Who's Holding BTC?

[dee]

You must be kidding right? The people don't get a say in this, one dream of all governments is to kill "cash" and turn everything digital. By doing so overnight they can tax, monitor and control of 99% of the population, how else are they going to get out of this endless money printing mess compounded with 0% interest rates until the cows come home.

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

 

[dee]

I would have thought a store for wealth would have to have some guarantee that it could not reduce to zero by someone else removing your money in the future. If you put your wealth in at 18000 and a year later it was 3000 that's a big hit to take , why would anyone want to put hard earned legally made money into such a scheme for any other reason than to make enormous profits with predictions of a price of 500,000 in the future.

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

 

[websaway]

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

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

 

[dee]

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

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.

 

[Highway]

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.

 

[dee]

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.

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

 

[Highway]

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.

 

[dee]

Cheers. I'll check them out

 

[ian]

Cheers. I'll check them out

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

 

[dee]

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

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.

 

[Highway]

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.

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

 

[Murray]

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

 

[ian]

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

 

[dee]

https://fortune.com/2020/10/26/jp-m... at,cryptocurrency if current trends continue.

thought relevant to the conversation

 

[Murray]

It looked to be hitting a resistance at $15,760 anyway but does Bitcoin hate Biden?

 

[dee]

Correction due ? What you reckon ? Back to 12500 ish?

 

[Admin]

Correction due ? What you reckon ? Back to 12500 ish?

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

 

[dee]

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

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

 

[Murray]

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

 

[ian]

Any dip is another opportunity imo