The Bubbly Bitcoin Thread -- Merged Threads

[markyh]

3 minutes ago, Denseharry said:

Just came upon this article concerning the Godfather of Bitcoin - Sept 2021

Seems all is not as it appears

SEC accuses Michael Saylor of Fraud.

Michael Saylor’s entire company was built on deception. The dotcom hype helped carry his stock from $30 to over $3000 in just a few years, but that all reversed (-99.9% crash) when the company was forced to restate its accounting data, which had all of the profits they’ve ever claimed to have made, erased.

 

https://cryptowhale.medium.com/heres-why-michael-saylor-is-bitcoin-s-ultimate-snake-oil-salesman-fa75b0691761

 

You cant say bad things about Bitcoin Jesus like that. Shakes head. 

[MonsieurCopperCrutch]

7 minutes ago, Data Dave said:

How do we catch that...YouTube?

What do you think hes going to say, something big?!

It’s massive news. You can watch the full presentation here:

While watching it remember all the fools on here who said No OnE uSeS tHe LiGhTnInG NeTwOrK!1!1!1

[dugsbody]

19 hours ago, MonsieurCopperCrutch said:

While watching it remember all the fools on here who said No OnE uSeS tHe LiGhTnInG NeTwOrK!1!1!1

I'm just going to offer a counterpoint. Virtually no one will be spending their bitcoin. They're in it to "HODL". Only an idiot spends an asset that they think is going to be worth more tomorrow (bitcoin) when they could rather spend an asset that will be worth less (fiat).

 

[Lagarde's Drift]

54 minutes ago, dugsbody said:

I'm just going to offer a counterpoint. Virtually no one will be spending their bitcoin. They're in it to "HODL". Only an idiot spends an asset that they think is going to be worth more tomorrow (bitcoin) when they could rather spend an asset that will be worth less (fiat).

 

1. You are part of the global minority in a comfortable life who can afford to think like this.  just ask the Ukrainians. 

2.0W/ref Mallers, Dorsey, Lightning et al, it isn't about spending BTC per se, it's using BTC as the payments network making the global financial transaction layers faster and cheaper. Think swift, visa, western union.

Edited April 9, 2022 by Lagarde's Drift

[dugsbody]

3 hours ago, Lagarde's Drift said:

1. You are part of the global minority in a comfortable life who can afford to think like this.  just ask the Ukrainians. 

2.0W/ref Mallers, Dorsey, Lightning et al, it isn't about spending BTC per se, it's using BTC as the payments network making the global financial transaction layers faster and cheaper. Think swift, visa, western union.

I know the arguments. I just don't think they'll turn out to be true. No point in rehashing this stuff, as it is done to death across the internet.

We'll just wait and see.

(Btw, I own bitcoin and fully expect the price to keep rising)

[MonsieurCopperCrutch]

5 hours ago, dugsbody said:

I'm just going to offer a counterpoint. Virtually no one will be spending their bitcoin. They're in it to "HODL". Only an idiot spends an asset that they think is going to be worth more tomorrow (bitcoin) when they could rather spend an asset that will be worth less (fiat).

 

You didn’t watch the presentation then. Bitcoin and the lightning network are used as the payment rail. You don’t have to be spending Bitcoin. Please watch the presentation and try to learn and understand what is happening. Jack clearly explains the transacting process. 

[goldbug9999]

9 hours ago, MonsieurCopperCrutch said:

You didn’t watch the presentation then. Bitcoin and the lightning network are used as the payment rail. You don’t have to be spending Bitcoin. Please watch the presentation and try to learn and understand what is happening. Jack clearly explains the transacting process. 

In a nutshell the current payment rails are expensive because the system is debt/credit based and so each party involved needs to contribute to the cost of insuring and settling the debt. Lightning OTOH  has all transfers fully funded from positive balances of funds and this is workable because, as @dugsbodymentions, most people just want to hoard bitcoin and some proportion of those hoarded funds will be put to work essentially earning a yield in the lightning network.

So essentially it will work for the exact reason that @dugsbodythinks it wont.

[MonsieurCopperCrutch]

5 minutes ago, goldbug9999 said:

In a nutshell the current payment rails are expensive because the system is debt/credit based and so each party involved needs to contribute to the cost of insuring and settling the debt. Lightning OTOH  has all transfers fully funded from positive balances of funds and this is workable because, as @dugsbodymentions, most people just want to hoard bitcoin and some proportion of those hoarded funds will be put to work essentially earning a yield in the lightning network.

So essentially it will work for the exact reason that @dugsbodythinks it wont.

Some people, be it jealousy or ignorance or unintelligence, just do not want to see success. Which is sadly likely why @dugsbody commented from his usual failed stance before watching and learning from the presentation. Whatever Bitcoin he purports to hold (which is likely thankfully very few) in his ignorance he does not deserve it. 

[dugsbody]

8 hours ago, MonsieurCopperCrutch said:

Some people, be it jealousy or ignorance or unintelligence, just do not want to see success. Which is sadly likely why @dugsbody commented from his usual failed stance before watching and learning from the presentation. Whatever Bitcoin he purports to hold (which is likely thankfully very few) in his ignorance he does not deserve it. 

The mistake you and others make is assuming some vested interest on my part to see bitcoin fail. Quite the opposite, if it does well ($200k) I'll retire in style.

I just know that I'm never going to be spending my bitcoin because I'm not an idiot and I want to retire on it, but maybe I'm wrong about others. So far that hasn't been the case and 99+% of people just hoard it to cash out in the long term.

I'm not sure why you and others need to resort to personal attacks every time someone expresses a different opinion on this subject.

[Lagarde's Drift]

40 minutes ago, dugsbody said:

The mistake you and others make is assuming some vested interest on my part to see bitcoin fail. Quite the opposite, if it does well ($200k) I'll retire in style.

I just know that I'm never going to be spending my bitcoin because I'm not an idiot and I want to retire on it, but maybe I'm wrong about others. So far that hasn't been the case and 99+% of people just hoard it to cash out in the long term.

I'm not sure why you and others need to resort to personal attacks every time someone expresses a different opinion on this subject.

You're wrong there, it's not 99% and everyone time we visit ATH and ATL we shake out more of the idiot krill. Eventually we will end up with capitalists and pensions owning most of the BTC just like tradfi. And a smattering of lucky/smart/OG criminal individuals.

https://www.lookintobitcoin.com/charts/wallets-greater-than-1000-btc/

[MonsieurCopperCrutch]

1 hour ago, dugsbody said:

The mistake you and others make is assuming some vested interest on my part to see bitcoin fail. Quite the opposite, if it does well ($200k) I'll retire in style.

I just know that I'm never going to be spending my bitcoin because I'm not an idiot and I want to retire on it, but maybe I'm wrong about others. So far that hasn't been the case and 99+% of people just hoard it to cash out in the long term.

I'm not sure why you and others need to resort to personal attacks every time someone expresses a different opinion on this subject.

You are correct I should not have been so curt. Apologies. 

[lombardo]

Today is the start of the bull run.

[lombardo]

On 09/04/2022 at 15:54, MonsieurCopperCrutch said:

You didn’t watch the presentation then. Bitcoin and the lightning network are used as the payment rail. You don’t have to be spending Bitcoin. Please watch the presentation and try to learn and understand what is happening. Jack clearly explains the transacting process. 

There are risks with this. 

And yes I am a long term BTC bull.

[dannyf]

17 minutes ago, lombardo said:

Today is the start of the bull run.

Kind of feels like it’s built a base to rise from. So knowing my predictive skills it’s probably gonna crash from here 😂

[Grayphil]

15 hours ago, dannyf said:

Kind of feels like it’s built a base to rise from. So knowing my predictive skills it’s probably gonna crash from here 😂

Its all looking a bit poop at the moment!

[MonsieurCopperCrutch]

39 minutes ago, Grayphil said:

Its all looking a bit poop at the moment!

Best time to buy mate.

[lombardo]

17 hours ago, dannyf said:

Kind of feels like it’s built a base to rise from. So knowing my predictive skills it’s probably gonna crash from here 😂

It turns out I was wrong. It just cant go much lower. May 39k then rise up.

[Grayphil]

3 hours ago, MonsieurCopperCrutch said:

Best time to buy mate.

Bitcoin not bad from when I bought it, but most other Crypto that I have looks like a bit of a bloodbath last few days!

[Carcassonne]

I'd be grateful if anyone could direct me towards resources detailing UK Bitcoin trading compliance - I'm struggling to get my head around it.

I bought my bitcoin stash in 2013, which I guess makes me a veteran in this space, but compliance has obviously changed dramatically since then, or even since 2017 when I did sell part of my holdings, so I'm just a noob in this area.

Recently my fiat job contract came to end and, in my late 50's with no mortgage and a small pension, I have no desire to undergo a career change. However, I do need to earn a small around of fiat, perhaps just £1,000pm, and wondered if I could achieve that as a bitcoin trader, perhaps on LocalBitcoins.com. Looking at the terms of trade with various traders I read things like, "take a selfie with your bank card and a paper which says my username and the date" or "I [Your Name] will pay for the bitcoin from my bank account using my own money gotten legitimately and without any third party involved. [sign][date]". The traders have no problem buying your bitcoin, it's selling bitcoin to you that's the issue.

My previous experience in law enforcement tells me that a lot of people don't fully understand compliance in their field and tend to adopt unnecessary safety first measures but I don't know if that is what is going on here or not.

[Lagarde's Drift]

1 hour ago, Carcassonne said:

I'd be grateful if anyone could direct me towards resources detailing UK Bitcoin trading compliance - I'm struggling to get my head around it.

I bought my bitcoin stash in 2013, which I guess makes me a veteran in this space, but compliance has obviously changed dramatically since then, or even since 2017 when I did sell part of my holdings, so I'm just a noob in this area.

Recently my fiat job contract came to end and, in my late 50's with no mortgage and a small pension, I have no desire to undergo a career change. However, I do need to earn a small around of fiat, perhaps just £1,000pm, and wondered if I could achieve that as a bitcoin trader, perhaps on LocalBitcoins.com. Looking at the terms of trade with various traders I read things like, "take a selfie with your bank card and a paper which says my username and the date" or "I [Your Name] will pay for the bitcoin from my bank account using my own money gotten legitimately and without any third party involved. [sign][date]". The traders have no problem buying your bitcoin, it's selling bitcoin to you that's the issue.

My previous experience in law enforcement tells me that a lot of people don't fully understand compliance in their field and tend to adopt unnecessary safety first measures but I don't know if that is what is going on here or not.

All require KYC now. How they go about it varies but as crypto tends to be ahead of tradfi, they are geared towards easing in new customers with just their mobile phone and an ID.  No need for old school bank-style utility or council bills etc.

[RodCrosby]

On 07/04/2022 at 16:40, RodCrosby said:

Spend a couple of months searching and understanding, as recommended above, else the IFA will just be talking double-dutch to you...

Remember, money kept in the pension is IHT-free (saving potentially 40% tax)

Remember, once you start drawing taxable income from the crystallized drawdown box/pot, triggering the MPAA, your further pension contribution is limited to just £4,000 per annum.

https://www.moneyhelper.org.uk/en/pensions-and-retirement/tax-and-pensions/money-purchase-annual-allowance-mpaa

However, if it's "too far away", remember the rules will change, almost certainly for the worse....

I wouldn't waste too much time on it, except to get a feel for it, and start looking seriously about 5 years before your intended retirement date.

Some examples from the three websites I quoted:-

https://moneyforums.citywire.co.uk/yaf_postst3831p2_Understanding-the-25--SIPP-tax-free-process.aspx

https://forums.moneysavingexpert.com/discussion/6110356/ufpls-vs-flexi-access-drawdown-pros-and-cons

https://www.lemonfool.co.uk/viewtopic.php?f=17&t=34089

 

Health warning: this stuff will hurt your brain...

Edited April 14, 2022 by RodCrosby

[RodCrosby]

And then you need to consider your Allocation and Drawdown strategy...

https://engaging-data.com/will-money-last-retire-early/

https://ficalc.app/  pay particular attention to what happens to a retiree in 1966, 1968, 1969 and 1973, depending on strategy...

(fill in, don't forget the extra income of State Pension kicking-in, then click the button to save URL so you don't lose your data)

 

Edited April 15, 2022 by RodCrosby

[BufferBear Bitcoin Bull]

 

On 07/04/2022 at 20:58, MonsieurCopperCrutch said:

Am I the only one totally pumped for Jack Mallers Bitcoin 2022 presentation at 21:30 BST?

Nope, watched in full.  People are yet to fully understand what this means, especially on here!

Shopify, Square, Robinhood integrating the LN.  ...50% of US payment services have signed up with strike.  

 

For the HPC doubters

 

On 08/04/2022 at 14:53, Denseharry said:

Just came upon this article concerning the Godfather of Bitcoin - Sept 2021

Seems all is not as it appears

SEC accuses Michael Saylor of Fraud.

Michael Saylor’s entire company was built on deception. The dotcom hype helped carry his stock from $30 to over $3000 in just a few years, but that all reversed (-99.9% crash) when the company was forced to restate its accounting data, which had all of the profits they’ve ever claimed to have made, erased.

 

https://cryptowhale.medium.com/heres-why-michael-saylor-is-bitcoin-s-ultimate-snake-oil-salesman-fa75b0691761

 

Old news and he and other settled with the SEC.  There's other stuff out there but I believe people can change.  Pretty impressive actually as when Saylor first bought BTC, he did to avoid his MS treasury reserve of $500m melting like an icee-cube.  

On 09/04/2022 at 10:16, dugsbody said:

I'm just going to offer a counterpoint. Virtually no one will be spending their bitcoin. They're in it to "HODL". Only an idiot spends an asset that they think is going to be worth more tomorrow (bitcoin) when they could rather spend an asset that will be worth less (fiat).

 

They don't need to spend it billions of people will be able to send value around the globe at the speed of light and instant settlement.  Everyone needs to wake up.

On 12/04/2022 at 09:52, Carcassonne said:

I'd be grateful if anyone could direct me towards resources detailing UK Bitcoin trading compliance - I'm struggling to get my head around it.

I bought my bitcoin stash in 2013, which I guess makes me a veteran in this space, but compliance has obviously changed dramatically since then, or even since 2017 when I did sell part of my holdings, so I'm just a noob in this area.

Recently my fiat job contract came to end and, in my late 50's with no mortgage and a small pension, I have no desire to undergo a career change. However, I do need to earn a small around of fiat, perhaps just £1,000pm, and wondered if I could achieve that as a bitcoin trader, perhaps on LocalBitcoins.com. Looking at the terms of trade with various traders I read things like, "take a selfie with your bank card and a paper which says my username and the date" or "I [Your Name] will pay for the bitcoin from my bank account using my own money gotten legitimately and without any third party involved. [sign][date]". The traders have no problem buying your bitcoin, it's selling bitcoin to you that's the issue.

My previous experience in law enforcement tells me that a lot of people don't fully understand compliance in their field and tend to adopt unnecessary safety first measures but I don't know if that is what is going on here or not.

Unless you are a professional trader, it's best to avoid this area more so with a volatile asset like BTC. Go visit twitter where you see traumatised posters posting their regrets when they get rekted and have to start building their position from scratch.  

HPC'ers who are not convinced by bitcoin should watch the video posted by Monsieur and each day of the conference (Industry Day, General Admission - Day 1 and 2 and Open Source).  It's all on YouTube (Bitcoin Magazine) and will blow your mind.  I even watched ours of the Open Space Stage which is a load of techie stuff, which I hardly understand but I can tell you, bitcoin is here to stay. Check out the Dan Tapiero, Ricardo Salignas (Mexico's 3rd wealthiest billionaire et al.  So much passion for bitcoin.   In the next year or there is going to be a major shock to the system as a result of the bitcoin protocol/Layer 2 (and I do not mean the debt cycle which is a case of its own) and it will not just affect Visa and Mastercard.  The stuff being built as layer two apps is incredible.  Also check out Taro by Lightning Lab.  It will allow for stable coins to be used on the LN. 🤯

[BufferBear Bitcoin Bull]

This...

 

Brock works for Jack Dorsey - now Block and leads TBD.  They are designing a custodial wallet for mass use (will be multi-sig), going into mining etc. 

The impact of the LN and instant settlement at a fraction of the cost of not only MC and Visa but billions of people around the will no longer be disadvantaged by not being able to access the banking industry.  THIS IS HUGE.

 

[BufferBear Bitcoin Bull]

This is a v good one especially for the techies...