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2741  Bitcoin / Press / Re: [2022-10-19] Europe to ban crypto mining this winter on: November 07, 2022, 08:52:12 AM
@stompix. However, our point of view should not be to consider this ability as something very much similar to a scandal even if the government appears to declare this as a scandal. This ability to take and provide for the bitcoin hashrate is in reality a representation of the unenforceability of their auhtority.

Yes, but that's the exact reason I mentioned the numbers.
Of course, nobody can force every citizen in the EU to stop stealing electricity for any kind of activity, nobody can ban everyone running an Appolo miner that draws just 200w, and there will be people who will still avoid this ban even with ASIC miners.

For example, in my case, it would be easy to hide one or two ASICs in the farm run by a family just as I run a few now completely legally and paying my bill, but in all these cases where somebody can hide a few miners, the overall number won't matter compared to the actual hashrate. It's like you sharing movies with your friends would kill netflix, and we know how that went.


2742  Economy / Exchanges / Re: FTX comedy and might be another exchange that bites the dust? on: November 06, 2022, 08:58:35 AM
They also included bitcoin they had purchased with the USDT they first printed. Print USDT out of thin air -> buy bitcoin with it -> claim USDT is now backed up with bitcoin. Unbelievable.

That's what happens when you adopt a legit way of getting a loan to a money printing scheme, in a normal business procedure if a company would be offering you a special loan in which you would have to use a part of the funds for assets that can be collateralized and be part of your manufacturing or whatever your business type is, it would be legit, just as a stretch from issuing shares for expansion would come close to this.

What they are doing is just on a different level, I'm still surprised why the US is still letting them roam fee, but I'm pretty sure if one government agency will ask them to provide the proofs they are not operating like either a fractional reserve or a Ponzi scheme there will be thousands who is defended tether and blame everything on the evil gubbermint.

And then look at centralized lending/staking platforms. Even after Celsius and Voyager collapse, people are still using such platforms. Even after BlockFi revealed they needed a bail out to the tune of $250 million, people are still depositing their coins there.

Remember what I was telling you about how some defend Tether or at least are gullible enough to repeat what others tell them till it ends all over the internet?

The Tether Business Model – How Does Tether Make Money

Quote
Loans
Tether, furthermore, makes money from issuing loans to other businesses and institutions that then pay interest on those loans. 
In October 2021, for instance, Tether loaned $1 billion to Celsius Network, which is a cryptocurrency lender.

I'm just sitting over here quietly using bitcoin peer to peer, as was intended in the first place, having never lost a single satoshi.

But, but, you're losing the opportunity to lose all your money  Wink
2743  Bitcoin / Press / Re: [2022-10-19] Europe to ban crypto mining this winter on: November 06, 2022, 08:37:15 AM
It appears my argument has been misunderstood. Let me change my statement to the potential that any person can facilitate something to steal electricity and use this to mine a proof of work cryptocoin is good for the coin's network security and decentralization. This causes their laws to be unenforceable inside their own jurisdictions and without depending on more friendlier politicians.

The whole hash rate that you might feed with staling electricity, just for the sake of numbers, let's say 5%, 15 Exashah, the best gear on the market, S19XP, 100k machines needed, 300MW or a nuclear reactor worth of electricity staling before anything else will not help is a bit when compared to the scandals and the negative representation in the media about the thieves getting caught.

Again, this can't be done by small individuals, with larger it's becoming way risky and if we talk about huge farms that have some shady deals with governments, well, how is that helping decentralization at all when they are killing small legit home miners with their free electricity?

2744  Economy / Trading Discussion / Re: Crypto exchanges charging for inactive accounts . Do you support this ? on: November 06, 2022, 08:01:14 AM
There is a new practice among crypto exchanges to charge its users if they are inactive on the exchange.

It's nothing new, Bitstamp tried to start charging this half a year ago, but there are others who have done this for a long time, let me quote my post from May 2020 when some were outage that Latoken will be doing this:

They did, latoken is not the only one:

coindirect
https://www.coindirect.com/terms

Quote
You must not use your Digital Currency Wallet for the purpose of storing Digital Currency. Where any Digital Currency in your Digital Currency Wallet is not used for a period exceeding 90 (ninety) days, Coindirect may charge and obtain from you an Inactivity Fee of EUR 5.00 per month (or the equivalent in your Local Currency), which shall be collected from the Digital Currency held in your Digital Currency Wallet.

coinsbank
https://coinsbank.com/fees

Quote
Inactive account maintenance
49.95 EUR (or equivalent) per month

crypto.com
Quote
Inactivity fee 12 months  5£

And.......drumbeats.... Grin

Bitfinex
https://www.bitfinex.com/legal/terms
Quote
9. Inactivity Fee: Where you have not traded on the Site or engaged in any funding activity on the Site for an uninterrupted period of one year, Bitfinex thereafter reserves the right to charge and obtain from you an inactivity fee of $5.00 per month, with or without notice to you.

But as I said before, nobody reads the terms!


Personally, I am against these charges and it affects the rate of crypto adoption. It discourages people from starting to use crypto.

Hmm, let me get this right, a fee for inactivity is discouring people from actively using crypto?
This is like an extra tax on unused office space would discourage owners to rent it.  Wink

It's actually encouraging people to stop using exchanges are wallets and stop leaving all their coins on an a CEX that might get hacked or "hacked" and thus lose all their money.
2745  Economy / Exchanges / Re: FTX comedy and might be another exchange that bites the dust? on: November 06, 2022, 07:41:24 AM
You can do pretty much any shady stuff you like in crypto and still attract morons to give you their money.

And not only that, it's actually worse.
The same morons will defend this fiat coin to the death, arguing that money printing is not bad because is backed by the same printer, that the coins are secure because that's what some random guy on Twitter said, and most important, it can't fail because he has some, and this will lead to more and more falling for this "stable coin".

I am sure that despite the whole luna/terra fiasco, despite the fact that everyone is saying look what happened, you need to be careful, despite all the sob stories on Twitter from the victims, the same "investors" who put their money in just to keep them safe will again fall for the next scam or failure. And when that happens I'm willing to bet that at least a big portion of the ones screaming how they lost everything with tether are the ones that screamed they have lost everything with ust.

And it will keep on going like this forever, no coin can fix human nature, but human nature can destroy any coin.
2746  Economy / Economics / Re: TSMC says efforts to rebuild US semiconductor industry are doomed to fail on: November 06, 2022, 07:14:02 AM
The reason for him saying that is right in the article:

Quote
Taiwan isn't happy about the move because it sees its semiconductor dominance as a "silicon shield." The government believes that if China were to attack the country, the US would come to its aid to prevent China from seizing the industry.

TSMC and Taiwan (which at this point cna be considered one entity already) are scared that if their influence in the world would decrease so would the help in case an invasion from China happens. But this is only a speech, in reality money counts:

Taiwan's TSMC progressing well with Arizona chip plant, governor says

Besides, what can they say, that they will lose the top spot and that their business is doomed?
Have you ever seen a CEO saying that the competition will bankrupt his company in the next years?

When supply chain disruptions first arose in 2020, Elon Musk considered buying a semiconductor foundry to produce tesla semiconductors in house. Unfortunately the high price tag of a semiconductor foundry, small margins, and long start up period discouraged Elon from taking this route. And he opted to buy twitter instead.

The foundry price was 18 billions, he spent 44 billions on twitter, do you actually think that money was the problem, besides, if there was a shortage of chips, how was that possible in the context of these small margins you claim?



2747  Economy / Economics / Re: Food prices in Germany - Tell me what you want to know on: November 06, 2022, 07:04:29 AM
The problem is they have been so awesome for decades that even slight bit of discomfort sounds like agony to them, while people who had worse inflation even on their best year, are facing something that is acceptable to them because they grew accustomed to it.

Bruh, nobody screams in agony here!
The only ones that claim destruction, death, recession, and that the whole country is doomed are the ones that never set foot in Germany in their lifetime. Just look at the profiles of those that scream the economy is dead, most of them are from Russia, Asia, and Africa, people in Europe are not hiding in their bunkers and are not preparing for an iceage.

Read the topic and see how everyone is surprised that the prices are nearly the same as in their countries while the wages are 10 times higher, that the stores are full, all those things are of no surprise to us, people that actually live in Europe. But brainwashed propaganda zealots are having heat attacks seeing how everything still works here.

In Russia, the living wage for a pensioner is more than 200 euros, and for an able-bodied person about 300 euros.
In Russia, food is cheaper, and it is very hard to live on this money.

So you're telling me that in the richest country in the world or whatever you called Russia, the average monthly pension will be not enough to buy one Milka Chocolate a day?
And you guys still consider yourself a global superpower and a model of how a country should work?

2748  Economy / Economics / Re: LMAO: Santander UK bank puts limits to buy bitcoin and cryptocurrencies. on: November 05, 2022, 02:17:20 PM
Easy loophole for people with multiple banks is to just transfer funds from Santander to another, then move the money to an exchange.

I think that the loophole might be in the own system:

Quote
From 15th November 2022 where we identify payments to cryptocurrency exchanges using Mobile and Online Banking, we’ll limit the amount that you can send. These limits are applied per account.

so just go to your local branch, ask to make a wire,  sign it and it shouldn't get against the limits, that is if they still have physical offices and have not turned all their branches into kiosk payments only.
If that doesn't work, just have your wife split the funds, 72000 GBP a year would be enough for most families.

The problem will be when they change the limit from 3000 a month to zero a year, that is going to be ugly.
Quote
We’ll be making more changes to limit or prevent payments to crypto exchanges in the future, though we’ll always let you know before we make these changes.


This won't be a problem. This is actually another good reason to keep my bitcoins into my wallets only and not send a penny worth of it for fiat. Unless and until there is emergency situation one can easily cop up with the situation with 3000 GBP. That is still good amount of money one could need at any given time.

It's the other way around, the limit for 3000 is for buying not for selling, they don't care how much you pull out of an exchange.
2749  Economy / Economics / Re: German gas giant has lost 93% of its value or 14.1 billion euros this year on: November 05, 2022, 01:59:03 PM
Desperation, your name is pooya87!!!

After getting hammered with all the news that there is sunflower oil in superstores, that we have more than enough food, that gas has dropped 5x times, that the German economy has still posted growth in the last trimester, that there was no wave of 60% of bankruptcy now it's clinging to straws time, one company one out of one thousand.

Don't worry, the company has already been bailed, 28 billion is nothing, it might be much for the Iranian economy which is half the size of Bavaria, but for a 4 trillion economy is peanuts. Worry about your crumbling toilet paper rial that just hit the lowest against the dollar and stop caring so much about countries you will never get a visa for.  Wink

As for the stock market crash, DAX is recovering pretty well,


must be really painful for you.

But keep it coming, those topics full of flaming hate will keep us happy and warm in winter  Cheesy

2750  Bitcoin / Press / Re: [2022-11-01] Grocery retailer Pick n Pay start accepting cryptocurrency payments on: November 04, 2022, 11:06:20 AM
Hihi seems like their partner cryptoconvert just added a bit of capacity over LN just at the start of the month probably when the partnership was finalized. Anyhow, it's still the best combination to date, you still keep your coins in your wallet and you pay over LN if the third party has enough funds and liquidity the strain on the main chain will be limited to a few transactions for thousands of clients.

Quote
The average cost of a transaction is 70 cents, Pick n Pay says.

I assume this is in rands, so 3 US cents, slowly we're getting rid of the "fees are higher than a coffee cup price" saga.
Now let's see how this goes!
2751  Economy / Scam Accusations / Re: <FAKE>Clone Chipmixer Website on: November 04, 2022, 10:27:04 AM
When users here have posted about scams I have in the past advised them to contact the domain registrar and I still think it is something can do while they also continue to warn others about scams and potential scams but looking at what you said I can understand if there is reluctance.
Even after more than 18 months since that chipmixer.one website was reported, it is still there available for anybody to visit if they find it. It must be highly frustrating that even when someone take steps to inform domain registrars about scams they literally take little or no action.

Just to make sure that I don't get misunderstood because of the previous post.

Yes, it's damn frustrating to not see action taken, and it's frustrating to not even get a reply on your ticket/report, but at least for me this won't be a stop in sending a few emails, after all, it's a 3-minute thing that could prevent somebody losing years of his earned money to a piece of something scammer. And a ton of frustration comes from the lack of feedback, at least if they would deny it, if they would say like Twitter did that they haven't found any problem with an account promising double the money, but the silence is worse than this.

It will be interesting to see if the same account owner can buy that domain later. Sure there will be some system in place to avoid the old owner from buying it again.

Since the .one is now redirecting to the .xyz I don't know if it's the same guy, but for certain it landed in the hand of the worst one to date, the owner of the xyz that now tops the search results because of his fake complaints to Google.

2752  Economy / Economics / Re: I dont get it why now people Are so surprised and comparsion.countries likecoin on: November 04, 2022, 09:28:05 AM
I always had doubts and smarter people about UK it has no utility for other world

You, Hitler and who else thinks of this?

Let's do the quick analysis over UK economics.
For this we should think of the country as it's crypto currency.

And while we're still at this let's compare pubs with ASIC miners, wallets with the Dorset cliffs, porridge with private keys, and Mark Karpeles with the Queen, cause it all makes sense.

Quote
The Simple analysis show's that productivity and export is way lower then debt and total money supply.
If we look at the world countries who will be like btc then it could be russia or china or usa.

If you mean simple as simple-minded void of any actual number, yeah you got this right:

Uk, M2 supply  $3.6 Trillion, exports $714 billion.
China, M2 supply $37.5 trillion, exports $3548 billion.

Uk wins this by a double ratio.
2753  Economy / Exchanges / Re: FTX comedy and might be another exchange that bites the dust? on: November 04, 2022, 09:08:10 AM
I was very bullish on FTX and Sam Bankman-Fried and have also predicted that it might kill Binance and become the king of centralized exchanges.

And I was telling you he is a wannabe JP Morgan and from the looks of it might end like JT Heath (the guy was lynched).

No wonder he has become so eager to see everything regulated and which that much emphasis in his speech on stablecoins and tokens, he knows that with one wrong step, and FTX token is in trouble, and if that happens the rest goes like a house of cards without a money printing machine, nobody with a brain isn't aware of that after the latest series of fiascos, and he, with his involvements in voyager and celsius knows very well what happens.

That being said, FTX the exchange won't go down, the thing is just way too profitable, but the empire that he wants to create for our sake might not see the end of this bear season.






2754  Economy / Scam Accusations / Re: <FAKE>Clone Chipmixer Website on: November 04, 2022, 08:44:10 AM
I have cases to report a domain to their service provider. If the domain is bought from namecheap or godaddy then anyone can report the abuse of the domain to them and they will take it down. .

If you're extremely lucky! One year since I posted in here:
[Warning] Fake Chipmixer website

is even worse, Namecheap was at one point taking off Ponzi schemes in a matter of days, disabling mining gear shops (probably for internal investigation) and then erasing the domain altogether, especially when I (and probably others) mentioned they were using a copyrighted name but after a period, nothing.

And even if they suspend the account, the domain just pops-up back again once it expires, brand new

Quote
ChipMixer.one
Registrar   Hosting Concepts B.V. d/b/a Registrar.eu
Registrar Status   clientTransferProhibited
Dates   33 days old
Created on 2022-10-02
Expires on 2023-10-02
Updated on 2022-10-07
2755  Bitcoin / Bitcoin Discussion / Re: Chinese Intelligence Officers Used bitcoin to bribe a US Official on: November 04, 2022, 08:15:17 AM
If you are running your own node / not relying on a wallet that talks to any centralized service. And if the address was generated on an air gaped PC that was booted from CD so no trace remains. Otherwise with enough time and effort and money it can be traced. And remember, the government has all of those things.

Oh, did you run electrum on your phone while connected to the Wi-Fi that is in the building. Don't think THAT was not logged if they wanted it to be.

You're overthinking stuff.
All I need to do is install electrum on a laptop and get an address and the seed of the wallet.
Erase everything, throw away the laptop, send the address to the middleman and watch the address in mempool, when the deposit gets confirmed I hand the documents to the spy, I get my passport, I fly to Salvador, and there I restore my wallet.  Wink

You don't need to be connected to anything to receive, also I don't think somebody who has done this and got enough in payments will linger that much in the states after it.

Problem is, you can't spend a large portion of those coins legally, or it will attract attention and you will get busted. So actually the best bribe is the one that can be reliably laundered, because then you can spend it on a new car or a house or a yacht.

Coming from a country that after the fall of communism was corrupted as hell, I wouldn't really care about things 10 years after the event.
The first thing that can send you to prison is to actually receive the bribe and if you don't spend it because of a guilty conscience with BTC at least you can be safe, with any other method you're in danger, bank accounts, gold, a suitcase of money, with everyone is the danger of either being traced or having been filmed when you pick it up.

With the coins in your wallet, you can wait 10 years, become a grandpa trader,  buy a 5 BTC sell 7 BTC, declare all profits, and be totally legit.
Oh, and since you're mentioning yachts, there is no way in hell and no bribery method that would cover something of that size, at that point you have to be the law, much like in Russia for example.
2756  Economy / Speculation / Re: What will Fed take tomorrow? on: November 04, 2022, 07:49:50 AM
So, a full trading day was over and it was rather uneventful, every single move was already priced in, and not even the full speech about the future possibilities dint triggered anything but rumors that dies down pretty fast.

If there will be a rally most likely the first possible date for it will be Nov 10, that's when the inflation data is released, if inflation growth has cooled off or we see things better than expected this will mean no more aggressive rate hikes and probably straight to 25k at least, a few good months and we will revert all the loss when this shit started back in April.

Basically when I see and read the OP's post, why wait for the decision to be taken by the FED. The impression is that the price of Bitcoin depends on them when the economy is or will face inflation. Wouldn't one day fiat currency lose its value?

One day, but it's nowhere near.
Just the fact that we're still down 50% since spring despite inflation it's a clear thing that it's not fiat currently that is losing value the worse.
If those months have attached us a less is that you simply can't think of an asset commodity or whatever investment to go x10 in value in difficult economic times, for one to gain value you need money and there is not that much on the side for investment currently.
2757  Bitcoin / Mining / Re: Investing in mining during a bear market on: November 04, 2022, 07:33:13 AM
And the rumor you talking about to s19 hydro the cost you mention is far from the current price right now it's around $3950 better check bitmain shop.

He's thinking of the ROI when saying double and he's got that 15k value from studies like this:
https://www.visualcapitalist.com/cp/the-cost-of-mining-bitcoin-in-198-different-countries/
pretty sure there was a thread about it but I can't find it anymore based on that thing there would be like 4-5 counties left in which you could mine at a profit and in which 100 miners won't be more than the grid can handle.

As for the ROI when he said the hashrate could double he did the math like it would double from tomorrow, not that it will be a somewhat linear growth, that's why the 2 years on free electricity with the best miner is now on order. But completely inaccurate!
If things were that bad we would see the hash rate decreasing already rather than doubling in a year.
2758  Economy / Speculation / Re: BTC always Decouple on: November 03, 2022, 12:56:09 PM
my conclusion is BTC decouple most of the equity markets. BTC has own way. So lets trust the timeline

There are a multitude of graphs and websites that track the correlation between Bitcoin and almost everything that is tradable on this planet:
https://app.intotheblock.com/insights/markets/indices/western

Corelation between SP500 or Dow and bitcoin has gone down from record levels a few months ago but it's still pretty high and actually growing back from a slump, no real breakthrough will happen unless something major happens in the economy, and that might not be good for anyone.

2759  Economy / Economics / Re: Biden Administration Wants To Make It Easier To Seize Crypto on: November 03, 2022, 12:21:15 PM
Quote
This is moving in precisely the wrong direction. No matter how the midterms shake out, Congress must reject the proposed crypto crackdown and rein in civil forfeiture.

Too bad that the change (if it happens) in Congress won't be at all favorable, Republicans have always sought more control, and since the article does relate to the Patriot act, it was the Republicans who pushed it and the Democrats weren't all against it, how do you think this will look when the Dems are the ones pushing it? 545 pro votes about of 535?

In addition, it is not necessary to have a wallet to store cryptocurrency, it is enough to remember Seed.  If you remember Seed, then nothing will be found during a police search, since in fact the cryptocurrency is in your head, and it is difficult to conduct a search in your head.

The human brain is one of the most unreliable wallets out there.
Forgetting trauma that might affect it, I'm pretty sure that a few years in detention where you will only think of it stressed not to forget, with nothing to write down will create a mess in your head where you alone will screw your memory and the order of the words just like amnesia.



2760  Other / Off-topic / Re: Is this not shilling but information sharing? on: November 03, 2022, 12:04:19 PM
All I'm saying is that not all crypto influencers will probably fall within the circumstances surrounding Kim's case. In which case, they wouldn't be fined or penalized for possible unlawful promotion of coins or projects. Kim's case has something to do disclosure, and it's because she was plainly a paid shill.

If I were a crypto influencer who repeatedly promote Bitcoin and even financially advise others to invest heavily in it, I think I wouldn't be fined like Kim. My reason for promoting it could either be that I'm heavily invested in Bitcoin myself or that I objectively find Bitcoin worth investing, but not because I'm paid to do it.

Here is the paragraph in question:
https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52020PC0593

Quote
The following behaviour shall, inter alia, be considered as market manipulation:

taking advantage of occasional or regular access to the traditional or electronic media by voicing an opinion about a crypto-asset, while having previously taken positions on that crypto-asset, and profiting subsequently from the impact of the opinions voiced on the price of that crypto-asset, without having simultaneously disclosed that conflict of interest to the public in a proper and effective way.

As simple as it gets, you don't disclose you have a ton of coins that you promote or "voice your opinion" it means market manipulation.
You start your video telling your fans that you're 200k in debt, took 3 mortgages on the house, and have a loanshark stalking you cause you bought 100 BTC , then you might get away with it.  Wink

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