OT: Bitcoins / Other Crypto Currencies for Dummies
- Thread starter RutgersMO
- Start date
Yes, but my cost basis was low since I mined early. Generally it's hard to track if someone mined, and profitability is usually just above zero and the real gains are due to price increases/capital gains, which the IRS is now extremely competent at figuring out. They have some very sophisticated blockchain analysis software now. So those not reporting cap gains are going to be the ones hit hard if they "keep it quiet".
Couple daily Cryto thoughts....
(a) Kodak Inc (yes, that dying 35mm film company) announced they are getting into Cryto........... their stock doubled in one day ....... seem totally logical...... Maybe the Long Island BlockChain Ice Tea company can sell Instachrome out of their ice tea delivery trucks....
(b) Despite my apparently negativity to this whole crypto-bubble... I do actually own/trade/am familiar with this nonsense.... The other day I tried sending a small amount of BTC, I ended up paying (what amounts to $40) in processing fees............. and, in the end, the exchange never went through............ so, I spent $40 on nothing but wasted time and service fees................ I've seen Somalian Oil Smuggling rings that are more efficient than the current Cryto market...........
(a) Kodak Inc (yes, that dying 35mm film company) announced they are getting into Cryto........... their stock doubled in one day ....... seem totally logical...... Maybe the Long Island BlockChain Ice Tea company can sell Instachrome out of their ice tea delivery trucks....
(b) Despite my apparently negativity to this whole crypto-bubble... I do actually own/trade/am familiar with this nonsense.... The other day I tried sending a small amount of BTC, I ended up paying (what amounts to $40) in processing fees............. and, in the end, the exchange never went through............ so, I spent $40 on nothing but wasted time and service fees................ I've seen Somalian Oil Smuggling rings that are more efficient than the current Cryto market...........
Not saying that this the main cause, typically the month leading into Lunar New Year the is a big dip as profits are taken in the far East. This coupled with South Korea's crack down on anonymous cryptos and France looking to crack down on crypto traders and the avoidance of paying taxes is hitting the crypto world all at one time.
China is looking at banning crypto as well, and if they move forward, that takes a vast chunk of the BTC mining farms offline. Also, it has been anticipated for some time now that the mining fees will be halved for BTC, making all but the most efficient mining operations in extremely low power cost areas unprofitable.
Same thing has happened throughout the year. Big dips because of possible shut downs and other scares but it has always recovered and soared beyond. I think now is a great time to buy on discount. By February it'll come back up to where it was. Of course all my opinion and could go the opposite way but by past performance, this is normal
The others are right. Do not sell now. HODL or double down
value of Beannie Babies has held steady since 3Q of last year........... just sayin'
Japanese crypto exchange Coincheck lost $500million of customer’s currency to a hack last week.
But, you know, this stuff is totally expected in a developing market like this—- totally cool brah.
Are Bitcoins / other Crypto currencies insured? And if so, by whom?
MO
PS Moved on from this....bring back beads!
yes, it kind of is........ that's why we have banks, and guards, and insurance, and the FDIC and the Treasury and the Fed and bank robbery laws and big jails with bars and stuff........
It's not even clear that hacking an unregulated fake currency computer that isn't regulated or tracked by any government is technically illegal..... and even if it was... who would enforce those laws.
thank you for proving my point....
Sorry you feel that way. My point was it’s not the currency’s fault. It the fault of the system protecting the currency. Anyone keeping their crypto currencies on an exchange deserves to get robbed. It’s unsecure and reckless.
There are over 1300 different coins to choose. Which one (or ones) are destined to be "the future"? There is some value in blockchain but this is IMO a classic get rich quick, pyramid shaped bubble; with a handful of whales pulling the strings.
a lot are like penny stocks and then there are some Amazon's, Ebay's and Google's.
And all an investor has to do is to be able to pick the Amazons from the dreck. Easy peasy.
John Ruffo "borrowed" $350mm from eight different banks in the early '90's. $20mm is still unaccounted for and Ruffo never showed up when he was supposed to turn himself in to the US Marshals to report for his 17 year sentence. His car was found at JFK airport and 19 years later he's still out there somewhere.
"Bank of America Corp. may not be willing to help customers invest in Bitcoin, but that doesn’t mean it isn’t plowing into the technology underlying the cryptocurrency."
https://www.bloomberg.com/news/arti...d-payments-firms-with-most-blockchain-patents
https://www.bloomberg.com/news/arti...d-payments-firms-with-most-blockchain-patents
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No different than investors that picked Amazon 15-20 years ago. Need to do you’re homework.And all an investor has to do is to be able to pick the Amazons from the dreck. Easy peasy.
I think the underlying utility of the blockchain for many purposes is probably a sounder investment than any currency itself. A relatively lower risk reward play. If you got in late on some of these currencies, I hope you did so with the ability to withstand the volatility. Of course no guarantee that the current market price is not more reflective of the long term market value instead of what it was six weeks ago.
I agree 100%. I am most interested in the platform plays like - Ethereum, NEO, EOS and Cardano.
totally!
well, except for the very minor point that unlike actual investing in a company (which sets out to hopefully turn profits at some point) — Bitcoin and other cryptocurrencies have no inherent value. but, whatever........ it's the future!! :sunglasses:
Even with this huge drop, it is still twice the price it was four months ago.
There’s a bunch of people who bought Bitcoin above $10,000 who are holding on for dear life and wondering what to do now.
There’s going to be another flush to its support level at $7500. It will be interesting to see what these speculators do at that point.
There’s going to be another flush to its support level at $7500. It will be interesting to see what these speculators do at that point.
How is Bitcoin going to turn a profit. It's a pseudocurrency. It has no sales, revenues, or expenses.
I heard Roubini on Bloomberg Radio and thought he was talking about the movie Boiler Room.
https://www.bloomberg.com/news/arti...itcoin-is-the-biggest-bubble-in-human-history
https://www.bloomberg.com/news/arti...itcoin-is-the-biggest-bubble-in-human-history
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