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Do You BitCoin?


Foxx

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22 hours ago, /dev/null said:

Glad you didn't go the bitcoin route.  If you had tried to cash out thru any reputable financial institution the transaction would be reported to the IRS and you would have been sent a 1099 next year reporting taxable investment income.

 

Really?   Because I never got one.

 

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14 hours ago, Greybeard said:

      It could have been a loss.  How do they know what price you obtained it at?

They don't.  You have to track it and provide that information to the best of your ability, theoretically.

 

Unless your Coinbase or Gemini accounts are over $20,000 in size then the IRS isn't tracking you at the moment.

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On 2/19/2018 at 4:49 PM, BuffaloBill said:

lol, no unfortunately not, but did that person time it or what? i have never been exceptionally adept at timing the bottoms. however, my track record of hitting at or near the tops  is quite good if i do say so.

 

for those who understand the more traditional, time worn approach of wave theory...

 

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18 hours ago, Foxx said:

lol, no unfortunately not, but did that person time it or what? i have never been exceptionally adept at timing the bottoms. however, my track record of hitting at or near the tops  is quite good if i do say so.

 

for those who understand the more traditional, time worn approach of wave theory...

 

I told you I was getting into it!

 

(just kidding mine was a very modest purchase)

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  • 2 weeks later...

I've been trading crypto since November, got in just in time for a ridiculous bull run, I thought I found the golden goose, made 3x my investment basically knowing nothing. January was a rude awakening, lost most of my profit.  Crypto world is filled with shady con artists and many who have conned themselves into believing they are on the forefront of a social movement that will change the world.

 

Here's a good article that I agree with, the technology underpinning crypto currencies is real and will become ubiquitous but Bitcoin and all these other coins -  there is no end game for most of them. They aren't necessary. I do believe there will always be an anonymous crypto coin or two that will be used by criminals. Monero I think is one being used now for that purpose. Bitcoin is far from anonymous.

 

How Bitcoin Ends

 

 

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6 hours ago, VeryWeakPassword said:

I've been trading crypto since November, got in just in time for a ridiculous bull run, I thought I found the golden goose, made 3x my investment basically knowing nothing. January was a rude awakening, lost most of my profit.  Crypto world is filled with shady con artists and many who have conned themselves into believing they are on the forefront of a social movement that will change the world.

 

Here's a good article that I agree with, the technology underpinning crypto currencies is real and will become ubiquitous but Bitcoin and all these other coins -  there is no end game for most of them. They aren't necessary. I do believe there will always be an anonymous crypto coin or two that will be used by criminals. Monero I think is one being used now for that purpose. Bitcoin is far from anonymous.

 

How Bitcoin Ends

 

 

 

The article starts out pretty good but starts twisting into an opinionated piece rather than an objective one.

 

The guy says "The money itself is worthless. Less than worthless, in fact."

 

Anyone who claims Bitcoin is worthless right now is ignoring reality.   That is not opinion.  That is fact.  They may as well make the claim that dollars and Euros are worthless too.    And we all know they are not.

 

Any one of those three (US dollars, Euros, Bitcoins) might end up worthless someday.   That is probably inevitable.   But none of them are currently worthless.   And Bitcoin certainly is not worthless when there are currently millions of people willing to trade you approximately  $9,000 US dollars for one Bitcoin.   

 

If and when the price of Bitcoin goes to zero - well then yes it will be worthless.   And it probably will do that someday - maybe this year - maybe a thousand years from now.    And it is also possible - even just as likely if not more likely - that the value of it goes to $50,000 US dollars or $100,000 or $1,000,000 before it goes to zero.    That is why it is risky.

 

The author's line of thinking is the same as newly invented buggy whip manufacturers choosing not to bother making buggy whips because someday a new vehicle "the automobile" would come along and render the buggy whips for carriage and buggy owners nearly obsolete.    Meanwhile - actual intelligent entrepreneurs manufactured them and profited from it for (I don't know) a thousand years or more perhaps?   Who was the smart one - the guy who decided to make hay while the sun was shining or the guy who said - I am not going to bother making hay because some day it is going to rain again?  

Edited by PolishDave
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I'm still struggling with blockchain and how revolutionizing it will be. Can't help but feel that is a manufactured problem, where the current system simply needs a tune up, not that it needs to be replaced with an open source "public ledger" power suck. 

 

Bring on the blockchain bros to tell me how I'm wrong!

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1 hour ago, TheElectricCompany said:

I'm still struggling with blockchain and how revolutionizing it will be. Can't help but feel that is a manufactured problem, where the current system simply needs a tune up, not that it needs to be replaced with an open source "public ledger" power suck. 

 

Bring on the blockchain bros to tell me how I'm wrong!

 

 

 

those who are in the midst of it have a good thing going

 

not sure how one suddenly jumps onto the "next thing" when its developed

 

better off getting in on the ground floor for the "next thing"

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On 3/13/2018 at 1:02 PM, TheElectricCompany said:

I'm still struggling with blockchain and how revolutionizing it will be. Can't help but feel that is a manufactured problem, where the current system simply needs a tune up, not that it needs to be replaced with an open source "public ledger" power suck. 

 

Bring on the blockchain bros to tell me how I'm wrong!

 

Are you honestly asking about blockchain technology or are you asking about Bitcoin but saying blockchain?   Because they are two different questions with two different answers.

 

Seems like you are meaning to ask about Bitcoin but you are using the word blockchain.  

 

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