The post 🔴 Huge Win for Crypto VS SEC | This Week in Crypto – Jul 17, 2023 appeared first on 99 Bitcoins.
Altcoins surge after Ripple’s court victory, Google allows NFTs in the PlayStore, and leaked documents …
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Blackrock’s CEO calls Bitcoin revolutionary, Multichain Bridge is hacked for over $120M and are Binance …
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Bitcoin ETF filings fall flat, June sees crypto markets higher with some assets making notable …
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Institutions move back into crypto, Binance.US briefly sees a six figure Bitcoin price, and Jerome …
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Tether reveals controversial reserve holdings, Jack Dorsey offers $5 million for Bitcoin developers, and will …
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The SEC declares war against crypto companies, the UK plans to ban NFTs and Airdrops, …
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Elon Musk faces new insider trading charges over Dogecoin, Coinbase says AI can benefit crypto …
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AI tokens surges, Binance launches NFT loans and one of crypto’s biggest haters makes a …
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Some people offered using a completely offline computer to people who were frustrated with their ledgers and presented solutions like this https://electrum.readthedocs.io/en/latest/coldstorage.html But I was wondering if it would work well to use an offline computer AND a signing device like the coldcard. I know this is pretty much like two of the same things, but then this way I do not have to put as much faith into my coldcard and I do not have to put as much faith in my abilities to set up a perfect offline computer solution. I also have seen it recommended to use a different computer for bitcoin only anyways even if you are connect it to the internet so that it doesn't likely have malware from everyday use. https://bitcoinmagazine.com/technical/why-use-a-computer-meant-for-bitcoin
Trying to understand tax implications (if any) for BTC gifts or "anonymised" wallets.
Let's say I received 1 BTC from someone who bought using an exchange at 40K USD. Do I pay taxes on that BTC as a gift of 40K?
Further down the line after running it through mixers and such, I decide to sell it at 30K from an exchange, and I assume the exchange reports this transaction to the IRS. This taxable event is triggered but how does the IRS know it's considered a loss? And moreover, if I didn't have the knowledge of what the gift was valued at, how would I know to report it as realized gains/losses?
Thanks for any and all info.
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Un día hace más de 13 años (2010) 22 de Mayo Laszlo Hanyecs compro 2 Pizzas de Papa Jhon's a 10000 bitcoins Que al cambio eran 40US$ , cada bitcoin tenia el valor de 0.004 centavos de Dólar. Ahora esos 0.004 valen hoy 108 dólares y 10000 mil bitcoins son US$ 270 MILLONES de Dólares.... con los que puedes comprar 18 millones de 🍕 🍕 🍕 🍕 🍕 🍕 🍕 🍕 🍕 🍕 🍕 [link] [comments] |
With Bitcoin becoming known to the public, many began to see it as some kind of alternative to the fiat payment system. Not only an alternative but a superior alternative. This superiority supposedly stems from Bitcoin's "decentralization", "security", and "scarcity". Here we will show that these two systems are different as night and day. And that in no way can the first be an alternative to the second.
Narratives about Bitcoin are mostly focused on the field of informatics. However, payment systems are economic categories. Here we will therefore focus on the second. Economically speaking, people need resources. They need food, clothing, energy, a roof over their heads, clean streets, medical services, etc. In short, they need goods and services. This is what satisfies human needs. In that sense, the technical implementation of payment systems, through which the resources are exchanged, is irrelevant. Payment systems themselves can neither satisfy human needs nor magically create resources to satisfy them. They are only auxiliary means for exchanging existing resources and, most importantly, securing their return.
Why is securing the return of resources the most important thing in payment systems? Well, suppose you gave up your house and in return, you got membership in the fiat system by receiving banknotes or a deposit account with some numbers. Those numbers cannot satisfy your needs. They are not resources. So, you gave up a house that can satisfy a lot of needs, and in return, you got something that cannot satisfy any need. That is why the system has to have some kind of guarantee that in the future you will be able to return resources approximately equivalent to the value of that house. The fiat payment system has that guarantee. It guarantees the return of resources to members of that system. Let's see how.
By holding banknotes or deposit accounts people are members of the fiat payment system. But how did they become its members? Well, first banks granted loans to individuals and organizations or purchased government bonds. That is how banknotes or deposits ended up in the market. By exchanging resources for those banknotes and deposits, people became members of the fiat system. So basically, they gave up resources for numbers.
The fiat system guarantees them the return of resources through liabilities of debtors and their collaterals, i.e., by forcing debtors to pay off their debt. To be able to pay off their debt, debtors need banknotes or deposits. And to get them, they must work for the members of the fiat system, or sell them goods and services. And this is essentially how members get the resources back. The described process continues until debt is paid off.
So the fiat system has a built in mechanism for protecting its members. It uses collaterals and contracts with debtors to in a way force them to return resources they took from members after being granted loans and other forms of debt.
Let's now turn to the Bitcoin system. This system boils down to a network of computing devices linked together to manage a database. How do people become members of this system? Well initially, they give up electricity in the process of the so-called Bitcoin mining. This gets them the membership units, known as electronic coins or bitcoins. The more electricity they give up the more units they get. So, by giving up their resources in favor of the system, people become its members. That is just like when people gave up their resources in favor of debtors to become members of the fiat system.
And now comes the crucial question: how does the Bitcoin system guarantee its members the return of resources approximately equivalent to the electricity they gave up? Well, it guarantees nothing. There's no a built in mechanism with contracts and collaterals like in the fiat system.
And this is the key difference between the fiat system and the Bitcoin system. The members of the fiat system have the whole network of banks, banks' contracts with debtors, and pledged collaterals as the guarantee they will return resources. Members of the Bitcoin system, however, have nothing. They are just members. They have membership status, and that is it. The system is not there to protect them, to guarantee them the return of resources. Instead, the system is there to protect those membership units called bitcoins. In short, the system exists to protect its units, instead of protecting its members. It exists for its own sake.
"Decentralization", "security" or "scarcity" do not exist for the benefit of members, but for the benefit of the system units. None of these properties can help members to return the resources but are just characteristics of the system. That is why existing members can return resources only if someone from the outside of the system becomes a member by voluntarily giving up resources in favor of existing members. Without that, they cannot return literally anything. The system cannot help them.
Once the existing members transferred the units to someone else, new members have the same problem. The system cannot help them in returning the resources. Consequently, they also need help from outsiders, and so on and on.
There is currently an entire army of members of the Bitcoin system. They gave up an enormous amount of resources. And the system has nothing to protect them. It has nothing to ensure the return of resources. Members have a membership status that is "secured". And it is secured in a "decentralized" fashion. They also have "scarce" membership units. Yet, they have nothing that guarantees the return of the things they can live off of. And if outsiders no longer want to become members, that whole army is doomed.
To conclude. Membersip units in the fiat system are valuable because they protect members by securing the return of resources that members can live off of. The value per specific number of units can be determined by checked how much collaterals banks take when issuing that number of units. On the other hand, membership units in the Bitcoin system are worthless. This system does not protect its members. Instead, it protects its own units. It is a system that exists for its own sake. Which is pretty bizarre and hilarious at the same time.
When a Republican comes out supporting Bitcoin, they're always faking or groveling for votes. When a Democrat comes out supporting Bitcoin, they're always 'waking up' or 'coming around'. Broken clocks may be right twice a day, but if the USA's Congress if filled with broken clocks then it certainly seems Republican broken clocks are syncing more often than Democrat broken clocks. Why is that?
Header pretty much sums it up. I didn’t do this on a whim. It took a lot of time and thought, and it isn’t permanent so I can adjust it at anytime, but I’m going to ride the wave and see how it goes. Might post updates here and there if people are interested, but this is me going “all in” pretty much. I’d like to know if anyone else has done this and how they’re doing. I’ve been doing this for about 2 months now.
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A rai stone, or fei stone, is one of many large artifacts that were manufactured and treasured by the native inhabitants of the Yap islands in Micronesia [link] [comments] |
Let's say someone wants to store BTC but doesn't want to use Ledger or Trezor.
More like going into the store and buying a brand new pc/laptop then using that one only as a crypto storage. Which Wallet seems to be the best choice in this scenario (Electrum, Atomic Wallet, etc.)?
I was told that "Sending btc doesn't require KYC once you have it."
Well I have £30 of Bitcoin in a wallet which I purchased without KYC on an exchange called Paxful. I am trying to send it to a website but it tells me 'UK customers needs to verify their Paxful accounts to send BTC.'
So which statement is correct?
I randomly rolled 5 standard dice that I have from an old poker chip set 32 times and wrote down the numbers for a total of 160 random dice rolls. I also read the dice in the same general fashion each time (aka left to right). Is there anyway I could have jeopardized my randomness / security using this method when generating my seed? I did this because I wanted to try this method out of curiosity/learn how to use more features on my coldcard. Now that I have gone through this process, I am considering using this seed plus a passphrase instead of the default method plus a passphrase. Thanks.
Currently the only available wallet seems to be Paytaca I am hoping someone takes the lead and updates Badger Wallet.
I wish I had the capabilities to do so but unfortunately I do not.
I got some dust in an old wallet I had, but fees looks really high. Is there a way to send those Satoshis without paying a lot in fees?
I’m trying to learn about multisig. Do you ever worry you won’t have access to that location or person to be able to use your bitcoin when needed? What if you needed to flee the country all of a sudden to a bitcoin friendly country or what if the other person isn’t available? Is this a risk with multisig?
Imagine if you combined the speed of The Internet, the convenience of PayPal and and the economic power of Gold into one global economic system, where:
This is The Future of Money.
This is Bitcoin.
Where to buy and store? I have bought some crap coins on Revolut before but I am paranoid if they go bankrupt etc.
Can someone explain to me in very simple terms what is the difference between Bytes and Virtual Bytes on BTC chain, cause as I understand BCH only messures in Bytes sats/Byte, I looked it up but was complex to understand for me, the only thing I uderstood was that it works on SegWit so Bitcoin Cash dont has this
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Txns now say 'unknown Transaction'. About 1 bch is missing total. [link] [comments] |
First some basics for Ledger:
Secure Element:
The secure element is not an unbreachable storage chip, it is in fact a little computer. This computer is secured in a way that it enabled confidential computing. This means that no physical outside attack can read thing like the memory on the device. The secure element is and has always been a defense against physical attacks. This is what makes Ledger a better option than let's say Trezor in that regard, where you can retrieve the seed just by having physical access to the device.
Phygital defense
Ledger uses a 2e STmicro chip that is in charge of communicating with the buttons, USB, and screen. This co-processor adds a physical and software barrier between the "outside" and the device. This small chip then sends and retrieves commands to and from the secure element.
OS and Apps
Contrary to what most people believe, the OS and apps run in the secure element. Again that chip is meant to defeat physical attacks. when Ledger updates the OS, or you update an app, the secure element gets modified. With the right permissions an app can access the seed. This has always been the case. Security of the entire system relies on software barriers that ledger controls in their closed source OS, and the level of auditing apps receive. This is also why firmware could always have theoretically turned the ledger into a device that can do anything, including exposing your seed phrase. The key is and has always been trust in ledger and it's software.
What changed
Fundamentally nothing has changed with the ledger hardware or software. The capabilities describes above have always been a fact and developers for ledger knew all this, it was not a secret. What has changed is that the ledger developers have decided to add a feature and take advantage of the flexibility their little computer provides, and people finally started to understand the product they purchased and trust factor involved.
What we learned
People do not understand hardware wallets. Even today people are buying alternatives that have the exact same flaws and possibility of rogue firmware uploads.
Open source is somewhat of a solution, but only in 2 cases 1. you can read and check the software that gets published, compile the software and use that. 2. you wait 6 months and hope someone else has checked things out before clicking on update.
The best of the shelve solutions are air-gapped as they minimize exposure. Devices like Coldcard never touch your computer or any digital device. the key on those devices can still be exported and future firmware updates, that you apply without thinking could still introduce malicious code and expose your seed theoretically.
In the end the truth is that it is all about trust. Who do you trust? How do you verify that trust? The reality is people do not verify. Buy a wallet from people that you can trust, go airgap if possible, do not update the firmware unless well checked and give it a few months.
Useful links:
I want to get away from using third-party wallets, even hardware, and truly self-custody in the simplest way possible. I'm not a dev nor do I have experience running a node. I understand that a paper wallet is self-custodying my own public and private keys, but I'm confused how I get there.
For example:
Say I buy BTC on Coinbase.
At this point, it's in Coinbase's custody, so I obviously need to withdraw it [somewhere?] to self-custody it.
Where would I send my BTC to?
Before bitcoin was invented all these people had to do research to pick and choose which stock to put their money in. Now, it's a no-brainer that bitcoin is the best place to put your money. No more need to delegate hours of your life to research any investing strategies or this or that or which stock is best or when to buy or when to sell. The answer is to just always buy bitcoin.
I'm a junior programmer, and I'd like to get into Bitcoin Cash development.
One thing I would like to do is build my own full node from scratch, to learn all the parts involved in depth.
I have read Mastering Bitcoin Cash (adapted from Antonopolous'), but I'd like to know if there is a programmer tutorial to implement a full node.
Even if it is a simple UTXO-based node that's cool.
Thank you!
Also, https://twitter.com/udiWertheimer/status/1657085665148821506
This Udi guy won't deny that Craig Wright is paying him to spam BRC-20 transactions?
Rust: Bitcoin Wallet on playstore is a scam wallet. funds were taken a few hours after depositing and are already being shuffled through multiple wallets.
Im thinking of using bisq and moneygram. I just want to trade usd for btc without anyone knowing about it. Has anyone done this? Are there better methods to do this?
Thank you.
In the future, Do you guys think war will be fought because of Bitcoin or Crypto in general?
I want to to speed up 2 transactions : one is worth $25 (11 days old) and one is worth $7 (2 days old)
Those transactions weren't sent by myself.
Is there a way to speed them up to get confirmation?
To the person who ripped the bitcoin bumper sticker off my car. I just bought 2 more.
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Mempool fees dropping while transaction volume is high tells me the people who waited for confirmations are coming to the front of the line. Was interesting, but I expect without another dump of high fee payers we are seeing the start of the end of the backlog. [link] [comments] |
Ever wonder if CEXs use our positions against us? I do. Ever look at the top 50 projects and scratch your head and ask why? How? What?!
Not only do CEXs like Binance and Coinbase make money off us through exchange fees, but what if they are actually using our positions and coins against us? What if the coins that they say we own aren’t real (fake paper crypto, as FTX had).
What if those “coins” aren’t really yours? What if it is just an abstract representation such as an “IOU”? In FTX’s case, many consumers are still owed crypto and funds and will likely never see either ever again.
Since Binance can’t pass an independent audit and it sounds like they are done doing business in Canada, have they been honest with us? Has Gemini? Has Coinbase? Has Kraken? Robinhood? You get the picture…
Why would they do that? Hypothesis: Psychological manipulation is easy - especially when it comes to finances. When you buy high, it is scary to watch it drop, so scary, that sometimes it’s easier to have mini breakdowns and sell at a massive loss JUST to get a little back.
For many of us who have been in this space, we become desensitized to the CEX fuckery. That’s fine, but how does the modern exchange function today?
If FTX taught us anything- “not your keys, not your coins” couldn’t ring more true today. Especially if Binance just closed their doors in Canada today. What is CZ up to?
And to any maximalist for any project, what not a better time to test the project/network to see if it is a good technological project? Has the project lied to you as well? How bad? I wonder this all the time. Let’s see what projects are the most exciting and actually perform!
This is not financial, investment, nor informational advice. As the exchanges tell me, they are not responsible for the news and publications that they frequently feature on their asset pages.
If this sounds bizarre, imagine how a company like Digital Currency Group can own Genesis, Grayscale, and CoinDesk. Fun reminder, Genesis withheld funds for an extended period of time for users participating in Gemini’s staking program - to the point where the Winklevoss twins (Gemini) and Barry Silbert (DCG) threatened lawsuits against one another on Twitter. If you defend them and say you should read the terms and services you’re missing the point.
What if they are lying to us and manipulating us to increase their bottom line while begging us to trust them?
What I’m trying to get at is simple - if you like crypto and if you own it, the best way to do that is through self custody. If you learn how to set up a wallet and withdraw the funds, you will truly own it and not be subjected to this financial war on the little guy.
The best regulations in the world can’t save us if the CEXs are wolves in sheep clothing that get to ultimately influence laws and policies.
This is not financial, investment, or informational advice. Since this is my opinion, I’m not responsible for the accuracy of any information within this post.
This post is a thought exercise and excellent reminder for businesses to be honest. That is just my opinion.
They say they aren’t but some of them like Binance refuse to have an audit. Others like Kraken claim to have legitimate 1:1 backings.
In my opinion, the best regulations in the world can’t save us if the Centralized Exchanges do not have true 1:1 backing.
If you “have” any BTC or BCH currently on an exchange, would it be worth it to find out if you truly own it? Wouldn’t you want to know if they are using it against you to wage psychological warfare to get you to sell at a loss (on top of charging you pesky little fees).
This is not financial, investment, or informational advice. Honesty is the best policy for cryptocurrencies. This is entertainment.
Randomly as someone who's not mostly active on reddit. Recently, i randomly found that someone have tiped me from a while " it turned on that reddit have a tiping chain and how mindless i were".
I was wondering how to collect that since its showing that there is an error while processing my request?
I’m sick and tired of Coinbase, creating rules and giving BS reasons why they’re holding my funds for anywhere from 72 hours up to 10 days. They just did it to me again and their answer is we can’t give you the information why it’s for your own security. That’s not acceptable with me. It was for a legitimate transaction and now it’s locked up until a week from now. Sorry, I’m a little testy after this shit show of hoops in hurdles May I ask where you guys prefer to buy and transfer bitcoin? I’ve heard horrible things about Robin Hood. Coinbase is royally pissing me off. Cash app is terrible when you need help and they locked my account, but also would not give me a reason last year. I’m so fed up with this industry I’m sure you can tell by my tone. I’m also sure there’s a much easier way to do this that I don’t know about. Any help would be greatly appreciated or direction.
This video consists of an introduction, then 20 minutes or so of Yanis giving his view of current affairs with special reference to the US Dollar. Then there are other speakers and finally Yanis sums up.
https://www.youtube.com/watch?v=DyO2lmGq0_U&ab_channel=DiEM25
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https://mempool.space/tx/a364b705609933614debc89deddad1e066188f1626067d676190b6efe438d5d1 I am seeing some transactions I do not understand. This one is stuck in the mempool even though the fee is high. It is not being added to blocks for some reason. The I puts are multisig 1/3, with the text UNKNOWN. It also shows CPFP. What is this transaction? Do other transactions need to be mined, before this one can be mined? [link] [comments] |
Bitcoin Cash Rises 11% but Gains Could Be Short-Lived
https://www.coindesk.com/markets/2023/05/09/bitcoin-cash-rises-11-but-gains-could-be-short-lived/
First Mover Asia: Bitcoin Ticks Up as Congestion Wanes and Investors Ponder the Next Price Spur
As blockchain congestion eases, Bitcoin's price recovers
Bitcoin is currently trading at $27,741, up 0.3%, according to CoinDesk market data,
What’s the better option, if I wanna share a bitcoin wallet with my wife: Share the same private key by importing the seed phrase into another wallet on her phone? Or setting up a 1-2 multisig scheme, where she an I have our own key to spend from our shared wallet?
![How to mint your BitcoinCash NFT [Video]](https://external-preview.redd.it/1pu7BqJSMtk9Bt4vc9GqcNG6xzHu3k7nR1urX4BGSWk.png?width=640&crop=smart&auto=webp&s=68482ff69cbd8d6d00871440014ba110175e245b "How to mint your BitcoinCash NFT [Video]")
![Soma Foods now accepts Dogecoin, Bitcoin, and Bitcoin Cash! [mushroom supplements, protein powder, coffee] [Coinbase Commerce]](https://external-preview.redd.it/cIZ2Fe76xlvbWZFRYbakqTZmdz9x5IB6p1SVkuJL_OQ.jpg?width=108&crop=smart&auto=webp&s=ce4c4ff250c1f4e9bdb386a15ca4bb43a4c332b2 "Soma Foods now accepts Dogecoin, Bitcoin, and Bitcoin Cash! [mushroom supplements, protein powder, coffee] [Coinbase Commerce]")
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