(Topic ID: 287467)

Cryptocurrency, Bitcoin, and Decentralized Finance (DeFi)

By Isochronic_Frost

1 year ago


Topic Heartbeat

Topic Stats

  • 6,955 posts
  • 210 Pinsiders participating
  • Latest reply 1 day ago by littlecammi
  • Topic is favorited by 129 Pinsiders

You

Topic Gallery

View topic image gallery

pasted_image (resized).png
Screenshot_20220701-143010_Twitter (resized).jpg
C1607BAC-0955-423F-AB6B-A88034A2290F (resized).jpeg
Screenshot_20220630-142555_Twitter (resized).jpg
pasted_image (resized).png
B2EC4137-F127-41CD-B742-6E3E41324447 (resized).png
Screenshot_20220629-084218_Twitter (resized).jpg
Screenshot_20220627-132417_Twitter (resized).jpg
A3751C4B-B8B5-4FB8-B9F1-C694372F63A1 (resized).png
pasted_image (resized).png
1465196115b68cace9d3960e2bbe9bae665bdf0f (resized).jpg
12C22AC0-798E-425A-AC24-7EFB0534DDDE (resized).png
D0A2D2BC-39A5-47C6-A106-9C229DA6E613 (resized).jpeg
BBFCB4C5-C1AE-41E5-8EE7-49A1FCEED6F3 (resized).png
8F7674C4-53F7-42B5-802D-9FF5D535C3C3.gif
Screenshot_20220618-131447_Chrome (resized).jpg

Topic index (key posts)

3 key posts have been marked in this topic (Show topic index)

There are 6,955 posts in this topic. You are on page 61 of 140.
#3001 11 months ago

They both support the better amendment

#3002 11 months ago

There’s three versions of the amendment.

Imo,
Two are terrible and one of those is terrible ones is supported by the White House. I hope it torpedo’s the entire bill to be honest, but it’s infuriating to see last minute additions to bills that don’t relate to the bill.
The amendments are pretty bad for most crypto, maybe not Doge ironically.

#3003 11 months ago
Quoted from Pdxmonkey:

There’s three versions of the amendment.
Imo,
Two are terrible and one of those is terrible ones is supported by the White House. I hope it torpedo’s the entire bill to be honest, but it’s infuriating to see last minute additions to bills that don’t relate to the bill.
The amendments are pretty bad for most crypto, maybe not Doge ironically.

They should not be voting on anything they do not understand (I laughed out loud as I typed that, due to the irony).

#3004 11 months ago

So far my staked ETH has earned 0.187 ETH. Roughly $180/month (at current value).

#3005 11 months ago

Visual representation of my "Self Directed IRA" holdings:

SDIRA (resized).png

#3006 11 months ago
Quoted from Astropin:

Visual representation of my "Self Directed IRA" holdings:
[quoted image]

Um...I need to look into that. I got rid of my IRA a very long time ago, still have a 401k, but if I can put more money into crypto and take that off my earnings....yeah, I'm gonna do some of that.

#3007 11 months ago
Quoted from Frax:

I got rid of my IRA a very long time ago, still have a 401k, but if I can put more money into crypto and take that off my earnings....yeah, I'm gonna do some of that.

Can you really invest directly in crypto as part of an IRA?

#3008 11 months ago
Quoted from fosaisu:

Can you really invest directly in crypto as part of an IRA?

Yes...I hold actual coins in a "self directed IRA"... check out iTrust Capital.

#3009 11 months ago

Can the IRA be more than the majors? Just wondering, as I'm about 1/3 each of BTC, Eth, and 'others' at this point with my own holdings.

#3010 11 months ago
Quoted from statictrance:

Can the IRA be more than the majors? Just wondering, as I'm about 1/3 each of BTC, Eth, and 'others' at this point with my own holdings.

Depends on the trust. The one I mentioned has a ton of options. I recently added some ADA on there.

#3011 11 months ago
Quoted from Pdxmonkey:

There’s three versions of the amendment.
Imo,
Two are terrible and one of those is terrible ones is supported by the White House. I hope it torpedo’s the entire bill to be honest, but it’s infuriating to see last minute additions to bills that don’t relate to the bill.
The amendments are pretty bad for most crypto, maybe not Doge ironically.

Here’s a good summary…
https://techcrunch.com/2021/08/06/crypto-biden-amendment-infrastructure-bill-proof-of-work/

#3012 11 months ago

That's entirely fucking ass-backwards to only give a pass to proof of stake and not proof of work. I'm sure that has ABSOLUTELY NOTHING to do with idiot politicians trying to get in an extra benefit for fossil fuel producers and power companies.

#3013 11 months ago

DB137F11-917A-414F-B082-D55FD98492AF (resized).png

#3014 11 months ago

I called both my Senator's and told them if they vote yes on Warner's amendment that I would not be voting for them.

#3015 10 months ago

First I saw this an hour ago:

B3844FB1-0F88-41B0-9943-0D7F1069AB50 (resized).jpeg

Now I just saw this:

B908C898-8FAF-4370-A318-1420604C8864 (resized).png

#3017 10 months ago

This is current status from an ex official regulator.
C9B5D962-BF86-4A0A-A3E1-A5650768A53D (resized).png

800FF268-30DA-4FB7-B725-E6327A2B0487 (resized).png
#3018 10 months ago

Can someone explain real quick what the proposed bill is, what the proposed amendment was (or is) and what it all means?
It looks very negative so I don't get why crypto value has been shooting up.

#3019 10 months ago
Quoted from PhilGreg:

Can someone explain real quick what the proposed bill is, what the proposed amendment was (or is) and what it all means?
I looks very negative so I don't get why crypto value has been shooting up.

I’d like to know the answer to this too.

#3020 10 months ago

Yeah seriously. That's a big WTF.

#3021 10 months ago

Well no choice to get a bit political here - I don't know much about Ted Cruz specifically - but right leaning politics are usually about less intrusive government and less concerned about environmental issues while left leaning is the other way around.
Thus makes sense that the republican side of the aisle would be more pro-crypto.

(Caricaturing and oversimplifying here, of course)

#3022 10 months ago
Quoted from PhilGreg:

Well no choice to get a bit political here - I don't know much about Ted Cruz specifically - but right leaning politics are usually about less intrusive government and less concerned about environmental issues while left leaning is the other way around.
Thus makes sense that the republican side of the aisle would be more pro-crypto.
(Caricaturing and oversimplifying here, of course)

I can't even access Binance here because they =aren't= pro-crypto. TX is like one of seven states that Binance cannot operate in.

Connecticut, Hawaii, New York, Texas, Vermont, Idaho, and Louisiana.

You want to know what Ted Cruz is interested in? Ted Cruz's career in politics. That's IT. End of line.

#3023 10 months ago

Other than window dressing, both parties have become indistinguishable to me.
Which leg do you want broken? Your left or your right.

#3024 10 months ago
Quoted from Mr68:

Other than window dressing, both parties have become indistinguishable to me.
Which leg do you want broken? Your left or your right.

It seems nuts to me that politics has become “do and think the polar opposite of the other side”. It’s not just the States either, it’s the same situation here in the UK, and I’m sure other countries as well. It feels like a perpetual acrimonious divorce where what’s best for the children is a distant memory.

#3025 10 months ago
Quoted from Mr68:Other than window dressing, both parties have become indistinguishable to me.
Which leg do you want broken? Your left or your right.

Wish more people would wake up to this, they pander to whatever group to get elected and just do the lobbyist's bidding once in office.

#3026 10 months ago
Quoted from manadams:

Wish more people would wake up to this, they pander to whatever group to get elected and just do the lobbyist's bidding once in office.

There's some really deep pockets in crypto now, and even more this year due to institutional buying. You think that some of those voices would be able to influence things to get passed the way crypto investors would want. Maybe its not quite there yet though.

#3027 10 months ago

Ok, going back to the bill itself - how come BTC is up about 4% today at this moment - given what I'm reading I'd think it would be down 20%...

#3028 10 months ago
Quoted from PhilGreg:

Ok, going back to the bill itself - how come BTC is up about 4% today at this moment - given what I'm reading I'd think it would be down 20%...

Many people probably saw there was an amendment to fix the issue, resumed their investing, and have not realized that the amendments are off the table yet. My personal guess.

#3029 10 months ago
Quoted from PhilGreg:

Ok, going back to the bill itself - how come BTC is up about 4% today at this moment - given what I'm reading I'd think it would be down 20%...

Don't get too excited now Beat The Clock owners, I'm talking about Bitcoin...

#3030 10 months ago
Quoted from PhilGreg:

Ok, going back to the bill itself - how come BTC is up about 4% today at this moment - given what I'm reading I'd think it would be down 20%...

https://www.tradingview.com/script/kT7jIvqv-Hash-Ribbons/

#3031 10 months ago

But didn't the original protect proof of work crypto, namely bitcoin? It was more so damaging to the proof of stake crypto. So my belief was that bitcoin will be fine, hence it still going up in value. And all the other crypto still follow bitcoins lead, hence why they are up too, whether the bill and amendments are potentially hurtful or not. To be truthful though this has all been a bit over my head so far.

#3032 10 months ago
Quoted from sixtyfourbits:

But didn't the original protect proof of work crypto, namely bitcoin? It was more so damaging to the proof of stake crypto. So my belief was that bitcoin will be fine, hence it still going up in value. And all the other crypto still follow bitcoins lead, hence why they are up too, whether the bill and amendments are potentially hurtful or not. To be truthful though this has all been a bit over my head so far.

Ah, yes, you're right. Crap.

#3033 10 months ago

The proof of stake effects lightning node operators.

#3034 10 months ago
Quoted from Pdxmonkey:

The proof of stake effects lightning node operators.

Ah good point! I hadn't thought of that.
Regardless of where this all leads to, I'm planning on holding and staking my ADA. If prices tank, I'll buy more cheap. If prices rise, I'll take a bit of profit and keep holding the rest. I'm really planning on holding long term unless prices go completely silly in the short term.

#3035 10 months ago

Could be we are all over thinking it here. We live in a society that only reads headlines/opening paragraph and quickly moves on. People sitting on the sidelines only see that congress is discussing Bitcoin, which thereby gives crypto legitimacy.

Keep in mind crypto is still an infant and I'm hoping herd mentality kicks in here. Assuming that we continue to survive 30,000 as the new bottom. (BTC)

FYI. I welcome and encourage disagreement.

#3036 10 months ago

Apparently they did reach a compromise by changing the definition of a "Broker". This just hit Coindesk about 45 minutes ago.

"U.S. Senators Cynthia Lummis (R-Wyo.) and Pat Toomey (R-Pa.) announced a compromise between Democrats, Republicans and the Treasury Department in a contentious tax provision in the Senate’s infrastructure bill on Monday that would exempt crypto transaction validators from a broadened definition of “broker.”

The full text of the compromise was not immediately available, but Toomey said it would specify who has tax reporting obligations within the digital asset sector. Software developers, node operators and validators would not be required to carry or report transaction information, but brokers would be.

“We’re not proposing anything sweeping or anything radical – [the compromise] makes clear that a broker means only those persons that conduct transactions where consumers buy, sell and trade digital assets,” Toomey said in a press conference Monday. "

https://www.coindesk.com/senate-compromise-infrastructure-bill

#3037 10 months ago

From the link above:
"However, the compromise comes after the Senate conducted a number of procedural votes late Sunday to advance the bill’s original text. Unless the Senate can achieve unanimous consent on the compromise before a final vote by Tuesday, the legislative body will send the original provision to the House of Representatives."

So not out of the woods yet, but at least there's some positive hope.

#3038 10 months ago

I'm guessing maximalists are pretty cynical about the whole thing right? The whole point of the thing is that it's decentralized/out of government control.
And I guess in theory it still is, but it's in a weird place.

#3039 10 months ago

"Infrastructure"

#3040 10 months ago
Quoted from Mr68:

I bought the BTC dip too and also picked up some Ethereum around the same time at a great price.
I'm new to crypto but not investing. Even the volatility is, umm... entertaining.
I'm having a great time researching/learning and many of you guys here are great. I especially appreciate links to appropriate articles that you guys find and I will do the same.

I Just recently got into crypto too. Im not planning my retirement around it, but if it does go anywhere near what the "experts" predict, its going to be an exciting time over the next few years.
Im just gonna strap in, hold on, and ride it out.

Volatility just means more buying opportunities to me. I think its fascinating to see long standing institutions like JPMORGAN, trashing crypto on one hand, but then on the other hand they're turning around and getting involved. Looks to me like it's a great time to be involved in crypto.

#3041 10 months ago
Quoted from PhilGreg:

I'm guessing maximalists are pretty cynical about the whole thing right? The whole point of the thing is that it's decentralized/out of government control.
And I guess in theory it still is, but it's in a weird place.

Partly this.

I truly believe that Bitcoin can not be stopped. It's a fully decentralized protocol. Literally, the ONLY way to stop it would be to globally shut down the internet (full stop).

Now, that does not mean it can't be hurt. Obviously "sentiment" plays a role. If Bitcoin was outright banned in the US...the price would drop...temporarily. Temporarily could be years. It would still come back again even if that happened. Bitcoin is global...few...

#3042 10 months ago
Quoted from Honch:

Im not planning my retirement around it

I'm not planning my retirement around it...but I'm certainly planning an "alternate retirement" depending on what it does.

#3043 10 months ago
Quoted from Astropin:

I'm not planning my retirement around it...but I'm certainly planning an "alternate retirement" depending on what it does.

I'm with you on that point. I have enough in my crypto accounts to make a difference if it takes off. I have one more purchase I'll be making within the next week, and then I'll just kick back and watch.
I must say I'm very optimistic (especially about BTC&ETH) and that's not usually my outlook.

#3044 10 months ago

I actually think Crypto continues its recent rise while this bill goes through. Its about them REGULATING crypto and taxing it not making it illegal. So its a first step to regulating it as a legitimate market which I think is good for crypto long term. They are legitimizing it by talking about it so much. And folks on the r/cryptocurrency seem to think they deserve to make a bunch of money tax free because its decentralized....Its income when you realize profits just like a stock. It should be taxed at same rate stocks are.

#3045 10 months ago
Quoted from Astropin:

I'm not planning my retirement around it...but I'm certainly planning an "alternate retirement" depending on what it does.

I don't think I have enough to classify it as "alternative", but it might become a "more comfortable retirement". Especially since I blew a chunk of my profit a few months ago.

#3046 10 months ago
Quoted from mbrave77:

And folks on the r/cryptocurrency seem to think they deserve to make a bunch of money tax free because its decentralized....Its income when you realize profits just like a stock. It should be taxed at same rate stocks are.

Am I annoyed to have to pay taxes on it, absolutely. Have I been paying my taxes on it, yes.....well, I think so. My accountant and I have been doing the best we can based on the current IRS "guidelines".

Personally, I don't think anyone should have to pay tax on it before the point at which they figure out which way is up. Hell, they can't even figure out if it's a security or property. Ask 3 people and get 4 different answers.

We should all get a pass up until the day they figure it out and lay out some clear guidelines. Then at that point, we should have to start paying on everything moving forward. This, "Let's jam something half assed through so we can pay for our bridge building even though we don't even know how to spell Byzantine Fault Tolerance" is bullshit.

#3047 10 months ago
Quoted from Spyderturbo007:

Am I annoyed to have to pay taxes on it, absolutely. Have I been paying my taxes on it, yes.....well, I think so. My accountant and I have been doing the best we can based on the current IRS "guidelines".
Personally, I don't think anyone should have to pay tax on it before the point at which they figure out which way is up. Hell, they can't even figure out if it's a security or property. Ask 3 people and get 4 different answers.
We should all get a pass up until the day they figure it out and lay out some clear guidelines. This, "Let's jam something through so we can pay for our bridge building even though we don't even know how to spell Byzantine Fault Tolerance" is bullshit.

no one should get a pass on income taxes on income. Do the crypto exchanges make it easy to track? Hell no. I have a damn spreadsheet to track cost basis..... But if we have a loophole in crypto on taxes then most of the benefit will be the ultra rich who find a way to take advantage of it. They really already have due to the lack of wash sale rules. They harvested losses a little while ago and bought back right away to hold long term.

#3048 10 months ago
Quoted from mbrave77:

But if we have a loophole in crypto on taxes then most of the benefit will be the ultra rich who find a way to take advantage of it.

Uh yeah, they're already doing that in the investment sector, and have been for decades. At least if there's no taxes it's a level playing field. Add the taxes and the only ones that will be paying it is the middle class investors. The rich bastards will find a way around it, just as they always have.

#3049 10 months ago

need to close loopholes on the high end for sure, but still dont think we should get a free pass on crypto earnings. Its income. I think regulation is a good thing long term as it legitimizes it.

#3050 10 months ago

I'm guessing the reason it's all going up is that even though ATM the proposed legislation is crippling to an extent, it's also adding an aura of legitimacy and mainstreamization (spellchecker says what?! that's not a word???)

There are 6,955 posts in this topic. You are on page 61 of 140.

Reply

Wanna join the discussion? Please sign in to reply to this topic.

Hey there! Welcome to Pinside!

Donate to Pinside

Great to see you're enjoying Pinside! Did you know Pinside is able to run without any 3rd-party banners or ads, thanks to the support from our visitors? Please consider a donation to Pinside and get anext to your username to show for it! Or better yet, become a Pinside+ member!