- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Does anyone actually use Bitcoin to buy/barter?
Posted on 12/26/24 at 11:17 am to cadillacattack
Posted on 12/26/24 at 11:17 am to cadillacattack
quote:
Counter party risk for Bitcoin is primarily government seizure or intervention. US Government controls the crypto exchanges, so intervention is not only easy, but selective to the account level.
Hi!
Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve in exchange for $20.67 (equivalent to $487 in 2023) per troy ounce.
This post was edited on 12/26/24 at 11:17 am
1
Posted on 12/26/24 at 11:24 am to boomtown143
…. which is why I wrote:
and when I reference gold, I only refer to physical gold.
quote:
Same applies to gold, but much easier.because the offshore systems/ facilities have been around a lot longer.
and when I reference gold, I only refer to physical gold.
This post was edited on 12/26/24 at 11:56 am
Posted on 12/26/24 at 11:31 am to TigerTatorTots
quote:
What’s the counterparty risk for bitcoin?
Maybe not exactly what you’re asking but Aren’t there risks associated with the exchanges like FTX and then there’s certainly the risk of theft as was recently experienced with North Korea.
Posted on 12/26/24 at 12:07 pm to SlidellCajun
quote:
exchanges like FTX
Crypto was invented to get ride of things like "middle men" such as Centralized Exchanges (FTX).
Decentralized exchanges should be used.
quote:
then there’s certainly the risk of theft as was recently experienced with North Korea.
I can make this same argument for what you are defending but you already new that.
This post was edited on 12/26/24 at 12:09 pm
Posted on 12/26/24 at 12:38 pm to SlidellCajun
quote:Yes, not what I'm asking. Exchange risk is known and easy to prevent by holding your own keys for a meaningful amount of bitcoin. More recently if you don't want to hold your own keys there are the ETFs as well.
Maybe not exactly what you’re asking but Aren’t there risks associated with the exchanges like FTX and then there’s certainly the risk of theft as was recently experienced with North Korea.
Posted on 12/26/24 at 2:01 pm to boomtown143
quote:
can make this same argument for what you are defending but you already new that.
*knew
I think the point is that bitcoin is not immune from the same issues that plague other currencies or things.
Further- I can buy insurance for theft of USD as well as gold. Can that be done with bitcoin?
This post was edited on 12/27/24 at 8:55 am
Posted on 12/27/24 at 8:50 am to FAT SEXY
My cable is purchased with Bitcoin. It runs through my firestick and gets me access to basically everything. It’s pretty rad. I have to rebuy once a year
Posted on 12/27/24 at 8:56 am to ChiGator
quote:
My cable is purchased with Bitcoin. I
Who is the payee for that?
Posted on 12/27/24 at 9:02 am to SlidellCajun
quote:
I think the point is that bitcoin is not immune from the same issues that plague other currencies or things.
And the counterpoint is those shortcomings were supposed to be balanced by the benefits of decentralization and a hedge against the USD.
Now people seemingly want to treat it as a security, centralize the exchanges, and seek government protection.
Posted on 12/27/24 at 9:04 am to ChiGator
quote:
My cable is purchased with Bitcoin. It runs through my firestick and gets me access to basically everything. It’s pretty rad. I have to rebuy once a year
Your honesty is refreshing…but you’re not supposed to say the quiet parts out loud.
Posted on 12/27/24 at 9:10 am to lsuconnman
quote:
Your honesty is refreshing…but you’re not supposed to say the quiet parts out loud.
Lol yeah Bitcoin still remains a good way to buy illegal goods and services
Posted on 12/27/24 at 10:22 pm to SlidellCajun
Apollo Group Tv
Bitcoin is paid through cash app
Bitcoin is paid through cash app
Posted on 12/27/24 at 10:28 pm to UltimaParadox
(no message)
This post was edited on 12/27/24 at 10:31 pm
Posted on 12/27/24 at 11:39 pm to FAT SEXY
quote:
Does anyone actually use Bitcoin to buy/barter?
If the government ever implements zero taxes on small Bitcoin transactions as is being proposed in Congress (Virtual Currency Tax Fairness Act), then I would definitely consider making small transactions (within non taxable limits) using Lightening Network channels through an app like Strike or the Cash App. There are currently approximately 8,936 merchants accepting Bitcoin payments in the US alone. The number of Bitcoin accepting merchants and Bitcoin payments will explode if the government removes taxes, even on only small transactions like under $50.
The Lightening Network already has extensive reach integrating with major platforms like Cash App, Binance, and Coinbase, and along with the rest of the Lightning Network with both merchants and individuals worldwide, it already collectively connects to nearly 400 million users with instant and cost-effective global payment transactions.
As a comparison, the VISA network can theoretically handle up to 24,000 transactions per second making it an order of magnitude slower than the Lightening Network.
The Lightning Network is also extremely fast, typically processing transactions almost instantaneously. It can handle up to 1 million TPS (transactions per second), a significant increase over the Bitcoin network's capacity of around 7-10 TPS, making it highly scalable for widespread use.
If the government started allowing significant enough Bitcoin payments without tax, I would also start transitioning some of the Bitcoin related investments in my Roth account to actual Bitcoin. In fact all of the gains that I make in my Roth from volatility trading BITX that I have been pouring into essentially "free" BITO shares, I would convert that process into a "free" Bitcoin generator.
It's also laughable reading Bitcoin Antagonist posts on this site. Those folks are just defiant trolls. Definitely not worth engaging in any discussions with them.
This post was edited on 12/28/24 at 12:21 am
Posted on 12/28/24 at 7:31 am to ChiGator
So do you keep a balance of bitcoin just to pay your cable bill?
What’s the point?
Why not use USD?
What’s the point?
Why not use USD?
Posted on 12/28/24 at 8:31 am to 98eagle
quote:
The Lightning Network is also extremely fast, typically processing transactions almost instantaneously. It can handle up to 1 million TPS (transactions per second), a significant increase over the Bitcoin network's capacity of around 7-10 TPS, making it highly scalable for widespread use
Lol I guess new up cycles produce new crypto bros.
What year is this? Lightning was a few cycles ago and everyone knew it was buggy, not secure, and an extremely centralized solution. I just checked the mempool and it still only has about 5k Bitcoin in it even after this run. Literally no one uses it, a lot of the custodian wallets have shut down.
quote:
If the government started allowing significant enough Bitcoin payments without tax,
Lol, lightning still wouldn't work because they have no way to pass KYC/AML. Which should be trivial for them since it's not decentralized at all. They would be an easy target. Not even counting the insane amount of fees to open and close channels on lightning. That's even if you are fortunate if it works even after it takes your fees.
Bitcoin enthusiasts declare lightning is dead
Surprised he still updates since nobody talks about lightning anymore
This post was edited on 12/28/24 at 8:33 am
Posted on 12/28/24 at 10:52 am to UltimaParadox
Well, you obviously know more than me about the lightning network, but if you download the Strike App or Cash App today, after you provide your KYC info on the app, you can transfer Bitcoin peer to peer on the app which uses the lightning network per the app. You can watch YouTube "how to" videos as recent as this month showing you how to do this with either app. So if the lightning network is dead it's surprising that apps with over 100 million downloads on Google PlayStore can advertise that they use the Lightning Network to send and receive Bitcoin.
You do realize that the Know Your Customer (KYC) and Anti Money Laundering functions are done on the on/off ramps, like Coinbase, Cash App, etc., don't you?
If congress approves the Bitcoin Tax Fairness Act that I mentioned in my previous post, then it is reasonable to expect people and businesses would ramp up using Cash App and Strike App in a significant way to send and receive Bitcoin peer to peer.
The Cash App also states you can send and receive Bitcoin for free. Is that a lie also? Why would Jack Dorsey allow his Cash App to make such claims if it were not true per you and any articles or forum discussions that you post stating otherwise?
The Strike App states you can send your Bitcoin anywhere instantly for fractions of a penny. I'm not seeing where Cash App or Strike incur or charge insane fees for opening and closing Lightning Network channels as you claim.
Cash App - Lightning Network
Strike - Lightning Network
You do realize that the Know Your Customer (KYC) and Anti Money Laundering functions are done on the on/off ramps, like Coinbase, Cash App, etc., don't you?
If congress approves the Bitcoin Tax Fairness Act that I mentioned in my previous post, then it is reasonable to expect people and businesses would ramp up using Cash App and Strike App in a significant way to send and receive Bitcoin peer to peer.
The Cash App also states you can send and receive Bitcoin for free. Is that a lie also? Why would Jack Dorsey allow his Cash App to make such claims if it were not true per you and any articles or forum discussions that you post stating otherwise?
The Strike App states you can send your Bitcoin anywhere instantly for fractions of a penny. I'm not seeing where Cash App or Strike incur or charge insane fees for opening and closing Lightning Network channels as you claim.
Cash App - Lightning Network
Strike - Lightning Network
This post was edited on 12/28/24 at 11:21 am
Posted on 12/28/24 at 11:17 am to 98eagle
quote:
If the government ever implements zero taxes on small Bitcoin transactions as is being proposed in Congress (Virtual Currency Tax Fairness Act)
Why would the government incentivize tax free BTC transactions? And if they did incentivize crypto transactions why would they choose the one most likely to be overwhelmed by ann influx of users?
Posted on 12/28/24 at 11:20 am to 98eagle
quote:
If congress approves the Bitcoin Tax Fairness Act that I mentioned in my previous post, then it is reasonable to expect people and businesses would ramp up using Cash App and Strike App in a significant way to send and receive Bitcoin peer to peer.
Zero chance it passes, even if it does I don't see much scale since the technology itself does not scale well due it's slow transaction speeds. Obviously lightning as an L2 was supposed to fix it, but it has been rejected even by Bitcoin users because it just doesn't work very well unless you run your own custodian nodes. Nobody is doing to do this at scale, plus they don't even guarantee delivery. Failure of transactions is very common.
If you think the government is going to allow tax free transactions in Bitcoin to bypass traditional means... I don't know what to tell you.
quote:
The Cash App also states you can send and receive Bitcoin for free. Is that a lie also? Why would Jack Dorsey allow his Cash App to make such claims if it were not true per you and any articles or forum discussions that you post stating otherwise?
Go find me where I State this? You are getting two things confused.
I'm sure Jack will let you buy and sell Bitcoin from within the cash app ecosystem for free since it's actually not an on chain transaction.
Cash app fees
Bitcoin people used to hate cash app because it wasn't decentralized. But the way the winds have shifted I guess no one cares anymore
This post was edited on 12/28/24 at 11:34 am
Posted on 12/28/24 at 12:07 pm to UltimaParadox
quote:
Go find me where I State this? You are getting two things confused.
Go look at the Cash App- Lightning Network link I posted above. In the second section, it states the transactions are fast and free. Specifically...
"It’s fast. It’s easy. It’s free on Cash App. The Lightning Network is a technology that makes sending and receiving bitcoin instantaneous. And now it’s on Cash App. It works with any Lightning-enabled wallet. Plus, we’re making it free to use." Find it in the Bitcoin tile of your app."
Then look at the Strike link I posted. Strike says you can send your Bitcoin anywhere in the world for fractions of a penny. Specifically, " Send and receive bitcoin instantly and super cheaply, and convert it into cash in just a few taps."
I guess you're correct on everything you state, and the Cash App and Lightning Network and other Layer 2 solutions are not allowed to implement improvements,. Also, as Bitcoin and Crypto continue to rapidly gain worldwide acceptance, you believe there is still zero chance that an increasingly more crypto friendly government will ever approve a proposed bill like the Bitcoin Tax Fairness Act that would not tax Bitcoin transactions $50 or less. I suppose Amazon and other major retailers will also never accept Bitcoin as payment, correct?
You are looking into the past without accepting there is a possibility that Layer 2 technology and a change in government crypto policy could result in Bitcoin being used as a currency for small transactions.
Anyway, all I want to say is if is someday possible to transact in Bitcoin in any level of Bitcoin payments with no imposed taxes, then I will be a participant. Time will tell if you are correct, but I believe you will be proven wrong.
This post was edited on 12/28/24 at 12:31 pm
Page 5 of 6
Popular
Back to top
Follow TigerDroppings for LSU Football News