Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[mymenace]

Yup. Bitcoin counts as any other privately sold or bought item - paintings, antiques, furniture, rare baseball caps - garage sale basically.

Even if it is considered that way it still is a "business" activity if you do it frequently or in non-negligible amounts. If you were receiving thousands of dollars payments for paintings, furniture or whatever.... that's exactly what a business does. Otherwise, noone would register a business if there was no need.

They didn't care until your numbers grow enough, basically because they don't care about trivial things... but the requirement was already there.

From banks/tax agency perspective, EVERY transaction needs to be apropriately labeled (and taxed!). Of course nothing happens... until it does!

So yup, either you find a way to don't use banks for that "activity" (receiving/sending money to other people) or register as a (corporate or personal) business... and not sure if what you do would need some additional requirements in your country. I would chose the first option.

let the tax man determine your tax

best to not say anything (put tax into investments , do not lose or spend)

then let the taxman come when they ready

the trap is, as said above, taxman wants you to LABEL it, let the taxman do it

your currency(crypto) is just your money, outside the laws of nations.

once you exchange into fiat, like any other fiat currency you DEVALUE your crypto

always remember to claim your lost crypto as a loss on whatever the taxman labels your holdings

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[xhomerx10]

Doug Polk on Roger Ver

https://www.youtube.com/watch?v=yUO1DvqTpZ8

Anybody got the tl;dw?

[Toxic2040]

Doug Polk on Roger Ver

https://www.youtube.com/watch?v=yUO1DvqTpZ8

Anybody got the tl;dw?

Ver is a sociopath. Has been for years...does hes best to screw over bitcoin every chance he gets.
Over 100 LN nodes running now..20% of all nodes now SegWit and growing. Ver is a sociopath.
 

[RobSteward]

For example, A and B connect to me with 1 BTC each. I copy their public key to an offline machine and have it generate a million transactions each (or however many are needed) to account for every possible signed transaction then transfer that to a computer online.

Also, if this is possible, what prevents me from signing all of those transactions then spending the bitcoins somewhere else. Or is this what SegWit fixed?

No you can't do that. You only get some coin from Alice that you must pass on to the opposite end of one of your open channels. Each channel has only two ends: you and the other guy. So you get money on one channel (Alice), you pass it on to Charlie, which will help with another hop, until the coins reach the final destination - Bob, but none of the intermediate nodes knows that. You can't withhold the funds within your node. They must travel onwards.

And in this scenario could we interpret every single channel "section" (aka my combined 2 connections (Alice to me, and me to Charlie) as a tx confirmation? Thus, a passthrough of let's say 5 channels equals 5 confirmations?

[HairyMaclairy]

Maybe a bit less than 2 BTC. I heard the entire network was running 7 BTC total.

[realr0ach]

Someone named "the real satoshi" has posted attempting to lay blasphemy on precious metals:

Metals have stood the test of time as a store of value for thousands of years, I don't see them disappearing , though no longer useful as currency.

Who better to defeat the blasphemy of "the real satoshi" than "the real r0ach"?

The r0ach report 37: Eldritch horrors await those who put their faith in imaginary, paper assets

https://steemit.com/bitcoin/@r0achtheunsavory/the-r0ach-report-37-eldritch-horrors-await-those-who-put-their-faith-in-imaginary-paper-assets

Someone named "TheRealSat0shi" posted on the bitcoin forum in a discussion I was having about metals with:

"Metals have stood the test of time as a store of value for thousands of years, I don't see them disappearing , though no longer useful as currency."

He sounds like a true bitcoin shill, so with absolutely no evidence whatsoever, we will give him the benefit of the doubt that he is in fact the real Satoshi. There is only one problem, bitcoin is nothing more than a glorified paper asset in the end.

For example, if someone were to purchase a Canadian dollar, you're entering an informal contract and receiving an IOU or credit of that nation. Whether your imaginary coupon is honored or not is entirely up to the performance of that counterparty entity. With bitcoin, you're entering the exact same informal contract, except instead of signing up in an informal contract against a counterparty entity, you have signed up for a contract with...no valid counterparty at all!

These words are not to be confused with counterparty risk vs no counterparty risk. You STILL have huge counterparty risk and have done absolutely nothing to remove it, you have only deleted the counterparty of the informal legal agreement. Many aspects of monetary functions are not really economics and are just law, and in this case, you have entered an objectively worse informal legal contract.

What exactly is the draw supposed to be in entering an informal contract with 'nobody'? Supposedly the aggregate of all 'users' were supposed to be your counterparty; in other words, instead of a legal contract, a faith based religion. Even if you buy into religion, this religion only works if bitcoin wasn't designed to centralize and had a functioning Nash equilbrium, but it fails in both cases. You are then not entering into a religion, but back to an obfuscated, informal legal agreement with two or three centralized, rent seeking miners who continuously issue the currency - a powerless, stateless oligarchy instead of a real state.

These emperor with no clothes miners are actually doing the exact same function as the state: trying to take a cut out of every transaction like the normal monetary mafia that controls it. The state doesn't like fly by night pump and dumps trying to take over it's extortion function, and regulatory arbitrage is impossible when bitcoin is designed to centralize, so the state then either crushes bitcoin or co-opts it and turns it into their cashless society slavery system.

On a long enough timeline, for you to not lose all your money, you actually have to pray the state co-opts it! When all is said and done, physical commodity money like silver or gold is the only thing that is not an IOU or credit, removes counter party risk, and actually functions as a hedge against the state. Which is why:

What eldritch horrors await those who put their faith in imaginary, paper assets.

[pacman7331]

Seems like this would be good news.

https://www.coindesk.com/bitcoins-lightning-network-problem-people-already-using/

[RobSteward]

For example, A and B connect to me with 1 BTC each. I copy their public key to an offline machine and have it generate a million transactions each (or however many are needed) to account for every possible signed transaction then transfer that to a computer online.

Also, if this is possible, what prevents me from signing all of those transactions then spending the bitcoins somewhere else. Or is this what SegWit fixed?

No you can't do that. You only get some coin from Alice that you must pass on to the opposite end of one of your open channels. Each channel has only two ends: you and the other guy. So you get money on one channel (Alice), you pass it on to Charlie, which will help with another hop, until the coins reach the final destination - Bob, but none of the intermediate nodes knows that. You can't withhold the funds within your node. They must travel onwards.

And in this scenario could we interpret every single channel "section" (aka my combined 2 connections (Alice to me, and me to Charlie) as a tx confirmation? Thus, a passthrough of let's say 5 channels equals 5 confirmations?

Also, could we interpret the dropping number of average txs as a result of LN growing?

[Toxic2040]

Just ordered a Lenovo x3100 M5 with 4 x 4 TB hot-swap drives running RAID 10, to run my new bitcoind and lnd node.

Will be running Ubuntu.

Fun project I'm looking towards. Figure I'll fund the LN node with 2 BTC and see what happens.

Nice...I might look at some AMD boxes with Meltdown and Spectre going on tho. You can get cheap Opteron mircoservers for next to nothing if you dont want to throw a Threadripper together.
And Bob..start with a smaller amount at first obv 

[Phil_S]

Falling off the cliff again, damn it...

[realr0ach]

The new hero of the "alt-lite", Jordan Peterson, asked to comment on Jewish role in holocaust of Russian & Ukranian Christians (over 20 million people).  His reply:  "I can't do it":

https://dailystormer.red/jordan-peterson-asked-to-answer-the-jewish-question-i-cant-do-it/

[podyx]

Whats happening?

[svdleer]

Falling off the cliff again, damn it...

We were down already.  There is almost no volume and up momentum, so needs nothing to pushed down a little.

[Dakustaking76]

Btc is dead


 


Someone is selling again i think? They want the cheap coins...
Dont get fooled

[explorer]

Is it good Lightning news that is taking a stick to Litecoin?

[mike4001]

Whats happening?

It's just impossible to crack 12k

I think we will stay in the 10k-12k for a very long time.

No indication that this is going to change. Maybe when the next Bitcoin Halfing happens in 2020.

[LFC_Bitcoin]

Whats happening?

It's just impossible to crack 12k

I think we will stay in the 10k-12k for a very long time.

No indication that this is going to change. Maybe when the next Bitcoin Halfing happens in 2020.

 

The next halving is June 2020, if you think the price will stay between $10,000 - $12,000 for that long then please don’t trade, you will get rekd.

[Toxic2040]

Whats happening?

Btc is dead


 


Someone is selling again i think? They want the cheap coins...
Dont get fooled

Again?

Its still slightly favoring the bulls. Clear the schedule..gather the popcorn..should be a exciting day.

[jojo69]

I think maybe these are the cheap coins

my order is in at the very high 4 digits

[mike4001]

Whats happening?

It's just impossible to crack 12k

I think we will stay in the 10k-12k for a very long time.

No indication that this is going to change. Maybe when the next Bitcoin Halfing happens in 2020.

 

The next halving is June 2020, if you think the price will stay between $10,000 - $12,000 for that long then please don’t trade, you will get rekd.

I am hodling since 2016 and never traded (apart from small Altcoin pocket-money trades).

But I still don't see any indication of BTC going up (or down).