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Finance cryptocurrency

Started by JMG, May 28, 2017, in Life Add to Reading List

  1. fezzer
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    fezzer

    Jan 23, 2018
    How much $ if you don't mind me asking?
     
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  2. Lucy
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    Lucy #1

    Jan 23, 2018
    yeah i understand most of that. but i mean in the big picture... It's hard to explain, but majority of people use paypal/their credit card/bank savings to buy stuff. Whether it's withdrawn cash spent, swipe of the card or using your card online doesn't matter, having a bank account and by extension it's utilities to make purchases, is the norm. it's majority.
    Now, that's spending alone, but income is another story. With income, you get your job, your employer pays you via bank transfer/cheque and in rare cases cash. again, that's what majority of people use.

    So I guess my question really is, what is the motivation for someone to swap from the current norm of money to de-centralized money? apart from out-of-the-ordinary scenarios? or apart from buying illegal stuff online?

    Because to me right now - if you're using bitcoin to buy things in person, for example, you literally made a transaction of whatever amount to purchase bitcoins. you then use those bitcoins to purchase an item in person. Like, ok, but you've added an extra step that seems unnecessary when you can just, instead of buying bitcoins, go make the transaction normally???
     
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  3. Lucy
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    Lucy #1

    Jan 23, 2018
    (That being said if you're only doing this from an investor perspective/standpoint that's completely different)
     
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  4. icecube
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    icecube West Coast is the Best Coast

    Jan 23, 2018
    Total investment in $ is prob around $1000. So a loss of about $350 in the space of 2 weeks.

    Oh well,y fault for being late to the crypto-party. I'm still happy to let it sit and hopefully mature. But I'm not gonna put any more in.
     
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  5. Howie
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    Howie

    Jan 23, 2018
    Just double down. It's not a loss until you sell!
     
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  6. fezzer
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    fezzer

    Jan 23, 2018
    Which coin(s)?
     
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  7. icecube
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    icecube West Coast is the Best Coast

    Jan 23, 2018
    Was f---ing with loads at one stage. ETH, LTC, TRX, WAVES, XSPEC, XRP, XRM. Prob a few more but the fees to transfer BTC from coinbases to the exchanges are f---ing stupid and i would need a 30% raise to clear all the fees so gave up on trading, transferred everything back to coinbase and only now have BTC, ETH and LTC.

    I'm just now f---ing with the idea again of buying a few thousand of $0.0001 coins in the hope they pop one day.
     
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  8. icecube
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    icecube West Coast is the Best Coast

    Jan 23, 2018
    f--- it. This is what i done in the end. Bought a few hundred $ worth of DIME. All or nothing at this stage!
     
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  9. fezzer
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    fezzer

    Jan 23, 2018
    You might as well wack it on red/black on the roulette :drakelaugh2:
     
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  10. Slyk
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    Slyk God made a prophet.

    Jan 23, 2018
    i legit have no idea how mining "rewards" (or whatever it's properly called) are injected into your wallet at time of hash solving (or via pool payouts)... if it's coming from a static or traceable public key then it's traceable if you were to ever cash it out or spend it. that said, that's a really good question: if you're essentially just earning the money without ever going from fiat->crypto, and not going from coin to coin, then i literally have no clue how that would be taxed.

    as far as i'm aware, the rest of what i said about the US taxing on capital gains from coin to coin is accurate.

    EDIT: wouldn't mining be taxed as normal income rather than capital gains (trading)??

    i'm semi-talking out my a---, but i think the long-term idea is that the dollar would diminish as bitcoin (or other coin) would rise to be the new standard. In that future utopia world, i imagine that banks would still exist and could give out loans still, but they would also be operating in crypto when doing so. the advantage here is that you would always 100% own and control your money and nobody could ever tell you that it's unavailable or that you can't withdraw from the bank, etc.. Likewise, credit cards would still exist, visa and mastercard would still exist, and thinks could still operate in a pretty similar way. the main difference would 1.) be what's happening behind the scenes, and 2.) there wouldn't be a physical representation to your wealth (no piece of paper to represent a dollar, no nickel plated coin to represent change, etc.).

    In this future society, the real benefits would be that things would be cheaper, free from fraud, transactions would be seemless, and there wouldn't be a threat of banks closing down and/or you not being in control of your own money.


    (fyi, i'm at work and didn't read this over afterwards..feel free to correct or challenge this)
     
    Last edited: Jan 23, 2018
    #450
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  11. Howie
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    Howie

    Jan 23, 2018
    The goal is to be able to buy goods and services with crypto. It's already happening. I bought coffee with CoffeeCoin (COF) recently and a few local businesses have started to accept BTC ETH and LTC. Unless you cash out to fiat, I don't know why you would admit you have crypto to the IRS. To each their own. s---, I hope to go on vacation overseas where they do not tax it, cash out there and then have all my spending money tax free. I can even bring back up to $10k too.

    I'm curious to know what kind of numbers you are working with to make you worry about the IRS. Courts already basically said if you are moving under $20k on Coinbase, it's up to you to admit it but the IRS won't know about it. Unless you are moving around a healthy 6 figures, don't lose any sleep.
     
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  12. Jehovah
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    Jehovah SB3

    Jan 24, 2018
    ICX g--- we out here :emoji2:
     
    #452
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  13. Lil Squeed
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    Lil Squeed French Montana Stan

    Jan 25, 2018
    just cashed out my REQ (feel like it's holding pretty steady around $.50 at the moment, so I have some time to experiment), and poured it all into IOST :rejoice: wish me luck boys
     
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  14. Versace Python
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    Versace Python

    Jan 25, 2018
    What are y'alls thoughts on EOS?
     
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  15. Howie
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    Howie

    Jan 25, 2018
    I always have a problem when 30% of the coins are not in circulation. Maybe I don't understand their reasoning, but it seems like price manipulation. I know nothing about the coin, so no judgement or comment on their business idea. If I was going to look into it, I would ask why the large rise last summer and massive collapse followed by a run up since Thanksgiving. It does appear to go hand and hand with BTC though.
     
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  16. Slyk
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    Slyk God made a prophet.

    Jan 28, 2018
    i'm really iffy on if/what application EOS, STRAT, IOTA, LISK will have in the future... i hold all 4 and my understanding is that they're all fairly similar in what they're setting out to do.. i don't know what's gonna happen in that space, but i do like LSK the most atm.
     
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  17. Slyk
    Posts: 8,531
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    Slyk God made a prophet.

    Jan 28, 2018
    quick follow-up on what they're doing (feel free to add):
    LSK = build DApps (decentralized applications) on their own blockchain, where each application will have it's own sidechain. Javascript coding language.
    STRAT = DApps; unclear on chain usage; C#
    EOS = DApps; unclear on chain usage; C++
     
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  18. Charlie Work
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    Charlie Work Level 5 Goblin

    Jan 29, 2018
    I've been reading some terrible stuff about Tether fraud and businesses like Stripe and Steam withdrawing bitcoin payments. Thought there would be more panic itt.
     
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  19. Lucy
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    Lucy #1

    Jan 29, 2018
    This happened the other day too
    https://www.businessinsider.com.au/...-japanese-exchange-coincheck-2018-1?r=US&IR=T
    not the first time either;
    https://www.ccn.com/111212-2/


    https://www.thedailybeast.com/who-pulled-off-the-biggest-bitcoin-heist-in-history
     
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  20. fezzer
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    fezzer

    Jan 29, 2018
    http://www.dailymail.co.uk/news/article-5323601/Bitcoin-robbers-alerted-fortune-prolific-trading.html
    http://www.dailymail.co.uk/news/article-5322171/Pictured-barn-raiders-committed-bitcoin-robbery.html
    this also happened in uk over the weekend, people going insane robbing bitcoins.
     
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