Bitcoin on the rise

Ask your investment, budget, and other money related questions here
User avatar
Ego
Posts: 6352
Joined: Wed Nov 23, 2011 12:42 am

Re: Bitcoin on the rise

Post by Ego »

ConstitutionDAO a decentralized autonomous organization has raised $46M in ETH to purchase one of the original thirteen copies of the United States constitution being auctioned today by Sotheby's.

https://www.sothebys.com/en/digital-cat ... ted-states

WFJ
Posts: 416
Joined: Sat Apr 24, 2021 11:32 am

Re: Bitcoin on the rise

Post by WFJ »

white belt wrote:
Mon Nov 08, 2021 8:26 am
More examples of criminals using physical violence to steal cryptocurrency: https://beincrypto.com/spanish-tortured ... n-fortune/
So, a boot on the face can hack all crypto protocols? Seems like a great place to store all one's wealth that can be stolen and forever lost with brute force. Criminals probably won't figure this out, so keep pouring money into the "Greatest store of value in human history" unless someone can find a boot and put it on your face.

User avatar
Ego
Posts: 6352
Joined: Wed Nov 23, 2011 12:42 am

Re: Bitcoin on the rise

Post by Ego »

You will enjoy this master list of physical attacks for bitcoin maintained by Jameson Lopp.
https://github.com/jlopp/physical-bitco ... /README.md

User avatar
Jean
Posts: 1886
Joined: Fri Dec 13, 2013 8:49 am
Location: Switzterland

Re: Bitcoin on the rise

Post by Jean »

I don't really see you pointr. All assets can be stolen with force. Bitcoin isn't particularly easy to steal from that perspective.

Humanofearth
Posts: 188
Joined: Sun Mar 28, 2021 3:32 am

Re: Bitcoin on the rise

Post by Humanofearth »

No. Multisig or decoy wallet with different 2nd password based on the same seed stops these. Learning rather than letting biases avert from trying to learn cost me multiples of my net worth. May learning help you some day.

Practice setting up cold yeti protocol for one example of how to do multisig.

WFJ wrote:
Sun Nov 28, 2021 4:30 pm
So, a boot on the face can hack all crypto protocols? Seems like a great place to store all one's wealth that can be stolen and forever lost with brute force. Criminals probably won't figure this out, so keep pouring money into the "Greatest store of value in human history" unless someone can find a boot and put it on your face.

WFJ
Posts: 416
Joined: Sat Apr 24, 2021 11:32 am

Re: Bitcoin on the rise

Post by WFJ »

Crypto assets are by design, untraceable and therefore once stolen, impossible to track. Crypto zealots can't have it both ways, it is anonymous or it's not. This is what makes it so attractive to criminals to hold, use and steal. Every protocol can easily be defeated with a boot and time. As long as criminals or governments can buy boots and find your face, all crypto protocols will be defeated and will be an attractive asset to steal.

Below is what happens when you report a crime to the tax supported police that your crypto assets or NFTs in the metaverse were stolen, which you can't prove were obtained in legal transactions or through legal labor, which also avoid taxes which is the sole source of funding for police services.

https://www.youtube.com/watch?v=v7acD4q0lp0

Humanofearth
Posts: 188
Joined: Sun Mar 28, 2021 3:32 am

Re: Bitcoin on the rise

Post by Humanofearth »

WFJ wrote:
Wed Dec 01, 2021 2:21 pm
Crypto assets are by design, untraceable
Crypto is a form of property protected by cryptographic keys. Typically, pseudo anonymous. It is very easy to trace unless you're using privacy-focused blockchains (ie-XMR, SCRT, ZEC), which are often a pain in the behind to use, even more than other currencies.

The cryptographic keys can be secured in many ways that make the keys anti-fragile without a single point of failure.

Highly recommend reading the "Sovereign Individual" to understand the second order effects of diminishing returns to magnitude of violence now that property can be protected with cryptography rather than nukes.

User avatar
Bankai
Posts: 986
Joined: Fri Jul 25, 2014 5:28 am

Re: Bitcoin on the rise

Post by Bankai »

I joined the dark side. Since at c.1% of investable universe cryptos are now too big to ignore, I decided to put 1% of my NW in them, starting with £400 each into BTC and ETH, and will top up monthly until 1% target allocation is reached. It could be money down the drain but it's a bet I'm willing to take as the potential upside is perhaps as much as 5-10x greater than the downside. And even if they go to zero, a 1% hit to NW will not change my life in any way.

Humanofearth
Posts: 188
Joined: Sun Mar 28, 2021 3:32 am

Re: Bitcoin on the rise

Post by Humanofearth »

Bankai wrote:
Sun Dec 05, 2021 11:25 am
£400 each into BTC and ETH, and will top up monthly until 1% target allocation is reached
Proud of you. More a technical challenge at your point. BTC & ETH on an exchange doesn't count though, gotta control your keys or else it's not the real thing and you can't do anything fun with it.

A hardware wallet will be worth it at some point. Cold Card (BTC), Bitbox02 (BTC & ETH), or a Ledger Nano X (many coins but closed source) are your best bets. Persistent TAILS usb dedicated solely for each coin would also work but more difficult and still a bit less safe.

fingeek
Posts: 249
Joined: Wed May 24, 2017 8:16 am
Location: Wales

Re: Bitcoin on the rise

Post by fingeek »

Similar to @Bankai, I realised I could drop a negligible part of my NW in, on the chance of a 10x+ upside. I started this in Dec last year and, well I was up 10x now dropped to 5x, but seems to be paying off.

A tip incase anyone missed it: coinbase pro has cheaper fees than coinbase

User avatar
Ego
Posts: 6352
Joined: Wed Nov 23, 2011 12:42 am

Re: Bitcoin on the rise

Post by Ego »

The annual Messari Crypto Thesis. Good read for those trying to gain perspective on the big picture of Web3.
PDF: https://messari.io/pdf/messari-report-c ... r-2022.pdf

Humanofearth
Posts: 188
Joined: Sun Mar 28, 2021 3:32 am

Re: Bitcoin on the rise

Post by Humanofearth »

Ego wrote:
Thu Dec 23, 2021 12:42 pm
The annual Messari Crypto Thesis. Good read for those trying to gain perspective on the big picture of Web3.
PDF: https://messari.io/pdf/messari-report-c ... r-2022.pdf
Great read. Thank you for sharing.

Happy to see we’re moving beyond the safe stuff like btc on here.

jacob
Site Admin
Posts: 15859
Joined: Fri Jun 28, 2013 8:38 pm
Location: USA, Zone 5b, Koppen Dfa, Elev. 620ft, Walkscore 77
Contact:

Re: Bitcoin on the rise

Post by jacob »


bostonimproper
Posts: 579
Joined: Sun Jul 01, 2018 11:45 am

Re: Bitcoin on the rise

Post by bostonimproper »

Don’t remind me. My taxes this year are totally borked. :cry:

User avatar
Ego
Posts: 6352
Joined: Wed Nov 23, 2011 12:42 am

Re: Bitcoin on the rise

Post by Ego »

Yeah, they've had the crypto question for a few years now. Buy and hold has never been a problem. Staking rewards on the other hand. This is one of the advantages of doing things on an exchange. They send you a 1099-B.

It is only a matter of time before someone sells automated AI chain analysis software to the IRS that takes a cut of all back taxes collected. The amounts involved are too large to just let it pass. Pay now or pay + fine later.

WFJ
Posts: 416
Joined: Sat Apr 24, 2021 11:32 am

Re: Bitcoin on the rise

Post by WFJ »

Mining income will also be taxed soon.

Humanofearth
Posts: 188
Joined: Sun Mar 28, 2021 3:32 am

Re: Bitcoin on the rise

Post by Humanofearth »

Renouncing is worth it for the yankees here if you don’t live in the US.

WFJ
Posts: 416
Joined: Sat Apr 24, 2021 11:32 am

Re: Bitcoin on the rise

Post by WFJ »

How's that inflation hedge working out?

User avatar
Chris
Posts: 773
Joined: Thu Jul 22, 2010 2:44 pm

Re: Bitcoin on the rise

Post by Chris »

As usual, it depends on your starting point.

1 Mo, BTC-USD is -25%
6 Mo, +12.3%
12 Mo, +10%

WFJ
Posts: 416
Joined: Sat Apr 24, 2021 11:32 am

Re: Bitcoin on the rise

Post by WFJ »

How about three years? And adjust for volatility over that time.

Post Reply