What is the bitcoin bank that maintains the dollar value of stored bitcoin for 1% fee?
It was posted on reddit a while back and I cant find it on reddit or google. How it works is they automatically increase and decrease the amount of bitcoin you have such that the dollar value of the bitcoin you have stays exactly the same. Every time reddit commenters think websites and stores having prices updating real time wont make up for bitcoins volatility and the volatility will cause bitcoin to fail, this is the website to reply with. If they complain about the 1% fee remind them its less than the 2-3% the dollar loses value by yearly. Would help a lot to actually have the URL to this website.
Bitcoin hardware wallet that’s WiFi connected and shows the dollar value of the bitcoin within it would be useful as a piggy bank for kids. Watching their savings grow over the long haul would help kids develop low time preference
The idea really grew on me, so I thought maybe I can build one myself with a Raspberry Pi. And I did. Here it is:
To be clear, this is not a wallet. It's simply a bitcoin address tracker. It's programmed to check the satoshi balance of a bitcoin address, multiply the balance by the current satoshi price then display both the satoshi balance as well the dollar value, as you can see in the pictures. It refreshes every 60 minutes. I put the device in my son's room. I started him off with a few dollars. He then added a few more dollars from his allowance. I explained to him how the dollar value of his satoshis is designed to grow over the long term. He really likes the idea and he wants to be rich some day. I'm hoping that this will help him develop the value of saving and low time preference in general. This was a fun project to work on. Let me know if you have any questions. If there's enough interest, I might post a step-by-step guide on how I built this, and the Python code that powers it.  The balance that you are seeing in the pictures doesn't belong to us. It's from a public address I found online. EDIT I posted a how-to guide here https://github.com/kiltonred/satoshi-piggy-bank
Fiat pegged value is illusory: A gallon of milk now cost roughly twice what it did 10 years go in US dollars. A gallon of milk costs about 1/1000 what it did in bitcoins 5 years ago.
Fiat pegged value is illusory: A gallon of milk now cost roughly twice what it did 10 years go in US dollars. A gallon of milk costs about 1/1000 what it did in bitcoins 5 years ago. Yet people say fiat like the us dollar is somehow more secure. They talk aboit bitcoin not being "pegged" to anything.. No paper currency is pegged to anything and since all governments are printing paper currency endlessly it is guaranteed to slip in value more than something like bitcoin which is firmly limited in number to apprx 21 million. Fiat Currency is demonstrably LESS "pegged" as the numbers above show. So many concepts that people throw around as criticisms of bitcoin they universally accept with their fiat without even a thought.
Tool to monitor BitMEX perpetual swap hedging position
I've built a simple dashboard tool to monitor a hedging short position on BitMEX. It can be useful in case you are fixing the dollar value of your Bitcoin stash by holding BTC and simultaneously shorting it in BitMEX. Let me know what you think. Bug reports and ideas for improvement are welcome, of course. https://github.com/whizz/bps-dash
What the impact if Bitcoin is valued in 1 million dollars? What would be the benefits for society in general? Tons of new millionaires or even billionaires would permit a fairest distribution of goods and money and create more opportunities to innovations?
Norway's Sovereign Wealth fund, built over the course of 21 years is now valued at over 1 Trillion dollars. Will big hitting players like this ever invest in bitcoin (the cryptocurrency)?
A big player like this investing even a small % of capital into bitcoin could move the market significantly and open the floodgates for other major institutions following suit. The SWF started in 1996 and invested only in bonds but is now split 65% into stocks, 32.4% into fixed income and 2.5% into unlisted real estate. It has recently emerged that it is proposing big portfolio changes but nothing as leftfield as cryptocurrency. How long before a SWF, major pension fund or government invest heavily in the currency? Also, what is to stop a sovereign state using some freshly minted quantitative easing and use it to funnel capital into bitcoin?
Is it just me, or does accepting and spending Bitcoin/Crypto make your accounting/bookkeeping damn near impossible, at least in the US?
I've been banging my head against this for weeks. I run a small crypto consulting business specializing in mining. I'm not even talking about the near impossible task of calculating your tax liability unless you use just one exchange - just good old fashioned bookkeeping is pretty much impossible if you have any inclination towards accepting raw crypto in your business.. The only accounting software that even supports BTC as a currency directly to begin with is Quickbooks Online - and they round everything to two decimal places. Which essentially rounds every transaction to the nearest $100, and transactions below $50 round down to $0 - so it refuses to accept/import them. Which makes that functionality completely useless. So of course I can manually enter the dollar value of the bitcoin when I receive it - which is multiple times a day in small amounts due to mining. And then when if you want to directly spend it....just forget about it. Its not worth it. You'll never be able to keep your books straight ever again, because you have to value the amount spent in USD, not BTC. Literally the only viable option if I want to keep my books straight is to not accept crypto through anything but a payment processor that will immediately convert it to fiat. And that's not what anyone here wants, right? Seriously I can't overemphasize how much of a barrier to adoption this is to business. Its not just about paying the right amount of tax - it makes it impossible to understand the financial state and health of your business when half of your income and assets can't be included in accounting software. And at the end of the day this is nothing more than a computer science problem - its just an impossible burden for a human being. Anyone who writes a plugin to effectively integrate Bitcoin into QBO is my hero forever. Ok, rant over....but seriously you guys, this is like a ridiculously huge problem for adoption. You can do everything in the world to convince people to spend it, but it doesnt matter if business reality effectively forces businesses not to accept it. If you wondered why 10 years later so few businesses still accept it directly, if at all....this is why.
Bitcoin plunged on Friday, extending a fall that saw the crypto-currency lose almost a third of its value. As a result, Molnar sold all $2.1 billion dollars of his shares to dilute the set price of the coin to $4.20.
"Don't do school, stay in drugs." ― Jimbo Bob Marley Molarnohitfromthebongo
Bitcoins price needs to grow 10,000x to be worth a 100 million dollars. Metcalfes law states that a networks value is the square of the number of users. So if the total number of bitcoin users only gets 1,000x bigger, each BTC will be worth a 100 million dollars /r/Bitcoin
21 inc. device is NOT a Bitcoin miner - it is a smart contract enabler.
In the last few days there have been many articles criticizing the new 21 inc. device as "an inefficient miner". Lots of comments like that on /bitcoin too. If you think the same, you have completely missed the point of 21 inc. device. It is NOT a bitcoin miner. Imagine it does not generate bitcoins at all. Could you write an article criticizing the device if it did not generate ANY bitcoins? You seem to forget (or not realize) that this device's main function is making smart contracts on the Bitcoin blockchain. To use the Bitcoin blockchain the device has to pay transaction (miner) fees, therefore, it needs to have a tiny amount of bitcoins for that. There are several ways to go about doing that:
The device owner could buy a small amount of bitcoins and send them to the device. This would turn off most of the people, because buying bitcoins is a huge hassle, it takes several days, requires the owner to scan and upload various documents, etc. This would not work, because people are too lazy.
The device could already have some bitcoins on it when shipped to the buyer. This would make 21 inc. a money transmitter and would open up a regulatory nightmare where 21. inc would have to spend all their 120 million on lawyers and application fees. This would not work, because of AML / KYC / other regulations.
The device could mine bitcoins itself. This is exactly what 21 inc. device does. Don't look at the dollar value of those bitcoins mined, because it's irrelevant. 10 cent per day may be minuscule in monetary value, but it is enough to pay transaction (miner) fees for 5 smart contracts per day. This is the only purpose of the mining part of the device - to create bitcoins to use for smart contracts' transaction (miner) fees.
What the impact if Bitcoin is valued in 1 million dollars? What would be the benefits for society in general? Tons of new millionaires or even billionaires would permit a fairest distribution of goods and money and create more opportunities to innovations? /r/Bitcoin
06-26 19:42 - 'When bitcoin enter into its third phase, the bitcoin community will stop exchanging bitcoin for fiat dollars. And (1) bitcoin will support A family for generations. Let's not forget the true value of bits an Satoshis. "BUY &a...' by /u/Crypto-Gee removed from /r/Bitcoin within 1-11min
''' When bitcoin enter into its third phase, the bitcoin community will stop exchanging bitcoin for fiat dollars. And (1) bitcoin will support A family for generations. Let's not forget the true value of bits an Satoshis. "BUY & HOLD" you've been WARNED.. ''' Context Link Go1dfish undelete link unreddit undelete link Author: Crypto-Gee
06-08 20:41 - 'So hypothetically, if about 1.17 billion dollars worth of value tried to move from some random altcoin into BTC because of this news what would happen to the price of BTC? Hmmmm. / On a slightly more serious note though I assume i...' by /u/xcsler removed from /r/Bitcoin within 0-5min
''' So hypothetically, if about 1.17 billion dollars worth of value tried to move from some random altcoin into BTC because of this news what would happen to the price of BTC? Hmmmm. On a slightly more serious note though I assume it's safe to say that all the brainpower that is currently working on ETH smart contracts could easily shift to EVM. ''' Context Link Go1dfish undelete link unreddit undelete link Author: xcsler
Hi, When trading bitcoin, do you care about the taxation issue at all? Obviously IRS is paying more attention to the cryptocurrencies, and as far as I figured out, IRS wants to impose tax on the capital gain made via the bitcoin trading. Though I am not very happy with this, I am kind of ok if IRS takes the tax when I actually cash it out, in case I end up making some money out of it. My question is, do I have to pay tax on each transaction I make capital gain from? (which it sounds like it is the case). In that case, I can actually end up with losing money, even when the final dollar value of the bitcoin in my hand is the same, by just having to pay the tax on the winning transactions when I sort out the tax later. Any experience?
Conversion from 1 Bitcoin to Dollar with latest exchange rate and cryptocurrency price. Also, view 1 BTC to USD result in BTC-USD overview table and BTC/USD chart. This is real-time market price of Bitcoin in United States. Calculate how much is 1 Bitcoin in Dollar with a conversion calculator. he CoinDesk Bitcoin Calculator converts bitcoin into any world currency using the Bitcoin Price Index, including USD, GBP, EUR, CNY, JPY, and more. The page provides the exchange rate of 1 US Dollar (USD) to Bitcoin (BTC), sale and conversion rate. Moreover, we added the list of the most popular conversions for visualization and the history table with exchange rate diagram for 1 US Dollar (USD) to Bitcoin (BTC) from Monday, 26/10/2020 till Monday, 19/10/2020. BTC 10 USD 129,80 k BTC 50 USD 648,99 k Der finanzen.net Währungsrechner bietet eine sekundenschnelle Währungsumrechnung von Bitcoin in US-Dollar. Urlauber in Krypto können hier Umrechnungen zu ... Bitcoin USD price, real-time (live) charts, bitcoin news and videos. Learn about BTC value, bitcoin cryptocurrency, crypto trading, and more.
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