Mist
Eeyore Enthusiast
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lol bitcoin maxis thinking the rest of the world cares about Argentina or BTC.
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Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
- Start date
Arden
Blackwing Lair Raider
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BTC maxis think all kinds of crazy things. But the more BTC-friendly leaders the better for anyone with BTC investments- or crypto investments in general, since the larger crypto market tends to follow BTC.
Flobee
Vyemm Raider
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BTC maxis are just gold bugs with a better thesis about fixing the money problem. Dollar will go waaay up before it comes even close to hyperinflating. US has no choice to debase but there is a process that will play out first I think.
Pretty good chance Argentina will be nation state #2 to make BTC legal tender. We'll have to see if this guy is legit
Pretty good chance Argentina will be nation state #2 to make BTC legal tender. We'll have to see if this guy is legit
Arden
Blackwing Lair Raider
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Crypto won’t go anywhere as an investment class, but crypto is basically the OnlyFans of currency. Sure, potentially it could do a lot of good things, but 99% of its value is based on money laundering in one way or another.
Tuco
I got Tuco'd!
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Thanks for the detailed response.
I was thinking about this concept as EQ's latest TLP server's economy got obliterated by a new dupe. EQ's cash shop currency, Kronos, are tracked outside of EverQuest, so the concept of a rollback might not even cover them. Someone might trade their stash of krono for items or currency, get rolled back and not recover their krono. The same problem would exist if a game's economy was partially based on NFTs.
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If the NFT's are on a reasonably secured chain then they are unique generated (i.e. the "Non-fungible" part). Meaning that's what protects you from item dupes. It requires a cryptographic process to create the NTF token. Which is then completely trackable since it's on a blockchain. You could literally unwind an individual items creation and undo the associated transactions if coded right. A proper blockchain would be a wholly immutable ledger of not only amounts but every NFT based item in game. It would actually give a far more targetable and granular ability to track and ergo forcibly "undo" transactions. Or more accurately, you wouldn't "undo" the transaction, you would then process a inverted transaction where instead of NFT creation you would do what is referred to as a "burn" , in this case of an NFT, and just make sure the contractual code for the NFT and burn process is created to correctly refund whatever portion of the original amount spent on the NFT, etc...
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Flobee
Vyemm Raider
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Easiest way is probably just downloading a wallet and creating an address to send it to. I'd recommend Sparrow Bitcoin Wallet for PC or something like Muun - Bitcoin Wallet or Blockstream Green: Simple and secure Bitcoin wallet for mobile. If holding long term and its a decent amount of coin (I'd say $1500+) I would consider a hardware wallet a good investment but probably not relevant here.
If you want something to hold
coins too you'll have to get a suggestion from someone else- 1
Tmac
Adventurer
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I use Exodus wallet. I like it. You can just send it to the address it provides.
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Druss
Trakanon Raider
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holding your own is alot safer than letting an exchange have it, then they get hacked and maybe never see it again?
Arden
Blackwing Lair Raider
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There are some pretty safe exchanges these days. Fidelity isn't an exchange, per se, but you can buy BTC and ETH there and hold it and it's probably safer than self-custody tbh. But Fidelity comes with two main downsides: you can't move crypto on or off the exchange without converting it to fiat and they don't allow standing buy order for longer than 24 hours. This second issue is a dealbreaker for me.
Coinbase is about as solid as it gets as far as actual crypto exchanges go. It's a US company that has gone to great lengths to stay within regulatory confines from Day 1. They have made some serious sacrifices in terms of growth in order to stay within regulatory confines (as best they could, considering the opaque nature of crytpo regs and the Govts refusal to take a stand on what is and isn't within guidelines). The benefit of moving slowly but carefully is that they have avoided the problems that have plagued other exchanges that took a much more gung-ho approach (FTX and Binance). AFAIK there has only been one or two incidents where people have had their Coinbase funds tampered with, and Coinbase made those individual accounts completely whole without hesitation. Maybe that's enough to scare you off, but even banks get hacked from time to time- the important thing is that they take responsibility and make customers whole, which is what Coinbase did.
Personally, I don't like digital wallets, so I would feel more comfortable keeping my crypto either on an exchange that can refund my account if its hacked or in self-custody in cold storage.
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Flobee
Vyemm Raider
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If Fidelity doesn't let you withdrawal the coins, its not custody because you're not holding anything but an IOU only payable in paper. By all means put your money where you're comfortable, but if you're not actually holding the BTC, or whatever 'crypto' you think you own, in self custody then you don't own it. You have USD price exposure and nothing else. Anything short of self-custody is anti-thesis to what Bitcoin represents and its primary use-case.
If you don't understand that yet, you will. Just wait and see.
If you don't understand that yet, you will. Just wait and see.
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TheBeagle
JunkiesNetwork Donor
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I looked at Fidelity, they don't accept actual crypto yet. I think the thing I still don't understand is what is the difference between cold storage and a wallet? Only dealing with BTC. No plans to mess with shit coins.
Not that I would ever do such a thing, but am curious how other people transfer money/winnings in and out of offshore betting sites.
Not that I would ever do such a thing, but am curious how other people transfer money/winnings in and out of offshore betting sites.
Flobee
Vyemm Raider
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So a wallet can represent both 'cold' storage and I guess 'warm' storage. The temperature is just relating to the wallet signing keys exposure to the internet. A cold wallet is a signing device that is never connected to the internet, the keys live on a hardware device (or even laptop without wifi connected) that has to be engaged with to spend from that address. For example if you wanted to send coin from a cold wallet then you'd need to sign the transaction on that hardware device then send the signature to software that would send the transaction to the blockchain for inclusion in a block.
A warm wallet is simply a software wallet. In this case the 'signing device' for transactions lives in the same software that sends the transaction to the blockchain. The keys for the wallet are generated by the wallet. Most wallet software can create warm wallets as well as cold wallets where the keys are generated outside of the software.
Generally speaking 'warm' wallets are considered less secure but more convenient. Warm wallets are for 'spending money like what you'd carry on you, cold wallets are for long term storage.
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Flobee
Vyemm Raider
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So if you're trying to take this and turn it into USD you're going to have trouble with KYC regulation wherever your touchpoint is with USD rails. If you hopped the BTC from the gambling wallet, to your own wallet, then to an exchange wallet you're probably going to be fine 99% of the time but obviously going to get hit with capital gains and you'd, legally, have to claim it from $0 to whatever current value is.
There are obviously issues with even the above being the most "legal" because you're not obfuscating your connection to the gambling site at all (easily going to connect you personally to that site via chain surveillance and the KYC regulation required by the exchange) which could get you in trouble. You can deal with this a number of ways. You could run your winnings through a mixer (Samourai Wallet) this would break the ownership heuristics used by chain surveillance and would likely avoid any connection to the gambling site, but does take some technical knowledge to do properly, and you're still on the hook for taxes.
Your other option is selling it peer to peer. There are a lot of ways to do this but the best way I'm aware of that requires no personal relationships is Bisq - A decentralized bitcoin exchange network. This is a P2P trading platform where you can use things like paypal, Strike, Venmo, etc to send cash in exchange for Bitcoin. There are some technical hurdles here too, but not too bad, and obviously if you're not paying your taxes here you face the same sort of issues you would for selling something on Facebook marketplace and not claiming in the income.
Obviously you could also just find someone who wants Bitcoin and is willing to send you cash
You could do it a few other ways too but the above are probably the most straight forward with varying levels of legal risk. None of this is illegal right now (Assuming you claim the income and pay the taxes of course) but they provide increasing levels of personal privacy in the transaction. Hope that helps.
NOTE: 'You' here being the hypothetical person transferring money from shady places
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Tmac
Adventurer
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TheBeagle
JunkiesNetwork Donor
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Wouldnt be turning it into USD for the foreseeable future. Just wondering if, hypothetically, a player could remove some BTC and sit on it anonymously relatively simply. Also, if this player wanted to transfer that BTC to another site that may be a little more above board like, say, a poker site. Or just sit on it and if BTC ever moons again then look into USD options.