Crypto Conversation

[Wheat/"/"/"]

And the reporting will be very complex if ever settled.

We are still so early in all this…but I’m confident regulatory clarity is coming.

It seems to be clear to me what’s needed for huge advances in frictionless digital currency transactions for businesses, and to create more economic growth, is simple stable coin regulations.

The US should allow banks, exchanges, maybe even companies like wal-mart, Apple, pretty much anybody, to create their own stable coins, (digital coins pegged 1/1 to the US dollar).

The government should require and issue licenses to these institutions for those coins first, and only after they prove to the US government they have adequate assets to back up these coins in US dollars, while agreeing to be audited regularly. This would strengthen the dollar and expand dollars worldwide.

We don’t need or want a CBDC,(imo).

Plenty of laws regarding protection of consumer privacy will also be needed and attached to all these stables coins. We even need to add something like FDIC insurance protection for consumers on these coins.

Lots of work to do.

At that point, my business could accept dollars, or whatever approved digital stable coins someone wants to use, and taxes would remain the same, just like dollars today.

While we wait, I’m stacking up on the “blue chip” cryptos. (Bitcoin, Ethereum and Layer 1’s).

[Wheat/"/"/"]

Here's the SEC PR: https://www.sec.gov/news/press-relea...ce=govdelivery

BlockFi got ahead of their skis and was slapped on the wrist by the SEC. Only a 100 million slap, 🙂

Here’s Blockfi’s statement…. https://blockfi.com/pioneering-regul...aign=Evergreen

[thedukeman]

Here's the SEC PR: https://www.sec.gov/news/press-relea...ce=govdelivery

Thank you. Interesting to me BlockFi will no longer open new interest accounts, but existing accounts can continue to earn interest. Additionally, existing accounts can't add more cypto to their interest bearing accounts. I wonder how sustainable that is given the fine.

[duke74]

BlockFi got ahead of their skis and was slapped on the wrist by the SEC. Only a 100 million slap, 🙂

Here’s Blockfi’s statement…. https://blockfi.com/pioneering-regul...aign=Evergreen

State AGs have been after the crypto lending space for a while - unregistered securities, etc. Companies like Celsius have been under scrutiny and/or subpoenaed.

[thedukeman]

They're doing it! They're actually doing it!!! I credit Dr. Jimmie Lenz since he convinced the admin to do the certificate of completion NFTs. I am so excited for this and yet so scared to see the price. Before someone says something, I am not considering this an investment of any kind lol.

Quote from Nina King: ""We're excited to enter a new space that will engage our passionate fans even more," said Duke Vice President and Director of Athletics Nina King. "The beneficiary of outstanding leadership and amazing players for many decades, Duke men's basketball has built one of the great sports dynasties. With such a historic occasion coming on March 5, this was the right time to provide our fans with an opportunity to finally become part of an ever-growing NFT community."

https://goduke.com/news/2022/2/24/me...lectibles.aspx

[Wheat/"/"/"]

This take on world events is worth the 10 minutes to consider.

[BlueDevil2K]

I watched it, and I've considered it...and I find it terribly uncompelling:

- The price of oil is going to go up, and this will help Russia how? If supply drops and demand is constant, then the reduction in supply is due to a drop in Russian exports. If supply is constant and demand rises, it's probably going into Russian tanks. If supply and demand are static, the price will revert. What exactly is he arguing? (From a strategic point of view, we should be using less or flooding the market.)

- Russia is benefiting from Bitcoin, so we should all go buy BTC? That raises its value and helps Russia. If his argument follows that we could benefit from a decentralized currency in 50 or 100 years, it seems like the time to move in that direction is when doing so won't directly benefit Russia. The strategic move seems to be to push the value lower in the short term, not higher.

I don't get it.

[accfanfrom1970]

I watched it, and I've considered it...and I find it terribly uncompelling:

- The price of oil is going to go up, and this will help Russia how? If supply drops and demand is constant, then the reduction in supply is due to a drop in Russian exports. If supply is constant and demand rises, it's probably going into Russian tanks. If supply and demand are static, the price will revert. What exactly is he arguing? (From a strategic point of view, we should be using less or flooding the market.)

- Russia is benefiting from Bitcoin, so we should all go buy BTC? That raises its value and helps Russia. If his argument follows that we could benefit from a decentralized currency in 50 or 100 years, it seems like the time to move in that direction is when doing so won't directly benefit Russia. The strategic move seems to be to push the value lower in the short term, not higher.

I don't get it.

This. Do not support Russia. Nothing good can come from it. And if you bet on bitcoin because Russia will win/benefit…..we are in a place I don’t want to go to.

[Wheat/"/"/"]

If you get a chance, take the time to read The Bitcoin Standard, it will help to understand Bitcoin game theory that seems to be coming into play.
It’s way too complicated for me to attempt here.
The Fiat Standard is also a good read.

In short, I think he’s arguing that there is a possibility that Bitcoin becomes the worlds reserve currency, not the dollar, sometime in the future and that the US needs to embrace it now, and own as much as possible, before the rest of the world does to help maintain our economic strength.

Keep in mind Bitcoin is not controlled by any country, any institution, or any individual. It is a decentralized, worldwide, open source protocol of secure, sound digital property, which can also be used as a currency among anyone who chooses to exchange it without any third party influences.

Nobody wants to help Russian aggression in any way.

But Bitcoin is nonaligned and neutral to all governments, and every institution.

Anyone, anywhere in the world, can use Bitcoin to hold or exchange value, no banks or governments necessary.

[Wheat/"/"/"]

I watched it, and I've considered it...and I find it terribly uncompelling:

- The price of oil is going to go up, and this will help Russia how?

I don't get it.

Russia has been stockpiling gold reserves, and becoming less tolerant of the dollar to prepare for this attack. Example, the recent oil deal with China that specifies Euro's as the exchange currency, instead of dollars.

Both gold and oil have now became more valuable since their attack, and even tho they now face sanctions, those sanctions are not on their oil reserves, in fact, western democracies continue to purchase oil while the invasion is being carried out…at inflated prices.

How crazy is that?

[BlueDevil2K]

Keep in mind Bitcoin is not controlled by any country, any institution, or any individual. It is a decentralized, worldwide, open source protocol of secure, sound digital property, which can also be used as a currency among anyone who chooses to exchange it without any third party influences.

I believe that there are some serious problems with this paragraph. If you have a lot of minutes, this was a fascinating watch:

https://youtu.be/YQ_xWvX1n9g

[Wheat/"/"/"]

I believe that there are some serious problems with this paragraph. If you have a lot of minutes, this was a fascinating watch:

https://youtu.be/YQ_xWvX1n9g

I skipped through it, but didn’t see anything about Bitcoin?

It was all about NFT’s, Ethereum, Web3 etc….

Did I miss your point with that?

Specifically, what was the problem with that paragraph? I’ll be happy to clarify.

[thedukeman]

OneOf, the company Duke is partnering with for the release of its upcoming NFT, is currently selling "sports passes" for $200. They are currently under presale for $200 and will rise to $300 for standard sales. I'm not sure when presale ends. If you don't understand what they are, they are being advertised as analogous to a membership to something like a country club. Having the NFT offers discounts, access to events and early releases, etc... I think these "club/community" NFTs are an interesting idea because they can turn membership into an asset. For example, if you have a membership to a country club, you likely will pay until you move or decide to stop playing golf. With NFTs, membership is now a token and if you decide to move away, you can sell your token/membership to somebody else who wants to become a member and the country club would receive a royalty fee on the sale.

OneOf is saying that the first benefit of these "sports passes" will be related to the Duke NFT and that a tweet providing more information will come sometime this weekend. I have no idea how these will turn out and I am not recommending you buy it, but I figure some people here may be interested in the details surrounding Duke's NFT.

[thedukeman]

OneOf, the company Duke is partnering with for the release of its upcoming NFT, is currently selling "sports passes" for $200. They are currently under presale for $200 and will rise to $300 for standard sales. I'm not sure when presale ends. If you don't understand what they are, they are being advertised as analogous to a membership to something like a country club. Having the NFT offers discounts, access to events and early releases, etc... I think these "club/community" NFTs are an interesting idea because they can turn membership into an asset. For example, if you have a membership to a country club, you likely will pay until you move or decide to stop playing golf. With NFTs, membership is now a token and if you decide to move away, you can sell your token/membership to somebody else who wants to become a member and the country club would receive a royalty fee on the sale.

OneOf is saying that the first benefit of these "sports passes" will be related to the Duke NFT and that a tweet providing more information will come sometime this weekend. I have no idea how these will turn out and I am not recommending you buy it, but I figure some people here may be interested in the details surrounding Duke's NFT.

Tweet is up. Pass gives early access to NFT I guess. Presale ends March 2.

Source: https://twitter.com/OneOfNFT/status/1497275707491172352

[cspan37421]

I skipped through it, but didn’t see anything about Bitcoin?

Apparently because you skipped through it? Bitcoin is chapter one (which follows the preface and, interestingly, chapter zero). 11 minutes long, starting at this time-stamped link:

https://www.youtube.com/watch?v=YQ_xWvX1n9g&t=429s

[JNort]

Been using Coinbase (ease of use for me) and just started staking my ETH. Anyone else stake their crypto and what’s your experience?

[thedukeman]

Been using Coinbase (ease of use for me) and just started staking my ETH. Anyone else stake their crypto and what’s your experience?

I was using BlockFi to earn interest on my Ethereum but I moved it to a cold wallet following their sanctions. I've been debating about moving my ethereum to stake on coinbase but the year long lockup makes me hesitate a little bit. I might stake any Ethereum I buy from here on out since I don't see myself selling and taking short term capital gains taxes. I have been staking my ADA though just because you can stake while keeping on a cold wallet. Other than that no staking really for me. I heard coinbase might let you trade soon while staking ETH though. Keep me updated!

[Wheat/"/"/"]

Apparently because you skipped through it? Bitcoin is chapter one (which follows the preface and, interestingly, chapter zero). 11 minutes long, starting at this time-stamped link:

https://www.youtube.com/watch?v=YQ_xWvX1n9g&t=429s

Thanks. I did skip right over it, evidently.

After watching his take on Bitcoin, I can tell you he’s either misinformed or deliberately disingenuous.

That’s not surprising, Bitcoin is a disruptive technology and we can expect negative reactions from many videos like this that stand to represent those being disrupted.

There is a lot more information out there about Bitcoin than this guys opinion, I’d recommend take some time and really go down the Bitcoin “rabbit hole”. It takes about 100 hours of study to really start to understand it, unfortunately.

At the end of the day, Bitcoin simply gives individuals control over their hard earned money. Not banks, not governments. Liberal or Conservative.

It’s just digital money/property that cannot be manipulated by third parties, and can be transacted with full settlement within seconds over the internet.

Personally, I think that’s a good idea for the world and have invested accordingly.

[Wheat/"/"/"]

Been using Coinbase (ease of use for me) and just started staking my ETH. Anyone else stake their crypto and what’s your experience?

I keep everything in cold storage. The rewards are just not enough to mitigate the risks of not holding my assets myself…off line.

It’s also not clear yet how the SEC is going to come down on staking rewards. BlockFi was just a shot across the bow to all these exchanges.

US regulated exchanges like Coinbase, Gemini, crypto.com etc…are probably pretty safe, but exchanges have been hacked and if you read their fine print they assume no liability for your coins.

[Wheat/"/"/"]

Just made a Bitcoin donation in support of freedom for the people of Ukraine.

It was easy and fast. Straight from the Trust wallet on my phone to the official wallet of the Ukrainian government, confirmed in less than 5 minutes.

Wallet address is on their official twitter account feed, @Ukraine.