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1  Other / Politics & Society / DeSantis Vows to Abolish IRS, Advocates Flat Tax in Presidential Bid Amidst Stif on: January 31, 2024, 03:48:48 AM
https://news.bitcoin.com/desantis-vows-to-abolish-irs-advocates-flat-tax-in-presidential-bid-amidst-stiff-gop-competition/

On Jan. 4, 2024, Florida Governor and presidential candidate Ron DeSantis articulated his desire to abolish the U.S. Internal Revenue Service (IRS). He advocated for the adoption of a uniform rate flat tax for all U.S. residents. DeSantis declared to CNN’s Kaitlan Collins on Thursday, “I would eliminate the IRS, have a single rate, and just do a flat tax.”

If he can get rid of the IRS does that mean people wouldn't need to pay taxes on Crypto? Who would hold them accountable? Shocked But these politicians always say BS like this but they never actually do it once they get into office. Hope this guy is different. I would vote for him if he's serious!

I mean doing just one of those two things would be an accomplishment but both? that's like too good to be true...
2  Bitcoin / Bitcoin Discussion / Bitcoin devs can undo 21M supply cap but can’t force changes on: January 24, 2024, 06:18:35 AM

https://cointelegraph.com/news/bitcoin-devs-can-undo-21-million-cap-but-cannot-force-changes

Bitcoin developers can theoretically remove the 21-million-Bitcoin supply limit from the source code, but miners are unlikely to accept such a change, according to one analyst.

I'm sure this comes as a huge relief for all of you guys.

Then they go on to say this:

Like most other codes, Bitcoin’s source code can be modified, meaning the 21-million limit is theoretically changeable. However, such a change will have to be accepted by miners to be effective, according to Josef Tětek, a Bitcoin analyst at the hardware wallet firm Trezor.

The more people write about how the 21 million limit can be changed, the more its going to get into peoples' heads that maybe it should be changed. That way they could own more bitcoin and get richer. That's how they would think about it.
3  Bitcoin / Mining / Bitcoin faces risk of protocol-level censorship as miners under increasing regul on: December 28, 2023, 03:15:53 AM
Carole House, a former White House director for cybersecurity and secure digital innovation, who is now executive in residence at Terranet Ventures, spoke at the DeCenter Spring Conference at Princeton University in April, proposing exactly that.

In her speech, House suggested that it would be great if miners, as well as validators of proof-of-stake blockchains, came together and agreed not to mine OFAC-blacklisted transactions, as well as not to build upon blocks with such transactions. She also noted that having as much hashpower as possible in the U.S., where miners have to comply with the sanctions, would help make that vision a reality.  


https://www.theblock.co/post/267759/bitcoin-faces-risk-of-protocol-level-censorship-as-miners-under-increasing-regulatory-pressure

so now they not only don't want people mining transactions on the OFAC list but if they happen to make it into a block they don't want miners to build on those blocks. just wow!  Shocked

OFAC is in the USA. The Office of Foreign Assets Control. They want to control everything especially about bitcoin.
 https://ofac.treasury.gov/

4  Bitcoin / Bitcoin Discussion / Reports emerge suggesting Mt. Gox creditors are receiving repayments on: December 27, 2023, 01:27:31 AM
Creditors of the long-defunct Bitcoin exchange Mt. Gox have reportedly started to receive fiat repayments for their Bitcoin, which had been trapped on the exchange since February 2014, according to numerous reports across social media.

https://cointelegraph.com/news/mt-gox-creditors-repayments-received-social-media-reports

What was bitcoin price in 2014? $500? Now it's $40,000?

Seems like these people got a great deal which involved a bit of forced HODLing.  Shocked Assuming they all get paid back in full. Even if not, they probably come out with a reasonable rate of return.
5  Alternate cryptocurrencies / Altcoin Discussion / Tether: We've onboarded FBI, Secret Service to our platform on: December 18, 2023, 12:50:06 AM
https://www.theblock.co/post/267973/tether-weve-onboarded-fbi-secret-service-to-our-platform

In the more recent letter, Tether CEO Paolo Ardoino, who recently took the helm of the company, emphasized Tether's recent decision to disable Tether's tokens in all wallets on the Office of Foreign Assets and Controls (OFAC) sanction list. Tether claims to have helped the Department of Justice, U.S. Secret Service, and Federal Bureau of Investigation (FBI) freeze 326 wallets controlling 435 million USDT so far, though its latest frozen wallets seemingly contain far fewer tokens than that sum.

imagine having the FBI and Secret Service needing to approve your bitcoin wallet. That's what the USA government wishes could happen. Looks like they are getting their way with tether...which is kind of concerning that the USA government will now effectively control tether.
6  Other / Politics & Society / Arizona GOP Candidate Says Migrants Given $5000 Gift Cards on: December 10, 2023, 05:45:57 AM
https://www.newsweek.com/migrants-given-5000-gift-cards-after-crossing-border-arizona-sheriff-1850583

Mark Lamb, an Arizona sheriff who running for the U.S. Senate as a Republican, said he had learned that migrants crossing the border illegally were being given $5,000 prepaid Visa cards

If that's true then who needs bitcoin? Why risk your money when you are getting it for free? Just spend it and get more when you run out. Sounds like the american dream.



Federal agencies denied knowledge of such a scheme and Lamb offered no evidence to support his claim on X, formerly known as Twitter.


There must be some truth to this story.  Federal agencies are not going to come out and admit something like that so that's no big surprise...
7  Other / Off-topic / JPMorgan Chase Accused of Terminating $200,000 Account Without Warning on: December 07, 2023, 02:12:55 AM
https://dailyhodl.com/2023/12/01/jpmorgan-chase-accused-of-terminating-200000-account-without-warning-forcing-customer-to-fly-2400-miles-for-support-report/


A loyal JPMorgan Chase customer has reportedly had his life turned upside down after discovering his account was abruptly terminated without notice.

The customer, who lives in Hawaii, says he opened his Chase account two decades ago and was shocked to learn $200,000 was suddenly inaccessible, reports the US Sun.

According to the customer, Chase told him he’d have to visit a branch in person to try and get his money.

And although Chase has ATMs in Hawaii, it does not have any physical branches, which forced the customer to fly 2,400 miles to Los Angeles in an attempt to resolve the issue.


I wonder if Chase let him open up the account from Hawaii and deposit that 200 grand remotely but then they want to make him jump through hoops to get it back. I don't think Chase is a very friendly bank. To put someone through that. Imagine having your lifetime savings frozen and then your account closed and then you have to go to them on your hands and knees to get your money back. That's what happened to this guy ^^^

I wonder if he knows about bitcoin. Because that's too much to trust a silly bank with. putting all your eggs in their customer-unfriendly hostile basket... Shocked
8  Other / Serious discussion / Biomemory Unveils Groundbreaking DNA Cards, Revolutionizing Data Storage Technol on: December 07, 2023, 12:56:08 AM
https://www.prnewswire.com/news-releases/biomemory-unveils-groundbreaking-dna-cards-revolutionizing-data-storage-technology-302003996.html

Biomemory, a trailblazer in digital data storage solutions, has today announced the launch of its DNA Cards, the first time DNA data storage has ever been available for sale to the general public. Available now this year, the groundbreaking DNA Cards, whose credit card-sized format boast a capacity of one kilobyte of text data each, serve as proof of the practical ability to utilize molecular computing for storage needs, a departure from and more sustainable alternative to traditional silicon chips. Biomemory, the creative force behind this unique format, ensures a minimum lifespan of 150 years, setting a new standard in data longevity.

You could literally store a bunch of 24-word seedphrases on one DNA card.

While the DNA Cards are the first instance of the practical use of this storage technology, Biomemory plans to scale up this DNA data storage technology for data center usage. Looking ahead, in 2026 Biomemory plans to release the Biomemory Prime, designed for seamless integration into data centers with a planned storage capacity of 100 PB, marking a significant step towards a sustainable and efficient digital future for data storage.


Not only that but they're going to have 100 petabyte form factors. Now everyone can afford to store the blockchain forever! 100 PB  is ALOT. for those of you that don't know. 1000 terabytes equals to 1 petabyte. no more crashed hard drives. Shocked
9  Bitcoin / Legal / U.S. Treasury Campaigning for Amplified Powers to Chase Crypto Overseas on: November 30, 2023, 06:42:29 AM
https://www.coindesk.com/policy/2023/11/29/us-treasury-campaigning-for-amplified-powers-to-chase-crypto-overseas/amp/

The U.S. Department of the Treasury is pressing lawmakers for a new set of powers that would give the government unprecedented enforcement and sanctions authority over the crypto sector, including the ability to roam well beyond American borders and get involved with transactions that don't involve its citizenry.

Anyone remember what happened to John Mcafee ? Well he was a US citizen! Now they want to do that to a foreigner too. Believe it OR NOT.  Shocked
10  Alternate cryptocurrencies / Altcoin Discussion / The SEC is having trouble serving Hex founder Richard Heart with its lawsuit on: November 29, 2023, 04:33:37 AM
https://www.theblock.co/post/264702/the-sec-is-having-trouble-serving-hex-founder-richard-heart-with-its-lawsuit

The SEC is having trouble serving Richard Schueler, the Hex and PulseChain founder best known as Richard Heart, with its lawsuit for allegedly selling unregistered securities.


how many people have lost their shirt due to this schmuck? but you gotta give it to him. he knows how to stay out of reach of USA authorities.  Shocked
11  Other / Off-topic / Google Drive users angry over losing months of stored data on: November 27, 2023, 11:27:58 PM
Google Drive users are reporting that recent files stored in the cloud have suddenly disappeared, with the cloud service reverting to a storage snapshot as it was around April-May 2023.

https://www.bleepingcomputer.com/news/google/google-drive-users-angry-over-losing-months-of-stored-data/

And this, ladies and gentlemen, is why they say to keep a hard copy of your private keys.  Shocked
12  Alternate cryptocurrencies / Altcoin Discussion / Tether Freezes $225M Linked to Human Trafficking Syndicate Amid DOJ Investigatio on: November 21, 2023, 08:29:24 AM
https://www.coindesk.com/business/2023/11/20/tether-freezes-225m-linked-to-human-trafficking-syndicate-amid-doj-investigation/amp/

Stablecoin issuer Tether has frozen $225 million worth of its own stablecoin following an investigation by the U.S. Department of Justice (DOJ) into an international human trafficking syndicate in Southeast Asia.



No proof needed apparently just some suspicions guilty without any trial your money is FROZEN!


On-chain data shows that Tether froze the $225 million across 37 wallets, with the majority of those tokens previously being transferred to OKX, a crypto exchange that also took part in the investigation

 


Strange how the USA forced tether to click that "freeze" button I bet they would love to have a freeze button on BTC so they could put an even larger dent in "human traficking". No trial no jury  Shocked
13  Economy / Economics / House to consider stopgap funding measure today to avert government shutdown on: November 15, 2023, 12:35:43 AM
https://www.cbsnews.com/news/government-shutdown-2023-mike-johnson-stopgap-funding-bill/

House Speaker Mike Johnson's plan to prevent a government shutdown will be considered by the House on Tuesday, according to a notice sent to lawmakers late Monday night.

The stopgap measure to temporarily fund the government, known as a continuing resolution, will be put on the House floor under a procedure known as suspension of the rules. This enables it to bypass the House Rules Committee, where Republicans had signaled they would not advance the bill. Considering the measure under suspension comes with some caveats: it cannot be amended, and it requires a two-thirds majority to pass the House.


This type of situation seems like it is happening every few months now in the USA. Ridiculous. Shut down the government and lets start saving some money! I think by now we can all see that it's just smoke and mirrors and most government jobs are really not essential we could do without them. eventually we'll have to. because they can't keep approving bills like this forever...

what do YOU guys think?  Shocked
14  Bitcoin / Legal / Opinion The IRS Is Making Crypto Compliance Impossible on: November 14, 2023, 12:36:35 AM
https://www.coindesk.com/consensus-magazine/2023/11/13/the-irs-is-making-crypto-compliance-impossible/


The IRS states, “A specific identification of the units of a digital asset sold, disposed of, or transferred is made if, no later than the date and time of the sale, disposition, or transfer, the taxpayer identifies on its books and records the particular units to be sold…”
If a taxpayer uses a broker they must instruct the broker which digital assets they intend to sell before-the-trade. In the case of a broker taxpayers must:
Identify and document digital assets in their own records
Tell the broker to sell the assets they’ve identified
The IRS states, “…the taxpayer specifies to the broker having custody of the digital assets the particular units of the digital asset to be sold…”
Now, if you don’t meet the spec id requirements, your basis defaults to FIFO and you could incur a gigantic tax liability. Your spec ID gets recalculated under a FIFO basis.


you guys better hope this little rule doesn't pass because if it does then you are screwed if you live in the usa.
15  Bitcoin / Legal / Expect new IRS crypto surveillance to come with a surge in confiscation on: November 09, 2023, 04:25:05 AM
https://cointelegraph.com/news/expect-new-irs-crypto-surveillance-come-with-surge-confiscation

The Justice Department is claiming that it's "critical" for it to have the power to seize cryptocurrency from Americans — even if a judge never signs off.

this is very dangerous grounds, guys. it's called "administrative forfeiture" and if that ever happens then we're really in big trouble. in the usa.
16  Bitcoin / Development & Technical Discussion / Researcher Claims to Crack RSA-2048 With Quantum Computer on: November 03, 2023, 05:27:36 AM
https://www.bankinfosecurity.com/blogs/researcher-claims-to-crack-rsa-2048-quantum-computer-p-3536
As Ed Gerck Readies Research Paper, Security Experts Say They Want to See Proof

 We all knew this day was coming sooner or later but I guess we didn't realize it would be done without shors algorithm  Shocked
 Bitcoin should still be good since it doesn't require factoring large numbers
17  Bitcoin / Legal / Kraken to turn over select customer data to IRS after July court loss on: October 30, 2023, 04:49:19 AM
The exchange will be required to report information on customers who transacted more than $20,000 between 2016 and 2020.

https://cryptoslate.com/kraken-to-turn-over-select-customer-data-to-irs-after-july-court-loss/

I think 2016 was when there was no rules about crypto from the IRS. You could just buy and sell BTC without paying any taxes or anything. Problem is, at some point maybe 2018 or 19, the IRS started coming down hard on Americans. They wanted to know if they were involved in crypto - making them check a box on their tax return if they were. Now they're going to find out who was honest and who wasn't.   Shocked

This is an interesting situation since Kraken is not an american company they are outside the USA. yet the IRS can still tell them what to do and they can't do anything about it.
18  Alternate cryptocurrencies / Altcoin Discussion / Elon Musk predicts X will replace banks in 2024 - The Verge on: October 28, 2023, 01:24:37 AM
https://www.theverge.com/2023/10/26/23934216/x-twitter-bank-elon-musk-2024

Elon Musk wants X to be the center of your financial world, handling anything in your life that deals with money. He expects those features to launch by the end of 2024, he told X employees during an all-hands call on Thursday, saying that people will be surprised with “just how powerful it is.”

“When I say payments, I actually mean someone’s entire financial life,” Musk said, according to audio of the meeting obtained by The Verge. “If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.

I think this is another one of Elon Musk's fantasies that is never going to happen. Plus if he keeps wasting time on all these other things he is never going to make it to Mars in his lifetime. Which I thought was his main goal but unfortunately he has gotten sidetracked.  Shocked


Musk has discussed his plans to turn X into a financial hub before. He even renamed Twitter after his dot-com-boom-era online bank, X.com, which eventually became part of PayPal. He previously said the platform would offer high-yield money market accounts, debit cards, checks, and loan services, with the goal of letting users “send money anywhere in the world instantly and in real-time.”

To send money anywhere in the world, it would need to be an altcoin. Or a western union competitor but who needs another western union? we already have western union.
19  Bitcoin / Bitcoin Discussion / Startup says it can access $235M in locked bitcoin — but owner says ‘no thanks’ on: October 26, 2023, 10:55:58 PM


https://protos.com/startup-says-it-can-access-235m-in-locked-bitcoin-but-owner-says-no-thanks/

The drive in question belongs to a Swiss crypto entrepreneur named Stefan Thomas. Thomas received the Bitcoin in 2011 for creating a video titled ‘What is Bitcoin?’ However, shortly thereafter, he lost the piece of paper on which he’d written the password. Since then, he’s used up eight of the 10 password attempts afforded to him by the IronKey before it erases the keys — and access to the fortune — forever.

I guess my question is, why would someone want to own a device that self destructs like that? More often than not, the only thing its going to cause is a huge inconvenience to the person that owns it. This isn't the first story I've heard like this either.

I think this type of device has gone out of style though but i could be wrong.
20  Bitcoin / Legal / IRS proposes unprecedented data-collection on crypto users on: October 25, 2023, 01:08:21 AM
https://cointelegraph.com/news/irs-proposes-unprecedented-data-collection-crypto-users

The IRS is looking to require crypto service providers to collect unprecedented swaths of data about their users — including names and Social Security numbers.

i'm sure coinbase already does that but i guess now they want even more places to do that like decentralized exchanges...hmm Angry


Recalling back to 2021, the Infrastructure Investment and Jobs Act was about building roads, bridges, and the like — it was not about cryptocurrency or financial reporting. It wasn’t until funding was desperately needed to offset spending that members of Congress slipped in two provisions to increase financial surveillance over cryptocurrency users. Their argument was that increasing surveillance would increase tax revenue, effectively accusing cryptocurrency users of tax evasion.

bitcoin is not for usa people. period. not after this type of thing. who wants to be a sitting duck? being involved in crypto just puts a big X mark on your back if you're a usa citizen...
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