Private Money!

[Fin Fang Foom]

Whoops! Looks like Bitcoin may no longer have any market at all as a currency:

https://www.wired.com/story/bitcoin-dru ... ssion=true

[Warren]

Whoops! Looks like Bitcoin may no longer have any market at all as a currency:

https://www.wired.com/story/bitcoin-dru ... ssion=true

lol

[Warren]

*headdesk* *headdesk* *headdesk*
The day I made this post I knew I was fucking up. I wanted to get a bump before cashing out. But it was already too late. Now my crypto is no longer my dominant asset.

If I get another chance, I'm not making that mistake again.

[Warren]

My Gemini account has been verified.


It took over a month. I put in a ticket a couple weeks ago. Anyone still waiting on Coinbase verification might try that.
https://support.coinbase.com/customer/portal/emails/new -> Contact Our Team -> I have one of the above priority issues and have searched the Support Center for a solution

[Fin Fang Foom]

What?

https://www.washingtonpost.com/news/wor ... &tid=sm_tw

And huh?

https://www.bbc.com/news/amp/technology ... ssion=true

[Mo]

We're in the strippers with 4 mortgages part of The Big Short.

[Warren]

We're in the strippers with 4 mortgages part of The Big Short.

More like the World Wide Web part of the internet.

[Kolohe]

I could see the case for Venezuela shifting its currency to a commodity backed tender until inflation can return to manageable levels.

[Warren]

I could see the case for Venezuela shifting its currency to a commodity backed tender until inflation can return to manageable levels.

That's not possible in a socialist economy. Making their own crypto is just another way of printing money.

[Kolohe]

Its what the Russians did (sans the crypto intermediary) to keep them afloat during the USSR years (until the price of oil collapsed in the 80s). (Natural gas was part of this too, but i dont know its price history of the top of my head)

[JD]

Bill Gates Says Cryptocurrencies Have Caused Deaths

“The main feature of cryptocurrencies is their anonymity. I don’t think this is a good thing,” he said in the Reddit post. “The government’s ability to find money laundering and tax evasion and terrorist funding is a good thing. Right now cryptocurrencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way.”

...the fuck? "A direct way"? By that logic, isn't cash responsible for deaths? I mean, he virtually says as much: anonymity is "not a good thing". It is hard to see how this is anything other than an argument for "government should be able to track every single purchase ever."

[Warren]

OMG is Bill Gates still a thing?

[Jake]

Bill Gates Says Cryptocurrencies Have Caused Deaths

“The main feature of cryptocurrencies is their anonymity. I don’t think this is a good thing,” he said in the Reddit post. “The government’s ability to find money laundering and tax evasion and terrorist funding is a good thing. Right now cryptocurrencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way.”

...the fuck? "A direct way"? By that logic, isn't cash responsible for deaths? I mean, he virtually says as much: anonymity is "not a good thing". It is hard to see how this is anything other than an argument for "government should be able to track every single purchase ever."

This seems like a pretty close parallel to the "ban dihydrogen monoxide!" arguments. Except those were silly on purpose.

[Dangerman]

Tax those tulips while they're still worth something!

[Masked Grylliader]

Tax those tulips while they're still worth something!

If you sell them it's a capital gain, and as such has always been legally required to report. I got a 1099 from Coinbase last year.
The real pisser is when you sell one crypto for another. Say you use BTC to buy ETH. Last I heard the IRS won't recognize it as an "in kind trade"(?)* and you have to claim the value of the BTC at the time of the trade. Which since I've been day trading crypto for micro gains which would make filing my taxes beyond a nightmare. I dare say it would be impossible.


*I think that's the phrase used. IANA tax specialist.

[Dangerman]

Read the comments, lots of people are there with you.

[Mo]

The real pisser is when you sell one crypto for another. Say you use BTC to buy ETH. Last I heard the IRS won't recognize it as an "in kind trade"(?)* and you have to claim the value of the BTC at the time of the trade.

If I sell AAPL and buy MSFT or sell JPY and buy GBP immediately, you have to recognize the gains. Shouldn't your wallet consolidate all of those trades for you in an easy to track way?

[Dangerman]

But muh disruption! Muh decentralized!

[JasonL]

I had always assumed wallets had to comply with normal cap gains reporting requirements and I can't see how a sale wouldn't be as reportable as the sale of any other asset.

[Warren]

Exchanges not wallets

[D.A. Ridgely]

If currency arbitrageurs' transactions must recognize capital gains (and, presumably, losses), then this is a consistent position. The teaching point, however, is that day trading is insane (no offense, Masked Grylliader) under even the best of circumstances.

[Fin Fang Foom]

So, now having a copy of the Bitcoin blockchain might be a crime:

https://www.theguardian.com/technology/ ... al-content

This certainly puts a damper on the future of blockchain tech, unless they can figure out how to exclude or remove such. If you can remove something from the blockchain, that seems to defeat its purpose though.

[Warren]

So, now having a copy of the Bitcoin blockchain might be a crime:

https://www.theguardian.com/technology/ ... al-content

This certainly puts a damper on the future of blockchain tech, unless they can figure out how to exclude or remove such. If you can remove something from the blockchain, that seems to defeat its purpose though.

You can do anything to the blockchain you want. What matters is how many others (users, miners, and developers e.g.) will go along with the changes. My guess is that child pron can be purged with little discussion.

What's more interesting to me, is I didn't think BTC's blockchain could be used that way. Storing files directly to the blockchain is a Second Generation Crypto feature. This could be a bigger problem for alt coins for which permanent file storage is an, if not the, essential feature.

[Fin Fang Foom]

Per other articles I have read, there has never been enough agreement to change the blockchain for anything.

[Warren]

Per other articles I have read, there has never been enough agreement to change the blockchain for anything.

There have been several changes to the way the blockchain is written to, including a fork that spawned a major alt-coin. I thought there were a couple thefts that were backed out of the blockchain as well.
It might not be as easy to purge child pron as I first thought. What do you do with all those individuals running a full node wallet for instance. I think it could be done. I don't think dissension will be a problem.