1 BTC = $8.2k, it’s up 735% this yr UPDATE 5/19: BTC @ $42k :damn:

Skooby

Skooby

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Is there any way to avoid the taxes if you have some coinbase?

Where exactly on your taxes would you claim something like this?
 
A

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Here's a link to free Compound Cryptocurrency through Coinbase Earn. You can be a new or existing Coinbase user:

Earn Compound

After you click the link, complete a few questions by Coinbase and you'll get free money.
 
the bossman

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BaileyPark31

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Sold my Ethereum classic and put that $ into my bitcoin.

Hope I don't regret selling ETC.

Also hoping Doge can get over a damn penny and stay there. Ugh.
 
heisenburrr

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ETH rally started.

Re: Ledger I wouldn't trust them with my business ever again after that fukkup. A lot of people livelihood will be put at risk because of that.

I recommend Coldcard for hardware wallet. Doesn't support shytcoins but shytcoins are security liability with hardware anyway.
 
heisenburrr

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Ozymandeas said:
Vulnerable to professional hacks. If someone could gain 51% of the computing power, they can hack the entire system.

Trading one system of control (banks, central banks, governments, regulators) for another (miners) under the guise of being decentralized when in reality there’s only a few parties in the world with enough money to run these Bitcoin mining systems profitably meaning there could be a handful of unsavory wealthy individuals who essentially control this internet money supply. And unlike before you have no idea who these muthafukkas are. Think James Bond villian type sh*t.

Tied to the electrical grid. Assuming there’s a doomsday power outage, gold is at least valuable. You can trade that still. Bitcoin is magic air money that will vanish in a poof.
Click to expand...

Ozymandeas said:
Bruh, nodes are computers running the software. Miners are mostly large groups that have the computational power to beat out other groups to process blocks of Bitcoin transactions. Nodes prevent shady transactions from happening since the idea is no bad actor can override enough nodes to have the fraudulent transactions become universally accepted across the system. A 51 percent attack means a group amassed enough power to override enough nodes thus they can control what’s being recorded. The only defense against this is the hope that they would realize this would tank Bitcoin and thus hurt their own investments but it is possible. IDK why y’all arguing. This has always been a possibility and has been discussed adnauseum in crypto world :heh:
Click to expand...

Since I just got to a computer might as well sort through this hot confused mess for everyone who cares.

>Vulnerable to professional hacks. If someone could gain 51% of the computing power, they can hack the entire system.

Miners can only double-spend transactions meaning you are at risk if you accept large transactions from a would-be miner entity who could potentially defraud you by rewinding the transaction and essentially getting the coins back. They cannot rewind any random transaction and send funds to themselves. That does not mean in any way that they "can hack the entire system". The cornerstone of the Bitcoin security model is the incentive for miners to continue mining rationally because that is the most profitable behavior for them. This is game theory and economics. To rewrite older transactions they'd have to maintain 51% over a long period of time which, at this point in the game, is just not happening.

>meaning there could be a handful of unsavory wealthy individuals who essentially control this internet money supply.

Miners do not control Bitcoin nor can they control the supply even if one person was to own 100% of the hashing power. Economic nodes decide the rules of the protocol and miners are paid to follow them.

>Tied to the electrical grid.

If electric grid goes down then everything is at risk. Bitcoin is not alone. Guns, bullets, food sure. Gold market would crater as well because it is highly reliant on global institutions nowadays so it wouldn't be much of a reliable option anyway.

sooo tldr Miners are on a leash. Bitcoin users pay them for their service and if they try to attack the hand that feeds them they'll just ruin themselves. The system is well designed to prevent that and it has worked superbly in practice for the last 10 yeras
 
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