What little (micro) BTC I have I would never use for normal day to day transactions. I really have a hard time imagining that any other volitile crypto currency in circulation will ever be used in such a way.
Visa Plans to Enable Bitcoin Payments at 70M Merchants
451–460 of 530 posts
Re: Visa Plans to Enable Bitcoin Payments at 70M Merchants
#452Maybe I don't understand it correctly, but after having recently done my taxes, it seems to me you'd generate a capital gain or loss that has to be captured on IRS Form 8949 every time such a thing triggered bitcoin to be converted to USD, goods or services. Or is it some nudge-nudge-wink-wink situation where everyone, including the IRS, ignores such a thing unless the sums involved are large.
My CPA added up all my yearly Bitcoin transactions and only filled in one line on that form.. he wrote the dates as "various".
Please let us know how that works out for you...
Re: Visa Plans to Enable Bitcoin Payments at 70M Merchants
#453Thats gonna change the ground financial institutions play on.Exciting.
Re: Visa Plans to Enable Bitcoin Payments at 70M Merchants
#454Earlier quoted context omitted.
inb4 you get called a "no-coiner" which always makes me think people who are "coiners" are immature children.
I'm glad you used an adjective because the majority of children I teach would beat most cryptocurrency eschatologists in one fell swoop at a maturity contest.
Hah, eschatologists is the perfect term to apply to most crypto evangelists from Satoshi onwards.
Re: Visa Plans to Enable Bitcoin Payments at 70M Merchants
#455Earlier quoted context omitted.
I've reached the doubly-cynical conclusion: the critics are right, but it will probably keep climbing in value in the medium term. Actual on-chain transaction volume will remain dwarfed by on-exchange volume. Tether will get clobbered in the next few years. This ought to affect the bitcoin price, but won't.
I think it will continue to increase in value for while, as it continues to plumb the depths of “people who haven’t bought in yet”, but that’s eventually going to cap out, and eventually they’re going to run out of coins to mine, and people will catch on and the value (and interest in it) will fall through the floor.
>I think it will continue to increase in value for while, as it continues to plumb the depths of “people who haven’t bought in yet”
How many people do you think owns Bitcoin? And how many people are there in the world?
>and eventually they’re going to run out of coins to mine
Perfect example of just how uninformed the crowd at hackernews really isn't. You haven't done zero research. If you actually looked it up, you'd know that the block-reward gets cut in half every four years. So "running out of coins to mine" won't be happening until the year 2140, and even then there's incentives for the miners to continue mining.
Re: Visa Plans to Enable Bitcoin Payments at 70M Merchants
#456Earlier quoted context omitted.
Bank of America had this[1] to say: “No good reason to own BTC unless you see prices going up. .. it is not tied to inflation, and remains exceptionally volatile, making it impractical as a store of wealth or payments mechanism. As such, the main.. argument for holding Bitcoin is.. sheer price appreciation” I haven't found a reason in favor of owning btc other than "number go up". [1] https://twitter.com/carlquintani…
"number go up" when did this meme take over from its original incarnation "to the moooon!"?
Shortly after the "money printer go brrr" meme took off I guess.
Re: Visa Plans to Enable Bitcoin Payments at 70M Merchants
#457Earlier quoted context omitted.
No erc20 token will gain any significant traction.
But it is not a erc20 token. They began with on erc20, then switched to Stellar, now on Solana. 2 switches has caused considerable issues for users. But seems like thing are stabilising now.
How many more switches are expected? Can they not fashion their own coin?
Re: Visa Plans to Enable Bitcoin Payments at 70M Merchants
#458Earlier quoted context omitted.
> ndependently verify at specific points in time that the entire supply of Paxos Standard tokens is consistent with USD in reserve accounts at U.S. banks held and managed by Paxos. Where are all the people holding all the USDT? It seems nobody is complaining. I'm bearish on BTC price right now but can't help thinking someone should have already cracked the USDT wide open. Eventually someone (few brokers) will be left…
Excellent question, why haven’t tether holders lost confidence? Part of the answer I think is that you can lock up Tether at 12+% interest. So the system encourages withdrawing tethers from the system, at unsustainable savings rates. https://bitcompare.net/coins/tether/savings-interest-rates The other part is that it is not easy to directly trade USDT for USD. Kraken is the only place you can do so directly, it is th…
>The other part is that it is not easy to directly trade USDT for USD. Kraken is the only place you can do so directly, it is the only place the peg is directly tested. Apart from that to get USD you need to trade to something else, like BTC or ETH, and then sell that for dollars.
What do you mean? I trade USDC and USDT from and to Fiat using Binance, and it's a breeze. I get the funds directly on my bank account in 5 minutes or so, and I imagine the same happens on Kraken, coinbase pro, gemini/blockfi.
Re: Visa Plans to Enable Bitcoin Payments at 70M Merchants
#459Earlier quoted context omitted.
The anti-BTC sentiment on HN puzzles me. There is no intelligent critique. The doubts that are endlessly repeated here have been addressed in detail, and are available online. Scaling and transaction throughput, energy consumption, state attacks, protocol weakness and lack of backing have all been responded to, to a sufficiently satisfactory degree.
The core issue I've seen that goes unanswered is what problem does BTC solve? The answers I've seen so far are: 1. Avoiding Venezuelan hyper-inflation - it is a use-case, but doesn't really apply to the United States for example. 2. Store of value - volatility is way too high and there are much better alternatives (Treasury bonds) 3. Evading capital controls - it is a use-case, but not really applicable to most citiz…
It solves so far the problem of how do I own an asset that only goes up? That is pretty much it
Re: Visa Plans to Enable Bitcoin Payments at 70M Merchants
#460Earlier quoted context omitted.
The core issue I've seen that goes unanswered is what problem does BTC solve? The answers I've seen so far are: 1. Avoiding Venezuelan hyper-inflation - it is a use-case, but doesn't really apply to the United States for example. 2. Store of value - volatility is way too high and there are much better alternatives (Treasury bonds) 3. Evading capital controls - it is a use-case, but not really applicable to most citiz…
> The core issue I've seen that goes unanswered is what problem does BTC solve? To me, it's trustless money. I don't need to trust the US gov, I don't care about who they will elect or which wars they are gonna start or which banks they are gonna bailout. You can verify everything through code and math. If that's not valuable to you, maybe there's some other use case you're interested. If you've done your research an…
Trustless is bad. Humans need trust without it we get genocide and other bad things. Trustless is another way of expressing a desire for a fantasy world where people are not interdependent and each hacker can live in their own bubble with no obligations to society. At some point the militias you pay to kill and protect you will kill you hoping to find your treasure hoard