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41  Bitcoin / Bitcoin Discussion / Re: What the government expect from bitcoin legality? on: October 28, 2021, 04:42:15 AM
Bitcoin is a decentralized currency that is currently worldwide due to its fantastic price spike. How not, 1 bitcoin today can buy anything equivalent to $63 thousand and this value has exceeded the price of 1 Kg of gold. But now I don't want to talk about the price, but something interesting is how the government respond to this phenomenon as an effort to modernize the digital financial system.

As far as I know, El Salvador was the first country to adopt bitcoin as a legal currency compared to dozens of other countries that first legalized bitcoin as an investment and trading asset. The main thing that crossed my mind is what exactly does the government expect from the legality of bitcoin as a legal currency?

A few things I want to know:
  • Does the government want to get involved in this investment as an alternative to their desire to generate wealth for the individual or the country?
  • Want to provide financial freedom for all its people?
  • Want to improve people's living standard during the pandemic because of the difficulty of generating jobs?

I'm happy if you want to share your opinion with me here, but I want to remind you again that: don't be a spammer if your post doesn't want to be reported to a moderator.
I don't think that at some point the government will completely replace the current financial system with crypto or bitcoin, even if it becomes a global wide accepted, because not only it will render their control impossible and because some people still don't want to use it, and El Salvador is a great example for that, as people thought that they will make bitcoin the main currency and lead to their local currency becoming useless but luckily they were smart about going with giving the freedom to the people to chose, and at the end of the day that is the purpose of using bitcoin and crypto, is to have freedom and control over when and how you wanna go about doing your transactions, and to me that is what all the government should get from the Salvador experience and that is what they should be looking for in illegalizing bitcoin.
42  Other / Off-topic / Re: How darkmarket admins get caught on: October 28, 2021, 03:10:12 AM
Hi,
We had this discussion in Czech Bitcoin community about getting operators of darkmarkets.

What do you know about this?
How do fbi or other government agencies get these people?

We talked about
1) Bitcoin is pseudoanonymous and some companies business is to trace transactions
2) They can get to place where they host this darkmarket and find IPs or some data that can lead to find the admins
3) There was this guy who sent some profits to KYC exchange on his mothers account Grin
4) They have to use node for transactions so they can maybe traced by IP of node (but what if it is through TOR)

But what if they used only Monero and Zcash (or other privacy coins) or they use some mixer?
Are there other ways to get to them?

If I was wrong in something, please tell me.
There are a ton of ways for these people to get caught, and even if they are careful at some point they probably did or will make a mistake that will get them to get caught, and the FBI have the tools and the rights to do any deep investigations, its why they where created in the first place, besides if you didn't know the darkweb was created by the US government so their spies could exchange information, so at the end of the day i am sure there is a way to track whoever behind the screen, and the same as the users and sellers on the darkweb are anonymous, the same that the FBI are, which means that they can set them up and track them down.
43  Bitcoin / Bitcoin Discussion / Re: China is thinking about unbanning bitcoin mining after price rise on: October 27, 2021, 05:48:05 AM
I have my doubts about this news and how right it is, the reason why the Chinese government have banned the use and mining of crypto currency was obvious, it was not to cut on energy use or anything of that sort but it was because they are unable to control it and with how big it started becoming it was creating a threat to the government since we know how they are well known for restricting freedoms and forcing their people to use their own versions of everything just so they can control them, and i really doubt that they will be bringing it back unless they have been planning for this all along where they wait for the price to go up and gets more popular and than they unban it.
44  Economy / Economics / Re: Steam bans blockchain games on: October 26, 2021, 05:04:48 AM
I actually agree with this decision, blockchain games are just based completely on trading and getting real money for basically doing nothing, and some of these games have no gameplay so they are obviously trying to get on the trend and just scam people as they are easy to make and does not take that much effort to create, Steam is full of shitty games that are also made just for money grab, but but they are not bluntly built on RMT, and i don't want for the blockchain to be used like this or be associated with these scams, because it is supposed to be used for good causes and for technological advancement.
45  Bitcoin / Bitcoin Discussion / Re: Banks either adapt or face death on: October 25, 2021, 07:16:51 PM
The digital age brought our lives to a second universe - The internet. Ever since the internet set sail Banks had to adapt and present new services and options to their users. However, the digital also brought us digital money and financial freedom. Cryptocurrency is here to stay and is bound to disrupt the way we manage and relate with our money. Banks will need to adapt or they face certain death. While some Banks and financial institutions have been historically fighting cryptocurrency others have already understood the need to adapt to stay ahead of the curve as in the case of some Spanish Banks. Nevertheless, this is still a new technology and Governments with its old fashion regulation as well as their Central Banks are yet to implement adequate regulation and are still a bi hindrance for cryptos to go mainstream.

Luckily, things are changing rapidly and mainstream adoption may come sooner than we think. Do you guys think, this will happen within this decade or not?
It is certain that banks and other government financial institutions, have to always adapt to the trends that are going on with the world, whether that is crypto or digital money, but the thing is crypto and bitcoin could co exist with the fiat, because we obviously can't get rid of any of them, and banks have to know that so they have to start accepting as away of payment if they want to stay relevant, and the best example we can take from the experience that is happening in El Salvador is how the government and banks have given the freedom to people to chose between using  fiat and bitcoin without any restrictions in away that does not make banks irrelevant
46  Bitcoin / Bitcoin Discussion / Re: Privacy vs. anonymity on: October 24, 2021, 02:49:41 PM
I think that once you have used the internet, you already have given up your privacy whether you like it or not, because somewhere on the internet you have put your address or name for some reason or another or you search for something and the next thing you know you are flooded with ads about it, the world over the past few years has gotten more and more connected because of the internet but we have paid the price of this by giving up our information, so we are no longer anonymous, even if you didn't personally give that information some of your friends or family unwillingly did, but this is not because of using bitcoin itself, bitcoin and its transactions are still made in an anonymous way its just the purpose of using it that makes using it anonymous, you are still identified by an address and no one is gonna go out of their way to identify you unless they have a reason to, and even then that is way difficult, and if you are using it to buy things that are shipped to your address that is the nature of how things work and there is no way around it, but bitcoin is still way more secure and somewhat private than fiat and to me that is enough.
47  Bitcoin / Bitcoin Discussion / Re: Do you spend your Bitcoin? on: October 20, 2021, 04:55:56 AM
Do you spend your Bitcoins or just hodl?

If you spend
What for and do you miss something that cannot be bought for Bitcoin yet?

If you hodl
For how long and why don't you spend?
Do you have exit strategy or you will spend it after you can buy your desired thing?
I personally believe that you must enjoy things will they last and you need to enjoy things will you can, so hording bitcoin was never an option because i feel like we don't know how long will bitcoin last or at least be relevant before another technology comes out, or whether we are going to live long enough to enjoy its glory, so i try to take advantage of it and use it whenever i can to enjoy my life because it allows me to do so, but that does not mean that i am spending it fully i have some saved up for a rainy day and i try to think of it as a insurance for a better future.
48  Bitcoin / Bitcoin Discussion / Re: Estonia on a road to possibly revoke most crypto licenses issued in the country on: October 13, 2021, 11:02:53 PM
This might be a bit niche as a topic, but it might be of interest to some. In short the head of money laundering bureau in Estonia has gone to media with the suggestion to either revoke or review all crypto licenses issued in the country. For context Estonia houses about 400 companies that own crypto license.

As of right now it is merely an idea but one which is held by a head of a powerful organization in the country. It is also published during a time when Estonian government is trying to pass a law which makes it harder for companies to recieve a crypto license.

For anyone interested here is the link to the article: https://ekspress.delfi.ee/artikkel/94821441/pauk-kruptoarile-rahapesu-andmeburoo-juht-soovib-tuhistada-koik-tegevusload-sest-eestit-varitseb-oht. The arcticle is in Estonian and behind a paywall but for anyone interested I can translate parts of it if needed.
I think that this comes form the fact that the country has been a safe paradise for a lot of crypto companies over the last couple of years, and this has been growing even more, and the government has gotten overwhelmed by the transactions that the would have to monitoring and investigation and attention that will be costing them money at the end of the day, so them passing laws to limit the licensing is highly understandable.
49  Bitcoin / Bitcoin Discussion / Re: Advice: 1 BTC on: October 13, 2021, 10:42:39 PM
This might be more personal as well confidential to we all, but if you're to share your thoughts or advice one on how to spend he's/her 1btc what would that be ?
Estate management ?
More in Bitcoin ?
Investment in the Stock market ?
Maybe your ideas might or will be helpful.
Reaching the goal of having 1BTC is a dream for a lot of  people, and i really think that you should spend some good time figuring out what to do with it, apart from enjoying life and spending some of it on buying things or going on vacation for example because you may never know what the future hold and you should enjoy it while you can, but also you should try to invest it in some real estate, because even if you are not going to be using it for resedincance you can always rent it and gain money from it.
50  Economy / Economics / Re: When will the role of fiat currency disappear against crypto. on: October 13, 2021, 10:26:09 PM
Currently, there are many usd-based stablecoins such as, usdt, busd, usdc and maybe many others.  To be honest, I used to think that crypto would completely eliminate the usd's dominance of the world economy but I was wrong, it turns out that usd is now evolving to crypto (stablecoins).  What do you think, whether in the future bitcoin or other crypto can replace the role of currency in each country and leave fiat currencies such as usd, euro, yuan and others.
We have to  face the realty that the fiat  that are issued by the government will never be replaced, as long as government exist so will the fiat, and for that reason all these coins that are based on USD, are nothing but stable coins that just exist to make it easier and more relatable to sue crypto, we have to take in consideration that there are a lot of people who prefer to use fiat, and there is a lot of people who invest in crypto just for the profit and don't care about its nature, so i don't think that it would be replaced.
51  Economy / Economics / Re: Is budgeting still effective in tackling the need to constantly withdraw money? on: October 13, 2021, 10:08:01 PM
Withdrawal can become a habit. Once you develop the habit of withdrawing either fiat or converting your crypto holding to local currency for use, It almost becomes so difficult to break.

Needs and wants/problems to solve with money never stop arising, how do you handle your withdrawal? Be sincere, considering that local currency is becoming less of value as the cost of things are constantly rising now, so much that the cost price today is not the cost price tomorrow. Is a budget still effective in your opinion?
I feel like this is totally related to how you spend your money and for what you are spending it, because if you are using credit card you will find it way easier to pay for things and not worry about expenses or how many times you used it for, but if you are using hard cash or even using crypto i feel like you are actually more aware for what are you paying, i personally feel like withdrawing is a big thing so i try not to do it more often, so from my point of view you can say that making a budget is more effective.
52  Economy / Trading Discussion / Re: Just a piece of advice needed here folks on: October 13, 2021, 09:38:30 PM
Hello everyone, please I really would like how you folks get pull out in a project with huge or reasonably profit locked-in.

I started trading (long-term) for couple of years back now and since then i've been doing averagely okay on whatever altcoins project I put into. But what I seem to be lacking is when to actually get out at the right appropriate time.

At least, if not perfectly okay, a bit fairly okay.
Please my pull out strategy are quite poor, kindly help a soul out before it gets completely worst. 🙏

All ideas are welcome please.

Thank you all! 👍
I think that you might just be caught up in what we call greed, as any other humane you get in and as soon as you see that you are making money you get way too invested and lose, and an easy way to combat this or rather a strategy is to set up some certain goal, realistic ones that you exit at, and keep in mind that it is always good to make small profits rather than greed and take a massive hit.
53  Bitcoin / Bitcoin Discussion / Re: We enter a new era of heavy regulations on: October 13, 2021, 09:30:02 PM
I totally agree on this point, because for a long time now we have seen a lot of people earning thousands of dollars and this market has grown and has a cap of billions of dollars, and they are doing so under the radar and not paying any taxes while the average joe is struggling in his deck job to barely make a living and having to pay taxes for the government, and i think that the inflation in the number of people who are gaining too much money from trading or investing in crypto  is going to lead to some strict regulations.
54  Economy / Economics / Re: What will be the effects of China's central bank declaring all crypto illegal? on: October 13, 2021, 09:22:28 PM
My taught On the Chinese people? It will make cryptocurrencies like Bitcoin illegal. Anyone who uses crypto becomes a criminal. I don't actually think their laws will get rid of crypto. Instead, people who don't like being under the harsh thumb of the CCP will utilize privacy cryptos like Monero. I won't be surprised if new internet and cryptocurrency privacy is developed because of the Chinese. There is now a market of potentially 1 billion people who want internet and monetary secrecy. Even if only 1 percent of the Chinese people want/need privacy crypto and internet that's a market of 10 million users! The CCP has planted the seeds of the rebellion that will throw them out of power and they don't even know it.

First of all this was a known thing to happen and it came at no surprise since they first started stating they will be banning the mining of bitcoin and cryptocurrency multiple times, and to be honest i was surprised that they haven't done this much much earlier since everything related to internet and any sort of freedom is prohibited or rather controlled by the government, and for the banks to declare the use of bitcoin illegal is not not going to have any impact because we are way past that point.
55  Other / Archival / Re: American banks begin to be friends with bitcoin on: October 13, 2021, 08:36:26 PM
I feel like that the banks are only trying to get in on the hype rather than actual acknowledging the fact that cryptocurrency and bitcoin is a far better finical system, because with how popular the bitcoin has become and with how many people and investors have put their money into it all the while they are watching their whole industry starting to fade, because if you think about it this is only hurting banks and they are trying to jump on the band wagon.
56  Bitcoin / Bitcoin Discussion / Re: What problems face Bitcoin? on: October 13, 2021, 07:56:20 PM
What problems in Bitcoin's infrastructure prevent it from being adopted more easily?
For me personally the problem that i see facing bitcoin is the use in microtransactions, if ell like we can't be using bitcoin to go and buy regular things from the store and pay for groceries because of the nature of the transaction and how they take too long to be confirmed and how we have to pay for high amount of fees for small transaction, how could we be asked to be using it if we can't pay for small thing, this is the issue that needs to be addressed because once it gets easier to make these transactions, paying with bitcoin will become a normal thing.
57  Bitcoin / Bitcoin Discussion / Re: Russia took third place in the world in bitcoin mining on: October 13, 2021, 07:13:10 PM
I think that Russia could easily become the first if the rate keeps on going up, and that is due to the fact that it presents a safe haven for these kind of actions since laws are pretty much different from what they are in the us, and the fact that bitcoin mining has no specific law tied to it there, and people are not subject to taxes from it yet, makes me think that we will see this rate go up more and more.
58  Bitcoin / Bitcoin Discussion / Re: The HODL to 100K movement on: October 13, 2021, 07:41:29 AM
Anyone have views on this movement that seems to be gathering pace last few days?

The basic concept I believe is that if we all act in unity, and collectively pledge to Hodl, then with continued demand (and far lower liquidity due to everyone hodling) the price will move in a sustained upwards direction. The "game theory" being who breaks the pledge first as they "selfishly" trade. So you take the pledge and spread the word to others.

Personally I like the idea and "get it". I'm a hodler and will do my part. But the "traders" seem almost offended at such a proposal.

Personally, I think a lot of traders kid themselves about being able to profitably trade. The only guaranteed winner on trades is of course the exchange, which over time sucks money out of the crypto ecosystem, much like a rake on a poker table.

I would post the image that can be circulated if you take the hodl 100 pledge but no idea how to post pix here.  Huh

Even if we are able to get thousands of people to hold their bitcoin until it reached the 100k we will still not be able to do it preemptively, not that bitcoin is not able to reach that point by normal standards but because the bitcoin network is far more bigger and decentralized than we can control, thousands of trades are going on in the market with billions of dollars going in and out, it has become a mutli billions dollar market that is far from being controlled by a movement, and that is a good thing.
59  Bitcoin / Bitcoin Discussion / Re: What to do with whales? on: October 13, 2021, 06:23:55 AM
40% of all Bitcoins are owned by just 1000 individuals.

This gives them a disproportionate amount of control over the market as they are able to dump them at anytime.

This is not to mention the high proportion of bitcoins held by miners and exchanges, who may have perverse incentives to ensure that as many people buy up bitcoin as possible and hold it for long enough for the price to rise.

Is there any way to deal with the high degree of centralisation that Bitcoin has?
Sure that this raise the question of whether they are able to manipulate the market or not, but you have to take in consideration that these people who own 40% are not gonna someday agree on dumping their whole cap which will actually affect the market significantly, and even if one of them does people are not so influenced by drops that much anymore, the panic selling is just an old idea that is based on bitcoin not being a known assets that is always being at risk, bit now with crypto and bitcoin as a solid market that all major investors have part in it this won't affect it that much.
60  Bitcoin / Bitcoin Discussion / Re: Venezuela Airport accepting Bitcoin on: October 13, 2021, 04:53:29 AM
As the level of Bitcoin adoption gets bigger and better, in a short time from now Bitcoin is going to be accepted for payment for tickets and another airport terminal payment.
Simón Bolívar Airport which is an international airport in Venezuela is working on modalities to start accepting Bitcoin.
I feel like we have finally broken the wall that was built on the bitcoin by a bunch of people from the early days that are saying that it is a bubble and it is not worth investing in it and it will die out soon, and that has opened up a lot of investment opportunities and projects, and i think that a lot of of those has brought some insurance for a lot of people especially since a lot of known CEOs and investors changed their mind about it and started looking at it as an asset that is brining a future.
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