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Foxx

Do You BitCoin?

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7 minutes ago, /dev/null said:

So how are you going to cash out the bitcoins?

I didn't check that box, and  it didn't specify Bitcoin. 

 

Now let's just hope some Caps fan is dumb enough to spend money on essentially a preseason game

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2 minutes ago, plenzmd1 said:

I didn't check that box, and  it didn't specify Bitcoin. 

 

Now let's just hope some Caps fan is dumb enough to spend money on essentially a preseason game

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.

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11 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.

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

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50 minutes ago, Greybeard said:

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

 

And think of all the fun @plenzmd1 could have during an audit! THAT sounds like a blast! 

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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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LTC has broken to the upside. it is quite possible that it could be the leading indicator of a breakout of the consolidation phase we are currently in. up over 30% today.

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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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15 minutes ago, John from Hemet said:

I told you I was getting into it!

 

(just kidding mine was a very modest purchase)

congrats :)

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15 minutes ago, TheElectricCompany said:

Dogecoin is the best coin. 

FA5CA6D3-2DF8-4C64-9EA7-26A836A2A6C6-273-0000004320E1547D.jpeg

Such coin. Much currency.  Very wow. 

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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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