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bitcoins

Are we talking about being 100% on the up and up? If we're ever profiting from buying/selling a car or motorcycle, surely we don't report it..? I wouldn't. But, I thought you were talking about receiving bitcoin and not money? If we're talking about money, we don't all report every penny we've ever received, so we're really talking about money the irs knows about. If you receive money that someone else is reporting as going to you, then of course you'd better report it.
 
byke said:
Are we talking about being 100% on the up and up? If we're ever profiting from buying/selling a car or motorcycle, surely we don't report it..? I wouldn't. But, I thought you were talking about receiving bitcoin and not money? If we're talking about money, we don't all report every penny we've ever received, so we're really talking about money the irs knows about. If you receive money that someone else is reporting as going to you, then of course you'd better report it.
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haha, ever sell a bike and have the buyer ask to "fudge" the sale price on the pink?

anyone?
 
Every chance I get and I do it for people just the same. To me, it's like going 75 in a 65. Technically wrong, but who cares.
 
Hm. Even purchasers..

Hella lame

Should I also report my first edition hologram Charizard card? Even though I only paid a few bucks for it and I've not sold it?
 
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byke said:
Are we talking about being 100% on the up and up? If we're ever profiting from buying/selling a car or motorcycle, surely we don't report it..? I wouldn't. But, I thought you were talking about receiving bitcoin and not money? If we're talking about money, we don't all report every penny we've ever received, so we're really talking about money the irs knows about. If you receive money that someone else is reporting as going to you, then of course you'd better report it.
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If "satoshi nakamoto" and the meteoric rise of pop crypto culture is all just Big Brother machinations (which I believe it is), then everything is known and nothing is anonymous. Sure, maybe that's just a harebrained theory. Still, the IRS recently reported that between 2013 -2015, only 900 out of 500,000 CoinBase users reported gains or losses. Again - unexpected tax bills will likely trigger a lot of selling.

I don't think it's a coincidence that bitcoin materialized RIGHT after the meltdown of 2008-09, when, for all intents and purposes, the global debt based system died. Of course, central banks reanimated the corpse... but with the zombie financial system's shelf life nearing its end, their plan for transitioning the planet to a digital-based monetary system is off to the races. The final frontier of wealth transfer and economic slavery.

It's horrifying that so few recognize how technologies are being used to strip people of their identities and freedoms. :nchantr

Meanwhile, if you can't differentiate gold from anything else we're talking about here as stores of value, well - I don't know what else to say.
 
redruM said:
If "satoshi nakamoto" and the meteoric rise of pop crypto culture is all just Big Brother machinations (which I believe it is), then everything is known and nothing is anonymous. Sure, maybe that's just a harebrained theory. Still, the IRS recently reported that between 2013 -2015, only 900 out of 500,000 CoinBase users reported gains or losses. Again - unexpected tax bills will likely trigger a lot of selling.
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If those people are still holding, they'll just off however much they need to pay the tax man. One bitcoin worth of taxation represents like $40k in profit, depending on your bracket. The gov't isn't going to give individuals tens of thousands of dollars for some info they can already access for free, nor would they give them tens of thousands of dollars just so they can take ten grand.

redruM said:
I don't think it's a coincidence that bitcoin materialized RIGHT after the meltdown of 2008-09, when, for all intents and purposes, the global debt based system died. Of course, central banks reanimated the corpse... but with the zombie financial system's shelf life nearing its end, their plan for transitioning the planet to a digital-based monetary system is off to the races. The final frontier of wealth transfer and economic slavery.
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What's the difference between 100% digital currency and our current 75%digital/25% analog currency? They already print money out of thin air, what's the difference between that and a few more keystrokes?

redruM said:
It's horrifying that so few recognize how technologies are being used to strip people of their identities and freedoms.
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In general, I kind of agree here, but this is too big of a topic to dive into here.

redruM said:
Meanwhile, if you can't differentiate gold from anything else we're talking about here as stores of value, well - I don't know what else to say.
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I understand how they're different as they exist, but do people understand that neither really *does* anything and the vast majority of the value of just about any currency is the result of social conditioning? I don't think they do. Even you kind of sound like you're putting magic into it, praising the god of things that can be used to make bracelets. You've always been anti-bs corporate manipulation, but then you're defending the special dirt rock thing. Seems inconsistent to be intentionally ignoring my point.
 
jt2 said:
https://www.investopedia.com/terms/b/bag-holder.asp
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Many years ago during the dotcom burst I worked with a guy who inherited a nice chunk of change, between $30-50K. He dumped all or most on Lucent just before the bubble burst.
First of all dude was facing inheritance taxes, then he sat on his investment all the way from its highs to under $10. So he loses his investment plus has to come up with money he doesn't have to pay his taxes. A tough introduction to money management.
 
I could be wrong but I got a feeling the bitcoin ride ends soon. The hype is getting too much. On the drive home yesterday Bitcoin investing was being discussed on the radio. Then on the way in this morning it was being discussed on 3 different channels at the same time.

Someone asked what the value of a currency that people are afraid to spend because it might be worth more tomorrow. Bitcoin is no longer about money but instead its about feeding the human greed frenzy.

I missed the boat, it's already sailed. Like all investments is so easy to look back and say what I should have done.
 
Blankpage said:
I could be wrong but I got a feeling the bitcoin ride ends soon. The hype is getting too much. On the drive home yesterday Bitcoin investing was being discussed on the radio. Then on the way in this morning it was being discussed on 3 different channels at the same time.

Someone asked what the value of a currency that people are afraid to spend because it might be worth more tomorrow. Bitcoin is no longer about money but instead its about feeding the human greed frenzy.

I missed the boat, it's already sailed. Like all investments is so easy to look back and say what I should have done.
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Do you think the blockchain ride with end bitcoin? There are lots of pretty cool companies working on some neat things that utilize blockchain.
 
E.HONDA said:
Do you think the blockchain ride with end bitcoin? There are lots of pretty cool companies working on some neat things that utilize blockchain.
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I have no idea other than when everyone including the bag packers at the local supermarket are wanting to get in it might be time to get out.
 
Blankpage said:
I have no idea other than when everyone including the bag packers at the local supermarket are wanting to get in it might be time to get out.
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For me, I think blockchain technology will change the business world. Maybe not bitcoin, but other companies are teaming up with the likes of Microsoft, IBM, American Express, etc... The founder of Javascript/Firefox launched his own company offering coins. Mark Cuban has his own venture. IMO there is still tons of opportunity to make it big with blockchain tech.
 
E.HONDA said:
For me, I think blockchain technology will change the business world. Maybe not bitcoin, but other companies are teaming up with the likes of Microsoft, IBM, American Express, etc... The founder of Javascript/Firefox launched his own company offering coins. Mark Cuban has his own venture. IMO there is still tons of opportunity to make it big with blockchain tech.
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AMZN and the like survived the dotcom bust. When the dust settles there will be winners in this field also but currently it smells like a bubble for Bitcoin
 
Bitcoin was the first, but it's far from the best. I think Bitcoin will die out and blockchain tech will continue and advance. With how much the BTC market can fluctuate, I don't see how it's ever going to reasonably be a fiat currency replacement.

It's also an expensive coin to transfer and slow as fuck.
 
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