Bitcoins - digital currency - Page 1043 - Business, Finances and Investing Forum

Bitcoin and cryptocurrencies are not directly competing with credit cards or banks or stocks or bonds or even fiat.

It’s an entirely new asset class, an odd blend of being a commodity, currency, and equity without ever being one thing at once. It cannot be pigeon holed into whatever constructs that exist today, so try freeing your mind from those thoughts (Eg bitcoin sucks vs X bc high fees and low txn throughput) when evaluating

What it is
What it is going to be
What it is used for
What it will be used for
What it may replace

Etc.

I have always thought of Cryptos as a totally separate asset class. However, when people suggest one of them is going to go mainstream to fix X problem I like to ask why a crypto would be preferred to solve X problem over what is currently being used so I can learn more about Cryptos.

I do think Cryptos will likely have a place in our society going forward. I'm just trying to make a more thought out opinion on what their place will be in 50 years.

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01-04-2018 , 09:51 AM

#26052

p2 dog, p2

Carpal \'Tunnel

Join Date: Jun 2012 Posts: 7,536

if using a bitcoin atm you probably need a btc debit card, not?

I tried getting verified on Binance, not sure how long that takes but I will be patient. In the meantime, can I send some btc there to exchange for alts? Would I be able to then send those alts to a wallet or would my verification have to go through first?

Quote

01-04-2018 , 10:29 AM

#26053

SuperSwag

Pooh-Bah

Join Date: May 2012 Posts: 5,801

Quote:

Originally Posted by p2 dog, p2

You can buy alts. Verification just increases the amount you can buy.

Quote

01-04-2018 , 10:37 AM

#26054

btc

Challah Atcha

Join Date: Dec 2017 Posts: 2,576

Quote:

Originally Posted by p2 dog, p2

did u guys remember to opt in for 5% cash back on your bitcoin purchases this quarter(internet/phone/cable/gas)?

New fork coming called Bitcoin Cash Back

Quote

01-04-2018 , 11:03 AM

#26055

johnnyBuz

Carpal \'Tunnel

Join Date: Sep 2013 Posts: 7,625

Quote:

Originally Posted by borg23

So basically I'm doing my taxes like this
Please let me know if it's wrong...

Yes, in theory you would pay taxes on the 9k gain at your long-term capital gains rate. But that kind of gets back to the whole "currency vs. asset" debate because you don't pay a gains tax on your fiat currency when it appreciates in value relative the Euro or Pound or some other currency.

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01-04-2018 , 11:17 AM

#26056

AllinPoker

journeyman

Join Date: Nov 2012 Posts: 379

Quote:

Originally Posted by mrbaseball

My problem is I can't answer any of those questions. I have been doing a lot of reading on it over the past few months and I can't see any mainstream utility. As far as I can tell cryptos were invented to solve problems that don't exist unless you are operating outside of the law. If they all disappeared tomorrow it would be business as usual except for the people holding cryptos or the influx of scam companies promoting them.

That said a few of the 1000+ cryptos out there will probably survive to serve some sort of utility in the future but nobody knows which ones. Its utility will likely be more on the business to business side with little to no use for consumers or personal business.

You don't think operating outside of the law is a big enough market itself when you think about it on a global scale?

They say around 5% of the global GDP is money laundered per year. That's like $2 trillion USD.

Avoid confiscation of funds, avoid taxes, avoid inflation, having access to your money anywhere in the world, and easy transfer of funds. It's like offshore banking made easy for the underground economy.

Last edited by AllinPoker; 01-04-2018 at 11:33 AM.

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01-04-2018 , 11:26 AM

#26057

eddymitchel

Carpal \'Tunnel

Join Date: Oct 2007 Posts: 6,761

Quote:

Originally Posted by mrbaseball

I'm sure people who saw their economy crash saw one purpose. People who cannot get a bank saw it a few years ago already aswell. And for anyone who had to send money abroad it was obvious aswell.
I encourage you to read about main currency development Bitcoin/litecoin monero. Ethereum.
I liked this interview alot. It show mostly monero side but they have similar approaches.
https://cryptoinsider.21mil.com/inte...ncy-education/

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01-04-2018 , 12:28 PM

#26058

ubiquitous

adept

Join Date: Dec 2007 Posts: 831

Binance Will Temporarily Disable New User Registrations

https://support.binance.com/hc/en-us...s/115003773671

Quote

01-04-2018 , 02:20 PM

#26059

Go Get It

Carpal \'Tunnel

Join Date: Feb 2010 Posts: 12,511

Quote:

Originally Posted by bahbahmickey

I can't imagine the scenario that stops it from having big swings. If you don't think it will please explain why.

Regulation? Not that's what people want for bitcoin but it's clearly not going to be effectively unregulated forever.

Quote:

Originally Posted by p2 dog, p2

did u guys remember to opt in for 5% cash back on your bitcoin purchases this quarter(internet/phone/cable/gas)?

I know this is a joke but I've made a bit from the bcash and bitcoin gold splits... sayin.

Quote:

Originally Posted by ubiquitous

Binance Will Temporarily Disable New User Registrations

https://support.binance.com/hc/en-us...s/115003773671

Lol though this was gonna be bad government takeover news or some thing they just wanna upgrade due to so many users, according to them.

Quote

01-04-2018 , 02:28 PM

#26060

NewOldGuy

Pooh-Bah

Join Date: Mar 2009 Posts: 5,935

Quote:

Originally Posted by johnnyBuz

But that kind of gets back to the whole "currency vs. asset" debate because you don't pay a gains tax on your fiat currency when it appreciates in value relative the Euro or Pound or some other currency.

You do if you hold the other currency while the USD appreciates relative to it. If you are a U.S. citizen and own any foreign currency (Euro etc), you owe tax on any gains you realize due to exchange rates. Technically this can be true even if you are not trading the currency (Forex) but simply buying goods with it and gaining an exchange advantage.

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01-04-2018 , 02:30 PM

#26061

bahbahmickey

Carpal \'Tunnel

Join Date: Mar 2011 Posts: 15,518

Quote:

Originally Posted by Go Get It

Regulation? Not that's what people want for bitcoin but it's clearly not going to be effectively unregulated forever.

Why would regulation stop people from speculating on the price of cryptos and therefore prevent it from having big swings?

Quote

01-05-2018 , 02:59 AM

#26062

aggo

Carpal \'Tunnel

Join Date: Feb 2008 Posts: 10,422

Quote:

Originally Posted by bahbahmickey

50 years.....?

Seriously???

I'm trying to figure out where itll be in 5 years so that I can own a lot of ****.

Quote

01-05-2018 , 03:01 AM

#26063

aggo

Carpal \'Tunnel

Join Date: Feb 2008 Posts: 10,422

Quote:

Originally Posted by mrbaseball

My problem is I can't answer any of those questions. I have been doing a lot of reading on it over the past few months and I can't see any mainstream utility. As far as I can tell cryptos were invented to solve problems that don't exist unless you are operating outside of the law. If they all disappeared tomorrow it would be business as usual except for the people holding cryptos or the influx of scam companies promoting them.

That said a few of the 1000+ cryptos out there will probably survive to serve some sort of utility in the future but nobody knows which ones. Its utility will likely be more on the business to business side with little to no use for consumers or personal business.

here's a thing

Spoiler:

Quote:

Originally Posted by mrbaseball

As far as I can tell cryptos were invented to solve problems that don't exist unless you are operating outside of the law.

bias, try again.

Quote

01-05-2018 , 03:03 AM

#26064

aggo

Carpal \'Tunnel

Join Date: Feb 2008 Posts: 10,422

Quote:

Originally Posted by eddymitchel

The more people use paypal and venmo the more likely they are to transition to cryptos.

blockchain.info wallets do more $ value txns in 1 day than venmo does in 1 quarter.

yet,

bitcoin doesnt solve anything
bitcoin is too expensive
bitcoin has no use case
etc.

Quote

01-05-2018 , 04:55 AM

#26065

TheGodson

veteran

Join Date: Mar 2013 Posts: 3,145

Wow, TRX is up 42.5x from over a month ago. To put that in perspective. If you had bet 10k on it you'd be sitting on shy of half a million dollars. What is going on with this coin?

Bitcoin's at an all time low of 33.6% for total market capitalization.

Quote

01-05-2018 , 04:58 AM

#26066

eddymitchel

Carpal \'Tunnel

Join Date: Oct 2007 Posts: 6,761

probably the biggest pump and dump in crypto history.
the bitcoin run to 20K to crash back to 1K is nothing compared to TRX and XRP incoming crash.

Now the question is how bad it will affect BTC.

Quote

01-05-2018 , 05:03 AM

#26067

TheGodson

veteran

Join Date: Mar 2013 Posts: 3,145

Quote:

Originally Posted by eddymitchel

probably the biggest pump and dump in crypto history.
the bitcoin run to 20K to crash back to 1K is nothing compared to TRX and XRP incoming crash.

Now the question is how bad it will affect BTC.

What makes you think Bitcoin is going back to 1K? I really hope that doesn't happen.

Quote

01-05-2018 , 05:07 AM

#26068

eddymitchel

Carpal \'Tunnel

Join Date: Oct 2007 Posts: 6,761

was a typo i meant 10K

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01-05-2018 , 05:09 AM

#26069

eddymitchel

Carpal \'Tunnel

Join Date: Oct 2007 Posts: 6,761

I mean people freaked out when when it lost 50% after pumping super hard and still remained solid, but the altcoin market is a few weeks away at best from a 90% crash

Quote

01-05-2018 , 05:14 AM

#26070

TheGodson

veteran

Join Date: Mar 2013 Posts: 3,145

Eeek, hopefully you're wrong.

I'm kicking myself right now for selling a majority of my Doge coin for ZCash.

I had over 100,000 doge coins and was going to wait for it to hit a dollar, but then decided that was stupid and went for ZCash. Argggghhhh, the regret I am feeling right now is indescribable.

Quote

01-05-2018 , 05:20 AM

#26071

aggo

Carpal \'Tunnel

Join Date: Feb 2008 Posts: 10,422

Quote:

Originally Posted by aggo

hahahahahahahaha

i swear to god when you are top 3 on okcoin, you are a marked ****ing man. marked. ****ing. man.

2018-01-05 16:57:50
Close Short$17,546.31
683065Cont≈฿3892.9268

Quote

01-05-2018 , 05:58 AM

#26072

barney big nuts

veteran

Join Date: Dec 2017 Posts: 1,991

Quote:

Originally Posted by eddymitchel

I mean people freaked out when when it lost 50% after pumping super hard and still remained solid, but the altcoin market is a few weeks away at best from a 90% crash

What makes you so certain of this?

Quote

01-05-2018 , 06:08 AM

#26073

eddymitchel

Carpal \'Tunnel

Join Date: Oct 2007 Posts: 6,761

take a big exchange, pick a cheap coin you know nothing about and wait for it to increase.
that s how people have been making money for the past week

https://coinmarketcap.com/currencies/tron/
https://coinmarketcap.com/currencies/experience-points/
https://coinmarketcap.com/currencies/ripple/
https://coinmarketcap.com/currencies/dent/

the list is long

you can even look at serious project that are in infancy state at best https://coinmarketcap.com/currencies/cardano/
it started the movement , while having no working product and an inactive developpement team. and they are TOP 5 in the market
along with ripple , whose coined are owned mostly by the company while having a market worth 131 Billion with 0 business interested so far in using their coin.

Quote

01-05-2018 , 06:53 AM

#26074

barney big nuts

veteran

Join Date: Dec 2017 Posts: 1,991

Isn't AMEX signed with ripple? Also read that 3 Japanese CC companies are also on board.

Quote

01-05-2018 , 07:04 AM

#26075

eddymitchel

Carpal \'Tunnel

Join Date: Oct 2007 Posts: 6,761

seems like ripple without the coin is super useful already , amex said that they plan to use the coin along the road but not anytime soon.
If i understood correctly they use ripple to communicate between bank and it doesnt require to trade the coin, it s possible that the usage of the coin would reduce the coin but that s what not what banks seems to be interested about yet.

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