you know you make a good point there. We seem to be throwing blockchain and everything to see what sticks, and honestly, this is where id doesn't seem to be sticking at all. Why are they still trying is beyond me. As for the Steam ban, isn't buying in-game cosmetics and loot boxes also 'real money trading for in-game items? I mean, it seems to be the same thing, so I don't see what issue has Steam with it.
1. Most of the real money purchases are optional in traditional games, while in blockchain games they are affecting gameplay. 2. A lot of blockchain games are created purely for making speculative tokens for pump and dump schemes, so essentially they are just using Steam to advertise their investment scam. |
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Bitcoin was created to take a way some power from centralized institutions, but now we have came full circle and are embracing a government pushing Bitcoin adoption to their people.
If Joe Biden will say tomorrow "I decided to buy 420 BTC", the rest of the government would have quite a debate about it and it's unclear if he would be able to do it or not, but this guy can buy any amount at any time and nothing can really stop him, so there's definitely some authoritarianism going here.
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Today Squid Game token - yet another blockchain play to earn project, has pulled the rug and crashed the price from $2,800 to zero. Steam made the right decision to kick all such projects off their platform, because they would only be helping scammers. I cannot differ from you more.... Why do we have to "ban" something, if scammers are using this technology? This trend of large social media and entertainment companies calling all the shots, goes directly against what Bitcoin was developed for. (Abuse of centralized authority)
There is no abuse of centralized authority, it's their platform, they decide what to host and what not. It's not like they are going to break some people's doors and arrest those who make/play blockchain games. |
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first ur a whale or early adopter or something else?
if you want to cashout thoose million dollar first, split ur transcation and do with different timeframe i think would be safe maybe a month 1 K or 10 K i know i will take a lot time but wort to try right
and try using different bank and different name
If a limit for transactions is $20k per day and you do 5 transactions $5k each, you will still trigger the limit. In fact high frequency moderate value transactions are even more suspicious than a single large transaction, because it looks like someone is trying to circumvent the financial monitoring rules. What you should do is prepare an explanation of how you got your coins, get screenshots of your exchange purchases, p2p trades, signature campaign earnings, mining payouts, etc. Maybe you won't need it, but it's better to have it just in case. |
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True, but there are a couple of distinct differences. Having to remember 38 completely arbitrary things like Michael Jordan or a llama in a specific order is a very different scenario to remembering "I hid my seed phrase in this location". You are far more likely to misremember one of 38 things, than you are to misremember a single thing. Further, simply trying to memorize a list is a very poor way of committing things to long term memory, whereas physically going to a location and performing a task (such as hiding your seed phrase there) is something which is much more easily remembered.
Also, it is far easier to say to your spouse or other family member "My seed phrase is hidden in location x" than it is to say "I need you to commit to memory this list of objects". If you have no single person you can trust with knowledge of your back ups, then create a multi-sig and split it between multiple people. All are preferable to relying on your memory.
I completely agree that forgetting when you placed your wallet is not as likely as forgetting the seed, but still it's something I want to warn people about. It's very important to have multiple independent backups to not rely on a single backup, because it will prevent a lot of potential problems like this one. |
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Wow, time flies fast, it feels like Bitcoin has only recently been created, and yet it's already 13 years from publishing the whitepaper and soon it will be 13 years since the first block. I remember how people were saying all the time that Bitcoin is a ponzi or a bubble, but today almost no one says this. Maybe 13 more years and Bitcoin will very commonly used.
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Did gold became any less valuable because it stopped being a currency? No, its value keeps growing and growing. As for Satoshi, he never said that the doesn't want Bitcoin to be a store of value, so how can we know if it's what he wanted or not? And Bitcoin does not belong to Satoshi, it belongs to Bitcoin community, so even if he became active tomorrow and started criticizing the current course, it wouldn't mean that we are moving in wrong direction.
Also, don't forget about Lightning, it will bring Bitcoin one step closer to being a competitive currency.
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This is the bottom line, really. It doesn't matter how good your system is or how strong your memory is, when everything from a stroke or an aneurysm or even a simple fall and blow to the head could render the whole thing useless. If I gave you a piece of paper and said "Use this to back up your seed phrase, but there is a not insignificant chance it will spontaneously combust with no warning whatsoever and you'll lose everything", you would of course refuse. Relying on your memory is really no different.
And this is true not only for memorizing the seed, but also for some homebrew crypto schemes - someone can easily lock themselves out if they forget their algorithm; or with hiding the seed very deep, like for example burying it somewhere and then suffering from memory loss and not being able to find the location. |
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The question is - can it hold above six figures? If it will reach $300,000 and then only crash to $100,000 it would be a very remarkable achievement, because it would mean Bitcoin is becoming less volatile in terms of the minimum and the maximum of its cycles. If this bull run is driven by institutional investors and rich people, maybe it is possible, because they will be less likely to panic sell.
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Someone is hoping that you will again use this address that received dust, for example if you don't practice coin control and make a payment from the same wallet and it will automatically use this dust as an input. I also received dust to the addresses that I mentioned on this forum or that are publicly visible, like a signature campaign address.
My guess is that this is done by chainanalysis companies who build a large collection of wallets and identities. Stay safe.
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Memorizing is only good as a last resort type of backup, a back up that you don't really rely on, but still keep because one extra back up won't hurt.
From my experience the mnemonic seeds from Electrum are very easy to memorize and keep in memory for long periods of time, but if you feel like your method works better for you, then go ahead. But I think most people will find the standard seeds easier.
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correct, even if i want to cashout through exchange, or OTC
the wire coming in will be like 100-500ks will be a direct red flag both parties in hand?
im the reciever in this case.
If i pay the capital gains should i still be concerned about audit if my coins were ancient from when btc was $100s
also anybody with experience doing 100k cashouts?
I'm not from the US and authorities don't give a shit about "small scale" tax evasion in my country, but I did withdraw around $50k from a Bitcoin exchange over the course of 3 months split evenly in two different banks. I got a warning from one bank that I'm approaching the threshold for transactions after which they will ask me to provide the explanation for the source of my money. But I never planned to cross this limit, so nothing happened. I then spent majority of those money and again no obstacles from both banks. Banks these days have algorithms that determine the riskiness of their client, and the exact implementation of the algorithm is a secret, I have heard stories about people getting their accounts closed or transactions frozen when dealing with much smaller amounts, while others move millions freely. |
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The market cap does not tell you how much money is in the system. Raising the price depends on the amount of buy and sell orders on the books, and not on the current price.
You can see it on practice when company stocks that are worth a couple of dollars are being traded for millions of dollars per trade, yet the price only moves by tiny fractions of percent. Meanwhile on altcoin market coins that are worth a few dollars jump up or down by tens of percent every day.
So no, it does not necessarily take more money to raise the price when the price is higher. It depends entirely on how many people are buying and how many people are selling.
However, it takes more money to move the price now than it did in the past, because the market has higher volume now. Both the price and the volume are projected to increase, but we can also have a situation when the price grows slowly while the volume and "difficulty to move Bitcoin price" grows at a faster rate. The vice versa is possible too, at least temporarily. |
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Your bank may/will ask questions regardless of how your money ended up there - direct transfer from an exchange, or p2p transfer or cash deposit - all those things are roughly equally suspicious. So you either look for bank that is friendly to crypto or deal with cash. But keep in mind that dealing with cash has risks too, you could be robbed on the spot or followed back to your house or you could be given counterfeit notes.
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The only way that Bitcoin is disappearing is when someone sends it to a burn address or loses their private keys or dies without giving anyone access to the keys. The rate at which t his happens is extremely slow compared to the total supply, and because Bitcoin is highly divisible and can theoretically be even made more divisible, this likely won't even be a problem for the network.
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Let's clarify something first, the definition of an airdrop:
An airdrop is when a new project gives anyone its own coins for free. In other words all they are going to ask of you is your address and absolutely nothing else.
When I joined this forum in 2016, it was actually worth doing, because for a few minutes of your time, you had around 70% chance to get $5-50 worth of coins that could be easily dumped on an exchange for Bitcoin. But this stopped to be the case when shitcoins projects became streamlined and everything got maximized to boost the profits of creators and things like airdrops or bounties and other kinds of "free/easy money" have stopped to exist. |
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El Salvador's Bitcoin adoption is the product of Nayib Bukele, and my personal opinion is that he uses it as a populist tool. He wants his people to profit from the bull run and be greatful to him for introducing them to BTC.
Countries like Iran or Venezuela might eventually officially embrace Bitcoin because it's money that is not controlled by their enemy, the US. Other countries, especially the smaller ones, might try to become Bitcoin tax havens or hubs for crypto companies.
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This would appear to confirm what many on this forum have said for years, in terms of cryptocurrency mining being an industry powered primarily by renewable and environmentally friendly sources of electricity.
I wouldn't agree that this confirms it. First, 57.5% is not an overwhelming majority, the data could easily be unreliable and biased, this is the data for 33% of hashrate, the picture could be different in the rest of the world. There's also no truly reliable data for how the situation looked in China. Some said it was mined by hydro, others said it was mined by coal. |
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The task to succeed in the forum the will be greatly appreciated if i can get some from the senior one's.
There's no "task to succeed" on this forum, ranking up is not necessary to use this forum, it's purely a cosmetic feature that allows you to do things like adding avatar and signature. This forum is simply a place to discuss Bitcoin. This isn't even a great place for learning about Bitcoin, because you are not guaranteed to receive good answers. |
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There are gamers and gamers, or as some may prefer to say: "farmers". Some people play online games for status, achievements, while others join to farm some income. That is what already happens in some mmorpgs. There are people playing those games only for money right now, although they have spent a long time of their childhood and adolescence on those games for fun. Things change within time and something that used to be a leisure activity may turn into a job.
Those people who play to earn real money are a minority, while it's the first group that is creating value for in-game items, so the game that is developed with primary focus can't be successful and popular. So when blockchain devs advertise their projects as the next big thing in gaming, they are just lying. Second, these blockchain games get such high budgets from their crypto funding, yet they deliver completely bland product, way worse than what people on kickstarter do for a fraction of the budget. That's because these blockchain games are just like shitcoins - they deliver minimal working product to make people invest in their token, then they will bail once the cow has been fully milked. |
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