this the last bubble and why I'd rather pay taxes than take loans against BTC

    Posted: 24 Jan 2021 03:49 PM PST

    Not long ago Michael Saylor has started publicly investing in bitcoin; in an interview he referred to the method of taking out loans against BTC rather than selling them. He made the example of wealthy families who have owned land in Manhattan for generations; these families take out loans against the properties. The loans are untaxed and since the price of the properties keep rising, can be paid without losing the properties. Sounds nice. Since his interview (and maybe even before) bitcoiners here and elsewhere have agreed with Saylor to do the same thing with their BTC.

    In my view, that's a bad idea. Here's why.

    1. Counterparty risk. If you deposit your BTC with Celsius or some other lender as collateral, you no longer hold the keys. The lender might get hacked or otherwise go belly-up, and you'll be out of your collateral. Whether this is an acceptable risk is a personal matter.

    2. The strategy is based on the assumption that BTC will keep rising in value. (If BTC does not rise in value, then the loan will come due, with interest, and the collateral may not suffice to cover both, making the loan a very bad investment.). The second risk is thus - what if the 2021 rise is bitcoin's last bubble?

    It think this might be the last bubble. Over a year ago, someone else made the argument that there is only room for one more bubble. While that post is worth reading, here's why I think there's little room left to grow after this bubble.

    Let's assume that the top of the current bull market/bubble is at $150,000. Not unreasonable. That gives a market cap of $2.25 trillion (assuming only 15 million BTC in circulation). That puts BTC at around 20% of the gold market cap. That would make bitcoin a major player.

    A following bubble (maybe sometime around 2024), which increases the price by, e.g. 10x (i.e. to 1.5 million per BTC) would put us at a whopping $22.5 trillion market cap. That's two thirds of the S&P 500. It's nearly half of all the US stock market. It would exceed M2 money supply.

    So much for comparisons. None of this means that bitcoin cannot reach such lofty heights, especially in a globalized economy. It's possible, maybe even probable. However, I think it will become increasingly unlikely, and it is certainly not inevitable. Government and institutional resistance is likely to grow exponentially. While governments cannot regulate bitcoin itself, they can regulate bitcoin's interactions with their economies. China, for instance, limits the amount of Remninbi a person can convert to US$ to $50,000. Is it inconceivable that governments will limit the amount of BTC that can be exchanged for fiat, or for goods and services per person? Especially if prompted to do so from powerful lobbying interests?

    Time will tell. I could be wrong, which is why I post this here. I'm curious about your thoughts.

    Personally, I would plan to cash out whenever you think this bubble has reached its top (though keep some BTC just in case). That's what I plan to do with my (very modest) BTC holdings. Simply put - for my risk tolerance - the combined risks of counterparty failure leading to a loss of BTC together with the possibility of this being the last bubble means that paying capital gains taxes is more acceptable than carrying those risks.

    submitted by /u/AwkwardAarvark
    [link] [comments]

    [Serious post] How are you guys dealing with Bitcoin/Crypto Taxes in 2020-2021?

    Posted: 24 Jan 2021 07:18 PM PST

    First of all, please upvote for visibility + more opinions - this concerns all of us*. Also, if you're actually stupid enough to think you'll get away with avoiding tax's despite KYC'ing to Coinbase, Binance, Gemini, and others please don't bother commenting. News flash! you're gonna end up paying that tax in the long run + huge fines eating into your gains (or even putting you into debt) and I personally don't want to fuck around with the IRS.

    The other day I came across this news article and realized that the IRS is actually coming after people who have KYC'd into Coinbase / Gemini but didn't report any crypto on their taxes... unfortunately, that describes my situation, so I'm trying to get ahead of getting a notice from the IRS.

    I started trading crypto in 2017 during the first bull run. I was stupid (like everyone else), and was trading in and out of a ton of different coins across Binance by first buying bitcoin in Coinbase then sending it to other exchanges to trade. I literally have thousands of transactions from 2017 that I didn't even think to report on my taxes (because I lost any profits I made in 2018 when the market sank).

    My problem is that to get squared away with my tax reporting, it looks like I need to go back and amend all of my prior years tax returns (2017, 2018, 2019) to include my crypto gains and losses in US Dollar terms. Sounds easy right? Turns out this is a mind-fucking impossible problem because trying to figure out what the prices in USD terms for all of my trades is next to impossible. I literally have thoousands of trades to account for.

    I have come across crypto tax software tools like CryptoTrader.Tax and Bitcoin.Tax which actually appear to be very slick, but I feel a bit hesitant to give quasi-unknown companies full read access to my wallet addresses, portfolio amount, personal email address etc.

    What are you guys doing to calculate your crypto taxes and have you been reporting since you started trading?? Has anyone else received a letter from the IRS? Am I fucked?

    submitted by /u/stratguy56
    [link] [comments]

    139 BTC were traded last week in Venezuela using LocalBitcoin. that amount was 7,248,595,000,000 Bs. (Bolivares, Venezuelan currency). Right now one BTC is around 55,000,000,000 Bs. This has been the lowest BTC volume since July 2016. Monthly minimim wage at 1.3 USD.

    Posted: 24 Jan 2021 06:48 AM PST

    Hi guys, as I always post. I live here, last week cost of living has increased a lot, I think months ago you could "survive" with 50-60 USD monthly, now that is nothing. You need much more, it has been hitting hard.

    This last week was the same, the volume traded is amost constant in USD that is why the decrease in BTC volume. Around 4-6 millons USD weekly.

    Mostly miners, people sending remittances and store owners getting rid of their bolivares.

    If you want to know something I'm here.

    A lot of redditors have helped (not only me) somehow!

    Sources:

    https://www.usefultulips.org/combined_VES_Page.html

    https://www.caracaschronicles.com/

    https://coin.dance/volume/localbitcoins/VES/BTC

    https://localbitcoins.com/buy-bitcoins-online/ves/

    submitted by /u/WorkingLime
    [link] [comments]

    The Success of Bitcoin Is All the More Phenomenal As Its Adoption Is Completely Voluntary

    Posted: 24 Jan 2021 09:19 AM PST

    Michael Saylor on the Tether FUD and Alt Coin/Shit Coin Scammers!

    Posted: 25 Jan 2021 03:30 AM PST
    Read more
    at

    No comments:

    Post a Comment