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161  Bitcoin / Bitcoin Discussion / Re: Acceptance of Bitcoin and Crypto in New Zealand: A Curious Case on: August 13, 2019, 05:19:43 AM
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For one, companies can only pay cryptocurrency to employees working under official employment agreements. Payments also have to be for a fixed amount – “the value of the crypto-asset is pegged to one or more fiat currencies.”

So that narrows it down from the top 10 currencies to...tether Tongue
Bitcoin can't qualify for this as its value is by no means pegged to any fiat currency.

Is that really what that means? I read the article and thought that the base salary had to be pegged to a fiat value, not the crypto itself. This would make sense as it protects employees from downswings. It's a ridiculous ruling otherwise.
162  Bitcoin / Bitcoin Discussion / Re: Binance Hackers Bombard Chipmixer to Launder at Least 4,836 BTC on: August 13, 2019, 01:57:57 AM
^^I find Clain's allegations pretty valid and even though it's not proved, this would be investigated. A mixer was most probably the best option for the hacker and if by any chance Chipmixer was infact involved, I don't see how can they not be blamed when the same happened with Bitmixer.

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Bestmixer launched in May 2018. Only a month later, police began investigating the mixing service and found that over the course of one year, the "world's leading cryptocurrency mixing service" had managed to launder at least $200 million in cryptocurrency on behalf of customers.

The cryptocurrency processed through Bestmixer was considered potentially "tainted" -- in other words, connected to illegal activities and theft.

"Mixing Bitcoins that are obtained legally is not a crime but, other than the mathematical exercise, there no real benefit to it," Fokker said. "The legality changes when a mixing service advertises itself as a success[ful] method to avoid various anti-money laundering policies via anonymity. This is actively offering a money laundering service."



https://www.zdnet.com/article/bestmixer-seized-by-eu-police-over-laundering-of-200-million-in-cryptocurrency/


Bolded the part that highlights the difference between Bestmixer and Chipmixer. I'm very interested as to what will come out of this, but if past precedent were to be followed, authorities won't have grounds to shut down Chipmixer regardless of their capability to do so.

I hope that is the case with Chipmixer and the feds may not have enough power to close them down. But one thing is sure. The FBI is going to demand user logs from the Chipmixer team. I don't know how the owners will respond to that.

If everything is as it should be, they would respond by saying they don't have the logs. When a mixing session ends, all data associated with it is deleted.
163  Bitcoin / Bitcoin Discussion / Re: Will Bitcoin mixers be considered illegal by worldwide governments? on: August 09, 2019, 08:19:03 AM
We've seen how Bestmixer got shut down by the authorities. They claim that Bestmixer encouraged money laundering activities which resulted in legal action.

This claim is substantiated by Bestmixer's page where it lists reasons why people should be using mixers in the first place. They basically advertised their service as a way to evade KYC and AML procedures with crypto, and the authorities justified their attack based on that fact.

Mixers are otherwise perfectly legal (which was acknowledged by a blog of McAfee, a firm instrumental in the takedown) and I don't see that changing in the near future. Lawmakers don't ever talk about mixers and I would be surprised if majority of them knew mixers even existed. I could see mixers getting on their crosshairs if a single provider gets big and popular enough, but the service itself is so niche that even the most well known ones remain obscure to the general public.
164  Other / Beginners & Help / Re: Don't Buy Bitcoin - Earn It (Antonopoulos) on: August 09, 2019, 01:56:24 AM
1. Most jobs where physical attendance is required usually don't pay in Bitcoin, usually because regulation/law

IMO there is nothing wrong with working for FIAT and converting it into bitcoin.

I completely agree. I mean, it's the same thing anyway -- your salary becomes Bitcoin at the end of the day and you can do whatever you want with it afterwards.

Either way, I don't see anything wrong with buying. People buy USD for whatever reasons and it's seen as natural. Why should the standards be any different with Bitcoin if we're treating it as a full blown currency? It's indeed better for the ecosystem if people stopped treating Bitcoin as an investment, but the act of buying itself isn't necessarily rooted to just the act of investing.

Projects paying in Bitcoin would also show that they are putting some valuable BTC into their business instead of "paying" probably useles shitcoins. That way we would have another advantage to weed out some blatant scam projects, many of them won't risk real BTC for their exit-scam. 

That's exactly the problem, they would have to spend real money on their campaigns lol. Why would they when people eat up whatever they make out of thin air anyway? Nothing short of an actual forum policy will stop this practice, and theymos isn't the type to enforce something this draconian.
165  Bitcoin / Bitcoin Discussion / Re: Did Satoshi think that quantum computers will exist? on: August 08, 2019, 07:20:43 AM
]
The only way to prevent those bitcoins from being stolen and re-added to the supply would be to lock/destroy them in a fork. For example, we could implement a fork where coins are destroyed if they aren't moved in n blocks -- a number of years down the road maybe. This would be extremely controversial.

I'm sure it would be controversial, but I'm not so sure as to the degree. From what I can see, Bitcoin is still dominated by people who want to make money first and foremost, so I could see a move like this, which preserves their coins' value, garner a lot of support. There will be some pushback among purists, but how many really are there? Either way, I agree that the community should start drawing up some concrete solutions.

I'm personally in the camp who would prefer that lost coins be left where they are whether they're vulnerable or not, but I won't really mind if they get destroyed either, considering the scale of damage their theft may cause.
166  Economy / Speculation / Re: Bitcoin Breaks $12,000 Before Plunging, Crypto Markets Turn Downward on: August 08, 2019, 06:03:31 AM
I lol'd at plunging. That Cointelegraph article doesn't paint the entire picture though. This Coindesk article also noted a steep drop, but it was actually able to document a $1k-ish drop within a short period. It's not much in the grand scheme of things, but that's the kind of movement that would leave newbies shaking in their boots.

I am by no means saying that Coindesk is the paragon of crypto reporting, but what the hell is Cointelegraph doing? You can't say a drop is a plunge in your headline and clarify that it's a 0.67% drop on the day in your second sentence lmao.
167  Economy / Economics / Re: Did Satoshi ever mention anything about the taxing of Bitcoin? on: August 07, 2019, 05:31:10 AM
He just wanted people to free from fiat slavery, so no taxation ever mentioned.
Bitcoiners will need to join together and take a stand together against the Tax Man?  Essentially in the future people all around the world will decide they do not want to be taxed on their Bitcoin. A global currency. An uprising against the Tax Man is very possible, and probable.

One important distinction to be made from this is that our Bitcoin is not taxed per se. Our earnings from Bitcoin (and from whatever other source) however, is taxable under income tax laws. No one is taxed for simply owning or trading Bitcoin; there's always going to be profit involved somewhere.

It's completely up to the individual whatever they might think of taxes, but just because it's a different currency doesn't necessarily mean earnings derived from it shouldn't be taxable.
168  Other / Beginners & Help / Re: Security / If you are Android user and invest in Crypto, please be careful on: August 07, 2019, 02:07:39 AM
In what way are mobile devices more "vulnerable" than computers?

It probably has nothing to do with inherent security features, but the average person uses their phone far more than their PC, so missteps (like connecting to random wifi spots, random people spying on your screen, etc.) are more probable. It's also more vulnerable to physical attacks like theft.

That is not to say that they're vulnerable, of course, just that users need to take extra precautions when using them.
169  Other / Beginners & Help / Re: Security / If you are Android user and invest in Crypto, please be careful on: August 06, 2019, 05:46:40 AM
There's really no need to scan if you're aware of what to avoid, since you can't get it through random usage:

There are a host of alleged security flaws in the Google Play store that the malware operators were able to exploit in order to infect Android devices via downloads of applications that appeared to be legitimate on the store.

If you're installing random apps on your android phone, you'd probably have a lot more threats to worry about than just this considering the state of the Play Store. You should be taking care of your phone like your PC, where you avoid installing unnecessary apps and verify all your downloads.
170  Bitcoin / Bitcoin Discussion / Re: Blow To Bitcoin As iPhone-Maker Apple Reveals Sudden Swerve!!! on: August 06, 2019, 02:42:50 AM
Apple’s bitcoin and cryptocurrency buying ban is, however, far from unusual, with U.S. high street banks JP Morgan Chase and Citi prohibiting their customers from purchasing crypto due to fears volatile prices could leave them heavily in debt.

So how exactly is this a "blow" then? It sounds like the author admitted that not many people are using (or expecting to use) credit cards to buy crypto in the first place. Also, if we are being specific, it should also be a blow to the following:

Quote
the card also cannot be used to purchase cash advances or cash equivalents, including casino gaming chips, race track wagers, or lottery tickets.

So yeah, this dude just wanted something to write about, feigning public expectations (there was no swerve) that it could be used to buy crypto, and people took it hook, line, and sinker. "Blow to the Lottery as iPhone-Maker Apple Reveals Sudden Swerve" doesn't sound as catchy.
171  Bitcoin / Bitcoin Discussion / Re: Did Satoshi think that quantum computers will exist? on: August 06, 2019, 01:33:22 AM
Shale coins could still be a possibility but is it an issue? Thought gone coins coming back to circulation? Would it even be profitable to run a quantum machine for the length of time it takes on average to crack?

It will be at some point. It's also entirely possible for this to happen even before quantum computers are commercially available.

Because in the scenario where a quantum computer decode bitcoin transactions, then we will see a fork to recover the coins and an encryption upgrade, so, don't worry at all Wink

"Recovering" someone else's coins is a very slipper slope. What essentially happens is that you steal them in place of another thief.
172  Bitcoin / Bitcoin Discussion / Re: Warren Buffett's obsession with physical things, gets in his way to see the gem on: August 01, 2019, 03:07:56 AM
I don't think it has anything to do with something being physical. He's clearly alluding to things whose value are backed by something. What he doesn't grasp is how Bitcoin has value despite being decentralized, and I think that's perfectly fine for someone who has built his wealth the way he did using the regular system.

Either way, his dislike of Bitcoin isn't really news to anyone at this point, so there's probably no use dissecting it. He's worth more than a lot of us ever will be, so he's at least entitled to his own opinion about finance.
173  Economy / Speculation / Re: Bitcoin price will go below 100 $ and then > 1,000,000 $ on: July 31, 2019, 02:38:03 AM
transitioning to quantum proof signatures doesn't solve the problem of vulnerable coins the OP is talking about. for example, the satoshi coins---most of which are apparently held on p2pk outputs where the public key is exposed. or [lost] coins that remain in addresses which have signed transactions before. these could constitute millions of bitcoins which would still be vulnerable on a post-quantum fork.

Wow, I always assumed it would protect past addresses, but now that I think about it, no fork can really change those. So I looked into the issue and it seems the community doesn't have a solution for this yet? That is a pretty concerning issue.
174  Economy / Speculation / Re: Bitcoin price will go below 100 $ and then > 1,000,000 $ on: July 31, 2019, 01:57:35 AM
There's actually a proper paper out there that details quantum computing threats to Bitcoin, and details ways on how to circumvent them.

For a tldr, ASICs generate more hashpower than quantum computers are estimated to be able to, and there are several quantum-proof signature schemes (available now) that Bitcoin could adapt.

This means that the threat of quantum computing could be solved by a hard fork anytime. Hard forks should only be executed when absolutely necessary though, and we're several years away from that.
175  Bitcoin / Press / Re: [2019-07-28] Russian Arms Producers Uses Bitcoin to Circumvent Sanctions on: July 30, 2019, 06:15:07 AM
I ran into a Coindesk article saying the same thing, and they cited this article:

https://www.finanz.ru/novosti/valyuty/gosduma-predlozhila-prodavat-oruzhie-za-kriptovalyutu-1028375680

The news agency itself has fewer than 10k followers on their Facebook and Twitter, so it's not very well known. A scoop like this would've been picked up by large media corporations if it were true.
176  Bitcoin / Bitcoin Discussion / Re: Bitcoin: A Medium Of Exchange *Not A Fiat Multiplier* on: July 30, 2019, 03:12:42 AM
I completely agree that using exchanges as your wallet is an improper way to use Bitcoin, but using them to buy or sell is perfectly acceptable. Peer-to-peer Bitcoin trading is preferable for sure, but even then, most trades between strangers still go through escrows of some sort. I'd also like to note that he doesn't attack financial institutions anywhere on the whitepaper; he only said that it could be time consuming and expensive to go through middlemen, most of which happen to be financial institutions in online commerce scenarios.

It's just money at the end of the day, and spending it on whatever, even other kinds of money, is completely up to the users' prerogative. I don't think Satoshi would see it as pissing on his grave or anywhere near that drastic.
177  Bitcoin / Bitcoin Discussion / Re: Who wants to start the bitcoin church with me? serious this time on: July 30, 2019, 01:39:58 AM
It's an interesting workaround, but how would this exactly work? Wouldn't this mean you have to funnel all of the members' earnings through the church to make it tax free? I guess you could say that the members' Bitcoin addresses all officially belong to the Church, but I'm not sure any government will buy that.

I don't think they'll exempt individuals from paying taxes just because their faith demands non-compliance against tax laws either. But hey, it would be amazing to see someone try something like this, if only for spectators' amusement lol.
178  Economy / Economics / Re: There were only 3,3% of days In Bitcoin's History That Were Not Profitable on: July 29, 2019, 08:15:58 AM
-snip
That still doesn't account for 129 losing days. In fact, it can be useful but we need to know the methodology used in order to make something tangible out of this information

I'm not sure, but I think he might have looked over the historical data and counted the days when Bitcoin's (day average?) price was lower than it is now, meaning he found a grand total of 129 days that fit that criteria. If I understand correctly, what he's trying to say is that if you had picked a day at random (from its inception) to invest in Bitcoin, you'd have around a 96.7% chance to have turned a profit with current prices. It's probably something like this tweet, which gained a fair amount of attention:

You made money if you bought Bitcoin and held it until today in 122 of the 125 months that Bitcoin has been available.

The only three months that have been unprofitable were December 2017 and January / February 2018.

I don't see how that could be useful, but hey, it would be great if it could.
179  Other / Beginners & Help / Re: Any other good reasons to try been a legendary member? on: July 29, 2019, 06:28:25 AM
Ranks don't really mean anything here, and being Legendary won't earn you any more respect than being a Newbie. You get access to better signatures as you get a higher rank and that's it.

If you want to be respected, show it through the way you interact with the community.
180  Economy / Economics / Re: There were only 3,3% of days In Bitcoin's History That Were Not Profitable on: July 29, 2019, 05:13:11 AM
-snip-

Why is that a meaningless statistic? I don't know any other asset that has made so many millionaires like bitcoin did. Even if you were not investing and you were just mining. Can you show me any other asset that has outperformed bitcoin in 10 years of existance? You say more and more people has to buy to maintaine it's growth. Not true! Look at the google trends for bitcoin. There is less interest in bitcoin than before but the price is rising. It's not important how many people invest but how much they invest. And there is a lot of room for adoption cuz majority of people still didn't buy bitcoin. There will be a high demand for bitcoin in the future cuz it's a new digital gold. People will eventually adopt new things.

It's meaningless because all it's essentially saying is that we're better off today than most of Bitcoin's days. It's reassuring and puts the current situation into perspective, but then what? What can we do with that tidbit of information?

That's all well and good, but I never said Bitcoin wasn't profitable, just that an average person probably won't have a 96.7% chance to profit like the topic implies.
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