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1001  Bitcoin / Bitcoin Discussion / Re: Why not just replace the bank infrastructure with something better on: December 13, 2018, 04:14:05 AM
again you seem to be trying to advertise LN.

a separate network that allows multiple coins to use that network all under one brand...
but without it being a blockchain itself there are many issues:

1. nodes need to be more than just channel managers. by also running a full node to monitor the vaulted coins movements onchain
2. with so many coins being allowed nodes end up having to monitor multiple chains. to then play off-chain
3. in a non blockchain payment system there is no byzantine generals solution
4. this makes way for master factory nodes to monitor the different chains and they become the watchtowers that get final signoff so that people dont have to self monitor everything and just become litewallet users that trust the watchtower factory

and now we are back to the 18th-19th century era of banking

if your now going to revise your concept. to be less LN and more separate chains that sidechain directly together. there still ends up with needing master nodes to monitor the ins and outs of both sides.
by which. if these master nodes need to monitor both sides. why have both sides. you might aswell just have 1 side with double capacity blocks
1002  Bitcoin / Bitcoin Discussion / Re: Why not just replace the bank infrastructure with something better on: December 13, 2018, 03:55:47 AM
look folks its quite easy why dont we just replace the national/racist/communist banks with something useful that is somehow cooperating, like a network of engineering foundations that is global nonracist noncommunist, and engages in its local infrastructure.

all use the same logo for the currency and all use a standardised evaluation system

meaning you simply dont pay more token for a good of x value

there is already 2000 coins who try to want to replace some other system.
replacing a system is just upgrading the old system, but not solving the problem.

banks are "cooperative" they have layers of foundations. and at the bottom later engaging in local infrastructure.

now wash all your buzzwords away and use common speak to describe what you would actually want. as it seems right now your just trying to throw out as many buzzwords as you can to make a sentance but not actually getting out a design plan of a network you want to see.
1003  Bitcoin / Bitcoin Discussion / Re: The release of Satoshi's personal data on: December 13, 2018, 02:50:03 AM
OP is a troll formally known as bitcoinpro. a mega drug taker and pops up now and again to cause drama.

foolish thing is the transaction of the 10 coins.. that was between satoshi and hal finney.
seems the OP cant even get the basics correct.

funny part.
i think OP is james and is trying to self promote himself as being satoshi
im guessing next OP will probably think he can full circle the subterfuge by posting a tweet using his(james) twitter to say "i am satoshi"

1004  Bitcoin / Bitcoin Discussion / Re: Why not just replace the bank infrastructure with something better on: December 13, 2018, 02:28:46 AM
you can chance the banking computer systems.
you can change their data base for a crypto that limited to x coins

but a bank would simply create bank altcoin that represent different bonds and different asset classes and things end up as the same thing.

just look at bitcoin. the bankers are already trying to say everyone into thinking blockchains cant scale and the only move forward is to lock funds up and use non blockchain bank-esq business models

LN is to crypto, what banks gold promissory notes were to the 18th century shift from gold to paper money
(LN flaw channel partners not always alive/awake/online.. solution. have a HQ watchtower factory to manage channels where they get final signoff on all broadcasts to unlock the vaults)
1005  Bitcoin / Bitcoin Discussion / Re: Need info about tax (non-resident) on: December 12, 2018, 06:09:35 PM
I guess Dubai and saudi arabia are planning to launch their own coins in few months as I came to know that they have already started about the process of cryptocurrency, If this happens then you can convert your BTC right?

them making their own crypto is meaningless.. its just them declaring they are changing their database for a cheaper maintenance version. the laws remain the same. moving funds into banks 'accounts' (co-signed multisgs) will involve identifying yourself

1006  Bitcoin / Bitcoin Discussion / Re: Need info about tax (non-resident) on: December 12, 2018, 05:31:30 PM
Yeah but they're massive companies that pay bribes and make use of loop holes that we refuse to close due to those bribes. Gotta love it.

the loop holes existed long before these companies ever existed. they didnt need to bribe anyone to create a loophole but yea they pay the right people to keep the loop holes open.

good thing though is where say facebook pay to keep the loophole open. thousands of companies dont need to pay. because facebook already has.

the main loophole is just to not declare a profit in any particular country. just keep the money moving around every 3 months in off shore "consultantcy fee's" thus the business is not paying a resident CEO income, but instead the business is expensing out payments for contracts to non residents. thus no PAYE income tax declarations for the CEO
1007  Bitcoin / Bitcoin Discussion / Re: Need info about tax (non-resident) on: December 12, 2018, 05:16:52 PM
You pay your taxes, there are two things you have to do in this life.

Pay taxes and die.

Don't think you'll avoid taxes on $1 million sale.

The IRS will get their money, welcome to America.

amazon, starbucks, facebook, apple dont.. even when they have offices in the UK. they dont pay HMRC what they should
but shhhh dont tell anyone
1008  Bitcoin / Bitcoin Discussion / Re: Need info about tax (non-resident) on: December 12, 2018, 04:46:43 PM
I've thought about that but the recent events scare me honestly, bitcoin could drop to under 3K, I could lose more than 500K, what if lets say I trade with worldwide traders who use swift to turn bitcoin into fiat and then move to the US with EB5 visa, would that work?

I'm from UAE btw

to get a EB5 you need to declare your bringing in $1m+ of fiat. it doesnt matter the source or the method. your still declaring bringing in $1m+

by declaring it and also at the same time requesting permanent residency you are then making yourself an american resident.

again this is why some just do short term work visa's to avoid declaring income.
most CEO's work with just short stay visa's where you spend 3 months setting up the business. then go on a 3 month vacation in another country and remote manage the business. then 3 months in another country and so on. so your visiting 3-4 countries a year. and then just returning to america for 'day trip' business meetings inbetween.

but anyway. because your not just a hobby investor but a high investor. maybe best you not seek advice from a bitcoin forum but instead go speak to an accountant and migration expert.. im sure you can afford them, if you truly do have the funding to EB5

from a legal standpoint. bitcoin is just a foreign currency. if its converted to dollars and received in an american bank and you have american residential status then you have to declare your earnings.

to avoid it you need to avoid holding dollar and avoid being a permanent residence..
best to speak to tax/accountant/migration experts(not people on this bitcoin forum)
1009  Bitcoin / Bitcoin Discussion / Re: No Christmas gifts this year, all my money in Bitcoin on: December 12, 2018, 02:51:25 PM
This is the main approach I an taking to my investments in BTC. Altcoins can be looked at slightly differently depending on if money was invested pre-ICO and some impressive growth has been made.

As for Christmas, as much as I would love to invest all my Xmas money into BTC... I would feel rotten if I didnt buy my family some gifts to enjoy over the festivities. Smiley

nope. going for high risk high reward ICO pump and dump is not the game at all
your thinking high risk but potential of 2x in a few days.

its far better to go with the low risk potential of 2% in a few days. that will give your haul a good healthy low risk 300% over a year which then when the events align for the odd 2x spike. make it 600%+

playing the short term hopes of 2x thinking oh well i didnt get 2x this week lets try another ICO next week. is a gamblers game of always betting on 13 hoping you just need a couple good wins to balance you out. but the flip side is a couple bad losses will trip you up even more.

dont aim for waiting for or hoping for 2x wins.  just nibble at the 1-2% daily standard movements. it will all add up in the end

as for christmas. .. well any time.
dont invest more then you care to lose. in most cases work out what you spend on disposables. EG fast food that just ends up as a toilet flush the next day.. invest that. and constantly invest that. knowing its no loss because it would only end up as a toilet flush at the end of the day.
and also if you ever do get hungry for fastfood. you can buy it via selling some coin because you dont care about exchanges rates as it again is a zero loss game your now playing... your just no longer having to see all your funds get flushed down the toilet
1010  Bitcoin / Bitcoin Discussion / Re: Need info about tax (non-resident) on: December 12, 2018, 02:34:40 PM
I'll get straight to it, I live in a country where crypto isn't popular, I'm planning to move to the US and sell my bitcoin there using localbitcoin because it's more than 1M so I thought selling to trusted sellers there is a good idea, how can I avoid tax?

banks record and report incomes. so doing a trade even on localbitcoin using bank account funds. still get reported.
the only way to avoid it is cash in hand/face to face

your also probably better off finding or setting up local shops and using services to just buy your lifestyle using bitcoin
after all selling btc for fiat to then pay for bread, milk, and other daily needs. is less taxable if you just pay the merchant in btc, because then there is no fiat moving into your bank account.

also most countries dont treat people as a resident of america unless they are there for more that 6-9 months. meaning tax is less of a concern initially(its why most people get short term work visa's and then extend them later)
1011  Bitcoin / Bitcoin Discussion / Re: Miners are closing... (video) on: December 12, 2018, 01:25:38 PM
waiting for what? there are rents to be paid, salaries and so on Smiley

video said the rents are paid. the leaseholder kept the deposit.
as for salaries.. one man and his caravan(RV) .. well he is out of work. so no salary.
the guy in video is trying to throw a pity party. but calculating everything up. he aint at a loss.. he just didnt achieve his millionaire dream
1012  Bitcoin / Bitcoin Discussion / Re: No Christmas gifts this year, all my money in Bitcoin on: December 12, 2018, 01:20:59 PM
We are getting older when waiting Bitcoin moon Smiley

those hoarding and waiting for a 2x-10x multiple. dont realise prices move more than 1% a day.
make 1% a day=more than 3x a year.

dont wait for the moon to come to you. get to the moon one percent at a time. and when the solar system realigns to how you hope, you will find yourself transported to mars. and realise you done so with less risk

those that hoard waiting for 2x+ but then panic sell loss at the smallest sign of a 5% dip. will always lose
take a 1% step forward and repeat. and then when a dip occurs you know you have averaged down your initial costs. thus at less risk
1013  Bitcoin / Bitcoin Discussion / Re: Segwit or Segregated witness on: December 12, 2018, 01:12:58 AM
in short because it helps with bitcoin's scaling.

but it doesnt

But it already did.

Transactions per block = increasing.. DECREASING [1]
Median confirmation time = decreasing agreed. but because less people are transacting[2]
Average tx fee = decreasing.agree because cheaper since the fee war created purely to inflate fees.
                                       disagree because higher than the 2014-2015 pre segwit promise of cheaper fees[3]

segwit doesnt scale..
you cant re-segwit a segwit, so segwit does not scale

the 4mb is not 4x tx count either.

what people need to realise is that in 2014-2015 people were complaining that transactions were moving above 5cents a tx. thus creating a barrier for DOZENS of countries
segwit does not offer a discount. what it does do is scale factor *4 the price of non segwit..
basically inflating normal transactions to make segwit appear cheaper. but even segwits "cheaper" tx are still more expensive than the 2014-2015 demand for a solution

as for the whole baseblock space the whole point of the 1mb limit was about limiting hard drive growth to 52gb a year.. now that rule has been bypassed. that rule should be removed. and allow actual full 4mb room for both segwit and legacy utility.

and here is the funny part. back in 2009. 1mb was said to allow 7tx/s (4200tx a block)
at time of posting 250,000 transactions a day /144 blocks a day average under 1800tx a block

IF segwit got rid of the witness scale factor would lead to:
fee's for everyone is cheap
4mb true space for everyone. (upto 16000tx a block)
without the fake byte count of the baseblock. people can know the actual bytes are actual bytes that sit on hard drive.
oh and next.. dont say that segwits actual feature was that it solved malleability. it disabled one method of malleability. but cores adding new opcodes and new ways to malleate again.. thus more of a temporary disabling of malleation rather than a fix/solution


i still find it funny that people are over promising, over promoting utopia. when stats and real utility shows the truth
what people need to realise is that people on this forum has already bit the bitcoin fever and got the interest, to have found this forum. they dont need more ass kissing over promotion. they want facts. this includes the REALITY which can be bad.
those thinking utopian promises and kissing ass over promoting is a good ethical thing. are just after fake temporary fame. not sustainable growth via people knowing the REALITY of what is happening
1014  Bitcoin / Bitcoin Discussion / Re: UK Parliament Member Wants You to Pay Your Taxes with Bitcoin on: December 11, 2018, 04:12:08 PM
asking to pay taxes in bitcoin is like letting a government shout "give me 10-20% of your bitcoin"

imagine how fast governments would hoard alot of bitcoin at just a beg of give it over or else. once they start asing people to identify themselves to bot monitored in such case.

my thoughts
if people want to claim an income. then let them claim, let them convert to úpounds and let them hand pounds to HMRC

i still cant believe so many people are willing to give up financial independence purely for 15 minutes of media attention.
just look above at the reasons

"publicity" "adoption"
seriously naive reasons

if bitcoin just becomes exactly like fiat. then there would be no need to adopt it
the úPound already has FREE wire transfers that are near instant

in the uk the only real unique utility is the ability to not need to pay tax on every paymnt recieved. and also getting to use bitcoin as people private trust fund without needing a solicitor to set it up.

having to declare ownership and pay taxes on payments received. is not making bitcoin unique. its just making it pound2.0

let me guess. the the guys above thinking its a great idea will next say the HMRC should be the UK lighning hub factory everyone has to lock funds with ....
i think too many people either dont understand the concept of why bitcoin was invented. or do understand it and shout out the love to taxing and grabbing bitcoin. purely so that bitcoin loses its initial ethos completely
1015  Bitcoin / Bitcoin Discussion / Re: Do not be this type of Bitcoiner on: December 11, 2018, 12:15:01 AM
to those thinking the dollar cant/wont collapse. again look to zimbabwe

to those thinking "america too big to fail" fail to realise that america is too big. even when the words "americas too big" passes their lips
just look at the pensions vs populations.

the baby boomers that have been paying in pensions are about to get to retirement age and instead of seeding/inputting funds. they are going to be leaching/taking out.

the rest of the population. (less populace per age bracket) will be at a deficit. because 60 years ago it was only calculated that people live for 10 years after retirement. but now people are living 20-50 years after retirement
so all them people on 'guaranteed income' pensions will be eating well passed what they input and chewing on the inputs of others.
most will just take it out as lump sums which still extend beyond how much they put in.

so expect the next banking crash to not be about housing subprimes. but the pensions deficit. and dont expect people to just pass away quietly of 'old age' due to poverty. expect lots of human rights and civil court drama adding more funds to be taken out the banks holdings
1016  Bitcoin / Bitcoin Discussion / Re: Do not be this type of Bitcoiner on: December 11, 2018, 12:00:51 AM
too many people think a dollar is just a dollar. and anyone that has a billion dollars. is holding the same dollar as someone that just went to the bank ATM and got bank notes out.

when they realise that the petrodollar. and the SDR dollar is not the same as a fiat ATM dollar. they will be shocked.

an bank note $10 will always only be $10. and over the years it buys less loaves of bread.
a SDR/petrodollar moves with other countries currencies. and compared to other countries doesnt lose as much bread loaf value as a bank note does.

to simplfy it down to common folk. a bank note $10 will always be a $10 in your pocket.
but the digital bank account dollar might be $10.10 next year at 1% interest/inflation

that said. many people buy assets that today are worth $X but in future. could be worth $XXXX while still only buying the same amount of bread as previous years.

what i find estounding is why we even measure bitcoin against the dollar. and then other countries have to measure their native fiat against the dollar and then measure to bitcoin.

imagine if bitcoin was invents a decade earlier. and was measured against the Zimbabwe dollar as the primary.. think about that
1017  Bitcoin / Bitcoin Discussion / Re: BTC market dominance: why it doesn't matter on: December 10, 2018, 11:22:30 PM
though i detest anyone measuring bitcoin performance based on "market cap".. i will say this.

ever since a certain dev team took over as the core of the network. anyone wanting to be innovated found it hard to get their foot in the door of making bitcoin better as a better bitcoin network.

these days making the bitcoin network better is becoming a last resort. where people have to instead make other networks and then find a way to then link or find a way to peg to bitcoin.

i personally am not into altcoins. but diluting out innovation of bitcoin and segregating it all out into altcoins. is not actually good for bitcoin
1018  Bitcoin / Bitcoin Discussion / Re: TechCrunch throws shade at Coinbase on: December 10, 2018, 10:57:14 PM
coinbase went for the wrong business model.

going for the custodial exchange model meant alot of labour, security, auditing, regulation. which means they had to diversify to survive.

if they concentrated their efforts more on OTC/merchant gateway and used less money on the custodial/regulatory costs. and more on promoting their business to merchants that want them. they would have stood better.

the 'customer acquisition' cost to get people to use coinbase, where some people only make a couple trades a year. whereby fee's of not even 1% of the trade. would have lost them alot.

they should have aimed it at the merchants/day traders and done it as a daily payout financial service to avoid the "custodial fiasco" they put themselves into

but with all that said.
im not surprised. coinbase is just another subsidiary arm of who seem more interested in the capitalist greed than the bitcoin/blockchain purist mindset.

1019  Bitcoin / Bitcoin Discussion / Re: Miners are closing... (video) on: December 10, 2018, 10:32:25 PM
1. he was managing a cloud mining operations... (not good business model)
2. they are GPU's = altcoins....(not good business model)
3. nothing to do with bitcoin

4. he showed a few dozen racks and said he already shipped off just as many.. well that doesnt seem like much.
he tries to make it sound like he had ware house full of the stuff but listening to him fully. he was only operating out of a quarter of the space.

but anyway. its what happens when you cant afford to go big and have to rely on 'contracts' that are temporary.
cloud mining is never profitable for the user or the manager.. (unless the manager scams alot off the top, which is usually 99% of the case)
im guessing we will soon learn this guy who has GPU's that are still sellable as GPU's and still relevant for gamers. will cover his costs. but is making a video to play on heart strings for donations and to avoid paying out coins he did mine to users he contracted to.. by trying to plead poverty.
we usually see this happen.

but anyway nothing to do with bitcoin

5. selling "contracts" where he calculated rigs of just 5 GPU's were worth $10k... (facepalm) no wonder his contracts dried up faster than his water cooling
1020  Bitcoin / Bitcoin Discussion / Re: Bitcoin is now consuming 1% of the world's electricity. Is that sustainable? on: December 09, 2018, 11:31:27 PM
more electric is used to keep bottles of soda chilled, than bitcoin uses

cocacola have 10million coolers.
and thats before you count the other brands

32exa bitcoin hashrate is only 1.1m S15 or 2.2m S9's
3 coolers = 1 s9
so if bitcoin was only mined using S9's would need 3.3m S9's just to match cocacola
4 coolers = 1 s15
so is bitcoin was only mined using s15's would need 2.5m S15's just to match cocacola

again. this is just the coolers of cocacola. its not including the non branded coolers fastfood/grocery stores buy themselves
again this is not including the coolers of the cocacola trucks used to deliver the bottles and cans
again this is not including the coolers of the cocacola warehouses before delivery

this is not including the other brands (pepsi, etc) branded coolers either

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