So much for the anonymity of Bitcoin

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Libertarian666
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So much for the anonymity of Bitcoin

Post by Libertarian666 » Tue Dec 29, 2020 8:58 am

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ochotona
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Re: So much for the anonymity of Bitcoin

Post by ochotona » Tue Dec 29, 2020 3:08 pm

I bought BTC in 2020, it's up 2.5x but it's a trade. Dating not marriage. Eventually it could be outlawed.
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dualstow
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Re: So much for the anonymity of Bitcoin

Post by dualstow » Tue Dec 29, 2020 4:17 pm

Good article. Craigr predicted this, too. The last line in the piece is inevitable.

Could still be a lucrative speculation as it’s working out for Ocho. However, it was supposed to be a medium of exchange and it was supposed to be anonymous.

You know, if Coinbase is deleting accounts that try to fund The Daily Stormer, that’s cool.
The complete government tracking of not-so-CryptoTransactions: still forming an opinion.

I’ll keep buying gold in the meantime.
https://www.city-journal.org/journalism-advocacy-over-reporting
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I Shrugged
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Re: So much for the anonymity of Bitcoin

Post by I Shrugged » Tue Dec 29, 2020 5:33 pm

It will be interesting to see if Bitcoin price craters.
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Re: So much for the anonymity of Bitcoin

Post by SomeDude » Tue Dec 29, 2020 7:30 pm

dualstow wrote:
Tue Dec 29, 2020 4:17 pm

You know, if Coinbase is deleting accounts that try to fund The Daily Stormer, that’s cool.
First they came for the daily Stormer and i said nothing.........

And now look where we're at with censorship and cancel culture.

Imagine where we're headed.


I can't believe people are paying 27k for a bitcoin. Anyone have stats on the volume?
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dualstow
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Re: So much for the anonymity of Bitcoin

Post by dualstow » Wed Dec 30, 2020 5:50 am

SomeDude wrote:
Tue Dec 29, 2020 7:30 pm
dualstow wrote:
Tue Dec 29, 2020 4:17 pm

You know, if Coinbase is deleting accounts that try to fund The Daily Stormer, that’s cool.
First they came for the daily Stormer and i said nothing.........
And now look where we're at with censorship and cancel culture.
Imagine where we're headed.
I hope that was tongue-in-cheek. You can’t yell “fire” in a crowded theater, and I don’t know about you but I make a distinction between those who are casually and unfairly called nazis and outright nazis.
https://www.city-journal.org/journalism-advocacy-over-reporting
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Re: So much for the anonymity of Bitcoin

Post by Ugly_Bird » Wed Dec 30, 2020 9:19 am

I Shrugged wrote:
Tue Dec 29, 2020 5:33 pm
It will be interesting to see if Bitcoin price craters.
It did! But exactly the opposite :-)
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Re: So much for the anonymity of Bitcoin

Post by SomeDude » Wed Dec 30, 2020 10:32 am

dualstow wrote:
Wed Dec 30, 2020 5:50 am
SomeDude wrote:
Tue Dec 29, 2020 7:30 pm
dualstow wrote:
Tue Dec 29, 2020 4:17 pm

You know, if Coinbase is deleting accounts that try to fund The Daily Stormer, that’s cool.
First they came for the daily Stormer and i said nothing.........
And now look where we're at with censorship and cancel culture.
Imagine where we're headed.
I hope that was tongue-in-cheek. You can’t yell “fire” in a crowded theater, and I don’t know about you but I make a distinction between those who are casually and unfairly called nazis and outright nazis.
I make a distinction but I'd rather everyone get to share their thoughts in the marketplace of ideas as long as they aren't calling for violence. Otherwise the censorship camel gets his nose under the tent and bad things happen after that.
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Re: So much for the anonymity of Bitcoin

Post by SomeDude » Wed Dec 30, 2020 10:34 am

Anyway back to bitcoin..............

What a ridiculous run-up!

I talked about this thing when it was 10 bucks so many years ago. I remember the night I was talking about it with some friends, kicking around the idea of putting $1,000 into it.

umm that would be worth $280k now.

The next time something that sounds really dumb comes along I'm putting $1,000 in without thinking twice.
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Re: So much for the anonymity of Bitcoin

Post by Ugly_Bird » Wed Dec 30, 2020 10:42 am

SomeDude wrote:
Wed Dec 30, 2020 10:34 am
umm that would be worth $280k now.
And possibly over a million in some not so distant future.
Still need to figure out how to milk this cow and sell before the next crash, then buy again :-)
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Re: So much for the anonymity of Bitcoin

Post by SomeDude » Wed Dec 30, 2020 11:01 am

Ugly_Bird wrote:
Wed Dec 30, 2020 10:42 am
SomeDude wrote:
Wed Dec 30, 2020 10:34 am
umm that would be worth $280k now.
And possibly over a million in some not so distant future.
Still need to figure out how to milk this cow and sell before the next crash, then buy again :-)
Do you have luck timing markets UB?

I don't, so I could buy a coin, then when the price drops 80% I'll sell, you buy in like a whale and ride it up and we'll split the profits.

I'm going to need you to set aside the money now. Actually it's best if you wire it to me so I know you're serious.

Who on Earth is buying bitcoin at these prices that's what I want to know.
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ochotona
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Re: So much for the anonymity of Bitcoin

Post by ochotona » Wed Dec 30, 2020 11:11 am

SomeDude wrote:
Wed Dec 30, 2020 11:01 am
Ugly_Bird wrote:
Wed Dec 30, 2020 10:42 am
SomeDude wrote:
Wed Dec 30, 2020 10:34 am
umm that would be worth $280k now.
And possibly over a million in some not so distant future.
Still need to figure out how to milk this cow and sell before the next crash, then buy again :-)
Do you have luck timing markets UB?

I don't, so I could buy a coin, then when the price drops 80% I'll sell, you buy in like a whale and ride it up and we'll split the profits.

I'm going to need you to set aside the money now. Actually it's best if you wire it to me so I know you're serious.

Who on Earth is buying bitcoin at these prices that's what I want to know.

Every few years BTC dumps to the 200 week moving average, but this is quite a durable support level. It dumped mid-March 2020, and I started buying in April.

The stock-to-flow people believe (passionately) that it will be $100k in a year, possibly $300k. $1 million by mid-2020s. This would be lovely, the plan here would be to sell some of it and buy a new house. I'll post pics if it happens. Rancho Bitcoin. My less ambitious goal is to remove my initial investment plus a bit of interest when my taxable gain is long-term.

On the 2021 tax form they already have the "perjury trap" cryptocurrency checkbox. I think many people will be fined or even go to Federal jail over tax evasion in the future, or FINCEN violations.

The government cannot outlaw Bitcoin... but they can outlaw you interacting with it as a U.S. Person! "Few understand this".
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I Shrugged
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Re: So much for the anonymity of Bitcoin

Post by I Shrugged » Wed Dec 30, 2020 11:53 am

I certainly don't know enough about it, but if I had to place a bet, I'd take the other side of those glowing predictions.
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bitcoininthevp
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Re: So much for the anonymity of Bitcoin

Post by bitcoininthevp » Wed Dec 30, 2020 12:41 pm

Libertarian666 wrote:
Tue Dec 29, 2020 8:58 am
https://www.theverge.com/2020/12/22/221 ... te-wallets

Don't say I didn't warn you...
Some things missing from this thread that I think are important:

- Bitcoin was never anonymous. Its pseudonymous since you can see bitcoins being transferred between "addresses"
- The regulation applies only to transactions related to centralized US exchanges-type entities
- The regulation doesn’t say you cannot withdraw to an address you own, simply reporting requirements/KYC for exchanges where you are already KYC'd anyways
- Bitcoin users are still able to transact without any reporting requirements (wrt to this rule) outside of exchanges (other legislation not withstanding)

Im not a fan of these or other regulations, but to make this out as some sort of AH-HAH gotcha is misplaced, as seen by the fact BTC is up $5000 since this news.

For those commenting on the run up/bubble/etc, ... you are not ready for 6 figure bitcoin yet. But I think 2021 is.
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Re: So much for the anonymity of Bitcoin

Post by Ugly_Bird » Wed Dec 30, 2020 12:48 pm

SomeDude wrote:
Wed Dec 30, 2020 11:01 am
Who on Earth is buying bitcoin at these prices that's what I want to know.
I do not want to know and I do not care.
Ask the same question sometime next year when they will buy for +100k :-)
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Re: So much for the anonymity of Bitcoin

Post by dualstow » Thu Dec 31, 2020 3:19 pm

SomeDude wrote:
Wed Dec 30, 2020 10:32 am
I make a distinction but I'd rather everyone get to share their thoughts in the marketplace of ideas as long as they aren't calling for violence. Otherwise the censorship camel gets his nose under the tent and bad things happen after that.
I should mention that it wasn't about censorship so much as cutting off funding, and they (DailyStormer) most definitely call for violence. (I have visited the site and similar sites personally).

Above, bitcoininthevp points out that bitcoin is pseudoanonymous. I'd like to explore that sometime. First, I should probably reread old threads about bitcoin and Silk Road-type websites, and then reread the new Verge piece and bitcoinandthevp's clarification.
https://www.city-journal.org/journalism-advocacy-over-reporting
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Re: So much for the anonymity of Bitcoin

Post by SomeDude » Sat Jan 02, 2021 2:15 pm

dualstow wrote:
Thu Dec 31, 2020 3:19 pm
I should mention that it wasn't about censorship so much as cutting off funding, and they (DailyStormer) most definitely call for violence. (I have visited the site and similar sites personally).
I had never heard of the Daily Stormer until this year. Not advocating anything said there but i will say this is literally from an article posted today about mandatory vaccines being forced on us:

"I'm totally against violence, as a matter of principle, and anyone who has read this site over the last nearly 8 years knows that this has been a consistent position of mine"

Bitcoin $31k sweet baby Jesus.
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Re: So much for the anonymity of Bitcoin

Post by ochotona » Sat Jan 02, 2021 6:19 pm

SomeDude wrote:
Sat Jan 02, 2021 2:15 pm
Bitcoin $31k sweet baby Jesus.
The selling program starts at $100k for me
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Re: So much for the anonymity of Bitcoin

Post by Ugly_Bird » Sat Jan 02, 2021 8:24 pm

ochotona wrote:
Sat Jan 02, 2021 6:19 pm
SomeDude wrote:
Sat Jan 02, 2021 2:15 pm
Bitcoin $31k sweet baby Jesus.
The selling program starts at $100k for me
I think me too. Though a little tempting to be more greedy. :-)
Most likely there will be further craziness' before it crashes 70-80%
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Re: So much for the anonymity of Bitcoin

Post by doodle » Sun Jan 03, 2021 11:22 am

Like it or not, Bitcoin is to some degree holding gold back at this point.
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Re: So much for the anonymity of Bitcoin

Post by SomeDude » Sun Jan 03, 2021 1:23 pm

doodle wrote:
Sun Jan 03, 2021 11:22 am
Like it or not, Bitcoin is to some degree holding gold back at this point.
Bitcoin's market cap is about $600BN compared to Gold's 10TR.

Some of the bitcoin money would have been used to bid up gold no doubt. Some would have gone to silver, some in stocks, and other places also.

The current buyers who have exploded the market cap by double in a few months are not buying for a safe haven, they buying lotto tickets. They would not be gold buyers.

I think its effect on the gold price is very low. Its not anything like a perfect substitute. Bitcoin compared to gold is not like pepsi vs coke but more like prune juice to coke. Its a drinkable liquid but only a small crossover in the participants.
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ochotona
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Re: So much for the anonymity of Bitcoin

Post by ochotona » Sun Jan 03, 2021 8:13 pm

I never understood the appeal of prune juice
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Re: So much for the anonymity of Bitcoin

Post by SomeDude » Sun Jan 03, 2021 8:27 pm

ochotona wrote:
Sun Jan 03, 2021 8:13 pm
I never understood the appeal of prune juice
Unclog the pipes
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ochotona
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Re: So much for the anonymity of Bitcoin

Post by ochotona » Mon Jan 04, 2021 6:32 am

Prune juice is to prunes

as a

Variable annuity indexed to the S&P500 is to the SPY ETF
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Re: So much for the anonymity of Bitcoin

Post by bitcoininthevp » Mon Jan 04, 2021 8:46 am

SomeDude wrote:
Sun Jan 03, 2021 1:23 pm
doodle wrote:
Sun Jan 03, 2021 11:22 am
Like it or not, Bitcoin is to some degree holding gold back at this point.
The current buyers who have exploded the market cap by double in a few months are not buying for a safe haven, they buying lotto tickets. They would not be gold buyers.
This is an unsubstantiated claim.

In fact nearly every fund/company/HNWI that has purchased in the last months has publicly extolled the store of value or inflation hedge aspects of bitcoin and cited that as the reason. Perhaps all of these public companies and high profile individuals are completely lying, or perhaps there is value in a digital asset with a limited supply.
bitcoininthevp wrote:
Wed Dec 30, 2020 2:28 pm
This sort of comment seems quite goal-post-moving. Along the lines "But CME would never list BTC futures!", "But no fortune 500 companies would keep their treasury in BTC!", "Youll never see someone like Paul Tudor Jones investing in BTC!", "But those hedge funds are investing billions $$$ in bitcoin for the wrong reasons!" Feels very:
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