Bitcoins - fad or trend?

Discussion of all things crypto and blockchain.
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Long John
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Re: Bitcoins - fad or trend?

Postby Long John » Wed Feb 14, 2018

In the $9000-$9300 range this morning. We seem to be breaking through resistance lines and setting up new supports. About a week later and BTC is up 55% from the low. LTC is doing even better. Next big psychological barrier is $10K.

But, I'm sure somewhere on the internet is a new meme, social media post, or video criticizing Bitcoin. Can't wait to see it. :roll:

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Re: Bitcoins - fad or trend?

Postby jcz1 » Wed Feb 14, 2018

Long John wrote:Much easier to figure out my tax liability: cash out minus cash in equals capital gain. Done.


It's interesting how you think you can decide what your tax liability is. :roll:

If your method worked for stocks, people might not have any tax liability until they needed the money in retirement. Guess what - it doesn't work that way.
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Long John
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Re: Bitcoins - fad or trend?

Postby Long John » Wed Feb 14, 2018

jcz1 wrote:
Long John wrote:Much easier to figure out my tax liability: cash out minus cash in equals capital gain. Done.


It's interesting how you think you can decide what your tax liability is. :roll:


Move my reply to the Tax Implications thread. This thread is for bashing Bitcoin. :lol:

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Re: Bitcoins - fad or trend?

Postby jcz1 » Wed Feb 14, 2018

Long John wrote:
jcz1 wrote:
Long John wrote:Much easier to figure out my tax liability: cash out minus cash in equals capital gain. Done.


It's interesting how you think you can decide what your tax liability is. :roll:


Move my reply to the Tax Implications thread. This thread is for bashing Bitcoin. :lol:


Okay, since you asked: ;)

Billionaire Charlie Munger says ‘bitcoin is noxious poison’

“I never considered for one second having anything to do with [bitcoin]. I detested it the minute it had been raised. The more popular it got, the more I hated it. . . . Bitcoin is noxious poison.”
Charlie Munger

https://www.marketwatch.com/story/billi ... 2018-02-14

Sounds just like many people whose hatred grew about the same rate as others' profits.
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Long John
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Re: Bitcoins - fad or trend?

Postby Long John » Thu Feb 15, 2018

jcz1 wrote:Sounds just like many people whose hatred grew about the same rate as others' profits.

I was gonna say... :lol:
But at least he's up-front about it.

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Long John
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Re: Bitcoins - fad or trend?

Postby Long John » Thu Feb 15, 2018

Getting close to $10K; can it break through? In the wee hours Bitcoin got as high as $9966 on GDAX, before someone(s) decided that was enough profit from buying at $6K nine days ago and sold it down to $9500.

edit: $10,000 barrier broken, for now, but it may trigger another selloff.

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Re: Bitcoins - fad or trend?

Postby tdtwedt » Thu Feb 15, 2018

Coinbase is erratically overcharging some users and emptying their bank accounts

A growing number of Coinbase customers are complaining that the cryptocurrency exchange withdrew unauthorized money out of their accounts. In some cases, this drained their linked bank accounts below zero, resulting in overdraft charges.

Coinbase representatives have been responding to similar complaints on Reddit for about two weeks, but the volume of complaints seems to have spiked over the last 24 hours.


https://www.cnbc.com/2018/02/15/coinbas ... ounts.html
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Re: Bitcoins - fad or trend?

Postby silverpv » Thu Feb 15, 2018

tdtwedt wrote:Coinbase is erratically overcharging some users and emptying their bank accounts

A growing number of Coinbase customers are complaining that the cryptocurrency exchange withdrew unauthorized money out of their accounts. In some cases, this drained their linked bank accounts below zero, resulting in overdraft charges.

Coinbase representatives have been responding to similar complaints on Reddit for about two weeks, but the volume of complaints seems to have spiked over the last 24 hours.


https://www.cnbc.com/2018/02/15/coinbas ... ounts.html


Wouldn't it be funny if the banks were doing this on purpose? Looks like they have a fix, but looks like a result of the banks making the change on them. Of course banks are completely honest. Granted, doesn't look like banks are very forthcoming when it comes to integration changes. I think coinbase will make it right for those people. This seems more like banks trolling.

https://twitter.com/coinbase/status/964248915695448064

1/ We're investigating an issue where some customers recently were charged incorrectly for purchases of digital currency with credit and debit cards. This is related to the recent MCC code change by the card networks and card issuers charging additional fees.

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Re: Bitcoins - fad or trend?

Postby cmiller17363 » Thu Feb 15, 2018

SilverDoge wrote:
cmiller17363 wrote:https://youtu.be/UYHFrf5ci_g

An argument that the Lightning Network will centralize the bitcoin network to banks and cripple the freedom of bitcoin. I'm not that savvy on the LN so I wanted to see what you guys thought.


My opinion is this guy is a bitcoin cash shill and is attempting to sway people into using Bcash over bitcoin with some flawed arguments (he has a 22JAN18 video highlighting features of Bcash). I am not a programmer and do not know all the ins/outs of LN's but that said...

About the video:

1) This guy picked "worst case scenario" data on his examples. Buying $30 worth of bitcoin and paying $15 in fees doesn't make much sense. That is why the developers are instituting solutions like SegWit & LN. So at first he bashes the fess, and then he follows up by bashing the solution to solve the fee problem... because he just wants to hit the "easy button" of larger block size.
2) This guy is making a lot of assumptions. That "hubs" will need to do full KYC and follow all financial regulations? Says who? Anyone with enough bitcoin can set up a payment channel and become a "hub" and I am not aware of any requirement to conduct full KYC and abide by all banking regulations. Some hubs may want to do that, but I do not HAVE to use the hubs in the same way that I do not HAVE to use centralized exchanges that require full KYC. He even has a follow up video created on 01FEB18 about this subject. Again simply making claims that I do not believe to be 100% factual:

3) This guy makes the assumption that I HAVE to use bitcoin. Again, bitcoin may turn into the "store of wealth" crypto while people transact in LTC, XMR, XRB, QRL, or a bunch of other cryptos to save money on fees and spend faster. Free market!
4) Blockstream isn't "selling" these payment channels. Anybody can set one up.
5) Let's look at fees today. He made this original video on 15DEC17 - the peak of the fee problem, as shown below. Let's look at it today with many wallet providers using SegWit now, companies batching transactions, and lightning network slowly being implemented:
mempool.png
Link to chart: https://dedi.jochen-hoenicke.de/queue/#3m
Also see this website. The current recommended fee is 0.00000678 BTC - very small. https://coinb.in/#fees

The thing is, centralization & decentralization are often a scale, with trade-offs. Bcash decided to up the block size to 8Mbs. That will create its own form of partial centralization as running a full node will take up much more server space and many people won't do it. Bitcoin chose layer 2 & 3 solutions to allow the average user to be able to continue running a full node, and now people can actually make money by setting up and "locking" bitcoin by setting up payment channels with LN. If the U.S. decided to heavily regulate LN channels, then I can simply pay my neighbor with bitcoin and route through a hub in Hong Kong (or wherever). Bitcoin is borderless.

It looks like this video caught Andreas's attention as well.

ImageImageImage

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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Thu Feb 15, 2018

jcz1 wrote:Billionaire Charlie Munger says ‘bitcoin is noxious poison’

“I never considered for one second having anything to do with [bitcoin]. I detested it the minute it had been raised. The more popular it got, the more I hated it. . . . Bitcoin is noxious poison.”
Charlie Munger

https://www.marketwatch.com/story/billi ... 2018-02-14

Sounds just like many people whose hatred grew about the same rate as others' profits.


How can anyone take his opinion seriously? When you flat out say "I am emotionally against this; I have no logical reason, but I was against it the second it came out because it doesn't benefit me or the paradigm that made me rich, and has the chance to level the "rich" playing field"

Did he ever give a single reason why bitcoin is "noxious poison"? Genuinely interested. Why is it poison?
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Re: Bitcoins - fad or trend?

Postby silverpv » Thu Feb 15, 2018

cmiller17363 wrote:It looks like this video caught Andreas's attention as well.



Anton also avoids most of the legal/govt topic of the video by discussing how it hides transmission speculating, only by saying they can't. What did they say about china and mining? Look what's happening with regulators.

To get a closer look there's a demo that's out.

I saw the developer of lightningramp that uses lightning network. The legalities are still in the air, but you decide. This image was pulled directly from his demo.



The thing that catches my eye for lightning in particular not his implementation, though its likely many implementations will work like this. Is the records listed on the main channel as i said keeps tabs on your accounts, not the peers. To me its pretty clear, your info is logged and recorded by the payment channels you use.

In the other image, more particular to the integration itself. You give the authority to the lightning channel operator to access your funds and your account balances.
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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Fri Feb 16, 2018

If just sold last year, just fill out a schedule D.

Congrats to the Hodlers. No taxes for you. Stay long.
Gentlemen prefer Engelhard.

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Re: Bitcoins - fad or trend?

Postby Bucketeer » Fri Feb 16, 2018

Gentlemen prefer Engelhard.

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Re: Bitcoins - fad or trend?

Postby Bucketeer » Fri Feb 16, 2018

Gentlemen prefer Engelhard.

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Re: Bitcoins - fad or trend?

Postby Bucketeer » Fri Feb 16, 2018

Gentlemen prefer Engelhard.

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Re: Bitcoins - fad or trend?

Postby Bucketeer » Fri Feb 16, 2018

ZH: Terrified Of Bitcoin - Banks Forced To Innovate For First Time In 40 Years

https://www.zerohedge.com/news/2018-02-14/terrified-bitcoin-banks-forced-innovate-first-time-40-years
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Fri Feb 16, 2018

YouTube: Coinbase Creating "Paypal-Like" Payment Solution! (Bix Weir)

https://www.youtube.com/watch?v=j1_sViIjS9M&ab_channel=RoadtoRoota
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Long John
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Re: Bitcoins - fad or trend?

Postby Long John » Fri Feb 16, 2018

Bucketeer wrote:Congrats to the Hodlers. No taxes for you. Stay long.

Better advice now than when it was $19,000. Those who took some profit then aren't crying too much about having to pay taxes on it. The taxman comes for everyone, eventually, except those who plan to pass to the next life without ever enjoying the benefit of owning Bitcoin for a long time, or can eke it out annually to stay under an income threshold. The latter option would not be available to most people who can afford precious metals and crypto.

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Re: Bitcoins - fad or trend?

Postby Long John » Sat Feb 17, 2018

This more or less steady progression since the Feb. 6 crater is nice to see. These are 6-hour candles. Twice as many increases as drops. Not that we care what Bitcoin is worth, or anything.

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Re: Bitcoins - fad or trend?

Postby Long John » Sat Feb 17, 2018

Earth cannot contact other civilizations in the cosmos because Bitcoin miners are hogging the best GPUs, an astronomer claims. I kid you not.

https://bitcoinschannel.com/astronomer- ... rial-life/

I just knew there was a reason the saucers stopped coming here.


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