New to P2P markets, I have some questions

I've been buying Bitcoin via centralized exchanges and transfering directly to my hardware wallet but according to some of these CEXes it is now a requirement to make a video of MY personal wallet/holdings to prove ownership (or some bullshit) in my country before they'll let me transfer funds from my bank. To me this comes across as a poor attempt to do KYC, which I hate with a passion.

I'm new however to P2P alternatives and I have some questions that maybe some of you are willing to answer.

1. When I initiate a trade on an app like Bisq where I am the buyer my understanding is that I have to transfer funds to the seller (through various payment methods). The seller then has to confirm that the funds were received, after which a multisig transfer of Bitcoin will be initiated by Bisq.

What happens though if the seller does not confirm the arrival of my funds? Will there be any recourse for me to get my funds back, or do I simply have to trust the seller?

I know the same can be said about centralized exchanges in the sense that I have to trust them with my money (albeit temporarily) but I am wondering if maybe there is a way on the protocol level to have some sort of middleman/smart contract type functionality that still allows for fiat -> crypto conversions.

1. I know nobody can answer this with 100% certainty, but how likely do you think it is that Bitcoin that was obtained outside of KYC-enabled environments will be somehow marked as such and could in the future (if/when we have mass adoption) be rejected by retailers/institutions we depend upon? (e.g. for day-to-day needs)

For example, when retailers I depend upon for my day-to-day needs accept Bitcoin through some third-party (I think this could be enforced by governments, sneak in through misinformation, etc) and this third-party would only allow for coins that have been obtained via CEXes with KYC, they would theoretically be able to reject my payment because I have obtained my coins outside of KYC enabled environments.. right?

Thanks.

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Gregg Foss: Bitcoin Is Worth $2 Million In Today’s Dollars

Gregg Foss: Bitcoin Is Worth $2 Million In Today’s Dollars He's said it many times, and said it again at Bitcoin Amsterdam. What do you think?

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Bitcoin is reeeealy volatile

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Let's try

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A little history lesson to emphasize the importance of self sovereignty through bitcoin.

TLDR ; the government finessed the people (surprise) with a huge transfer of wealth by not allowing people to possess large amounts of gold(be there own banks) and confiscating it all, then by proclamation increasing the value by roughly 75%, profiting handsomely and devaluing the dollars they exchanged to citizens for it in the process

Executive Order 6102 required all persons with more than 100$ equivalent in gold to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve in exchange for $20.67 (equivalent to $433 in 2021)per troy ounce. Under the Trading with the Enemy Act of 1917, as amended by the recently passed Emergency Banking Act of March 9, 1933, a violation of the order was punishable by fine up to $10,000 (equivalent to $209,000 in 2021),up to ten years in prison, or both.

https://imgur.com/a/8IQ4WXn

The main rationale behind the order was actually to remove the constraint on the Federal Reserve preventing it from increasing the money supply during the depression. The Federal Reserve Act (1913) required 40% gold backing of Federal Reserve Notes that were issued. By the late 1920s, the Federal Reserve had almost reached the limit of allowable credit, in the form of Federal Reserve demand notes, which could be backed by the gold in its possession.

BTW since 2020 the required reserves of cash on hand per amount deposited is zero.

https://imgur.com/a/g9PDnF8

https://www.federalreserve.gov/monetarypolicy/reservereq.htm

The price of gold from the Treasury for international transactions was then raised by the Gold Reserve Act to $35 an ounce (equivalent to $733 in 2021). The resulting profit that the government realized funded the Exchange Stabilization Fund, established by the 1934 Gold Reserve Act. More about the ESF https://home.treasury.gov/system/files/206/ESF-Annual-Report-for-Fiscal-Year-2021.pdf

A New York attorney named Frederick Campbell had one deposit at Chase National Bank of over 5,000 troy ounces (160 kg) of gold. When Campbell attempted to withdraw the gold, Chase refused, and Campbell sued Chase. A federal prosecutor then indicted Campbell on the following day (September 27, 1933) for failing to surrender his gold. Ultimately, the prosecution of Campbell failed, but the authority of the federal government to seize gold was upheld, and Campbell's gold was confiscated.

The Gold Reserve Act of 1934 made gold clauses unenforceable and authorized the President to establish the gold value of the dollar by proclamation. Immediately following its passage, Roosevelt changed the statutory price of gold from $20.67 to $35 per ounce, thereby devaluing the US dollar, which was based on gold. That price remained in effect until August 15, 1971, when President Richard Nixon announced that the US would no longer convert dollars to gold at a fixed value.

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Open Sourcing the BITCOIN YouTube Channel | Who Should Contribute?

Hi r/bitcoin

I'm going to be opening up the BITCOIN YouTube channel to Bitcoin developers, educators and creators soonTM. They'll be able to log in with their own gmail account, upload and publish their own content without my permission. Before I start sending out invites, I thought I'd ask, who do you want to see as a contributor to this project?

For more information about the project: https://github.com/Fiach-Dubh/BITCOIN-YouTube

if you have any questions or feedback, I'm all ears.

Thanks for reading.

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On a Ford Edge though….

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https://ift.tt/iCcdmSf

submitted by /u/InstaCrypto_INC [link] [comments]

source https://www.reddit.com/r/btc/comments/y3bd5m/httpsplaygooglecomstoreappsdetailsidininstacrypto/

Bitcoin's Huge Accounting Win

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CPI report shows Inflation eased to 8.2% but remained high in September - cinemanewstv

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Funniest video that I've seen today 🤣 📉📈 #cryptomarket #buy #high #sell #low

submitted by /u/Necessary_Ad_8895 [link] [comments]

Anyone know if this quote is legit?

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In case you missed it: Stack Wallet! A new FOSS, non-custodial wallet that supports BTC and BCH.

Bitcoin(Cash)ers of all kinds! I wanted to tell you all about the little project me and my small team of FOSS-lovers made. A new non-custodial, multicoin, 100% FOSS wallet that supports several coins, Bitcoin and Bitcoin Cash included.

I was just never satisfied with the multicoin wallet offerings available. They were either closed source (Exodus, Coinomi, Atomic etc.), only partially open (Trust), had bad design, or any combination of those. So I decided to walk to the walk and go fully-FOSS, and utilize our top-notch design chops to bust out a wallet the FOSS community could be proud of.

Stack Wallet has a built-in third-party exchange (our business model), never pushes your keys off device, backup system for all of your wallets, and much more, with many more features on the way.

We're still in open beta, though we should be leaving that status within a week or so. Please give us a try and tell us what you think, how we could improve, or what features you'd love to see!

Visit our website, check out our Twitter for giveaways, news, and updates, and download us on iOS App Store, Google Play Store, or add us on F-Droid (instructions here). And don't worry, desktop is coming soon.

Thanks all! Let's make the reality of easy, beautiful, self-custody, P2P money a reality together!

submitted by /u/Rehrar
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source https://www.reddit.com/r/btc/comments/y385vs/in_case_you_missed_it_stack_wallet_a_new_foss/

Canadian Bitcoin Ownership Jumped from 5% to 13% in 2021

submitted by /u/undertheradar48 [link] [comments]

The choice is yours.

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“Bitcoin breaks Orwell's dictum. The full might of a superpower doesn't help you smash a math problem. A math problem is a math problem, connected to the existence of intelligence in the universe or basic physics.” - Julian Assange

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Enjoying a Sats powered beer in Amsterdam using LN :)

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Is Fiat Cancelled Yet? We Sure Hope So! Buying Beer w/ Satsback Custom NFC card ⚡️

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FT: “We can't believe we're writing this... but long-term inflation-linked gilts have now crashed even harder than Bitcoin”

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is there are anyway to purchase bitcoin without kyc verification process?

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Get Sherlocked @ InstaCrypto's P2P Electronic Bitcoin Cash Meetup by paying for your drinks with BCH

submitted by /u/InstaCrypto_INC [link] [comments]

source https://www.reddit.com/r/btc/comments/y2dfn6/get_sherlocked_instacryptos_p2p_electronic/

Tor Is Under Attack And Bitcoiners Must Help Fix It

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Edward Snowden: Chancellor on brink of second bailout for banks

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StratumV2 reference implementation live for pilot testing. This is very important!

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“Google isn’t accepting bitcoin, they’re immediately liquidating bitcoin for dollars. This isn’t a bullish event.“ 📉🕳️

submitted by /u/Egon_1 [link] [comments]

source https://www.reddit.com/r/btc/comments/y1llvj/google_isnt_accepting_bitcoin_theyre_immediately/

BNY Mellon to offer crypto services - Reuters

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SEC Rejects BTC coin ETF Application — Again 🤷‍♂️📉🕳️

submitted by /u/Egon_1 [link] [comments]

source https://www.reddit.com/r/btc/comments/y1im6b/sec_rejects_btc_coin_etf_application_again/

Bitcoin Lightening Network Upgrade

submitted by /u/shotsbymatta [link] [comments]

source https://www.reddit.com/r/btc/comments/y1grnc/bitcoin_lightening_network_upgrade/

Is "INTERPLANETARY FLIPSTARTERS" Legit?

Hi guys, i'm thinking of creating a flipstarter, but the conventional way some friends have been using is a bit problematic for me since i need a credit card or paypal account to use the Digital Ocean service. A friend sent me the "Interplanetary Flipstarters" link but warned me that is a new thing and may not be trust worthy. Any of you guys know anything about it?

submitted by /u/laeternavigilancia
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source https://www.reddit.com/r/btc/comments/y0t9w0/is_interplanetary_flipstarters_legit/

I left Google to build a Web3 startup: This is my ninth attempt, but here’s why I don’t give up

submitted by /u/sadgf13 [link] [comments]

source https://www.reddit.com/r/btc/comments/y0r7o6/i_left_google_to_build_a_web3_startup_this_is_my/

Is investing in Bitcoin your only plan to become wealthy?

The title says it all… I get the feeling that most people here gave up using fiat to improve their careers or open a business to invest sole in BTC hoping to become rich that way.

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Which NFT character services are the best to buy from?

submitted by /u/sadgf13 [link] [comments]

source https://www.reddit.com/r/btc/comments/y0psg0/which_nft_character_services_are_the_best_to_buy/

Started my DCA for the first time since 2014!

I am very lucky to have originally bought BTC around $300 and be a multi whole coiner. Since then I've always HODL but never contributed more to my stack.

Having a child has really reaffirmed what I plan to pass onto them. They will be whole coiners and it's one of the things I am most proud of. 2030 and beyond, I believe 1 BTC will be life changing.

Now, to continue that legacy, I started to buy ~1M sats/month until at least the next halving. I believe this is one of the last accumulation periods we have to make sizeable additions to our stacks.

I hope this is another choice to bring generational wealth to my family. Coming from nothing, BTC has already changed my life dramatically. I hope it will continue to my family.

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NotTheOnion: Ben Bernanke wins Nobel Prize in Economics

submitted by /u/s3k2p7s9m8b5 [link] [comments]

4% Rule Income Contours for Bitcoin

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What is the state of Badger Wallet? I cant find it anywhere to install it. Yet Read.Cash points to it.

submitted by /u/mrtest001
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source https://www.reddit.com/r/btc/comments/xzwwyt/what_is_the_state_of_badger_wallet_i_cant_find_it/

Here’s What’s Happening in That Viral Oil Well Bitcoin Mining Video

submitted by /u/polloponzi [link] [comments]

The first iteration of the bitcoin logo designed by satoshi

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Lightning Network is a dead horse. You can stop beating it now.

Bitcoin Cash does not benefit in any way from the failures of Lightning Network. And for laser-eyed BTC believers, the adoption or lack thereof of LN is irrelevant. Digital gold is like a religion to them, and they will remain maximalists regardless of LN adoption.

It is no longer 2017. The most activity and growth right now is in defi and smart contracts. These will gradually make BTC less and less relevant, but they have the same effect on BCH. The implosion of SmartBCH was much more devastating for BCH than the languishing of LN ever will be for BTC.

The intense focus on LN is just a sad distraction from this fact. BCH is not competing with LN, it is competing with stablecoins and smart contract platforms.

My rant is over, you may now downvote :)

submitted by /u/Sugarbird676
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source https://www.reddit.com/r/btc/comments/xzuesc/lightning_network_is_a_dead_horse_you_can_stop/

Eliminating spam with Lightning payments

Clip from The Kevin Rooke Show

https://www.tiktok.com/@kevinrookeshow/video/7152561550883114246?is_from_webapp=1&sender_device=pc&web_id=7142500301492651526

submitted by /u/printerSaysBrr
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My latest Bitcoin Theme vector art

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Where are private keys stored?

My understanding is that your seed phrase is what you need to input into a hash function to render your digital signature used to show that you requested a transaction (maybe I have understood this incorrectly).

But you are given your words when you create a wallet. Where did they come from? And where are they stored other than with me?

Thank you for the help.

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Hit piece on Circle linked to Gavin and those wanting to scale BTC

submitted by /u/mjh808 [link] [comments]

source https://www.reddit.com/r/btc/comments/xz42r1/hit_piece_on_circle_linked_to_gavin_and_those/

Unchained Podcast Summary: What Does SBF Think About the Current Crypto Market?

Sam Bankman-Fried is the founder and CEO of FTX, a digital asset exchange.

In this episode of the Unchained Podcast, he is being interviewed by Laura Shin, a journalist, and Unchained host. They touch on many topics, including stablecoins, the necessity of regulation, and even Sam’s political views.

Read our notes below to learn more.

Thoughts on Crypto Markets

• BTC is going to be responsive to the general macro environment.
• Changes in interest rates are driving the market.
• Relative to stock markets crypto has stabilized.
• Regulatory environment clarity would have the biggest impact, particularly in the U.S.

TradFi Markets

• Sam’s guess is that crypto and TradFi markets will evolve towards each other.
• Some of the most compelling applications in blockchain are in market structure.
• There is a limit on how much money retail is allowed to make with the current market structure.
• This can be fixed with clear, unambiguous settlement that’s fast and cheap, which blockchains provide.
  

Stablecoins

Sam gives 4 categories of stablecoins:

1. Fully backed stablecoins (e.g. USDC): A crash in these currencies shouldn’t happen.
2. Backed by debt instruments, but not exactly treasuries (e.g. USDT): In volatile times they might slightly drop. It’s a fine product but it should be disclosed that there is some risk.
3. Traditional algorithmic stablecoins (e.g. Maker in the past): These are only somewhat stable. These should have very clear disclaimers of possible de-pegging.
4. LUNA: It’s a common misconception that it’s backed by Terra tokens while in reality it’s backed by the ability to mint new Terra tokens. Very unstable and it should have clear disclaimers because it might, and did go to zero.

Thoughts on Institutional Leverage

• Voyager is going through bankruptcy because of unpaid debt from Three Arrows Capital (3AC).
• 3AC took on that debt three weeks before its collapse.
• This is similar to 2008 when there were non-transparent systems, large leverage, etc.
• On-chain protocols don’t have this sort of problem because there’s transparency about borrowing and lending.
• There was more risk than Voyager’s customers understood, therefore, having disclosures, transparency, and more diligence is crucial.

Risk Management

• FTX team is working closely with BlockFi team to understand what’s the best way to measure and manage risk.
• One thing would be to understand the nature of the counterparties, distributing the risk between many of them, taking actual collateral, and being careful about what that means.
• Being ready to margin-call people when necessary is important.

Talks With Regulators

• It’s urgent to have a regulatory regime for crypto in the U.S.
• Some regulators do understand that the parts of the crypto world that get hurt are the parts that are least crypto-like (less transparency etc.).
• He is having a lot of discussions with lawmakers and his team wants to be helpful in any way they can.
• Lawmakers want straightforward constructive engagement.
• The priorities are stablecoin regulation, marketplace regulation, and token registration.

Financial Regulation

• People get distracted by talking about more regulation vs less regulation, which is not the most important question.
• More important is the question of whether the regulation is fit for purpose.

Decentralization vs Centralization

• FTX is a centralized company.
• The product they are building is a centralized product in a decentralized space.
• There are things that are more efficient if done by a centralized entity.
• However, FTX is integrated with blockchain rails, with other centralized and decentralized players, and it is a part of the space.

Alignment With the Democratic Party

• It’s policy, not politics that Sam cares about.
• No one issue is going to give a clear readout as to where Sam’s political affiliation lies.
• Crypto has been a somewhat bipartisan issue.
• Sam is looking for politicians who are doing good policy work in general, not specifically crypto-related.

Alameda Research Concerns

• FTX has oversight and they are regulated in many jurisdictions.
• FTX marketplace is agnostic (they don’t care who sends an order apart from KYC).
• Sam is no longer working on Alameda, he doesn’t trade for it and is not involved in the day-to-day management.

The Merge And BTC’s Narrative

• The merge happened in a very clean way which is impressive.
• BTC is the digital gold and it’s the most trusted and institutional, which is a different role from ETH’s core high trust smart contract blockchain role.
• BTC now is the only remaining major PoW coin.

Macroeconomics

• FTX is keeping its reserves in cash.
• They want to be in a position where they can offer products that people want given the highly volatile and uncertain macro environment.

What to Expect From FTX

• FTX is raising funds for deal-making.
• They are looking at companies that would make sense for them, including companies with in-depth regulatory know-how.
• They want to acquire great teams and businesses that have great user bases.
• FTX has a proposal to change the way derivatives are cleared which would make certain TradFi intermediaries obsolete.
• Working with Regulators to provide spot and futures from the FTX U.S. entity to Americans.

This summary was originally posted on The Daily Bolt, which is a 100% free no-nonsense daily crypto newsletter by Revelo Intel.

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source https://www.reddit.com/r/btc/comments/xz1zed/unchained_podcast_summary_what_does_sbf_think/

What is Bitcoin & why does the world need it? (best quick explanation I’ve heard so far)

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Not your keys….. not your ….. custodial “slow clap”

submitted by /u/Far_Guarantee_2465 [link] [comments]

Stablecoins are directly competing with cryptocurrencies

Introduction

At the core of it, cryptocurrencies and stablecoins are being operated with public ledgers which is holding the record of who owns how much of the token. One thing to note is that the value of these tokens comes from their users.

The main difference between them is the issuance authority. A cryptocurrency like BCH has no one issuing authority except miners who will get rewarded for producing a new block in a predictable timeline, I'm not going to get on why we need that, The reader is free to search more about this design. On the contrary stablecoins have one issuing authority which is also responsible for maintaining the value of the token to one dollar.

This one key difference changes the power structure quite a bit. And I believe stablecoin should not be regarded as neutral tokens with no influece in the crypto market. The operators of these tokens have the power to invest in another business as long they are able to maintain the peg of their token to one dollar. And apparently they are doing that.

In this article I will try to make the case that the current major stablecoins are in direct conflict with the cryptocurrencies that are intended to be used as cash.

Comparisons

The following are the common arguments for BCH as cash.

1. BCH is a well-known crypto token with liquid markets
2. It has fast settlements
3. It's easily accessible
4. Low fees
5. Limited supply

At this time USDT is ahead of BCH for the first three arguments. It has deeper liquidity with near-instant settlements, Fees are low enough for average users and also It's more accessible. The only advantage left for BCH is the limited supply.

And I don't think having a token with a limited supply is a strong enough advantage for competing with stablecoins as money. If things continue like this, BCH may turn into yet another speculative asset to speculate on.

Stablecoins should be considered as a form of investment

As the current major stablecoins shown us, They are willing to invest some of their assets up to a point that it will not hurt their core business.

Basically stablecoins are very liquid form of investment vehicle with zero benefits to token holders other that the ability for you to redeem your money.

And if you look at it, They are investing selectively, For example Tether would lend USDT to exchanges, Which is mostly used to speculate further in the crypto market. And guess what majority of these investments are not going to further the goal of using cryptocurrencies as a means of payment.

Conflict of interest

Tether and Circle are openly advocating for their token to be used as a medium of exchange. So basically it is not in their interest to invest in things that will further the goal of using cryptocurrency as money.

And that's why I claim it is against your interest to invest a significant amount of your wealth in cryptocurrencies and stablecoins at the same time.

Conclusion

The rise of stablecoins has significantly reduced the usefulness of cryptocurrencies as money. And the convenience of using stablecoins has diverted investments away from using cryptocurrencies as money. Which is a big problem for those who would like to see cryptocurrencies to be used as money.

I believe there's a solution for this problem. There should be a marketplace for selling stable token liabilities which is designed to further cryptocurrency adoption.

And that is my goal as software developer in the next six months. My next article is going to be about my vision on how we can change the power dynamic by raising awareness and providing solutions for those who want to see this happen.

​

Link to the original article: read.cash/@Hossein.Zoda/stablecoins-are-directly-competing-with-cryptocurrencies-559895f8

submitted by /u/hosseinzoda
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source https://www.reddit.com/r/btc/comments/xyy9ap/stablecoins_are_directly_competing_with/