Bitcoin Daily Discussion, October 27, 2021 |
- Daily Discussion, October 27, 2021
- I've made lifechanging money with bitcoin. But because I just save it, my life is still pretty hard (parenthood stress, property stress, health problems etc). Anyone else feel emptiness as their net worth rises?
- Mainstream reddit is so far behind. Millions of people being misinformed by front page subreddits every day.
- I worked for nothing since 5 years !
- Tesla tells SEC they may return to accept Bitcoin as means of payment
- For anyone that doesn't feel like reading it, I narrated the Bitcoin Whitepaper for you!
- I wanna see Christopher Walken narrate and explain the bitcoin whitepaper... in character
- When people say read the Bitcoin white paper…
- I have $200 that I want to invest and zero actual experience with crypto. Should I spend it all on Bitcoin?
- U.S. regulators exploring how banks could hold Bitcoin - FDIC chairman
- Bitcoin is going to go parabolic. Better buy now.
- We should not just stay in our own bubble -- engage with no-coiners!
- The great opt out
- DeFi came too late
- With Bakkt partnering with Mastercard so they can offer thousands of their banking clients and millions of merchant clients the chance to accept Bitcoin and reward their customers with Bitcoin, I'm reminded of this oldie: "The Story of Bitcoin's Adoption, as told by Spirited Away"
- I know this is a cliché at this point, but we're still early. Here's why.
- Those who bought Bitcoin with stimulus checks cash in for more than $11,000
- Hey guys! I got into crypto last year and have found some really awesome communities and friends in this space. So I wanted to share my new crypto t-shirt business that I started. Check out my site here and any advice or suggestions are super welcome! GoodApeClothing.com
- Easy way to keep seed secret?
- Work in progress...S19J heat into cardboard box, heat pulled into house with an in-line duct fan. Rigged? Sure. Does it heat my house? A comfortable 67-68 degrees!
- 10,000 people hold 1/3 of Bitcoin.
- What is a life changing amount of money for you?
- Legit concerns over the threats to BTC of government confiscation and taxation of unrealised gains.
| Daily Discussion, October 27, 2021 Posted: 26 Oct 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. [link] [comments]  | ||
| Posted: 26 Oct 2021 01:33 PM PDT I have no temptation to spend it. I just wish other aspects of my life were as easy to fix as "buying bitcoin". Anyone relate? Edit: you guys are awesome. [link] [comments]  | ||
| Posted: 26 Oct 2021 10:33 PM PDT
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| I worked for nothing since 5 years ! Posted: 26 Oct 2021 07:54 AM PDT Our country's currency has lost 200 percent of its value against the dollar in the last 5 years. If I had bought bitcoin , my money would have gained 600x value right now. I have been working since then until today and all I 've got is a big nothing but only depression and a lost soul. But I'm not going to give up. Now i buy bitcoins as much as possible because i don't want to spend another 5 years of my life working for nothing. [link] [comments]  | ||
| Tesla tells SEC they may return to accept Bitcoin as means of payment Posted: 26 Oct 2021 03:04 PM PDT
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| For anyone that doesn't feel like reading it, I narrated the Bitcoin Whitepaper for you! Posted: 26 Oct 2021 09:28 PM PDT
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| I wanna see Christopher Walken narrate and explain the bitcoin whitepaper... in character Posted: 26 Oct 2021 11:04 PM PDT Do you think bitcoin rich people would be able to throw enough money around to make celebrities perform for stuff like this in the future. [link] [comments]  | ||
| When people say read the Bitcoin white paper… Posted: 26 Oct 2021 02:49 PM PDT I've taken all lower division college math classes, that's all the calc as well as DE and linear algebra. I've also taken a ton of comp sci classes. I have no idea what the technical parts of white paper are saying. I get the concepts but I don't understand how it works from a technical standpoint. I'm a big fan of Bitcoin because of scarcity. The other stuff I kind of abstract from. But when people say oh just read the white paper it's funny to me because my co-workers who have degrees in CS can't make much more of than I can. I'm not saying the white paper is wrong. It's just funny to me when people yell on the internet READ THE WHITE PAPER. I bet most people don't understand it. It's a highly technical paper. Ok queue the hate and the nerds quoting parts of this. To be clear I love Bitcoin. This is a long winded way of saying the white paper is a technically difficult paper to get through and yelling read the white paper is a giant turn off to most. The end [link] [comments]  | ||
| Posted: 26 Oct 2021 11:30 AM PDT | ||
| U.S. regulators exploring how banks could hold Bitcoin - FDIC chairman Posted: 26 Oct 2021 09:51 AM PDT
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| Bitcoin is going to go parabolic. Better buy now. Posted: 26 Oct 2021 04:39 PM PDT The US Democrats are proposing a bill to tax the some 700 billionaires. Since I can comfortably say we are all under that threshold save Elongated Muskrat's secret Reddit account when he lurks here, Mitt Romney basically flat out stated that it'll basically force the extremely wealthy to purchase other hard assets and basically flee the stock market that has been giving protections to the masses via their job security and padding their IRAs and 401k. When they destroy capitalism and move towards a socialist society, that's when you see the billionaires get pushed against the wall and Bitcoin hit $1m at the very least. Also, I am aware that the wealth tax is just a temporary measure until they start implementing it to the middle class. I can just hope society as a whole can stop irresponsible fiscal policy. [link] [comments]  | ||
| We should not just stay in our own bubble -- engage with no-coiners! Posted: 27 Oct 2021 12:01 AM PDT There is an article in r/technology that made it to r/all. Bitcoin is largely controlled by a small group of investors and miners, study finds. Now every time bitcoin or crypto is mentioned in another sub it feels like there are no proponents of bitcoin. Even though depending on the geography and the study, around (or up to) 20% of people hold bitcoin or a planning to acquire it. We are a sub with a few million members and r/cc is a sub with a few million members but as soon as someone cross-posts an article like this, the post is getting downvoted as FUD. While it may be FUD, such crossposts are still relevant: the point is that we need to engage with other communities / no-coiners in order to get heard. It is very frustrating to see what uneducated comments are getting thousands of upvotes on r/technology almost without any crypto enthusiasts trying to give context or educate. We cannot just stay in our own bubble and be our own echo chamber. We need to engage! [link] [comments]  | ||
| Posted: 26 Oct 2021 07:44 PM PDT Here we are, at a point where the federal government is proposing taxing unrealized gains while interest rates are artificially beaten down and money printing is going at an unprecedented rate worldwide. Its time we opt out of the unending treadmill they force to put us on. It's time to end the US dollar hegemony and stop being their puppets. Also it's time to carve the Bitcoin logo on our pumpkins. I'd post my pumpkin but I fucked it up royally so maybe next year. [link] [comments]  | ||
| Posted: 27 Oct 2021 12:33 AM PDT Few years ago, I used to think putting my savings in the bank is how I could hedge against the increasing inflation in my country. But the whole point makes no sense to me anymore, spending time learning more about Bitcoin & DeFi during the 2020 lockdown. Now, one could use Bitcoin (both wrapped & Native) in DeFi protocols to earn amazing returns via lending/borrowing, staking. When you compare how seamless things get done here plus the high ROI vs the meagre returns the traditional bank offers, I see no reason for me to ever go back! Why would you ever go back to the bank? [link] [comments]  | ||
| Posted: 26 Oct 2021 01:29 PM PDT
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| I know this is a cliché at this point, but we're still early. Here's why. Posted: 26 Oct 2021 09:07 PM PDT I've just read an article about bitcoin from a couple weeks ago that mentioned JP Morgan CEO Jamie Dimon causing the price to drop and downward test 50k. Obviously, we've cemented another 20% since then, but the fact that a single person or company can influence bitcoin's price so dramatically (upward or downward) means there is still massive room to grow. The day we get nothing but signal noise from a company taking bitcoin off its balance sheet or a country banning bitcoin is the day bitcoin is truly a hedge against inflation. Bitcoin will cease to be a speculative asset and become a true store of value in the proper sense, thus forcing no-coiners to accept that it truly is a legitimate hedge. [link] [comments]  | ||
| Those who bought Bitcoin with stimulus checks cash in for more than $11,000 Posted: 26 Oct 2021 09:38 AM PDT
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| Posted: 26 Oct 2021 07:09 PM PDT
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| Posted: 27 Oct 2021 12:01 AM PDT Wouldn't a very easy way to add a layer of protection for your seed be to just switch two words in an order only you know? Just seems like a very easy thing to remember and could let you have your seed phrase with a little less worry of it getting stolen. Example being: switching words 12 and 17 that you have written down, and just remembering a passcode such as 1217 for your seed phrase. Curious what you all think about this? [link] [comments]  | ||
| Posted: 27 Oct 2021 02:28 AM PDT
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| 10,000 people hold 1/3 of Bitcoin. Posted: 26 Oct 2021 02:45 PM PDT I'm seeing this blasted on the news, they claim it's a risk, if that's the case does somebody want to point out that 2000 people hold a little over 40% of the entire equity market? [link] [comments]  | ||
| What is a life changing amount of money for you? Posted: 27 Oct 2021 02:11 AM PDT Since we are from all over the world, I want to know how much you need to actually change your life? I'm from the most expensive city on earth, Zurich Switzerland. I need at least half a million swiss francs (600k USD) to buy a really small house with 20% down. [link] [comments]  | ||
| Legit concerns over the threats to BTC of government confiscation and taxation of unrealised gains. Posted: 26 Oct 2021 03:38 PM PDT TLDR: with 95% of crypto today being sold through exchanges relaying KYC data to governments, the vulnerability of holders to government confiscation (as opposed to the ban of transactions I.e. China) and taxation on unrealised capital gains is making me very worried.
95% of Bitcoin on-ramps today require KYC information (Source and exchanges are now required to relay these info to national tax agencies (IRS, HMRC). Therefore, governments are essentially aware of who holds Bitcoin (along with their address and bank account), how much they own and the address in which it is kept (using the public ledger to track transactions). This makes BTC no longer even pseudo-anonymous (since KYC ties addresses to real-life identities and is relayed to governments) and very seizable with legal pressure applied on the individual holding the private keys of said address. In this circumstance, the BTC holders would have no choice but surrender their BTC to the (clearly authoritarian at this point) government or risk legal repercussions. Unlike confiscation of gold in the US in 1933 (Executive Order 6102) the public blockchain makes it very clear who owns what and where. Even if the user declares having lost their keys, the funds would essentially be frozen forever as any subsequent movement of crypto from this address would prove the user lied and risk further criminal actions. This confiscation scenario is different from China's ban on crypto which simply declared all crypto transactions illegal but users simply holding their crypto while moving jurisdiction can remain within the law and in control of their BTC. If the government then sells the BTC the coins would be redistributed (with a temporary price crash) but the network survives. However, in the case that the US government actually understands BTC and decides to hoard it indefinitely, can it now not have a double-whammy of being able to print as much fiat as it want to consolidate global power while simultaneously pump its own BTC bags to infinity? Such manipulation of the BTC system would surely destroy the whole point of a "self-sovereign" and "outside-of-government-control" currency. Any BTC would now be further dis-incentivised from cashing out to fiat and spending their BTC would only surrender their "way out"
A second threat from a majority of new crypto holders going through KYC exchanges is again the vulnerability of holders to a government (eyeing you US government) implementing annual capital gains tax on unrealised profits (I am assuming the current US proposal will eventually include a majority of BTC holders in the wealth threshold - gradually lowered as the government seeks more and more tax revenues - given that the central banks will continually inflate the BTC price by printing and devaluing fiat). This scenario would force holders to sell their BTC to pay for the unrealised gains (plus additional capital gains tax on the now sold BTC??). Would that not make BTC unattractive for new holders? I.e. I buy 1 BTC for $1000 (for simplicity sake); the printing of fiat inflates that 1 BTC to $2000; I now owe 30% of the $1000 gain as tax (=$300); I now have to sell $300 of BTC (i.e. 0.15 BTC @$2000 spot price) to pay that tax (+ 30% of the $300 I just withdrew as realised capital gains tax? - unsure about this); i now am left with $1700 worth of BTC but only 0.85 BTC, which is more USD, but less BTC than I started with. In a world where USD is going to 0 and I want to put my life savings in BTC, this seems to me like a huge problem. PS: I just wished I bought my crypto from P2P from the start.... Bitcoin has definitely made me more libertarian and suspicious of government/central banks than ever lol. [link] [comments]  |
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