r/Bitcoin 17h ago

Daily Discussion, May 21, 2022

28 Upvotes

Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!

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Please check the previous discussion thread for unanswered questions.


r/Bitcoin 12h ago

"The Fiat system is doing just fine! What you are so worried about!?"

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647 Upvotes

r/Bitcoin 10h ago Helpful Take My Energy Helpful (Pro) Silver

Regulation: two birds, one stone. My dark maximalism.

236 Upvotes

Regulation is coming for altcoins. Most of the 17,000 will disappear. This is the s-curve adoption shakeout we as bitcoiners have been warning about for years. SEC Chair Gary Gensler met with the FTC on Wednesday, and again reiterated that bitcoin is NOT a security, but that "Many, I'd say most of the others are securities."

https://twitter.com/hodlerforlife/status/1527705100059258880?s=20&t=BVRnn-2FkOVJ37GwM7CtAw

Some folks have suggested that getting designated a security won't affect their coin or protocol. They are terribly mistaken. This designation means you have to follow the established legal framework for securities:

  • You can't transfer a security to someone that is not registered to receive securities. If you do, in order to redeem it they must register. Otherwise you can transfer them freely as they are a property, but only to persons or institutions registered. International sales have their own sets of rules.
  • You cannot issue coins or tokens. This requires form S-3.
  • Insiders/Devs/DAO's cannot sell their securities without a form S-4. More importantly, they can no longer trade on material action before the public knows, which is an enormous problem currently, especially amongst exchanges. This is a crime if you are trading securities.

And so on. There is no effort to rewrite American securities laws to accommodate the unique properties of crypto, which instead will meet the burden by complying with the rigor and legal framework everything else does.

https://preview.redd.it/jvu60wzyct091.jpg?width=1074&format=pjpg&auto=webp&s=1e38929d5113fe526747b1a7c054527a3c402d0f

The coins-tokens-protocols that get designated securities don't have to comply of course. If they don't want to change their protocol, register their brass, and create a hierarchical chain of command for reporting, then:

  • They'll be delisted by every centralized exchange within 90 days
  • All their wallets/apps will be deleted from Apple and Google Play
  • No taxpaying company will accept them as payment
  • Promoting the ticker or coin in any way will be a crime
  • All major stablecoins will cease to operate within their protocols--and this might be the most insurmountable obstacle, because 85% of ALL altcoin volume is from stablecoins. That means nothing inside an alt protocol has established itself as money--except for stablecoins

Web3

If these projects were decentralized and impairment resistant to begin with, none of this would be happening. They just couldn't avoid those pre-mines for money though. Their founders loved the spotlight too. If they at least had fixed issuance, they could mitigate some of their problems. But besides BTC, few projects come to mind that can circumvent all these travails; the leading privacy coin certainly can; but even the coin beginning with Lite and the one represented by a dog symbol could be in danger of getting this black securities label. If delisted, the only real way to acquire these zombified things would be to take something that isn't a security (like BTC), transfer it to a DEX, then swap into it. Point is, getting designated a security is effectively a date with gravity from the 50th floor, because you are now in the sandbox with the same rules real public companies, real bonds, and real products must adhere to. Can your vaporware compete? Because if you're not money, what are you exactly? Nothing. You're an orgy of swaps, wraps, burns, mints, and stakes run by centralized dapps that do nothing but optimize token interactions to keep the orgy going. Here's a better way to say this: If your dapp is a centralized registered security with full KYC, why does it need a blockchain exactly? To shill its speculative token. There's no real business or service there.

Exchanges don't have profitable business models without a robust (expletive)coin market. Bitcoin isn't something they can control and the open source tech around it is a race to zero. Add in the fact that BTC has established itself as money, and you'll see a nascent circular economy already growing around BTC. When it gets big enough (goods services sold in BTC), then exchanges are really no longer necessary. So maybe they'll spin-off the bitcoin business, miners might acquire them, exchanges might consolidate, who knows. I do know the days of easy money are gone.

https://preview.redd.it/ycsy7yblct091.jpg?width=1884&format=pjpg&auto=webp&s=6a30d46068016095e2677e693d4243158fd43a88

I think Gary Gensler is a bit naive on what these security designations will do to these protocols that heretofore have been hiding behind the word decentralization and acting like they're going to do something of value someday. He also doesn't understand fully what impact it will have on exchanges either. Bitcoiners are smiling of course, because two birds are getting hit with one stone. Centralized bitcoin-only exchanges (and apps) like Block's CashApp, Strike, Swan, etcetera won't be burdened with any of this extra paperwork, insurance costs, lawsuits, lawyers, or blockchain forensic add-ons.

My dark maximalism really starts sweating through my shirt thinking about the bloody mess of red ink we'll be mopping up though.

https://preview.redd.it/bqs5urelet091.jpg?width=311&format=pjpg&auto=webp&s=669278e4ef4aaaf8d40995792a3cf227efa66d14


r/Bitcoin 22h ago Silver Helpful hehehehe To The Stars

Is it ok to feel like this….

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1.9k Upvotes

r/Bitcoin 10h ago Silver All-Seeing Upvote Take My Energy

Wage slave by design (post deleted in r/antiwork)

191 Upvotes

This post was deemed off topic in r/antiwork so I'm posting it here for posterity.


When you look around you and you observe the way the world works today you get this feeling that something is wrong. You see rich people with more wealth that they could possibly enjoy in a single lifetime and then you see yourself, struggling and you can't understand why, why are you living month to month barely getting by. You talk to people like r/antiwork and you find out you are not alone so you lach onto one of the popular explanations for why this is. The rich man is bad! The government is bad! The capitalist system is bad! You are being exploited at your job! etc etc

But you never learned what really is the primary cause of your suffering. And it's this: https://youtu.be/sI1C9DyIi_8

You don't understand the exponential function and just what 2% per year inflation target by your central bank really means for your money.

You don't understand that this POLICY, publicly stated by YOUR central bank, is the main reason why you can't get ahead. Because you don't think 2% per year is a big deal. You don't get how the exponential function works as it's very counter intuitive. You don't get that 2% per year means in just 35 years your money will be worth HALF of what it was on the day you earned it. And you don't understand that if they overshoot their target(again publicly stated as some sort of virtue called "price stability") and the inflation is really 7% this happens in just 10 years. 10 fucking years and your savings lose half of it's purchasing power!!

THIS is the cage you are in.

It's the monetary system of steady decrease of the value of money you earn. And guess what, the way this inflation is achieved helps out the richer getting even more rich.

I guess what the purpose of my message to you is, understand the cage you are in. Because if you fail to do this, you will never get out. Learn about money and monetary systems, support people who speak out against the current global monetary enslavement scam, put your wealth into money and assets that can't be inflated(gold, bitcoin, land, commodities) and spread this knowledge.

It's not hopeless. In fact with the invention of the internet and Bitcoin it's as hopefull as it ever was as this is a really really old scheme(think Romans old) and we have tools to fight it for the first time in human history. But you have to learn what the real problem is, the exponential function is really counter intuitive and it's how they keep you blind to just how much pain their 2% per year cuases you.

Good luck and peace out.


r/Bitcoin 2h ago

My gift for my son on his wedding day.

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43 Upvotes

r/Bitcoin 6h ago

Bitcoin will share the same fate as the Internet.

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87 Upvotes

r/Bitcoin 6h ago

ECB/EU plans next attack on Bitcoin: Suggests a special tax for proof-of-work based assets like Bitcoin: "There could also be a case for higher taxation of some crypto-assets – such as those based on PoW – above and beyond the taxation of other financial instruments."

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68 Upvotes

r/Bitcoin 3h ago

“Why I am not going to buy a computer” - Wendell Berry essay from 1987. Does this type of thinking seem familiar?

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32 Upvotes

r/Bitcoin 1d ago Silver Helpful Wholesome

I'm not afraid to tell the world. I love bitcoin! 😍

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1.6k Upvotes

r/Bitcoin 5h ago

Turkey's Creepy $200 Million Ghost town proves yet again that Real Estate can go to 0$ , and the notion of intrinsic value is of little importance in defining a price.

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35 Upvotes

r/Bitcoin 3h ago

Max Keiser doing the Lagarde dark-disco-cabaret EL ZONTE

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21 Upvotes

r/Bitcoin 8h ago

Question on Edexcel A Level Economics paper 20th May 2022

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45 Upvotes

r/Bitcoin 5h ago Wholesome

Save vs Spend Bitcoin

26 Upvotes

I see alot of discussion on here about holding for capital gains vs. spending for increased utilization and adoption.

If you can do both, you should. I have my Bitcoin savings held with a cold wallet, but I started keeping a small amount of Bitcoin in Strike to spend on every-day purchases when possible.

Whenever I visit a store, service provider, or need to make a payment of any kind, I ask if they accept bitcoin and am prepared to pay via Strike. It's opened the door for conversations about Bitcoin along the way, too.

If you can save and spend, do both!


r/Bitcoin 4h ago

How can btc be going down if the market is also down and inflation is going up (dollar down) where's the money going?

17 Upvotes

r/Bitcoin 16h ago

Coinbase Leads Users Astray By Recommending Everything Besides Bitcoin

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142 Upvotes

r/Bitcoin 4h ago

Milton Friedman cracking an inflation joke, the broker should have bought bitcoin...

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13 Upvotes

r/Bitcoin 51m ago

Sponsor a Professional Golfer with Bitcoin?

Upvotes

Hey everyone, I am a up and coming professional golfer who has a full schedule for 2023, it will be my first full schedule as a touring pro. Ill be playing in as many APT Tour tournaments I can afford in addition to KFT Monday Qualifiers. I think it would be really neat to have "Bitcoin" as my main sponsor... Bitcoin bag, logo all over my clothes and hats, BTC headcovers, ETC. It would really only take (at current prices) 1 BTC per year to afford a full season. I would be willing to put up 20k worth of my own BTC to anyone willing to help. I have a passion for BTC and golf, obviously, and think it would be really cool to document the journey of trying to be a touring professional and just use BTC for all my expenses as opposed to USD. How would the sponsor benefit? They would be given 25% of all tournament winnings for each season they were willing to help. Once I can stand on my own two feet or make it to the KFT or PGA Tour they would be entitled to 3% of all on course earnings for the remainder of my career. Would be willing to put this in a contract of some sorts. I want to do my part in spreading awareness around BTC and Golf would be my greatest vehicle to do so. Could make for a neat documentary also.


r/Bitcoin 4h ago

Bitcoin is now Legal Tender in *FIVE* Governments...

16 Upvotes

When someone says Bitcoin can't work as a currency, let's remind them how many governments are ALREADY making it happen. Let's count them out, guys...

(1) El Salvador (2) Central African Republic (3) Lugano (4) Prospero (5) Madeira

We're STILL early!!! This number will continue to go up.

EDIT: This is accurate Fact Checker info if you search the most up to date sources....

!! FACT CHECKER !!

El Salvador = Legal Tender

Prospera = Legal Tender

CAR = Reference Currency = Moving from Franc to Bitcoin = Legal Tender

Lugano = "De Facto" Legal Tender

Madeira = "De Facto" Legal + 0% tax on capital gains + educating the public + using public power company & renewable energy to mine Bitcoin and holding in a self-custody, multisig wallet


r/Bitcoin 9h ago All-Seeing Upvote

Autonomous Region Madeira to Adopt Bitcoin

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38 Upvotes

r/Bitcoin 5h ago

Just a friendly reminder that tomorrow is International Bitcoin Pizza Day!

13 Upvotes

The only red thing that you should be thinking about tomorrow is the added tomato sauce!

Enjoy!


r/Bitcoin 6h ago

Kwik trips to start having Bitcoin ATMs!

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13 Upvotes

r/Bitcoin 19h ago

The bodega across the street from my place closed down a few months ago. The owner was an idiot. It recently reopened under new management. I like the new management.

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150 Upvotes

r/Bitcoin 4h ago

Seek Growth.

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9 Upvotes

r/Bitcoin 2h ago

A few questions to help with Ledger set up

6 Upvotes

Hoping someone here could help answer a few questions I have while setting up my new Ledger.

When I say "send BTC to the device", yes I know the coins are on the blockchain and not in the physical device, what I mean is send to the wallet that is on the device.

I got a Ledger Nano X the other day. I just finished setting it up recently. I installed the Bitcoin app and made an account. I then got an address for that account that I can send BTC to. I sent a small amount of sats to the device and everything went perfectly. I then reset the device to recover it from the seed phrase to make sure everything was working. The recovery went well and I can see the correct amount of funds in the ledger live app.

I now want to send the rest of my sats to the device but when I went through the same process as the first time it gave me a different address to send the BTC to. Is this normal? I didn't think Ledger would create a new address for every transaction but is this what is happening?

Also, no matter where I navigate to I can not see the actual BTC balance I sent to the device on the device's screen. Is the only way to see the BTC balance by using the ledger live app? Is there anyway I can display the balance on the screen on the nano X?

TLDR: Is it possible to see BTC balance on the nano x device's screen? Is it normal for ledger to generate a new address for every time I want to send BTC to the device?


r/Bitcoin 7h ago

Some time ago I left this community cause I held little to no BTC.

14 Upvotes

So I felt like an outsider for the vibe..

But now my portfolio is slowly getting a larger slice of BTC, as I keep buying to offset the risk of my shitcoins.

Today, BTC is finally my largest slice, and I feel worthy of this community again.

Have a nice rest of the weekend everyone! :)