BitCoin
So things will be the same.Quote: billryanQuote: AxelWolfPerhaps you can explain how/why FedNow is that much different than PP, Cashapp, Venmo, Zelle, or other payment services? The banks and government will still have "control" of your money. It's centralized where most crypto isn't.Quote: billryanFed Now launched this week. It will take a few years to fully implement, but things will never be the same.
link to original post
link to original post
You just did.
link to original post
Satoshi Nakamoto is the person or persons credited with inventing Bitcoin
he or they began working on it in 2007 - released version 0.1 of the Bitcoin software in 2009 - and stopped being active in its development after December of 2010
nobody knows his real identity or even if it's a man or woman or more than one person
pretty fascinating stuff
this is Wiki's breakdown of this person or persons and speculation about what the real identity of this person or persons is:
.
https://en.wikipedia.org/wiki/Satoshi_Nakamoto#Possible_identities
.
Quote: EvenBobOnce quantum computers become common which will be fairly soon crypto will be a thing of the past because it will be extremely easy to make. A quantum computer can do a math problem that would take a regular computer 10,000 years to complete, a quantum computer can do it in under a minute. Bye bye crypto. It's like when they start mining asteroids which they're looking at doing now, for things like gold, this will make gold on earth almost worthless because there will be too much of it.
link to original post
That is like saying money will be worthless because we can mint it faster than 100 years ago.
Quote: AZDuffmanQuote: EvenBobOnce quantum computers become common which will be fairly soon crypto will be a thing of the past because it will be extremely easy to make. A quantum computer can do a math problem that would take a regular computer 10,000 years to complete, a quantum computer can do it in under a minute. Bye bye crypto. It's like when they start mining asteroids which they're looking at doing now, for things like gold, this will make gold on earth almost worthless because there will be too much of it.
link to original post
That is like saying money will be worthless because we can mint it faster than 100 years ago.
link to original post
It's more like saying somebody will invent a method for making cheap gold and it will make real gold worthless.
I don't think they make Bitcoin, they mine it. I have never heard of quantum computers being a problem for mining, it's probably a thing, I just haven't heard of it. I have seen many flashy headlines about how quantum computers were a security threat to crypto, and most of the articles I read say there are solutions to the potential problem. There's a lot of information addressing those concerns here...Quote: EvenBobOnce quantum computers become common which will be fairly soon crypto will be a thing of the past because it will be extremely easy to make. A quantum computer can do a math problem that would take a regular computer 10,000 years to complete, a quantum computer can do it in under a minute. Bye bye crypto. It's like when they start mining asteroids which they're looking at doing now, for things like gold, this will make gold on earth almost worthless because there will be too much of it.
link to original post
https://cointelegraph.com/learn/cryptocurrency-vs-quantum-computing-a-deep-dive-into-the-future-of-cryptocurrencies
Cracking the encryption that safeguards Bitcoin would require inordinate amounts of quantum computing power to be deployed together and controlled by a single entity that orchestrates the attack.
According to researchers at the University of Sussex, a quantum computer with 1.9 billion qubits of processing power would be needed to break into the Bitcoin network within 10 minutes. This would require hackers to deploy millions of quantum computers, a scenario that is highly unlikely for the foreseeable future.
New cryptography concepts such as lattice-based cryptography, in which mathematical noise is added to the encryption to confuse a quantum computer, and quantum-resistant algorithms that rely on math problems are the way forward.
Quote: EvenBobQuote: AZDuffmanQuote: EvenBobOnce quantum computers become common which will be fairly soon crypto will be a thing of the past because it will be extremely easy to make. A quantum computer can do a math problem that would take a regular computer 10,000 years to complete, a quantum computer can do it in under a minute. Bye bye crypto. It's like when they start mining asteroids which they're looking at doing now, for things like gold, this will make gold on earth almost worthless because there will be too much of it.
link to original post
That is like saying money will be worthless because we can mint it faster than 100 years ago.
link to original post
It's more like saying somebody will invent a method for making cheap gold and it will make real gold worthless.
link to original post
No, because Bitcoin is still limited to the same 21 million coins and the same reward rate. Faster computers just get the reward over slower ones. Your example is like saying gold will be worthless because brass was invented and looks like gold.
There was a time "long ago" when Bob was thinking about using BTC for his roulette playing on Bovada. I guess he found it too complicated to buy or somthing like that. I even offered to send him some to make it easy. Assuming an investment of 1k into BTC at that time while making his one unit per day, or whatever he claims, and rolling it back into BTC, I wonder how much that would be worth today. I'm thinking at least enough for 20 fancy cat condos.Quote: AZDuffmanQuote: EvenBobQuote: AZDuffmanQuote: EvenBobOnce quantum computers become common which will be fairly soon crypto will be a thing of the past because it will be extremely easy to make. A quantum computer can do a math problem that would take a regular computer 10,000 years to complete, a quantum computer can do it in under a minute. Bye bye crypto. It's like when they start mining asteroids which they're looking at doing now, for things like gold, this will make gold on earth almost worthless because there will be too much of it.
link to original post
That is like saying money will be worthless because we can mint it faster than 100 years ago.
link to original post
It's more like saying somebody will invent a method for making cheap gold and it will make real gold worthless.
link to original post
No, because Bitcoin is still limited to the same 21 million coins and the same reward rate. Faster computers just get the reward over slower ones. Your example is like saying gold will be worthless because brass was invented and looks like gold.
link to original post
Quote:Dismembered body parts of a missing crypto millionaire have been found stuffed in a suitcase by a group of children playing near a stream in Buenos Aires, Argentina, according to police.
Fernando Pérez Algaba — a cryptocurrency influencer and entrepreneur who amassed a fortune by renting luxury vehicles and selling digital coins — first went missing on July 18, per The New York Post, citing police and local media.
The suitcase containing Algaba's remains was found Sunday, while on Wednesday, his head was discovered floating downstream in a rucksack, Metro reported, citing local media and authorities.
Authorities identified Algaba, 41, by his tattoos and fingerprints. An autopsy revealed he had been shot at least three times before the dismemberment took place,
Social media or not, this guy was apparently in debt, had tax/ legal issues, and owed money to a number of people. He even knew people were out to get him.Quote: rxwineProbably has nothing directly to do with Crypto. Maybe some sort of lesson for millionaire influencers with followers on social media.
Quote:Dismembered body parts of a missing crypto millionaire have been found stuffed in a suitcase by a group of children playing near a stream in Buenos Aires, Argentina, according to police.
Fernando Pérez Algaba — a cryptocurrency influencer and entrepreneur who amassed a fortune by renting luxury vehicles and selling digital coins — first went missing on July 18, per The New York Post, citing police and local media.
The suitcase containing Algaba's remains was found Sunday, while on Wednesday, his head was discovered floating downstream in a rucksack, Metro reported, citing local media and authorities.
Authorities identified Algaba, 41, by his tattoos and fingerprints. An autopsy revealed he had been shot at least three times before the dismemberment took place,
link to original post
the price of bitcoin jumped as it looks like btc moved closer to being allowed to trade on the U.S. stock market as an ETF
from the article:
"The value of crypto assets surged Tuesday after a US court cleared a path for the nation’s first bitcoin exchange-traded fund.
The ruling is a breakthrough moment for crypto investors and a setback for the Securities and Exchange Commission, which has been trying to rein in the digital asset industry.
The three-judge panel for the DC Court of Appeals overruled an SEC decision denying Grayscale Invesments permission to launch a bitcoin-focused ETF. The panel said the regulator had failed to adequately explain why it rejected the firm’s application.
The ruling opens the door to an investment product that investors have been demanding for years.
"This is a historic milestone for American investors, the Bitcoin ecosystem, and all those who have been advocating for Bitcoin exposure through the added protections of the ETF wrapper,” Grayscale CEO Michael Sonnenshein said in a statement. “It’s incredibly exciting that we are one step closer to making a US spot Bitcoin ETF a reality.”
https://www.cnn.com/2023/08/29/investing/bitcoin-etf-grayscale-crypto/index.html#:~:text=The%20value%20of%20crypto%20assets,in%20the%20digital%20asset%20industry.
.
A few weeks ago, people began to notice mysterious inscriptions being added to bitcoin blockchains. Users are allowed to add personal information to the cryptocurrency’s blockchain, typically the data is codes, dates, monetary amounts, files or even pictures of purchased items. The information added is permanent. Very permanent. It can never be altered or edited or removed, full stop. So, imagine the surprise of investigators as they found the mysterious data (released by a group codenamed “Project Spartacus”) was the information originally published by Julian Assange’s WikiLeaks back in 2010, now forever encased in blockchain acrylic.
The point here is not the classified WikiLeaks documents (which present a different version of the US war in Afghanistan than that told by the government or the press), but rather the delivery means. Project Spartacus has figured out a way to bypass all levels of censorship, all filters, all forms of moderation to present information directly to the people. There's nothing governments can do to stop it, nor can the militaries, law enforcement agencies, internet platforms or news organizations of the world. No one.
Obviously this is a two-edged sword. You might consider some data released in this manner to be a good thing that shines a light on issues the powers that be want people to ignore. On the other hand, some of the data you might consider to be dangerous or even deadly if it gets into the wrong hands. Also, there's no guarantee that such information is actually true.
Essentially we're looking at the ultimate unmoderated forum. And, in fact, people are already speculating that a second internet (beyond the reach of censorship) might arise using this tech. A place where anyone can say anything, make any claim, present any evidence that may or may not be true, and just let the users themselves decide if they should believe it or not. An awesome and disquieting prospect.
Story at Bitcoin Magazine
Quote: billryanSounds like this place. People can make the most ridiculous claims- winning a 50-50 bet 42 times in a row, being able to predict something at an 80% edge, winning every hand of a shoe, etc, etc.
link to original post
Hey now, some of us are just gifted.
Quote: DRichQuote: billryanSounds like this place. People can make the most ridiculous claims- winning a 50-50 bet 42 times in a row, being able to predict something at an 80% edge, winning every hand of a shoe, etc, etc.
link to original post
Hey now, some of us are just gifted.
link to original post
That's perfectly oblivious. When it comes to logic, we have several sovereign citizens.
So gifted that they don't even know when someone has miss represented their own claims. An 80% hit rate doesn't equate to an 80% edge.Quote: DRichQuote: billryanSounds like this place. People can make the most ridiculous claims- winning a 50-50 bet 42 times in a row, being able to predict something at an 80% edge, winning every hand of a shoe, etc, etc.
link to original post
Hey now, some of us are just gifted.
link to original post
I just finally got around to looking at BTC last time I looked it was around 26.5k it's $34,139.00 right now on CB.
I just sold about 5k worth of BTC. (Bill, I think you would have lost that bet had we made it)
Bitcoin and other crypto have been surging because of the potential for investors to buy crypto in exchange traded funds run by traditional brokers where some feel more comfortable
this is probably coming in the near future
BTC was around 27,000 in October - it's now at 36,235 - more than a 30% gain
.
Quote: OnceDearBTC just popped its head over $40,000.
link to original post
YEAH, MR. WHITE! BITCOIN!
Quote: AxelWolfhttps://www.youtube.com/watch?v=HzxKs-Jd0H4
link to original post
There are so many different ways of 'explaining' bitcoin. Some simplistic, some technical and some political. It's a bit like explaining the US Dollar. It can seem easy enough to point at a dollar bill and some loose change and demonstrate a secure transaction. But when you start to try to figure out how that is virtualised by banks, or how money is 'created', or how a bank can create loans to buy homes without ever having the money itself, it can get a bit mind-blowing. It's no wonder there is so little trust in Crypto when, for example, someone like Elon Musk can 'create' Dodgecoin worth billions and then go out and buy a space rocket with the funds he created. Also, crypto is SO unregulated that every snake oils salesman online wants to sell us a 'method' that will make us crypto gazillionaires.
Bitcoin and 'the blockchain' are elegant constructs, but it's disingenuous for that guy to try to say it's simple. Funny how he quotes about those real bank robberies as if no-one ever got robbed of crypto.
Like AxelWolf, I hold a small amount of BTC. It was a means to an end and that end was transactions. I had some as a speculative investment, too.
It's strengths are its weaknesses, a bit like gold. Anonymous and outside of regulation, it stands alone. But converting it to or from fiat currency opens one up to a potentially nightmarish prospect of having to calculate CGT on every transaction you ever did, because the tax authorities refuse to treat it as currency, but treat it as a capital asset, subject to CGT calculations at every transaction.
Quote: OnceDearBTC just popped its head over $40,000.
link to original post
And now... 42018USD +2029 +5.07%
These Beanie Babies are on a roll.
I hold gold stocks but no bitcoin, and I actually like less volatility in gold ... does bitcoin repress the price of gold? that's hard to cheer, and may be true
Quote: odiousgambitI think being able to speculate in Bitcoin has taken out some of the volatility of gold
I hold gold stocks but no bitcoin, and I actually like less volatility in gold ... does bitcoin repress the price of gold? that's hard to cheer, and may be true
link to original post
I think they just share the characteristic of 'anything but the dollar.'
Both have climbed lately pretty much in sync
Quote: DRichBitcoin is at $44,180 right now. Up over 5% today.
link to original post
Damn.
Puts me in line to have to do some tricky CGT calcs
This happened before as well.
Quote: AxelWolfI was wrong, I tried sending out $100 in BTC via CB and it was a $17 fee. WTF!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
link to original post
Axel, that is because CoinBase charge what the hell they want to send BTC. You have no control of the fee that you are prepared to pay the miners. I believe CB also impose their own fee.
However, sending from an electrum wallet, or trezor, you can select the fee that you are prepared to pay, down to a few cents. But pay lower fee, accept longer transaction confirmation time, which can become infinite. A stuck transaction results and that can be a b***h to sort out..
AIUI, Coinbase don't charge a fee sending to other CB addresses. That's because the BTC never actually move within CB, and the just adjust their own records of ownership.
Quote: AxelWolfWhat's up with the fracking higher fees than normal? It's like $5 on a $100 send and $17 on a $500 send.
This happened before as well.
link to original post
Happens when we have price action. Like Vegas hotel rates going up when the rodeo is happening.
Quote: BTLWII borrowed 6 figures worth of USD this year to buy crypto. Hopefully in 2024 I can borrow 7.
link to original post
If that's true and you actually did buy (at what price?), then that's quite a gamble. Good luck with that.....
..... And don't forget to report any transactions for Capital Gains Tax..
I just have a modest holding which I rode down from a high price to a much lower price and which i'm now, hopefully riding back up.
I've made far worse investments
Have you tried sending using Trezor lately ? I don't know what the fees are there, I haven't cracked it out in a while, but with adjusted fees come longer confirmation times. With CB, it's quick easy, and convenient to use. Using a Trezor can be a slight pain in the ass. With CB I click a few buttons enter 2F and go. Since I'm making so many transactions frequently the convenience of just using Coinbase is significant.Quote: OnceDearQuote: AxelWolfI was wrong, I tried sending out $100 in BTC via CB and it was a $17 fee. WTF!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
link to original post
Axel, that is because CoinBase charge what the hell they want to send BTC. You have no control of the fee that you are prepared to pay the miners. I believe CB also impose their own fee.
However, sending from an electrum wallet, or trezor, you can select the fee that you are prepared to pay, down to a few cents. But pay lower fee, accept longer transaction confirmation time, which can become infinite. A stuck transaction results and that can be a b***h to sort out..
AIUI, Coinbase don't charge a fee sending to other CB addresses. That's because the BTC never actually move within CB, and the just adjust their own records of ownership.
link to original post
Quote: OnceDearQuote: BTLWII borrowed 6 figures worth of USD this year to buy crypto. Hopefully in 2024 I can borrow 7.
link to original post
If that's true and you actually did buy (at what price?), then that's quite a gamble. Good luck with that.....
..... And don't forget to report any transactions for Capital Gains Tax..
I just have a modest holding which I rode down from a high price to a much lower price and which i'm now, hopefully riding back up.
I've made far worse investments
link to original post
I've bought all year. $16K, $24K, $44K.
Borrow USD, buy Bitcoin. There's no taxable event.
Quote: BTLWIQuote: OnceDearQuote: BTLWII borrowed 6 figures worth of USD this year to buy crypto. Hopefully in 2024 I can borrow 7.
link to original post
If that's true and you actually did buy (at what price?), then that's quite a gamble. Good luck with that.....
..... And don't forget to report any transactions for Capital Gains Tax..
link to original post
I've bought all year. $16K, $24K, $44K.
Borrow USD, buy Bitcoin. There's no taxable event.
link to original post
Buying BTC with USD won't be taxable, but if/when you subsequently sell them for more USD, that will be a CGT event.
i don't know how your IRS handles pooling or the matching of purchases to sales. Just retain good records.
And hope your investment rises. It would be potentially unsettling if the BTC lost value, and that can happen as we saw last year.
Quote: AxelWolfHave you tried sending using Trezor lately ? I don't know what the fees are there, I haven't cracked it out in a while, but with adjusted fees come longer confirmation times. With CB, it's quick easy, and convenient to use. Using a Trezor can be a slight pain in the ass. With CB I click a few buttons enter 2F and go. Since I'm making so many transactions frequently the convenience of just using Coinbase is significant.
link to original post
$4.60 confirmed promptly enough.
Quote: rxwineHope this isn't too political, but the US. estimates N. Korea has stolen 3 billion in crypto so far.
link to original post
They have counterfeited a lot more than that in U.S. currency.
Thanks I'm not sure why I was being lazy and didn't check it myself. Probably because I have my Trezors secure and not easy to access.Quote: OnceDearQuote: AxelWolfHave you tried sending using Trezor lately ? I don't know what the fees are there, I haven't cracked it out in a while, but with adjusted fees come longer confirmation times. With CB, it's quick easy, and convenient to use. Using a Trezor can be a slight pain in the ass. With CB I click a few buttons enter 2F and go. Since I'm making so many transactions frequently the convenience of just using Coinbase is significant.
link to original post
$4.60 confirmed promptly enough.
link to original post
That's a significant saving so it looks like I'm going to have to forgo convenience in order to save some money. I probably spent over $200 in extra fees.
Quote: AxelWolfThanks I'm not sure why I was being lazy and didn't check it myself. Probably because I have my Trezors secure and not easy to access.Quote: OnceDearQuote: AxelWolfHave you tried sending using Trezor lately ? I don't know what the fees are there, I haven't cracked it out in a while, but with adjusted fees come longer confirmation times. With CB, it's quick easy, and convenient to use. Using a Trezor can be a slight pain in the ass. With CB I click a few buttons enter 2F and go. Since I'm making so many transactions frequently the convenience of just using Coinbase is significant.
link to original post
$4.60 confirmed promptly enough.
link to original post
That's a significant saving so it looks like I'm going to have to forgo convenience in order to save some money. I probably spent over $200 in extra fees.
link to original post
If you want the convenience of Coinbase and even more flexibility than trezor, I can recommend Electrum. It's an offline software only wallet. It does note keeping better than trezor. You can set send fee to anything you like. You could also keep your wallet file on a USB stick if you want isolatable hardware that can go in the home safe.
a brief summary of a spectacular Crypto scammer
the FTX crypto exchange is now bankrupt and its founder Sam Bankman-Fried has been convicted on 7 charges of wire fraud, commodities fraud, securities fraud, money laundering and campaign finance law violations in 2023
Federal authorities had to chase him to the Bahamas and extradite him to get him to the U.S. to face charges
he faces decades in prison and sentencing in March of 2024 - he is currently awaiting sentencing in a Brooklyn jail
a 2nd trial including 5 other charges including bank fraud and bribery is scheduled for early March of 2024
before tumbling his various scams made him fabulously wealthy - Forbes at one time named him the 41st richest American - a billionaire - his net worth was estimated at $ 22.5 billion
at his zenith he was nicknamed "The J.P. Morgan of Crypto"
many who invested with FTX lost their life savings or very large amounts that badly hurt them financially
https://en.wikipedia.org/wiki/Sam_Bankman-Fried
.
the Federal Trade Commission reports (see link) that since the start of 2021 more than 46,000 people have reported losing more than a total of $1 billion in crypto scams - (how many lost how much due to scams but did not report____?)
also - 4 out of every 10 dollars lost due to social media scams involved crypto
https://www.ftc.gov/news-events/data-visualizations/data-spotlight/2022/06/reports-show-scammers-cashing-crypto-craze
.
Quote: AZDuffmanIt appears that several bitcoin ETFs have been approved. The next phase in crypto now begins.
link to original post
I would expect that it will go up at least $10,000 in the next 30 days or so. I am not a proponent of crypto but for those of you that like to speculate, this might be a good time.
