Isn't the ban on staking in the USA supposed to be bullish for bitcoin and other proof of work crypto projects? I only heard not to stake on centralized exchanges but not the same for mining in the USA, so if you are in America you are free to fire on your Asic miners.  All Hail to PoW algorithm.

Hello there,

As I was driving earlier, this thought came through my mind. I've been accumulating Bitcoin for quite some time now, and at some point eventually I'll have to withdraw it in fiat, at least some of it. I'm not sure when that time will come, and I'm definitely not selling for anything below $50,000, but that's another story. However, I've always kept my bitcoin away from exchanges, and I prefer that it stays that way for obvious reasons that have been discussed numerous times in the forum.

Not only do I want to avoid exchanges but also banks, which is currently the most convenient way to withdraw money, but if I were to move funds to a bank account, they'd get taxed at 24%, which is a huge percentage. I've also thought about Bitcoin ATMs, but the majority of them here require some sort of KYC and feature expensive fees, although they may still be a better option than bank transfers. Is there an actual, reliable way to exchange bitcoin for cash in hand? My best guess would be a P2P transaction in person, but that's quite unlikely.

satoshi chose PoW instead of PoS because

On April 23, 2011, he sent a farewell email to a fellow Bitcoin developer. “I’ve moved on to other things

Proof of Stake (PoS) was first introduced in a paper by Sunny King and Scott Nadal in 2012 and intended to solve the problem of Bitcoin mining’s high energy consumption.

But then she heard the sound of crypto,
a noise that neighbor Mike Lugiewicz describes as “a small jet that never leaves” and her ambivalence turned into activism.
The racket was coming from stacks and stacks of computer servers and cooling fans,
mysteriously set up in a few acres of open farm field down on Harshaw Road.

Once they fired up and the noise started bouncing around their Blue Ridge Mountain homes,
sound meters in the Lugiewicz yard showed readings from 55-85 decibels depending on the weather,
but more disturbing than the volume is the fact that the noise never stopped

This unrelenting demand for electricity was one reason China banned cryptocurrency,
touching off a virtual gold rush from Appalachia to New York’s Finger Lakes.
Crypto miners began putting down stakes in places where power is cheap and affordable, and if land use or noise regulations even exist, enforcement is weak.
The mine in Murphy is just one of a dozen in Kentucky, Tennessee and North Carolina owned by a San Francisco-based company called PrimeBlock, which recently announced $300 million in equity financing and plans to scale up and go public.

But a year and a half after crypto came to this ruby red pocket of Republican retirees and Libertarian life-timers,
anger over the mine helped flip the balance of local power and forced the Board of Commissioners
to officially ask their state and federal officials to
“introduce and champion legislation through the US Congress that would ban
and/or regulate crypto mining operations in the United States of America.”

I believe US treats profit from any cryptocurrency acquired through mining as income tax and the percentages in US go from 10% to 37% which isn't really that low!

Bitcoin is not the only project using POW so far, but the only thing the government is targeting is bitcoin, it shows that they know they can't control it, and they don't want to see it grow to threaten their power, not because POW is a waste of energy and a major cause of global warming.
Indeed, we cannot know the future of bitcoin if the government really wants to get rid of POW completely to secure their power, but let's hope it can last and will not be changed.

the way it worked was celcious was paying the monthly electric. via monthly contract payments. so that CORZ could accumilate coin and not sell at a loss. waiting for the price to rise cor the coin next year
or giving coin to celcius per quarter as their reward for contract

however when celcius stopped paying because corz were asking for too much in its contracts. and obviously celcius had issues with its own money.. thus unwilling to pay.
corz was not then paying its electric bill and then needed to sell coin at a loss to then pump fiat into the electric company to keep going a few more months.

you gave a very simplistic answer.
the real reason is corz didnt take the opportunity to relocate or upgrade to be more efficient. nor seek out new customers to replace celcius gap
 they just plodded along and asked for a loan multiple months back from their other existing customers(blackrock).. rather than asking blackrock to just buy more contracts
(obviously blackrock wouldnt just buy new contracts at higher prices so yea blackrock done a loan instead.. corz stupidly accepted that deal)

you are proclaiming "all mining" yet using a case scenario of one mining farm example of a inefficient farm that was not business savvi
i fully agree greedy companies that demand too much from customers will lose customers. i agree dumb companies that are not business savvi will lose money.

but that does not make the whole industry non-profitable. it just means too many dummies in the babies basket where all you can hear is the crying due to the dummies that get lost

i personally live in a nuclear power region... thank you, enjoy,
many mining pool locate themselves within 20 miles of a hydro or nuclear power plant and do deals with the power plant direct

(hobby miners using residential rate cant do those deals becasue they are bill payers that use billing agents, that are one step power from the producers)


no its not.
if you calculate the validators at a 300w PSU of a normal PC . vs coins.
and compare that the the old PoW mining. its about 95%

there 99.95% WAS a projection thinking there would only be like a dozen validators(they were only counting the main custodians, like coinbase and a dozen others)

in short ethereum PoW was about $900 underlying cost value with a $1.4k market (1.5x speculation) and now ethereum PoS about $45 cost value with a $1.2k market(26x speculation) if you add up all the asics vs validators respectively (and compare it to market price respectively)

A new report from CCRI (Crypto Carbon Ratings Institute), commissioned by ConsenSys, reveals that the transition from Proof of Work to Proof of Stake has reduced the electricity consumption and carbon footprint of the Ethereum network by over 99.988 % and 99.992%, respectively.

We estimate that an average modern desktop PC will use approximately 100 watts of power,

The Bitcoin miner is looking into a variety of strategic solutions for raising money.

According to Core Scientific, if the potential capital raise strategies fail, the company might have to seek bankruptcy protection.

According to the miner's court filing, it is losing almost $53,000 every day to make up for Celsius' refusal to pay.

also carbon taxes.. well if you are located in a region that uses renewable then carbon taxes are your friend.. if you mine in a fossil power region. thats then not your friend.. but it helps out the markets

---

leg-end i know you adore PoS ethereum. but here is the thing. its value at underlying cost is only $50 now as admitted by ether influencers themselves "energy saving of 95%"
so their price is hanging up high in a speculative premium bubble due to arbitrage game play artificially holding it up.

wait for the pin to drop and burst that bubble.. and the correction to occur, you have been warned

the Algorand blockchain never forks.
Two blocks can never be added to the chain at once because only one block can have the required threshold of committee votes.
At most, one block is certified and written to the chain in a given round.
Accordingly, all transactions are final in Algorand.
When the consensus protocol decides on a block, this decision is never changed.

however if you are mining for yourself the easiest hedge is..
price low.. buy dont mine
price high.. mine dont buy

that way you are always acquiring coin the cheapest way you can find

the smart play is if you are finding the price is cheaper than mining it. then dont mine it.. buy it instead. put your electric bill money into buying coin. that way you are truly hedging against your mining cost by getting coin cheaper than your mining cost.

1) Since BTC is considered by the IRS to be an physical asset wash trading rules do not always apply

2) Depending on who they bought it from open market or not. And the fact that due to the holidays there are a couple of bank holidays between where they bought it and such, they might not take 'possession' of said IRS physical asset till sometime in Feb 2023.

It's obvious you never owned / operated a business in the US. Things like this are very common this time of year. A consultant I deal with just got paid for a bunch of work that he does not even have scheduled yet. But, his customer wanted the cash off the books. A client of ours sold off a bunch of old equipment, bought the replacements for them but are not taking delivery till next week.

And so on.

Welcome to the corporate world.

-Dave

One thing you need to understand about microstrategy is it's kind of techniques used in buying and selling, at some certain point in time i begin to observe it purchasing pattern likely linked to DCA purchasing pattern whereby it has preciously bought some on a frequent occasions and within a short interval of time, yet it keep purchasing the dip and continue with accumulation, now that it has decided to sell at the dip and yet forfeiting the tax pay and losses, i think it has something in plan for making another buy coming this new year, maybe it sensed a drop or little more dip coming between now and January in other to have more opportunity to accumulate more, but let wait and anticipate for more coming out from them.

Micro Strategy sold 704 BTC for about $11.8 million on December 22, the company wrote today in a filing with the United States Securities and Exchange Commission (SEC)—a move that may benefit the company in terms of tax liabilities, given how much value BTC has lost since MicroStrategy first began acquiring the cryptocurrency in 2020.

“MicroStrategy plans to carry back the capital losses resulting from this transaction against previous capital gains, to the extent such carrybacks are available under the federal income tax laws currently in effect, which may generate a tax benefit,” the company wrote

You know that there were others mining in 2009, right? Don't believe everything you read on the internet. Pseudo-evidence isn't science.

Ugh. Derailed another thread with this idiot. Apologies, I'll stop.

Peter said, “so the boomers right now are in the most liberal investment environment of their lives they’re the largest generation this world has ever had so capital costs for the last couple years have been the lowest they’ve ever been and in a couple years they’ll be the lowest they’ve ever been and in a couple years they’ll be the lowest they’ve ever been and in a couple years they’ll be going to be very very high because all that boomer liquid capital is going to go away it’ll be locked into t-bills in cash.”

Why Bitcoin is Heavily Reliant on Government Laws!

Bitcoin is emerging in this environment where money is free; it will not be here in a couple of years; it is not a store of value; it is not a method of exchange; it is not readily shiftable into the real economy. We’ve discovered with the Russian sanctions that it is completely reliant on the normal financial system for access. This means it is vulnerable to anything the government might do; it has already been banned in ten of the world’s top twenty economies; and in terms of currency. If you ever get a carbon tax it will be having a negative value so yes there’s nothing about bitcoin that’s been here for a long now as mentioned by Peter.

He pointed out the recent global situations where anyone living in a war zone country like Ukraine where people are fleeing and cannot access the ATM, here Bitcoin comes as a savior as if they can get across the borders they can easily access their private wallet from anywhere and that’s what brings the Bitcoin on the radar of government regulations and that’s why it is being banned in many countries. It is a sure-shot case of money laundering and it’s certainly not good enough to be used regularly in any sort of civilized system.

He's worse than CSW fangirls...

According to Lerner’s estimates, a single miner may have processed around 22,000 blocks in the first year of Bitcoin, and may have gathered
1.8 million Bitcoin

I earn 0 from Proof-of-Work supporting companies like Blockstream.

There are none.

Now you're just throwing random terms just to seem knowledgeable. Any developer can create Proof-of-Work based cryptocurrencies, but he needs to either acquire computational power or convince others spend it for his network's security, none of which is attractive in comparison with just minting coins without the work.

Merged mining refers to the act of mining two or more cryptocurrencies at the same time, without sacrificing overall mining performance. Essentially, a miner can use their computational power to mine blocks on multiple chains concurrently through the use of what is known as Auxiliary Proof of Work (AuxPoW).

Shut your mouth for once, and show me the evidence that Satoshi owns a million coins.

Ever thought that Proof-of-Stake is attractive to developers, because they're the first to acquire most of the coins? Ever thought that it requires no investment either? Securing a brand new protocol with Proof-of-Work requires purchase of expensive infrastructure and energy spending.

Ever thought that Proof-of-Work has absolutely nothing to do with the transaction capacity?

Congrats, though. Being so wrong about something must take effort.

Evidence isn't your strong point, is it?

Plus calling Proof of Stake "better" than Proof of Work merely because it's "wasteful" shows that the person doesn't understand that Proof of Stake is a system for consensus by comittee. Proof of Stake will always be inferior than Proof of Work. It's simply the truth, ask any capable developer who is not a charlatan.

What if you go outside, take a few breaths, eat a meal, take a walk to your town, visit the parliament, maybe stay there for a while and witness that it isn't consisted only of communists who'd cut the heads of those who'd have dared to spend energy in disapproved activities, and get back home?

It's impossible for some people to not care if Bitcoin ever "dies" (you know, actually), because Bitcoin disappearing requires from the entire world to operate in the most oppressive manner, and I'm sure lots will care about that. Even you might.

I believe the "so many miners" that are going bankrupt, you are saying they're all Bitcoin miners?
Can you show us a list of who those "so many miners" that went bankrupt?

Austin, Texas-based Core Scientific attributed its bankruptcy to slumping bitcoin prices, rising energy costs for bitcoin mining and a $7 million unpaid debt from U.S. crypto lender Celsius Network

Compute North, the second largest bitcoin mining hosting provider in the US, filed for Chapter 11 bankruptcy last week.

Greenidge Generation Holdings Inc., once one of the largest public Bitcoin miners in the US, warned that it may seek bankruptcy protection

While aging demographics pose some problem, there's no way it'll make China collapse.



This statement is ridiculous since miner could just mine with renewable/sustainable energy which has less carbon and it only has small impact on cryptocurrency which doesn't use PoW. Report by Bitcoin Mining Council also show majority Bitcoin miner use renewable/sustainable energy.

You're simply ranting on in spite of what? You're trying to connect dots that aren't there.

You've disrespected people here that have simply tried to help educate you?
Seems like you may be going through some stuff, try approaching a little less bitter it's not a bad community.

If bitcoin where to be banned, it would be to make way for CBDC, potentially scapegoated as an energy crisis however saner minds will prevail.
but that's speculative, bitcoins been lobbied pretty hard, probably harder than anything in history.
It's even on programming via NFL crypto.com

Mindless obedience keeps religious cults together.