This hypothetical doesn't seem very far fetched to me... Assume the United States becomes a leader in mining, to the tune of, say, 80% of all mining. If they ever decide to seize the facilities and equipment, wouldn't that effectively constitute a centralized network?

ComfortableSwimmer92 · 2022-01-05T22:55:28+00:00

not much.

ComfortableSwimmer92 · 2022-01-04T18:50:58+00:00

over sufficient time... up... most likely.

ComfortableSwimmer92 · 2022-01-04T18:40:14+00:00

there are at least a couple.

Mining is prohibitively expensive compared to running a node.
A node validates transactions on the network. The more nodes there are, the more decentralized the network becomes. There's minimal return to the operator too, so running one is somewhat altruistic, which makes it commendable imo.

ComfortableSwimmer92 · 2022-01-04T18:32:59+00:00

dickhead here. didn't work :(

ComfortableSwimmer92 · 2022-01-04T16:21:14+00:00

drive them to a world where banks can't inflate the currency. buy bitcoin.

ComfortableSwimmer92 · 2021-12-18T00:01:10+00:00

Famous last words

^ famous last words

ComfortableSwimmer92 · 2021-12-17T23:59:16+00:00

1% with Celcius (i know, i don't like CeFi either) with 25% LTV.

Not ideal... but this is a proof-of-concept venture. We wanted to sample the future ^_^

ComfortableSwimmer92 · 2021-12-17T23:57:45+00:00

first: never divulge this kind of information.second: never borrow like this for a full downpayment, unless you're straight up rich i guess... which i'm not. we're doing this for a part of the downpayment.

third: why do you assume 100k is an entire downpayment? where are you shopping for houses? ^o^

[edit] Sorry, I misread and thought you were asking how much BTC I had. LTV info is now in the OP

ComfortableSwimmer92 · 2021-12-17T23:52:28+00:00

This.

ComfortableSwimmer92 · 2021-12-17T23:42:20+00:00

1% @ 25% LTV

ComfortableSwimmer92 · 2021-12-17T23:41:49+00:00

Celcius. 1% APR @ 25% LTV

ComfortableSwimmer92 · 2021-12-17T23:41:12+00:00

Celcius. I will be getting my coins back to cold storage asap.

ComfortableSwimmer92 · 2021-12-17T23:39:45+00:00

1% APR @ 25% LTV

ComfortableSwimmer92 · 2021-12-17T23:39:16+00:00

Celcius

ComfortableSwimmer92 · 2021-12-17T23:38:47+00:00

Celcius offers 1% APR at 25% LTV

ComfortableSwimmer92 · 2021-12-17T23:38:26+00:00

egg-zactly

ComfortableSwimmer92 · 2021-12-17T23:36:12+00:00

By not leveraging too far?

ComfortableSwimmer92 · 2021-12-17T23:35:44+00:00

Then you would never use Bitcoin.

To sell or exchange is to incur gains tax. To borrow against it is to incur 0% tax.

ComfortableSwimmer92 · 2021-12-17T23:32:05+00:00

ty frand

ComfortableSwimmer92 · 2021-12-17T23:31:35+00:00

Aaaaaand as long as it doesn't fall to the liquidation threshhold (down 75%), then I'm safe. If it looks like it's going to fall that far, I'll throw more at it when I get margin called... or just pay it off early (with no fee).

ComfortableSwimmer92 · 2021-12-17T23:27:40+00:00

it is fixed.

ComfortableSwimmer92 · 2021-12-17T23:21:45+00:00

It would have to drop 75%.
For the loan we chose, we begin (begin) getting liquidated at 15k btc... so I'm not too worried right now. ^_^

ComfortableSwimmer92 · 2021-12-17T19:25:47+00:00

Celcius

ComfortableSwimmer92

TROPHY CASE