mempool

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Max Vernon

08:26

Opt-in RBF is fantastic. Works like a charm, unless there is no change-address provided in the transaction.

4 hours later…

SmokeDetector

12:39

[ SmokeDetector | MS ] Potentially bad keyword in body: Do you belive that BTC will hit 1 million USD in three years? by Jeffery Miranda on bitcoin.SE

8 hours later…

Ryan Ternier

20:49

Anyone online who can answer some questions for me?

Murch

@RyanTernier: What's up

Ryan Ternier

hey @Murch.

I'm a nub with crypto so please forgive my ignorance =D

We're setting up an Investment Fund and we're experimenting with allowing Crypto to invest in it.

Murch

okay

Ryan Ternier

I've never really played in crypto until this week.

These are all assumptions - and a very simple example:
I could put a wallet ID on a website, and tell people "Send funds here". People could send various amounts of crypto to that wallet.

how can I tie a transaction to a signed in user? Is there a single ID I could map from, and if not, what would a best practice be for this?

Depending on the complexity, it's also possible for me to create a wallet for each individual investor, so each would have their own unique wallet to send to, but then that creates an issue on the exchange side when we are spot pricing it to fiat.

Murch

@RyanTernier The best practice is to give a new address out for each invoice

In this case, each user should see a different deposit address.

@RyanTernier Giving each user their own wallet sacrifices most of your benefits of scale

Ryan Ternier

20:57

Is there a difference between address and wallet?

Murch

@RyanTernier You should rather map the deposits virtually to the user accounts upon receiving them.

Ryan Ternier

or can a wallet have multiple addresses?

Murch

@RyanTernier Yes, one moment please

A: What's the difference between a wallet and an address?

Addresses are the public key of an asymmetric key pair An address represents the public key of an asymmetric key pair.¹ The owner of the key pair can use the private key to sign transactions or messages (for example in order to prove ownership). Only by using the correct private key a valid sign...

Ryan Ternier

Thanks for that

So best practice would be to create a new address for each user who wants to send us crypto, allowing us to tie that address to their account. Keeping everything in the same wallet

Murch

@RyanTernier Yes, although you should upon receiving deposits move part of them to cold storage.

@RyanTernier You shouldn't keep more than what you need on a daily basis in your hot wallet

Ryan Ternier

21:02

Hot wallet is the one on the exchange?

Murch

@RyanTernier Hot wallet generally refers to a wallet that is easily accessible and can spend directly.

Ryan Ternier

@Murch Thanks. Our compliance wants us to convert crypto to fiat the moment it comes in, so we won't be holding onto it that long

Murch

Cold wallet would refer for example to an air gapped machine from which only addresses have been exported, i.e. there is no way for anyone to get to the Bitcoin balance stored.

Ryan Ternier

THanks for the help, it's making things a lot clearer on what I need to do on my end to get this working.

Murch

@RyanTernier Oh, so you only want to accept payments in crypto but don't actually hold it. There are service providers that offer payment processing that might make it easier for you to integrate with.

Ryan Ternier

21:06

@Murch Yes, that's the plan. We're looking at $50k-5m crypto investments that get spot priced to Fiat - as a way of diversifying.

Murch

@RyanTernier Looking at the recent trajectory of crypto currencies that sounds extremely unattractive. ;)

Ryan Ternier

@Murch Do you know some reputable ones? The biggest requirement is that they can withdraw to CAD, as we are a CAD dealer, securities commission requires that it goes directly into a CAD bank account.

@Murch Tell me about it, that was my thought, but our Fund is private equity, which is around 30% returns atm. (spotify, lyft, uber, spacex - buy shares on cap table, when the late stage company exits, proffts speak for themselves)

Murch

@RyanTernier Sorry, I'm not very familiar with the Canadian market. I assume that the payment processor would have to be some sort of trust?

@RyanTernier And when people move out, they get back fiat or cryptocurrency?

Ryan Ternier

@Murch payment processor would have to be registered in Canada. I'm looking at 2 exchanges now - coinsquare.io and QuadrigaCX (leaning towards QuadrigaCX as it has an API, and doesn't crash...) Coinbase used to be in Canada but got shut down.

@Murch They'd get either. They could get fiat, or crypto.

Our lawyer found a way to avoid capital gains tax, but it's damn complicated. Our lawyer loves it. We'd "borrow" the coins from you with a 1$/year interest we'd pay you. Afterwards you'd get the Cash equivalent of that coin back after the fund closes, and the profits would be capital gains.

This way investors won't get hit with capital gains tax when they convert the coin to fiat... and because most crypto holders are libertarians, they've loved the idea. The only tax they'd pay is what they made from the fund.

Murch

@RyanTernier But would the crypto balance paid out be the initial deposit, or rather the balance converted back to crypto? If you're going to pay out crypto, you might want to keep some to hedge the risk, if we were looking at another 2x, it could be very costly to pay out.

Ryan Ternier

21:17

it would get paid out to the CAD/USD equivalent. otherwise it's too risky for us

@Murch Thanks for your help, it helped a lot. now I know where to put my effort.

@Murch One more question, the Wallet to multiple addresses - is that a BTC thing, or a standard that most coins follow (like ETC, LTC, Dash, etc.)

Murch

@RyanTernier ETH and ETC work differently, they have an accountbased system. LTC, DASH and other Bitcoin derivatives work like Bitcoin in that regard.

Ryan Ternier

Thanks.

1 hour later…

eponymous

22:37

@RyanTernier you need to get someone competent to do the bitcoin side of things, it's not something you can hire a programmer and tell them to go for it without the necessary domain experience.

@RyanTernier there's many pitfalls, mistakes are irreversible.

Max Vernon

23:26

Wow, mempool is > 250k transactions

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