The Bitcoin (BTC) thread

aynrus

Pelican
Legality and enforcement of the law are two different things.
I responded to the comment Russia about being crypto-friendly.
It is not. (enforcement is a completely different topic)

As to enforcement - if you want to get fiat out of your crypto holding, they'll absolutely enforce.
Russia has very strict capital controls system and Russian banks freeze accounts left and right for transactions they find suspicious, and they just got instructions from Central Bank to focus on crypto related transactions.
It's not like in America where they bounce they money back - nope, they just freeze the account and hold the money until the letter from tax service is produced.
Unlike nice Uncle Sam who only may cancel the passport for 50K owed to IRS, Russia absolutely will prevent a citizen from leaving the country for slightest amounts/fines owed, debtor database is checked at the exit points.
By the way, starting this January Russian subjects have to report all their crypto holdings to tax service if they traded more than about 8K USD equivalent during the year, this includes all holdings including ones that weren't traded.

I find it a little amusing that RT (English) gives platform to Max Keiser, while having completely different story and regulating the opposite for Russian subjects. (though if you think of it, it's a no-brainer what's going on). By the way, Russia loves US Treasury bonds as investment vehicle.
 
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Cervantes

Woodpecker
I responded to the comment Russia about being crypto-friendly.
It is not. (enforcement is a completely different topic)

As to enforcement - if you want to get fiat out of your crypto holding, they'll absolutely enforce.
Russia has very strict capital controls system and Russian banks freeze accounts left and right for transactions they find suspicious, and they just got instructions from Central Bank to focus on crypto related transactions.
It's not like in America where they bounce they money back - nope, they just freeze the account and hold the money until the letter from tax service is produced.
Unlike nice Uncle Sam who only may cancel the passport for 50K owed to IRS, Russia absolutely will prevent a citizen from leaving the country for slightest amounts/fines owed, debtor database is checked at the exit points.
By the way, starting this January Russian subjects have to report all their crypto holdings to tax service if they traded more than about 8K USD equivalent during the year, this includes all holdings including ones that weren't traded.

I find it a little amusing that RT (English) gives platform to Max Keiser, while having completely different story and regulating the opposite for Russian subjects. (though if you think of it, it's a no-brainer what's going on). By the way, Russia loves US Treasury bonds as investment vehicle.
I wrote "supporting crypto against the dollar empire." That means supporting a functioning market in crypto so it can be used as an alternative to the dollar in international trade. They may be limiting their own citizens from using crypto as a currency within Russia. But they are supporting it as an alternative to the dollar. Its the same position as the Chinese.
 

aynrus

Pelican
I wrote "supporting crypto against the dollar empire." That means supporting a functioning market in crypto so it can be used as an alternative to the dollar in international trade. They may be limiting their own citizens from using crypto as a currency within Russia. But they are supporting it as an alternative to the dollar. Its the same position as the Chinese.
That's what Max Keiser is for...
However, ban on payments using crypto is a death knell to crypto values if this would expand to most countries.
Russia, which I'm a citizen of, is clearly very unfriendly towards cryptos and such regulation (which seems like many people outside of Russia are unaware of) is a very negative move for the crypto values. Who knows, Russia might be the canary in the mine.
They threw the bone and allowed trading them (the original version of the bill had all crypto trading banned as well).
 

Maciano

Kingfisher
Why do ppl pollute this thread w/ “how about gold..?” stuff. Gold is supposed to be the dead-end we want boomers to take, so they’ll be late buying bitcoin — and have their social power decreased

Gold is a dead yellow shiny rock that has been on its way out for most of the last century. It’s never coming back as an important economic force and it shouldn’t.

This is the digital age in which digital platforms & digital assets rule supreme.
 

SilentCal

Pigeon
Why do ppl pollute this thread w/ “how about gold..?” stuff. Gold is supposed to be the dead-end we want boomers to take, so they’ll be late buying bitcoin — and have their social power decreased

Gold is a dead yellow shiny rock that has been on its way out for most of the last century. It’s never coming back as an important economic force and it shouldn’t.

This is the digital age in which digital platforms & digital assets rule supreme.
Do you have any arguments?
 

Maciano

Kingfisher
Do you have any arguments?
All of the 20th century, my friend.

Gold is never coming back

It’s easily confiscated
It’s hard to store and keep safe in significant quantities
It’s slow to trade with
It’s hard to divide in smaller pieces
It’s completely at odds w/ the way fintech or modern economy is moving into
It’s hard to check for good quality

I could go on, but I know you will keep believing in gold anyway. And that’s fine.

This is “The bitcoin thread”, go to “The gold thread” if you want to talk about that.
 

lonewolf1968

Kingfisher
Anybody else following Benjamin Cowen? He does a great job of breaking down when Bitcoin is expensive or cheap, viewed on a long-term basis. For those of us that aren't trading, I think he is one of the best resources out there for when to buy, hold and sell.

I do, the guy is the only one trader I've found that is not the x100 moon-lambo fanboy and tells things upfront along with Ivan on tech. Solid advice and analysis.
 
Anybody else following Benjamin Cowen? He does a great job of breaking down when Bitcoin is expensive or cheap, viewed on a long-term basis. For those of us that aren't trading, I think he is one of the best resources out there for when to buy, hold and sell.

What are his top 5 videos you would recommend? Coins he's long on? Any niche topics like NFTs he covers?
 

datdude84

Pigeon
What are his top 5 videos you would recommend? Coins he's long on? Any niche topics like NFTs he covers?
To be honest, I watched maybe 10 of his videos back in late 2019 and liked how he built his models into the future using his engineering and programmatic knowledge so I subscribed to his Patreon. He builds these regression models that tell you when it's overvalued and undervalued which have been another piece of information I take in when deciding to buy. Here is one of the latest videos I watched which goes through his thinking.

It's not whether he's long on specific coins, he's just looking at the price action and judges whether they're overvalued or undervalued. Which I like the objective feedback as information to use. It's hard not to be emotional when trading these coins so he takes a lot of that out of it.

He just focuses on cryptocurrencies, no NFTs.

 

SilentCal

Pigeon
All of the 20th century, my friend.

Gold is never coming back

It’s easily confiscated
It’s hard to store and keep safe in significant quantities
It’s slow to trade with
It’s hard to divide in smaller pieces
It’s completely at odds w/ the way fintech or modern economy is moving into
It’s hard to check for good quality

I could go on, but I know you will keep believing in gold anyway. And that’s fine.

This is “The bitcoin thread”, go to “The gold thread” if you want to talk about that.
I have to disagree. All you have to do is hide it or pay for secure storage. To trade it, you just have to hand it to someone, or a hand them a representative note. It's super easy to divide, by melting it, which doesn't corrupt it. Gold can easily be purchased with "fintech" techniques, like an online brokerage, or an account like Goldmoney. And to check quality, you just weigh it or test its displacement, etc.

I've heard several stories first-hand about someone buying Bitcoins and leaving it in a "wallet" and then they lose the laptop or the flash drive or whatever it was stored on. And barely anyone knows how to buy a Bitcoin directly on the network, which is why so many services exist to do the legwork.

Not to mention, why would you bring up "quality"? Bitcoin has no quality at all - it's not even possible to observe a Bitcoin.

Gold doesn't have to "come back", because it never went anywhere. It has been used as money for almost all of recorded human history. To use the last ten years as evidence to conclude that Bitcoin is a success is just not reasonable. To say that it will replace gold is even less so.
 

Blade Runner

Pelican
I don't have any problems with gold, I just think it has been increasingly clear over the past decades that there is a very high likelihood that it is controlled opposition, as others have stated. Governments can also name whatever price they want for it, in their currency. If you follow Luke Gromen, he has mentioned that they may in fact do this sooner than later to keep the hand waving going.
 

Maciano

Kingfisher
There are no bitcoin ppl at gold threads. I wonder why...

Anyway thnx for the warning, guess we all didn’t see bitcoin being volatile the past decade

Sub-1T$ Bitcoin, that’s been in 12yr bull market is much more risky than $8-10T $ gold, that’s done nothing since GFC than disappoint. Makes sense.

Lets face it: gold holders thought gold would return as SoV and bitcoin stole the momentum. That’s why you’re here; the longer you wait before you give up, the less value will be left
 

Tactician

Kingfisher
Gold Member


Personally, I think gold is really pretty to look at & I want to have a big pile of gold coins like a pirate or Scrooge McDuck.

I would be cautious about using gold as an investment vehicle because:
1. No technological progress i.e. it just sits there vs equities or "cryptos" that try to build use cases/value.
2. It has had 6000+ years to max out on global adoption, so there isn't much reason to expect it suddenly outperforms other assets.

That said, I am slowly building a collection of gold to do the Scrooge McDuck thing, but I do not consider this as a trade or investment.
 

Robert High Hawk

Kingfisher
When the financial system decouples, as some say it will rather soon, 'paper' gold may evaporate and the price of real gold will surge. But even that will only get about a 50% or so increase, then stall out. Bitcoin will still keep increasing as adoption grows, albeit at a slower rate, but long term still better than Gold.

Anyway, it's totally prudent to own both. Why the hate? Can't we all just get along?
 
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