Bitcoin....who's gotten into it?

[4matic]

http://www.parkrecord.com/news/bitco...k-city-market/

$3.5mil home transaction in Park city completed with bitcoin.

1. Why couldn’t the buyer just convert to dollars and pay dollars? Seems like a stunt.

Or,

2. Bitcoin gains are taxable. I have to wonder if and how that was reconciled and perhaps that had something to do with why the transaction was a post sale conversion to dollars.

[ICantLogIn]

Not IRS, but from a societal view point why do we benefit as a whole by enabling tax avoidance? If you study the economic woes of Greece tax avoidance is a big component. Doctors, Lawyers, basically everybody tries to get paid in cash so they can avoid reporting income = big revenue shortfalls = they can't pay their debt.

And I included drug lords in the Criminal Enterprise realm.

There is nothing stopping you from claiming a gain or loss.
"On March 25, 2014, the IRS issued Notice 2014-21, which, for the first time, set forth the IRS position on the taxation of virtual currencies, such as bitcoin. According to the IRS Notice, "Virtual currency is treated as property for U.S. federal tax purposes." "

https://www.forbes.com/sites/greatsp.../#7d2c6b451a95


Im a bit underwater right now need to hit 7100 to breath. And I can't lend to margin traders anymore because US customers are banned form trading or funding on Bitfinex. Im bummed because my last loan was at 6.5%. I need to find another exchange with a lending option..... Any ideas?

[4matic]

Im a bit underwater right now need to hit 7100 to breath. And I can't lend to margin traders anymore because US customers are banned form trading or funding on Bitfinex. Im bummed because my last loan was at 6.5%. I need to find another exchange with a lending option..... Any ideas?

This sounds like addictive behavior. Dangerous.

[DJSapp]

I think that Bitcoin should and might be made illegal by most major economies.

The uses I see for Bitcoin are:

1) Primary as in its first use is in printing money for those at the top of the pyramid - those who were in early really got to "mine" basically were allowed print money. Sure the scheme makes sense for those at the top.

2) Speculation - yeah if you bought at $500 you made great money. But that doesn't mean it creates real economic value. Sure Tulip's were a great investment in 1636 but that doesn't mean that the absurd increases in value were either real or representative of the real economic value. Sure other assets are subject to speculation but unlike say gold, bitcoin has $0 intrinsic economic value other than its ability to transfer other currencies. Gold can crash, but damn it actually has some physical uses. Try to make a nice ring or electronics part or dental work out of bitcoins. What happens if it loses its other uses?

3) Tax Evasion - You can evade taxes by getting paid/paying in Bitcoin. And thats great for you if you do it, but where is the economic value? What does that add to society?

4) Criminal Enterprise - in connection with the Tax Evasion criminals can move their funds around without paying taxes or being subject to the scrutiny of law enforcement officials. So I'm supposed to think its some great thing that criminal hackers can extort victims of their malware in bitcoin or that prostitution rings or drug lords or mob types can move their gains to the godfathers accounts without government knowledge?

Fuck that. I think that there isn't a solid case for its societal benefit. Blockchain technology - sure - I could see blockchain being implemented in the context of a regulated currency that eliminates the worst of the tax and criminal uses and being a benefit. But because in its current form it is more about uses that aren't beneficial to society or add real value to economy I think that its use in current form should be banned by law.

And if its made illegal in say in US law, what happens to its value then?

You missed capital flight from China and Russia, as well as a safe haven for grey market revenue such as recerational mj.

Sent from my Pixel XL using TGR Forums mobile app

[ICantLogIn]

This sounds like addictive behavior. Dangerous.

Thats why I loan it, the loans tie up my coins for a period I set or until the borrower gets liquidated. If that happens I just lend it out again.

[Whiteroom_Guardian]

Looking bullish as fuck. 8k before midnight?

[basinbeater]

If it is way up overnight, buying back into a riot position premarket tomorrow. Stock price seems to follow bitcoin price. Cashed out my position this afternoon.

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[DJSapp]

Looking bullish as fuck. 8k before midnight?

Coup in Zimbabwe, capital flight. (not that Zimbabwe dollars were anything other than monopoly money to begin with)

[ICantLogIn]

If it is way up overnight, buying back into a riot position premarket tomorrow. Stock price seems to follow bitcoin price. Cashed out my position this afternoon.

Sent from my SAMSUNG-SM-G930A using TGR Forums mobile app

Cashed out some of my BTC last night. Set buy order which was filled while I was sleeping, so Im back in.

[ICantLogIn]

Lightcoin is boring me, it just moves sideways. Then again I could use it for USD to LTC to other cryptos cause the price is so steady.

[ICantLogIn]

I have a sell order for 8499, just in case....

[Whiteroom_Guardian]

$8058

Boosters engaged.

ETH/LTC looking good too.

[splat]

'Accidental' bug may have frozen $280 million worth of digital coin ether in a cryptocurrency wallet

Parity said it had discovered a "vulnerability" in its cryptocurrency wallet that allowed users to change code and become the owners of wallets that didn't belong to them
One person "suicided" the wallet, deleting its code and freezing all ether tokens contained within
French hacker Matt Suiche said in a blog post that the code wipeout means that more than $280 million worth of ether has been locked

https://www.cnbc.com/2017/11/08/acci...ty-wallet.html

[Captain Awesome]

I placed a sell order a few weeks back at $8000, and had sort of lost track of things since then, until I got the notification that the order had been filled today. Things haven't really moved much since then, so maybe it'll work out OK, but I'm wondering if I should have aimed higher.

[4matic]

CME futures start in three weeks.

[Whiteroom_Guardian]

$280M of Ether frozen? Um, damn.

Just bought some EOS for shits and giggles.

I still think 10k BTC before year end is possible.

[jm2e]

Do you guys get to use the bitcoin to gamble in your Dungeons & Dragons tournaments? That would be FKNA Awesome!

[AKPogue]

Do you guys get to use the bitcoin to gamble in your Dungeons & Dragons tournaments? That would be FKNA Awesome!

LOL, I hope your just trolling. Did you say this about the internet when it first came out? I know some guys who have retired way early because they invested in Bitcoin at the start. Wish I could say the same. At the same time last year, there was $13 Billion Dollars in the cryptocurrency market, now there is $238 Billion Dollars and growing everyday. These cryptocurrencies are going to change a lot.

[Bobby Stainless]

When does Government regulation step in?

All these transactions are tax free right?

[ICantLogIn]

CME futures start in three weeks.

That should bring a lot of money into the space. Can't wait.

[ICantLogIn]

The guys at whalepool made a correlation between Fridays close like 7pm est and Monday (close I think) being the almost the same, something like 86% of the time.

Whalepool
https://www.youtube.com/watch?v=mG4VI2zctnU

[AKPogue]

When does Government regulation step in?

All these transactions are tax free right?

I don't ever recall being taxed on exchanging any type of currency.

https://news.bitcoin.com/fedcoin-u-s-issue-e-currency/

[Whiteroom_Guardian]

Classic reaction to new technology/economies:

The masses laugh at it (beginning of BTC until about 2015/16) > the masses fight it (see the whales flipping their shit because they realize their way isn't the only way anymore....Buffet, etc in the past year or so) > the masses adopt and start pouring their own money in with serious FOMO (aka what is happening now).


I am coming close to 10x in less than 18 months. 10x takes several years/decades in traditional investing.


My buddy and crypto mentor got in in at $30. Wisely. He will be able to retire at 40 if he wanted. He now has clients all over the world.

This isn't a drill people.

[AKPogue]

Classic reaction to new technology/economies:

The masses laugh at it (beginning of BTC until about 2015/16) > the masses fight it (see the whales flipping their shit because they realize their way isn't the only way anymore....Buffet, etc in the past year or so) > the masses adopt and start pouring their own money in with serious FOMO (aka what is happening now).


I am coming close to 10x in less than 18 months. 10x takes several years/decades in traditional investing.


My buddy and crypto mentor got in in at $30. Wisely. He will be able to retire at 40 if he wanted. He now has clients all over the world.

This isn't a drill people.

I so wish I paid attention to this awhile ago. Are there any currencies you are looking at besides bitcoin? I bought some Electroneum because they finishing up an app that will allow mining from your smartphone.

[Whiteroom_Guardian]

I got into BTC at just under $1k and was like, "Oh man, I'm so late to the party!!!".....wrong.

I haven't gotten real deep into the super young/new altcoins. Been holding ETH since $13 and LTC since the $40s.

Just heard some speculation on EOS so I bought some. This is the cheapest coin I have ever bought. Hovering around $2 right now.

I am FAR from an expert, real amateur here. I just happen to have a friend who knows his stuff so I listen to him and nibble away on dips for the aforementioned coins.