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Who's Holding BTC?

Discussion in 'The Bar' started by Hay, Aug 18, 2020.

  1. dee

    dee Well-Known Member Acorn Supporter

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    Im saying I doubt bitcoin will end up being the common currency. I think we're rapidly heading towards a cashless society and agree 100% with what you say. Bitcoin is no where near the right thing though to fill that gap. As you say... government will roll their own
     
  2. Domain Forum

    Acorn Domains Elite Member

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    IWA Meetup
     
  3. dee

    dee Well-Known Member Acorn Supporter

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    Agreed, and im one of the people looking for a payout. People are buying it though and starting to keep it.
     
  4. websaway United Kingdom

    websaway Well-Known Member

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    Any idea if it has to work within the money laundering laws ?
     
  5. dee

    dee Well-Known Member Acorn Supporter

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    Certainly the main exchanges do, so theres traceability at point of access for most people.

    EDIT. I think it's also a myth that its untraceable. Governments are already doing it using companies like elliptic and chainanalysis. By definition, every transaction is 100% trackable, so even bouncing around wallets etc is just number crunching and tieing in details. At some point there has to be an entry and exit which they can find. I think it got its reputation and initial kickstart by things like silkroad where it was used anonymously to buy drugs etc, but the powers that be are well on it by now.
     
    Last edited: Oct 26, 2020
  6. Highway

    Highway Member

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    The best current use for BTC IMO is as a commodised asset... ie you stake your BTC and then just use any capital appreciation to generate more return down the line... 10% annual interest is common, and there are services offering the payout is tethered dollars. ie you stake 1 btc now, and get quarterly payouts of circa $300+ dollars for a year, but you still have the one BTC at the end of the year, plus $1,200 or $1,300 ... you never get taxed on the bitcoin because you never sell it, but the interest is taxable, or can be used directly to bootstrap by buying more crypto to increase your stake. Buying and selling BTC for profit is a bad idea IMO because of the fees and the taxation, plus you risk losing the asset entirely if you get it wrong.

    Edit: a lot of these services now also offer verifiable deposit protection on your BTC should they get hacked or whatever.
     
  7. dee

    dee Well-Known Member Acorn Supporter

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    Do you do this ? Interested to know of any companies specialising in this, other than the exchanges staking etc
     
  8. Highway

    Highway Member

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    Sure, I try to vary my assets to spread risk, although I'm somewhat prone to going "all in" sometimes on new projects, so tying up funds like this also stops me from f***ing up too badly sometimes as you often can't withdraw staked funds. But this isn't investment advice, so you HAVE to DYOR really. Not your keys, not your coins as they say. Proceed with caution in all things digital.
     
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    Last edited: Nov 14, 2020
  9. dee

    dee Well-Known Member Acorn Supporter

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    Cheers. I'll check them out
     
  10. ian

    ian Well-Known Member

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    Dee, don't stake with anyone that requires your crypto on their wallet or exchange. Avoid at all costs.

    All I stake is polkadot (on Kraken) but that is a relatively low amount
     
  11. dee

    dee Well-Known Member Acorn Supporter

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    Yep. Makes sense . Although I already am as i'm on Binance , but I tend to trade the ups and downs so no choice really.
     
  12. Highway

    Highway Member

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    In that case I'd 100% stick to staking from within Binance if I were you ;) Funds are going to be #SAFU there, Binance isn't going anywhere ;)
     
  13. Murray

    Murray Well-Known Member

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    I've heard of blockfi, they give 6% of interest and apparently are well regulated as they're US based but I've only heard that in passing not fact checked it personally

    Seems a bit too good to be true earning high interest from btc
     
  14. ian

    ian Well-Known Member

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    I wouldn't trust any exchange to guarantee your funds. Not even the big ones.
     
  15. dee

    dee Well-Known Member Acorn Supporter

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  16. Murray

    Murray Well-Known Member

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    It looked to be hitting a resistance at $15,760 anyway but does Bitcoin hate Biden? :p
     
  17. dee

    dee Well-Known Member Acorn Supporter

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    Correction due ? What you reckon ? Back to 12500 ish?
     
  18. Admin

    Admin Administrator Staff Member

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    I don't think so, I think everything looks set for pushing on to new all-time highs.
     
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  19. dee

    dee Well-Known Member Acorn Supporter

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    mmmm...... probably . I'm hoping for a pull back to get in from LTC.Its looking pretty overbought on dailies at mo so hoping for retrace then December push
     
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    Last edited: Nov 14, 2020
  20. Murray

    Murray Well-Known Member

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    Looks very healthy atm, broke $15,760 as resistance, as long as that holds as support it should hopefully come up to touch 17,200 ish
     
  21. ian

    ian Well-Known Member

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    Any dip is another opportunity imo