Bitcoins/Litecoins/Virtual Currencies

Mist said:

That's not what I'm saying at all.

What I'm saying is that it incentivizes the government to plant / "fine" crimes to charge large crypto holders with, knowing they get to seize all their coins

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Yeah I know- my comment was more of a response to Flobee's (pretty much perpetual) concerns about the government seizing his BTC. No offense Flobee.

But since I know you like to fight, I'll say that I don't really get your point, either. The government could always seize crypto coins as part of civil forfeiture and has previously done so on numerous occasions. I'm not exactly sure how a government stockpile of crypto makes it more or less likely they will seize crypto. They've seized crypto before (and profited from it by selling it), I'm sure they will seize it again, stockpile or no.

At the end of the day, the government is going to seize what valuables the court is going to allow them to seize. In the cases I've dealt with involving civil forfeiture, I've seen them seize all kinds of things- money, crypto, boats, houses, clothes, shoes, weapons, just about fucking anything. On several occasions, the feds then used the seized assets to open "surplus" stores as part of ATF sting operations (look up Statesboro Blues).

If you want to talk about the argument that civil forfeiture has gotten out of control in the last 20 years or so, and the courts often allow the DoJ waaaaay too much latitude in what (and how much) they seize... well, then I think there's a really good case to make there.

But the crypto thing? Nah, that's not going to change a damn thing about how the DoJ operates regarding forfeiture.

Blazin said:

Wanted to start regular BTC buys then I see the fees, it's like the 90s . How is this archaic bullshit the future? I should be able to buy BTC for a such a small fee we risk breaking the time and space continuum calculating it, instead it's like I'm asking a Merrill Lynch advisor in 1992 to buy 10 shares of AT&T

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Blazin said:

Wanted to start regular BTC buys then I see the fees, it's like the 90s . How is this archaic bullshit the future? I should be able to buy BTC for a such a small fee we risk breaking the time and space continuum calculating it, instead it's like I'm asking a Merrill Lynch advisor in 1992 to buy 10 shares of AT&T

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The friction here is from the USD system, not Bitcoin. Just like everything else in our society there is a long line of middle men trying to take their share for doing next to nothing. In this case they literally only exist to comply with government KYC/AML laws and custody your BTC until you move them to your own wallet. There should be a fee for this service, but not what it currently is. Blame the government

Blazin said:

Strikes fees seem the same as RH up to $500,000 a month activity. If I want to hodl my bitcoin in a hardware wallet can I move the BTC from RH ? AI is giving me conflicting answers one says yes the other no.

Also crypto bros whats the best book to read on bitcoin not to blow smoke up my arse about how awesome it is and doomed to failure fiat is but to understand more about it structurally/technically etc.

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Mastering Bitcoin by Andreas Antonopoulos is the technical book I see recommended the most. Bitcoin Standard by Saifedean is highly recommended but may be exactly the kind of book you want to avoid, but it apparently explains Bitcoing very well. Its certainly the most widely read. I've only read one Bitcoin book and it was only OK. If I recall any others I'll post them. I know there are a lot of bad books and personally I found it more useful learning via podcast and doing some simple Bitcoin scripting

Tmac said:

Have you read the original white paper? You should start there. https://bitcoin.org/bitcoin.pdf

Yes, you can move your BTC off any exchange and into a wallet. To confirm, look for the “Send” UI and it should have a place to enter an address. There will be fees.

The most helpful resources for me were books and podcasts discussing sound money as it relates to BTC, but that was 8 years ago, so I can’t be much help in that regard.

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Maybe things have changed, but there are definitely some places you can "buy btc" and can't move it. Last I checked, Fidelity crypto (not the etf), Paypal, Venmo, etc. are all places you could buy BTC but not move it. Iirc, RH used to be the same way, but I think they've changed.

Anyway, just recommending you triple check that you can move your BTC from an exchange before you buy it.

I use CB myself, just because it's pretty straightforward, easy to use, and I trust them as much as I trust anyone in this field. That said, they are fucking expensive. I used Binance before they got banned in the US and I'll be honest, that was a good experience. It was way cheaper than CB and also easy to use.

Wondering if we might get Binance back in the US with the new admin...

I have a feeling we are going to see the crypto space go from the 90s to 2025 really fucking fast. If you are disappointed with your options now, just wait a few months.

Here's a nice list (thanks GPT) of changes that have occurred just in the last couple weeks with the new admin:


1. Executive Order on Digital Financial Technology: President Trump signed the "Strengthening American Leadership in Digital Financial Technology" executive order, aiming to position the U.S. as a global leader in the crypto industry. This order promotes access to public blockchain networks, development of related software, and personal custody services. It also encourages the development of dollar-backed stablecoins and prohibits the issuance of Central Bank Digital Currencies (CBDCs) in the U.S. Additionally, it establishes the President's Working Group on Digital Asset Markets, led by David Sacks, tasked with presenting regulatory proposals within 180 days.


2. Reversal of Previous Regulatory Frameworks: The executive order revokes prior directives and frameworks related to digital assets, including a 2022 Department of the Treasury framework, signaling a shift towards a more crypto-friendly regulatory environment.


3. Overturning of SEC Guidance: The Securities and Exchange Commission (SEC) has reversed guidance that previously treated digital tokens as liabilities on bank balance sheets, a move that had made it costly for banks to hold cryptocurrencies. This change is expected to facilitate banks in offering cryptocurrency custody services without facing penalties.


4. Appointment of Crypto-Friendly Officials: The administration has nominated individuals supportive of the crypto industry to key positions. Notably, Howard Lutnick, CEO of Cantor Fitzgerald and a significant figure in the cryptocurrency world, has been nominated for the position of Secretary of Commerce.


5. Establishment of SEC Crypto Task Force: The SEC has launched a new Crypto Task Force to develop regulatory policies, indicating a proactive approach to integrating cryptocurrencies into the financial system.


6. Market Reactions and Industry Sentiment: The crypto market has responded positively to these regulatory changes, with bitcoin prices reaching new highs. The industry anticipates that the administration's policies will foster innovation and reduce regulatory uncertainties.



These actions represent a significant shift in the U.S. regulatory landscape for cryptocurrencies, reflecting the current administration's commitment to fostering growth and innovation in the digital asset sector.