"for realz" question about Trump's going after Crypto

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"for realz" question about Trump's going after Crypto

Postby cowboycraig » Sat Jul 27, 2019 6:15 pm

Trump has been negativity going after crypto recently, and with that I have lost 101% faith in him as a "good thing".

The "Trump Train ain't no different from the Obama Ghetto" (mentally). Truly ain't troll'in just wondering how others here feel/think on this one.

Syria anyone? : )

AND PLEASE don't give me the "4d chess" "he had to for now, the hammer is coming down after he is re-ellected" or "trust the plan" CRAP, none of that is intellectually honest, and only works on Trump cult members and the weak minded.

I trade Crypto for a living for almost 3 years now. Like it or not, understand it or not, it is a peaceful revolution of sorts (that will most likely fail). BUT it is the only peaceful revolution we got.

Interesting right after Trumps tweets against BTC

https://www.coindesk.com/what-trumps-bitcoin-tweet-changes

This article is the most hopeful (and hopefully accurate).
IRS Sends 1000s Of "Fishing" Letters To Crypto Users
https://www.zerohedge.com/news/2019-07-26/irs-sends-1000s-fishing-letters-crypto-users

The IRS is going after anyone that has purchased crypto:
https://www.reddit.com/r/Bitcoin/comments/chupoe/irs_we_have_information_that_you_have_or_had_one/

IRS begins targeting taxpayers who misreport virtual currency transactions
https://www.irsmind.com/audits/irs-begins-targeting-taxpayers-who-misreport-virtual-currency-transactions/

If you don't understand crypto spare me the gay-ass bullshit comments, and fook-off in advance.
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Re: "for realz" question about Trump's going after Crypto

Postby Kurt » Sat Jul 27, 2019 7:33 pm

Crypto is like weed. Law Enforcement loves illegal weed because it gives them an excuse to look for other things.

A while back I was wondering how anyone growing psychedelic mushrooms actually got caught. If you keep everything sterile and don't inhale crazy mold or something, you can grow shrooms with little or no tell tale signs. No huge electric bills, no smells, no vast warehouses with powerful lights on 24/7, no exploding chemicals and weird people scrubbing the sidewalk with toothbrushes at 3am.

Turns out it is weed. One of the biggest operations in 2012 was discovered because people doing the packaging stepped outside to share a joint. That smell carries and provides a reason to investigate further.

Same with Crypto. Cryto is used legitimately by speculators and some people even make purchases with it. Back in 2013 I worked for a webhosting company that took bitcoin when it was less that $100 for 1 BTC and I am sure he wishes he advertised that more now. But a lot of crypto is drug buying, drug selling and ransomeware would have never taken off without crypto. It has made some crimes very easy to commit.

I believe the IRS is doing what the IRS does. Looking for assets to tax but also they want to find out who might be profiting from what and the best place to target are crypto exchanges and their records.

Trump is a really spendy president. Traditional "fiscal conservatives" should be pining for the days of Carter and Clinton and not Reagan and Bush I, but I can see why Republicans are ticked off at the guy and his legalistic tendencies for finances not involving Saudi Arabia or UAE should be suspect as well.
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Re: "for realz" question about Trump's going after Crypto

Postby cowboycraig » Sat Jul 27, 2019 8:01 pm

The exchanges (and almost any crypto wallet that isn't hacker basic) requires proof of identity now.

It can be gotten around but is beyond the ability of most crypto peeps.

Crypto is feeling the regulation sledge hammer for sure.
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Re: "for realz" question about Trump's going after Crypto

Postby Kurt » Sat Jul 27, 2019 8:57 pm

In late 2012 I was trying to figure out an easy way to supplement my income so I looked at bitcoin mining.

I designed a theoretical 12U colo rig that would have worked as a 4 node cluster with Radeon HPC GPUs (I think) for about $60k for the rig and about $150 per month colo. I calculated the monthly hash rate as everaging 1.4BTC per day back when it was hovering between $12 and $14 per BTC so at the time it was not really feasible for me to do this..because I had no idea that I could be making $10k to $20k per day in future money.

Spending $60k on computer equipment that I knew would be worth $5k in 5 years, and only if parted out for about $350 per month net was a bad idea considering I had a pending wedding to pay for, but yah...oops.

My theory on bitcoin is that Satoshi is dead. 1 million BTC not cashed out? Only a dead man would have that kind of fortitude. My guess is Hal Finney created bitcoin to fund his medical care and then had another account to fund his life once we had a cure for death, decapitation, being frozen and ALS. His BTC alone was worth quite a pile when he died and it did pay for his end of life care, his family and his head being frozen at Alcor, so good for him. But the Satoshi Nakomoto...I think that is him too. He just used the name of his high school friend (or was it college?) and that unclaimed pile could essentially make him the richest undead person ever if he were to ever return and claim it (if it keeps climbing).

Of course I think it would be hilarious to completely devalue it so when he wakes up and is prepared to claim the title of the richest decapitated person ever only to be told that a bunch of Russians trying to tell people that they were going to reveal the porn they watched via SPAM had ruined his perfect plan and now he would just have to be pushed around on a skateboard as just a head.
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Re: "for realz" question about Trump's going after Crypto

Postby cowboycraig » Sat Jul 27, 2019 10:23 pm

Kurt wrote:In late 2012 I was trying to figure out an easy way to supplement my income so I looked at bitcoin mining.

I designed a theoretical 12U colo rig that would have worked as a 4 node cluster with Radeon HPC GPUs (I think) for about $60k for the rig and about $150 per month colo. I calculated the monthly hash rate as everaging 1.4BTC per day back when it was hovering between $12 and $14 per BTC so at the time it was not really feasible for me to do this..because I had no idea that I could be making $10k to $20k per day in future money.

Spending $60k on computer equipment that I knew would be worth $5k in 5 years, and only if parted out for about $350 per month net was a bad idea considering I had a pending wedding to pay for, but yah...oops.

My theory on bitcoin is that Satoshi is dead. 1 million BTC not cashed out? Only a dead man would have that kind of fortitude. My guess is Hal Finney created bitcoin to fund his medical care and then had another account to fund his life once we had a cure for death, decapitation, being frozen and ALS. His BTC alone was worth quite a pile when he died and it did pay for his end of life care, his family and his head being frozen at Alcor, so good for him. But the Satoshi Nakomoto...I think that is him too. He just used the name of his high school friend (or was it college?) and that unclaimed pile could essentially make him the richest undead person ever if he were to ever return and claim it (if it keeps climbing).

Of course I think it would be hilarious to completely devalue it so when he wakes up and is prepared to claim the title of the richest decapitated person ever only to be told that a bunch of Russians trying to tell people that they were going to reveal the porn they watched via SPAM had ruined his perfect plan and now he would just have to be pushed around on a skateboard as just a head.


I dig your vision!
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Re: "for realz" question about Trump's going after Crypto

Postby ROB » Sun Jul 28, 2019 11:37 am

It will be treated like any other tradable asset.

Regulated. Taxes paid on profits drawn.

What it will never be treated as: currency.
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Re: "for realz" question about Trump's going after Crypto

Postby Kurt » Tue Jul 30, 2019 9:42 pm

ROB wrote:It will be treated like any other tradable asset.

Regulated. Taxes paid on profits drawn.

What it will never be treated as: currency.


Except as a crime currency.
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Re: "for realz" question about Trump's going after Crypto

Postby Kurt » Tue Jul 30, 2019 9:53 pm

On this topic: I am fascinated with the idea of building the worst crypto ever. The plan would be for it to be:

1. Inflationary by nature. No limit, and a hash that never gets more difficult to solve so people can "mine" it on their phone.
2. Completely not anonymous. A currency that always gives your exact location for every transaction and if possible your real name as well with transactions being part of a public record and sent as a courtesy to various Law Enforcement agencies around the world.
3. To fight inflation that I caused a fully random 20% of the currency will vanish every year, and try to encrypt your other crypto wallets with a 256 randomly generated and forgotten password.
4. The ability to spend 0 of itself and notify someone that you have just sent them 0 and they should thank you with real money for not really sending them them any of the Kurt-Krypto-Koins. (yep, the initials will be KKK just to make them that much worse)
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Re: "for realz" question about Trump's going after Crypto

Postby ROB » Wed Jul 31, 2019 7:57 am

Kurt wrote:Except as a crime currency.


It doesn't fit the definition.

It's a tradable asset like gold.
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Re: "for realz" question about Trump's going after Crypto

Postby Kurt » Wed Jul 31, 2019 8:15 pm

ROB wrote:
Kurt wrote:Except as a crime currency.


It doesn't fit the definition.

It's a tradable asset like gold.


True. But it facilitates crime that could not exist before crypto. There was Ransomware before this but it was very, very rare and most of it targeted to one user or group and those who did it got caught because sending a check or wiring money is pretty easy to trace.

Tradeable like gold but gold in criminal transactions overseas would be very inconvenient.
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the "x" makes it sound cool

Postby el3so » Wed Jul 31, 2019 10:46 pm

Kurt wrote:
ROB wrote:
Kurt wrote:crime currency.

It doesn't fit the definition. It's a tradable asset like gold.
But it facilitates crime that could not exist before crypto. There was Ransomware before this but it was very, very rare and most of it targeted to one user or group and those who did it got caught because sending a check or wiring money is pretty easy to trace.
Isn't it basically extortion though? The idea of the threat stopping when payment is provided. Beats dog-napping.

Someone tried to explain the blockchain thing to me. Heard people tell they made a profit but not solid gold house profit.
You crazy kids with your computer technology...

Being a law-paying, tax-abiding citizen myself, I read somewhere the major hangup for law enforcement and the tax guys is non-crypto criminal (so: actual :-) ) money getting laundered through crypto-currencies. Back into actual money. Banks or gov might eventually adopt the tech, who knows, but yeah, prbbly never as currency.

About that "whole crime that could not exist before crypto": they locked that silk road guy up for double life+40 years. Judicial playing catch-up is inherent to law enforcement in a democratic setting. OC and the rich have had their own things going since time immemorial, figure it's easier to go after internet dudes, pedo rings and terrorists.
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