I'd flip it to say, "still a lot to do to shift the definition of currency to be more like bitcoin... because bitcoin is the the money to exist, and everything else was proto-money."

NSFW language

Will anyone be in around Rock for the mining conference next week?

Fyi:
Scott's Mining Conference (Group)
Attending Scott's Mining Conference? Chat here to catch up with fellow attendees and get the scoop on what's happening next. Where's the bowling? Where's the after-party? How do I find the tour bus? When is the miner repair workshop? And much much more…
https://t.me/mining_conference

Thanks! Just joined group

administrative errors said:

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I'd flip it to say, "still a lot to do to shift the definition of currency to be more like bitcoin... because bitcoin is the the money to exist, and everything else was proto-money."

---

Why do bitcoin maximalists think like this? I love btc. I own btc. This is stupid. Currency serves a purpose for trading goods. I can buy a pack of gum for a dollar. I can split btc into a dollar increment but the transaction fee would make it utterly worthless to buy gum. Btc is not reasonable or effective for 90% of the transactions we make. It's effectively a store of value at this point. Currency should not work like btc. It would be awful if it did.

administrative errors said:

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If you purchase 200 or less it will not be affected by capital gains, is how I understand it. I'll wait for more cpa's before I say thats factual.

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This is absolutely false. I have no idea where you are even getting this info. Every buy and sell is a capital gain and loss you need to claim. The irs may not give a crap to look into something that small but if you make big money later on it or anything else it could come up.

Which wallet would you be using that isn't using lightning network, regarding fees?

Or are you only talking about layer 1, or do you know what layer 1, 2. Etc is before whining?

I ask because you can literally transmit fractions of a bit/sat for even smaller fractions of a bit/sat instantly.

How do you spend a millionth of a dollar, currently? Oh wait, the dollar is going the other way, we are getting rid of pennies.

Hell it's happened numerous times that billions of dollars worth of bitcoin were transferred globally at nearly zero cost, via lightning, although for larger settlements I would probably only use layer 1, but I'm talking waaaay over your flat head now

AgsMyDude said:

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Crypto.com offering 12% APY on USDC staking (or 14% if you sit $40K+)

If I have cash I don't need to touch for awhile, is there any downside to moving it all over there rather than it sitting in savings?

---

So it's been a month, and my $1,000 USDC comes due in 21 hours. Looks to be a pretty legit thing.

Problem is, I was going to buy $1,000 of BTC with the funds...and BTC just jumped up 9%.

All in all, Crypto.com seems pretty good. Be aware of set withdrawal fees, though. And I'm not sure if that's on top of the Blockchain fee, or inclusive.

XpressAg09 said:

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AgsMyDude said:

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Crypto.com offering 12% APY on USDC staking (or 14% if you sit $40K+)

If I have cash I don't need to touch for awhile, is there any downside to moving it all over there rather than it sitting in savings?

---

So it's been a month, and my $1,000 USDC comes due in 21 hours. Looks to be a pretty legit thing.

Problem is, I was going to buy $1,000 of BTC with the funds...and BTC just jumped up 9%.

All in all, Crypto.com seems pretty good. Be aware of set withdrawal fees, though. And I'm not sure if that's on top of the Blockchain fee, or inclusive.

---

https://t.co/XPyuTmTJhz, which froze withdrawals yesterday, announced that someone hacked the platform for $15 million in ether (4,600 ETH).

This money is now being laundered through Ethereum mixer Tornado Cash in batches of 1,000 ETHhttps://t.co/ZKzwcQ6OGJ

— Anthony DeRosa (@Anthony) January 18, 2022

Not your keys, even staked, not your coins, even if they have celebrities performing for you.



Hahahaha

Well son of a biitch.

I try not to keep ALL of my coins in cold storage, considering the rate of return Matt Damon is offering. What platform or exchange do you recommend that is trustworthy enough and won't get hacked? Or does such a place exist?

Admin probably won't recommend anything when it comes to staking and I respect his opinion but I have been very happy with Kraken and the way they are going about things. But I do treat BTC differently than I do my ****coins.

Nexo has also been very good for me so far.

I have tried Kraken twice and can't figure out funding the account...very un-user-friendly exchange, in my opinion.

Voyager has been pretty great and offers lots of rewards.

I admit to having the shiniest smoothest brain on the planet. Please forgive my incompetence, it's genetic.

I wish you dense, bumpy brained folk would stop bullying me about how smooth my brain is. I'm surprised I can even communicate with the drool constantly spilling on my keyboard

You have to wire in funds. They are still waiting on their swift # which is being slow walked through the approval process.

Simpleton here but for those treating bitcoin like a commodity, whats wrong with Robinhood? Sure seems easier.

XpressAg09 said:

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AgsMyDude said:

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Crypto.com offering 12% APY on USDC staking (or 14% if you sit $40K+)

If I have cash I don't need to touch for awhile, is there any downside to moving it all over there rather than it sitting in savings?

---

So it's been a month, and my $1,000 USDC comes due in 21 hours. Looks to be a pretty legit thing.

Problem is, I was going to buy $1,000 of BTC with the funds...and BTC just jumped up 9%.

All in all, Crypto.com seems pretty good. Be aware of set withdrawal fees, though. And I'm not sure if that's on top of the Blockchain fee, or inclusive.

---

Awesome, I'll probably get in on it soon

ifeelold said:

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administrative errors said:

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Which wallet would you be using that isn't using lightning network, regarding fees?

Or are you only talking about layer 1, or do you know what layer 1, 2. Etc is before whining?

I ask because you can literally transmit fractions of a bit/sat for even smaller fractions of a bit/sat instantly.

How do you spend a millionth of a dollar, currently? Oh wait, the dollar is going the other way, we are getting rid of pennies.

Hell it's happened numerous times that billions of dollars worth of bitcoin were transferred globally at nearly zero cost, via lightning, although for larger settlements I would probably only use layer 1, but I'm talking waaaay over your flat head now

---

Right now few places are using lightning network. I wish wish it had greater adoption. I hope taproot brings some more life and functionality to btc. Right now btc is a bad currency. In some ways it is actively trying to become more like a currency but that is the opposite of the silliness you stated earlier. Btc has no need to function as a traditional currency.

The rest of your rant is just typical bitcoin maximalist jibberish unrelated to what I said. I can only imagine how shiny and smooth your brain is if you think anything you said would go over someone's head.

---

Getting away from using bitcoins like every day dollars for the average person, you don't see a world where most international transactions take place in Bitcoin? It has the potential to end most international currency manipulation.

BoDog said:

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Simpleton here but for those treating bitcoin like a commodity, whats wrong with Robinhood? Sure seems easier.

---

Robinhood and Coinbase both have similar issues, crashing during high volume. Coinbase it seems unintentional though, Robinhood it seems intentional. Up to you though. Either way, it's an exchange, so it's not really yours until you cash out.

The wallets are $50, you can buy on their exchange, and immediately have it in your possession. But I do sometimes buy on Coinbase when I'm away from the wallet, and then transfer it over when I'm back to it.

Champ Bailey said:

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ifeelold said:

---

administrative errors said:

---

Which wallet would you be using that isn't using lightning network, regarding fees?

Or are you only talking about layer 1, or do you know what layer 1, 2. Etc is before whining?

I ask because you can literally transmit fractions of a bit/sat for even smaller fractions of a bit/sat instantly.

How do you spend a millionth of a dollar, currently? Oh wait, the dollar is going the other way, we are getting rid of pennies.

Hell it's happened numerous times that billions of dollars worth of bitcoin were transferred globally at nearly zero cost, via lightning, although for larger settlements I would probably only use layer 1, but I'm talking waaaay over your flat head now

---

Right now few places are using lightning network. I wish wish it had greater adoption. I hope taproot brings some more life and functionality to btc. Right now btc is a bad currency. In some ways it is actively trying to become more like a currency but that is the opposite of the silliness you stated earlier. Btc has no need to function as a traditional currency.

The rest of your rant is just typical bitcoin maximalist jibberish unrelated to what I said. I can only imagine how shiny and smooth your brain is if you think anything you said would go over someone's head.

---

Getting away from using bitcoins like every day dollars for the average person, you don't see a world where most international transactions take place in Bitcoin? It has the potential to end most international currency manipulation.

---

Depends how stable BTC price is long-term. Right now other blockchain tech enables faster transfers, which helps mitigate pricing differentials. a 1% price swing in ten minutes may not seem much until you are transferring 10 million.

But of course if BTC achieves some type of terminal value and is stable, or if people price things in BTC rather than USD, then I could see it.

Easiest way to fund kraken is with btc

Download strike
Buy btc on strike
Transfer btc to kraken

You're funded in minutes now

Robinhood credits you based on price of BTC at the time of transactions.

You can never withdraw the crypto to cold storage. I'm trying to slowly build up cold storage but use exchanges like Matt Damon to buy/stake alt coins.

I've done 2/3 of that. Strike is awesome

They deposited $1,002.35ish of USDC from Crypto Earn to Crypto Wallet.

I understand they got hacked and froze withdrawals, but at 8% returns on some coins, it's worth putting some money in that market.

For what it's worth, I just pulled some BTC and ENJ from their website to cold storage, so they appear to be allowing withdrawals.

Champ Bailey said:

---

ifeelold said:

---

administrative errors said:

---

Which wallet would you be using that isn't using lightning network, regarding fees?

Or are you only talking about layer 1, or do you know what layer 1, 2. Etc is before whining?

I ask because you can literally transmit fractions of a bit/sat for even smaller fractions of a bit/sat instantly.

How do you spend a millionth of a dollar, currently? Oh wait, the dollar is going the other way, we are getting rid of pennies.

Hell it's happened numerous times that billions of dollars worth of bitcoin were transferred globally at nearly zero cost, via lightning, although for larger settlements I would probably only use layer 1, but I'm talking waaaay over your flat head now

---

Right now few places are using lightning network. I wish wish it had greater adoption. I hope taproot brings some more life and functionality to btc. Right now btc is a bad currency. In some ways it is actively trying to become more like a currency but that is the opposite of the silliness you stated earlier. Btc has no need to function as a traditional currency.

The rest of your rant is just typical bitcoin maximalist jibberish unrelated to what I said. I can only imagine how shiny and smooth your brain is if you think anything you said would go over someone's head.

---

Getting away from using bitcoins like every day dollars for the average person, you don't see a world where most international transactions take place in Bitcoin? It has the potential to end most international currency manipulation.

---

I mean there are international transactions in btc and probably always will be but I don't ever see a world where most are done in btc. BTC is slow and volatile and that's bad for any transaction and especially bad for one that isn't priced in btc.

There are just so many other solutions competing for that space that are designed for that space and do it better.

BTC is great for protecting assets in a place like China where they can be stolen or you can flee the country and effectively use those assets anywhere else to get your wealth out of harms way. In a sense this is an international transaction. Being able to take your wealth with you without having to rely on anybody else.

I'm not sure how btc could end currency manipulation. Maybe help avoid some negative aspects of it but it isn't doing anything differently to end or avoid currency manipulation than almost any other crypto you could choose. Govts want to have their own currency and govts are going to manipulate their own currency. Having some sort of one world crypto seems fanciful to me. In the future I think we are going to have lots of cryptos that have their own uses and are interoperable and we are still going to have fiat currency and banks. Btc seems most likely to be a simple store of wealth.

ifeelold said:

---

Champ Bailey said:

---

ifeelold said:

---

administrative errors said:

---

Which wallet would you be using that isn't using lightning network, regarding fees?

Or are you only talking about layer 1, or do you know what layer 1, 2. Etc is before whining?

I ask because you can literally transmit fractions of a bit/sat for even smaller fractions of a bit/sat instantly.

How do you spend a millionth of a dollar, currently? Oh wait, the dollar is going the other way, we are getting rid of pennies.

Hell it's happened numerous times that billions of dollars worth of bitcoin were transferred globally at nearly zero cost, via lightning, although for larger settlements I would probably only use layer 1, but I'm talking waaaay over your flat head now

---

Right now few places are using lightning network. I wish wish it had greater adoption. I hope taproot brings some more life and functionality to btc. Right now btc is a bad currency. In some ways it is actively trying to become more like a currency but that is the opposite of the silliness you stated earlier. Btc has no need to function as a traditional currency.

The rest of your rant is just typical bitcoin maximalist jibberish unrelated to what I said. I can only imagine how shiny and smooth your brain is if you think anything you said would go over someone's head.

---

Getting away from using bitcoins like every day dollars for the average person, you don't see a world where most international transactions take place in Bitcoin? It has the potential to end most international currency manipulation.

---

I mean there are international transactions in btc and probably always will be but I don't ever see a world where most are done in btc. BTC is slow and volatile and that's bad for any transaction and especially bad for one that isn't priced in btc.

There are just so many other solutions competing for that space that are designed for that space and do it better sacrifice features in lieu of others primarily resulting in more centralization and less security. Centralized databases are faster than bitcoin too. But that's not the point.

BTC is great for protecting assets in a place like China where they can be stolen or you can flee the country and effectively use those assets anywhere else to get your wealth out of harms way. In a sense this is an international transaction. Being able to take your wealth with you without having to rely on anybody else.

I'm not sure how btc could end currency manipulation. Maybe help avoid some negative aspects of it but it isn't doing anything differently to end or avoid currency manipulation than almost any other crypto you could choose. Govts want to have their own currency and govts are going to manipulate their own currency. Having some sort of one world crypto seems fanciful to me. In the future I think we are going to have lots of cryptos that have their own uses and are interoperable and we are still going to have fiat currency and banks. Btc seems most likely to be a simple store of wealth.

---

We will have layers, and already do, no different than tcp/ip and protocols on top to eventually make simplified web pages leaving the masses the ability to push a button instead of learning the task of coding/reading code.

I dont think it should be easy, I think it should be hard and people should struggle and have to learn hard concepts. Being too easy got us in this mess because people shirked the responsibilities of the individual.

My opinion.

administrative errors said:

---

ifeelold said:

---

Champ Bailey said:

---

ifeelold said:

---

administrative errors said:

---

Which wallet would you be using that isn't using lightning network, regarding fees?

Or are you only talking about layer 1, or do you know what layer 1, 2. Etc is before whining?

I ask because you can literally transmit fractions of a bit/sat for even smaller fractions of a bit/sat instantly.

How do you spend a millionth of a dollar, currently? Oh wait, the dollar is going the other way, we are getting rid of pennies.

Hell it's happened numerous times that billions of dollars worth of bitcoin were transferred globally at nearly zero cost, via lightning, although for larger settlements I would probably only use layer 1, but I'm talking waaaay over your flat head now

---

Right now few places are using lightning network. I wish wish it had greater adoption. I hope taproot brings some more life and functionality to btc. Right now btc is a bad currency. In some ways it is actively trying to become more like a currency but that is the opposite of the silliness you stated earlier. Btc has no need to function as a traditional currency.

The rest of your rant is just typical bitcoin maximalist jibberish unrelated to what I said. I can only imagine how shiny and smooth your brain is if you think anything you said would go over someone's head.

---

Getting away from using bitcoins like every day dollars for the average person, you don't see a world where most international transactions take place in Bitcoin? It has the potential to end most international currency manipulation.

---

I mean there are international transactions in btc and probably always will be but I don't ever see a world where most are done in btc. BTC is slow and volatile and that's bad for any transaction and especially bad for one that isn't priced in btc.

There are just so many other solutions competing for that space that are designed for that space and do it better sacrifice features in lieu of others primarily resulting in more centralization and less security. Centralized databases are faster than bitcoin too. But that's not the point.

BTC is great for protecting assets in a place like China where they can be stolen or you can flee the country and effectively use those assets anywhere else to get your wealth out of harms way. In a sense this is an international transaction. Being able to take your wealth with you without having to rely on anybody else.

I'm not sure how btc could end currency manipulation. Maybe help avoid some negative aspects of it but it isn't doing anything differently to end or avoid currency manipulation than almost any other crypto you could choose. Govts want to have their own currency and govts are going to manipulate their own currency. Having some sort of one world crypto seems fanciful to me. In the future I think we are going to have lots of cryptos that have their own uses and are interoperable and we are still going to have fiat currency and banks. Btc seems most likely to be a simple store of wealth.

---

We will have layers, and already do, no different than tcp/ip and protocols on top to eventually make simplified web pages leaving the masses the ability to push a button instead of learning the task of coding/reading code.

I dont think it should be easy, I think it should be hard and people should struggle and have to learn hard concepts. Being too easy got us in this mess because people shirked the responsibilities of the individual.

My opinion.

---

You seem to be speaking out of both sides of your mouth. First paragraph is about how it will be so easy a caveman can do it and next is about how it needs to be hard. It's entirely unclear what "this mess" is referring to or how crypto will affect "this mess." Not sure what to make of this contradictory opinion.

It most certainly will be easy for the masses. Exchanges will be like crypto banks. Banks will get in the game and custody stuff as well. People who say "not your keys, not your crypto" will be regarded as Luddites and fade into a small fringe group. All of this will be good, adoption will increase, we will see many new use cases for industry and individuals utilizing many different types of crypto.

What is the purpose of an exchange in a fiat-less world?

The purpose of exchange is that both parties agree they are better off for having the exchange. Thats true whether trading fiat, clamshells or btc.

Ofcourse there is no reason to believe we will ever have a fiat less world.


Edit: I think I missed that you mean an exchange like coinbase. People don't want to deal with their own wallets and exchanges will not only custody but offer services like banks do. I could bury my money in my backyard and self custody but I prefer a bank. Exchanges will always exist even if they just become banks because we love the services they offer.

It's my opinion that exchanges aren't too far off from walled gardens like AOL. Who here uses AOL besides grannies? For a good decade of public internet use, AOL was the gold standard.

I've always viewed Coinbase and the like as a temporary use case necessary as we transition but not useful long term.

Self-custody is going to get increasingly simpler as more eyes focus on dumbing it down. Just because it's the progression, doesn't mean I think people should shortchange their self-education and responsibilities like we have currently, to the point nearly no one can operate without being spoonfed by third parties and trusted authorities, so they don't have to do the heavy lifting/thinking.

I won't say I'm right or wrong, just sick of the tyranny of lowered expectations.

administrative errors said:

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It's my opinion that exchanges aren't too far off from walled gardens like AOL. Who here uses AOL besides grannies? For a good decade of public internet use, AOL was the gold standard.

I've always viewed Coinbase and the like as a temporary use case necessary as we transition but not useful long term.

Self-custody is going to get increasingly simpler as more eyes focus on dumbing it down. Just because it's the progression, doesn't mean I think people should shortchange their self-education and responsibilities like we have currently, to the point nearly no one can operate without being spoonfed by third parties and trusted authorities, so they don't have to do the heavy lifting/thinking.

I won't say I'm right or wrong, just sick of the tyranny of lowered expectations.

---

I don't see the slightest resemblance to AOL. I think they more resemble a bank/processor mashup.

Self custody through apps and wallets will get simpler for sure but you're losing a lot of the security of self custody with greater ease and functionality. So it seems logical either to custody with an entity that provides services that make using your crypto easier rather than some in between approach.

People don't need to know how the backend of things work. We interface with countless entities daily where we don't know how the technology or entity works in any detail. The ability for us to specialize is a huge reason for the massive increases in quality of life and earnings over the last couple centuries. You don't need to know how to set up a virtual environment and cluster of VMs to be able to enjoy Netflix and benefit from it. That would be utterly unproductive for individuals and society.