Anyone here interested in cryptocurrency?

Rusty

I'm an investor. I made enough to retired early though mutual funds, 401K, and stocks. I've read both sides about bitcoin and others like it. My feeling is that it's in a bubble right now like the tech stocks was years ago. Remember the dot.com bust? It's all speculation that drives the price. People are holding on to it. Not spending it like money. Treating it like stocks. The idea behind bitcoin is that there is ONLY so many to be mined. It's not an infinite number. The rumor is that the creator of bitcoin is holding a couple million bitcoins. Waiting for the right time to dump them. Making a killing on them and breaking everyone else. Bitcoin has no real assets. Nothing that you can touch. If a solar flare or EMP takes down the grid. What are you going to to? Like it was said before. It's hard to change bitcoin to cash. And not many places will take it.

__________________

浪人 - 殺し屋
"The Difficult Anytime, The Impossible By Appointment Only"
http://www.the370z.com/members-370z-...o-journal.html

Zoren 370

Government is also watching people invest or laundering money with bitcoin, they want a whole chunk of the money too for tax.

The Dimer

That's one thing I've noticed as I see people get swept up in the crypo scene, be it bitcoin, ethereum, litecoin, etc. Many of the people getting into it during the hype phase we're in right now don't even think about paying taxes and when someone reminds them they should report it come tax season, they dismiss it.

You want the government to to come down on currencies? Not pay taxes on your earnings is probably that fastest way to get that to happen.

__________________
K&N Drop-Ins, Z1 Post-MAF Tubes, FI 18" CF TDX, TWM Short Throw Shifter w/ A6 Leopard Knob, 'esfourteen' clutch helper spring, 'kellyefields' hood struts.

Kamillio

I agree with you. Bitcoin itself actually uses outdated technology in comparison to other cryptocurrencies. Some individual coins have potential while 95% of them will disappear after the initial big boom for coins that is happening now because they won't have a real world use. Some of the coins are developing actual products that will or will not be accepted in the future. Even if USA places heavy taxes there is still the rest of the world to decide whether or not they will be accepted.

With regards to the bubble. I agree that it is a bubble now because there are thousands of new people buying into crypto and holding for now. One thing I want to point out is that the total money held in crypto now is only 750 Billion while NYSE alone is 21 trillion. So is it really still a bubble? Would it be considered a small one if so? I am too young to remember the dot com bubble details and numbers to be able to compare.


Sent from my iPhone using Tapatalk

__________________
370z

Rusty

With the new tax code for 2018. You will be paying taxes on transactions with bitcoin and others. Don't have the details on how that will work. The gov't is able to see each transaction some how. Other gov'ts are cracking down too. They see a new a tax revenue. In the end. It's going to be taxes as Capital Gains. China has raided exchanges. With those raids. They got the books on transactions. So they know who is doing what. Also there have been big hacks on the exchanges. A few of the exchanges have been wiped clean over in Asia. North Korea is the biggest hacker of the exchanges.

__________________

浪人 - 殺し屋
"The Difficult Anytime, The Impossible By Appointment Only"
http://www.the370z.com/members-370z-...o-journal.html

ZeeingAround

Back about 7 or 8 years ago if I remember right, you could get a physical Bit coin, but those are gone now and worth more than just the face value.
There were some advertising stuff and surveys giving bit coin away, and I never paid attention. looked at it a bit when it jumped to $12 from $3. I should have just took a chance at that time, but Mt Gox and the drug dealer busts were enough to keep me away.
I guess getting into the mining business would have been good back then too if you stuck with it.

If anyone wants to know some more info and has no idea what bit coin is, they should have a look at this interview with Roger Ver.
https://www.youtube.com/watch?v=N6NscwzbMvI

__________________
Get some roosters for eggs and Bulls for milk . Then you will see that gender matters. Especially at milking time.

Rusty

Just read about North Korea and a few other rogue actors mining for bitcoin.

__________________

浪人 - 殺し屋
"The Difficult Anytime, The Impossible By Appointment Only"
http://www.the370z.com/members-370z-...o-journal.html

Rusty

Here's the future. And the gov't will know everything.

__________________

浪人 - 殺し屋
"The Difficult Anytime, The Impossible By Appointment Only"
http://www.the370z.com/members-370z-...o-journal.html