Bitcoin / cryptocurrency crash #2

[Timmy C]

(b) A worldwide infrastructure collapse where ordinary people no longer have access to electricity, or

Even if that does happen, as soon as the internet is back up again, the Bitcoin network will switch back on again. It won't just disappear.

(c) Massive government crackdown that strips people of their right to own anything.

I don't see this happening at all, the governments that crack down on it will lose out to all countries that adopt it.
Leaving the ones who stifle it in a worse position. It would have to be a coordinated effort by all governments on earth to destroy it together.

 

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[csalvato]

(b) A worldwide infrastructure collapse where ordinary people no longer have access to electricity

If this happens, we have much bigger problems on our hand than currency. USD would be toilet paper, too, in this scenario.

 

[Beebop27]

For me personally I put $45,000 into The Bitcoin Fund (QBTC.TO) inside a Registered Retirement Savings Plan in Canada. This will shelter the capital gains if any from taxes. Its as if I own 1.5 bitcoins. I might put a bit more to reach the equivalent of 2 bitcoins. Thats about it. If it goes up like crazy I make some money. If it goes down then its not that bad. There are some fees for the bitcoin fund but I think the tax shelter is worth it. Any thoughts?

Two things:

1. captial gains tax will depend on a few things. Obviously the country which you withdraw from, but also a challenge will be to find an exchange which ... actually... i dont want to endorse or suggest anything against legal tax obligations. Lets just say, finding the right exchange to withdraw your money will be important.

2. I dont know this fund, but are they holding onto your crypto? Never leave crypto on an exchange or with a company. Take it out and QR code it or find a wallet. Exchanges can disappear with a blink of the eye, and because regulation these days are so wild west, you could lose it all

 

[Beebop27]

If this happens, we have much bigger problems on our hand than currency. USD would be toilet paper, too, in this scenario.

HAHAHHAHAHAHAHHAHAHAHAHHA..

This is silly...

Thats like worrying someone will pull a plug out and the internet will go down, so they wont do internet banking

HAHHAHAHAHAHA

 

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[maverick]

The lightning network that was added is a form of programming, no?

If we're talking about viable blockchain use cases currently deployed and in-use then zero come to mind that run on the lightning network.

Numerous use cases on Ethereum.

From DeFi to Xbox ( EY and Microsoft expand Xbox enterprise blockchain platform for rights and royalties management )

 

[csalvato]

Numerous use cases on Ethereum.

I also agree Ethereum has potential. I think it needs to prove itself a bit more with dApps people care about. DeFi is titillatingly close to showing a dApp that's actually valuable, and it's a space to watch.

The problem is that DeFi is still too slow for high volume trading and day trading, which is what will be necessary for Centralized Exchanges (CEX) to go the way of the dinosaur.

If DeFi running on ETH proves itself to get some real adoption and can speed up its exchange time, ETH may be off to the races. That's not a small feat, though, since DeFi runs on a blockchain tech that has a relatively high transaction latency for high volume traders.

 

[Zubz]

Real question, I believe in btc and eth but I’m curious for all you Fastlaners is crypto investing Fastlane?

 

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[csalvato]

Real question, I believe in btc and eth but I’m curious for all you Fastlaners is crypto investing Fastlane?

Fastlane is a mindset, not a set of actions.

Believing in something and taking a massive action that could result in big rewards (e.g. a huge investment in BTC or ETH or some other thing you really believe in) is a key part of the Fastlane mindset, imo.

 

[Zubz]

Fastlane is a mindset, not a set of actions.

Believing in something and taking a massive action that could result in big rewards (e.g. a huge investment in BTC or ETH or some other thing you really believe in) is a key part of the Fastlane mindset, imo.

I agree, I invested in some btc last couple of days I think it will go to 100k as outrageous as that sounds.

 

[Zubz]

Two things:

1. captial gains tax will depend on a few things. Obviously the country which you withdraw from, but also a challenge will be to find an exchange which ... actually... i dont want to endorse or suggest anything against legal tax obligations. Lets just say, finding the right exchange to withdraw your money will be important.

2. I dont know this fund, but are they holding onto your crypto? Never leave crypto on an exchange or with a company. Take it out and QR code it or find a wallet. Exchanges can disappear with a blink of the eye, and because regulation these days are so wild west, you could lose it all

I use blockchain.info but I also recently bought a nano x ledger as a cold wallet in case. Let’s see what happens to these exchanges

 

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[Timmy C]

Bitcoin isn't even close to the biggest movers.

 

[Zubz]

Bitcoin isn't even close to the biggest movers.


View attachment 36176

Recently coin base ceo announced that the feds are looking to regulate and track transactions above $3k usd. Will this cause btc to lose value? Legislation for this to be discussed about is Jan 4 2021 I believe. What do y’all think?

 

[GPM]

Recently coin base ceo announced that the feds are looking to regulate and track transactions above $3k usd. Will this cause btc to lose value? Legislation for this to be discussed about is Jan 4 2021 I believe. What do y’all think?

The USA has less than 5% of the world population.

While what they do can and does have a large impact on things such as this, they are by no means the be-all-end-all. In the whole scheme of things the USA won't be the ones to make the largest waves with crypto. If anything, they will just be left behind in this space. The US government wants to stick their fingers into everything, and all this is doing is stopping their citizens from participating in technologies such as these.

 

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[Beebop27]

The USA has less than 5% of the world population.

While what they do can and does have a large impact on things such as this, they are by no means the be-all-end-all. In the whole scheme of things the USA won't be the ones to make the largest waves with crypto. If anything, they will just be left behind in this space. The US government wants to stick their fingers into everything, and all this is doing is stopping their citizens from participating in technologies such as these.

South Korea and China are the ones to watch.

 

[maverick]

Alt season is opened!

 

[Zubz]

The USA has less than 5% of the world population.

While what they do can and does have a large impact on things such as this, they are by no means the be-all-end-all. In the whole scheme of things the USA won't be the ones to make the largest waves with crypto. If anything, they will just be left behind in this space. The US government wants to stick their fingers into everything, and all this is doing is stopping their citizens from participating in technologies such as these.

Sometimes I forget the us isn’t the whole world lol

 

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[Zubz]

Hey guys, where is the best place to buy crypto for the lowest fees? I’m curious where you guys buy your btc. Btw I’m Canadian so any Canadians out there let me know as well.

 

[Kevin88660]

Hey guys, where is the best place to buy crypto for the lowest fees? I’m curious where you guys buy your btc. Btw I’m Canadian so any Canadians out there let me know as well.

Binance?

 

[GPM]

Will BTC recover?

Ask again in 3 years and I'm guessing this will seem comically low

 

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