[Daily Discussion] - Monday, June 21, 2021 Bitcoin Markets |
- [Daily Discussion] - Monday, June 21, 2021
- Neurowhales - Bitcoin predictive model based on neural networks and on-chain wallets information
- Will El Salvador’s Adoption of Bitcoin as Legal Tender Make Bitcoin a “Real” Currency in the United States?
- Crypto Stocks
- Here's another one for the community guys - I wrote an algorithm that tells you how profitable your trading strategy could be and open sourced it.
- I want to share this with you guys and girls!
- Bitcoin lost?
- the most bullish case for a backtest of 20k
- US Dollar Strength Decides Bitcoin’s Strength
| [Daily Discussion] - Monday, June 21, 2021 Posted: 20 Jun 2021 09:00 PM PDT Thread topics include, but are not limited to:
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| Neurowhales - Bitcoin predictive model based on neural networks and on-chain wallets information Posted: 21 Jun 2021 04:03 AM PDT |
| Posted: 21 Jun 2021 09:10 AM PDT The decision by El Salvador was a big decision with far-reaching implications for its citizens. However, it is possible the decision could significantly impact individuals subject to the United States Internal Revenue Code. All US guidance issued to date have correctly pointed out that bitcoin is not the legal tender of any jurisdiction (see FIN-2013-G001 and Notice 2014-21). This statement will soon not be true! The US government has used the legal tender distinction as a way to apply a different set of rules to "virtual" currency compared to "real" currency. It has been the government's view to date that "virtual" currency, a term that currently encompasses cryptocurrency and bitcoin, is property and the taxation rules related to property apply. The question being pressed by El Salvador's decision to adopt bitcoin as legal tender is does El Salvador's decision have any impact on how bitcoin is treated by the IRS? The IRC does not specifically define currency. However, the Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of Treasury, has frequently referenced the FinCEN regulations to define "real" currency. The regulations' definition of currency, frequently referred to as "real" currency in FinCEN and IRS guidance, is stated at 31 CFR section 1010.100(m) and includes the money of the United States. Additionally, "real" currency includes the money of any other country that satisfies the following criteria:
The remainder of this article will analyze El Salvador's new bitcoin law to determine if bitcoin will now be considered a "real" currency based on the four criteria listed above. Is designated as Legal Tender The El Salvador bitcoin law specifically states that the country is designating bitcoin as legal tender. Additionally, the law is following the commonly used definition of legal tender. According to Merriam-Webster legal tender means "money that is legally valid for the payment of debts and that must be accepted for that purpose when offered." The El Salvador bitcoin law has specific articles that address the topics required by the legal tender definition. Therefore, it is hard to dispute that this part of the "real" currency definition is satisfied by the El Salvador law. That Circulates To meet the "circulates" criteria bitcoin should be moving in an orderly manner throughout the El Salvador monetary ecosystem. The law clearly states that the country will accept bitcoin as payment for taxes. However, more time will be needed to see how much bitcoin circulates throughout the ecosystem. The more widespread and ubiquitous the adoption is in the country, the more likely this part of the "real" currency definition will be satisfied. The monetary ratio of transactions and taxes paid in bitcoin verse USD will be informative for this inquiry once bitcoin is official legal tender in El Salvador. Additional factors to examine would be the country paying wages exclusively in bitcoin and settling outstanding debts in bitcoin. Is Customarily Used and Accepted as a Medium of Exchange Similar to the "circulates" criteria above, we will have to see how common bitcoin is in the El Salvador monetary ecosystem in the coming months. While the law requires bitcoin to be accepted by entities in El Salvador, the law excludes that requirement on entities who do not have the technology to carry out bitcoin transactions. Furthermore, El Salvador will automatically and instantaneously convert bitcoin into USD for entities that wish. While bitcoin is clearly going to be a part of the El Salvador monetary ecosystem, only time will tell how common bitcoin transaction will be in the country's monetary ecosystem. Similar to our discussion related to the "circulates" criteria above, the monetary ratio of transactions in bitcoin verse USD will be an important metric to assess whether this criteria is satisfied. In the Country of Issuance While the fourth criteria has not been separately discussed in government guidance to date (instead it has been included as part of the third criteria), the word issuance could be a word the government focuses its analysis on should the US government want to continue to treat bitcoin as propertyinstead of "real" currency. While the country of El Salvador is adopting bitcoin as legal tender, it is not supplying or distributing any coins to its citizens. The President of El Salvador, Nayib Bukele, has ambitious plans to harness the country's geothermal volcanic energy to mine bitcoin, but that may fall short of the meaning of issuance as used in the "real" currency definition. In the context of the "real" currency definition, it is plausible that the US government could require issuance to refer to the sole (or majority) creation and supply of the currency. Bitcoin would certainly fall short of this strict interpretation of the issuance criteria as mining has occurred all over the world since bitcoin's first block was mined on January 3, 2009. Alternatively, it is possible the United States government will have a more relaxed interpretation of issuance as it has not been singled out in the government's guidance issued to date regarding "real" currency. If the government did take a more relaxed approach, it would mean that a bunch of teenagers were issuing real "currency" in 2010 in their parent's house on their gaming computers. They just did not know they were minting future foreign currency. [link] [comments]  |
| Posted: 21 Jun 2021 09:55 AM PDT Trusts holds coins, giving you exposure to particular crypto. Good for ROTH IRA's GBTC - Bitcoin Holding Trust Blockchain Stocks BRPHF - Galaxy Digital, Investment company in Mining, Digital Assett Management, Blockchains, BTC & ETH ETF's and more. Run mike the infamous Mike Novogratz and has his hands in almost everything crypto blockchain related DMGGF - DMG Blockchain, New North American Mining Pool and Mining Management services for miners. They also have a liquid cool tech for mining equipment to bring down costs and they do some of their own mining Crypto Mining Equipment CAN - Canaan INC, makes mining equipment like the BitMain that make the AntMin. They also create their own chips and Artificial Intelligence chips Mining Stocks HBTF(HIVE Blockchain), Mines mostly ETH, BTC and some ETC HUTMF(HUT8), Mines BTC and some ETH ARBKF(ARGO Blockchain) Mines BTC and zCash) BFARF(BitFarms) Mines BTC [link] [comments]  |
| Posted: 21 Jun 2021 06:13 AM PDT |
| I want to share this with you guys and girls! Posted: 21 Jun 2021 04:00 AM PDT Hi Fellow Reddit Peeps, First of all forgive me for my English ;-).I am writing this here cause this is one of the reddit places i really enjoy coming, it is less a screambox like 'cryptocurrency' and some others.Funny how people still are calling this dips, and telling us we should not get emotionally envolved, as if this is so easy ... The reason i went into crypto was because banks did not give me profit.No loss but no profit. At this point i am down 45 procent in crypto and will probably step out cause this is getting too ridicolous.I am (was) a big believer in crypto and also in Bitocoin and Ethereum.Fancied Polkadot and Kusama which are really beautifull projects.But beautifull projects costed me lots of money.It is getting hard to keep convincing myself how a store of value like Bitcoin can go down more than 50 procent in 1 month.This has nothing to do with emotions it is just rational sense.Here in Reddit i find crypto fans of all makes , shillers, believers, doubters (like me atm) , shorters , FUD'ers, etc...., but mostly real genuine honest people. Everybody gets a chance to say what he likes here. Much better than cryptotwitter where i am reading lies and biassed (payed) TA with only one reason to enrichen themselves. So if i can give one warning be carefull to blindly follow some well spoked person there cause in the end they do not care about you but there own gains.For me i ll give it probably one more shot, cause yes this is also addictive. Kind Regards Misfitelias [link] [comments]  |
| Posted: 20 Jun 2021 11:58 PM PDT A friend want to send me btc but the transaction was held on pending for days. I checked the transaction on blockchain explorer and realised it's been sent to another wallet totally different from the one intended. The transaction still showing pending from the sender end. Can anyone please shed more light on what might be wrong. [link] [comments]  |
| the most bullish case for a backtest of 20k Posted: 20 Jun 2021 06:14 PM PDT The 2020 run up was so violent, it did not allow anybody to take profits and reaccumulate on the way to the top and it just ended in a Wyckoff Distribution pattern. The apparent H&S pattern is screaming sell. So does the record high margin longs and the weakness of bitcoin's dominance. I really don't see any evidence of any serious accumulation at this current level. I personally believe it's the CCP forcing miners to capitulate at gunpoint. So despite the bullish news of Latin American governments tweeting with lazer eyes and mining from volcanos. China's bags are a lot heavier than Latin America can carry. Good news is, it's bitcoin moving from communist china to the western hemisphere. Long term however, THERE IS NOTHING WRONG WITH BACKTESTING THE OLD ALL TIME HIGH! It's healthy. If I were a serious institution or government with trillions in the war chest, I would want to see that before accumulating. I would not buy into a massive 10x mark up. I would accumulate at the bottom of bearish range and then mark it up 10x. So if it plays out like I think it could, we are talking about flipping gold's marketcap as early as next year. Here are some meme lines to give you a general idea of what I'm hoping to see long term. Yes, these memelines should not be taken seriously. This is just a rough idea of the sort of thing I want to see. [link] [comments]  |
| US Dollar Strength Decides Bitcoin’s Strength Posted: 20 Jun 2021 11:17 AM PDT A general assumption that an increase in the US Dollar impacts Bitcoin's fall. The influencers and analysts have examined the inverse correlation. Huobi has temporarily halted futures trading for Chinese users. According to the report, the analysts and influencers have been examining the demographics of the US Dollar and Bitcoin (BTC). There is a general assumption that the increase in value of the US dollar has a negative impact on Bitcoin. Read Full article on US Dollar Strength Decides Bitcoin's Strength [link] [comments]  |
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