Bitcoin up 35% since January 6th but.....

[UnholyAlliance]

I think K1 mentioned this, but think about banks going under and everything switching over to digital. Total control by Government with your money then and click your money can be frozen or lost. You can't hide crypto under your mattress. Some people think this is far fetched, but think about it if the Government is regulating it with total control.

If you have your crypto on an offline hard wallet it will be safe as long as you don't dare move coin from it. Isn't an offline hard wallet the closest thing to putting cash under the mattress?

 

[Ruhlfreak55]

It’ll hit $30k very soon.

I don't see chart resistance UNTIL 30k

 

[Ruhlfreak55]

I think K1 mentioned this, but think about banks going under and everything switching over to digital. Total control by Government with your money then and click your money can be frozen or lost. You can't hide crypto under your mattress. Some people think this is far fetched, but think about it if the Government is regulating it with total control.

I see idiots on FB spout this constantly. People don't seem to be understanding decentralization. The gov't CANNOT control any of the big cryptos. They were built decentralized for a reason, anyone that has a full core wallet also has an entire node of the blockchain and can execute transactions, there's no means for the gov't to control it. Sure since it's blockchain if you aren't careful (especially in Bitcoin vs. a privacy coin like Monero) they can TRACK transactions...but they sure as hell can't shut it down or usurp control or anything like that.

 

[Ruhlfreak55]

If you have your crypto on an offline hard wallet it will be safe as long as you don't dare move coin from it. Isn't an offline hard wallet the closest thing to putting cash under the mattress?

Correct, a hardware cold wallet is tantamount to putting cash in the mattress.

 

[K1]

I see idiots on FB spout this constantly. People don't seem to be understanding decentralization. The gov't CANNOT control any of the big cryptos. They were built decentralized for a reason, anyone that has a full core wallet also has an entire node of the blockchain and can execute transactions, there's no means for the gov't to control it.

I have thought this for a while now...Someone with knowledge of nodes should do a thread for laymans on how to operate your own node for a more secure btc wallet.

This would remove the need for wallets like Electrum, Exodus, Ledger, etc and obviously the need for exchanges until cashing out is needed (but I believe you can hook up a bank account to the Exodus wallet now?)...Am I correct in this thinking?!

 

[Ruhlfreak55]

I have thought this for a while now...Someone with knowledge of nodes should do a thread for laymans on how to operate your own node for a more secure btc wallet.

This would remove the need for wallets like Electrum, Exodus, Ledger, etc and obviously the need for exchanges until cashing out is needed (but I believe you can hook up a bank account to the Exodus wallet now?)...Am I correct in this thinking?!

You CAN buy things with bitcoin. That's my intention with the crypto I have, not turn it back into dollars and let the gov't steal 30% (or more) of it.

My understanding is that any "core" wallet is complete, a complete copy of the blockchain that is essentially a decentralized protection against any one party usurping the currency. (the core wallets are usually from the currency developers themselves)

 

[pesty4077]

I have thought this for a while now...Someone with knowledge of nodes should do a thread for laymans on how to operate your own node for a more secure btc wallet.

This would remove the need for wallets like Electrum, Exodus, Ledger, etc and obviously the need for exchanges until cashing out is needed (but I believe you can hook up a bank account to the Exodus wallet now?)...Am I correct in this thinking?!

Coinbase has in it's fine print, which people really never read, they can freeze or take your money, as with some other exchanges. They report all your transactions to the Government.

 

[pesty4077]

You CAN buy things with bitcoin. That's my intention with the crypto I have, not turn it back into dollars and let the gov't steal 30% (or more) of it.

My understanding is that any "core" wallet is complete, a complete copy of the blockchain that is essentially a decentralized protection against any one party usurping the currency. (the core wallets are usually from the currency developers themselves)

As far as Bitcoin, sure you can buy things NOW.

 

[K1]

Coinbase has in it's fine print, which people really never read, they can freeze or take your money, as with some other exchanges. They report all your transactions to the Government.

Of course they do...Most all exchanges state they comply with govt requests and will freeze accounts on their own due to suspicious activity.

Another reason why decentralized wallets are the way to go...If the banking sector cut off the cash out route, it would just move over to peer-to-peer trading $$ for BTC. But more and more businesses are starting to accept btc for payment on goods/services...I even caught an article the other day where a few deep pockets are trying to put together an Amazon type operation for btc and other tier 1/2 crypto payees. We'll see how things continue playing out as the banking sector continues to crash heavily over the coming weeks/months.

 

[K1]

You CAN buy things with bitcoin. That's my intention with the crypto I have, not turn it back into dollars and let the gov't steal 30% (or more) of it.

My understanding is that any "core" wallet is complete, a complete copy of the blockchain that is essentially a decentralized protection against any one party usurping the currency. (the core wallets are usually from the currency developers themselves)

What examples of "Core" wallets for those with no btc/crypto storage knowledge?!

 

[Ruhlfreak55]

What examples of "Core" wallets for those with no btc/crypto storage knowledge?!

Bitcoin core, ether core etc lol. They usually name them as such. They're not likely to be this fancy shit with pretty hmi's and buttons for you, they will usually execute in a terminal.

 

[K1]

How are you guys buying whole bitcoins at this time...With the price and bank/card limits, it would take most weeks to build up enough balance anywhere to buy whole?!

 

[pesty4077]

How are you guys buying whole bitcoins at this time...With the price and bank/card limits, it would take most weeks to build up enough balance anywhere to buy whole?!

I buy ETH at this point.

 

[SL1CED]

Too many sellers will come out of the wood works if it goes up to 100k anytime soon. I think it goes up to low 30s in the short term, before dropping back down once Fed changes rates. People are pricing in a pivot, once that pivot happens air will be let out of the bag. And if it doesn't happen, it drops harder.

It'll go up to the low 30s here soon as the banking system remains very stressed out. Deutsche is the one on the surface that's most vulnerable, but there's always surprises. The governments ALWAYS bail out the banks. ALWAYS bail out the banks. Regardless what people say, it's net always for the better.

Once the banking fear is gone after the next 1-2 hikes + Gov't bailing, it'll trend back down probably to the lower 20s, high teens. It'll start its ascend once the Fed does not hike, and does nothing. Then it'll start moving up drastically once rates start going down.

 

[pesty4077]

It'll go up to the low 30s here soon as the banking system remains very stressed out. Deutsche is the one on the surface that's most vulnerable, but there's always surprises. The governments ALWAYS bail out the banks. ALWAYS bail out the banks. Regardless what people say, it's net always for the better.

Once the banking fear is gone after the next 1-2 hikes + Gov't bailing, it'll trend back down probably to the lower 20s, high teens. It'll start its ascend once the Fed does not hike, and does nothing. Then it'll start moving up drastically once rates start going down.

On average, between 1980 and 1994, a US bank failed every three days. The pace of bankruptcies peaked immediately after the 2008 financial crisis. The 2007–2008 financial crisis led to many bank failures in the United States. The Federal Deposit Insurance Corporation (FDIC) closed 465 failed banks from 2008 to 2012.

 

[sponsor:infinitylabs]

Maybe it's time to buy some BTC ETF funds

 

[Gizmo]

You CAN buy things with bitcoin. That's my intention with the crypto I have, not turn it back into dollars and let the gov't steal 30% (or more) of it.

My understanding is that any "core" wallet is complete, a complete copy of the blockchain that is essentially a decentralized protection against any one party usurping the currency. (the core wallets are usually from the currency developers themselves)

Careful, I. Assuming you’re talking about paying taxes? Buying something with bitcoin is still a taxable event. You’d pay taxes on the difference in price between when you bought and when you used it for a purchase.

 

[Ruhlfreak55]

Careful, I. Assuming you’re talking about paying taxes? Buying something with bitcoin is still a taxable event. You’d pay taxes on the difference in price between when you bought and when you used it for a purchase.

Surrreeeeeee it is.

 

[Gizmo]

Surrreeeeeee it is.

Just telling you to be careful bro. Laws are changing (in the US) and exchanges will be mandated to provide customer data eventually.

 

[Ruhlfreak55]

Just telling you to be careful bro. Laws are changing (in the US) and exchanges will be mandated to provide customer data eventually.

How many times does it have to be said? If you're using an exchange wallet you are braindead.