Just a marketing gimmick which might help bitmex with some more users. But overall impact of such activity on crypto market will be a big zero. Sending something to outer space or moon is required for scientific research but sending 1 bitcoin would not yield anything at all! Rather, they could have donated this physical bitcoins to the astronauts in international space station. That would create some bigger hype and might impact the crypto market positively.

Well, does that mean, crime will be legal in future as an individual will be paying taxes on it?

The entire matter sounds like an oxymoron to me! Why on earth someone will be declaring that he had stolen a property and earned some money from it and then paying taxes on it! It's hilarious to be honest!

There are two reasons behind Sri Lanka's poverty.

1. Their tourism business is destroyed due to Covid
2. They believed that China is their friend

Their main source of income is tourism which got destroyed due to Covid and international travel curbs and they couldn't pay back the billions dollars debt taken from China. Also Chinese officials denied to extend their loan repayment tenure so they had to hand over the ownership of the port to China.

Yes, that makes sense! It's really too early to declare something very very new as useless. It is quite possible that metaverse will find great use cases as the time goes. But as if now, it doesn't really makes sense to buy a piece of land that stays within the internet or even buying a jpg image just because the owner is verifiable through blockchain.

These are pure hype at this point but we are seeing an influx of tech companies showing interest in this field. Possibly something good will come up later!

I am wondering why no one has discussed about it!


Reference: https://www.theverge.com/2021/12/22/22849717/elon-musk-metaverse-web3-more-marketing-than-reality

Do you concur?

Nayib Bukele is undoubtedly one of the most bullish politician in bitcoin history. So it's no surprise, he will speak highly about it! Also I assume, not just two but more countries will adopt bitcoin as a legal tender in coming months. But none of them is likely to wipe out their own currency system in this process just the way El-Salvador did. Bitcoin will be adopted as a parallel currency alongside their own fiats. Also it makes sense for the small countries as it will save them a ton of money from foreign remittances.

But I really doubt about the 100k claim. As Franky rightly pointed out, it is extremely difficult to sustain at 100k level. Some hype of whale movement may push the price beyond 100k but it won't sustain due to the huge sell pressure. So if we don't see a whole new array of investors in the market with a similar or higher buy orders, 100k will not sustain. The market has to eat up the supplies to sustain at that level. Simple economics!   

Bitcoin is a currency and not an investment. However, the fact is that bitcoin is unfortunately marketed as an investment by many centralized exchanges across the world. All of them have branded bitcoin as the best investment choice of the decade and trying to convince people to invest in it. Some are even running bitcoin deposit schemes. This is incorrect and can fire back at any moment. So bitcoin is not irrelevant to the normal people, rather the packaging of bitcoin is irrelevant here. It is a currency system and it should have been marketed in the same way. Which is unfortunately not happening! 

That is the biggest risk of using centralized exchanges in a country where cryptocurrencies are not defined by law yet. But whoever has invested through these exchanges, they are not in huge risk. if you have made few thousands in profit, that should be all fine. Income Tax department doesn't have time to go behind 7 million people. But if someone has done millions in profit and the data is not shown in their tax return, they are in danger! And that's how it should be! No one should mess with the government.

Also I don't understand why GST department had initiated this raid! Where cryptocurrency is not defined under any law, how can a transaction in crypto can attract GST! That's very unfortunate to be honest!

Lol! Mainstream media has lost credibility long back. The moment corporates with deep pocket jumped into this space and started packaging news as a commodity, it all has became a business. The journalism is dead, officially! Also banks are there to fill in their pockets with cold hard cash to run anti-bitcoin propaganda. So as a business, media houses are doing exactly what they are asked to do by their owners with vested interest.

But did that make bitcoin look bad? Absolutely no! Bitcoin is still becoming more and more popular amongst the millennials and billion dollars of businesses are being built around the eco-system. So you can safely ignore these propaganda news. 

This world of 7 billion people is full with experts in many fields. Every experts have their own vision and own limitations. So you will always find contradictory comments from various experts. So I feel it's not really worth investing time in reading through what they think about cryptocurrency.

Cryptocurrency has started just 11 years ago and while we are waiting to welcome 2022, it is already a market worth 2.27 trillion dollars. It's bigger than the GDP of most of the countries. So just believe in yourself and leave those experts aside.

That is one of the major concerns of Indian government alongside the usual money laundering clause. When money is transferred through the usual channels, government earns tax revenue from both side of transaction. Also income tax is applicable to the recipient of that money. Now if that same person is using a crypto wallet to remit that money, government is not getting tax revenue. Moreover, if people are using p2p method to convert their cryptos, It becomes increasingly difficult for the government to track them as foreign repatriated income.

But when it comes to savings for an individual working abroad, that makes complete sense!

Congratulations! Bitcoin has upgraded the lifestyle of many people in this forum, including me! I had paid the booking money of my first home using my bitcoin earning back in 2017. I know if I had no sold those bitcoins back in 2017, the value would have been a lot higher today. But I really feel the privilege that bitcoin was able to add in my financial life.

I am sure a lot of people have their own stories of success with bitcoin. If Satoshi is reading this, he would be very proud!

I am sure Trump doesn't know a lot of cryptos and its underlying technology. Otherwise he would have said the same for her wife's NFT platform. I mean it's ok not to like cryptos and be vocal about it. Warren Buffet did it, Jemie Dimon did it and Trump did it as well. Crypto market has now become immune from their comments and we are doing just fine without them.

Trump couldn't stop crypto during his time of presidential privileges and what else he would do now?

That's quite interesting! But look at the list of the countries attended the meet,

Israel, United States, UK, United Arab Emirates, Austria, Switzerland, Germany, Italy, Netherlands and Thailand.

United States and United Kingdom are the creators of the most widely used fiat currencies in the world that is USD and Sterling Pound.

Not sure what they mean by "Coordinated delinking from major currencies"! Sound like an oxymoron to me!

Doesn't matter whatever financial service come to India and how much they are technically advanced in it, if a piece of law doesn't change, no financial services company will be issuing debit card in India. because India law doesn't allow any company to issue a debit card if they are not a commercial/scheduled bank. otherwise, the crypto exchanges in India like WazirX or Coinswitch would have issued a debit card already. The technology is there, the intention is there, the infrastructure is there as well. Just the legal support is not available!

No matter whatever goes on in Asia, doesn't impact India in the matter of Debit card! India has excluded themselves from all technical revolution.

Isn't it obvious?? If I am holding a coin and never sell it off, how will I make use of the profit? That's common sense! Holding a coin for the rest of my life is not a great idea because it makes us rich on papers but not in reality. It applies to any other kind of investment where dividend is not involved. All we need to wait for the right time to sell and to re-enter the market. I thought that's common sense for any normal people.

Bitcoin doesn't have a smart contract facility so you can't lock your bitcoin in a contract. So I am really not sure what Atomic is trying to do. I could not find a lot of information in their blog as well. They have mentioned something about "discreet log contract" but didn't explain in details.

At a glance, it looks like a geberic program who usually try to scam. But unless and until they launch and let the market know about their product, it's incorrect to jump to a conclusion.

I believe you are referring to this incident.

https://www.independent.co.uk/life-style/gadgets-and-tech/bitcoin-wallet-satoshi-nakamoto-mystery-btc-b1924606.html

It's a Satoshi era account and not the direct Satoshi account. But we really don't know the owner details of the account so it could be Satoshi Nakamoto as well. Or some early bitcoin miner suddenly found his keys and now wants to liquidate a part of it.

Elon is constantly trying to promote doge and it's pretty evident from his tweets. But he also owns bitcoins along with other currencies. So shading at bitcoin won't do anything great for his own portfolio.

Also it's an undeniable fact thay doge transactions are faster amd cheaper than Bitcoin. That's why he had planned to accept doge payments at Tesla dealerships instead of Bitcoin.

I personally feel, we don't need to take his tweets so seriously. He probably have fee millions placed in Doge and wants the price to go up. He is just using his influence to achieve that!

NFT is a bullshit! Today both Elon Musk and Jack Dorsey tweeted regarding the metaverse where NFT is an integral part of it. NFT is just a marketing buzzword and nothing else. It is solely run on hype and unless you are a known celebrity, no one gives a damn about what NFT you are creating!

The NFT market willl stay alive within metaverse but this is not something that will create value for its user. It's a digital piece of shit.

That's my personal opinion!