Coin collectors and Crypto

taxbuster1040

So I have been collecting coins since I was a little boy.... now 71. I just can't understand what looks like a mania with the crypto currency market. To me, someone who like holding coins in my hands, I just think this won't end well for some. So I am asking you how many of you are buying ANY crypto currencies? what do you think of them?

P0CKETCHANGE

I buy both. Coins are a hobby. Crypto is a speculation. No sense comparing the two IMO.

TurtleCat

I have watched the rise of crypto but I just don’t get why people are so into it. It has even less “value” backing it than fiat. Blockchain is here to stay but the crypto that isn’t a governmental one is like the territorial and private coin issues that eventually get shut down.

derryb

two entirely different things. Like coins and real estate investments.

jmlanzaf

@P0CKETCHANGE said:
I buy both. Coins are a hobby. Crypto is a speculation. No sense comparing the two IMO.

This. Mostly.

Crypto is a digital medium and could only be compared to other digital assets. It makes more sense to kids who spend hours trying to find or earn a digital sword, for example. However, it is with noting that stocks, bonds and other such assets are now strictly digital entities also.

It doesn't take much of a stretch to embrace the idea of crypto as a real asset. After all, your savings aren't physically sitting in a bank vault. Their existence is also largely digital.

Larrob37

I am 61 years old so i have been collecting coins for awhile. I also speculate in the crypto market. Honestly dont understand it but try to follow the trend on popular coins. I think crypto is here to stay but not sure how i could justify spending 60k per coin on something i never see or hold. Its just a financial thing. Look at the ntfs being sold for millions. Its just play money for me and i never bet the rent payment. Its fun to watch and speculate and who knows maybe one day i might buy the right coin.

Smudge

Tough to get a nice true view of crypto currency.

jmlanzaf

@Smudge said:
Tough to get a nice true view of crypto currency.

But you could get an NFT of a true view.

MilesWaits

Both for me are fun. One is bullion. The other isn’t.
I am thankful for the crypto market as the stock market can be very boring. You can lose money in both areas.
I appreciate those that truly understand crypto’s but I can drive and thoroughly enjoy a car without understanding the mechanics of it.
And after viewing wildly varying opinions here on the forum for the grading of coins, I think the same holds true.

ricko

I am sticking with real coins... Have looked at crypto currency.... decided not to get involved. Cheers, RickO

291fifth

All crypto transactions should be taxed. They should be subject to the same kind of tax regulations that brought about the end of privately issued banknotes during the Civil War.

Crypto is pure speculation. My own attitude is: Have none. Want none. Accept none.

Walkerfan

I don’t like the idea behind crypto and it’s too volatile for me.

Jzyskowski1

PayPal just offered me $25 in crypto, if I buy $25 before the end of the year. Should I buy a little and watch?

moursund

@Jzyskowski1 said:
PayPal just offered me $25 in crypto, if I buy $25 before the end of the year. Should I buy a little and watch?

"The first taste is free..."

moursund

I rather consider cryptocurrency to be a pyramid scheme.

jmlanzaf

@moursund said:
I rather consider cryptocurrency to be a pyramid sch

Just like the coin market.

Jzyskowski1

@moursund said:

@Jzyskowski1 said:
PayPal just offered me $25 in crypto, if I buy $25 before the end of the year. Should I buy a little and watch?

"The first taste is free..."

Don’t remind me 😂

291fifth

@moursund said:

@Jzyskowski1 said:
PayPal just offered me $25 in crypto, if I buy $25 before the end of the year. Should I buy a little and watch?

"The first taste is free..."

This sound like the same thing the on-line gambling sites are offering new customers. I'll pass.

bluelobster

Coins are not comparable to crypto. I was of the mind crypto was fantasy bs 10 years ago. Fast forward to today...I was wrong. It's still very speculative, but as a hedge and rounding out portfolios I think has a place. It's currently only .5% of global wealth. I think you have to admit when you are wrong about an asset, stock, coins, bullion or otherwise.

Crypto

@P0CKETCHANGE said:
I buy both. Coins are a hobby. Crypto is a speculation. No sense comparing the two IMO.

I am a person not a speculation. For all the people disparaging crypto on this thread you will be reported to the mod

moursund

@jmlanzaf said:

@moursund said:
I rather consider cryptocurrency to be a pyramid sch

Just like the coin market.

No, because if the coin market crashes, the coins still have face value 😜

ms71

@Jzyskowski1 said:
PayPal just offered me $25 in crypto, if I buy $25 before the end of the year. Should I buy a little and watch?

Don't forget the new question that appeared on IRS form 1040 in the last couple years. It asks if you've had any dealings in any cryptocurrency in the tax year, you have to check a "yes" or "no" box.

rooksmith

Buy the crypt, not the slab?
RIP coin collectors
We had a good run

gumby1234

One thing about cryto currency is it works great for the money laundering criminals of the world.

jayPem

I'd like to have my pick of Cryptos collection...he's got some nice chopped trades.

jmlanzaf

@moursund said:

@jmlanzaf said:

@moursund said:
I rather consider cryptocurrency to be a pyramid sch

Just like the coin market.

No, because if the coin market crashes, the coins still have face value 😜

Not true. Try and spend an Italian 100 Lire coin.

jmlanzaf

@ms71 said:

@Jzyskowski1 said:
PayPal just offered me $25 in crypto, if I buy $25 before the end of the year. Should I buy a little and watch?

Don't forget the new question that appeared on IRS form 1040 in the last couple years. It asks if you've had any dealings in any cryptocurrency in the tax year, you have to check a "yes" or "no" box.

I'm always happy to pay taxes on profits.

moursund

@jmlanzaf said:

@moursund said:

@jmlanzaf said:

@moursund said:
I rather consider cryptocurrency to be a pyramid sch

Just like the coin market.

No, because if the coin market crashes, the coins still have face value 😜

Not true. Try and spend an Italian 100 Lire coin.

@jmlanzaf said:

@moursund said:

@jmlanzaf said:

@moursund said:
I rather consider cryptocurrency to be a pyramid sch

Just like the coin market.

No, because if the coin market crashes, the coins still have face value 😜

Not true. Try and spend an Italian 100 Lire coin.

This is the US coin category. Although I suppose some of those colonials and Confederate coins might be problematic...

ms71

@jmlanzaf said:

@ms71 said:

@Jzyskowski1 said:
PayPal just offered me $25 in crypto, if I buy $25 before the end of the year. Should I buy a little and watch?

Don't forget the new question that appeared on IRS form 1040 in the last couple years. It asks if you've had any dealings in any cryptocurrency in the tax year, you have to check a "yes" or "no" box.

I'm always happy to pay taxes on profits.

I don't understand how crypto will work, tax-wise. Say you buy a bitcoin for $50K. Two days later it's worth $60K. Is it treated as "currency", where the gain has been realized? Or is it a capital gain, but as yet unrealized? Gonna be some interesting situations for the tax professionals.

AUandAG

Mid 70's and I understand the crypto markets and just can't bring myself into investing real money into something that does not produce a product or service.
bob

CopperWire

The number one owner of Bitcoin is the U.S. government. Have fun with that fact

nwcoast

I don’t fully understand the cyber mechanics of crypto, but do get the basics.
I also think most are in a classic speculative bubble.
There are HUNDREDS of cryptocurrency’s. It’s absurd! I think most have no intrinsic value and are at risk of going to zero.
I also believe a few of them are here to stay.
Which ones? I don’t know.
I invested speculation capital into some cryptos years back. It took days just to arrange the logistics at that time per our states regulations and most ‘exchanges’ not allowing my purchases.
Eventually I was able to do it through Coinbase.
At that time, I invested in Bitcoin, Etherium and Litecoin.
They soared and I took some profits while holding most of it. Later, they all tanked and I pretty much just ignored it and figured it was risk capital and I’d just hold.
Now, they’re at, or near all time highs and I own free units of their various spin offs too.
I look at is as highly speculative broad diversification of assets and do indeed consider it an investment of sorts. Personally, I wouldn’t chase them at these levels and would only purchase with money one can afford to LOSE.
I don’t trade the things actively at all, though the IRS has been asking about them on tax returns for at least the last two years.
My daughter bought into Dodgecoin early on a whim, she loves dogs! I warned her that I thought it was a hoax, it soared, and soared again and again despite my skepticism, the thing just went up and up- prompted by a certain Billionaires Tweets!
More evidence that it’s irrational and highly volatile to say the least.
Anything is possible in these crazy times!

jmlanzaf

@moursund said:

@jmlanzaf said:

@moursund said:

@jmlanzaf said:

@moursund said:
I rather consider cryptocurrency to be a pyramid sch

Just like the coin market.

No, because if the coin market crashes, the coins still have face value 😜

Not true. Try and spend an Italian 100 Lire coin.

@jmlanzaf said:

@moursund said:

@jmlanzaf said:

@moursund said:
I rather consider cryptocurrency to be a pyramid sch

Just like the coin market.

No, because if the coin market crashes, the coins still have face value 😜

Not true. Try and spend an Italian 100 Lire coin.

This is the US coin category. Although I suppose some of those colonials and Confederate coins might be problematic...

And the US could demonetize its coins or currency at any time, so you don't always have "face value". And, of course, the purchase power goes up and down by the second.

Crypto

@jmlanzaf said:

@moursund said:

@jmlanzaf said:

@moursund said:

@jmlanzaf said:

@moursund said:
I rather consider cryptocurrency to be a pyramid sch

Just like the coin market.

No, because if the coin market crashes, the coins still have face value 😜

Not true. Try and spend an Italian 100 Lire coin.

@jmlanzaf said:

@moursund said:

@jmlanzaf said:

@moursund said:
I rather consider cryptocurrency to be a pyramid sch

Just like the coin market.

No, because if the coin market crashes, the coins still have face value 😜

Not true. Try and spend an Italian 100 Lire coin.

This is the US coin category. Although I suppose some of those colonials and Confederate coins might be problematic...

And the US could demonetize its coins or currency at any time, so you don't always have "face value". And, of course, the purchase power goes up and down by the second.

Well Congress could and going by how effective Congress has been for the past decade or so I not so sure they could do much positive or negative “at any time”

PeakRarities

@ms71 said:

@jmlanzaf said:

@ms71 said:

@Jzyskowski1 said:
PayPal just offered me $25 in crypto, if I buy $25 before the end of the year. Should I buy a little and watch?

Don't forget the new question that appeared on IRS form 1040 in the last couple years. It asks if you've had any dealings in any cryptocurrency in the tax year, you have to check a "yes" or "no" box.

I'm always happy to pay taxes on profits.

I don't understand how crypto will work, tax-wise. Say you buy a bitcoin for $50K. Two days later it's worth $60K. Is it treated as "currency", where the gain has been realized? Or is it a capital gain, but as yet unrealized? Gonna be some interesting situations for the tax professionals.

It’s treated like a capital gain, and it would still be unrealized at that point. No taxes until you sell….for now.

vulcanize

The latest on offer (without getting political)

https://letsgobrandoncrypto.net/

thefinn

@jmlanzaf said:

@P0CKETCHANGE said:
I buy both. Coins are a hobby. Crypto is a speculation. No sense comparing the two IMO.

This. Mostly.

Crypto is a digital medium and could only be compared to other digital assets. It makes more sense to kids who spend hours trying to find or earn a digital sword, for example. However, it is with noting that stocks, bonds and other such assets are now strictly digital entities also.

It doesn't take much of a stretch to embrace the idea of crypto as a real asset. After all, your savings aren't physically sitting in a bank vault. Their existence is also largely digital.

Not a good analogy. My savings are not crypto. They may be digital, but they exist when the internet is down.

Elcontador

@P0CKETCHANGE said:
I buy both. Coins are a hobby. Crypto is a speculation. No sense comparing the two IMO.

It depends. A number of people buy coins for speculative purposes as well. One can say that crypto represents an alternate class of investment that doesn't closely correlate to the securities markets, and therefore, maybe put 1 or 2% of there assets in crypto. Personally, I'm too old to get involved in something with that kind of volatility, but I understand that viewpoint.

jmlanzaf

@thefinn said:

@jmlanzaf said:

@P0CKETCHANGE said:
I buy both. Coins are a hobby. Crypto is a speculation. No sense comparing the two IMO.

This. Mostly.

Crypto is a digital medium and could only be compared to other digital assets. It makes more sense to kids who spend hours trying to find or earn a digital sword, for example. However, it is with noting that stocks, bonds and other such assets are now strictly digital entities also.

It doesn't take much of a stretch to embrace the idea of crypto as a real asset. After all, your savings aren't physically sitting in a bank vault. Their existence is also largely digital.

Not a good analogy. My savings are not crypto. They may be digital, but they exist when the internet is down.

Your crypto exists with the internet down... you just can't access it. Pretty much the same as your bank account.

thefinn

@jmlanzaf said:

@thefinn said:

@jmlanzaf said:

@P0CKETCHANGE said:
I buy both. Coins are a hobby. Crypto is a speculation. No sense comparing the two IMO.

This. Mostly.

Crypto is a digital medium and could only be compared to other digital assets. It makes more sense to kids who spend hours trying to find or earn a digital sword, for example. However, it is with noting that stocks, bonds and other such assets are now strictly digital entities also.

It doesn't take much of a stretch to embrace the idea of crypto as a real asset. After all, your savings aren't physically sitting in a bank vault. Their existence is also largely digital.

Not a good analogy. My savings are not crypto. They may be digital, but they exist when the internet is down.

Your crypto exists with the internet down... you just can't access it. Pretty much the same as your bank account.

I can still go to the bank and get my funds. They have records outside of the internet.

derryb

@291fifth said:
All crypto transactions should be taxed. They should be subject to the same kind of tax regulations that brought about the end of privately issued banknotes during the Civil War.

they are. they get treated just like any other capital gain.

BStrauss3

@moursund said:
I rather consider cryptocurrency to be a pyramid scheme.

There is more than a little truth to this, like any fiat currency or pseudo-currency, there has to be a buyer when you want to sell or it's worthless.

BStrauss3

@derryb said:

@291fifth said:
All crypto transactions should be taxed. They should be subject to the same kind of tax regulations that brought about the end of privately issued banknotes during the Civil War.

they are. they get treated just like any other capital gain.

In fact, there are several tax negatives about crypto that tangible assets don't have.

But, you know, if I can sell my 100 DOGE for $100 on a basis of $60, I will happily pay the tax on the $40 gain.

jmlanzaf

@thefinn said:

@jmlanzaf said:

@thefinn said:

@jmlanzaf said:

@P0CKETCHANGE said:
I buy both. Coins are a hobby. Crypto is a speculation. No sense comparing the two IMO.

This. Mostly.

Crypto is a digital medium and could only be compared to other digital assets. It makes more sense to kids who spend hours trying to find or earn a digital sword, for example. However, it is with noting that stocks, bonds and other such assets are now strictly digital entities also.

It doesn't take much of a stretch to embrace the idea of crypto as a real asset. After all, your savings aren't physically sitting in a bank vault. Their existence is also largely digital.

Not a good analogy. My savings are not crypto. They may be digital, but they exist when the internet is down.

Your crypto exists with the internet down... you just can't access it. Pretty much the same as your bank account.

I can still go to the bank and get my funds. They have records outside of the internet.

Stocks then. And bonds, which are 100% digital these days. No paper anymore.

And have you ever tried to access bank accounts with the internet down? I wouldn't guarantee that you can because they can't verify balances with other branches and ATMs.

vulcanize

Interesting article from across the pond.

https://todayuknews.com/finance/central-bank-digital-currencies-everything-you-need-to-know-explained/

LanceNewmanOCC

@P0CKETCHANGE said:
I buy both. Coins are a hobby. Crypto is a speculation. No sense comparing the two IMO.

this is where i am at with crypto and nft for now.

anyone here on gemini?

P0CKETCHANGE

@LanceNewmanOCC said:

@P0CKETCHANGE said:
I buy both. Coins are a hobby. Crypto is a speculation. No sense comparing the two IMO.

this is where i am at with crypto and nft for now.

anyone here on gemini?

I use Coinbase for crypto coin holdings, and Gemini’s NFT platform Nifty Gateway

LanceNewmanOCC

@P0CKETCHANGE said:

anyone here on gemini?

I use Coinbase for crypto coin holdings, and Gemini’s NFT platform Nifty Gateway

nice. is the nifty gateway centered around eth (or just storage for nft)? there are some sites like opeansea that i haven't joined not being an eth holder myself (not to mention the psychotic gas fees) but would consider it sometime in the future. mostly my nft are centered in a small blockchain wax.

i'm looking for an exchange (that is secure obviously) but also that has more sorting features while plowing through the many cryptos. coinbase (non-pro) is decent for this but too limiting for my activity.

i'd also prefer to signup under someone's referral link that i have a decent relationship with for crypto, not that i think they get much out of it though.

JW77

best of both worlds... crypto and a physical coin!

P0CKETCHANGE

@LanceNewmanOCC said:

@P0CKETCHANGE said:

anyone here on gemini?

I use Coinbase for crypto coin holdings, and Gemini’s NFT platform Nifty Gateway

nice. is the nifty gateway centered around eth (or just storage for nft)? there are some sites like opeansea that i haven't joined not being an eth holder myself (not to mention the psychotic gas fees) but would consider it sometime in the future. mostly my nft are centered in a small blockchain wax.

i'm looking for an exchange (that is secure obviously) but also that has more sorting features while plowing through the many cryptos. coinbase (non-pro) is decent for this but too limiting for my activity.

i'd also prefer to signup under someone's referral link that i have a decent relationship with for crypto, not that i think they get much out of it though.

Since this is completely off-topic from numismatics, feel free to DM me to continue discussing. In case anyone else if interested in the answer to your question:

Nifty Gateway is a centralized NFT platform. Although each NFT is minted on the ETH blockchain, users do not need to transact in ETH because the NFTs are held in the platform’s wallet, rather than the user’s (there are various pros/cons of this structure). There are no user-facing gas fees (unless moving an NFT back onto the platform) and purchases can be made with a credit card or various other methods.

WAYNEAS

Crypto is not for me.
Wayne