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submitted by /u/neonzzzzz [link] [comments] |
Saturday, 1 January 2022
Not to toot my own bugle, but 16 months ago, I had created a thread when Bitcoin was $12000, and enumerated the reasons it was a very bullish asset then. I had also made a rough prediction/estimate of end of 2021 price of $40k, which isn't too far from what the price is today.
Here is that thread. It was pretty well-received. And most of the points in it still hold. The following are some new developments since that thread.
- Tesla has become a net holder/buyer of Bitcoin, which makes it the first top company to do so. And it holds/buys ONLY bitcoin, no other coin. Elon Musk has also indicated that he holds quite a lot of Bitcoin ( and that he plans to buy more perhaps, but not sure about that).
- Bitcoin became the national currency of El Salvador, apart from the USD.
- Lightning network continues to develop, and gets used, specially by Strike.
- New futures based Bitcoin funds were launched and approved in USA.
All these events are again huge positive signs, which continue to make Bitcoin an attractive asset. I expect Bitcoin to double every year, that's my rule of thumb. That's why I was able to 'predict' 18K for end of 2020, and $40k for end of 2021, which are both pretty good 'predictions'. I won't be making any prediction for next year, but you can just keep doubling it every year for next couple of years, that's the formula.
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Bitcoin Treasuries List Claims 59 Companies and a Handful of Countries Hold 1.49 Million BTC
304 days or roughly nine months ago, 42 companies held bitcoin on their balance sheet with an aggregate total of 1,350,073 bitcoin on March 1, 2021. Today, metrics indicate there are 59 companies, a few countries, and exchange-traded funds (ETFs) with 1,499,493 bitcoin held in treasuries.
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MexBT not allowing withdrawal, and their support phone line is disconnected
I've been waiting to withdrawal BTC from them since 12/9. Anyone else having trouble with them? The only option for support is their support chat, and they keep putting me off, after 10+ requests. They claim they are backed up because of holidays and have a ticket put in for me. And then they told me my withdrawal was in error because it had been in the system too long. So now I'm waiting for them to get to my ticket to cancel my withdrawal, so I can start a new withdrawal request. This all sounds very shady to me.
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Buying cheap sats
One bitcoin will always be worth one bitcoin.
One million sats will always be worth one million sats.
When purchasing sats, its a different perspective. We purchase these with whatever fiat money we are using.
So, what im getting at is - people always say the price of Bitcoin doesn't matter. But, if you spend $500 at a certain point in time and receive Five million sats, and at another point in time the purchasing power of the $500 dollars is only getting you One million sats. It must matter from a personal point of view when you're spending more fiat money to receive less sats?
Im in this for the long haul but I always try and buy when the price is lower to obviously get more sats. Sometime I feel a bit annoyed when purchasing at higher prices. Does anybody else think this way? It would be good to hear other peoples buying strategy and how they think towards the price.
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How to buy Bitcoin and accumulate in my ledger without paying CRAZY fees
It would seem like a very easy question, but how I can buy BTC in binance, coinbase pro (you name it) and then send it straight away to my Ledger Nano X wallet, without paying CRAZY FEES?
Only for EU please (I wish I had Strike app).
Thanks!
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Friday, 31 December 2021
There is SOME degenerate advice on here
Most people give sound advice and have quality posts. But I’ve noticed a lot of people encouraging people to take loans to buy BTC, to invest your life savings in BTC, 100 k guaranteed 2022, that BTC will always outperform stock market and Real Estate, e.t.c.
I am a believer of BTC but I also believe you shouldn’t put all your eggs in one basket. Buy land, invest in a low cost index fund and Buy BTC. This will probably get downvoted as it’s a BTC forum. DCA what you can afford to lose but don’t become fiat broke with no other assets besides BTC. It worked well for early participants but doesn’t mean it will continue.
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Why are people extremely blind about Bitcoin ?
There is no solid savings tool and currency like Bitcoin. States, institutions, organizations can be destroyed. And it seems foolish to me that people store their economic assets in local currency in the hope that their government will make the right economic decisions. But Bitcoin will survive as long as the world exists. Now that even the blockchain is broadcast via satellite, how do people think governments can block Bitcoin? P2P systems are available. And people can use them through decentralized systems. Already, developed countries will recognize Bitcoin. And it will provide people with the necessary tools. But before governments, I think people should trust Bitcoin.
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⚡ Lightning Thursday! December 30, 2021: Explore the Lightning Network!⚡
The lightning network is a second-layer solution on top of the Bitcoin blockchain that enables quick, cheap and scalable Bitcoin payments.
Here is the place to discuss and learn more about lightning!
Ask your questions about lightning
Provide reviews, feedback, comparisons of LN apps, services, websites etc
Learn about new LN features, development, apps
Link to good quality resources (articles, wikis etc)
Resources:
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Here is an awesome list of resources compiled by Jameson Lopp: https://www.lopp.net/lightning-information.html
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Want to test out your lightning fire power? tip the Bitcoin devs! https://bitcoindevlist.com/
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Previous threads: Search
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Lnbook getting closer towards being finished and can already be seen at: https://github.com/lnbook/lnbook
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Lightning Dedicated YouTube Channel: https://youtube.com/renepickhardt
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Also there is the playlist by chaincode labs: https://youtube.com/playlist?list=PLpLH33TRghT17_U3as2P3vHfAGL8pSOOY
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Lightning stores: https://www.lightningnetworkstores.com/
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Learn more and talk about lightning right here in r/Bitcoin, r/bitcoinbeginners, r/thelightningnetwork, and the r/Bitcoin chat
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Does anyone know how to convert BTC to USD and deposit into bank?
Hi there,
Does anyone know an exchange that will allow me to do domestic wire transfer to a US bank account (I am a Canadian and live in Canada). I have the US bank account set up. I tried Kraken, but they have an intermediary bank thing, which I don't understand, may be pricey. I also tried coinbase but they don't connect to any bank once they find you live in Canada.
Thanks!
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source https://www.reddit.com/r/btc/comments/rsan7y/does_anyone_know_how_to_convert_btc_to_usd_and/
So Bitcoin we own is actually a key to the block?
I’m still trying to wrap my head around the Bitcoin.So we don’t actually own Bitcoin , it is actually always on the blockchain and we hold our keys as a proof that is ours?
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Can Michael Saylor sell all bitcoins at the request of Microstrategy shareholders if the bitcoin price stays below the average purchase price for several months?
Thursday, 30 December 2021
Bitcoin is nationless
No country controls bitcoin. No regulation can stop it. Remember that.
Keep HODLing yall, happy new year in advance :)
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I invested in a crypto called Safemoon and it opened my eyes on bitcoin even more
Basically Safemoon migrated to a new contract(Safemoon V2) which consolidates the amount of circulating tokens(1000:1) So far 300k hodlers have migrated but there is still over 1m holders yet to migrate and now the Devs being Safemoon just announced 100% tax for buying V1. My take is that it’s wrong and feels scammy to do such a thing especially when there are new investors every day and alot of them are not tech savvy. Most of the users think this is greet but I think it’s very troublesome and greedy to leave those who Supported your project behind in such a way.
Anyways I posted this concern on their sub and people seem to think I’m spreading FUD when all I want to be assured that new investors are not getting fucked.
Bitcoin upgrades are always backwards compatible, nobody gets fucked unless you fuck yourself. Bitcoin is king.
Sorry for the rant, the internet is a crazy place people are not empathetic enough
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Wednesday, 29 December 2021
Highest free Bitcoin Mining Platform
Where Is the best FREE Bitcoin Cloud Mining platform with the highest Power of Mining?
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source https://www.reddit.com/r/btc/comments/rqmk8h/highest_free_bitcoin_mining_platform/
Does investing only 200$ to bitcoin make sense for longterm holding??
Im 19 years old student with no money income and i really want to invest because i feel like i'm missing out the cryptocurrency potential.
But at the same time i think investing that little money to bitcoin wouldn't make significant profit. I feel like bitcoin is crypto for people who invest thousands of $ to it.
So what do you think should i invest it to bitcoin?
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Seems shorts have no fear..
If we are 'supposed' to be in the 70k++ range now (Plan B hype), heck even if a fair price right now is in the low 60's, how is it the shorts are not shaking in their boots right now selling and shorting into this market? Where are the whales salivating at these prices! Geez, I know volume is sort of low and people are away, but seems the sellers are all working!
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source https://www.reddit.com/r/btc/comments/rqlguq/seems_shorts_have_no_fear/
Tuesday, 28 December 2021
How would I close my blockchain.com account and withdraw funds if my bitcoin balance exceeds my annual transaction limit? I cannot access my crypto because of this annual $2000 limit they have me on. While pending a manual identity verification that’s been 8 days and counting.
Introducing Thrones.cash
I've been a supporter of Bitcoin Cash since the fork on August 1st 2017. For about a year now since ABC left I've been wondering: how I can become a builder in this community? In October of this year we started working on a NFT project on Smart Bitcoin Cash.
I'm happy to share with you all today:
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source https://www.reddit.com/r/btc/comments/rpucm9/introducing_thronescash/
Realizing BTC losses for tax purposes
Since there is no wash sale rule on cryptocurrency in the US, and assuming I made some BTC purchases for a higher price than the current price, is there any reason not to sell and re-buy in order to realize short term capital losses that I can claim on my tax return? For example, assuming I bought 0.1 BTC at $65,000 and the current price is $50,000, can I sell 0.1 BTC right now and then immediately re-buy the same amount, then claim $1,500 in capital losses to reduce my taxable income? Can I report my transactions according to HIFO? It seems like a no-brainer to do this, but I feel like I might be missing something.
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Does anyone know how to read smartscan?
I like to prep my taxes at this time of the year (end of fiscal year) so I can sell any of my crypto if need be to take advantage of the wash sale rule in crypto. Or lack of I should say. But I was looking at smartscan and it is hard to decipher. I can see how much Bch I have moved but as far as tokens I have no clue. Anyone have a link that would help? I use bitcoin.tax to keep track of my trades but they dont do smartscan. Is there a company that does. Any input would help cause the end of year is coming fast.
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source https://www.reddit.com/r/btc/comments/rps0sk/does_anyone_know_how_to_read_smartscan/
Monday, 27 December 2021
#Coinbae
What is DeFi?
Decentralised Finance (DeFi) activities have been at the forefront of technological innovation in the blockchain space. What makes DeFi applications unique? There is no need to set permissions for such applications to be used. Anyone (or any product, such as a smart contract) can interact with it, as long as it is connected to the Internet and has a supported wallet. In addition, DeFi applications usually do not need to trust any custodians or intermediaries. In other words, they are decentralised applications.
Is there any risk in liquidity mining?
The only risk is the devaluation of the virtual currency, but we use USDT, a virtual currency that pegs cryptocurrencies to the fiat currency, the US dollar. TEDA is the stablecoin.
Advantages of Defi: "high transparency", "certainty", "decentralisation", "safety and security of funds", all in your own wallet.
Defi calculates the profit of liquid mining: the product rate is once every 6 hours, i.e. 4 times in a 24-hour natural day.
Example.
100USDT-999USDT yield = 0.03% - 0.05%
1000USDT-9999USDT yield = 0.06%-0.09%
10000USDT-19999USDT yield = 0.1%-0.15%
20,000USDT-29999USDT yield = 0.16%-0.2%
30,000USDT and above yield = 0.21%-0.3%
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source https://www.reddit.com/r/btc/comments/rp4x8x/coinbae/
Is Bitcoin the best way to short the US Government specifically?
Would rather not get to crazy with treasuries or naked shorting, or any other complicated derivatives. Just a simple, clean, and explicit way to bet against the treasury, FED balance sheets, US Government et al…
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No BIP39 in bitcoin core?
Why are bitcoin core developers so negative towards BIP39 aka seed phrases?
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How the current economy “works”. and why wee need a new and decentralized system (Hint: Bitcoin!). ELI15:
How the current economy “works”. ELI15:
1) You give your power to a politician or central power to “manage” your economy.
2) They charge your credit card for everything and anything they can think of (including their own expenses).
3) For every $100 they charge to your credit card, increasing the debt without limits, they keep about 30% as a “convenience” fee for their trouble. Plus other “expenses” “administrative” costs and “commissions” to a long line of middle men. Totaling about 70% final cost.
4) They “give” you a total value of 30% ($30 out of your debited $100) for cash, payments, “assistance”, goods and services.
5) Rinse & Repeat: Borrow more, as much as they "deem necessary”, without a credit limit (or just raise it to infinity).
6) ...profit!!! ...for them!!!
Their only concern is to keep you relatively “happy”, complacent and uneducated to get reelected a few more times, make bank, then retire without a single worry because the broken system is not their fucking problem anymore. “I got mine, fuck you!”. The next people in power will need to figure out how to fix it or just continue till it implodes, as history shows.
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Moonpay payment processing problem on Bitcoin.com
Question, I tried two different debit cards (visa) on the site using moonpay and got the same processing error each time. Is there some sort of restriction I am not aware of? I don’t have any limits set on the bank card side that I am aware of. Is the payment processed like a purchase or a cash advance? Just curious if anyone has any experience here. Thanks!!
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source https://www.reddit.com/r/btc/comments/rp26qd/moonpay_payment_processing_problem_on_bitcoincom/
Cloud mining platform CHAINMINE is BLOWING UP!😳💣💣🤯🌈🌈🌈🌈
Check out and sign up with my referral link
It is getting very famous now, everyone should know about it! altough i cannot ensure you its completely legit,you actually make 10 dollars a month🆓 and upgrade it without spending any real money!
Be aware of this and dont spend any money that you need for living! 222% in a month is CRAAAZY🤯 dont get dizzy with the money and be wise,use tha calculator and think before you do anything,these kind of pages dont stay up for more than a month?you are warned...
Have a nice one and stay safe out there 😜
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source https://www.reddit.com/r/btc/comments/rp44ww/cloud_mining_platform_chainmine_is_blowing_up/
Skeptic here - help me understand
Crypto holding are highly concentration in the wallets of the very few. Specifically, The top 0.01% of holders own 27% of all bitcoins. This is much more concentrated than the overall US wealth where the top 1% own 1/3 of all wealth.
https://www.google.com/amp/s/www.cbsnews.com/amp/news/bitcoin-cryptocurrency-wealth-one-percent/
So, moreover, 55 percent of all crypto holders bought this year alone. So, why would you buy Bitcoin today and hence, drive up pricing, when this truly helps the very few at the top. This seems like a clever scheme by the very Bitcoin rich to get other people to buy into a view of bitcoins store of value. Since the wealth is concentrated in the elite and adoption spiked this year, it implies newer buyers have very little chance of attaining same returns as before. So, the people at the top (think saylor…others) are incentivized to keep pumping Bitcoin and creating fomo because they need others to buy into their vision or they are stuck with less valuable “assets”. I would like to understand why people are buying now given this dynamic.
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Bitcoin mass adoption versus Government control
The more time I spend learning of the benefits of a decentralised network for curency the more impressed I am with its efficiency and transparency. I can strongly visualise a future where p2p is all decentralised.
My main question is this: how will this ever be allowed by any government? Our whole WORLD is built on old school conventions of central authorities, banking systems and networks. Can bitcoin ever REALISTICALLY become a global power currency because surely as it gets more popular, governments will get concerned that they are losing control and regulate it down.
Why would a government ever want the world to go decentralised? It is not in their interest at all. The migration to decentralisation would be carnage too, given how many moving parts there are as dicussed above.
Can anyone explain how this could feasibly work? I love the idea but just don't see how it will be allowed.
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Sunday, 26 December 2021
Cattos NFT Minting website is now live!
We are thrilled to announce that the Cattos NFT minting website is finally ready to be used.
To mint some CTN simply go over to https://cattos.cash and follow the on screen prompts.
Cattos NFT Contract Address: 0x9F6466C0ffe9245d994C18c8B0575Af22a5AeEd5
Join the group to get access to first early bird announcements: https://t.me/cattosnft
Cattos NFT Can be trade https://Oasis.cash
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source https://www.reddit.com/r/btc/comments/rohuro/cattos_nft_minting_website_is_now_live/
The best Christmas present I have ever received…
My uncle who was an early adopter just gave everyone in our family some sats and a wallet. Probably the coolest gift I have received. Happy HODL-days everyone
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