Biden administration unveils new crypto tax reporting rules

[johnarb]

I do honestly wish I could accept incoming connections as its trivial to leave the second laptop on. I already figured out the cost for electricity would be about $5 per month, and the data is unlimited. But I have to see if there is a way to do this through Tor, or find a different VPN that supports port forwarding.

My Bitcoin Core always shows 10 outgoing connections and 0 incoming.

As part of troubleshooting, you want to eliminate as many variables as possible so you can hopefully find what the problem is

Most VPN's (my vpn) allows for split-tunnels, meaning the local network is accessible and the VPN tunnel to the internet is also functional at the same time

Are you running Windows on your node (with the VPN)? If you are, find out the local IP address (not VPN) coming from your home router, it would most likely be something like 192.168.x.x

Is the Windows firewall allowing the Bitcoin core software to accept incoming connections?

On your first laptop that is connected to the same router (wifi) that is also running bitcoin core, add the local IP of the other node as a peer either on the configuration file bitcoin.conf (on linux) or through a command line

The idea here is to get a successful incoming connection on the local IP address first, before tackling the more complex connection from the outside internet via the VPN outside IP address

https://bitcoin.stackexchange.com/q...n-core-to-connect-always-to-a-particular-node

 

[NoahA]

As part of troubleshooting, you want to eliminate as many variables as possible so you can hopefully find what the problem is

Most VPN's (my vpn) allows for split-tunnels, meaning the local network is accessible and the VPN tunnel to the internet is also functional at the same time

Are you running Windows on your node (with the VPN)? If you are, find out the local IP address (not VPN) coming from your home router, it would most likely be something like 192.168.x.x

Is the Windows firewall allowing the Bitcoin core software to accept incoming connections?

On your first laptop that is connected to the same router (wifi) that is also running bitcoin core, add the local IP of the other node as a peer either on the configuration file bitcoin.conf (on linux) or through a command line

The idea here is to get a successful incoming connection on the local IP address first, before tackling the more complex connection from the outside internet via the VPN outside IP address

https://bitcoin.stackexchange.com/q...n-core-to-connect-always-to-a-particular-node

Thanks for the suggestions but I have no time to dig into it now unfortunately. Going on a trip soon so maybe in October! I hope the bitcoin network survives until then without my help...

however, given the recent controversies re: BIP-300 (soft fork)

I have been reading up on a this a bit. I do like anything that allows for scaling, but the risk, from what I read, is far too great.

On the one hand, scaling needs to be solved because interacting with the base layer will one day be very expensive and the throughput will be limited since we are stuck at roughly 7 tps. But since its working so well now, we don't want to break it. In some ways, the whole ordinals thing can be thought of as an un-intended consequence of the earlier upgrades, so we must proceed with caution.

But this is for sure a conversation that is way above my level of expertise at the moment.

 

[johnarb]

I have been reading up on a this a bit. I do like anything that allows for scaling, but the risk, from what I read, is far too great.

On the one hand, scaling needs to be solved because interacting with the base layer will one day be very expensive and the throughput will be limited since we are stuck at roughly 7 tps. But since its working so well now, we don't want to break it. In some ways, the whole ordinals thing can be thought of as an un-intended consequence of the earlier upgrades, so we must proceed with caution.

But this is for sure a conversation that is way above my level of expertise at the moment.

It's a soft fork so there's not much we can do to stop it, Saifedean Ammous has a tweet thread on it today, got a little bit more insight

I haven't read much about BIP-300, I'm still on version 24.1 of Bitcoin core, but planning to compile from github source and upgrade to 25.0 soon

The "selling point" for BIP-300 seems to be about killing shitcoins which sounds like a blockchain (drive chain? side chain?) outside of the Bitcoin mainnet dedicated to smart contracts

Scaling is solved as far as TPS is concerned in my humble opinion with Lightning!

I've just tripled my btc funding commitments to my Umbrel node recently and still planning to add more! As you know, I'm in Asia and Bitcoin Lightning works great as a payment method!

I wish I can convince you to run an Umbrel node, it comes with so many apps, in addition to Bitcoin core 25.0 and LND 0.16.4-beta (lightning node daemon), plus I installed mempool app (blockchain explorer), and it's got a few AI apps I'm considering of running

I can run many Umbrel apps as I'm running the open-source version on my own Intel Nuc core-i5 with 16GB of RAM running Linux

If you run it on a Raspberry Pi, the capabilities may be limited to Bitcoin Core and LND and maybe a few more apps

https://umbrel.com/

 

[semperfrosty]

Not many gaps in johnarbs Bitcoin game! haha

JA,if you can share,how much have your actual BTC purchases increased since the Asia move?

 

[johnarb]

Not many gaps in johnarbs Bitcoin game! haha

JA,if you can share,how much have your actual BTC purchases increased since the Asia move?

Hey Semper!

I was going to say not much since I do not have a job for almost 3 years, I've only had fiat USD (checking account - for living expenses) and bitcoins/crypto assets for savings

I have no steady income, per se, to stack more sats

...but I have had some occasional windfall (i.e. meme coins profits, perp futures trading profits net of perp futures trading losses, yield farming from defi) and those have gone into the savings bucket (crypto assets)

I had to reflect on the question, though since moving here to Asia, my checking account for living expenses is no longer fiat USD but instead local fiat currency... and subconsciously I have been using btc as my unit of account instinctively (not deliberately)

As part of risk-management, I mentioned de-risking on the crypto holdings (on another thread) to only btc (except $Cake which is shorted via def-borrow)

That's only half of the equation, the family move to Asia came with high costs before and after (i.e. lease, furniture, vehicle), and this came from mostly the fiat (checking account), which if reflected on a btc-standard Unit Of Account can be viewed as stacking more sats at the expense of fiat, but would be a stretch

----

TL;DR

I've only been here a few months, but I'll say I've stacked 1-2 bitcoins with the caveat that the rate of bitcoin purchases would severely slow down from here going forward

Hopefully during the bull market next year can trade altcoins to increase btc holdings

How about you, Semper F., been stacking sats to frontrun the Blackrock ETF?

 

[semperfrosty]

Hey Semper!

I was going to say not much since I do not have a job for almost 3 years, I've only had fiat USD (checking account - for living expenses) and bitcoins/crypto assets for savings

I have no steady income, per se, to stack more sats

...but I have had some occasional windfall (i.e. meme coins profits, perp futures trading profits net of perp futures trading losses, yield farming from defi) and those have gone into the savings bucket (crypto assets)

I had to reflect on the question, though since moving here to Asia, my checking account for living expenses is no longer fiat USD but instead local fiat currency... and subconsciously I have been using btc as my unit of account instinctively (not deliberately)

As part of risk-management, I mentioned de-risking on the crypto holdings (on another thread) to only btc (except $Cake which is shorted via def-borrow)

That's only half of the equation, the family move to Asia came with high costs before and after (i.e. lease, furniture, vehicle), and this came from mostly the fiat (checking account), which if reflected on a btc-standard Unit Of Account can be viewed as stacking more sats at the expense of fiat, but would be a stretch

----

TL;DR

I've only been here a few months, but I'll say I've stacked 1-2 bitcoins with the caveat that the rate of bitcoin purchases would severely slow down from here going forward

Hopefully during the bull market next year can trade altcoins to increase btc holdings

How about you, Semper F., been stacking sats to frontrun the Blackrock ETF?

To take some of the volatility out of it,I purchase at a set daily amount/purchased daily.

Ive found that has helped during the downturns but I also hope it will keep me buying as prices increase (not being concerned with buying at a top for instance).I'd like to be buying at the same rate till US 60,000 at least.

I still only hold BTC,ETH and LTC.(dabbled with Algorand and Arcblock).

LTC Litecoin has been a disappointment lately.I may crunch the numbers on that one shortly as I did with ALG and ARC.Big underperformer.

Good idea re altcoin trading as funds for BTC! I might incorporate some weekend trading to that end.

Cheers mate.

 

[johnarb]

Good idea re altcoin trading as funds for BTC! I might incorporate some weekend trading to that end.

Cheers mate.

Please make sure to have trading capital next year during the (bitcoin) crypto bull market

Altcoins trading during a bull market (unlike right now) are the stuff trading dreams are made of

Cheers mate!

 

[NoahA]

Please make sure to have trading capital next year during the (bitcoin) crypto bull market

Altcoins trading during a bull market (unlike right now) are the stuff trading dreams are made of

Cheers mate!

I'm going to go out on a limb and say that I don't see the next altcoin season happening to the same extent.

The bull run in 2013 and 2017 came from much smaller levels, and from an industry that wasn't really on the US radar. This is vastly different now. The 2020 bull run came from lockdowns and free money. On top of this, the consumer was in a much different situation than they will be in 2024. There simply won't be the same amount of money sloshing around. Perhaps if people who own stocks decide to get into crypto, this would be a way to free up the cash, but then we will have a heavy regulatory environment.

To me, if crypto starts rallying higher, it means fiat is getting heavily pressured, and this will be a totally different environment than previous cycles. So I would expect bitcoin to do very well here, but not so much the alts because people might really start seeing they need to get out of fiat, and I don't think alts wouldn't be the primary choice.

So I guess what I'm saying is that I don't expect the next cycle to be like the last cycles. Same thing with real estate. There won't be another cycle. When prices crash from the highs, if they do, it will kill off many owners and speculators, and the system simply won't be able to pump again because the whole system will change. (and I do believe that Bitcoin will steal the financial store of value that real estate used to enjoy). So houses would go back to being places to live in, and there won't be another outrageous pump.

Basically, this next cycle in crypto, in real estate, in globalism, will be the cycle of all cycles. 2001 was the tech bubble. 2007 was the housing bubble. 2020 was the covid bubble/mass hysteria. The next bubble is the everything bubble where it all comes crashing down. I think it will also teach people that buying and holding the SP500 index for example isn't always the right thing to do. Oh, and the next bubble will also take out the idea of guaranteed pension plans and support for old people, etc. The governments are clearly insolvent in this area given how huge the unfunded liabilities are, and so this will be a convenient time for all of this to come crashing down as well.

 

[NoahA]

I wish I can convince you to run an Umbrel node,

I guess that for me right now, I don't need to actually use bitcoin, and am only interesting in stacking it. I like the free points I get with using my credit card, and until merchants are able to pass on the savings to me by using a different form of payment, there isn't incentive for me. So a bare-bones solution that is focused on just stacking serves my needs just fine right now.

Scaling is solved as far as TPS is concerned in my humble opinion with Lightning!

I've seen tons of examples where this is so, but to open up a channel, you still need an on-chain transaction, so how do we onboard millions of people in a week?

I personally have never used lightning, but I keep up with it, and love for example what Mutiny wallet is doing given that its self-custodial and web based, meaning they totally bypassed the app store requirements. In a video, the guy made an excellent point about how he wonders how far these apps could have gotten in terms of development if they weren't bottlenecked by the overlords at Apple and Android who are the gatekeepers.

 

[Cryptjitsu]

Ohhhhhhh, you have sauces , dayum, why didn't you say so, that is absolute proof you're telling the truth

IP address is the most basic of all networking information... and it is a useless information that has no place to store on the Bitcoin protocol

It is not present on the tx details, nor on the mempool, nor on the blockhain

You got the whole entirety of google dot com plus all the AI tools at your disposal and you cannot come up with any instance of an IP address data being present on the Bitcoin protocol

It's not broadcast to the whole world, it's broadcast to connected peers, which gets relayed to other peers and on and on

The vast network of Bitcoin nodes are a strength to ensure that the originating node is anon

Which is why it's very important for all Bitcoiners to always run a full node to support the decentralized Bitcoin network

versus the Ethereum network that runs 90% on AWS nodes and has issues when Amazon has network outages
-------------

So why does Ethereum have a problem with IP addresses when Bitcoin does not?

It is not Ethereum itself, it's the centralized portions of Ethereum that are being coerced to collect IP addresses, the front end servers, the rpc servers, and now the powers that be are even going after the blockchain explorers Etherscan

If you run your own node/rpc server, and you interact with the ipfs servers of the crypto projects, i.e. AAVE, or if you manually interact with the smart contracts directly using your own blockchain explorers, then you will not have a problem with "leaked" IP addresses on Ethereum

But as you ignore my question of "are you running your own Ethereum node?" question, it seems the answer for you is a no as it is a no for most of the Ethereum users

which btw, blockchain dot com visitor IP addresses are also collecting ip addresses, it has been known for a while, which is why I run my own private Bitcoin blockchain explorer, open-source mempool built into Umbrel node
---------

And no, come on, you already tried conflating the blocckchain analysis with your chainalysis , you're trying again with glassnode???

blockchain analysis has no relations to basic networking info IP addresses

and again you're conflating crypto addresses (blacklisted) as being related to IP addresses???????

Oh, it's got the word address in common, BWAHAHAHAHAHAH

and privacy coin such as monero is all about blockchain obfuscation, they have multiple methods, you can go to the monero website to get more info

Well one of my core sources of information is a high level dev that has done and still does contract work for the top IBs on the street, plus crypto funds. So him....vs a BTC maxi on Elitetrader. I dunno, tough choice.

Ok let's check out another source, from Google:
"Bitcoin is often perceived as an anonymous payment network. But in reality, Bitcoin is probably the most transparent payment network in the world."
Must be a BTC hater site. Or is it.

Regardless, does it even matter. Let's say, hypothetically, we found out tomorrow is that BTC network does track IP, our birth dates, social security #s, blood types, sexual kinks, etc.
Be honest with yourself. You would not change anything you do. You would still buy & hoard BTC like before.
So, does it even matter to you? Not really.