Biden administration unveils new crypto tax reporting rules

[johnarb]

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. .

It's because the amount of liquidity that will flow into btc and eth will be enormous once the money-printing starts again to pump up the economy for the election, plus plus the Blackrock etf

Some of that money will flow to other altcoins and it doesn't take much to pump these smaller altcoins 10x or even 100x due to the small amount of market cap

Even now, there are altcoins that are pumping over 50-100% on a daily to weekly, you can check out the gainers and losers on coingecko dot com to see the list

...but during a bull market, 50-100% on daily-weekly moves are usually 1000's of % moves

 

[johnarb]

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.

You need mainnet bitcoin to open a channel on your self-custody wallet, but if you use the centralized custodial lightning wallets, i.e. Strike, it works on both mainnet and lightning

Lightning is not for on-boarding millions of no-coiners

Lightning is to scale bitcoin to millions of transactions per second and instant settlement and very low fees so bitcoin can be used in day-to-day transactions like buying coffee, or a burger or a soda or a piece of gum

Apple is a problem, Android is not

Android allows you to install any app or even apps that are not on the Google playstore through a sideload method (developer mode). This is how I install the open-source Bitcoin wallet from github

 

[johnarb]

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:

If you're such good friends, can you please have him throw us all a little tiny bone and show a snippet on where the IP address is present on the Bitcoin tx details or Bitcoin blockchain?

You know full well that Google is talking about the Bitcoin blockchain transparent open ledger, same as your previous attempts, chainalysis, glassnode, exchanges blacklisted crypto addresses, and NOT IP ADDRESSES

Regardless, does it even matter.
So, does it even matter to you? Not really.

It matters a lot

There is a whole world outside of the US. Cryptjitsu sounds like a name who's into native crypto transactions, not centralized custodial crypto digital assets

Honestly, how do you even work with cryptos transactions if you're in the US with all the restrictions of Operation chokepoint 2.0 and onramps and offramps shutting down accounts, just wait for Blackrock etf and trade cme futures or Robinhood or Coinbase

Outside of the US, Bitcoin and cryptos are thriving

 

[johnarb]

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.
.

By the way, please tell your imaginary source that she/he is a fraud and a LIAR

Your imaginary source can defend him/her self by posting an image of the IP address on the Bitcoin tx details or blockchain

 

[semperfrosty]

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.

Good post NA.

I cant agree with the real estate angle though.Much the same as my thoughts on BTC,I see scarcity as the driver.

I do see something significant coming in the future though.I speculate that this will mainly be a widening of the gap between the haves and the have nots.

I heard the other day that this generation will be the first to not exceed the wealth of their parents.So it has probably already begun.

 

[semperfrosty]

It's because the amount of liquidity that will flow into btc and eth will be enormous once the money-printing starts again to pump up the economy for the election, plus plus the Blackrock etf

Some of that money will flow to other altcoins and it doesn't take much to pump these smaller altcoins 10x or even 100x due to the small amount of market cap

Even now, there are altcoins that are pumping over 50-100% on a daily to weekly, you can check out the gainers and losers on coingecko dot com to see the list

...but during a bull market, 50-100% on daily-weekly moves are usually 1000's of % moves

Off topic,but how do you think I'd go shorting any alt at 100% with a stop at 110??

haha just thinking out loud...but I might play around with it! haha

 

[johnarb]

Off topic,but how do you think I'd go shorting any alt at 100% with a stop at 110??

haha just thinking out loud...but I might play around with it! haha

Haha, for shorting with a stop, I think a CEX would be the easiest way to do it

There's a less risky way to short if it's listed at a borrow-lend platform but the stop would be manual (mental)

And it's all through the crypto wallet interaction

here are the steps and let me know if you have any questions

1. Provide collateral
2. Borrow the crypto asset you want to "short"
3. Sell the crypto asset for USDT or if you want trade it for Btc or Eth
4. When you want to cover, just purchase the crypto asset and pay back the loan, withdraw your collateral

For example, I borrowed 13K cake when it was above $2.6/cake and sold for USDT and got over 35k USDT. The loan is worth less than 17k usdt at today's cake price so I can theoretically cover and book the profits...

except it was not the purpose of the short to bet against cake going down, it was to hedge the cake holdings staked for 1 year so I'm bullish on cake, except perhaps now that I see where the price is, my bullishness on cake has disappeared, lol

Maybe next year in the next bull market I will be bullish again on Cake...

 

[NoahA]

I speculate that this will mainly be a widening of the gap between the haves and the have nots.

I don't think there is any more left to widen. We already have race wars which is a real symptom of the inequality. Its a damn shame because the anger should be directed towards central banks and governments. But instead, the elite conveniently set it up so that people argue with eachother.

There is simply no way any more to hold back the rightfully angry people who got screwed. It used to be that the lower class could at least live in the poor parts of town. But now, there are no poor parts anymore. It also used to be that the government could give them lots of handouts, but that well is drying up since everyone is now all too aware that government handouts lead to major inflation. Now of course government are trying to get us to look the other way when theft is rampant, but this is clearly no way to survive. There is literally no way to survive anymore in this environment. The elastic band has been stretched to its breaking point and when it snaps, it will be severe.

 

[Cryptjitsu]

By the way, please tell your imaginary source that she/he is a fraud and a LIAR

Your imaginary source can defend him/her self by posting an image of the IP address on the Bitcoin tx details or blockchain

He is imaginary. Ok sure.
This IP leak issue is a known thing with BTC, but yeah, he is a liar & fraud.
BTC isnt the only chain with this issue, nor am I saying it is.

 

[Cryptjitsu]

It matters a lot

Stop lying to yourself. You're shilling the most transparent & trackable blockchain to everyone as some privacy & freedom tool, in spite of actual evidence. You're just selling a BS narrative.
You would not change a thing about your investment approach,because it really does not matter. It's just number go up.

It's comical to see you preach operating in crypto to me.
I use primarily decentralized on/off ramps, and have for a little while now. And I am in the US.
But WTF would I know?