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submitted by /u/I_Am_Entrepreneur [link] [comments] |
Saturday, 20 March 2021
HODLers don't concern themselves with the opinions of Nocoiners
I think we're in the part of the bull run where the FUD has ramped up above the mean. When Bitcoin comes down off an all-time high, people in my orbit -- family, friends, coworkers, general haters on antisocial media -- get bold again with the criticism. They gloat about their prescience.
Sometimes it is projection of their own insecurity and self-doubt. It is their own aversion to risk that's talking, and they don't want to see others gain where they are afraid to.
Sometimes they criticize the idea of Bitcoin itself. They are beholden to "the way things have always been" as if evolution is a mechanism of the past whose endpoint is the present and not something continuous.
Take profits because you've met your goals. But don't let nocoiners sow doubt in your investment. This is the best ride I've ever been on.
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Can OnlyCoins.com be trusted?
The wallet is custodial. The site can run away with all the deposit money.
I understand why the site's developers need to stay anonymously, but I would love the site use non-custodial wallet.
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source https://www.reddit.com/r/btc/comments/m8zxbt/can_onlycoinscom_be_trusted/
Bitcoin wallet help!!!!
I just opened a Bitcoin BTC wallet was excited to get the funds from my first mine and I even sent myself $150 to my new wallet just to get it up and going and after 3 days rude replies from customer service reps off app help&support section can anyone tell me why my funds never got to my wallet. I have not received or sent a transaction from that wallet address but yet on blockchain it shows I send out 82 transactions. Somehow I managed to get a recycled address or a identical address someone else has and I and watching for three days them use my funds. My Bitcoin wallet I have 0 transactions on my history and I can’t get anyone to help me understand how this happened and why I can’t stop the other person from using my funds or why they are going to the other wallet instead of mine.
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source https://www.reddit.com/r/btc/comments/m913fu/bitcoin_wallet_help/
A bit of guerilla marketing for people to stumble upon. It's not much, but it's enough for people to try it out for themselves without any bullshit KYC. I'm going to be making this a permanent job spreading awareness!. Many thanks to Roger and the Bitcoin.com team for making this so easy to do.
I'd like to start a discussion about owning Bitcoin and why everyone who owns Bitcoin should run a full node.
- Better Network Connectivity
- Validate your own transactions
- ??
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How many Bitcoin Cash miners are out there, and how many Bitcoin Cash coins are needed for Smart Cash?
Trying to figure what the effect on price will be once Bitcoin Cash can be used to get fee payouts from Smart Cash.
Also what kind of volume can we expect from Smart Cash? If the reward from the miners increases considerably, so will the PoW hashrate. Things will get very interesting if the volume grows for Smart Cash.
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source https://www.reddit.com/r/btc/comments/m8v73l/how_many_bitcoin_cash_miners_are_out_there_and/
I finally understand why you guys are so adamant about this...
I’m not a super technical person, but I’ve been lurking here for a bit and almost instantly encountered the discussion regarding the 1mb block size problem with btc. After reading what you intelligent people are saying, I totally agree with the ability for greater block sizes to preserve the p2p aspect; in fact I didn’t even realize that block size was essentially the bottlenecking factor for network scalability. I’ve been holding my btc for a bit, and I can safely say that I’ll be converting to bch should I ever need to spend it. Not really sure how or why I never did it in the past, oh well. All I can say is that despite you guys being pummeled into the ground in terms of the btc/bch pair, I think putting additional emphasis on the p2p aspect in the form of an entire hard forked network is extremely noble. Like yes, Blockstream and Btc elites are gonna have their fun with their network while making some people rich, but it’s nice to know that BCH is oriented in a more user centric way.
tldr; I thought BCH was pretty dumb for a while because magic coin go up, but I’m glad I can finally start to appreciate the beauty of BCH. Thanks for doing the right thing all along.
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source https://www.reddit.com/r/btc/comments/m8usom/i_finally_understand_why_you_guys_are_so_adamant/
Friday, 19 March 2021
Bch is 2nd but......
the Bch network moves over 6Billion usd everyday compared to 100million just 3 months ago! It is the second biggest crypto as far as daily usd transacted. bitcoin transactions are about 5 times as many at around 30billions/day. Price of bch is valued at less than 1% the price of btc...bch is the most undervalued asset in the world at moment!!!! The number of transaction on bch are greater that the number of transactions happening on bitcoin network.
https://bitinfocharts.com/comparison/sentinusd-eth-ltc-bch-doge.html#6m
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source https://www.reddit.com/r/btc/comments/m8bl7y/bch_is_2nd_but/
Please educate people about Bitcoin's energy use
We need to do better in convincing people Bitcoin is more energy efficient than the systems it replaces.
People constantly attack Bitcoin because they think it is destroying the environment. I'm an environmentalist myself, and I tried to provide helpful information to the r/environment community about bitcoin. Link below.
https://www.reddit.com/r/environment/comments/m7xn1k/bitcoin_is_misunderstood_by_environmentalist/
I was banned for life from the sub within minutes of posting this. They muted me when I asked why I was banned. The post does not violate any rules. EDIT: They also removed all my comments. Lol.
As I mentioned in the post, bitcoin is a trillion-dollar global monetary network that has never been hacked, and it's running on $1B/year in energy costs (22 terawatt hours at market rates). A TRILLION dollar network running on 1% energy costs.
That's the point we need to drive home to my fellow environmentalist. Eventually, they will understand Bitcoin is orders of magnitude better than its alternatives.
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When I realized I became a true believer of BTC..
I get more excited when price goes down than when it goes up because that means I can buy more BTC on sale. Is it just me? LOL
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Bitcoin is Bitcoin Cash
Aikido is non-violent and stresses the concept of blending rather than opposing the force of another person or a situation. “The way of a Warrior is not to kill and destroy but to foster life, to continually create.” In Aikido one does not attack. “If you want to strike first to gain advantage over someone, this is proof your training is insufficient,” said O-sensei. Yet, one does not run or cower from attack either. Aikido is not passive. Rather, the Aikidoka lets the other attack and uses the attacker’s aggression or energy against him. In this way one can defeat an opponent through non-resistance by leveraging the other’s force rather than one using his own brute strength to resist.
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source https://www.reddit.com/r/btc/comments/m849dd/bitcoin_is_bitcoin_cash/
Anyone else use telegram btc miner?
Check this out iv made $169 in btc since March 13. https://t.me/BTC_Miner_ar_bot?start=1475083342
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source https://www.reddit.com/r/btc/comments/m84wx3/anyone_else_use_telegram_btc_miner/
Careful of the "This time is different" mentality
Bitcoin is in a cycle and the same patterns in its valuation have been occuring for years now. Cheap credit for the masses is leading to speculation with the potential of the price reaching nosebleed territory.
Bitcoin is certainly the future but remember cycles in its price have always been occuring.
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i’m proud of you
today, i was excitedly explaining stacking a small portion of my paycheck towards bitcoin.
it made me really happy, even though it was just $50... but my husband grabbed my hand and told me he was proud of me. it made me feel special.
so, i wanted to tell all of you stacking those satoshi’s, that i am proud you. every bit is important, no matter how small, keep it up!
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Thursday, 18 March 2021
not just Bitcoin Cash, most crypto price in BTC has been in downward trend. the past couple of months.
Have a look at Litecoin, Dash, Monero, XRP, Stellar.. All their price in BTC, too have been dropping.
However, BCH transactional volume have been on the rise and now surpasses BTC
BCH in USD sent has also increase 10 fold from last year. These are vital statistics.
When the tide turn, BCH will be the one coin leading altcoin pack.
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source https://www.reddit.com/r/btc/comments/m7kwyw/not_just_bitcoin_cash_most_crypto_price_in_btc/
More international adoption: First Bitcoin ETF approved in Brazil
https://cointelegraph.com.br/news/banco-itau-and-btg-pactual-join-hashdex-and-announce-brazils-first-bitcoin-etf-with-cvm-approval (in portuguese)
I personally think these bitcoin derivatives are BS , not your keys not your coins..
That being said, I think this is yet another sign bitcoin is taking over, banks (and soon, if not already, central banks) cannot deny it anymore. It seems more and more inevitable for hyperbitcoinization to happen.
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So I ask this here as I am banned from r/bitcoin and apparently I am not trusted enough for r/bch
With all of the institutional investors now flocking and securing tens of millions of dollars (sometimes hundreds of millions) of Bitcoin, specifically. Is it somewhat safe to assume BTC isn’t going anywhere?Whether it’s inferior to BCH or not, it should be welcomed as a store of value because the more it’s worth, the better the entire ecosystem will be.
I see BCH positioned as sort of the ‘right hand man’ of BTC if you will. It will flourish as an everyday P2P option but BTC will be there as well, reigning supreme for its scarcity. In my opinion, BTC had/has way too powerful a first mover advantage to ever succumb to it’s drawbacks. It could be legit the worst option for moving any sum of money anywhere, it will still be a golden household asset.
I just hope BCH wakes up as it appears to be one of the only in the space that has yet to regain what was lost in the dark days of 2018-2019. That said, I expect a lot of noise from BCH over the course of the next few years. Opinions?
Disclaimer: I own BCH and BTC and will never lessen my potion on either as I see massive potential in the long run.
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source https://www.reddit.com/r/btc/comments/m7c3he/so_i_ask_this_here_as_i_am_banned_from_rbitcoin/
Swinging for the homer!
I have two children. I bought them each 2k in bitcoin today. I believe that it will pay for college. Who is with me?
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Got a waifu from the faucet and for the life of me have no idea where it went 😭
I only have one wallet for SLPs so I have no clue why it wouldn’t be there, wanted to see it and for the life of me can’t think of another place it would be 😭
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source https://www.reddit.com/r/btc/comments/m7e4o8/got_a_waifu_from_the_faucet_and_for_the_life_of/
Warning: STOP buying Bitcoin on Robinhood. These guys almost went under to a 3b margin call on illegal $GME paper trades. They will rob you and go broke.
If this applies to you, seriously what are you thinking? We’ve been shouting “don’t buy BTC on RH” from the rooftops. The latest update is finding out that RH has admitted to paper trading $GME and fucking investors when their naked positions caught a 3 billion dollar margin call.
If this has been a Bitcoin related event, there would have been no recovery, RH would have filed for bankruptcy and relied on their elite friends to manage any government intervention that may crop up.
RH basically shorted every order their client’s made, not only stabbing those clients in the back short term, but setting them up to lose everything if they were right. If $GME had gone to $1,000 all of these folks would have been left with less than their buy-in because RH would have gone under.
Returning to Bitcoin, it’s important to understand that this deceptive practice is even more easily perpetrated against RH’s BTC buyers and that Congress / regulators are even less likely to do anything about it.
For the love of Satoshi, I know at least one of you reading this is still not selling the Bitcoin you have on RH, transferring your fiat to a legitimate exchange, rebuying the Bitcoin, and storing it off exchange. Stupid games, stupid prizes, and you can’t be entirely dumb if you’ve read this far. Make the move right now and sleep better knowing your coins are safe and Sonos the integrity of the Bitcoin ecosystem.
Other exchanges to consider include: Gemini, Kraken, Binance US, Coinsebase Pro, Swan, and if you’re a real legend BISQ.
If this is your first time hearing this stuff, search r/Bitcoin for Robinhood and checkout this recent r/wallstreetbets thread detailing RH’s 3 billion dollar margin call https://www.reddit.com/r/GME/comments/m74e3g/this_is_huge_robinhood_never_owned_your_gme/?utm_source=share&utm_medium=ios_app&utm_name=iossmf
TL:DR - RH probably isn’t buying Bitcoin when you buy Bitcoin on RH. If Bitcoin rallies hard enough, or if RH has an internal problem, you’re likely to lose everything. Move your funds off of RH.
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If Powell keeps talking...
We may hit 60k before he stops! Don’t let this man off the mic
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Wednesday, 17 March 2021
Michael Saylor said bitcoin can do 1mil transaction
In a interview posted earlier he said btc can do lightning speed and is programmed to do 1m transactions per Second. He is spreading lies on yt interviews to pump his bags 😁
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source https://www.reddit.com/r/btc/comments/m6uhmq/michael_saylor_said_bitcoin_can_do_1mil/
Launching xmrTo.cash soon and have a question about US money transmitter licence.
We think we have a good option for obtaining a money transmitter license in the US (which is very costly otherwise). Simply purchase a check cashing company that is otherwise going out of business.
Is this a good idea?
Will the money transmitter licence used by a check casher be the same required to exchange crypto?
Thanks for any thoughts or insight.
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source https://www.reddit.com/r/btc/comments/m6rf34/launching_xmrtocash_soon_and_have_a_question/
Why so few real issues with BCH?
I've been reading for a while now, and now and then I see Peele trash talking BCH, but never anything of substance. It's always something like "it's not the real bitcoin" or "look at our gains" or something along those lines. But I would seriously like to hear some legitimate concerns. I've read some articles, but they only seem to gloss over bitcoin's issues with the best argument being Lightning Network is coming. But I have yet to see any real good news coming off that. Their main issues the BCH are the block sizes keeping small players out, but it seems like that ship has sailed for bitcoin, cause only the big mining farms are profitable these days.
Either way, I still like bitcoin because getting lists of money just for sitting on it is cool. But I won't be buying anything with it any time soon, which kind of defeats the whole purpose that it was created for. But that's just my two bits. I'm not even trying to shill here, as I don't even think bitcoin cash is going to go that high. But I really enjoy the idea that I could buy something cheap like a cup of coffee and neither I, nor the vendor will have to pay $20 for the bitcoin tx fee, or a even a $3 swipe fee to visa. Getting a $0.25 tip and having the fee only take about $0.0018 was pretty damn cool. It's just money, bro.
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source https://www.reddit.com/r/btc/comments/m6ruhr/why_so_few_real_issues_with_bch/
"Almost missed these. OMNI blockchain, not reported by Whale Alert I think, better keep an eye on them, seems like (Tether) started using it again (transaction before these two was made in Jan, before this one in Sept). Of course these were sent to an exchange." LucaLand
CEO of NYDIG, "In the next week, you'll see gamechanging milestones for bitcoin adoption in the financial landscape"
MAJOR NEWS bullish for bitcoin
NYDIG is the company handling the bitcoin purchases for most of the large corporations who are buying it. NYDIG's CEO says the large corps who are buying bitcoin will be making major related announcements within days.
Starts at the 50 minute mark.
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Anybody Canadian with money/crypto in Coinsquare? They are having fiat deposit and withdrawal delays of 1 to 2 weeks.
Also right now takes over 8 hours before they make a tx when you do a crypto withdraw.
Do with this information what you want but I hope this time the Canadian BCH community will be hurt less then what happened with Quadriga.
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source https://www.reddit.com/r/btc/comments/m6pfj7/anybody_canadian_with_moneycrypto_in_coinsquare/
Bitfinex/tether settlement summary, and what happens in may 19
Reposting from r/cryptocurrency
IMO this is a big deal that doesn't get talked about enough here, and too much on r/buttcoin.
TBH you're probably better off reading the full settlement doc it's not that long, and quite clear.
For the unfamiliar, Bitfinex prints Tether(USDT), a stablecoin 1-1 with USD. It has some of the highest volume on the market because it facilitates exchange and the ability to park your gains temporarily without converting to fiat. Current market cap: $38.7B. They recently settled with the AG in New York over fraud investigations for $18.5M with some stipulations.
I haven't seen a good summary of the settlement agreement anywhere, so hopefully this is somewhat useful. Disclaimer: I'm not very smart, so besides the parts I'm taking directly from the document, take this with a healthy amount of salt.
Effective Date of the settlement: 2021/02/18
90 days from the Effective Date AKA deadline: 2021/05/19
Findings
Note: Bitfinex neither confirms nor denies any of this, but did agree to the settlement.
2017 Backing issue
• Tether's bank accounts are supposed to back USDT 1:1, and they did claim to do so at this time.
• Wells Fargo stopped accepting their wire transfers in late March, so they had to switch banks.
• Tether opened an acct with Bank of Montreal in September which never had more than $61.5M in it.
• At this time there were 442M tether in circulation, backed by only $61.5M. The remaining was backed by receivables (IOU) from Bitfinex, in a comingled account. Bitfinex did have this money as verified by Friedman LLP.
• Tl;dr Bitfinex had the funds instead of Tether, so from June to September, 442M USDT wasn't backed by their "own" assets.
2019 Loss of assets to Crypto Capital and reserve misrepresentation
• Bitfinex used Crypto Capital (CrC for brevity) for payment processing. PoC was named "Oz"
• By 2018, CrC held $1B of Bitfinex deposits.
• CrC supposedly had an account frozen in Poland with >$340M. Oz claimed this was temporary, and Bitfinex money was fine, but evaded transferring them the money with BS excuses ("bankers on vacation" lol).
• Between April 2018 and July 2018, Oz told Bitfinex that $150M of client money was frozen in Portugal.
• In July, Bitfinex had over 80% of client deposits with CrC, and $500M "frozen" with CrC (I'm unsure if it was actually frozen or if Oz just wouldn't give it to them). Bitfinex still told people to use CrC.
• Bitfinex borrowed $400M from Tether throughout summer 2018 to stave off the "temporary liquidity crisis".
• In November, Tether opened an acct with Deltec, and published a doc with Deltec letterhead confirming that they had $1.83B in their acct as of Oct 31.
• The next day, they transferred $475M to Bitfinex. Bitfinex at the same time purchased 150M USDT via CrC (frozen assets). Neither txn was disclosed.
• So once again, a large amount of USDT was unbacked because funds were sitting in Bitfinex's acct.
• In Feb 2019, they quietly changed their wording about USDT backing to include other assets.
• Between late 2018 and March 2019, Bitfinex opened a line of credit from Tether which retroactively included $625M (475 + 150) already transferred. This was collateralized with Digifinex shares, Bitfinex's parent company.
• Tl;dr 675M USDT went unbacked to cover ~$850M in Bitfinex funds held by Crypto Capital (maybe fraudulent?). They continued claiming this wasn't the case, and the transfers weren't disclosed. As of today, the money Bitfinex had with Crypto Capital cannot be accounted for.
Consequencecs
$18.5M for the settlement. Not tax deductible. Paid in full, ensuring AG will not bring any claims against Bitfinex regarding the above matters if they do the following:
• Repay the full line of credit balance as of Jan 2021. (Edit: they announced this was paid off)
• Block all trading with New York people and entities. AG can ask for evidence this is being done.
• Halt all business with New York entities besides KYC, Anti-Money Laundering, blockchain analysis or tracing, user risk scoring, legal services.
• No OTC trading in New York.
• Reporting on business operations - By deadline (May 19), and following that, quarterly for 2 years, Bitfinex/Tether has to provide:
• Documents substantiating Tether's reserve acct(s) balance. (Important!)
• Verification that Bitfinex and Tether's accounts are separated and in order. Are tether reserves held separately from operating accts? Are Bitfinex and Tether accts separate? Are Bitfinex client accts separate from operating? Are virtual client funds segregated?
• All documentation of transfers between Bitfinex and Tether.
• Quarterly publication of Tether reserves for 2 years (Important!). Tether will have to publish what percentage of its assets are cash, loans, securities, etc, also specifying if loans and receivables are from/to an affiliated entity. I don't know when they do this, but it's quarterly, so hopefully we get to see something by Q1 end. If not then, then by Q2 end.
• Transparency and opt-out from payment processors - By deadline (May 19), and quarterly for 2 years after:
• Publish a list of pament processors, and all DD about payment processors they've done. This information excluding the DD must be available to users upon request.
• Notify users and give them the option to opt out of using payment processors.
My take on what this means
Short answer: No clue. Long answer: No fucking clue.
People are worried that tether is artificially pumping the price of crypto. Some interpret "USDT is backed by cash and other assets" as potentially USDT being backed by the crypto assets they're pumping. If this is the case, then when they stop printing, the crypto market could crash. On the other hand, others believe that the reliance on USDT is overstated since there's more transparent stablecoins in DAI and USDC and theoretically if the crash happens, it's overall a good thing.
Tether has a $30B+ market cap, which is a helluva lot of money. We'll find out how much of that is backed in May (or maybe earlier EoQ). Is r/buttcoin right, and crypto is funny money? Is r/bitcoin right that numbers only go up? Please argue a lot in the comments, thanks.
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source https://www.reddit.com/r/btc/comments/m6r269/bitfinextether_settlement_summary_and_what/
The Dip is Good
The Dip is a test. It showed durability, it has hardened BTC. Like a hammer beating down on forged iron. Test at $53,200 and held, as fast as people were selling into it, it bought all they could give. Support. We don't have to wonder, now we know.
The coins moved, from those that would not HODL to those that hopefully will.
Now we go back to 61k with strength and confidence!
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