@derryb said:
This past week has provided an enormous ETH buying opportunity. It is likely not too late. It may well be on it's way to its May high of $4169. Tossed in the remaining chips @ $1858.
SEC Chairman "Gary Gensler taught blockchain at MIT. He's a huge proponent of bitcoin. It's nice to have someone who understands the asset," Melker said.
Bitcoin securities (ETFs holding Bitcoin futures) will start trading next week. The SEC will not stop it. The anticipation of these trading has fed demand for Bitcoin. As B Baruch said, anticipate the anticipators!
@s4ny said:
Bitcoin securities (ETFs holding Bitcoin futures) will start trading next week. The SEC will not stop it. The anticipation of these trading has fed demand for Bitcoin. As B Baruch said, anticipate the anticipators!
@s4ny said:
Bitcoin securities (ETFs holding Bitcoin futures) will start trading next week. The SEC will not stop it. The anticipation of these trading has fed demand for Bitcoin. As B Baruch said, anticipate the anticipators!
should reduce volatility of the underlying asset. PM ETFs had such an affect when they were introduced. Unless fully backed by cryptos, crypto ETFs face the same fate as many PM ETFs - unlimited supply that keeps price down. We have seen what happens to price discovery in the PM futures market when there is no limit to supply of what is actually being traded, paper.
I predict crypto prices will have more of a yawn factor once ETFs nip their volatility in the bud. Could be the reason for allowing the ETFs in the first place - take away the attraction, or should i say "distraction."
@FistFullOfDollars said:
I would expect a Crypto ETF to act very different from a PM ETF. As the saying goes "not your keys, not your coins"
why? they both provide a means of investing in an underlying asset without actually holding the asset. Any differences in performance will be due to differences in the two assets.
Unlike PM etfs that provide the only means of getting into or out of a PM investment quickly, there are numerous alternatives to trade cryptos quickly without the hassle of a "wallet." There are many crypto "exchanges" available as well as Robinhood and Paypal crypto trading.
@s4ny said:
Bitcoin securities (ETFs holding Bitcoin futures) will start trading next week. The SEC will not stop it. The anticipation of these trading has fed demand for Bitcoin. As B Baruch said, anticipate the anticipators!
Like PM ETFs this one will also relieve pressure (demand) in the physical market. The result will be negative for a market that up until this point has had price discovery depend strictly on supply and demand of the actual asset. As with PM ETFs this one has been approved in hopes that it will hold down the price of actual Bitcoin. While trading bitcoin futures in an ETF is not the same as trading actual Bitcoin, it will divert investments (reduce demand) from actual Bitcoin - precisely what the approving SEC desires to see occur. Like the PM ETFs this one will create an unlimited synthetic supply of paper that will allow investors to make side bets without having to trade the asset itself.
In such a scenario the price of the asset itself will suffer.
The futures market was established to remove unpredictable volatility from commodity prices. This was a good thing as it protected both producers and consumers of actual products from devastating price swings. It protects the corn farmer as well as the cereal producer. Only Wall St. could come up with the idea of applying such controls to other types of assets where it desires to control the price of something that is nothing more than a financial asset.
I really doubt it, people and companies will want to hold their own bitcoin. Saylor & Musk both see the advantages to holding their own keys. Either way the next 6 months are going to be interesting.
I have a very strict gun control policy: if there's a gun around, I want to be in control of it - Clint Eastwood
10k invested in Solana on Jan 1st of this year is now worth 1.7 million. Is it to late to jump on? Man did I miss something big, or did I? What goes up must come down right? Not to mention what is cyrto is not physical, if there's a massive global power outage then what?
And of course everyone is aware of the new crypto reporting requirements that were placed in the 2021 Infrastructure Bill that just passed.... as I understand it....
All cryptocurrency exchanges (Coinbase, Robinhood, etc.) are now considered “brokers” like traditional brokers (Fidelity, Schwab, E*Trade, etc.)
Digital assets are treated like securities, similar to stocks, bonds, and certain types of commodities.
The following information is now required to be reported to the IRS and to customers: (1) name, address, and phone number of each customer; (2) the gross proceeds from any sale of digital assets; and (3) capital gains or losses and whether such capital gains or losses were short-term (held for one year or less) or long-term (held for more than one year).
Among other requirements. Supposedly the requirements do not kick in until January 1st, and supposedly some details still need to be worked out, etc. Just a heads up that the camel is poking it's head under the tent a little more... but I'm sure everyone in crypto has been upfront in reporting gains properly to the IRS, so should be no problem.
So reporting and taxes on gains start with activity beginning next year? I couldn't get clarity on that - so if the doggy money I made this year is reportable or starting next year when SHIB lambo kicks in, ha.
taxes on capital gains are not something new. even selling a sweater on ebay is subject to income taxes. Always has been. Reporting requirements on crypto exchanges is only to keep people honest. . . just like 1099s from ebay/PP.
Comments
Worrying about the trades of others is likely why you lost control of your own.
Economic headlines the mainstream media are hiding from you.
Pot meet kettle!
The whole worlds off its rocker, buy Gold™.
and the bull continues
Economic headlines the mainstream media are hiding from you.
Too bad you missed it. lol
The whole worlds off its rocker, buy Gold™.
From KITCO:
A bitcoin ETF will multiply its price.
SEC Chairman "Gary Gensler taught blockchain at MIT. He's a huge proponent of bitcoin. It's nice to have someone who understands the asset," Melker said.
Economic headlines the mainstream media are hiding from you.
CBDCs (Central Bank Digital Currencies) will go one better than fiat currency and be intentionally
designed to preclude wealth formation and economic freedom. Meanwhile cryptos,
owing to their sound money characteristics, will do the opposite.
"CBDCs will be the toolkit for keeping the rabble in line. The key to not being part of the rabble is to not be dependent on government money."
Economic headlines the mainstream media are hiding from you.
gutter crypto. lol
Economic headlines the mainstream media are hiding from you.
just bought more gutter ASEs with a wee bit of gutter ETH profits.
As I have said here numerous times, let paper profits fund your physical stack. This keeps you from ever being underwater with your stack.
Economic headlines the mainstream media are hiding from you.
@derryb Taking profits is a good thing, not sure I would call ethereum gutter, perhaps cardano but not ethereum. On a side note...
World’s Most Valuable Numismatic Item, $48 Million Gold 1,000 Bitcoin Physical Coin, Submitted by GreatCollections to PCGS October 4, 2021
https://www.pcgs.com/news/worlds-most-valuable-numismatic-item?utm_source=pcgs.com+news&utm_medium=email&utm_campaign=world_most_numismatic_item_sept_2021&utm_id=48MillionGold1000Bitcoin.2021&utm_term=48MillionGold1000Bitcoin&utm_content=2021-10-04
I have a very strict gun control policy: if there's a gun around, I want to be in control of it - Clint Eastwood
Bitcoin securities (ETFs holding Bitcoin futures) will start trading next week. The SEC will not stop it. The anticipation of these trading has fed demand for Bitcoin. As B Baruch said, anticipate the anticipators!
https://www.wsj.com/articles/a-bitcoin-etf-is-almost-here-what-does-that-mean-for-investors-11634376601
should reduce volatility of the underlying asset. PM ETFs had such an affect when they were introduced. Unless fully backed by cryptos, crypto ETFs face the same fate as many PM ETFs - unlimited supply that keeps price down. We have seen what happens to price discovery in the PM futures market when there is no limit to supply of what is actually being traded, paper.
I predict crypto prices will have more of a yawn factor once ETFs nip their volatility in the bud. Could be the reason for allowing the ETFs in the first place - take away the attraction, or should i say "distraction."
Economic headlines the mainstream media are hiding from you.
I would expect a Crypto ETF to act very different from a PM ETF. As the saying goes "not your keys, not your coins"
I have a very strict gun control policy: if there's a gun around, I want to be in control of it - Clint Eastwood
Go SHIBa!
why? they both provide a means of investing in an underlying asset without actually holding the asset. Any differences in performance will be due to differences in the two assets.
Unlike PM etfs that provide the only means of getting into or out of a PM investment quickly, there are numerous alternatives to trade cryptos quickly without the hassle of a "wallet." There are many crypto "exchanges" available as well as Robinhood and Paypal crypto trading.
Economic headlines the mainstream media are hiding from you.
I was being facetious for the benefit of our resident antagonistic gutter specialist.
Economic headlines the mainstream media are hiding from you.
Like PM ETFs this one will also relieve pressure (demand) in the physical market. The result will be negative for a market that up until this point has had price discovery depend strictly on supply and demand of the actual asset. As with PM ETFs this one has been approved in hopes that it will hold down the price of actual Bitcoin. While trading bitcoin futures in an ETF is not the same as trading actual Bitcoin, it will divert investments (reduce demand) from actual Bitcoin - precisely what the approving SEC desires to see occur. Like the PM ETFs this one will create an unlimited synthetic supply of paper that will allow investors to make side bets without having to trade the asset itself.
In such a scenario the price of the asset itself will suffer.
The futures market was established to remove unpredictable volatility from commodity prices. This was a good thing as it protected both producers and consumers of actual products from devastating price swings. It protects the corn farmer as well as the cereal producer. Only Wall St. could come up with the idea of applying such controls to other types of assets where it desires to control the price of something that is nothing more than a financial asset.
Economic headlines the mainstream media are hiding from you.
I really doubt it, people and companies will want to hold their own bitcoin. Saylor & Musk both see the advantages to holding their own keys. Either way the next 6 months are going to be interesting.
I have a very strict gun control policy: if there's a gun around, I want to be in control of it - Clint Eastwood
Crazy stuff with SHIBa, some whale bought like $11 mil worth this week. When Lambo?
https://abcnews.go.com/US/wireStory/bitcoin-mining-power-plant-raises-ire-environmentalists-80618790
Hedge fund has 15,300 computers running around the clock near Syracuse.
10k invested in Solana on Jan 1st of this year is now worth 1.7 million. Is it to late to jump on? Man did I miss something big, or did I? What goes up must come down right? Not to mention what is cyrto is not physical, if there's a massive global power outage then what?
Nobody trades nothing, except on the street corner.
Economic headlines the mainstream media are hiding from you.
And of course everyone is aware of the new crypto reporting requirements that were placed in the 2021 Infrastructure Bill that just passed.... as I understand it....
Among other requirements. Supposedly the requirements do not kick in until January 1st, and supposedly some details still need to be worked out, etc. Just a heads up that the camel is poking it's head under the tent a little more... but I'm sure everyone in crypto has been upfront in reporting gains properly to the IRS, so should be no problem.
So reporting and taxes on gains start with activity beginning next year? I couldn't get clarity on that - so if the doggy money I made this year is reportable or starting next year when SHIB lambo kicks in, ha.
taxes on capital gains are not something new. even selling a sweater on ebay is subject to income taxes. Always has been. Reporting requirements on crypto exchanges is only to keep people honest. . . just like 1099s from ebay/PP.
Economic headlines the mainstream media are hiding from you.