Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says

Post by StavrosK » Mon, Nov 04, 2019, 4:42 PM UTC

DagAgren wrote: post #99

StavrosK wrote: post #54

Earlier quoted context omitted.

Similarly, I try to add it to all my side-projects that accept payment. I looked at a few payment providers and settled on OpenNode, as they had the right mix of an easy API, quick support and good documentation, though I would like it if they supported more cryptocurrencies. If you want cryptocurrencies to succeed, you need to make them widespread as a form of payment. I already lament Steam and Stripe removing Bitc…

Unfortunately, Bitcoin as designed is technically incapable of being in widespread use for payment, due to a severe lack of network capacity, and a complete lack of interest in ever changing this. Instead, all effort is going into a building a flawed second layer that is theoretically unsound and a usability nightmare.

Post by marcus_holmes » Mon, Nov 04, 2019, 4:48 PM UTC

cft wrote: post #156

DagAgren wrote: post #99

Earlier quoted context omitted.

Unfortunately, Bitcoin as designed is technically incapable of being in widespread use for payment, due to a severe lack of network capacity, and a complete lack of interest in ever changing this. Instead, all effort is going into a building a flawed second layer that is theoretically unsound and a usability nightmare.

That's not an issue at all, for large transactions. The real issue is each payment being a taxable event, due to IRS treating it as property, rather than currency. You literally have to report each payment on schedule D and calculate its cost basis! This burden kills any legal US adoption.

Post by ufo » Mon, Nov 04, 2019, 5:02 PM UTC

wpietri wrote: post #84

7777fps wrote: post #24

Earlier quoted context omitted.

You're implying a single exchange moving the market needs cash to move it. If the ecosystem has decided one exchange is the lead price, then they manipulate the price without needing the underlying assets. Furthermore, bitcoin is one of the only markets I've seen which rewards "whales" instead of punishing them, because in most markets moving the market you will lose money to slippage. The market price will retract a…

That's an interesting way to think about it. When you say "no one is trading the fundamentals", is that because of some sort of market flaw? E.g., hard to trade that way? Or because there really are no fundamentals to Bitcoin? By the latter I mean that most tradeable instruments are based in some sort of value external to the trading. Stocks have income streams and assets. Commodities have use value. Currencies have…

Post by Geee » Mon, Nov 04, 2019, 5:03 PM UTC

ppf wrote: post #89

kobasa wrote: post #80

Earlier quoted context omitted.

You can send a stablecoin if you have a problem with volatility. There's even a native one called Dai which is outside the traditional banking system.

And how is it pegged? Someone asked the various exchanges very nicely if they could only trade it for $1?

Post by blotter_paper » Mon, Nov 04, 2019, 5:05 PM UTC

marcus_holmes wrote: post #163

cft wrote: post #156

Earlier quoted context omitted.

That's not an issue at all, for large transactions. The real issue is each payment being a taxable event, due to IRS treating it as property, rather than currency. You literally have to report each payment on schedule D and calculate its cost basis! This burden kills any legal US adoption.

I thought the Bitcoin community were publicly stating that Bitcoin is optimised as a "Store of value" rather than a currency to be used for transactions? Which is it?