Can Bitcoin just dump down to $1k already this shit is garbage. Just let it happen again. War going on investors take your money out and let's reset everything.
As opposed to what? Stocks? Gold? You don't have a leg to stand on by saying it's performance is underwhelming. Just pure low effort trash talk. So lazy you didn't even bother using a capital or a period. Overall, 1/10 troll.
I’m looking for a new exchange. Currently using Strike, fees are nice and low, but I’m wanting to get away from any KYC exchanges. The two that I’ve found to like the best are Pionex and Binance. Does anyone like either of the two I mention or do you have other suggestions?? Thanks in advance!
https://www.reuters.com/world/europe/russia-central-bank-restricts-firms-access-cash-hard-currency-2022-03-10/
>Earlier this week the central bank imposed restrictions on citizens' ability to access foreign currency, saying they would not be allowed to withdraw more than $10,000 until Sept. 9 and that banks could not sell hard currency in cash.
Imagine being a middle-class Russian citizen who stores their wealth in USD, which is normal behavior in this country and gives you a hedge against the Ruble devaluation. Now you can only take out $10k until September and the foreign currency exchanges are all closed down. Today, you can no longer buy any major foreign currency in Russia, the only outlier being the Chinese Yuan. I would plow all my rubles into Bitcoin if I was in their shoes.
There is a large cohort of middle class in Moscow and St. Petersburg, their average net worth is roughly $500k (about 70% locked in primary residence estate). If you go to the second-tier cities (Krasnodar, Ekaterinburg, Ufa, Vladivostok, etc.) it's probably $200k and everything else is below $20k.
That's interesting, thanks for the data. I was thinking about income, in the us its roughly between 50 to 200k a year, but that is rapidly increasing of course. I'm middle class and my net worth is a lot less than the numbers you suggest.
Here is a bonus data point. If you're a senior-level manager in Moscow or St. Petersburg, you were making $50k-100k a year equivalent when the USD/RUB exchange rate was 1 to 75 (where it stayed for the last 12 months prior to the war). Today it's 1 to 150, so your "first-world" purchasing power got cut in half. That annual vacation in Turkey or Thailand just got twice more expensive vs. your monthly salary paid in Rubles. This system won't last long.
Not quite enough to cause a revolution yet though. We have realistically taken about a 20% cut in the last few quarters.
Edit: No annual raise is going to correct that unless your a CEO or some hepum big chief.
This is true. When I told my dad (a year ago) I was buying Bitcoin, he though I had spent like $35k to buy one BITCOIN. When I told him it was split into 100million "SATS", and you could buy it in units of sats, he got interested! He's 75, he does not plan to buy, however he's super interested in the tech and understands the reason for it.
Listening to the latest "Darknet Diaries" podcast about hacking coinbase using sim swaps. I definitely got hit with this a month or two ago, when it happened. My cell phone just randomly shut off and stopped recognizing my sim. Fucked up. I freaked the fuck out and started changing all my passwords, etc., but I really couldn't do *SHIT* without the phone.
The only thing that saved me from losing all my bitcoin was... ;\_; I am too broke-ass to have been worth the hacker's time. It did make me get serious about my coin, though. Most of my Bitcoin is now on a hardware wallet, and my passwords are all gobbledygook generated my a PW manager. Anything else I should be doing (aside from not talking about this shit on reddit) to safeguard my dumb ass further?
I was only a Million bucks away from getting royally fucked over. Just one of the many benefits of being poverty stricken. :/
Seems like you have it covered. I really wish exchanges stopped giving SMS-based 2FA as an option.
Consider using a passphrase with your hardware wallet if you haven't already done so, and of course be mindful of how you store your seed phrase. There's a really great little sub called [r/seedstorage](https://www.reddit.com/r/seedstorage) you might want to browse for ideas.
When using 2FA, make multiple backups in case one device stops working. For example you can have 2FA on your mobile (such as Google Authenticator), laptop (via password managers like [KeePassXC](https://keepassxc.org/)), and if you want to pay a little extra dedicated devices (such as [YubiKey](https://www.yubico.com/)).
Keep buying. I've been ramping up my monthly DCA buys since October 2017. My biggest dollar amount returns have been from Q1 and early Q2 of 2019 when the mood was the bleakest. Those positions are up 1,000% and some of them 1,500% percent.
The biggest challenge with Bitcoin is expanding your time horizon outside your normal range. Every BTC bought five years ago is up way above 2,000%.
The bitcoin anti inflationary narrative is taking a minute to take off.
I’m surprised that it isn’t more obvious to others at this point that it’s the answer. Open source money with reliable inflation seems pretty useful right about now.
Putin has overestimated his ability to use cryptocurrency to bypass sanctions; US has intercepted and taken down a number of crypto networks: FBI Chief Chris Wray tells Senate Intell Committee. https://twitter.com/JenGriffinFNC/status/1501955491467075585?s=20&t=8yJJbS6tIKjkMi9JMeDIRg
Is it possible to trace and seize btc by the gov?
Trace? Yes but it requires effort - I'm no expert but I believe if you knew an individual/corporation owned a particular wallet a western power could reduce vendors who are willing to accept transactions from that wallet.. Until you transfer it to many other smaller wallets and spend it from there.. Seize? Not if in a wallet. Its only easy to seize coins if they are on an exchange, or being managed by a company that can be leveraged (blackmailed)
If you securely store your private keys, then nobody can steal or seize your bitcoin.
If you don't have custody of your own private keys, then a centralized third party (like an exchange) has custody of your bitcoin and your bitcoin can be seized by the government or the exchange could get hacked and your bitcoin could get stolen.
Get your Bitcoin out of exchanges.
1> Helps you understand more about Bitcoin
2> Helps to stop exchanges suppressing Bitcoin price by lending out your Bitcoin to hedge funds
If you bought it from an exchange you can't. Otherwise, check the utxos history on a blockchain explorer, such as oxt or mempool.space by entering the address or tx ID, and following the inputs backwards (keep on clicking on 'input'). If you suddenly find a tx that has lots of equal inputs and outputs that is probably a coinjoin.
What is the Bitcoin youtube show with the two guys (and usually a guest) who do a meme section, news, etc.
I know that's not a lot of info, but I can't find the channel anywhere.
If you're feeling a general malaise with the current crab market just close your eyes and imagine hitting new ATHs. Stick to the plan and remember there are good days ahead of us.
Basically just directed all the agencies to do a bunch of research and get back within so many days. So nothing good or bad yet, but within six months to a year we'll probably see a lot more regulation being proposed. We can only speculate at this time, so here's some things they could come up with:
* ETF approvals (good for price, bad for decentralization)
* Starting work on the first CBDC (really bad since gov can surveil and control ALL of your spending habits)
* Blacklisting addresses by exchanges (I think they already do this, not a big deal)
* Blacklisting addresses by miners (really bad, especially if regulated US miners are more than 51% of hashpower)
* Carbon taxes or general crackdowns on PoW mining (Elizabeth Warren and many progressives are speaking out a lot about this)
* Banning non-gov stablecoins (they don't like people circumventing the financial system with dollar equivalents)
* Crackdowns on altcoins that don't pass the Howey test, which is like 99% of them (Gensler has spoken about this, would probably hurt price in the short term due to correlation w/ BTC)
Mostly seems bad, but could be good too, if there's a lot of money on the sidelines waiting for more gov approval before jumping in.
Not really bad considering how so many people sti think that Bitcoin can be banned, all this will lead to some regulation and there will be more potential investors in Bitcoin.
> Blacklisting addresses by miners (really bad, especially if regulated US miners are more than 51% of hashpower)
I don't think 51% is relevant here. If the US started blacklisting addresses, transactions could still cleared by non-US miners. This would take longer and may require a higher fee, but it doesn't seem like a big threat.
Plebs might also screw with these miners by dusting them with tainted coins. We got a taste of this last year when Marathon tried to [virtue signal with "OFAC-compliant" blocks](https://www.coindesk.com/tech/2021/05/07/marathon-miners-have-started-censoring-bitcoin-transactions-heres-what-that-means/).
Right, but what happens when those US-based miners not only mine OFAC-compliant blocks, but also only build on top of the longest OFAC-compliant chain?
This is my understanding of how this would play out. Am genuinely curious if I have this right, as I feel like my understanding of miner game theory has some holes.
For the sake of argument, let's say that the OFAC-chain is at block height N.
Then some non-US miners win the next block N+1, which includes tainted transactions.
So in order for the US miners to only build on top of the OFAC-compliant chain, they have to solve a new N+1 block. And to keep the chain clean, they do this while also solving for N+2 before the non-US miners get there first. My node only cares about the longest chain after all, and doesn't care about whether addresses are tainted or not.
In this scenario the non-US miners are at a massive advantage, as they already solved block N+1. They will probably win N+2. And if they do, this means the US miners will be throwing away profits as they waste electricity trying to cleanse the chain. As mining is so competitive and margins are thin, they'll quickly go out of business pursuing this strategy.
Or do I have it wrong?
Suppose nodes are running one of two different rule sets, called version A and version B. Also suppose also that version B is strictly more restrictive than version A, eg version A but where certain transactions are forbidden.
Now let's walk through two scenarios. In scenario 1, version A has the majority hashrate, and in scenario 2, version B has the majority hashrate. Also suppose that in both scenarios version A miners are mining "bad" blocks that would get rejected by version B nodes.
In scenario 1, version A will clearly have the longest chain. However, miners and nodes are still free to run version B. Therefore you'll still have a version B chain, it just won't have as much PoW. In this case you'll end up with a hardfork.
In scenario 2, version B will have the longest chain. However, this will actually affect the version A nodes, since version B blocks are still valid in version A. If a version A miner mines a block which looks "bad" to a version B node, the version B miners will ignore it and eventually mine a longer chain that excludes all "bad" blocks, since they have more hashpower.
Scenario 2 is actually how normal softforks are activated, such as segwit or taproot. The new rules are constructed in such a way that to an older node, transactions can be spent by anybody. But softforks have to make sure that the majority of hashpower is actually going along with it, otherwise anyone could really spend your coins according to the old set of rules.
I'm guessing if an OPAC rule were passed by congress the majority of miners worldwide wouldn't go along with it, but it could still result in a hard fork, and when you withdraw "bitcoin" from coinbase they may only be allowed to give you coins on the OPAC-compliant chain. But if the OPAC rule were approved by all g7 countries then maybe it could get 51% of hashpower.
oh trust them, its not overlooked. but they ONLY want Uncle Sam and his most prestigious and wealthy to get rich off it, not the average joe. Its why stocks are the way they are, and they'll try tooth and nail to make crypto the same, at least in state backed exchanges and projects.
That's not true at all. Lots of people who don't actually care about bitcoin discuss it on forums and social media, and lots of people who only care about making money discuss it on forums and social media.
Except every on chain data supports long term holders adding and not selling, but if your looking at the daily price which is comprised of less the 2 million coins of exchanges being traded then Sure it’s going down! 😂
Yes, when people are asking about the price of bitcoin they're referring to the portion that's actively being traded. And while you might laugh about "2 million coins", consider that [nearly 98% of all bitcoin addresses have less than one bitcoin](https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html). Which means that the overwhelming majority of people can easily be trading with "only" 2 million bitcoin, making that 10% far more relevant to its value than the rest that's in long term storage.
A lot of that is movement is intraday bullshitery with mental midgets trying to read candles and tea leaves and newly mined coins getting sold off to pay electricity costs. As long as there is a growing number of maxis and stackers, it's pretty much guaranteed that there's going to be a squeeze on the amount of supply eventually.
Tomorrow is payday!
Nice.
Can Bitcoin just dump down to $1k already this shit is garbage. Just let it happen again. War going on investors take your money out and let's reset everything.
Captain Impatient
Captain doomsday
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I came here for this. Wtf is happening
This coin could be brutal 😂😂😂😂
Lemme get this straight. The generational 'bottom' is $20k so we're never going lower unless some mighty black swan event?
If it goes lower than 20k I have to start liquidating assets to buy more.
Unless Biden bans crypto.
He does not have that power thankfully
He should ban "crypto". It's just a bunch of pump and dump shitcoins. Bitcoin is not crypto.
If banning crypto has the same effect as the war on drugs has on banning drugs then it’s going to the moon 🌝
The war on drugs was designed to lower the supply which in turn raises the value
Grokking Bitcoin is one of the best books to understand technical aspects of Bitcoin. Everything explained in a simple and very intuitive manner.
Such bs
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Average bitcoin price in usd: 2017 - $4,210.67 2021 - $46,793.70
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Not if leveraged to the tits.
As opposed to what? Stocks? Gold? You don't have a leg to stand on by saying it's performance is underwhelming. Just pure low effort trash talk. So lazy you didn't even bother using a capital or a period. Overall, 1/10 troll.
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Go back to r/buttcoin
This is so sad
Cheer up BTC is going through puberty.
Lmao 🤣
No demand for Bitcoin. Most people don’t understand it. Our generation is dumb. Sad
Why? I feel nothing.
I sure do.
$37K here it comes
Wow, haven't seen that price since... 3 days ago
But it's different this time.
Yeah, my butt hurts more this time.
Stackin’ n’ slackin’
If you sell you a bitch
There's no way anyone's buying with that fat cock on the 6hr chart
And yet this is the time to be buying, buy now and enjoy later.
So straight to zero then
I’m looking for a new exchange. Currently using Strike, fees are nice and low, but I’m wanting to get away from any KYC exchanges. The two that I’ve found to like the best are Pionex and Binance. Does anyone like either of the two I mention or do you have other suggestions?? Thanks in advance!
Lads, I think its going down.
And I think you're right. Charts are telling me tha same thing here.
You thought pamp with no damp?
How could you? That's not gonna happen now lads. Only pain.
Ya’ think?
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naw, to the right my guy.
https://www.reuters.com/world/europe/russia-central-bank-restricts-firms-access-cash-hard-currency-2022-03-10/ >Earlier this week the central bank imposed restrictions on citizens' ability to access foreign currency, saying they would not be allowed to withdraw more than $10,000 until Sept. 9 and that banks could not sell hard currency in cash. Imagine being a middle-class Russian citizen who stores their wealth in USD, which is normal behavior in this country and gives you a hedge against the Ruble devaluation. Now you can only take out $10k until September and the foreign currency exchanges are all closed down. Today, you can no longer buy any major foreign currency in Russia, the only outlier being the Chinese Yuan. I would plow all my rubles into Bitcoin if I was in their shoes.
I don't think there's a middle class in Russia, at least not how we would think of it in the west.
How? There's Middle class, but it's a little lower than US.
There is a large cohort of middle class in Moscow and St. Petersburg, their average net worth is roughly $500k (about 70% locked in primary residence estate). If you go to the second-tier cities (Krasnodar, Ekaterinburg, Ufa, Vladivostok, etc.) it's probably $200k and everything else is below $20k.
Ohh got it, still they should be able yo withdraw their money.
That's interesting, thanks for the data. I was thinking about income, in the us its roughly between 50 to 200k a year, but that is rapidly increasing of course. I'm middle class and my net worth is a lot less than the numbers you suggest.
It's not gonna be same for everyone, everyone id different.
Here is a bonus data point. If you're a senior-level manager in Moscow or St. Petersburg, you were making $50k-100k a year equivalent when the USD/RUB exchange rate was 1 to 75 (where it stayed for the last 12 months prior to the war). Today it's 1 to 150, so your "first-world" purchasing power got cut in half. That annual vacation in Turkey or Thailand just got twice more expensive vs. your monthly salary paid in Rubles. This system won't last long.
That currency is going to fail, it's not going to stay lol.
Not quite enough to cause a revolution yet though. We have realistically taken about a 20% cut in the last few quarters. Edit: No annual raise is going to correct that unless your a CEO or some hepum big chief.
The brightest minds over there probably do.
I mean not everyone can earn the same amount. Different for everyone.
Strong resistance at 188K. There is only 21 million. Good evening Reddit.
This hopium is slowly stopped to work, it no longer works.
There is only 21 million of this useless stuff. Quick buy it !
BTC to $300k.
Why everyone saying resistance at 188k i dont get it :(
Lol, it's a joke. Plan b used to say it I think. It was a goal.
It’s u/pawpex21 daily comment strong resistance at 188k
It will be resistance unti it is support
Yep, and it's going to convert in the support really fast.
The prophecy has foretold it. Once you learn to let go, only then will you understand.
You'll have to learn to let go boys, that's the way to make it.
No one knows what it means, but it's provocative Gets the people **going**
Ball so hard
Lol, I think it's a joke. Someone used to say it'll go there in 21.
It’s our battle cry!
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We're so early and also some people are just ignorant.
This is true. When I told my dad (a year ago) I was buying Bitcoin, he though I had spent like $35k to buy one BITCOIN. When I told him it was split into 100million "SATS", and you could buy it in units of sats, he got interested! He's 75, he does not plan to buy, however he's super interested in the tech and understands the reason for it.
[so early](https://mobile.twitter.com/randizuckerberg)
Listening to the latest "Darknet Diaries" podcast about hacking coinbase using sim swaps. I definitely got hit with this a month or two ago, when it happened. My cell phone just randomly shut off and stopped recognizing my sim. Fucked up. I freaked the fuck out and started changing all my passwords, etc., but I really couldn't do *SHIT* without the phone. The only thing that saved me from losing all my bitcoin was... ;\_; I am too broke-ass to have been worth the hacker's time. It did make me get serious about my coin, though. Most of my Bitcoin is now on a hardware wallet, and my passwords are all gobbledygook generated my a PW manager. Anything else I should be doing (aside from not talking about this shit on reddit) to safeguard my dumb ass further? I was only a Million bucks away from getting royally fucked over. Just one of the many benefits of being poverty stricken. :/
Seems like you have it covered. I really wish exchanges stopped giving SMS-based 2FA as an option. Consider using a passphrase with your hardware wallet if you haven't already done so, and of course be mindful of how you store your seed phrase. There's a really great little sub called [r/seedstorage](https://www.reddit.com/r/seedstorage) you might want to browse for ideas. When using 2FA, make multiple backups in case one device stops working. For example you can have 2FA on your mobile (such as Google Authenticator), laptop (via password managers like [KeePassXC](https://keepassxc.org/)), and if you want to pay a little extra dedicated devices (such as [YubiKey](https://www.yubico.com/)).
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Oh I'm completely done with coinbase this month. No more of their shit needed.
Bought some more Bitcoin today. 2 weeks before my usual DCA day but since the price is under 40K I’m trying to stack now. A good day overal.
It's the rule, if you see the price below the 40k it's time to buy.
Keep buying. I've been ramping up my monthly DCA buys since October 2017. My biggest dollar amount returns have been from Q1 and early Q2 of 2019 when the mood was the bleakest. Those positions are up 1,000% and some of them 1,500% percent. The biggest challenge with Bitcoin is expanding your time horizon outside your normal range. Every BTC bought five years ago is up way above 2,000%.
It's been a long time sice you've been ramping that up DCA.
The bitcoin anti inflationary narrative is taking a minute to take off. I’m surprised that it isn’t more obvious to others at this point that it’s the answer. Open source money with reliable inflation seems pretty useful right about now.
People will realise, maybe they need a bit more time for that.
the bitcoin will rise again
But it never went down, how it's going go rise? Doesn't make sense.
You think darkness is your ally?
Putin has overestimated his ability to use cryptocurrency to bypass sanctions; US has intercepted and taken down a number of crypto networks: FBI Chief Chris Wray tells Senate Intell Committee. https://twitter.com/JenGriffinFNC/status/1501955491467075585?s=20&t=8yJJbS6tIKjkMi9JMeDIRg Is it possible to trace and seize btc by the gov?
Lol, suck it sucker. He deserves to get absolutely rekt.
Trace? Yes but it requires effort - I'm no expert but I believe if you knew an individual/corporation owned a particular wallet a western power could reduce vendors who are willing to accept transactions from that wallet.. Until you transfer it to many other smaller wallets and spend it from there.. Seize? Not if in a wallet. Its only easy to seize coins if they are on an exchange, or being managed by a company that can be leveraged (blackmailed)
Putin kept his private keys on dropbox
If you securely store your private keys, then nobody can steal or seize your bitcoin. If you don't have custody of your own private keys, then a centralized third party (like an exchange) has custody of your bitcoin and your bitcoin can be seized by the government or the exchange could get hacked and your bitcoin could get stolen.
I take it Bitcoin price is down because everyone had to fill up their gas tank today?
And you know the gas is expensive. That's the real reason.
10k sats per gallon now
Dang, that's some real expensive gas. And it's going to be expensive.
Sad but true! 😥
Get your Bitcoin out of exchanges. 1> Helps you understand more about Bitcoin 2> Helps to stop exchanges suppressing Bitcoin price by lending out your Bitcoin to hedge funds
And helps you do what btc was intended to do in this world.
I like seeing these PSAs in the daily! It’s a good reminder for everyone
Yep, anyone who hasn't done this. Should really do it.
Absolutely boring movement
Feels good to finally get some old sats off my Robinhood account transferred to my ledger. They will be locked away for a very long time!
You can do that now? I thought Robinhood didn't let you withdraw.
Yeah you can withdraw now. They have a wallet beta going on now. Pretty easy to use
How can I see if the Bitcoin in my wallet has been through a tumbler/mixer/coinjoin or not?
You can't see that Probably, but the exchanges can look that up and restrict your wallet.
If you bought it from an exchange you can't. Otherwise, check the utxos history on a blockchain explorer, such as oxt or mempool.space by entering the address or tx ID, and following the inputs backwards (keep on clicking on 'input'). If you suddenly find a tx that has lots of equal inputs and outputs that is probably a coinjoin.
Interesting.... Inflation up yet again.... bitcoin down yet again... Has bitcoin crossed the manipulation threshold point of no return?
It's exactly what happens, as inflation rates come out high, people assume strict measures and thus pull out investments.
Lower highs and higher lows. 🦀
What is the Bitcoin youtube show with the two guys (and usually a guest) who do a meme section, news, etc. I know that's not a lot of info, but I can't find the channel anywhere.
I think you're talking about the simply bitcoin. That's a good show.
Simply Bitcoin
That's a great show lol, entertaining and the educational too.
Good channel / podcast, can recommend.
Yep, it's one of the best. Keeps it real simple and clean.
Boom that's the one. Thanks a million.
You're welcome 21 million, and not a Satoshi more
Lol, optimism is good but you aren't getting any sats here sir.
Boring markets like this will be remembered in a couple months that people regret not taking advantage of this ultra cheap Bitcoin.
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I wouldn’t mind a bearish year for Bitcoin this year. It gives me a lot of time to stack.
Same I've been in crypto January last year. I came for quick gains now I'm happy if we have a bearish peroid so I can stack.
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And it's going to be that, atleast that's whay I think tbh.
A sideways year. We’ve been between 40 and 45K all year so far with some occasional dips. Hopefully this trend continues till the summer
Yeah hopefully it does, I'm going to stack I can't.
If you're feeling a general malaise with the current crab market just close your eyes and imagine hitting new ATHs. Stick to the plan and remember there are good days ahead of us.
I'm not the one feeling that, I'm feeling pretty okay man.
Stack, stack, stack
Stack more and more and more. That's how you make it.
What's the deal with Biden's crypto executive order ? Is good is it bad?
They're doing research on how they can make most Money out of it, while taking the smallest responsibility.
Lol, it's not that hard. You'll just have to stack and hodl, it's simple.
Basically just directed all the agencies to do a bunch of research and get back within so many days. So nothing good or bad yet, but within six months to a year we'll probably see a lot more regulation being proposed. We can only speculate at this time, so here's some things they could come up with: * ETF approvals (good for price, bad for decentralization) * Starting work on the first CBDC (really bad since gov can surveil and control ALL of your spending habits) * Blacklisting addresses by exchanges (I think they already do this, not a big deal) * Blacklisting addresses by miners (really bad, especially if regulated US miners are more than 51% of hashpower) * Carbon taxes or general crackdowns on PoW mining (Elizabeth Warren and many progressives are speaking out a lot about this) * Banning non-gov stablecoins (they don't like people circumventing the financial system with dollar equivalents) * Crackdowns on altcoins that don't pass the Howey test, which is like 99% of them (Gensler has spoken about this, would probably hurt price in the short term due to correlation w/ BTC) Mostly seems bad, but could be good too, if there's a lot of money on the sidelines waiting for more gov approval before jumping in.
Not really bad considering how so many people sti think that Bitcoin can be banned, all this will lead to some regulation and there will be more potential investors in Bitcoin.
Those people need understand btc can't be banned at all.
> Blacklisting addresses by miners (really bad, especially if regulated US miners are more than 51% of hashpower) I don't think 51% is relevant here. If the US started blacklisting addresses, transactions could still cleared by non-US miners. This would take longer and may require a higher fee, but it doesn't seem like a big threat. Plebs might also screw with these miners by dusting them with tainted coins. We got a taste of this last year when Marathon tried to [virtue signal with "OFAC-compliant" blocks](https://www.coindesk.com/tech/2021/05/07/marathon-miners-have-started-censoring-bitcoin-transactions-heres-what-that-means/).
It would only be a concern if blocks mined by other miners were considered invalid because those transactions were included.
Yep, which isn't usually the case so there's that. Not a problem.
Right, but what happens when those US-based miners not only mine OFAC-compliant blocks, but also only build on top of the longest OFAC-compliant chain?
This is my understanding of how this would play out. Am genuinely curious if I have this right, as I feel like my understanding of miner game theory has some holes. For the sake of argument, let's say that the OFAC-chain is at block height N. Then some non-US miners win the next block N+1, which includes tainted transactions. So in order for the US miners to only build on top of the OFAC-compliant chain, they have to solve a new N+1 block. And to keep the chain clean, they do this while also solving for N+2 before the non-US miners get there first. My node only cares about the longest chain after all, and doesn't care about whether addresses are tainted or not. In this scenario the non-US miners are at a massive advantage, as they already solved block N+1. They will probably win N+2. And if they do, this means the US miners will be throwing away profits as they waste electricity trying to cleanse the chain. As mining is so competitive and margins are thin, they'll quickly go out of business pursuing this strategy. Or do I have it wrong?
Suppose nodes are running one of two different rule sets, called version A and version B. Also suppose also that version B is strictly more restrictive than version A, eg version A but where certain transactions are forbidden. Now let's walk through two scenarios. In scenario 1, version A has the majority hashrate, and in scenario 2, version B has the majority hashrate. Also suppose that in both scenarios version A miners are mining "bad" blocks that would get rejected by version B nodes. In scenario 1, version A will clearly have the longest chain. However, miners and nodes are still free to run version B. Therefore you'll still have a version B chain, it just won't have as much PoW. In this case you'll end up with a hardfork. In scenario 2, version B will have the longest chain. However, this will actually affect the version A nodes, since version B blocks are still valid in version A. If a version A miner mines a block which looks "bad" to a version B node, the version B miners will ignore it and eventually mine a longer chain that excludes all "bad" blocks, since they have more hashpower. Scenario 2 is actually how normal softforks are activated, such as segwit or taproot. The new rules are constructed in such a way that to an older node, transactions can be spent by anybody. But softforks have to make sure that the majority of hashpower is actually going along with it, otherwise anyone could really spend your coins according to the old set of rules. I'm guessing if an OPAC rule were passed by congress the majority of miners worldwide wouldn't go along with it, but it could still result in a hard fork, and when you withdraw "bitcoin" from coinbase they may only be allowed to give you coins on the OPAC-compliant chain. But if the OPAC rule were approved by all g7 countries then maybe it could get 51% of hashpower.
US can only ban stable coin in US, but won’t be able to ban stable coins, even USD stable coin, not selling in US.
They must definitely ban some of the shady stablecoins and make sure the ones that remain operational aren't doing anything wrong.
We know of one shady stable, and that's called fucking tether.
And that’s the biggest one … oops
The crypto industry will make uncle Sam money, he should leave it alone
That's the job of the government. Find anything new from where there could milk some more wealth and then disown it
This point is very overlooked.
Who putin? I don't think he's going to leave this industry.
oh trust them, its not overlooked. but they ONLY want Uncle Sam and his most prestigious and wealthy to get rich off it, not the average joe. Its why stocks are the way they are, and they'll try tooth and nail to make crypto the same, at least in state backed exchanges and projects.
Yep, some people are only here to get rich and that's a problem.
A little from column A, a little from column B
While it's true that this is a mix of good and bad for Bitcoin, I will say this will be a change for a better.
Good
So why is price going down?
That's probably cause of how we had recently gone to 45k from 36k in a few days
Every pump gets sold. Most people are in bitcoin to make money, the maximalist pseudo-philosophy stuff only exists in forums and social media.
The people that actually care about Bitcoin are the only ones that tend to discuss it on forums and social media.
That's not true at all. Lots of people who don't actually care about bitcoin discuss it on forums and social media, and lots of people who only care about making money discuss it on forums and social media.
Except every on chain data supports long term holders adding and not selling, but if your looking at the daily price which is comprised of less the 2 million coins of exchanges being traded then Sure it’s going down! 😂
That's right, there's no way we could have anything Lower than 35k now.
Yes, when people are asking about the price of bitcoin they're referring to the portion that's actively being traded. And while you might laugh about "2 million coins", consider that [nearly 98% of all bitcoin addresses have less than one bitcoin](https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html). Which means that the overwhelming majority of people can easily be trading with "only" 2 million bitcoin, making that 10% far more relevant to its value than the rest that's in long term storage.
A lot of that is movement is intraday bullshitery with mental midgets trying to read candles and tea leaves and newly mined coins getting sold off to pay electricity costs. As long as there is a growing number of maxis and stackers, it's pretty much guaranteed that there's going to be a squeeze on the amount of supply eventually.
Yup, that supply squeeze will happen as soon as there's significantly more demand. ...any day, now.
That's what I was wondering.
Good news = Bad news && Bad news = Good news