Bitcoin / Cryptocurrency Discussion (And Predictions)

[Ing]

Its ok having cryptos on Binance. But forbidden to have it on your ledger.

 

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[AnNvr]

I'm no expert either and I mostly rely on the observations of people who seem knowledgeable. If you read the twitter thread I linked to earlier, you should get explanations in a better way than I can provide them.

This legislation is targeting "unhosted wallets", which to me refers to both digital wallets (Metamask, Phantom) and hardware (Ledger). Anything that is not KYCd through a CEX actually.

My understanding:

• the legislation requires to not only collect, but “verify the accuracy of information with respect to the originator or beneficiary behind the unhosted wallet”. Crypto companies may not be willing to interact with unhosted wallets anymore because it doesn't say how they should verify such information to stay compliant.
• for every crypto transfer from an unhosted wallet over 1kEUR, crypto companies have to inform the AML (Anti Money Laundering) authorities.
• one year after entry into application, the EU commission will assess the need of “additional specific measures to mitigate the risks posed by transfers from or to unhosted wallets, including the introduction of possible restrictions”

We already know they want to ban cash because it's harder for them to track, now they want to be able to track crypto transactions with verified personal information of both the sender and the receiver, or make them impossible if they can't do so.

Obviously this is all to fight money laundering, terrorism, protect the good citizen and bla bla bla...

Beside what crypto influencers pump on socials, crypto is anything but decentralised.
Bitcoin was, ten years ago.
Crypto

I'm no expert either and I mostly rely on the observations of people who seem knowledgeable. If you read the twitter thread I linked to earlier, you should get explanations in a better way than I can provide them.

This legislation is targeting "unhosted wallets", which to me refers to both digital wallets (Metamask, Phantom) and hardware (Ledger). Anything that is not KYCd through a CEX actually.

My understanding:

• the legislation requires to not only collect, but “verify the accuracy of information with respect to the originator or beneficiary behind the unhosted wallet”. Crypto companies may not be willing to interact with unhosted wallets anymore because it doesn't say how they should verify such information to stay compliant.
• for every crypto transfer from an unhosted wallet over 1kEUR, crypto companies have to inform the AML (Anti Money Laundering) authorities.
• one year after entry into application, the EU commission will assess the need of “additional specific measures to mitigate the risks posed by transfers from or to unhosted wallets, including the introduction of possible restrictions”

We already know they want to ban cash because it's harder for them to track, now they want to be able to track crypto transactions with verified personal information of both the sender and the receiver, or make them impossible if they can't do so.

Obviously this is all to fight money laundering, terrorism, protect the good citizen and bla bla bla...

It's the compliance and regulatory that crypto influencers never explained to their audience.

Crypto was never meant to be tax free forever.

 

[AnNvr]

BTC dominance is still low as 41.50%. ETH keeps loosing dominance as well.
But eyes on the Alt Coin dominance...

 

[Antifragile]

Crypto was never meant to be tax free forever.

I don’t think it ever was “tax free”. It’s been hard to detect for government (due to decentralized nature of it), but the tax laws made any gains on crypto or anything else - gains are gains! - taxable.

 

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[YanC]

It's the compliance and regulatory that crypto influencers never explained to their audience.

Crypto was never meant to be tax free forever.

It was never meant to be tax free indeed, this is not the issue actually. It is about transacting freely between willing individuals in a currency that is not mismanaged or used as a weapon by technocrats.

 

[AnNvr]

Oh absolutely and I totally agree - this is sad for the nature of DeFi.

But let's be honest: the belief that crypto would have been fully decentralised along its way to regulatory and compliance was kind of unrealistic by the time institutional investors began owning BTC and ETH. No way I can see governments and banks losing the grip of their supremacy on capital control, this is part of a larger transition.
EU is already working on the release of a CBDC forecasted by 2025, and it's about time USA might do the same.

Share your toughts about this, I am happy to know your opinion.

 

[Matt Sun]

Peter Thiel in the Bitcoin 2022 convention gave this interesting presentation

View: https://www.youtube.com/watch?v=ko6K82pXcPA&t=1402s

 

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[Leo Hendrix]

Peter Thiel in the Bitcoin 2022 convention gave this interesting presentation

View: https://www.youtube.com/watch?v=ko6K82pXcPA&t=1402s

Thanks - great talk by Peter Thiel. Interesting discussion at the end by the panel - I think that Peter Thiel takes a more long-term, global, forward-looking stance rather than looking at the semantics or particulars of the narrative.

Bitcoin is an alternative financial & monetary system that competes directly with Government-issued currency as well as an index of the crypto eco-system ie S&P 500 and there are no alternatives to that except for other forms of accepted money with Bitcoin being the most liquid global asset besides USD.

 

[AnNvr]

Peter Thiel in the Bitcoin 2022 convention gave this interesting presentation

View: https://www.youtube.com/watch?v=ko6K82pXcPA&t=1402s

Peter Thiel in the Bitcoin 2022 convention gave this interesting presentation

View: https://www.youtube.com/watch?v=ko6K82pXcPA&t=1402s

Funny looking at maxis jumping like salmons to catch $ notes, it says everything.

Beside that, I agree with Peter. Especially regarding the dinosaurs that should disappear: Munger, Buffett & co.

 

[ijack]

Crypto is a future

 

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[Matt Sun]

The Central African Republic Adopts Bitcoin As Legal Tender​

The African country has become the second nation in the world to adopt bitcoin as legal currency.

https://www.nasdaq.com/articles/the-central-african-republic-adopts-bitcoin-as-legal-tender

Central African Republic

www.google.com

Will Bitcoin bring like minded people together ?

 

[MTF]

The Central African Republic Adopts Bitcoin As Legal Tender

NOW Bitcoin is going to the moon.

Jokes aside, hope it helps their economy. El Salvador seems to be doing well.

 

[Matt Sun]

NOW Bitcoin is going to the moon.

Jokes aside, hope it helps their economy. El Salvador seems to be doing well.

https://twitter.com/i/web/status/1401557107569270791

View: https://twitter.com/BTCsessions/status/1401557107569270791?s=20&t=6XEIGnLO5N1_3K98hZc_lw

 

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[AnNvr]

Maxis on fire here

 

[Antifragile]

Maxis on fire here

Welcome to Gamblers anonymous. Less the anonymous part for some of us. Haha.

 

[robjohn]

Is there anyone buying Lukso at current price of almost $10 , or are you waiting for it to most likely go to single digits?
Also, who's starting to get worried that there still isn't a working product?

 

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[MitchC]

Is there anyone buying Lukso at current price of almost $10 , or are you waiting for it to most likely go to single digits?
Also, who's starting to get worried that there still isn't a working product?

I’m holding what I have and I’m down a lot on it, I don’t think we will see a product for a year, most likely 2, and by then it’s probably going to be too late for it to be relevant, so yeah, I guess you could dca in over the next year or 2 but I’m not too excited about it anymore.

 

[robjohn]

I see. I'm in the same boat as you. I'm holding and down quite alot!

 

[Antifragile]

I’m holding what I have and I’m down a lot on it, I don’t think we will see a product for a year, most likely 2, and by then it’s probably going to be too late for it to be relevant, so yeah, I guess you could dca in over the next year or 2 but I’m not too excited about it anymore.

Nothing is totally known in this space. I've cost averaged all the way to low 10s and maxed out on what I wanted to hold. The rest is just like all crypto for me, an educational gamble. Let's see what happens. But I have no interest in selling and can wait years to see what happens.

 

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[Ing]

Is there anyone buying Lukso at current price of almost $10 , or are you waiting for it to most likely go to single digits?
Also, who's starting to get worried that there still isn't a working product?

Lukso didn’t do anything different than all average cryptos in the world: it went down since November. An will go down till next November.

When Lukso was shilled in fall last year, I wasn’t convinced and didn’t buy. (I went into Shib after some odyssey btw.)

So there is no problem especially with Lukso regarding the price. And imo in the next bullrun they will go up again, if they dont make a significant mistake.
Wheather they make a great product or a not so great, will make not a 100% difference. May be the price will 30x in one and 12x in the other.

Ps: or all will be different next years

 

[MTF]

Warren Buffett says he wouldn't pay $25 for all the bitcoin in the world — and Charlie Munger blasts the crypto as 'stupid' and 'evil'

Buffett reiterated that bitcoin isn't worth anything because it doesn't produce anything, while Munger said he expects its price to plunge to zero.

markets.businessinsider.com

LOL.

 

[MJ DeMarco]

Warren Buffett says he wouldn't pay $25 for all the bitcoin in the world — and Charlie Munger blasts the crypto as 'stupid' and 'evil'

Buffett reiterated that bitcoin isn't worth anything because it doesn't produce anything, while Munger said he expects its price to plunge to zero.

markets.businessinsider.com

LOL.

"We've been traversing the world on horses for centuries. The automobile is a crazy fad that appeals to the bourgeoisie, a concept itself that shall eventually sink, much like the Titanic did last year."
- Old Rich Guy, Circa 1913

 

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[SDE]

Warren Buffett says he wouldn't pay $25 for all the bitcoin in the world — and Charlie Munger blasts the crypto as 'stupid' and 'evil'

Buffett reiterated that bitcoin isn't worth anything because it doesn't produce anything, while Munger said he expects its price to plunge to zero.

markets.businessinsider.com

LOL.

Both Buffet and Munger are smart people.

If they are against Bitcoin, then I assume it's because mass adoption of bitcoin is a threat to their wealth or business in some way (Berkshire Hathaway holds large positions in several bank stocks right?), not that it is "evil" and "stupid".

 

[MJ DeMarco]

Both Buffet and Munger are smart people.

If they are against Bitcoin, then I assume it's because mass adoption of bitcoin is a threat to their wealth or business in some way (Berkshire Hathaway holds large positions in several bank stocks right?), not that it is "evil" and "stupid".

Yes, the largest horse breeder in the country definitely doesn't like the idea of cars.

 

[Kevin88660]

Both Buffet and Munger are smart people.

If they are against Bitcoin, then I assume it's because mass adoption of bitcoin is a threat to their wealth or business in some way (Berkshire Hathaway holds large positions in several bank stocks right?), not that it is "evil" and "stupid".

Because they are so influential that supporting bitcoin would invite angry calls from governments and traditional financial sectors.

Bitcoin weakens government control on everyone’s finance and money.

And the large monopolistic companies that Buffet and Munger invest in have a symbiotic and cozy relationship with people in power.

Warren also plays a public role as American economy’s cheer leader, famous for the quote “Don’t bet against America”.

You scratch my back. I scratch yours.

When Buffett portfolio got a hit in 2008, some of his investment got a bail out.

Buffett is an example of practicing boomer street smart wisdom to the extreme.
1) Invest in monopolies
2) Be nice to everyone and make no enemy
3) Suck up to power and benefit from it
4) Rinse and repeat

 

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[socaldude]

Because they are so influential that supporting bitcoin would invite angry calls from governments and traditional financial sectors.

Why admire Bitcoin if you’ve benefited from one of the biggest circular scams in history. You get 0% loans because you own financial assets and money can be created out of nothing.

I would also love to see ENERGY decentralized as well. Although I’m not sure how that would look like.

 

[BAUCE]

I’m holding what I have and I’m down a lot on it, I don’t think we will see a product for a year, most likely 2, and by then it’s probably going to be too late for it to be relevant, so yeah, I guess you could dca in over the next year or 2 but I’m not too excited about it anymore.

A year or two? What is that based on? L16 beta just got fired up again and is doing well from what I understand. Next step is l16 testnet and then mainnet. I don’t think they will release by the end of q2 but saying a year or two longer seems wild to me.

How are you feeling about Lukso @AceVentures ?

 

[AnNvr]

Warren Buffett says he wouldn't pay $25 for all the bitcoin in the world — and Charlie Munger blasts the crypto as 'stupid' and 'evil'

Buffett reiterated that bitcoin isn't worth anything because it doesn't produce anything, while Munger said he expects its price to plunge to zero.

markets.businessinsider.com

LOL.

I am looking forward the day these two old farts will extinct.
They have to go.
I am sick of any sort of "buffettism", "philanthropic almanacks" that stink of prunes or whatsoever afflict a refresh on the capital markets scenario.

 

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[Kevin88660]

I think Bitcoin has reached a max potential (100k ceiling) unless it changes its potential use and narrative.

Bitcoin was supposed invented to be an anti-establishment coin, trading outside the mainstream financial system. Instead it adopted the road that is easier for capital appreciation, going after mainstream and institutional recognition as a “digital gold”.

Major governments (big economies) will resist recognition of bitcoin because they understand what it is. I personally am more inclined to see bitcoin to adopt the monero path as the adversary against the mainstream system, which will take a longer time frame to see capital appreciation. Because we don’t need another government approved asset. If you want government approved assets, you already have plenty of options.

 

[Antifragile]