Would love to hear any attempt at a reasonable explanation as to why Gensler thinks a futures-based ETF is better for "investor protection" than a simple spot ETF...

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zluckdog 9 hs ago

Can't help but think about those poor Winklevii watching all these ETFs glide right through to the market after they went all out trying to get their ETF approved.

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Nutmasher 9 hs ago

Good news so GBTC is trading higher % gains than spot Bitcoin or Bitcoin futures.

NAV discount should be less after today, but still -18%.

Hope it continues to narrow as the 75 day window closes. I hope the SEC drags feet on decision. If they come out with (-) decision, GBTC trades back to this discount as investors will flee for BITO.

1

justHODLbaby redditor for 2 months 11 hs ago

If you own Greyscale shares (GBTC) what is going to happen? Will this make the price rise more?

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rhbast2 10 hs ago

the discount should evaporate so this is really good news if approved

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UnknownEssence 10 hs ago

Is gbtc trading at a discount rn?

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Nutmasher 9 hs ago

https://ycharts.com/companies/GBTC/discount_or_premium_to_nav Bookmark it.

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BackgroundMarketing1 10 hs ago

Right now GBTC is at 48 per share and BTC is at 62k. Meaning that when GBTC turns into an ETF, it should rise to 62 per share or whatever the current price of bitcoin is fairly quickly. Basically GBTC is a trust and not an ETF, which I understand means that the number of total shares is fixed. An ETF makes it easier to control the number of shares and therefore match the price of GBTC to actual BTC. It might even pump before hand if investors try to catch this discount.

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fireballx777 9 hs ago

Your general point stands, but important to keep in mind that GBTC doesn't hold 1 bitcoin for every thousand shares (or 0.001 shares per Bitcoin) -- it's 0.000935 BTC per share right now. Because of the 2% fee, this number declines over time. So if it reached parity right now, it would be ~59.59 per share (based on the current BTC price as I write this of $63731)

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rhbast2 10 hs ago

yep like 15%

1

UnknownEssence 10 hs ago

Hmm that’s seems insane to me. The expense ratio is only 2% per year. Why would it trade at such a large discount?

1

PinkyPinkertons redditor for 4 weeks 8 hs ago

No investors buying it thinks it is worth more than 80% of nav and that is baaaaaad. Since real investors do not think butts are worth what the last idiot paid - there could be some issues.

1

encryptzee 10 hs ago

I don't understand your meaning.

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rhbast2 10 hs ago

This should help: https://ycharts.com/companies/GBTC/discount_or_premium_to_nav

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PRMan99 10 hs ago

Thanks for confirming my suspicions. I hope we're right.

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torba 12 hs ago

This is the real headline. SEC not approving Grayscale for a spot one could be seen as anti-competitive after they gave proshares the OK

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Nutmasher 9 hs ago

SEC makes their own rules. Before they give the okay, be certain that they will let their cronies and pol friends know.to.absorb the NAV discount.

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fireballx777 10 hs ago

The difference being that Grayscale would be a spot ETF vs Proshares's futures ETF. Now, I think it's ridiculous to approve a futures ETF before a spot one, but there is *something* that they can point to as a reason for the difference in treatment, vs it being anti-competitive.

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panda-slap Gold | QC: CC 103 | r/WallStreetBets 35 Yesterday

Bitwise has been trying to do the same but had no luck so far. Now that there is a Bitcoin-type ETF I think both of these firms will have better luck with that.

1

_Minato28 Not a Bot Yesterday

Hopefully it’ll be approved

2

Charming-Dance-1839 Platinum | QC: CC 916 Yesterday

Let's hope the SEC can just be chill for once.

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myhaxdontwork Gold | QC: CC 118 Yesterday

Ha! Gensler is strongly against a spot etf so it will be an uphill battle. But we can do it!

2

International-Two607 Platinum | QC: BTC 25, CC 159, ETH 37 | MiningSubs Yesterday

Noice

2

Sketchy-Lefty25 Platinum|6monthsold|QC:ETH131,CC394,ADA69|VET13|Tr Yesterday

If approved, very bullish. Grayscale owns quite a bit of BTC

2

myhaxdontwork Gold | QC: CC 118 Yesterday

VERRYYY bullish is approved. And a much better ETF vehicle than the futures-backed ones available today

1

newbieatall Gold | 2 months old | QC: CC 36 Yesterday

Good news!

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myhaxdontwork Gold | QC: CC 118 Yesterday

It’s been a long time coming. Here’s Michaels official statement https://twitter.com/sonnenshein/status/1450453242865848323?s=21

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Doggybone_treat Platinum | QC: CC 340, ETH 109 | TraderSubs 79 2 days ago

Can't wait till tomorrow to hop on it. Selling all my stocks holding on fidelity and buy as much as possible. Saving a few to grab ETH ETF when it happens too.

1

ssbc007 Tin 2 days ago

Are GBTC holders a loser?

2

diamondbored Platinum | QC: ETH 38, CC 118 | TraderSubs 38 2 days ago

So basically another clickbait post

1

coinfeeds-bot Approved CC Bot 2 days ago

tldr; The Securities and Exchange Commission has approved a Bitcoin futures ETF. The new fund won't give you shares backed by Bitcoin, but shares tied a bundle of contracts to buy Bitcoin in the future. ProShares will be first out of the gate in this new frontier of crypto ETFs.

This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

1

kyle_h2486 Platinum | QC: BTC 26, CC 213 | r/WallStreetBets 1 2 days ago

I’ll be a weiner for sure

2

BigLongFootDoctor Platinum | QC: CC 678 2 days ago

Thought this article would have meat and bones but it's all filler

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NeatoPotato1000 11 hs ago

does this only effect people in new york or are these exchanges about to shut down?

1

Cagger101 Yesterday

This state hates innovation and anything they aren't able to tax.

0

asafum Yesterday

Crypto lending is money lending and needs to be regulated or you just get crypto "loan sharks." It's always about money, but sometimes it's also about protecting people.

3

Cagger101 Yesterday

If the SEC, Congress and AG cared about protecting investors, they would push for regulatory clarity for crypto instead of pushing for arbitrary Bit-Licenses and leaving things so open ended that everyone that tries to enter the space gets sued into oblivion and forced to conduct business elsewhere.

0

dscottboggs Yesterday

Wait what's stopping you from "borrow"ing from these illegal lending facilities and just never paying back? Where might some person find these "lend"ing facilities? 😂

1

TheHappyBirthdayer 11 hs ago

Broken limbs.

1

iamswag666 12 hs ago

Not how it works. You own crypto and are lending it to celsius or nexo as collateral and they pay you interest on said coins.

2

dscottboggs 8 hs ago

Jeeze, that's such an obvious and terrible grift

1

Ironside7 Yesterday

UST in Anchor yield is superior to anything Celsius offers. No KYC, censorship resistant, audited, etc.. Look up Terra Luna ecosystem.

Other ways of earning passive income with very low gas fees -- provide liquidity and / or participate in money markets from chains like Solana, Fantom, Avax, Polygon

I live in NY and I've had to learn DeFi bc the yield opportunities are so much more limited due to regulation. It sucks but there's solutions around it - it just requires a bit more effort.

3

alxrq2 12 hs ago

>audited Reminder for the unsuspecting onlookers: most defi platforms that got hacked were audited by the time they were hacked; Harvest Finance had not one but two completed audits (from "reputable" auditors) when their AUM reached >$1b and then got hacked. In the past 2 years defi smart contracts have been hacked like clockwork (about twice a month); moreover, the fact that most hacks follow the same pattern (flash loan initiated and/or oracle price manipulation) shows how little those platforms as well as auditors actually care about your money or about being responsible. I'm not saying it's malice. While most of these folks are very smart, they also are very young (to be polite, or else I would have said they just graduated from puberty). Long way to go for defi. There is a reason why statistically speaking cefi is still more secure and will remain more secure for quite a while longer. I wish it was different, but alas ...

1

Ironside7 11 hs ago

You're right, audited doesn't mean risk free. I wouldn't suggest anyone dumping all of their savings on these protocols, but rather at least learn about them, and experiment with small amounts of money first. As you get more comfortable with the protocols, you'll see that it's actually quite safe when you spread the risk. I've been farming on Solana, Fantom, Avax, etc.., and it's simply superior yield to CeFi rates, it just requires more management & time. At the end of the day, Celsius is simply playing the same game you can play, yield farming, providing liquidity, taking some risk, etc.. and eventually splitting the profit with you. It's just a money market at the end of the day. In DeFi you play the same game yourself & avoid diluted returns, though I understand that not everyone has the same risk profile & I totally appreciate the services & security that comes with CeFi as well.

1

rruler Yesterday

Isn’t the point of crypto to be decentralized and away from government intrusion? It’s why it’s called De-fi right? Why aren’t these products setting up shop in Malta or something and proceeding as business as usual!?

0

GoodN0se Yesterday

Any thoughts on what will happen to locked promos that are planned to be released in a later date?

1

WallaceKoala Yesterday

My family were considering NYC/Brooklyn, but because of these crazy regulations on crypto NY is off the list, financially and in principle. Who the fuck wants to Pay high taxes into that corrupt legacy system that is knee capping American innovation in our financial center when we need it most? You’d be crazy to reside in NY if you’re a part of this thing.

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RealFunction Yesterday

good to see the real priorities being addressed.

5

DrestinBlack Yesterday

We really need to hear from an official Gemini rep on this - just to be certain. u/gemini_George ?

1

Tim-Whatley-DDS Yesterday

yes, and other reasons as well

2

YaBastaaa Yesterday

Clowns will not even let me buy a Shiba coin

1

SexualDeth5quad Yesterday

Thanks for "protecting" us NY AG. /s

2

russiansausagae Yesterday

grabs popcorn in a 3rd world country

2

Cryptologic_Al Yesterday

Makes no mistake Letitia James is a total and uttermost scumbag. She's a spiteful shill of the left

3

Vintagekt Yesterday

Just in case there were not enough reasons to leave this crap hole...

3

flowfaster Yesterday

Have you looked into defi such as AAVE and the like?

3

DisorientedPanda Yesterday

Damn governments really hate people

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Left-Shopping-9839 Yesterday

Only if they can't control what they say and do.

1

samfromdeath Yesterday

Just initiated a request to transfer to Celcius. Might just wait until it's all over. (Cancelled it)

0

Lggg1991 Yesterday

is this why they want it to be centralized right?

1

idigholes Yesterday

UST on Anchor Protocol - 19.5% apy

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fwast Yesterday

but then you have to hold tether.......

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idigholes Yesterday

no you don't, UST is not Tether, that's USTD, UST is Terra's algorithmic Stablecoin. It's FUD free.

2

fwast Yesterday

o awesome, thank you for correcting me

1

Kevin3683 Yesterday

AAVE and Curve as well.

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comfyggs Staker Yesterday

New York, New Yooooooooork! 🎶

1

Gillioni Yesterday

Nexo got a cease and desist, Celsius got a request for further information. BlockFi had already stopped operations in NY. The 3 other crypto lenders are unidentified as of now.

1

pattycakes999 Yesterday

I think I’d probably sell all my crypto if that happened in my state tbh

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audis56MT Yesterday

I guess enjoy the ride as long as we can. This is going to suck if they clamping things down. But they do want their huge junk of the cut and leave us stranded

1

acemachine123 Yesterday

Use AAVE and get rid of centralized platforms. 10.23% on USDC right now and even better than Celsius. Preserve the ethos of crypto. No state can prevent you from using it

8

Amazonkers Yesterday

It's looks like it's usually around 5-6 % on V2. You really want to use Polygon or Avax markets to not get eaten up by fees.

1

scrubberduckymaster Yesterday

i was using AAVE on Polygon but the rates for everything dropped. The fees on ETH are to high for me to use it there sadly. Im researching LP and maybe will try some of that out on Polygon but AAVE is dead there

2

Kevin3683 Yesterday

There’s really no reason to pay high gas fees on Ethereum anymore. Arbitrum and Polygon are just two ways to avoid it. Arbitrum is very easy to use.

1

Maleficent_Plankton Yesterday

There's still very little support for Layer 2 on fiat on/offramps. Someone on CDC was complaining about $4 fees for an arbitrum transfer earlier today, so it's still somewhat high.

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alxrq2 12 hs ago

Make that $5.5 earlier today. People still need to fully grasp the fundamental reason Ethereum got so expensive. Push any network to the level of usage and demand that Ethereum has been handling lately and see what happens. BSC too was >$5 a few months back when a wave of projects launched on it, and that chain is still basically a ghost town compared to Ethereum.

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scrubberduckymaster Yesterday

Use Polygon and love it but AAVE and CURVE have horrible rates there. Have not tried arbitrum. But i still need to pay eth fees to stake and restake my matic

1

nandoboom Yesterday

Yup all these crybabies, yelling about tyranny and oppression, hyperbole much, just use the myriad of defi platforms available

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JavaBatman - @JavaBatman 2 days ago

> In other words, governments with fiat currencies — including the United States — have the power to expand the quantity of those currencies. If they choose to do so, they risk inflating the prices of necessities like food, gas, and housing.

> In recent months, consumers have experienced higher price inflation than they have seen in decades. A major reason for the increases is that central bankers around the world — including those at the Federal Reserve — sought to compensate for Covid-19 lockdowns with dramatic monetary inflation. As a result, nearly $4 trillion in newly printed dollars, euros, and yen found their way from central banks into the coffers of global financial institutions.

This automatically assumes that the inflationary issues we are facing come from demand. However, it is very clearly a supply issue. Namely, the closure of plants and factories due to labor shortages, lockdowns, and geopolitical issues. When you reduce the supply of goods and services while demand is left the same, you get higher prices. Furthermore, OPEC isn't producing more, which increases oil prices and the prices of all other industries. The chip shortage, which is fundamentally a supply shortage, is also increasing the prices of all other goods and services that rely on chips.

This is not an issue of demand. It's similar to the 1970s: supply shocks that led to an increase in the price level.

unyttigfjelltol - @unyttigfjelltol 2 days ago

>Third, bitcoin is more secure than gold. A single bitcoin address carried on a USB thumb drive could theoretically hold as much value as the U.S. Treasury holds in gold bars — without the need for costly militarized facilities like Fort Knox to keep it safe.

BTC does not eliminate the need for security. The USB in question would need military grade security, and the exclusivity of the claim of its holder over the ledger entries recorded in it would never be demonstrably secure, because BTC's value is information that can simultaneously exist in multiple locations.

The article reads like a high school term paper. BTC is a fiat currency whose scarcity is determined by the actions of some random computer programmers who, for now, aren't leveraging that power for their own personal benefit. Gold is a natural element whose scarcity is a function of the laws of nature, and there are no people today who can measurably exercise their own power to reduce its scarcity.

Also, not to nitpick, but a single gold bar also could theoretically have value equivalent to the entire BTC Blockchain. A single dollar bill could too. This would be the case if BTC was valueless. The article isn't very well reasoned.

DantesKite - @DantesKite 2 days ago

To those with hopes and dreams in Bitcoin I suggest reading Nassim Taleb’s black paper. It does a great job outlining every major problem and (while in its current version and even a few iterations from now) it won’t succeed as a currency.

zz865 - @zz865 2 days ago

> By increasing the number of U.S. dollars in circulation...the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to...inflation

This is a pretty simplistic view as for most of the last few decades Europe and Japan has been expanding the money supply without causing any deflation - and still caught in a deflationary spiral.

But the question of money supply should be flexible - it has to be. Eg if US population expands and the economy expands every year you need more money every year. It was a problem with the gold standard - you needed to get more gold in order for your economy to expand.

westcort - @westcort 2 days ago

This is what Bitcoin was designed to do—-make the net safer by incentivizing the government to reveal the forms of encryption it can break, starting with SHA256: https://news.ycombinator.com/item?id=28860239

TekMol - @TekMol 2 days ago

Every time I read about inflation, it is only attributed to governments via the central banks.

I wonder how it works with the private banks.

Say some entrepreneur goes to their bank and borrows $100k. They try to build a business, pay rent, employees, SAAS license costs, advertising and ... goes bankrupt.

So the $100k never comes back to the bank.

Did this create $100k?

TradingPlaces - @TradingPlaces 2 days ago

Another article premised on “sound money” and the money supply theory of inflation that understands neither.

Show all comments on Hackernews

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coinfeeds-bot Approved CC Bot 4 days ago

tldr; At the Black Blockchain Summit in Washington, D.C., an estimated 1,500 mostly Black people have gathered to talk about crypto as a way to make money while disrupting centuries-long patterns of oppression. "What we really need to be doing is to now utilize the technology behind blockchain to enhance the quality of life for our people," says Christopher Mapondera, the first official speaker.

This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

0

svanapps 4 days ago

r/Bitcoin 📰 r/BitcoinBeginners 📰 r/CryptoMarkets 📰 r/CryptoCurrency 📰 r/crypto 📰 r/CryptoToFuture

1

trrrring Gold | QC: CC 120 4 days ago

Online and in person, on the campus of Howard University in Washington, D.C., an estimated 1,500 mostly Black people have gathered to talk about crypto—decentralized digital money backed not by governments but by blockchain technology, a secure means of recording transactions—as a way to make money while disrupting centuries-long patterns of oppression.

I'm not black myself, but good for them! I think crypto currencies can level the playing field and diminish oppression and discrimination.

0

a_lot_of_aaaaaas Silver | QC: CC 28 4 days ago

Wait. The one thing i loved about crytpo is that everybody is equal. Crypto is not racist. Everybody can buy it or sell it no matter how you look or where you are coming from.

It's the most neutral asset you can buy in the world.

Now I do t read the entire article but after one sentence I will already give a standing ovation to the woke people who can find a way to even blame crypto for being racist.

The entire fact that there is a black crypto community is cringe as fuck to be honest. This is the most non racist thing on earth and people still want to blame others and distance themselves I a group.

It actually pains me to see this. Crypto is not about color in any way and that is beautiful. Now they try to ruin that.

2

hubbykins-okcfan Platinum | QC: CC 720 4 days ago

Long read but good article

0

BuRR1017_ 1 - 2 years account age. -15 - 35 comment karma. 4 days ago

so lets make crypto racist too now

3

Cappy2020 CRYPTO STATS GUY 4 days ago

Can already tell this comment section is going to be a dumpster fire.

Grabbing the popcorn now 🍿

3

Xaq-Attaq Redditor for 3 months. 4 days ago

Bitcoin isn't going to change your culture. Statistics don't lie. That change is only going to come from black people holding up other black people to a higher standard and way of living. I grew up poor as shit in a wonderful place called Pritchard Alabama before some of you jump on that "you just privileged talking" stance. If you know you know. We are all the same deep down in our hearts and on a molecular scale. Stop letting stupid shit and politicians divide us. Stop living in the past and start embracing the future. I got a slogan.

nomoreexcuses

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Boopinator69 Tin | 5 months old 4 days ago

Can we for once—just once—make something not about idpol ☠️ Bitcoin is Bitcoin for all

3

failed_state_medz Platinum | QC: CC 296, ETH 27 | TraderSubs 27 4 days ago

Crypto has become a haven for passive income. Black, white or yellow. Let us all bask in its basket. There's enough for all us early adopters

5

BrumRuggat Bronze 4 days ago

Crypto at its best is a way for the oppressed to create wealth outside a system designed to prevent them from doing so. I love when it lives up to its potential.

2

IBeefSupremeI Platinum | 6 months old | QC: CC 327 | MiningSubs 4 days ago

Good to see crypto being more of an equalizer for those who traditional banking systems have failed.

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mmmmtttt1988 Gold | 1 month old | QC: CC 65 4 days ago

Black bitcoin matters

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Proffessor_Uni-Daddy Bronze | 3 months old | QC: CC 16 4 days ago

Wow. Black Bitcoin, that is ridiculous. Black, white, or brown, Bitcoin doesnt give a fuck. One reason why its awesome.

4

lonewolf210 Platinum | QC: CC 179 | r/Politics 51 4 days ago

That's the entire point of the article which you clearly didn't read...

0

Proffessor_Uni-Daddy Bronze | 3 months old | QC: CC 16 4 days ago

the comment was more directed at the entire concept of black bitcoin.

1

lonewolf210 Platinum | QC: CC 179 | r/Politics 51 4 days ago

Black Bitcoin just refers to the black community that is focused around bitcoin. The article talks about how the community views Bitcoin as an opportunity to move past prejudice from the past and examines how minority communities are adopting crypto faster then white communities

1

hubbykins-okcfan Platinum | QC: CC 720 4 days ago

I don’t think you read the article lol

0

Proffessor_Uni-Daddy Bronze | 3 months old | QC: CC 16 4 days ago

the comment was more directed at the entire concept of black bitcoin.

1

CryptoBumGuy Holochain > Your favorite blockchain 4 days ago

Media: White people bad

9

Hawke64 Gold | QC: CC 79 4 days ago

Also media: somebody is dividing america

2

MoodSoggy Platinum | QC: CC 856 4 days ago

Which is quite sad. I am not racist at all. I like everyone, BUT I fell pretty bad, because I am from "privileged" group...I am white, middle age men working in corporate...everyone can make a complain on me and blame me from discrimination:D...

2

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autotldr Tin | r/Politics 90 2 days ago

This is the best tl;dr I could make, original reduced by 97%. (I'm a bot)

One critic of the Fed's policies, MicroStrategy CEO Michael Saylor, compares the value of today's Treasury bonds to a "Melting ice cube." Last May, Ray Dalio, founder of Bridgewater Associates and a former bitcoin skeptic, said "[p]ersonally, I'd rather have bitcoin than a [Treasury] bond.

Around 50 million Americans own bitcoin today, and it's likely that Americans and U.S. institutions own a plurality, if not the majority, of the bitcoin in circulation?-?a sum worth hundreds of billions of dollars.

Instead of restricting bitcoin in a desperate attempt to forestall the inevitable, federal policymakers would do well to embrace the role of bitcoin as a geopolitically neutral reserve asset; work to ensure that the United States continues to lead the world in accumulating bitcoin-based wealth, jobs, and innovations; and ensure that Americans can continue to use bitcoin to protect themselves against government-driven inflation.

Extended Summary | FAQ | Feedback | Top keywords: bitcoin^#1 gold^#2 Treasury^#3 bond^#4 us^#5

1

svanapps 2 days ago

r/Bitcoin 📰 r/BitcoinBeginners 📰 r/CryptoMarkets 📰 r/CryptoCurrency 📰 r/crypto 📰 r/CryptoToFuture

1

sonicjr Platinum | QC: CC 381 4 weeks ago

Quite possibly the best take I've ever seen from a mainstream news outlet.

Hit the nail on the freaking head, great job National Affairs.

2

Adessecian Silver | QC: CC 18 4 weeks ago

Fine, go ahead and make me a maximalist

2

nathan4845 Silver | 4 months old | QC: CC 46 | VET 32 4 weeks ago

Very good read. Informative and worth the time to understand the situation we’re in.

2

coinfeeds-bot Approved CC Bot 4 weeks ago

tldr; As of mid-2021, the largest cryptocurrency exchange in the United States, Coinbase, had 68 million verified users. As many as 21% of U.S. hedge funds now own bitcoin in some form, according to surveys. Ben Bernanke once noted that the US government has a technology, called a printing press, that allows it to produce as many US dollars as it wishes at essentially no cost.

This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

1

LF_S--oma Gold | QC: CC 44 4 weeks ago

Curious to see the stats on how much of an affect inflation of the dollar will have on bitcoin, eth, etc

1

AccomplishedJob5411 4 weeks ago

This is one of the better overviews I’ve seen

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Naeril_HS Platinum | QC: CC 241 | TraderSubs 16 4 weeks ago

Hopefully not stop to US. Let’s take over the world and burn the fuckers everywhere

1

Vulcan31 Platinum | 6 months old | QC: CC 770 4 weeks ago

That is a great summary of the fiat experiment and the decline of faith in the US credit. This is going to an incredible time for crypto to be sure in my opinion.

7

Lizzygrace1 Redditor for 17 day. 4 weeks ago

Close observation

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Xochi1 Yesterday

What kind of tax implications does this have? If you get paid in BTC and then sell it down the line? Can you know at what rate the BTC was paid to you at? How does strike help with that??

1

TooFewTulips 4 days ago

It’s such bullshit NY residents don’t have access to strike…

1

onefriedrice 4 days ago

Pro-Bitcoin states like Texas are leaving the others behind.

2

Elku- 4 days ago

EU/UK wen

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coffee_for_dinner 4 days ago

U.K. and EU need Strike. Please Jack Ballers. 🙏🏻

1

Seldon-Crisis 4 days ago

Lastbit and Bottlepay are very similar and available in Europe. https://lastbit.io/ https://bottlepay.com/

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rwallace1110 4 days ago

Love it. Use those cuck bucks for day-to-day essentials, stack sats for financial freedom.

1

_main_chain_ redditor for 5 weeks 5 days ago

Cool dude makes good. Wears goofy clothes while doing it. Legendary.

2

GeneralZex 5 days ago

Just changed my direct deposit to Strike, goodbye Cash App.

I wonder how Coinbase will respond to this fusillade?

4

HDmac 5 days ago

More shitcoin pumps.

2

GeneralZex 4 days ago

They just added more shitcoins to their cash back rewards on the CB card so YES lmao.

1

skralogy 5 days ago

If you get 100 dollars from work sent to you and 50 of it gets immediately turned to bitcoin do you get taxed on the remaining 50 only? Probably not right?

2

3383993 4 days ago

In those cases strike ”pay me in bitcoin” option should be 👌. Just have your employer send pay to your Strike bank-account and it is automatically converted. You set the ratio btc/fiat.

1

onefriedrice 4 days ago

Payroll at your company is going to calculate your withholding before your paycheck gets deposited. So using Strike to convert a portion of your direct deposit to BTC has no bearing on how much will be withheld (only your W-4 affects that). Of course you always owe tax on *all* your income (minus 401k & hsa contributions, deductions at filing, etc.) whether you get paid in USD or BTC or seashells. The payroll software your company uses allows you to enter in bank info (routing # and account #) for where your deposit goes. Strike will simply provide you a routing # and account # to use. Then once Strike gets your deposit on payday, it will automatically buy BTC for you, presumably at the spot price plus the typical Strike spread. You can configure how much of the deposit gets converted to BTC.

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vaelon 4 days ago

I'd like to know too. My understanding is that yes, you will get taxed on the 50$ you converted to BTC

1

relkhadiri 3 days ago

My understanding is that you only get taxed on capital gains when you sell your BTC

2

vaelon 3 days ago

Swaps too though. So are you swapping to USDC or going Fiat -> USDC

1

esc85 5 days ago

I don't think this has an effect on taxes since there are no taxes for purchasing btc (at least in the U.S. where I live). Just think of it as splitting your pay between two bank accounts with your after-tax paycheck.

3

skralogy 5 days ago

But if you are 1099 it wouldnt Matter you would get taxed on all 100.

1

six6fans 4 days ago

Is this move of strike trigger any taxable event ?What do you think ?

1

v1ckt3r 5 days ago

Towards the end of the article he says.. "I know a guy at Strike. Close friend. Keep it between us, but he told me DCA is coming soon 😄"

Recurring Purchases on Strike would be the icing on the cake for me.
https://miro.medium.com/max/432/1\*Ur80gHz5tbq7L0SjqzEhJA.png

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SecretlyReformed 5 days ago

Is there a way to send bitcoin from strike to cold storage?

4

budarov0 4 days ago

Does your strike hold BTC? I thought it only had dollars in it?

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SecretlyReformed 4 days ago

Mine doesn't have any btc right now but I can see where it theoretically does. Should be the third option on the bottom on the app (for android)

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thanksgivingbrown 5 days ago

Absolutely

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SecretlyReformed 5 days ago

How? I couldn't figure it out when I was on the app :/

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thanksgivingbrown 5 days ago

Click on the bitcoin tab at the bottom, then click the arrow at the top right. Scan your receiving address QR code or type it in manually

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SecretlyReformed 5 days ago

I found it, thank you!

4

llewsor 5 days ago

this fucking guy, changing the world so profoundly that the effects will be felt for decades to come.

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coinfeeds-bot 5 days ago

tldr; Pay Me In Bitcoin with Strike allows anyone to convert a portion of their income into bitcoin with no fees. As of October 12th, annual inflation in the US was reported at 5.4%, a 13-year high. An estimated 54% of US consumers are living paycheck-to-paycheck and 70% have less than $15,000 in savings.

This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

7

fireinnyc 5 days ago

Incredible

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Nada_Lives 5 days ago

Jack, you just keep getting better!

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Nada_Lives 5 days ago

...but your app is only available from the EvilPlay Store. Let's have it thru Apkpure, or maybe from your website!

0

Gen_Tsos_Koolaid 5 days ago

Just fucking download it if you want to use it, jesus fucking christ.

15

Nada_Lives 5 days ago

Somebody's been drinking the mainstream Koolaid!

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1

n1ghsthade Gold | 3 months old | QC: CC 143 4 days ago

I don't know about you all, but I am getting pretty hot of Bitcoin currently 🔥🔥

2

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1

GISP 5 days ago

... How is all that electricity generated to power the bitcoin farm?
What a load of BS.

1

baronvonbee 5 days ago

They burn dogecoin for the energy, dogecoin is a carbon neutral fuel.

1

FuturologyBot 5 days ago

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1

naossoan 5 days ago

I was trying to find out what their MintGreen Digital Boiler is but not finding much information about it. The results are all just links to the same article basically.

How are they recovering heat from the miners to redistribute back into the system? This sounds totally infeasible to me but I don't know anything about HVAC so am probably wrong.

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loginname2424 5 days ago

theres not very much info, here. A hydronic heating system passes hot water through the floors and radiators. This system then flows the cold water back to a centralized location. North vancouver has, according to the article, 100 buildings or so on a centralized system. So you have a big boiler, and that feeds hot water to 100 buildings, which then comes back to be reheated. Gets all the radiators hot in all 100 buildings. If the bitcoin miner has convinced the district heating people to let them take the cold water return line and use it to cool their electronics, then that waste heat goes directly to the water, which is then further district heated to the target temperature. I presume it works something like this. This is a neat trick and it does allow them to get the heat from the electricity into water where it will not be wasted. This then saves money for the district by precisely the amount of energy they scavanged from the miners.

1

naossoan 5 days ago

Ok I didn't understand that all those buildings are essentially functioning as a gigantic radiator. That's interesting for sure.

1

Crazy-in- 5 days ago

Bitcoin to the moon

2

undadatunda 5 days ago

also you can do cooling too from bitcoin miners just by cycling a gas similiar to how propane fridges work but without the propane!! https://www.youtube.com/watch?v=cy1W-uWvR9U so likely only a matter of time until some southern hot places make free cooling for houses and cities too

3

Festortheinvestor 5 days ago

Woah. This is incredible. Using energy twice, Bitcoin mine and generate heat for residents. This is literally going to change the game! I’m so proud of you bitcoiners! Be the change in the world you wish to see. Peace

7

aiyapandabear 5 days ago

Funny, this is how I’ve been supplementing heat in my home.

Tis a bit loud…

1

flexpool 5 days ago

Glad to see more local crypto companies 👏🏻

4

mangletron Well, each tether has its end. 5 days ago

The term Digital Boiler really bugs me. I'm glad they're putting the waste heat to use though.

0

coinfeeds-bot 5 days ago

tldr; The City of North Vancouver has partnered with MintGreen on a district energy system that delivers heat to 100 residential and commercial buildings. MintGreen’s Digital Boilers will prevent 20,000 tonnes of GHGs from entering the atmosphere per MW compared to natural gas. Over 97% of BC Hydro's energy mix is hydroelectric. Using that energy twice eliminates waste and makes this project one of the green

This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

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Exotic-End 5 days ago

Tbh, this is quite ingenious.

9

burgoo 5 days ago

Over the term of the engagement, MintGreen’s Digital Boilers will prevent 20,000 tonnes of GHGs from entering the atmosphere per MW compared to natural gas. Production of both bitcoin and usable thermal energy positions the Digital Boilers to be the cost leading low-carbon heating technology.

A great example of greenwashing to claim using a bunch more electricity actually reduces GHG emissions.

6

TruckBC 1813 5 days ago

Technically, since our energy in BC is green, they are reducing GHG emissions. Not saying most crypto mining is a good use of electricity but....

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burgoo 5 days ago

BC Hydro makes lots of its money selling power to Alberta which still uses a largish percentage of coal power. So this bitcoin mining operation in BC will mean Alberta will need to run its coal power plants at a slightly higher rate to generate a bit more power. That is the thing about greenwashing how people draw the box to do their GHG balance can make things look "good". A simple check is if more power being consumed with this installed? If the answer is yes it most likely is resulting in increased GHG emissions.

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tweetious 1 year ago

I read the whitepaper (I also placed an order BTW) and I have some questions.

Could you please describe (in details) the process of claiming/redeeming the tokens from the notes? Does it work similarly to Tangem notes/cards? (where you have to keep the note/card for 1 minute attached to the phone in order to send)

Also, would it be possible to send/store more kong tokens to a note (i.e. adding more than the face value). Can we use the notes as a wallet storage (i.e. send and receive)?

Also, do you have an estimation of a dispatching date?

please and thank you!

1

deimodos [Kong Cash] 1 year ago

The [Kong Escrow Contract](https://github.com/kong-org/defi_hackathon/blob/master/contracts/escrow/Escrow.sol) is the source of truth on how claiming tokens works and is only 128 lines of code. I'd read that after the paragraph below. At a high level, tokens are locked in escrow for a certain period of time. When that time is up, tokens may be claimed from escrow by presenting an address and a signature obtained by having the note sign a recent blockhash. The contract checks that the block signed is greater than the blockheight of the date of expiration (Midnight UTC October 2nd 2022 for the first run - check the uint256 for the Unix epoch timestamp with [the notes associated contract](https://etherscan.io/address/0x7871e151bdb8a4d19dd8fa2719632937258c776f#readContract) \-in this case '[1664668800](https://www.unixtimestamp.com/index.php#1664668800)') and if the signature is valid and it's after that timestamp the the contract sends the token to the address passed. We released a "Kong Validator" app to the iOS and Google Play stores to make it easier to query notes but it was meant to be an affordance not a requirement. We wanted these notes to be self-sovereign and we aren't a necessary party to anything you do with it down the road including claim the token off of it. I'll put out some code we made for querying the notes on a raspberry pi too. I am reluctant to add wallet support to the Kong Validator app but that may be inevitable. A somewhat 'hidden' (really just, 'non-intuitive') but rad/powerful feature of the app is if you scan a note, scroll down to 'Get Instructions'; it generates .nfo file that tells you exactly what your phone did when it queried that specific note. That file is dynamic for each note scanned (though still some bugs and hardcoded values as of time of this writing). On iOS you can view that file by opening it in Notes. As an expedient measure we hardcoded our validator app to reference the [Kong Registry Contract](https://etherscan.io/token/0x177f2ace25f81fc50f9f6e9193adf5ac758e8098) \- one can certainly store more/other tokens but one would need to have a way to know where those tokens are escrowed. Adding support in the kong validator app to point out other registry contracts associated with a note is on our todo. You could do this today with your own app or on a development machine. If you have ideas on how to do this elegantly or know other projects that have I would appreciate it! Likewise one can create more sophisticated contracts (like a send/receive wallet) and associate them with a particular SiLo note too. Amongst other things, Kong is a simple proof of concept of SiLo's. It helps to think of the notes as a physical bank vault key which can interact with various safety deposit boxes containing code. Kong is written as a safety deposit box which only unlocks for the key at a distant point in the future and the safety deposit box contains the face value of Kong token. But a counter-intuitive property of physical keys is one can create more than one lock that works for it. You can have one key unlock multiple boxes for instance or even require some boxes to need multiple keys. The Kong registry contract isn't strictly necessary but it does help say this key goes to this contract in the same way DNS associates IPs with Domains. To store other token you would need another 'directory' to tell you where those contracts lay. I hope that analogy wasn't too much of a stretch. Notes purchased before the 18th will go out this week. We'll do a follow up dispatch after the New Year.

2

tweetious 1 year ago

thank you for your in-depth explanation. In practice, through your app, how a transfer works (from a simple user interaction approach)? I just tap the NFC note, the app reads all the info from the chipset, and I just press a button (which calls the transfer function, interacts with the smart contract, do all the signing etc.) and moves the tokens? I am looking for a simple user approach answer here (rather than a deep technical explanation of how this works under the hood) As I said in my initial message, I only had nfc wallet experience (as a user, not as a developer) with another's company cards, where also the private key never leaves the card & never reveals, hence I am just trying to understand your implementation approach (in a user interaction aspect). Thank you very much once again, for going through and elaborate in-depth & in detail. Appreciated all your effort! Looking forward to receiving my notes package :-) Have a great day!

1

deimodos [Kong Cash] 1 year ago

>a user interaction aspect My apologies for going off the rails on the technical side. From a UX perspective: When you get the notes you can scan via NFC to validate their authenticity. The first run of notes come out of escrow on October, 2022, after that point in time you can scan the note and remove the tokens from them via an app (by tapping a button to claim token and holding the note up to the app for about 3 seconds) or via program running on your computer with the note wired up to a serial adapter. Future runs of notes will have later expiration dates and differentiating characteristics from previous runs.

2

WesternZealot 1 year ago

Is Kong a stable coin? If so, does 1 Kong = 1 USD?

2

moarrgbplz 1 year ago

Any device that cannot be user-audited and flashed with user-provided firmware will necessarily depend on the user trusting the issuer. This is neat from an aesthetic standpoint, but it doesn't provide trustless physical cryptocurrency. I have to trust the issuer that the hardware does what they say it does. Even if there exists a chip that does what is claimed and has no exploitable bugs, I have to trust that the chip on the note is not counterfeit.

Because of this, there is no way to create trustless physical cryptographic banknotes. There will always be a way to counterfeit, and there will always be a need to trust the issuer.

2

deimodos [Kong Cash] 1 year ago

Firmware+silicon provides more attack surface than just silicon. You are not making your device more secure by loading the firmware onto the chip if you are not also making the chip. This silicon self-generates keys and can attest those keys were self-generated. As discussed in the paper, the ability to export those keys in this case is a liability. We don’t yet have open silicon chips. We are working on making those. This is the state of the art in trust minimization. It can be taken further and we intend to.

3

moarrgbplz 1 year ago

Yes, plain silicon is better than silicon and firmware. The point stands: I have to trust you guys to not have diddled your hardware somehow.

1

thunder9861 1 year ago

This seems similar to OpenDime for bitcoin. What is the advantage of the "flexible pcb" form factor?

1

deimodos [Kong Cash] 1 year ago

[The talk goes into this](https://slideslive.com/38920127/how-we-think-about-storing-crypto-is-broken-and-we-need-open-hardware-to-fix-it?utm_source=share&utm_medium=ios_app&utm_name=iossmf) but a big component of cryptocurrencies is serving the needs of the unbanked. Those groups predominantly rely on cash. Making cash backed by crypto meets these groups with usability and technology they are already familiar with. Specifically one knows how to handle, transact, and secure cash. Educating these groups in electronic wallets, storing keys, transacting anonymously, etc is a big initial ask. OpenDime is a great project and one of the more clever implementations of a hardware wallet but it’s not cash. It’s more like an iTunes gift card with a scratch off code. Validating the contents of an OpenDime via USB is not cash-like. Casascius coins are coin like but there is still this problem of knowing the private key was never duplicated. Kong chips self-generate the private key and can attest to that. As mentioned elsewhere in this thread, Kong notes store a private key on a secure element and store code on the EVM. This is a big departure from traditional hardware wallets that store software locally.

1

laftho 1 year ago

SiLo (Silicon Locked contract), cleaver phrase, I like it. Very cool concept, hope to see this, or some version of this in the wild. Is it possible to get Kong physical notes today? How/where/when?

1

deimodos [Kong Cash] 1 year ago

Signup for the mailing list: https://kong.cash/#products - we release some there. Someone may have some at EthDenver next month.

2

Cartosys 1 year ago

The security of physical Kong notes thus crucially depend on the security guarantees provided by the embedded hardware. Specifically, the security of each individual note is reliant on whether the marginal benefits of breaking the note’s secure element (and extracting the key material) exceed the marginal costs. This marginal cost thus puts an upper bound on the value that each note can hold before attempts to break its security become economically worthwhile

I've just casually encountered this and skimmed but so far I can't find a flaw in this... Anybody smarter able to?

2

CarltonFrater 1 year ago

Sell the house, car, kids, wife and buy Kong Kash??

1

Cartosys 1 year ago

Done and DONE!

1

deimodos [Kong Cash] 1 year ago

I'm one of the contributors to this project. We've just released our whitepaper today. To summarize: The Kong project proposes a novel way to create sound physical cryptocurrency, or more appropriately crypto cash. There are two primary goals for Kong: (1) achieve a form factor that is conducive to circulation for the purchase of goods and services and (2) minimize the trust required in the issuer of crypto cash given the current state of the art in secure computing. Kong notes don’t store cryptocurrency directly, but rather are backed by cryptocurrency in a trustless fashion through smart contracts. The holder of a Kong note can transparently audit – and ultimately access – the digital cryptocurrency based on a predefined set of conditions.

We were motivated to do this because we had a background in secure hardware design and had been exploring ultra-low cost, ultra-secure circuits - essentially what can we do if we only store keys on a secure element and only store code in the EVM. Kong is the fruit of this research.

24

WesternZealot 1 year ago

In the Re-Locking section of the whitepaper, you talk about needing a way to alter the claim date on the note. Have you considered using an [Electronic Paper](https://en.wikipedia.org/wiki/Electronic_paper) display? The user could change the date using their phone through the secure chip or some other interface, then once it's changed, the display remains intact without the need for electricity.

1

deimodos [Kong Cash] 1 year ago

Cost and durability. Adding active elements like batteries and screens pushes us out of the price envelop of traditional fiat cash, stamps, collectible cards, etc.

1

WesternZealot 1 year ago

> Cost I've read that e-paper is cheap to produce, but I'm not sure how cheap. > durability It can be made into thin flexible sheets, but I'm not sure how flexible and durable. > batteries [It requires very little power and can work entirely off ambient energy.](https://www.newscientist.com/article/2109904-e-paper-display-runs-on-office-lights-and-never-needs-charging/)

1

Bromskloss 1 year ago

Let's see if I have understood this correctly. It's an electrical circuit, which stores a private key, and whose claim to trustworthiness is - that it's difficult to extract the private key (so that you can't both pay with the note and then steal the backing asset with the key you previously extracted from the note) and - that it's difficult to imitate physically, like a regular bank note (so that you can't print your own, fake notes).

6

deimodos [Kong Cash] 1 year ago

That's an interpretation. Another is that it's like a low-cost coldcard wallet with a fixed face value that stores those funds in escrow. You can trade the 'hardware wallet' like you can trade cash. You can verify the properties of the wallet through NFC (with a smartphone) or serial or I2C (on a raspberry pi for instance).

8

STILL_DETOX 1 year ago

kinda genius

1

jrod718 1 year ago

Would the gold standard be a good analogy here? Like are Kong notes backed by crypto like the dollar used to be backed by gold?

3

deimodos [Kong Cash] 1 year ago

That's on the right track. We went into this during our devcon talk (slide 23 - [https://slideslive.com/38920127/how-we-think-about-storing-crypto-is-broken-and-we-need-open-hardware-to-fix-it](https://slideslive.com/38920127/how-we-think-about-storing-crypto-is-broken-and-we-need-open-hardware-to-fix-it)) Cash is currently backed by 'nothing'. It used to be backed by gold. At one point you could exchange notes for silver. Technically back in the day, goldsmiths issued promissory notes. Read up on [Goldsmith Bankers](https://en.wikipedia.org/wiki/Goldsmith_banker) and how they used to issue [bills of exchange](https://en.wikipedia.org/wiki/Negotiable_instrument). These were the predecessors to cash/cheques. Kong is a 21st century analog of a 17th century instrument. Except instead of holding onto gold in a vault under London, each note holds token in an escrow contract stored on the EVM.

10

jrod718 1 year ago

>https://slideslive.com/38920127/how-we-think-about-storing-crypto-is-broken-and-we-need-open-hardware-to-fix-it Gotcha. Gonna watch this when I have a free moment. This seems like a really cool concept!

2

5dayoldburrito 1 year ago

Yeah but is the Kong token backed by anything of real value like Ether?

1

deimodos [Kong Cash] 1 year ago

The physical notes are backed by Kong token. Kong token can be earned by lockdroping ETH. One can make the case that they are backed by the opportunity cost of Eth. Can you can look at the lockdrop contract here: [https://kong.cash/pages/lockdrop](https://kong.cash/pages/lockdrop)

2

5dayoldburrito 1 year ago

Why not go for a physical eth? What is the benefit of a new token except for funding your team?

3

deimodos [Kong Cash] 1 year ago

Kong is designed to be a physical currency first and foremost. This affects issuance - see section 4: https://ipfs.io/ipfs/QmRNRCocj4PwKMXrd1jeUGw7ASQSuEk7BDJu5KsGuWBXAX

1

Bromskloss 1 year ago

Wait, isn't Ether also backed by nothing (and rather gets its value, like regular money these days, from being in widespread use)?

0

5dayoldburrito 1 year ago

Yes, so Ether is valuable because it is useful in a lot of ways for a lot of people. That's my point. Kong would be orders of magnitude more valuable if it would be backed by Ether.

1

vpozy 1 year ago

Damn! This is incredible. Can’t wait to dive in 🙌🏼

5

CryptoMods ModBot 1 year ago

Hello, your post was removed because your account is less than 50 days old or you do not have the required 500 comment karma to make post submissions.

1

qznc_bot2 1 year ago

There is a discussion on Hacker News, but feel free to comment here as well.

1

szczys 1 year ago

Uhhhh.... Hehehe

1

Chris_Gammell 1 year ago

Check out that PCB, though!!

1

szczys 1 year ago

I only see renders, am I missing it?

1

Chris_Gammell 1 year ago

Ah! Yes, I should have linked the tweet that started it all: https://twitter.com/unicorn/status/1181794237672591361

2

szczys 1 year ago

Those *are* crazy! How do they do that? Full color jet printing for silkscreen?

1

Chris_Gammell 1 year ago

UV printing direct onto the material. Roland VersaUV is an example printer, we have one at mHUB. Not cheap, but at volume it wouldn't be terrible.

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fetmex Tin 6 days ago

Coz day ban it

1

coinfeeds-bot Approved CC Bot 6 days ago

tldr; The U.S. is now the number one destination for bitcoin miners, eclipsing China for the first time ever.

This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

1

svanapps 6 days ago

r/Bitcoin 📰 r/BitcoinBeginners 📰 r/CryptoMarkets 📰 r/CryptoCurrency 📰 r/crypto 📰 r/CryptoToFuture

1

Fantastic-Software85 GERONIMO!!! 6 days ago

The IRS is foaming at the mouth on how many taxes they think they will receive.

IRS is bullish on U.S. Bitcoin mining

1

El_Sabbath Gold | 2 months old | QC: CC 71 | IOTA 6 6 days ago

Is it worth mining in US despite the taxes?

1

Cappy2020 CRYPTO STATS GUY 6 days ago

This is welcome news. It always bothered me that China controlled so much of the mining aspect, as they could ban crypto (which they’ve now done) with a snap of the finger and severely affect the market.

The US seems much more open to crypto and thus more unlikely to ban it.

0

riddled_with_errors Tin 6 days ago

So the US mining industry is making a comeback after all!

1

tripping-banter Bronze | 3 months old | QC: CC 16 6 days ago

China is irrelevant to crypto now.

1

baccisoni Bronze | 1 month old 6 days ago

Yes, it’s true

2

LF_S--oma Gold | QC: CC 44 6 days ago

China still has miners? I’m shocked …shocked

1

taralino Tin 6 days ago

I know we’re still actively mining?

1

NoReputation61 Platinum | 2 months old | QC: CC 173 6 days ago

As of July, 35.4% of bitcoin’s hashrate – an industry term used to describe the collective computing power of miners – is in the United States, according to the Cambridge Centre for Alternative Finance. That’s a 428% increase from September 2020.

Americans mining the sh*t out of it.

1

YoDaChronMan Tin | 1 month old 6 days ago

Is this because of the recent crackdowns on cryptocurrencies in china?

5

the_far_yard Stack a Sat, Stash a Gwei, Bull or Bear, D-C-A. 6 days ago

It's honestly because of the recent crackdowns in China not just on cryptocurrency, but also on their tech industry.

2

lagav16 Platinum | QC: CC 210 6 days ago

China isn’t somewhere anyone wants their tech dollars parked right now

2

the_far_yard Stack a Sat, Stash a Gwei, Bull or Bear, D-C-A. 6 days ago

It started with Jack Ma's Ant Group, then it went down hill- fast.

2

deadsho7 Platinum | QC: CC 738 6 days ago

They banned mining in China

3

Raaaaafi Platinum | QC: CC 487, BTC 25 6 days ago

People underestimate how big of a deal this is. China was basically #1 for miners. People choosing the US is incredibly bullish.

2

taralino Tin 6 days ago

Well, but they’d follow suit.. US included

1

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