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    Bitcoin Daily Discussion, August 06, 2021

    August 06, 2021

    Bitcoin Daily Discussion, August 06, 2021

    Daily Discussion, August 06, 2021

    Posted: 05 Aug 2021 10:00 PM 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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    Bitcoin Miner Bitfarms Mined 391 BTC In July With 99% Clean Energy

    Posted: 05 Aug 2021 01:46 PM PDT

    This is a bad bill.

    Posted: 05 Aug 2021 08:47 PM PDT

    We should not swallow this garbage just so we can get taxed by ignorant corrupt fools.

    We pay taxes already. We should be treated no different than stocks and other securities. This is singling out the crypto space because we are not standing together to say NO.

    This bill is filled with so much garbage that it is reprehensible to justify any part of it because we want a little shorter of a stick up our ass.

    This bill will hurt the fabric of our nation from the very fundamental level of freedom of movement, the 4th amendment, the basic cost of goods, jobs at all levels of this industry, and the list goes on and on.

    There is so much garbage, pay offs and useless nonsense in this bill that it staggers the mind how anyone can go along with it once you learn what is in it.

    $250 million for reducing truck emissions at ports. - this means signs, $250 million dollars for signs. I work in the industry, that's all this portion is talking about.

    https://twitter.com/Oilfield_Rando/status/1422388204150435857

    $2 billion for the EPA because they are an effective agency. Really putting it to those global polluters.

    https://twitter.com/Oilfield_Rando/status/1422048234730627073

    $14.2 billion for the FCC

    https://twitter.com/Oilfield_Rando/status/1422048234730627073

    $50 million for Utah, there's Mitt's payout

    https://twitter.com/Oilfield_Rando/status/1422044465427107846

    Selling $87 million barrels of oil from the Stratigic Petroleum Reserve because it's not like we've stopped producing oil or anything. BTW, Oil futures, probably a good bet for the next 5 years.

    https://twitter.com/Oilfield_Rando/status/1422042620503670785

    Studying the safety of limousines is infrastructure

    https://twitter.com/Oilfield_Rando/status/1422027471021617155

    $50 million for STUDIES on how to tax us more with road usage and per-mile fees.

    https://twitter.com/Oilfield_Rando/status/1422020295783747587

    $250 million for an invasive plant species removal program

    https://twitter.com/Oilfield_Rando/status/1422019064273178626

    I will say it's not all bad. there are items like The "Digital Equity Act" which make the internet a right instead of a service. Agit Pi can fuck right off.

    But it simply is not worth the trade off. And we are not coming out better for it. Compromising to this trash is not the way forward. It will not end here. We are nothing more than an ATM to them.

    I'm gonna let Charles fill in some of the gaps

    submitted by /u/Suicidal_Baby
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    White House is coming out formally in support of Warner-Portman-Sinema crypto amendment, implicitly against the Toomey-Wyden-Lummis plan.

    Posted: 05 Aug 2021 07:15 PM PDT

    Listen to Me Extremely Carefully on The Second Portman Bill Amendment Banning DeFi

    Posted: 05 Aug 2021 09:13 PM PDT

    ​

    Some of you may be tempted to go along with this last minute backstab by Portman and Warner where they completely remove protection for anyone in the space who is not a PoW miner or provider of software and hardware to secure private keys.

    You need to understand that the future of this industry is DeFi layer 2, whether that is on Bitcoin or something else. It is going to be a combination of layer 2 defi and lightning technology. There is a very clear ethos of censorship resistance for the most disenfranchised built into smart contract based systems, just as with bitcoin.

    I struggle to make this argument to bitcoiners because of ignorance about how US law works. Ignorance specifically concerning the Patriot act, Facta, The banking secrecy act, Fatf, SEC laws, and CFTC laws. Rest assured, they can and will carry these laws forward to use against any lightning application or DeFi product based on native bitcoin, any business operator or coder or facilitator of such technology, anywhere in the world, no matter citizenship can and will be federally prosecuted and extradited. If they find you they will extradite you. No one is safe.

    This is a direct ban on DeFi. On smart contracts in general on permissionless systems, to ensure that the only smart contracts offered are on permissioned systems they have backdoors to, full patent control over. I.,e banks controlling them as de facto censorable Centralized Exchanges.

    Do you want to live in a world with no DeFi? Do you only want centralized exchanges and the absolute guaranteed censorship on the global south that that entails?

    You cannot collect KYC on smart contract. They know this. They know it is impossible, and that it turns non compliant non us citizen into felony offenders. They will come for you. How do you think they intimidated Binance and Bitmex? How do you think they caught Mcafee? It is impossible for a normal smart contract to ban US citizens. Backends can't censor people.

    This means it is illegal by default. No one in the world can safely operate DeFi without KYC if this bill passes.

    No one in the world can safely operate DeFi without KYC if this bill passes.

    No one in the world can safely operate DeFi without KYC if this bill passes.

    Once that passes, then they will pass ESG laws to censor miners and run them out of the country. They're trying to pick us off one by one.

    C A LL your Senator. Tell everyone, explain to your friends, get the message out. This is them using a hydrogen bomb on us with no time, input, or constructive nuance. It is totalitarian, poorly worded, and incoherent and shows the Whitehouse clearly doesn't know wtf they're talking about and the Treasury doesn't care if they ban technology to the point of strangling it in the crib despite knowing it will lose more tax then it collects.

    submitted by /u/samdane7777
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    Senators move to exempt bitcoin, crypto miners from proposed U.S. tax rules

    Posted: 05 Aug 2021 08:37 AM PDT

    Someone just sent a $430 million Bitcoin transaction for a fee of $82, although a $0.80 fee would have been enough. $430 million instant settlement with no middleman or banks involved.

    Posted: 05 Aug 2021 12:53 PM PDT

    Could Developing Nations Follow El Salvador’s Move To Bitcoin?

    Posted: 06 Aug 2021 02:16 AM PDT

    GG Gary Gensler is good for Bitcoin

    Posted: 05 Aug 2021 11:53 AM PDT

    If you live in the United States, CALL AND WRITE your Senator TODAY regarding this regulation which is being used as a weapon against Bitcoin and Cryptocurrencies.

    Posted: 06 Aug 2021 01:24 AM PDT

    This can't be put off or delayed. Those old fucks in Washington are about to vote on Saturday which will set the course for the rest of your economic life. Call them today. Tomorrow will be too late. Do not procrastinate. We should come up with a date for a march on DC. I am sick of this shit.

    submitted by /u/whisper_of_smoke
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    Buy old used Teslas with free unlimited supercharging, gut the interior and fill with Bitcoin mining rigs, use free electricity to power the miners and receive infinite profit. [x-post /r/crazyideas]

    Posted: 06 Aug 2021 12:38 AM PDT

    Bitcoin health challenge. Take a drink of water every time you check the price. A big drink

    Posted: 05 Aug 2021 06:36 PM PDT

    I'm trying to drink more water. This is my idea. I thought it could help some of you guys out Bc we all need to drink more water. Cheers! Let me know what you think/how it goes if you try it !

    submitted by /u/5dollaryo
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    Out Of The Blue White House Came In To Support Crypto Tax Proposal Changes That Are Not Friendly To The Crypto World, Senator Cynthia Lummis Calls Crypto Community “We Need You”

    Posted: 05 Aug 2021 11:58 PM PDT

    Vietnam also turns to cryptocurrency adoption

    Posted: 06 Aug 2021 12:49 AM PDT

    ATTENTION - The Bitcoin industry in America is under attack! We need your help in calling the following senators to request they support the Lummis/Toomey/Wyden amendment:

    Posted: 05 Aug 2021 02:21 PM PDT

    China Made a HUGE Mistake, US Dollar to Reign Supreme, Western Countries Will Dominate World Wealth in BTC

    Posted: 05 Aug 2021 12:10 PM PDT

    From a strategic standpoint, China made an enormous blunder with its attempts to throttle innovation in Bitcoin mining domestically. If prisons have taught us anything it's that things like capital controls do not work the way that the people implementing them intend when they decide to implement them. Even in a prison people still find ways to get cigarettes, drugs, and even paper currency. But even the richest guy in a prison would almost always give it all up to be free and on the outside.

    What China is doing today is creating a prison for its citizens to protect its political power. Capital controls are just one symptom of an oppressive regime. And they are doomed to fail ultimately. Because most people want the same things from their life and government. They want to be treated fairly and to be left alone so that they can use their freedom to provide for themselves and prosper.

    The purpose of the state should be to facilitate freedom and to only impede upon it in good faith. Banning Bitcoin mining so abruptly is not a good faith action by a government. It's disrespectful to the people that have been affected and it's harmful to the overall prosperity of the state long term. One of the primary goals of a government that wants to be successful is that it should use its power to promote the highest level of prosperity that it can for its citizens. That means helping people be productive. That's the whole purpose behind building roads, dams, sewers, electric grids, etc. etc. THAT IS THE BACKBONE OF WEALTH.

    People might hate corporations for their greed but there is also a lot of wealth created because of them. I can buy a cheeseburger for a dollar at two in the morning because of greed. I have a wireless mouse because of greed. A king in 1500 by almost every measure is poorer than an average person living today in Western Countries because of greed.

    The United States is dominating Bitcoin. We have 80 percent of the Bitcoin ATMs already. It's difficult to know for certain but we probably control 80 percent of the supply of Bitcoin as well.

    My point is that if this thing does become worth 1 million dollars a Bitcoin the Chinese are going to look back on this period of time as a monumental mistake. Because they will have made the dollar the permanent world currency because most of the trading for BTC is settled in dollars and it will be an enormous market. It means all the third world countries with weak currencies will trade in BTC and dollars as well. If China were thinking clearly they would realize that they NEED to be in this market to protect their longterm power. They should lift the capital controls for this asset class.

    ​

    Edit: Thanks for the Gold! I have a big position in a specific altcoin called AMP but I've been doing so much research on Bitcoin over the last three days that I've decided to finally take a large position in BTC.

    Edit 2: "Give me Liberty, or give me death" - Patrick Henry ( Colonial rabble-rouser partly responsible for the American Revolution)

    submitted by /u/themop1
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    If you are a "Wealthy Client" who wants to buy Bitcoin through JP Morgan, I really don't think you understand the point of Bitcoin.

    Posted: 05 Aug 2021 04:56 AM PDT

    PSA for all BTC holders in USA

    Posted: 06 Aug 2021 12:13 AM PDT

    It took me 3 minutes to contact my local senator and voice my support for the pro-innovation stance of the amendment. Definitely 3 minutes I am not going to regret spending.

    The current infrastructure amendment AFFECTS each and everyone of us.

    The current amendment categorizes validators of stake pools as "brokers" and requires them with comply with impossible-to-implement KYC procedures. VERY VERY VERY INGORANT.

    This is not only limited to POS systems of the present but will also affect POW systems in the future if such an amendment is allowed to pass with no opposition. This is absolutely ridiculous.

    This is not about taxes. This is about uninformed/malicious law makers trying to regulate the markets in AN EXTREMELY ignorant manner. They are purely targeting the developers and validators.

    This is a very anti-innovation move with absolutely no upside.

    Use this link

    to find the contact details of your local representatives and support the " Wyden, Toomey, and Lummis stance" which supports better phrasing of the amendment and recognizes the difference between brokers and developers/validators.

    EDIT : In the link given, you can see how you can relay your message in the most pleasant and straight forward manner.

    "Hi, I'm calling to ask that you support Senator Wyden, Toomey, and Lummis's amendment to the cryptocurrency provision of the infrastructure bill (H.R. 3684) . This amendment will ensure that the provision does not dramatically expand financial surveillance, harm innovation, or undermine human rights. Policies that impact basic freedom and the future of the Internet should be debated carefully and should never be attached to must-pass bills. Thank you."

    submitted by /u/I_amNND
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    Nigerians Moved Nearly $40 Million In P2P Bitcoin Trading In 30 Days

    Posted: 05 Aug 2021 06:49 PM PDT

    Xiaomi That Recently Overtook Apple In Smartphone Market Now Accepts Bitcoin Payments In Portugal

    Posted: 06 Aug 2021 02:23 AM PDT

    We can do this all day ��

    Posted: 05 Aug 2021 08:54 PM PDT

    JPMorgan, led by bitcoin skeptic Jamie Dimon, quietly unveils access to a half-dozen crypto funds

    Posted: 05 Aug 2021 05:17 PM PDT

    JPMorgan, led by bitcoin skeptic Jamie Dimon, quietly unveils access to a half-dozen crypto funds

    Posted: 05 Aug 2021 11:15 PM PDT

    Quick & easy way to reject the Warner-Portman-Sinema amendment in the US infrastructure bill

    Posted: 05 Aug 2021 08:58 PM PDT

    BITCOIN BEARS ARE GETTING CRUSHED TODAY!��

    Posted: 05 Aug 2021 09:02 PM PDT
    Read more
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