Okay thanks, and is the lightning network and 2x hard fork the same thing?
Nope. Read the above again. You don't need any more forks of any type to get lightning networks going. If there was one ready now you could roll it out this moment. There isn't so we'll have to wait. |
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Anything that fucks up Jihan Wu is fine by me.
I consider it Karmic payback for his bullshit-alt-coin hijinks with Roger Ver.
It won't though. He'll be welcomed wherever he chooses to head. He'll have a mountain of machines looking for a home, he has fingers in pies everywhere. He's not leaving the scene any time soon. |
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Segwit2X was in two parts. Segwit as a soft fork first which has already gone through a few months ago and that's what makes LNs easier to implement. The second bit was a 2MB hard fork purely to increase block size. That bit failed to go through last week or so.
It might be many months before there's a lightning network or maybe far into next year.
And at the moment transaction fees are very low anyway.
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The sensible decision you've made is to choose a coin with volume. If it was an obscurity then you could indeed be waiting a long, long time to gain again. With something like Ripple some action will be along shortly.
Where are you trading? Fees are likely to pile up rapidly if you're running in and out of coins.
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I know his point of view.
But what I try to say is why shouldn't a 50%+ drop already happen at $10k?!!!
This is a huge milestone and a very big psychological number! 5 digits the first time for Bitcoin! That's huge. So beside his EW analysis I try to give the human factor some more attention here. This will be very interesting to watch and how the market is going to react if we reach that milestone.
Greed is also part of the human factor and you can be just as greedy as a would be seller. We can already see selling has largely gone on strike at the moment. If it managed to nudge five figures then all the people who vowed to get rid around then are likely to reconsider when it starts to look like a real thing. It was mythical for so long. No doubt traders will play off it anyway. And didn't Mr. Luc predict a short term top of just over 9 grand? We may not get to five figures for a decent while. |
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Has it made you move your cashing out price higher? Has it removed the idea of cashing out completely? Are you more of a believer than ever or more nervous than ever?
Gotta say it's all happened considerably faster than I was expecting. My plan was to stay put until 2020 and then have a think and that hasn't changed yet.
I am starting to wonder what the next bear market will look like though. It's easy to savour five figures when everything's on the up. When people can't drop that shit fast enough is when the real mettle is tested.
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Here's my question. Ok, if Bitcoin reaches $100,000 then what would happen to the altcoins? Will they reach crazy valuations as well, or do we see them left by and eating Bitcoin's dust?
There's a lot of weird entitlement when it comes to alt prices. People have been calling for an ETH pump simply because there hasn't been one for a while. That's ludicrous. A rising tide lifts all boats, but the crappy boats will sink. The alts with purpose will rise too. Empty shit worth billions like most current alts will sink or fall as they're overtaken by ones chosen by the market. |
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That's the most likely scenario we're heading into. Someone said it best, it's like winning the lottery in slow motion!
Note the years in question. The ones following 2013 were not exactly classics. |
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In Russia the situation is always unpredictable. If tomorrow Putin's friends want to have a monopoly on the market of mining, then using the uncertainty of the legislation on cryptocurrencies they are using law enforcement and criminals will leave the Chinese with no money and equipment. Why would the Chinese risk.
The Russian attitude to crypto has not been helpful to anyone looking to settle there. They really need to pull their finger out and clarify where they stand. It's way too skittish. Even then I for one would not want to be a foreigner in Russia generating huge amounts of money there. That makes you a juicy target to the government and other gangsters. |
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Even if the bank adored Bitcoin, in most places there's still little or no regulatory certainty. If there's one thing banks really do despise it's being tangled up in compliance, even more so when they don't know how to comply.
There's little or no money in it and a whole world of ball ache.
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The problem with taxes is doesn't the government need to be able to prove that you indeed made such a profit in the first place in order to be able to collect tax? I mean if you didn't pay it then they would first need to audit you and secondly they would need to then determine you indeed are lying somehow and then if you hide your activity correctly you should not be able to get caught in which case taxes would be unnecessary. Is it a good thing to o though? Well, this post is for educational purposes only...
There's a million ways you can not pay tax. Everyone knows it's possible. Most people choose to pay it for the sake of a quiet life just in case. That's how it works. I've known a couple of people who were not believed by the tax man even though they'd done nothing actually wrong. Their lives were comprehensively ruined. In that scenario I'd just bugger off abroad and not come back. Most don't have that option. |
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The key word is "trading." If one convert £ to $ in order to go on holiday, that is not trading, thus no tax. Converting BTC to £ is the same. When you do it regularly in order to make profit via trading then it becomes another issue (gambling). Holding for long term has CGT as they think bitcoin is an investment. I see it as a currency and just because the currency values goes up (deflationary) as opposed to fiat value going down (inflationary), tax cannot apply. If fiat £ were deflationary at 5% pa for 10 years, do you think the government will tax the increased value of £? NO. The best thing to do is carry on as normal and forget the taxman.
It doesn't really matter what us peons think. What matters is what They think. If a million quid of Bitcoin gains arrived in my bank account tomorrow I'm going to have to account for it and CGT it will likely be regardless of my own feelings. |
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You can't go too far wrong with acting on the absolute opposite of the emotions you're feeling at the time. That's what successful traders do. If you're terrified and desperate to sell you should hit yourself and buy as much as possible. If you're euphoric and selecting Ferrari colours, hit yourself and sell.
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You mean Satoshi?  I suppose this is the problem with ASIC-compatible mining. On one-hand, ASICs makes a cryptocurrency more secure because there's no excess capacity that you can rent and use for an attack. If it's profitable to mine, it's online, or will be online soon based on retarget timing. On the other hand, we're seeing massive centralization of chip-manufacturing. Seemingly no one can compete yet with Bitmain's cheap production capabilities. Accordingly, while hashrate may be irrelevant to Bitcoin's consensus rules, they can do a lot to manipulate perception due to the long length of blocks/time between difficulty retargets. Yes, that pesky fella. I guess this is what happens when your pet is opened up to millions of greedy people. They're going to stretch and test every atom of it. You'd need truly epic oversight to anticipate every future avenue. |
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They are classified as gambling and trading with btc is no different. Stockmarket and/or forex trader are companies, not individuals. Remember with CGT one can offset losses against their gains. Gambling has no tax because gambling losses are not, obviously, offset against wins.
There are plenty of individuals who are professional full time traders. The problem with all of this is that it's too open to interpretation. I kind of get the impression that Bitcoiners are obligated to prepare and present a certain angle to the HMRC and hope that they swallow it. It seems unnecessarily opaque. This article backs you up but again it's their opinion rather than anything definitive - https://www.butler-co.co.uk/articles/BitcoinTrading.pdf |
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You know ---> I've been thinking about this whole Andresen/Wright meeting and something crossed my mind ---> if Satoshi Nakamoto wanted curatorship over bitcoin without actually providing proof of its generation because he feared some form of liability ---> then he would have engaged in a true form of Zero Knowledge Proof ( http://pages.cs.wisc.edu/~mkowalcz/628.pdf) , such that ---> he would leave room for plausible denial should that be necessary. If he could concretely prove to one, and only one, person the "secret" and then rely on that one person's expertise and credibility then he succeeds. <---- something to think about on a deeper level. Can anyone prove themselves to be Satoshi any more? I'm not convinced they can. If someone shows up and moves coins or signs from the only two blocks we know for sure he controls, all that proves is that they have control over those private keys which could've been obtained from Satoshi by varying means. |
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A miner will do everything they can to exploit the system provided for them to maximise profit. That's how crypto is designed to operate and that's human nature. The people you should be getting arsey with are the ones who designed the software they're running on that allows it.
And if one set of miners doesn't do it out of the goodness of their heart you can bet another one certainly will.
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Trading is regarded as gambling thus no tax payable. Unless the law changed.
I can't believe that every full time stock market or forex trader, and that's the closest square equivalent to crypto trading, out there is contentedly registered as a gambler and not paying a bean, but one thing I've gleaned from the people who've gone a bit deeper into this with various accountants is that no one appears to have a bleedin' clue. Spread betting and binary trading I can believe. I don't buy it otherwise. |
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The funny thing is though, I'm not sure any of these exchanges are fully solvent. They could all be running fractional reserves. Or leveraging against other investments. Hence the reason why the whole "yearly independent bitcoin audit" thing seemed to have died 2-3 years ago.
There is one that's kept at it - https://blog.coinfloor.co.uk/post/166790047656/provable-solvency-report-43-october-2017Not a market mover though. The burden of proof should always fall on the party that can show the affirmative. Bitfinex can prove they are solvent.
I don't think anyone doubts they don't have (real) money pouring out of their arse. Does Tether? My gut feeling is that it probably is backed by real dollars, but the process with which it's achieved is so labyrinthine and snakes across so many accounts and weird little hacks that we may never know. And regardless of that there's got to be a point where someone American decides that particular party should end no matter what. |
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I like the one guys reply.
"Always ask for evidence" - Sure. Please provide evidence that you are solvent.
Lol
From the same thread - "Burden of proof is with the people making accusations not the other way around" I've seen this thrown back multiple times by Bitfinex when asked about this. It doesn't quite compute. People are making an accusation based on a complete lack of evidence to refute it and BFX are only too happy not to provide it. |
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