In my country, I have to fill a form every year for the tax department, including my year end bank statement and the salary bill.
Together with some major bills for insurance and healthcare, that's all they get.
So I can hide cash under the bed, or have an overseas account, or have some Gold bars, etc. The goverment has to thrust me quite a bit.
They can check some transfers, but if you like to hide it, you can do it.
So the actual way of getting the real numbers is quite bad.
In Bitcoin
If the Tax department makes it a rule by law, that you have to report every BTC address you own, or every wallet you own ...
All problems solved, because then the Department has also the addresses of the petrol station and the deli you spend money.
In no time the system knows which tax counts here and can claim the respective amount from both sides.
Sure it is still possible to hide Bitcoins, but then it is illegal.
...or did I miss something?
Great idea!!! ...... yes you did miss something. Unlike paypal and bank accounts(although one can own multiple as well they are way more difficult to create than bitcoin addresses), bitcoin addresses are incredibly easy to create. By running a script you can generate hundreds of bitcoin addresses if not more per second if your computer's fast enough. Bitcoin is impractical for the government to tax. Your thinking only works IF a person is honest enough to only use that address for all his transactions. Now, most wallets will give you multiple addresses to use by default for better privacy. How can the government ever track you down and all your addresses? It's just impractical and expensive to do, it'll take more money to do this than the tax theey collect from ya. |
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Funny how every time the market is in a recession and losers keep holding on to their losses they magically become "long term" holders.
God damn it, "long term" is such a stupid meme. Admit it, you wanted to get rich quick and once you realised you are too dumb to swing trade you suddenly became a "long term" loser.
Such idiocity.
You think Dan Balzerian held anything "long term"?
Long term is for losers.
Focusing on the short term means that you're going to be affected by all the volatility. It's extremely hard to concentrate and make the right decisions when so many people are yelling at you to do one thing or another. Long term investments not only mean that you're going to be able to realise the potential of what you invested in far greater than short term can do, it also cuts away all the volatility. If you invest in a good investment like BTC, long term you're going to profit. If not, then long term you're going to lose out. Short term is only useful for leverage which is extremely risky. |
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Not only in Bitcoin and Ethereum, but at least 90% of the cryptos prices are going down at this moment. Many Youtubers said that this is normal in the cryptos space, are they correct? I am not in this market long enough to understand this.  Well, it is expected because crypto is volatile. It has obviously overpumped, and thus the reason why an adjustment went under way. When there is a bubble, usually it gets fueled more until it comes all down, which is a usually 20-40% adjustment in price in btc's case. Just like as you hear in the news about housing bubbles coming to and end, and the bubble pops, it's the same thing happened to the cryptocurrency ecosystem. I'm extremely surprised though how well bitcoin and altcoins are holding up, but bitcoin in particular. I would have expected BTC to get dumped to $2000, but it never got near that, and price seems extremely stable. I think the reason for this is that btc recently got legalized in a bunch of big countries, and getting accepted by a bunch of merchants as well. So $2500 to me is a healthy price lvl. |
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Hello everybody. I would like to invest some money in bitcoin, I don't use that money and I don't need it for the next 2/3 years. I thought I found in bitcoin the perfect way to invest. BUT when I see the fees applied I don't see how the bitcoin will become mainstream! The fees are around 1mBTC which is approximatively 3$. Therefore what is the point of bitcoin? The only thing I see : big amount transaction But bitcoin won't be the money you use to buy your sandwich with those fees! I saw a post saying: yeah burger king is willing to accept bitcoin in russia. Hopefully mcdonald will follow ! But why would someone pay 3$ fee therefore a third of his burger king menu in fee? Will segwit may lower the fees? Thank you  First of all, i'd just like to congratulate you on finding bitcoin a good investment. Many skeptics blindly believe in the centralized financial institutions, and don't give bitcoin a second thought. Some people believe in precious metals, but not bitcoin, which is quite strange IMO because they're basically based on the same financial concept(truthnevertold). You're already making a huge step in the right direction. Secondly, to address your query, fees are indeed sky high atm but in the future the btc network will scale. Once it does' fees will come down because there is excess space in blocks. So fees will be a short term, not long term issue for btc in my opinion. Besides, you don't need this money for another good 2-3 years, so fees shouldn't discourage you from using it at all, especially if you're investing a bigger amount. |
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OP, nice points.
The thing is, how are you going to trustlessly exchange private keys with physical bitcoins? Sure, there might be manufacture's stickers on a physical coin. Sure, the manufacturer is well known and the risk of getting a "dud" is almost astronomical, but the whole point of using bitcoin is eliminating these sort of things from happening. When you're receiving physical bitcoins from someone, you are not receiving something fungible. Just like paypal funds, the actual value of these funds depend on the user's trustworthiness, its origin and so on.
Unless a way is found to address this trustless issue, it's not going to become a mainstream type of bitcoin transacting method. You could think of high transaction fees as compensation for miners to provide this trustless service, in a sense.
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I'm interested to know peoples methods for trend spotting. Is anyone using the basic of models of elliot waves and fibonacci? Do people have more advanced models?
Alternatively do you believe that there is no way to model at all and the market just does what it does
There are going to be trends that will always be true, for example I can be sure that bitcoin is going to go up if a halving is coming up/already done. Every instance of a bitcoin halving, we have seen this happen. So we can safely say that this trend is established, and even if it not a true trend, all the people who believe in this trend to be true will drive the price up at the halving point. When you become experienced with bitcoin trading, you develop this feel for things. You just have this gut feeling of whether it's going to go up or down, and it's not going to be 100%. I don't believe in chart analysis, as it does not take into any outside influences, like human emotion, community engagement etc. and that's what ultimately decides price, humans. My advice to you is - don't be caught in the short term, and only make a buck or two. Focus on the long term. I used to buy BTC and arbitrage sell it on another exchange. Thought i made a couple of bucks, but if i held then i would have made tens of thousands. |
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They will lose most of the tips in transaction fees so instead of filing the pockets of miners you can just give them cash  True true true I guess the general idea here is to get someone into using bitcoin, and make sure that they understand how bitcoin work. I mean give a man a fish... yeah you get the point there. Giving cash will only increase people's dependency on it, whilst telling them about something else that will be cash v2.0 is much more beneficial to them than just getting them something to eat for a day. I wouldn't say that the best way to do it is to use paper wallets though. Most of these people don't even have electronic devices to import the private keys. Nor can they safely store that paper wallet somewhere. If you're a bitcoin philantropist, making a mini phone that is only able to conduct btc transactions that sells for like $20 each and giving some away makes a lot of sense. |
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We have received reply from Electrum author. Plugin won't be included in wallet by default. Author believes it would create a law risk to add mixer into wallet. Our hook was merged so our plugin will work with new version, but it will need to be installed separately. We have published an article at r/Bitcoin about how to use ChipMixer to avoid upcoming "declare cryptocurrencies" US law: https://www.reddit.com/r/Bitcoin/comments/6jzc41/easy_way_to_avoid_upcoming_us_declare_btc_law/Thank you for the update. I think that the fact that you are able to use it at all is great, on Electrum. At least user has an option to download it just like an extention/plugin on the google chrome webstore, which is better than not having anything at all. Website makeover again looks amazing. One thing's for sure - your devs don't get paid enough!  Will definitely be back for more news. |
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Problem is there are so many just waiting to call scam on any topic on this site. My $3 is still earning. I could probably retire in 80 years if it keeps going.
I don't think that its not justified to call this a scam. How is it possible for any company to send you free money every day, infact 0.2% every day? Even big fiat financial associations can't do that. P2P lending can't do that. Casino bankroll financing can't do that. What makes you think Yobit can? Nobody knows how revenue is generated. That's the key issue here. If yobit justified how they were able to generate profit then i'd have no problem in investing there myself and telling others to, but until then, i'm going to call it a scam/scam to be. |
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OP, sorry to hear this. Keep on complaining, hopefully they will respond to you. That's what happened with M0w anyways, who was another guy who got robbed of his 0.9 BTC withdrawal and he kept bumping his thread, and eventually his withdrawal was processed. Betopen has their ICO on right now, and seems to be spending a lot on advertising( http://www.newsbtc.com/2017/06/25/betopen-ico-offers-investors-unique-opportunity/ and a bunch of other sites). So they probably do have the BTC to pay you back. I don't think that anyone should use the site to bet/to invest in their ICO. It's just not good business practice when you've got several outstanding overdue payments to users, and you're still asking for more funds. Thanks for tagging, and thanks for the address. |
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I can't access the site either. I've heard of this from a few immoral youtube users trying to promote this scam, so that they can earn their affiliate link profits. Gladiacoin is essentially a typical ponzi scheme - they don't even attempt to cover it up. Just like MMM though there were tons of advertising, and i wouldn't be surprised at all if the youtubers aforementioned were paid by gladiacoin themselves to do these types of videos. Sorry to hear that your father's friend got into bitcoin but had such a negative experience. Experienced bitcoiners like us become quite desensitised to new scams because we get used to the constant stream of ponzis. But this one probably made off with 100+ BTC by my estimates. Watch this YT vid, it's quite helpful: https://www.youtube.com/watch?v=mHFmp2e3luo
Tracking them down will be possible, however not probable. To run such an elaborate ponzi scheme, they probably prepared rigorously beforehand, and covered their trails with stolen IDs. Even if you do find out who they are, it is likely that they live in a country where law enforcement is not as good. |
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Hey,
I am currently in search for a new provider (Virtual Debit Cards with can be loaded with bitcoins) which does not have that ridiculously low load limitation ($250) and which can be bought without any identification. I am using the card a lot for online purchases, so I can indirectly pay with bitcoins.
Anyone?
Yeah, the new regulations in Europe is pretty frustrating for anonymous bitcoin card users. All the virtual debit card providers that support bitcoin seem to be adopting this new regulation because most is based in Europe where the new regulation takes place. I would strongly suggest getting verified with just one of them, i would recommend wirex/bitwala, they are the simplest ones to use. However, if you are willing to take the risk there are still a few that will give you nice limits without ID. Bitplastic.com is one of the oldest out there but is extremely dodgy. As you can see the UI is outdated af. Only use this as your last refuge, if everything else fails. What I would recommend though is go to advcash, register an account, go to changer.com, exchange your bitcoin into advcash, and get a virtual debit card that has like $3000 per day limits i believe. However, you are trusting a company in Belize... |
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Now is the time to buy the dip and fill yer bags.
True, there is indeed a bloodbath happening right now. If you look on the coinmarketcap front page you can see that most of the coins are down at least 5% today. Ethereum went down by 11%, which isn't surprising in my opinion at all. It's interesting though that when bitcoin does nosedive, other altcoins are affected even more than bitcoin itself. This is demonstrated through the fact that the bitcoin dominance index has gone up even though bitcoin has went down. I actually do not think that bitcoin will go down below $2300. We might see something like another $100 price drop but thats probably going to be it. When it goes down to $2300 or less, people will be rushing to buy in, which means that coin price is going to go up. Furthermore, when the ETH craze dies down, bitcoin price is probably going to be positively affected. |
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I was researching and reading a certain Whitepaper from a good token project and this statement really struck my thinking:
"With no government or “anchor” backing up cryptocurrencies, the only foundation that cryptocurrencies have is people’s faith in their value. In other words, solely the market mechanism determines the price of cryptocurrencies. At my time of writing, that faith is worth is over $2000 per Bitcoin and this doesn’t spur from the Bitcoin’s intrinsic value, but from what it allow users to do."
In this case, what will happen when that same trust from Bitcoin holders can be diminished or for heaven's sake be gone...would that be the end of Bitcoin?
This also lead me to the question: is Bitcoin really a store of value or more of a medium where our trust is plastered on?
If people lose faith in bitcoin, then obviously they are going to dump their coins. This will definitely be extremely bad for bitcoin, as when people dump their coins, they drive the price down. Currently though, bitcoin is more trustworthy than any fiat currencies. Government intervention makes fiat currencies extremely untrustworthy. It basically means that governments are able to inflate the monetary supply whenever possible. Now, consider this: Would you rather trust a central entity, or trust the code that bitcoin network runs on? I'd probably trust the code that bitcoin runs on. Bitcoin is like digital gold, there is a limited supply of it and it's immutable. As more people start using bitcoin, the more trustworthy bitcoin becomes. You're right, bitcoin relies on faith. But unlike fiat currencies, bitcoin community's faith in bitcoin grows as time goes on. |
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What would be the reasons for the USD to fail? The only one I could think of is that the Union would disintegrate, Balkanizing the country, but why would that happen? You know the Euro since it's beginnings was given only a year before it would collapse and since then every year someone says this is the year the Euro fails and yet it's still working.
Oh man, it's a shame that you don't know the reasons why we're using bitcoin and yet you're still on this forum. The exact reasons of using bitcoin in to hedge against such a devastating event, such as in case the USD fails. This could be brought about by any sort of bubble that is in the US economy, for example the 2008 housing bubble came real close to wrecking the whole financial system. After all, the government is in charge of the economy, and they are going to do wrong things. e.g. after 2008 the government was in a pretty desperate situation to make the economy function correctly again. They decided to inflate the currency base, thus reducing the value of the dollar you hold in your wallet in the long run. It mightn ot reflect immediately due to sticky wages but it will reflect eventually.  |
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This is what happens when you have intelligent friends, who talk to you about new technology such as Bitcoin. Unfortunately for me, no one told me about Bitcoins when the prices were low. Else, I could have become a millionaire by now. Yeah, anyone had an opportunity. Unfortunately most saw bitcoin as just a virtual currency, nothing else. Nobody saw what it was capable of until the 2013 price hike which everyone knows and talks about. That was the first mainstream media appearance ever. This kid took advantage of it. I think we are over criticizing the fact that he dropped out of high school(he is entitled to do wahtever he wants to do, and obviously it worked so who cares), and the fact that he took the 300 BTC instead of 600 BTC or w/e amount worth of fiat. In the end, he made a very good profit, and is already a millionaire when most others are in debt when they're 18. We're still in the early adoption age. Not mayn of my tech savvy friends know about bitcoin still. I would say that making another 10x just like this kid by the next halving is not impossible at all. |
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Trying to get a grasp of history and making some predictions. Improvements are welcome! I always thought that price might stabilize over time but I'm not so sure any more.. Though I don't see any reasons yet for Bitcoin to stagnate.
2008: Concept phase
2009: Launch
2010: Experimenting
2011: Started to grow
2012: Acknowledged by the world, promotion
2013: Acceptance by small companies, turbulence, politics, super hype, venture investment boom
2014: Crash, hacking of exchanges, acceptance by large companies, venture investment boom v.2.0
2015: Price recovery, merchant acceptance boom, acceptance by some governments
2016: World wide acceptance, network expanding and huge rise in mining power, ATM boom, scaling war & Bitcoin politics
2017: Cryptocurrencies boom full spectrum, Japan accepting Bitcoin as legal way of money, other important acceptance, (scaling compromise and solution, potential forking turbulence)
2018: Serious cryptocurrencies development and altcoins finding their purpose, large network scaling, big fresh investors, price boom v.2.0
2019: Serious push for mainstream adoption in some countries, mixture of cryptocurrencies and interoperability
2020: Some Bitcoin and banking (FIAT) systems cooperation (banking long-term survival plan), serious world wide regulation and legalization attempt, Bitcoin banks (for legally lending Bitcoins for interest)
Honestly this should be made into an infographic because it's all excellent info. THis seems like a plausible "roadmap" type of thing as well for future bitcoin development. Although, I wouldn't agree with 2018 at least part of it. What I foresee happening is the near future is that: - Bitcoin dominance climbs back up to at least 70%, people rushing in to adopt btc, merchants really starting to accept btc - Altcoins slowly deminishing, as its pratical functions decrease due to scalability issues. We have seen the eth network being super congested just by a few ICOs. - ICOs become regulated by the government, therefore the investors go invest in something else to avoid regulation/taxes(likely bitcoin) - Only really established altcoins that have good privacy will be supported(eg monero) |
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Well something that they are doing in Vancouver, and now Toronto is that they implement a foreign buyers tax, which is essentially a fine that buyers have to pay for every year their houses remain vacated.
I'll have to double check, but I think those were two separate things. Foreign buyer tax is 15%. The vacant-home tax is what you're referring to. ah yes, those were two separate trains of thought, the vacant home tax right now is 1%. Interesting. I wonder what the criteria is to actually enforce that. I don't think the city has any clue as to which properties are vacant and which aren't. It'll be extremely hard to follow. In my opinion i would honestly just build more houses to build the demand. The government can build outwards into nearby cities and make sure that the infrustructure is actually functional so that people can actually have incentive to live there. Restricting the amount of property per person or charging a tax never works, and it's proven in china. There will always be legal loopholes no matter what, unless you apply to everyone which is quite unfair. Property can be a good hedge against inflation in some cases as well, and some legit home owners need multiple houses/apartments as well. If government can subsidize housing in nearby areas, and more importantly, make sure that there are certain attractions such as employment etc. to back up the area then the problem will self resolve. |
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As I was then expecting last week, there would be a little surge of Bitcoin price within this week and it our darling currency pushed over $200 to a high of $2783.
While understandably there are those who are spreading FUD all over the net on the August One Event, the market is already getting immune.
The major reason for this recent surge is the news that finally SegWig2x consensus has already surpassed 80% and we can soon see what the whole Bitcoin community is wishing for.
I have a strong faith that eventually things can get ironed out and that the interests of the majority would prevail as we are now witnessing the history of Bitcoin unfolds before our very eyes...with Bitcoin evolving and progressing towards the future.
The markets are definitely going to retry to hit $3000 before any sort of adjustments comes through. If the price gets sort of just "stuck" there at $2950, and not break the magical $3000 mark then I wouldn't be surprised at all if the price is extremely negatively affected by this news. Although the difference between $2950 or $2970 which is the ATH i think and $3000 is just a few dollars, it is the difference between having major news outlets covering bitcoin and a lot of new people being able to know about bitcoin, and not. I would expect by the end of the month bitcoin either be a) Having $3000 as the new floor or b) Crash down to $2400-2500, just stablizing there. |
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This sort of came out of nowhere. I definitely think that the decision that Australia and Japan made influenced a lot on the decision making of the indian government as well. By legalizing bitcoin it probably benefits both the government and bitcoin exchanges, not so sure about bitcoin users though. Governments are able to keep an eye on bitcoin users because of regulations put in place whilst exchanges are able to get higher volume trading due to this legalization. Users wouldn't really benefit any way from this though as it wasn't illegal to trade or hold bitcoins anyways in India before. I guess it'll just mean they have more means to obtain and sell their btc. |
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