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Official Bitcoin, Ethereum, and other Alt coin crypto thread

Captain Call said:
Stuff? What "stuff"?

Is there anything tangible about this crap?

I guess I just don't "get" it.


BTW, I was offered to buy bitcoin at $100 a piece but I just couldn't wrap my head around it. Sure, it could have made me some or a lot of money but I didn't bite :homer:
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Other cryptos? What do you mean tangible? It’s as tangible as a dollar.

Yea, $100 would be badass. I tried to buy 3 BTC when it was $3,000. I was too stupid to figure out how to do the computer stuff. I wish I had tried harder. Now I’m in for close to 50K and I don’t have 3.

There’s people that say it will be a million in 5 years. Those same people said it would be 100K by the end of this year. We will see. I think everyone should buy a little. Just in case. I’m talking BTC. None of the other shit interests me.
 
WaterH said:
I don’t follow this. If I buy something with bit coin, how is that super accountable?
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If you have older BTC then you can easily Peer2Peer pay with it and probably get away with it. But if your BTC is on an exchange or you are using your phone odds are high that if they choose to look you will be held to the taxes for it. If Biden gets back in I for see a lot of random IRS audits to pro Crypto people and then they will be able to track 90+% of your crypto transactions.

I look at crypto like the stock market. I am investing money in a speculative manner and if zi make money I will pay my taxes. I also will sell my crypto based on that as well. I honestly probably wont sell any btc at all and only sell alt coins.
 
Thefishguy77 said:
If you have older BTC then you can easily Peer2Peer pay with it and probably get away with it. But if your BTC is on an exchange or you are using your phone odds are high that if they choose to look you will be held to the taxes for it. If Biden gets back in I for see a lot of random IRS audits to pro Crypto people and then they will be able to track 90+% of your crypto transactions.

I look at crypto like the stock market. I am investing money in a speculative manner and if zi make money I will pay my taxes. I also will sell my crypto based on that as well. I honestly probably wont sell any btc at all and only sell alt coins.
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I understand if you trade crypto like the stock market. And that’s fine. BTC is supposed to be currency and that’s what I want. I would love to just hold dollars, but the government keeps devaluing it. BTC should just hold value and it will once it gets all sorted out. But until than, it will probably increase considerably.

As far as your first paragraph, why would you keep BTC on an exchange? Did you not see what Canada did during the truckers protest? They can do the same with a bank account. I’m not a anti government person. I believe in working and paying taxes on my income and saving money. But I dont believe the government should tax people on their mis-handling of the dollar. Let’s face it, your not making money because the value of the dollar goes down. I also don’t believe in the government deciding who I can donate my money to. I’m a patriot, but if a time comes that need to leave this country because it has fallen to the Communist, I want to take as much of my wealth with me as I can. Carrying gold is tough.
 
WaterH said:
I understand if you trade crypto like the stock market. And that’s fine. BTC is supposed to be currency and that’s what I want. I would love to just hold dollars, but the government keeps devaluing it. BTC should just hold value and it will once it gets all sorted out. But until than, it will probably increase considerably.

As far as your first paragraph, why would you keep BTC on an exchange? Did you not see what Canada did during the truckers protest? They can do the same with a bank account. I’m not a anti government person. I believe in working and paying taxes on my income and saving money. But I dont believe the government should tax people on their mis-handling of the dollar. Let’s face it, your not making money because the value of the dollar goes down. I also don’t believe in the government deciding who I can donate my money to. I’m a patriot, but if a time comes that need to leave this country because it has fallen to the Communist, I want to take as much of my wealth with me as I can. Carrying gold is tough.
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I couldn't agree with you more but if it becomes time to leave the country because of communism I wonder if there would be anywhere left to go.
 
WaterH said:
I understand if you trade crypto like the stock market. And that’s fine. BTC is supposed to be currency and that’s what I want. I would love to just hold dollars, but the government keeps devaluing it. BTC should just hold value and it will once it gets all sorted out. But until than, it will probably increase considerably.

As far as your first paragraph, why would you keep BTC on an exchange? Did you not see what Canada did during the truckers protest? They can do the same with a bank account. I’m not a anti government person. I believe in working and paying taxes on my income and saving money. But I dont believe the government should tax people on their mis-handling of the dollar. Let’s face it, your not making money because the value of the dollar goes down. I also don’t believe in the government deciding who I can donate my money to. I’m a patriot, but if a time comes that need to leave this country because it has fallen to the Communist, I want to take as much of my wealth with me as I can. Carrying gold is tough.
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Ok crypto can be a currency and probably will eventually be. Several countries have adopted it as a alternate form of currency as well. But Bitcoin itself, I personally feel, is a poor choice for a currency. I feel it is better looked at as a store of wealth vs currency.

As to leaving the country from communism or whatever crypto is easier than Metal especially if your going through any sort of public mass transit TSA looking. Currently the Government frowns upon using anything but the dollar for legal tender in Merica.

Keeping it on an exchange wasn’t what I meant. 90%+ of BTC bought today is bought through exchanges, then transferred to hot or cold wallets. If you bought it on an exchange it can be tracked down if they want to, period, even on defi. Defi would just take them a few minutes longer. Our government cant find an airplane at an airport until it’s important to them. Then within minutes they will have every single one of them IDENTIFIED and who the last 10 captains that shit in the forward lavatories if that’s what they are looking for. Dont kid yourself thinking you can hide BTC purchases from the gov if they want to investigate you for it.
 
Thefishguy77 said:
Keeping it on an exchange wasn’t what I meant. 90%+ of BTC bought today is bought through exchanges, then transferred to hot or cold wallets. If you bought it on an exchange it can be tracked down if they want to, period, even on defi.
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I buy BTC and transfer it to a wallet. At that point, it could be assumed to be mine, but not proven because there is no name associated with it. If I give access to that wallet to my brother, how would they know that and who actually owns it then? If I transfer half of it out to another wallet, who owns that? If I buy a tractor from 2BB and transfer some to his wallet, how do they know that? Even if they could figure that out, where did I make money from that? The more it gets transferred around, the murkier it gets.
 
WaterH said:
I buy BTC and transfer it to a wallet. At that point, it could be assumed to be mine, but not proven because there is no name associated with it. If I give access to that wallet to my brother, how would they know that and who actually owns it then? If I transfer half of it out to another wallet, who owns that? If I buy a tractor from 2BB and transfer some to his wallet, how do they know that? Even if they could figure that out, where did I make money from that? The more it gets transferred around, the murkier it gets.
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Where did you buy the BTC? What wallet is it. Is it hot or cold? Is it completely independent from your phone or computer? Assuming hot wallet because you need some form of access to the internet to transfer it usually it can be tracked. Did you buy or download your wallet? If bought what did you pay with? Each wallet has a unique serial type number. Are you 100% confident that information is hidden from the federal government? It isn’t destroyed and non recoverable that’s for sure.

You do you, but I think you are somewhat ignorant about how much of your information is digital and how much they actually have stored in metadata. They may not have it accessible at this moment but they can find far more than you probably realize?
 
Thefishguy77 said:
Where did you buy the BTC? What wallet is it. Is it hot or cold? Is it completely independent from your phone or computer? Assuming hot wallet because you need some form of access to the internet to transfer it usually it can be tracked. Did you buy or download your wallet? If bought what did you pay with? Each wallet has a unique serial type number. Are you 100% confident that information is hidden from the federal government? It isn’t destroyed and non recoverable that’s for sure.

You do you, but I think you are somewhat ignorant about how much of your information is digital and how much they actually have stored in metadata. They may not have it accessible at this moment but they can find far more than you probably realize?
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I have bought crypto with cash and had the person send it to my wallet
 
Thefishguy77 said:
Where did you buy the BTC? What wallet is it. Is it hot or cold? Is it completely independent from your phone or computer? Assuming hot wallet because you need some form of access to the internet to transfer it usually it can be tracked. Did you buy or download your wallet? If bought what did you pay with? Each wallet has a unique serial type number. Are you 100% confident that information is hidden from the federal government? It isn’t destroyed and non recoverable that’s for sure.

You do you, but I think you are somewhat ignorant about how much of your information is digital and how much they actually have stored in metadata. They may not have it accessible at this moment but they can find far more than you probably realize?
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I understand that the powers of the government are fantastic if they want to go to great lengths. I suppose they can read serial numbers on dollar bills and track them. But there is a limit to the “return” on that kind of investigation. If your a billionaire, you get audited every year. If your a multi millionaire, you get audited lots of years. If your worth a million, you might get audited now and then. The reason? It cost money to investigate for not much return.

Coming back to the wallet, if there is no name on it, who owns it? If I give my brother access, who owns it? I often explain wallets to people like this. A wallet is like a PVC tube full of cash buried in state game lands. Once it’s buried, who owns it? The state that it’s buried in? I guess you could say that, but they don’t know where it is. Do I own it because I know? Maybe, but what if I give the location to my brother? It’s still there, so does ownership change?

Thefishguy77 said:
Ok crypto can be a currency and probably will eventually be. Several countries have adopted it as a alternate form of currency as well. But Bitcoin itself, I personally feel, is a poor choice for a currency. I feel it is better looked at as a store of wealth vs currency.
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This statement has me curious. To me, currency is supposed to be a “store of wealth”. They should be one and the same. Currency should not fluctuate in value. Commodity's may fluctuate, but the currency should basically stay fixed. I’ve often heard the story you could buy a quality custom tailored suit for a 20 dollar gold piece in 1900. You can buy one today for that same 20 dollar gold piece. So if my great grandfather decided not to buy a suit in 1900 and gave me his gold piece and I buy a suit, was there any money made?

Let me close by saying, if my 50K turns into a million next year and I sell it back to an exchange, I’m sure I will be paying taxes. But if I buy a tractor from 2BB, it will be the same as if I pay cash.
 
WaterH said:
I understand that the powers of the government are fantastic if they want to go to great lengths. I suppose they can read serial numbers on dollar bills and track them. But there is a limit to the “return” on that kind of investigation. If your a billionaire, you get audited every year. If your a multi millionaire, you get audited lots of years. If your worth a million, you might get audited now and then. The reason? It cost money to investigate for not much return.

Coming back to the wallet, if there is no name on it, who owns it? If I give my brother access, who owns it? I often explain wallets to people like this. A wallet is like a PVC tube full of cash buried in state game lands. Once it’s buried, who owns it? The state that it’s buried in? I guess you could say that, but they don’t know where it is. Do I own it because I know? Maybe, but what if I give the location to my brother? It’s still there, so does ownership change?


This statement has me curious. To me, currency is supposed to be a “store of wealth”. They should be one and the same. Currency should not fluctuate in value. Commodity's may fluctuate, but the currency should basically stay fixed. I’ve often heard the story you could buy a quality custom tailored suit for a 20 dollar gold piece in 1900. You can buy one today for that same 20 dollar gold piece. So if my great grandfather decided not to buy a suit in 1900 and gave me his gold piece and I buy a suit, was there any money made?

Let me close by saying, if my 50K turns into a million next year and I sell it back to an exchange, I’m sure I will be paying taxes. But if I buy a tractor from 2BB, it will be the same as if I pay cash.
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Yes and no and we will probably disagree. You were taking full commie shit when I responded. I have talked to people that grew up under the soviet block. Full commie shit means they investigate anyone they want to fully including interviews with everyone that knows them. Someone wants to get better with “the state” and they know you have crypto. Families soy on themselves.

As to currency store of wealth. Yes you can buy something with a sotre of wealth but not all currencies are stores of wealth and not all sotres of wealth make good currencies. Typically a currency, IMO, would be backed by a store of wealth. The dollar originally pegged to gold. Say usdc gets tied to BTC. Usdc would be the currency bitcoin would be what usdc value is backed by. Shure you could buy and sell with BTC but a stable coun is better fot an actual currency. If you want to buy your tractor at the bottom of the bear market then you are paying 50-70 more of BTC than you would at the top of the bull market. But if you have 500,000 worth of BTC and you have a stable coin pegged to it then it would be easier to have a consistent value. IMO and my opinion is worth jack shit.

Eta if I paid 2BB 1 BTC a year ago for a tractor by today’s value I paid him 60,000 for that tractor vs 17,000. Vs if I paid him 17,000 in usdc then I still paid him 17,000 in usdc
 
2big bronco said:
I have bought crypto with cash and had the person send it to my wallet
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Remember with all the new regulations coming out in Europe, Canada and other countries they are trying to do away with most DEFI ecosystems and exchanges. People will flock to it as well so you will find leas and leas people sending crypto from unregistered shit. More and more will be from CEX. Aka trackable
 
Thefishguy77 said:
Yes and no and we will probably disagree. You were taking full commie shit when I responded. I have talked to people that grew up under the soviet block. Full commie shit means they investigate anyone they want to fully including interviews with everyone that knows them. Someone wants to get better with “the state” and they know you have crypto. Families soy on themselves.

As to currency store of wealth. Yes you can buy something with a sotre of wealth but not all currencies are stores of wealth and not all sotres of wealth make good currencies. Typically a currency, IMO, would be backed by a store of wealth. The dollar originally pegged to gold. Say usdc gets tied to BTC. Usdc would be the currency bitcoin would be what usdc value is backed by. Shure you could buy and sell with BTC but a stable coun is better fot an actual currency. If you want to buy your tractor at the bottom of the bear market then you are paying 50-70 more of BTC than you would at the top of the bull market. But if you have 500,000 worth of BTC and you have a stable coin pegged to it then it would be easier to have a consistent value. IMO and my opinion is worth jack shit.

Eta if I paid 2BB 1 BTC a year ago for a tractor by today’s value I paid him 60,000 for that tractor vs 17,000. Vs if I paid him 17,000 in usdc then I still paid him 17,000 in usdc
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I won’t claim to completely understand what you are saying here. (I would like to) I believe you are saying BTC is too volatile to be a store of wealth. I agree it is volatile right now. The reason is it’s not fully adopted and there is lots of speculation about it. I think the US dollar (and all other fiat) is also volatile. The difference is they are only going down. Once BTC is fully excepted, I believe it will be more stable than anything else. In theory, it should slowly go up. Much better than slowly going down like fiat.

I totally don’t get why a crypto pegged to BTC would be better to use. Not saying it isn’t, just don’t understand. A dollar pegged to gold makes sense because you can’t carry gold everywhere. But BTC is just as easy to carry as any other crypto. I might be missing something here.

As far as buying a tractor, you are always risking something going up or down when you buy it. It doesn’t matter what you could do today. You bought it last year. Wouldn’t the coin pegged to BTC be worth 60,000 today?
 
WaterH said:
I won’t claim to completely understand what you are saying here. (I would like to) I believe you are saying BTC is too volatile to be a store of wealth. I agree it is volatile right now. The reason is it’s not fully adopted and there is lots of speculation about it. I think the US dollar (and all other fiat) is also volatile. The difference is they are only going down. Once BTC is fully excepted, I believe it will be more stable than anything else. In theory, it should slowly go up. Much better than slowly going down like fiat.

I totally don’t get why a crypto pegged to BTC would be better to use. Not saying it isn’t, just don’t understand. A dollar pegged to gold makes sense because you can’t carry gold everywhere. But BTC is just as easy to carry as any other crypto. I might be missing something here.

As far as buying a tractor, you are always risking something going up or down when you buy it. It doesn’t matter what you could do today. You bought it last year. Wouldn’t the coin pegged to BTC be worth 60,000 today?
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BTC is to volatile to be a currency but is an okay store of wealth

As to the coin being volatile pegged to BTC. In theory you buy low and sell high. When you sell high you sell into a stable coin, USDC for example. 1 USDC is the modern equivalent to 1 USD. So when I sell my alt coins mid to late 2025 I will sell most into something like USDC or USDT. Wait for the market to retrace and then begin investing what I dont pay myself back into projects. The money, USDC, I decide to pay myself is then what I would purchase the tractor with.

Selling BTC at the high is getting more and more risky. There is a supply shock coming and the retrace will probably not be as great as it was the previous cycles and there will be less and less of it available so the price will be higher. The ETFs, BlackRock, Vanguard and the rest are buying BTC by the million dollar bundles and they use bots to do it so the buys are made at the most opportune times at prices retail, us, will struggle to get. There will only ever be 21 million BTC and it will truly turn into a store of wealth vs a currency IMO.

Do you kinda understand what I am saying. I am not good at explaining it so I apologize.
 
WaterH said:
I would love to just hold dollars, but the government keeps devaluing it.

As far as your first paragraph, why would you keep BTC on an exchange? Did you not see what Canada did during the truckers protest?
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How do you even own this then? The.gov can devalue your money and even manipulate it so you can't use it. Do you guys actually hear yourself?
 
Halffastford said:
How do you even own this then? The.gov can devalue your money and even manipulate it so you can't use it. Do you guys actually hear yourself?
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conventional banking is centralized 100% in every way shape and form

some/most cryptos are still decentralized
some of them are tracked, but others are not
if you choose to use an exchange that will fuck you for uncle sam, that's on you
 
Halffastford said:
How do you even own this then? The.gov can devalue your money and even manipulate it so you can't use it. Do you guys actually hear yourself?
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Yea, you need to understand the difference between keeping BTC on an exchange vs a wallet. A wallet on an exchange is not a wallet. (It’s an account) Look at it this way. BTC on an exchange is like money in a bank. The government can freeze and take your money anytime. BTC in a wallet is like cash buried in the ground. The only difference is the government can (and does) devalue the cash. The only way the government could devalue BTC is to hack it. The experts claim it is safer from hacking than the nuclear codes.
 
Thefishguy77 said:
There will only ever be 21 million BTC and it will truly turn into a store of wealth vs a currency IMO.
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You understand that it was designed to be a currency. Those 21 million can be divided by one million each. That’s so everybody can own some and it can be freely traded. It will be a store of wealth because that’s what any currency should be. The reason other currency’s aren’t is because governments can’t be trusted. Will BTC fail? Maybe. History shows us that all fiat currency’s fail eventually. But we have no history on a decentralized currency. (Unless you consider gold which hasn’t failed)
 
WaterH said:
You understand that it was designed to be a currency. Those 21 million can be divided by one million each. That’s so everybody can own some and it can be freely traded. It will be a store of wealth because that’s what any currency should be. The reason other currency’s aren’t is because governments can’t be trusted. Will BTC fail? Maybe. History shows us that all fiat currency’s fail eventually. But we have no history on a decentralized currency. (Unless you consider gold which hasn’t failed)
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Ok so out of the 21 million BTC ignoring or pretending that there aren’t thousands or more lost couns that people got and lost track of when it started lets look at the numbers. If we just use the population of America as potential holders we are at 0.06 BTC per person. It is exponentially smaller when you include europe and asia. Now look at how much the big players hold already. Blackrock, vanguard, the American government, China, Russia even many smaller countries have Billions into BTC. Wjth Mining rewards getting halved every 4 years roughly the mining activity will slow down dramatically meaning it will take a lot more time to get to the 21 million block and finished. So owning Btc will be like owning real estate. You will have a store of wealth but most of your money in that asset will be for long terms storage and steady accumulation. Point being is there will probably be less than 0.001 BTC available to just the western world people in 30-50 years. Thats the reason I am not selling BTC but using profits from other coins to invest more money into BTC. I have buy orders set to DCA in when it drops. Had an order pick up this morning actually, small but pick up. Also have orders i. The 50k range and down. I am not trying to buy the bottom or top with those but just to accumulate it at prices I believe will put me in a good spot in 10-12 years. I will also buy what I can at or near the bottom of the bear market but am not looking at that as the only time to buy.

Of course there will be some people that always sell at the top or near the top of the cycle but when and I say when not if supplies shock hit they will find it harder and harder to buy back low. You need liquidity in the market to buy or sell. And the availability of BTC shrinks the liquidity will shrink with it.

All currencies fail and 80-120 years is a ling run at being the world currency if 4000 years of history tells us anything. Fyi BTCs last coin will be mined when it is close to 80 years old…

You do you. I dont give financial advice.
 
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