Bitcoin Forum
September 21, 2019, 03:43:04 AM *
News: Latest Bitcoin Core release: 0.18.1 [Torrent]
 
   Home   Help Search Login Register More  
Poll
Question: Sept. 21 Closing Price:
$0 - 3 (3%)
<$8,000 - 5 (5%)
$8,000-$8,500 - 1 (1%)
$8,500-$9,000 - 2 (2%)
$9,000-$9,500 - 5 (5%)
$9,500-$10,000 - 6 (5.9%)
$10,000-$10,500 - 21 (20.8%)
$10,500-$11,000 - 20 (19.8%)
$11,000-$11,500 - 18 (17.8%)
$11,500-$12,000 - 6 (5.9%)
>$12,000 - 8 (7.9%)
>$20,000 - 6 (5.9%)
Total Voters: 101

Pages: « 1 ... 19246 19247 19248 19249 19250 19251 19252 19253 19254 19255 19256 19257 19258 19259 19260 19261 19262 19263 19264 19265 19266 19267 19268 19269 19270 19271 19272 19273 19274 19275 19276 19277 19278 19279 19280 19281 19282 19283 19284 19285 19286 19287 19288 19289 19290 19291 19292 19293 19294 19295 [19296] 19297 19298 19299 19300 19301 19302 19303 19304 19305 19306 19307 19308 19309 19310 19311 19312 19313 19314 19315 19316 19317 19318 19319 19320 19321 19322 19323 19324 19325 19326 19327 19328 19329 19330 19331 19332 19333 19334 19335 19336 19337 19338 19339 19340 19341 19342 19343 19344 19345 19346 ... 25036 »
  Print  
Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 21374098 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (106 posts by 21 users deleted.)
d_eddie
Hero Member
*****
Offline Offline

Activity: 812
Merit: 675



View Profile
January 26, 2018, 04:22:55 AM
Last edit: January 26, 2018, 04:45:16 AM by d_eddie
Merited by explorer (2), Elwar (1), Dabs (1), JayJuanGee (1), Last of the V8s (1)

So I have been thinking about the Lightning Network for a bit as far as running a node goes.

From my limited understanding of it, if you are the node between 2 people you basically fund the transactions going through, they sign a transaction to you, you sign a transaction to them for the equal amount each (so you need twice the amount for the channel),
You don't need twice the amount. It's just the amount because of the way sequence and timelocks are set up to work.

Quote
then throughout the length of time of the channel being open you sign transactions back and forth with the people connected to your node then settle everything at the end or whenever someone wants to settle the balance.

Firstly, is that somewhat accurate? I am sure it is super complicated beyond that, otherwise I would know it better.
More than somewhat. Yes, the details are hairy, but that's the basic idea.  One important missing piece is that you need to to have more than 1 channel open in order to route funds. You can close one of your channels when you feel like it.

Quote
My question (if that is accurate) is, could I sign every possible transaction for each node connecting to me offline, then only move the signed transactions to a hot database that I pull the transactions from as needed?

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.
1569037384
Hero Member
*
Offline Offline

Posts: 1569037384

View Profile Personal Message (Offline)

Ignore
1569037384
Reply with quote  #2

1569037384
Report to moderator
1569037384
Hero Member
*
Offline Offline

Posts: 1569037384

View Profile Personal Message (Offline)

Ignore
1569037384
Reply with quote  #2

1569037384
Report to moderator
1569037384
Hero Member
*
Offline Offline

Posts: 1569037384

View Profile Personal Message (Offline)

Ignore
1569037384
Reply with quote  #2

1569037384
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
vanobe
Member
**
Offline Offline

Activity: 164
Merit: 37


View Profile
January 26, 2018, 04:25:05 AM
Last edit: January 26, 2018, 04:37:43 AM by vanobe

So my banks just complained. Apparently churning too much money in and out of exchanges has them worried shitless that the taxman will complain. Might have to register as a business to keep trading at the current levels of volume. Not sure I wanna deal with that shit. Especially the part where I have to give up half the profit. Blah.

I understand you wouldn't like giving an exact figure but.... may I ask if we are talking about millions here or are they complaining over a smaller figure? Any ballpark on what triggered their concerns would help.
Millions over several months in local denomination, so... 200-400k in dollar?

The thing is I only make 4-5% per trade, with the upside that there is zero risk on my end. So it looks like massive amounts are being moved (massive in terms of wage slave numbers that is), but it's really just the same pool of money churning back and forth over and over, which to them looks like huge amounts. It pays the rent and a bit more, but it's really nothing massive in terms of profits.

For sure it doesn't look like a big amount BUT having lots of significant (non-negligible) in/out INTERNATIONAL transfers sounds exactly like a business and not regular personal activity... either that or... money laundering!. I guess their concerns go on that path. Did you register an activity and documented it to the banks beforehand? Probably they just want to cover THEIR own asses (KYC/AML thingy).

Do you really need to uses banks all the time for your "activity"? Couldn't you "cache" a bigger ammount outside of banking (ie, spread over several different exchanges to minimize the risk of catastrophic loss) so that you minimize the amount of banking tx's and triggering of alerts?
One account was specifically made in order to trade bitcoin, which they agreed to beforehand. And the money all goes to kraken, plus a few incoming transactions from people who send fiat after which I send bitcoin. There shouldn't be any problem with any of this, except the size of the amounts - which they didn't care about until just now, because the numbers have been growing.

It's just the volume, nothing else.

This thread might provide some useful information. Some posts in it describe similar account closure experiences to yours. It seems business accounts are needed for big regular transfers.

Free EU bank accounts that you can be opened directly online

bitserve
Hero Member
*****
Offline Offline

Activity: 966
Merit: 768


HODL.


View Profile
January 26, 2018, 04:26:37 AM

So my banks just complained. Apparently churning too much money in and out of exchanges has them worried shitless that the taxman will complain. Might have to register as a business to keep trading at the current levels of volume. Not sure I wanna deal with that shit. Especially the part where I have to give up half the profit. Blah.

I understand you wouldn't like giving an exact figure but.... may I ask if we are talking about millions here or are they complaining over a smaller figure? Any ballpark on what triggered their concerns would help.
Millions over several months in local denomination, so... 200-400k in dollar?

The thing is I only make 4-5% per trade, with the upside that there is zero risk on my end. So it looks like massive amounts are being moved (massive in terms of wage slave numbers that is), but it's really just the same pool of money churning back and forth over and over, which to them looks like huge amounts. It pays the rent and a bit more, but it's really nothing massive in terms of profits.

For sure it doesn't look like a big amount BUT having lots of significant (non-negligible) in/out INTERNATIONAL transfers sounds exactly like a business and not regular personal activity... either that or... money laundering!. I guess their concerns go on that path. Did you register an activity and documented it to the banks beforehand? Probably they just want to cover THEIR own asses (KYC/AML thingy).

Do you really need to uses banks all the time for your "activity"? Couldn't you "cache" a bigger ammount outside of banking (ie, spread over several different exchanges to minimize the risk of catastrophic loss) so that you minimize the amount of banking tx's and triggering of alerts?
One account was specifically made in order to trade bitcoin, which they agreed to beforehand. And the money all goes to kraken, plus a few incoming transactions from people who send fiat after which I send bitcoin. There shouldn't be any problem with any of this, except the size of the amounts - which they didn't care about until just now, because the numbers have been growing.

It's just the volume, nothing else.

Wait a min... your are receiving bank transfer from other people AND you are not registered as, at the very least, a personal "business" activity?

Not sure if I understood it correctly.
jojo69
Legendary
*
Online Online

Activity: 1512
Merit: 1849


no FOMO


View Profile
January 26, 2018, 04:31:41 AM

I like the little particles of orange line leaking out the bottom there Tera.

That is a nice touch.
HairyMaclairy
Hero Member
*****
Offline Offline

Activity: 952
Merit: 1573


Degenerate bull hatter & Bitcoin monotheist


View Profile
January 26, 2018, 04:38:16 AM

plus a few incoming transactions from people who send fiat after which I send bitcoin.

This might be your issue.  Starts to sound like a money laundering risk for the bank.
HairyMaclairy
Hero Member
*****
Offline Offline

Activity: 952
Merit: 1573


Degenerate bull hatter & Bitcoin monotheist


View Profile
January 26, 2018, 04:39:00 AM

Tera where are we now on that map of yours?
January 25, 2018

Thanks.  So we are “ahead of schedule” then?
JayJuanGee
Legendary
*
Online Online

Activity: 2016
Merit: 2021


How much alt coin diversification is needed? 0%?


View Profile
January 26, 2018, 04:42:23 AM

Corporates pay corporate tax rates on profits.

Except pass-through corporates that pay personal tax rates on profits.


I think that the past few days have been kind of back to "normal" for transactions, and probably more based on organic activity in the network in contrast to the spam attack that had been taking place in the past couple of months. 
Ibian
Legendary
*
Offline Offline

Activity: 2044
Merit: 1188



View Profile
January 26, 2018, 04:44:14 AM

So my banks just complained. Apparently churning too much money in and out of exchanges has them worried shitless that the taxman will complain. Might have to register as a business to keep trading at the current levels of volume. Not sure I wanna deal with that shit. Especially the part where I have to give up half the profit. Blah.

I understand you wouldn't like giving an exact figure but.... may I ask if we are talking about millions here or are they complaining over a smaller figure? Any ballpark on what triggered their concerns would help.
Millions over several months in local denomination, so... 200-400k in dollar?

The thing is I only make 4-5% per trade, with the upside that there is zero risk on my end. So it looks like massive amounts are being moved (massive in terms of wage slave numbers that is), but it's really just the same pool of money churning back and forth over and over, which to them looks like huge amounts. It pays the rent and a bit more, but it's really nothing massive in terms of profits.

For sure it doesn't look like a big amount BUT having lots of significant (non-negligible) in/out INTERNATIONAL transfers sounds exactly like a business and not regular personal activity... either that or... money laundering!. I guess their concerns go on that path. Did you register an activity and documented it to the banks beforehand? Probably they just want to cover THEIR own asses (KYC/AML thingy).

Do you really need to uses banks all the time for your "activity"? Couldn't you "cache" a bigger ammount outside of banking (ie, spread over several different exchanges to minimize the risk of catastrophic loss) so that you minimize the amount of banking tx's and triggering of alerts?
One account was specifically made in order to trade bitcoin, which they agreed to beforehand. And the money all goes to kraken, plus a few incoming transactions from people who send fiat after which I send bitcoin. There shouldn't be any problem with any of this, except the size of the amounts - which they didn't care about until just now, because the numbers have been growing.

It's just the volume, nothing else.

Wait a min... your are receiving bank transfer from other people AND you are not registered as, at the very least, a personal "business" activity?

Not sure if I understood it correctly.
Yup. Bitcoin counts as any other privately sold or bought item - paintings, antiques, furniture, rare baseball caps - garage sale basically.
RoomBot
Legendary
*
Offline Offline

Activity: 1582
Merit: 1104



View Profile
January 26, 2018, 04:44:49 AM


Damp Squib....


BEARish




Giant Squid...


BULLish!




BTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTC
Ibian
Legendary
*
Offline Offline

Activity: 2044
Merit: 1188



View Profile
January 26, 2018, 04:45:54 AM

plus a few incoming transactions from people who send fiat after which I send bitcoin.

This might be your issue.  Starts to sound like a money laundering risk for the bank.
Hadn't really considered that. But even then, they wouldn't care if it wasn't for the size of the amounts. It's not precisely a new thing, just more common (and with bigger numbers).
Paashaas
Legendary
*
Offline Offline

Activity: 2004
Merit: 1395



View Profile
January 26, 2018, 04:47:36 AM

They keep inviting idiots, after scumbag Roger now it's Vinny's turn Undecided

I rather see Andreas M. Antonopoulos ore Jameson Lopp..oh wait mainstream media are for idiots.

Paashaas
Legendary
*
Offline Offline

Activity: 2004
Merit: 1395



View Profile
January 26, 2018, 04:51:01 AM
Merited by explorer (1)

'Micro' Finance Giant Robinhood Makes Big Bet on Bitcoin Trading.

https://www.coindesk.com/micro-finance-giant-robinhood-makes-big-bet-on-bitcoin-trading

BitGo Enters Into Agreement To Acquire Kingdom Trust.

https://www.businesswire.com/news/home/20180125006079/en/BitGo-Enters-Agreement-Acquire-Kingdom-Trust
bitserve
Hero Member
*****
Offline Offline

Activity: 966
Merit: 768


HODL.


View Profile
January 26, 2018, 05:01:54 AM
Merited by Last of the V8s (1)


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.
HairyMaclairy
Hero Member
*****
Offline Offline

Activity: 952
Merit: 1573


Degenerate bull hatter & Bitcoin monotheist


View Profile
January 26, 2018, 05:25:32 AM

Maybe just go in and talk to the branch manager and find out what they need from you.
vanobe
Member
**
Offline Offline

Activity: 164
Merit: 37


View Profile
January 26, 2018, 05:35:16 AM
Last edit: January 26, 2018, 06:03:35 AM by vanobe

Maybe just go in and talk to the branch manager and find out what they need from you.

Probably more money. They charge more for business accounts than for personal accounts. They probably want to hit him with huge business account bank charges every month.
jojo69
Legendary
*
Online Online

Activity: 1512
Merit: 1849


no FOMO


View Profile
January 26, 2018, 06:48:33 AM
Merited by JayJuanGee (1), BobLawblaw (1)

Doug Polk on Roger Ver

https://www.youtube.com/watch?v=yUO1DvqTpZ8
Toxic2040
Hero Member
*****
Offline Offline

Activity: 700
Merit: 1077



View Profile
January 26, 2018, 07:01:59 AM
Merited by Last of the V8s (1)

Damn it jojo...beat me to it..was still watching it.  Tongue


Doug is really on it....I like hes perspective on the crypto space.

Way to go buddy.
mymenace
Legendary
*
Offline Offline

Activity: 1596
Merit: 1061


Smile


View Profile
January 26, 2018, 07:18:42 AM


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

xhomerx10
Legendary
*
Offline Offline

Activity: 2142
Merit: 2289



View Profile
January 26, 2018, 07:19:33 AM


Anybody got the tl;dw?
Toxic2040
Hero Member
*****
Offline Offline

Activity: 700
Merit: 1077



View Profile
January 26, 2018, 07:29:12 AM
Merited by explorer (1), jojo69 (1)


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.
 
Pages: « 1 ... 19246 19247 19248 19249 19250 19251 19252 19253 19254 19255 19256 19257 19258 19259 19260 19261 19262 19263 19264 19265 19266 19267 19268 19269 19270 19271 19272 19273 19274 19275 19276 19277 19278 19279 19280 19281 19282 19283 19284 19285 19286 19287 19288 19289 19290 19291 19292 19293 19294 19295 [19296] 19297 19298 19299 19300 19301 19302 19303 19304 19305 19306 19307 19308 19309 19310 19311 19312 19313 19314 19315 19316 19317 19318 19319 19320 19321 19322 19323 19324 19325 19326 19327 19328 19329 19330 19331 19332 19333 19334 19335 19336 19337 19338 19339 19340 19341 19342 19343 19344 19345 19346 ... 25036 »
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!