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Bitcoin and Crypto Thread

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JayR said:
Hmm. I'm not sure this would work in the scenario I'm thinking of. Let's say...

A tornado blows the roof off my house tomorrow. I have no insurance (total racket). I need $10K right now to get the roof repaired, but all my money is in non-KYC BTC in a self-custody wallet. There are no Bitcoin Banks, yet, who will make a USD loan with BTC as collateral.

How do I convert my BTC into $10K right away?
Click to expand...

It’s got to be right away?? If you are ok with sucking it up and paying high fees you can use apps like Venmo or cash app where you can buy and sell btc at very high fees.


Why are you refusing to use an exchange like coinbase, Binance, kraken , Gemini etc?
 
Guriko said:
Hey guys, I'm sorry for the probable dumb questions, but still.

I work in a demanding field in the health industry which uses up most of my time (it requires a lot of constant learning and training to stay at the top of your game). It's fulfilling work, so I like it and the pay is good.

I also have a young family (one daughter and expecting another this year) to which I aspire to be a good husband and father, following Christian doctrine.

All of this leaves me with limited time that I can devote to other endeavors, one of the being crypto.

I read Redbeards thread, he was also very gracious with his time and with his advice I bought a used Google Phone, installed the Samourai Wallet and started buying BTC on regular intervals with a 'set it and forget it' attitude. I don't plan on trying to become rich with crypto; I use it more as another lever to try and stay afloat during these crazy times.

I have physical copies of those recovery words which I'm planning to use to recover my assets.

My questions for you guys is this or if you could direct me to a source you deem credible.

1. What wallet would you advise for someone like me, after the Samourai debacle?
2. Would you still advise to have the thing on a phone, or is a PC desktop wallet adequate? I'd like to keep buying BTC on regular intervals as little as complicated as possible.
3. I'd like to use crypto to buy and support people (this site, articles, podcasts, donations etc.) on our side. I'd like to use crypto because I fear that soon you will become persona non grata to banks when they will see that you've been supporting those they deem 'problematic' and with a family to support I'm curently yet not established enough for this to not become a problem for me.

Thank you in advance!
Click to expand...

I like tangem. It’s cold storage, no key phrases and very safe. Stop using hot wallets. Get tangem or other cold storage.
 
eradicator said:
Why are you refusing to use an exchange like coinbase, Binance, kraken , Gemini etc?
Click to expand...
I am concerned that if I sent a large amount of non-KYC BTC to an exchange, they will freeze my account because they cannot identify the provenance of the BTC.

Perhaps this is not a valid concern, but I keep hearing "never send your non-KYC BTC to a centralized exchange," thus my question.
 
Blackrock just surpassed Grayscale for largest ETF.

I only show the one that counts holdings in bitcoin; it's the one that seems the most important to me.
Screen Shot 2024-06-02 at 6.35.42 PM.png
 
A Grand Rising, Men.
Wanted to shill a solid project that I'm growing. This group is the right community to fill the ranks.

You have no doubt heard of Pepe, Pepecoins, Wojak, Chad, etc.... Well we are The Historical First $PEPE on the ETHEREUM Blockchain... Launched 10/10/2020...

🐸 Over 1,340 Days Ago 🐸

A Powerful Historical Narrative w/ a Rare Supply of only 37,321 $Pepe Tokens. Not only were we the 1st Pepe on Eth, but we are part of an even larger ecosystem, Wojak Farm - Ethereum's 1st Meme Farm Economy. The general system works like this; You stake Wojak, Pepe is minted as rewards, Chad manages the minting taxes and inflation of Pepe. (The Chad and Wojak contracts were also the first of those Memecoins on Ethereum, the OG Trinity) You can read our White Paper at docs.ogpepe.io where it explains in further detail.

The Team launched in the midst of the 2020 planned-demic bear market where they failed to gain traction and the project fell into hibernation. The 2023 Pepe Season brought it back to life, and it became essentially a community takeover last October when a group relaunched it as a memecoin, not knowing what the background was. The interest from that group fell off and myself and a few others stuck around due to my belief in the narrative. We were able to reconnect with the Original Developer and he was stoked that a community had unexpectedly grown up around his old project. He threw himself into the build out and we are forging ahead to make this the future for the coming MEME-conomy as the TradFi economy hits a brick wall in 2025/2026. We want to be able to afford people the chance to obtain passive income through crypto and be part of a growing community.

As the Oldest & Rarest Pepe on Ethereum, we are unwavering in our Steadfast Pursuit; creating ultimate Value for the Community. We firmly believe that the steady accumulation & its resulting supply-shock are inevitable. The ecosystem is paused at the moment and after we complete audits and getting our frogs in a row, we plan on resuming full functionality at the end of the year.

Currently, our Dex Swap, PEPEX is Live and being rebranded this coming week. The Websites are being updated and optimized for mobile; we are still building after all. We are community funded and as such we do not enjoy all the pre-sale funding and tax harvesting that the other cash-grab scams have in the crypto space. We presently have multilingual support in the chat through a Custom Paal.ai Bot and there is only about 13% of supply available to purchase in the pools. The Community has quiet confidence and just stacks.

Our Biggest marketing sell for everyone here is our CHAD-Drop happening this summer. We will be airdropping our Chad tokens to Holders of PEPE with a minimum of 10 Pepe in their wallets. At a 25M mcap for Chad, that equals out to possibly +$200/Chad. We have not determined dates or ratio's at this moment, but will be this summer June/July.


In Summation,
Our narrative as the Original/First on Ethereum is strong; we were Launched on ETH years before Pepecoin (Who turned their back on PEPE by giving in to woke pressure in 2017 & changed their name to "memetic") and Pepecoineth (also a community take-over)

The Extremely Low Supply makes this Explosive... We are on the Road to Flipping the Price of Bitcoin... it will blow minds for people to see $1,000.... $10,000.... $28,000 Pepe.... It will be the Bitcoin Of Memecoins.

PEPE is the Strongest Meme in the World... The code is safe, community is real, the possibility of financial freedom is unrivaled.
I hope the people meant to see this in here are able to put eyes on us & we would be honored if you could share us to your Crypto friends and acquaintances. If 100 people in here all bought a dozen we would 10x overnight.... wew lads.

Grateful for your Time CIK! Cheers.

🗃Ca: 0x4dfae3690b93c47470b03036a17b23c1be05127c

🐇Proof: https://etherscan.io/tx/0x1cb36217e79325424a66a45af25aecf9c717a727d1c7b0f1e0bc083f0e154a9c

🌐Website: https://ogpepe.io/

✈️Telegram: https://t.me/OgPeperc20

🐦Twitter/X: https://twitter.com/theogpepe2020

🌐Medium: https://the-og-pepe.medium.com

📈Chart:
 

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Strong performers out of this dip will probably run well.

Pressure has been building for months. With most people fundamentally bullish, but not enough willing to buy the dip.

Screenshot from 2024-06-04 18-16-42.png


Price discovery above the green line on TOTAL.

Screenshot from 2024-06-04 23-04-06.png
 
Guriko said:
My questions for you guys is this or if you could direct me to a source you deem credible.

1. What wallet would you advise for someone like me, after the Samourai debacle?
Click to expand...
Daily spending...<$5,000: phone wallet (I'm fine with custodial lightning wallets for a few hundred bucks). Phoenix wallet is a good compromise (non-custodial, but using acinq lightning nodes)

Savings: Dedicated hardware wallet like the Coinkite Coldcard. If you are saving over 0.1 BTC, put it in cold storage.

The most dangerous part of your security is the seed phrase. That should never touch a screen, be seen by a camera, or another human. There are ways to break it up or use passphrases, or even multisig, but when you complicate the backup, be absolutely sure you know what you are doing. The hardware device is extremely secure, especially if you have multiples of them...so have as few written seed backups as possible with as little access to them as possible.

Guriko said:
2. Would you still advise to have the thing on a phone, or is a PC desktop wallet adequate? I'd like to keep buying BTC on regular intervals as little as complicated as possible.
Click to expand...
I see the phone/PC wallets roughly equal in terms of security, with slight advantage to the phone.
For large amounts, use a hardware wallet for main storage.
Guriko said:
3. I'd like to use crypto to buy and support people (this site, articles, podcasts, donations etc.) on our side. I'd like to use crypto because I fear that soon you will become persona non grata to banks when they will see that you've been supporting those they deem 'problematic' and with a family to support I'm curently yet not established enough for this to not become a problem for me.
Click to expand...
- I use it quite a bit. If a retailer offers a discount for BTC, I use it.

- During covid, I used it to buy Ivermectin from Africa (multiple credit cards would not work).

- Recently, I wanted some Russian made watches. Again, credit cards wouldn't work (probably the banking sanctions), I used BTC to buy Tether and paid with Tether. Got 3 watches for the price of what 1 of them costs on ebay.
 
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What do you all think will put you in the top 1% of "wealth" in the west by 2032 when BTC goes to where we think it will (~1 million USD). That is, how many BTC will a 1%er minimally have as the network comes to maturity?
 
Just posing a thought.
What of the tax implications when one goes to spend or convert btc in the future. Currently EVERYTHING is taxed. If you have capital gains from investing the government will want their piece. Nothing is hidden.
I think many crypto investors forget this.

Owning assets in a “self directed” Roth account are worth looking into for those with a decent amount of assets and a desire to try and avoid some taxes in the future. Not ibit or some other btc etf, but coins in a wallet controlled BY YOU and with the custody we all should have.
I’m still working on this, but think this should be part of a realistic plan for the majority of long term investors.

A self directed retirement account costs about 400 / year according to my studies, and can open the door to saving the biggest expense (taxes) and even diversifying out of usd based assets.

ICXC
 
Myrzik3 said:
Owning assets in a “self directed” Roth account are worth looking into for those with a decent amount of assets and a desire to try and avoid some taxes in the future. Not ibit or some other btc etf, but coins in a wallet controlled BY YOU and with the custody we all should have.
I’m still working on this, but think this should be part of a realistic plan for the majority of long term investors.
Click to expand...
Are you required to take distributions on this? I wouldn't think so since they have their money already (now, post-tax dollars). Do traditional brokerage firms have roth 401k options? If so, how much can you buy (in this case BTC) a year? What if you have a traditional 401k already that you just do stocks with, but don't add to ... could you theoretically just start a new roth self directed 401k and put all the yearly money in right now to buy BTC, since this is our last window to get it at a reasonable price?
 
Lots of questions here, let me try to address.
My understanding is mandatory distributions are not a thing for Roth accounts, any unspent funds could roll to spouse, kids, etc. some caveats if this were the case. Ideally, a Roth is one of the last retirements accounts you would want to pull from to allow max (tax free) growth, but certainly many options with this.

A self directed Ira allows one to own many non traditional assets, property, hard money lending, physical metal, cattle, many options. This type of account could be used for a HSA retirement accounts as well.
A “self directed Ira” is often confused with having a menu of choices of stocks, bonds, etfs, etc. Choices are good , but not the same as you being able to invest in things you are more knowledgeable of or are closer to you (ie a friends business or crypto).

Lookup Roth contribution limits for 2024. Short answer ~7k/yr.
However, If you are able to do backdoor Roth funding you could put ~70k/yr.
Lots of info I’m trying to distill here… forgive me.

I hear the president is eager to end the backdoor methods. I’m sure I’ve left some important things out, but happy to answer if I can or point to other resources.
 
Good time to buy, all alt coins are dipping hard. I’m still bullish on aitech, alph, tet and bittensor Tao, all been talked about to death already, all at a good entry point
 
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