To the point of crypto coins ever become a normal thing for buying and selling is still being determined. We do know that some businesses's have figured out a way. Big banks and financial firms are now getting into crypto. If people smarter then are thinking it will work then i am in. Btw Shiba Inu is up 109 million percent for the year. The whole crypto market is up 515 percent for the year. I thought if i got 10 percent i was doing good.
@YQQ said:
show me ONE crypto dollar which will have a guarantee (backed Up) at least at FV...
at least I get a dollar anytime for a dollar.
This is really a silly argument. A bitcoin is always a bitcoin, just like a dollar is always a dollar. The face value of each of them is always the same. What you don't know is how many of either one of them it will take to buy a gallon of gas in 5 years. Or, if you prefer, you don't know the exchange rate.
A Zimbabwe dollar was always the same face value. The conversion to US dollars is what changed
@YQQ said:
show me ONE crypto dollar which will have a guarantee (backed Up) at least at FV...
at least I get a dollar anytime for a dollar.
Haven Protocol is exactly what you are looking for. 100% private, all done IN YOUR wallet, based off Monero. Look into it. Absolutely genius what that team has built.
And secondly, you may always get 1 dollar for a dollar...but it doesn't mean that dollar is worth anything and isn't losing its purchasing power, which has, forever and forever will.
Michael Jordan collector of cards and memorabilia for about 30 years.
@DeplorableDan said:
Crypto transactions ARE subject to taxation. Whether someone chooses to report it or not is a different story. All of the major exchanges provide tax documentation at the end of the year
More importantly, several pro-investor rules that apply to stocks and other assets DO NOT APPLY to Crypto.
Let's say you bought 100 shares of Apple last year, in the downturn a few weeks ago, you sold it up $50 and you bought it back 10 days later for $10 less a share. The "Wash sale" rule means your basis cost is still from a year ago, and the $10 per share you made is effectively a free and clear loan. Uncle will get his slice when you ultimately sell.
Did the same thing with crypto? Your sale up $50 is taxable. There is no wash sale, so your basis is the $10 less a share you bought it at.
Actually, the wash rule only applies when taking losses. If you have a gain, you have to pay the tax, period.
Andy Lustig
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Gold and silver only, these are these only things I will use to backup my fiat currency holdings. That and maybe a few silver certificate $1’s but these are UNC notes for PMG grading. But yes, what’s the point in crypto when it’s most money in your bank is digital and when the big central bank eventually or quite possible will or might not in the future bring out their own crypto, these will be the de facto way to pay, making other crypto defunct. Also there maybe shops that accept payment with Bitcoin etc but there are just not enough to consider it being worth while. I’m keeping with gold ans silver as it’s tried and trusted for 5000+ years and will still be going strong into the future.
@tpcob303 said:
Personally, I’m a big nO to the CryptO.
Gold and silver only, these are these only things I will use to backup my fiat currency holdings. That and maybe a few silver certificate $1’s but these are UNC notes for PMG grading. But yes, what’s the point in crypto when it’s most money in your bank is digital and when the big central bank eventually or quite possible will or might not in the future bring out their own crypto, these will be the de facto way to pay, making other crypto defunct. Also there maybe shops that accept payment with Bitcoin etc but there are just not enough to consider it being worth while. I’m keeping with gold ans silver as it’s tried and trusted for 5000+ years and will still be going strong into the future.
Or everything you said is backwards. It's all speculation
@tpcob303 said:
Personally, I’m a big nO to the CryptO.
Gold and silver only, these are these only things I will use to backup my fiat currency holdings. That and maybe a few silver certificate $1’s but these are UNC notes for PMG grading. But yes, what’s the point in crypto when it’s most money in your bank is digital and when the big central bank eventually or quite possible will or might not in the future bring out their own crypto, these will be the de facto way to pay, making other crypto defunct. Also there maybe shops that accept payment with Bitcoin etc but there are just not enough to consider it being worth while. I’m keeping with gold ans silver as it’s tried and trusted for 5000+ years and will still be going strong into the future.
Or everything you said is backwards. It's all speculation
Quite possible, but right now I’m just hedging my money on the reality that inflation is hitting and the value of the £/$/€ is going down with all the money printing that has been happening, the market was overdue to head back up, and it looks like it is. But yes, you are right it’s speculation, normally I want nothing to do with speculation but when it comes to money that has been worked and earned only to see purchase power drop I’m sorry I’m going to put my money away for a rainy day and i prefer it in gold than sitting in the bank with pretty much 0% APR.
@tpcob303 said:
Personally, I’m a big nO to the CryptO.
Gold and silver only, these are these only things I will use to backup my fiat currency holdings. That and maybe a few silver certificate $1’s but these are UNC notes for PMG grading. But yes, what’s the point in crypto when it’s most money in your bank is digital and when the big central bank eventually or quite possible will or might not in the future bring out their own crypto, these will be the de facto way to pay, making other crypto defunct. Also there maybe shops that accept payment with Bitcoin etc but there are just not enough to consider it being worth while. I’m keeping with gold ans silver as it’s tried and trusted for 5000+ years and will still be going strong into the future.
Or everything you said is backwards. It's all speculation
Quite possible, but right now I’m just hedging my money on the reality that inflation is hitting and the value of the £/$/€ is going down with all the money printing that has been happening, the market was overdue to head back up, and it looks like it is. But yes, you are right it’s speculation, normally I want nothing to do with speculation but when it comes to money that has been worked and earned only to see purchase power drop I’m sorry I’m going to put my money away for a rainy day and i prefer it in gold than sitting in the bank with pretty much 0% APR.
I'm not suggesting other. But if you look at the last thread, it's amazing just how wrong the predictions were. You have to make the best choice you can make for yourself. But we need to be humble.
@Larrob37 said:
Btw Shiba Inu is up 109 million percent for the year. The whole crypto market is up 515 percent for the year. I thought if i got 10 percent i was doing good.
@Larrob37 said:
Btw Shiba Inu is up 109 million percent for the year. The whole crypto market is up 515 percent for the year. I thought if i got 10 percent i was doing good.
Pump and…..dump!
That's what they said 5 years ago... and were wrong. Keep doubling down on a losing bet.
I am not saying Shiba inu is a good investment but only pointing out that even today there is lots of money to be made. No chance i am going to take my 401 k and put it in crypto but i do speculate in the coins and have done very well. Tomorrow may be a different story. I for one will be in these coins as long as i feel i have a chance to make some money.
@Larrob37 said:
I am not saying Shiba inu is a good investment but only pointing out that even today there is lots of money to be made. No chance i am going to take my 401 k and put it in crypto but i do speculate in the coins and have done very well. Tomorrow may be a different story. I for one will be in these coins as long as i feel i have a chance to make some money.
That's the thing. This is not a binary decision: all in or all out. You can dabble in cryptos without exposing yourself to them in a potentially dangerous way.
@Larrob37 said:
I am not saying Shiba inu is a good investment but only pointing out that even today there is lots of money to be made. No chance i am going to take my 401 k and put it in crypto but i do speculate in the coins and have done very well. Tomorrow may be a different story. I for one will be in these coins as long as i feel i have a chance to make some money.
That's the thing. This is not a binary decision: all in or all out. You can dabble in cryptos without exposing yourself to them in a potentially dangerous way.
Exactly and you can do it with much less money. My sisters are not big gamblers and hold onto their money tight. I told them about a couple coins and they each put in 100.00 each. A week later one sold her coins for over 400.00 and she was happy. The beautiful thing is this can be done by the common folks with money that you probably would have wasted anyways. Its kind of like the lottery. Normally i dont play but when powerball has 500 million in it i will speculate with 10.00. Can not win if you dont play.
@Larrob37 said:
I am not saying Shiba inu is a good investment but only pointing out that even today there is lots of money to be made. No chance i am going to take my 401 k and put it in crypto but i do speculate in the coins and have done very well. Tomorrow may be a different story. I for one will be in these coins as long as i feel i have a chance to make some money.
That's the thing. This is not a binary decision: all in or all out. You can dabble in cryptos without exposing yourself to them in a potentially dangerous way.
Nice try.
I put a TOTAL of $750 into it 5 years ago. I took out $1200 earlier this year and my total exposure is currently $2000. So, I don't care if it goes to zero.
So, let's get back to your earlier pumping up of the coin market? Trying to keep your inventory from becoming worthless?
If shib ever hits a penny there will in fact be a lot of rich people out there with money to blow. I remember when i could buy 25 doge coins for a penny and now its around 30 cents a coin so anything is possible. This all happened within a few months earlier this year.
I’m going to share my crazy crypto experience here as a both a warning and perhaps enticement for some others. Hopefully the warning will be the dominant theme. I’m not going to name the crypto broker as I don’t want trouble.
Over the past few months, I had lost access to my (unnamed crypto broker) account.
I was having trouble gaining access to my account and was in no great rush to gain access again as I’m not an active trader in these. I had been keeping an eye on the balances though by having linked my account to another equity brokers main portfolio page.
A little history is in order here: About five years ago, I purchased a modest -speculative amount of $ on the three main products offered at that time- Bitcoin, Etherium and Litecoin. I dollar cost averaged into a total position of about $1k That quickly appreciated to about 10k and I took a sizable profit while holding onto some “free” tokens and pretty much forgetting about them. They soared and tanked, and now have soared again to over 35k! Quite a hefty percentage gain! Crazy!
On top of that, I own a bunch of spin-off cryptos as freebies.
This morning, I looked at my brokerage account and my Crypto balance was zero! I freaked a bit and scrambled to find my “key” to gain access again to my actual Crypto account to see what was going on.
Well, it seems (unnamed crypto broker) crashed last night and a lot of cryptocurrency traders were pulling their hair out.
I was worried because there have been some disturbing cases where cryptocurrency portfolios have vanished after being hacked, leaving their investors holding empty bags! There is no FDIC insurance, no SEC, and seriously lacking customer support systems in place to help and protect investors.
After some sweat and scrambling, I got into my account and luckily it was intact and I quickly changed my password and added yet another level of security.
Getting into there again tonight and looking at the insane assortment of products and their price swings is a real eye opener! Some of these tokens are ice castles built on wax castles built on hot stovetops!
I have no doubt most are in serious BUBBLE territory!
Bubbles can last a long time, but when they burst, it’s not pretty.
My warnings are-
Only invest RISK capital and what you can afford to LOSE!
Take profits early if you hit the jackpot and diversify your holdings.
And, if you do make some money and sell, try to keep a small token position on the off chance that it might amount to something.
Feel free to PM me for links to articles on specifics of many that have lost their portfolios and in some cases- sadly, their life savings- if interested.
Buyer beware and be careful!
Happy, humble, honored and proud recipient of the “You Suck” award 10/22/2014
Exactly and you can do it with much less money. My sisters are not big gamblers and hold onto their money tight. I told them about a couple coins and they each put in 100.00 each. A week later one sold her coins for over 400.00 and she was happy. The beautiful thing is this can be done by the common folks with money that you probably would have wasted anyways. Its kind of like the lottery. Normally i dont play but when powerball has 500 million in it i will speculate with 10.00. Can not win if you dont play.
I don't know why some of the old fogeys around here take such a venomous attitude towards it. > @nwcoast said:
I’m going to share my crazy crypto experience here as a both a warning and perhaps enticement for some others. Hopefully the warning will be the dominant theme. I’m not going to name the crypto broker as I don’t want trouble.
Over the past few months, I had lost access to my (unnamed crypto broker) account.
I was having trouble gaining access to my account and was in no great rush to gain access again as I’m not an active trader in these. I had been keeping an eye on the balances though by having linked my account to another equity brokers main portfolio page.
A little history is in order here: About five years ago, I purchased a modest -speculative amount of $ on the three main products offered at that time- Bitcoin, Etherium and Litecoin. I dollar cost averaged into a total position of about $1k That quickly appreciated to about 10k and I took a sizable profit while holding onto some “free” tokens and pretty much forgetting about them. They soared and tanked, and now have soared again to over 35k! Quite a hefty percentage gain! Crazy!
On top of that, I own a bunch of spin-off cryptos as freebies.
This morning, I looked at my brokerage account and my Crypto balance was zero! I freaked a bit and scrambled to find my “key” to gain access again to my actual Crypto account to see what was going on.
Well, it seems (unnamed crypto broker) crashed last night and a lot of cryptocurrency traders were pulling their hair out.
I was worried because there have been some disturbing cases where cryptocurrency portfolios have vanished after being hacked, leaving their investors holding empty bags! There is no FDIC insurance, no SEC, and seriously lacking customer support systems in place to help and protect investors.
After some sweat and scrambling, I got into my account and luckily it was intact and I quickly changed my password and added yet another level of security.
Getting into there again tonight and looking at the insane assortment of products and their price swings is a real eye opener! Some of these tokens are ice castles built on wax castles built on hot stovetops!
I have no doubt most are in serious BUBBLE territory!
Bubbles can last a long time, but when they burst, it’s not pretty.
My warnings are-
Only invest RISK capital and what you can afford to LOSE!
Take profits early if you hit the jackpot and diversify your holdings.
And, if you do make some money and sell, try to keep a small token position on the off chance that it might amount to something.
Feel free to PM me for links to articles on specifics of many that have lost their portfolios and in some cases- sadly, their life savings- if interested.
Buyer beware and be careful!
I bet I know who it was. There security is surprisingly bad.
I think your advice is sound and your experience not unusual. To many of the deniers on here treat it like it is all or nothing.
If also point out that the growing pains here aren't that different from the early days of US banking.
I googled it and looked at its performance graph - yes impressive gains but skeptical can go up forever. Then I saw how people were getting ripped (by scammers) on buying it. Too screwball - No interest in it. Good ole cash and carry works for me!
@nwcoast there is actually a name for what you were afraid of, the "rug strategy". Where you create a coin or a brokerage, sell a bunch of stuff, and then exit by pulling the rug out from under people thinking they are sitting on huge profits.
The difference between crypto and the wild west is you could track down the outlaw and shoot him dead.
@MrEureka said:
Actually, the wash rule only applies when taking losses. If you have a gain, you have to pay the tax, period.
You are, of course, correct. Where I was going is that if you are an HFT (High-Frequency Trader) in crypto, each of those transactions is individually taxable. So you might make a billion here or there, but it's all going to go to your accountant while he figures out the tax bill.
-----Burton ANA 50 year/Life Member (now "Emeritus")
@BStrauss3 said: @nwcoast there is actually a name for what you were afraid of, the "rug strategy". Where you create a coin or a brokerage, sell a bunch of stuff, and then exit by pulling the rug out from under people thinking they are sitting on huge profits.
The difference between crypto and the wild west is you could track down the outlaw and shoot him dead.
@MrEureka said:
Actually, the wash rule only applies when taking losses. If you have a gain, you have to pay the tax, period.
You are, of course, correct. Where I was going is that if you are an HFT (High-Frequency Trader) in crypto, each of those transactions is individually taxable. So you might make a billion here or there, but it's all going to go to your accountant while he figures out the tax bill.
Depends on whether software like TurboTax will auto populate the transactions like they do with brokerage accounts.
@jmlanzaf said:
Depends on whether software like TurboTax will auto populate the transactions like they do with brokerage accounts.
And for that, it takes two to tango. The crypto exchange has to make the data available in a machine-readable format, and the Tax program has to code an importer. The more popular this becomes, the more likely we will get there. But I don't think we are yet, even though the exchanges ARE providing the data to the IRS.
-----Burton ANA 50 year/Life Member (now "Emeritus")
@jmlanzaf said:
Depends on whether software like TurboTax will auto populate the transactions like they do with brokerage accounts.
And for that, it takes two to tango. The crypto exchange has to make the data available in a machine-readable format, and the Tax program has to code an importer. The more popular this becomes, the more likely we will get there. But I don't think we are yet, even though the exchanges ARE providing the data to the IRS.
Depends. Robinhood, for example, does it for stocks. I assume they could do it for crypto. The others? I don't know.
There's always crypto ETFs like BITO, etc. for those who want to circumvent investing directly in any one cryptocurrency and avoid its digital storage & retrieval.
Always looking for attractive rim toned Morgan and Peace dollars in PCGS or (older) ANA/ANACS holders!
"Bongo hurtles along the rain soaked highway of life on underinflated bald retread tires."
@daltex said:
Bottom line: Bitcoin has been an abject failure as a currency. Money has three important functions: It needs to be able to store value, be a unit of account, and be a medium of exchange.
Bitcoin completely fails at the first, almost completely at the third, and enough at the second that it would otherwise fail as money.
It is simply too easy for all your Bitcoin to disappear in a way that would be difficult for your dollars. Let's say that one in 10,000 or one in 100,000 loses his password beyond recovery. How many do you suppose have all their dollars, yen, rupees, whatever in cash in their house that gets burgled or burns down?
Bitcoin has been a phenomenally poor store of value, to the great pleasure of those who have owned it. We are alarmed, righty IMO, when our dollar purchases suffer 3% change, that is 3% inflation. Many people are uncomfortable holding dollars for that reason. Bitcoin has not nearly been as reliable. You'd have to be insane to put money you need next month, say for your mortgage payment, in Bitcoin. By the way, gold doesn't belong at the peak of that pyramid. A way to consider the relative risks is to consider how much over coverage you'd need to keep next month's mortgage payment in that investment to be confident you'd be able to pay your mortgage. A FDIC-insured savings account would need 0%, government bonds not much more, but would you feel safe having only 10% more in gold in losing that would mean losing your house? Is 100% adequate for Bitcoin, or is 200% more reasonable. It is not a store of value.
Finally, it is rarely a medium of exchange. Vanishingly few businesses will accept Bitcoin as payment, and most of those are gimmicks, designed to attract attention.
Bitcoin may be, and may have been, a great way to make money. It's not a currency.
You could say the same about Zimbabwe dollars and Weimar marks.
So, what you're saying is that bitcoin is more like gold. Digital gold. I think we're fine with that.
Yes, I'd say that the Zimbabwe dollar and Weimar mark were not currency near the end.
If you like. I think most "gold bugs" prefer to stack physical gold. Gold has a much longer history than any electronic currency and is comparably stable. I don't understand how any of these "coins" work, that is what keeps the creator from surreptitiously creating a few coins for themselves from time to time. Other than the fact that these keep going up, I don't understand how anyone can have any confidence in them. I've never owned any, and never wanted to. I prefer to buy things I can understand for my portfolio.
@291fifth said:
All crypto transactions should be subject to taxation just as privately issued banknotes were during the Civil War. That would quickly put and end to crypto.
So far as taking advice on crypto from coin show dealers goes, I think remembering the Kennedy story about investment advice from the shoeshine man just prior to the Great Depression might be appropriate.
Crypto transactions ARE subject to taxation. Whether someone chooses to report it or not is a different story. All of the major exchanges provide tax documentation at the end of the year
I'm not talking about income tax, I'm talking about a transaction tax based on the amount of the transaction. There is nothing new about this kind of tax.
The stock market, on the other hand, is heavily manipulated, (by both private and government sectors) and falsely valued. I'm just trying to understand your view, but to me it sounds as if you would rather see more government overreach, simply because you are against the principles of cryptocurrency.
You don't think crypto is manipulated?
Of course it’s manipulated, I just think feel that stocks are HEAVILY manipulated where’s crypto is moderately manipulated. I should have been more clear.
Ninety-five percent of spot bitcoin trading volume is faked by unregulated exchanges, according to a study from Bitwise this week.
The firm analyzed the top 81 crypto exchanges by volume on industry site CoinMarketCap.com. They report an aggregated $6 billion in average daily bitcoin volume. The study finds that only $273 million of that is legitimate.
“People looked at cryptocurrency and said this market is a mess; that’s because they were looking at data that was manipulated,” says Matthew Hougan, global head of research at Bitwise.
I still don’t get it. It’s money that is zero’s and one ‘s in the computer correct ? I thought we like tangibles like gold and nice coins, my house, at least I do. I get it that some people are getting richer than I’ll ever be but I’m pretty sure not everyone. I’m happy with my pension and social security medical included. I don’t need more. It that un-American ? Should I be greedy ?
@JimTyler said:
I still don’t get it. It’s money that is zero’s and one ‘s in the computer correct ? I thought we like tangibles like gold and nice coins, my house, at least I do. I get it that some people are getting richer than I’ll ever be but I’m pretty sure not everyone. I’m happy with my pension and social security medical included. I don’t need more. It that un-American ? Should I be greedy ?
Virtually all money, probably your pension and SS, are all zeroes and ones. The government occasionally puts some of that onto green paper. But it really isn't accurate to consider that money to be any more "real" than cryptos.
Gold and nice coins also don't have fixed values, even though they are physical.
I think the situation is much more complex than people like to admit.
Explain please. If I bought $1000 worth of Bitcoin how much money ( that I can spend) did I just buy ? I wouldn’t put a cent in Bitcoin I’m trying to understand this.
There are several thousand "crypto currencies" available now. And just how is the government supposed to fund highways, schools, etc., if every Joe Blow is making their own "money?" Hmmmmm..............
BTW when I said nice coins I should have said nice gold coins close to bullion as possible even today. I would never buy a high grade seated quarter and call it an investment. I do like adding an occasional $20 even at today’s price if it’s not typical ( holder or eye appeal) and if that does nothing over the next 10 years I guess the world hasn’t imploded and my pension cash is still getting me by.
@JimTyler said:
Explain please. If I bought $1000 worth of Bitcoin how much money ( that I can spend) did I just buy ? I wouldn’t put a cent in Bitcoin I’m trying to understand this.
@JimTyler said:
Explain please. If I bought $1000 worth of Bitcoin how much money ( that I can spend) did I just buy ? I wouldn’t put a cent in Bitcoin I’m trying to understand this.
$1000
Well that cleared that up. I can see how someone made 3 million bucks.
@JimTyler said:
Explain please. If I bought $1000 worth of Bitcoin how much money ( that I can spend) did I just buy ? I wouldn’t put a cent in Bitcoin I’m trying to understand this.
$1000
Well that cleared that up. I can see how someone made 3 million bucks.
Lol. They made millions because they bought a 50 BTC when it was $200 and sold them at $60,000 each.
@JimTyler said:
Explain please. If I bought $1000 worth of Bitcoin how much money ( that I can spend) did I just buy ? I wouldn’t put a cent in Bitcoin I’m trying to understand this.
$1000
Are there not exchange or transaction fees to factor in every time you buy and sell crypto?
It is almost like buying or exchanging foreign currency at the airport… You’ll never get the spot price as there are transaction fees involved.
Or businesses that actually charges you an extra 3% for using a credit card vs paying for cash.
I do not believe that using crypto to purchase something is the same as going to the store and buying something for.50 and handing the cashier a $1 bill. In that case, you’ll get back two quarters.
But in a crypto transaction, is there not transaction fees to cover that same purchase??
@JimTyler said:
Explain please. If I bought $1000 worth of Bitcoin how much money ( that I can spend) did I just buy ? I wouldn’t put a cent in Bitcoin I’m trying to understand this.
$1000
Are there not exchange or transaction fees to factor in every time you buy and sell crypto?
It is almost like buying or exchanging foreign currency at the airport… You’ll never get the spot price as there are transaction fees involved.
Or businesses that actually charges you an extra 3% for using a credit card vs paying for cash.
I do not believe that using crypto to purchase something is the same as going to the store and buying something for.50 and handing the cashier a $1 bill. In that case, you’ll get back two quarters.
But in a crypto transaction, is there not transaction fees to cover that same purchase??
Not necessarily. Depends on how it's done. There are no fees on wallet to wallet transfers. Conversion to dollars might r equire fees... probably lower than the 2 to 5% it costs to use a credit card.
@JimTyler said:
Explain please. If I bought $1000 worth of Bitcoin how much money ( that I can spend) did I just buy ? I wouldn’t put a cent in Bitcoin I’m trying to understand this.
$1000
Are there not exchange or transaction fees to factor in every time you buy and sell crypto?
It is almost like buying or exchanging foreign currency at the airport… You’ll never get the spot price as there are transaction fees involved.
Or businesses that actually charges you an extra 3% for using a credit card vs paying for cash.
I do not believe that using crypto to purchase something is the same as going to the store and buying something for.50 and handing the cashier a $1 bill. In that case, you’ll get back two quarters.
But in a crypto transaction, is there not transaction fees to cover that same purchase??
Not necessarily. Depends on how it's done. There are no fees on wallet to wallet transfers. Conversion to dollars might r equire fees... probably lower than the 2 to 5% it costs to use a credit card.
I like earning airline miles and Hilton honors points with my traditional credit cards 😄
I manage money. I earn money. I save money . I give away money. I collect money. I don’t love money . I do love the Lord God.
@JimTyler said:
Explain please. If I bought $1000 worth of Bitcoin how much money ( that I can spend) did I just buy ? I wouldn’t put a cent in Bitcoin I’m trying to understand this.
$1000
Are there not exchange or transaction fees to factor in every time you buy and sell crypto?
It is almost like buying or exchanging foreign currency at the airport… You’ll never get the spot price as there are transaction fees involved.
Or businesses that actually charges you an extra 3% for using a credit card vs paying for cash.
I do not believe that using crypto to purchase something is the same as going to the store and buying something for.50 and handing the cashier a $1 bill. In that case, you’ll get back two quarters.
But in a crypto transaction, is there not transaction fees to cover that same purchase??
Not necessarily. Depends on how it's done. There are no fees on wallet to wallet transfers. Conversion to dollars might r equire fees... probably lower than the 2 to 5% it costs to use a credit card.
I like earning airline miles and Hilton honors points with my traditional credit cards 😄
As do I. But why does it have to be a binary decision.
@JimTyler said:
Explain please. If I bought $1000 worth of Bitcoin how much money ( that I can spend) did I just buy ? I wouldn’t put a cent in Bitcoin I’m trying to understand this.
$1000
Are there not exchange or transaction fees to factor in every time you buy and sell crypto?
It is almost like buying or exchanging foreign currency at the airport… You’ll never get the spot price as there are transaction fees involved.
Or businesses that actually charges you an extra 3% for using a credit card vs paying for cash.
I do not believe that using crypto to purchase something is the same as going to the store and buying something for.50 and handing the cashier a $1 bill. In that case, you’ll get back two quarters.
But in a crypto transaction, is there not transaction fees to cover that same purchase??
Look into Haven. It's a coin that gives you access to synthetic assets that are pegged to the real world spot price of said asset. (Silver, gold, British pound, yen, etc more are coming) All done within your wallet 100% anonymous, Monero based. And its own stablecoin.
Seriously, one of the most genius innovations in crypto ever. It's basically Bitcoin 2.0. Been saying it for 2 years.
Michael Jordan collector of cards and memorabilia for about 30 years.
If I have crypto and want to cash it in for actual US legal tender currency without having to buy anything with the crypto ... how is that done? Can it be done?
@291fifth said:
If I have crypto and want to cash it in for actual US legal tender currency without having to buy anything with the crypto ... how is that done? Can it be done?
You can convert directly to dollars. I do it all the time
@291fifth said:
If I have crypto and want to cash it in for actual US legal tender currency without having to buy anything with the crypto ... how is that done? Can it be done?
You click sell and in seconds you have US dollars. Same process as selling a stock online.
Comments
show me ONE crypto dollar which will have a guarantee (backed Up) at least at FV...
at least I get a dollar anytime for a dollar.
To the point of crypto coins ever become a normal thing for buying and selling is still being determined. We do know that some businesses's have figured out a way. Big banks and financial firms are now getting into crypto. If people smarter then are thinking it will work then i am in. Btw Shiba Inu is up 109 million percent for the year. The whole crypto market is up 515 percent for the year. I thought if i got 10 percent i was doing good.
This is really a silly argument. A bitcoin is always a bitcoin, just like a dollar is always a dollar. The face value of each of them is always the same. What you don't know is how many of either one of them it will take to buy a gallon of gas in 5 years. Or, if you prefer, you don't know the exchange rate.
A Zimbabwe dollar was always the same face value. The conversion to US dollars is what changed
You're baselining the conversion against worldwide gov dollars. That's the change in play
Haven Protocol is exactly what you are looking for. 100% private, all done IN YOUR wallet, based off Monero. Look into it. Absolutely genius what that team has built.
And secondly, you may always get 1 dollar for a dollar...but it doesn't mean that dollar is worth anything and isn't losing its purchasing power, which has, forever and forever will.
Michael Jordan collector of cards and memorabilia for about 30 years.
I walked by this B&M crypto coin shop yesterday. Interesting concept.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Actually, the wash rule only applies when taking losses. If you have a gain, you have to pay the tax, period.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Personally, I’m a big nO to the CryptO.
Gold and silver only, these are these only things I will use to backup my fiat currency holdings. That and maybe a few silver certificate $1’s but these are UNC notes for PMG grading. But yes, what’s the point in crypto when it’s most money in your bank is digital and when the big central bank eventually or quite possible will or might not in the future bring out their own crypto, these will be the de facto way to pay, making other crypto defunct. Also there maybe shops that accept payment with Bitcoin etc but there are just not enough to consider it being worth while. I’m keeping with gold ans silver as it’s tried and trusted for 5000+ years and will still be going strong into the future.
Or everything you said is backwards. It's all speculation
Quite possible, but right now I’m just hedging my money on the reality that inflation is hitting and the value of the £/$/€ is going down with all the money printing that has been happening, the market was overdue to head back up, and it looks like it is. But yes, you are right it’s speculation, normally I want nothing to do with speculation but when it comes to money that has been worked and earned only to see purchase power drop I’m sorry I’m going to put my money away for a rainy day and i prefer it in gold than sitting in the bank with pretty much 0% APR.
I'm not suggesting other. But if you look at the last thread, it's amazing just how wrong the predictions were. You have to make the best choice you can make for yourself. But we need to be humble.
Pump and…..dump!
That's what they said 5 years ago... and were wrong. Keep doubling down on a losing bet.
I am not saying Shiba inu is a good investment but only pointing out that even today there is lots of money to be made. No chance i am going to take my 401 k and put it in crypto but i do speculate in the coins and have done very well. Tomorrow may be a different story. I for one will be in these coins as long as i feel i have a chance to make some money.
That's the thing. This is not a binary decision: all in or all out. You can dabble in cryptos without exposing yourself to them in a potentially dangerous way.
You almost sound like you are trying to hold up the pyramid before it collapses so you can get your money out!
Exactly and you can do it with much less money. My sisters are not big gamblers and hold onto their money tight. I told them about a couple coins and they each put in 100.00 each. A week later one sold her coins for over 400.00 and she was happy. The beautiful thing is this can be done by the common folks with money that you probably would have wasted anyways. Its kind of like the lottery. Normally i dont play but when powerball has 500 million in it i will speculate with 10.00. Can not win if you dont play.
Collector of randomness. Photographer at PCGS. Lover of Harry Potter.
Nice try.
I put a TOTAL of $750 into it 5 years ago. I took out $1200 earlier this year and my total exposure is currently $2000. So, I don't care if it goes to zero.
So, let's get back to your earlier pumping up of the coin market? Trying to keep your inventory from becoming worthless?
If shib ever hits a penny there will in fact be a lot of rich people out there with money to blow. I remember when i could buy 25 doge coins for a penny and now its around 30 cents a coin so anything is possible. This all happened within a few months earlier this year.
I’m going to share my crazy crypto experience here as a both a warning and perhaps enticement for some others. Hopefully the warning will be the dominant theme. I’m not going to name the crypto broker as I don’t want trouble.
Over the past few months, I had lost access to my (unnamed crypto broker) account.
I was having trouble gaining access to my account and was in no great rush to gain access again as I’m not an active trader in these. I had been keeping an eye on the balances though by having linked my account to another equity brokers main portfolio page.
A little history is in order here: About five years ago, I purchased a modest -speculative amount of $ on the three main products offered at that time- Bitcoin, Etherium and Litecoin. I dollar cost averaged into a total position of about $1k That quickly appreciated to about 10k and I took a sizable profit while holding onto some “free” tokens and pretty much forgetting about them. They soared and tanked, and now have soared again to over 35k! Quite a hefty percentage gain! Crazy!
On top of that, I own a bunch of spin-off cryptos as freebies.
This morning, I looked at my brokerage account and my Crypto balance was zero! I freaked a bit and scrambled to find my “key” to gain access again to my actual Crypto account to see what was going on.
Well, it seems (unnamed crypto broker) crashed last night and a lot of cryptocurrency traders were pulling their hair out.
I was worried because there have been some disturbing cases where cryptocurrency portfolios have vanished after being hacked, leaving their investors holding empty bags! There is no FDIC insurance, no SEC, and seriously lacking customer support systems in place to help and protect investors.
After some sweat and scrambling, I got into my account and luckily it was intact and I quickly changed my password and added yet another level of security.
Getting into there again tonight and looking at the insane assortment of products and their price swings is a real eye opener! Some of these tokens are ice castles built on wax castles built on hot stovetops!
I have no doubt most are in serious BUBBLE territory!
Bubbles can last a long time, but when they burst, it’s not pretty.
My warnings are-
Only invest RISK capital and what you can afford to LOSE!
Take profits early if you hit the jackpot and diversify your holdings.
And, if you do make some money and sell, try to keep a small token position on the off chance that it might amount to something.
Feel free to PM me for links to articles on specifics of many that have lost their portfolios and in some cases- sadly, their life savings- if interested.
Buyer beware and be careful!
Happy, humble, honored and proud recipient of the “You Suck” award 10/22/2014
I don't know why some of the old fogeys around here take such a venomous attitude towards it. > @nwcoast said:
I bet I know who it was. There security is surprisingly bad.
I think your advice is sound and your experience not unusual. To many of the deniers on here treat it like it is all or nothing.
If also point out that the growing pains here aren't that different from the early days of US banking.
I googled it and looked at its performance graph - yes impressive gains but skeptical can go up forever. Then I saw how people were getting ripped (by scammers) on buying it. Too screwball - No interest in it. Good ole cash and carry works for me!
@nwcoast there is actually a name for what you were afraid of, the "rug strategy". Where you create a coin or a brokerage, sell a bunch of stuff, and then exit by pulling the rug out from under people thinking they are sitting on huge profits.
The difference between crypto and the wild west is you could track down the outlaw and shoot him dead.
You are, of course, correct. Where I was going is that if you are an HFT (High-Frequency Trader) in crypto, each of those transactions is individually taxable. So you might make a billion here or there, but it's all going to go to your accountant while he figures out the tax bill.
ANA 50 year/Life Member (now "Emeritus")
Depends on whether software like TurboTax will auto populate the transactions like they do with brokerage accounts.
And for that, it takes two to tango. The crypto exchange has to make the data available in a machine-readable format, and the Tax program has to code an importer. The more popular this becomes, the more likely we will get there. But I don't think we are yet, even though the exchanges ARE providing the data to the IRS.
ANA 50 year/Life Member (now "Emeritus")
Depends. Robinhood, for example, does it for stocks. I assume they could do it for crypto. The others? I don't know.
There's always crypto ETFs like BITO, etc. for those who want to circumvent investing directly in any one cryptocurrency and avoid its digital storage & retrieval.
"Bongo hurtles along the rain soaked highway of life on underinflated bald retread tires."
~Wayne
I would put a few bucks into crypto if only I knew how.
Successful BST with ad4400, Kccoin, lablover, pointfivezero, koynekwest, jwitten, coin22lover, HalfDimeDude, erwindoc, jyzskowsi, COINS MAKE CENTS, AlanSki, BryceM
Robinson. PayPal. Coinbase. There are others.
Yes, I'd say that the Zimbabwe dollar and Weimar mark were not currency near the end.
If you like. I think most "gold bugs" prefer to stack physical gold. Gold has a much longer history than any electronic currency and is comparably stable. I don't understand how any of these "coins" work, that is what keeps the creator from surreptitiously creating a few coins for themselves from time to time. Other than the fact that these keep going up, I don't understand how anyone can have any confidence in them. I've never owned any, and never wanted to. I prefer to buy things I can understand for my portfolio.
I hope you all listened to me and bought Haven!! Up about 200% since my post.
It's not too late, just get in before 2.0 launches soon.
Michael Jordan collector of cards and memorabilia for about 30 years.
https://www.cnbc.com/2019/03/22/majority-of-bitcoin-trading-is-a-hoax-new-study-finds.html
Also Google Bitcoin Tether pump and dump...
I got off the train earlier this week. Maybe I will buy another ticket sometime but happy with my choice for now.
Successful BST with drddm, BustDMs, Pnies20, lkeigwin, pursuitofliberty, Bullsitter, felinfoel, SPalladino
$5 Type Set https://www.pcgs.com/setregistry/u-s-coins/type-sets/half-eagle-type-set-circulation-strikes-1795-1929/album/344192
CBH Set https://www.pcgs.com/setregistry/everyman-collections/everyman-half-dollars/everyman-capped-bust-half-dollars-1807-1839/album/345572
I still don’t get it. It’s money that is zero’s and one ‘s in the computer correct ? I thought we like tangibles like gold and nice coins, my house, at least I do. I get it that some people are getting richer than I’ll ever be but I’m pretty sure not everyone. I’m happy with my pension and social security medical included. I don’t need more. It that un-American ? Should I be greedy ?
Virtually all money, probably your pension and SS, are all zeroes and ones. The government occasionally puts some of that onto green paper. But it really isn't accurate to consider that money to be any more "real" than cryptos.
Gold and nice coins also don't have fixed values, even though they are physical.
I think the situation is much more complex than people like to admit.
Explain please. If I bought $1000 worth of Bitcoin how much money ( that I can spend) did I just buy ? I wouldn’t put a cent in Bitcoin I’m trying to understand this.
There are several thousand "crypto currencies" available now. And just how is the government supposed to fund highways, schools, etc., if every Joe Blow is making their own "money?" Hmmmmm..............
BTW when I said nice coins I should have said nice gold coins close to bullion as possible even today. I would never buy a high grade seated quarter and call it an investment. I do like adding an occasional $20 even at today’s price if it’s not typical ( holder or eye appeal) and if that does nothing over the next 10 years I guess the world hasn’t imploded and my pension cash is still getting me by.
$1000
Well that cleared that up. I can see how someone made 3 million bucks.
Lol. They made millions because they bought a 50 BTC when it was $200 and sold them at $60,000 each.
Are there not exchange or transaction fees to factor in every time you buy and sell crypto?
It is almost like buying or exchanging foreign currency at the airport… You’ll never get the spot price as there are transaction fees involved.
Or businesses that actually charges you an extra 3% for using a credit card vs paying for cash.
I do not believe that using crypto to purchase something is the same as going to the store and buying something for.50 and handing the cashier a $1 bill. In that case, you’ll get back two quarters.
But in a crypto transaction, is there not transaction fees to cover that same purchase??
BST references available on request
Not necessarily. Depends on how it's done. There are no fees on wallet to wallet transfers. Conversion to dollars might r equire fees... probably lower than the 2 to 5% it costs to use a credit card.
I like earning airline miles and Hilton honors points with my traditional credit cards 😄
I give away money. I collect money.
I don’t love money . I do love the Lord God.
As do I. But why does it have to be a binary decision.
Look into Haven. It's a coin that gives you access to synthetic assets that are pegged to the real world spot price of said asset. (Silver, gold, British pound, yen, etc more are coming) All done within your wallet 100% anonymous, Monero based. And its own stablecoin.
Seriously, one of the most genius innovations in crypto ever. It's basically Bitcoin 2.0. Been saying it for 2 years.
Michael Jordan collector of cards and memorabilia for about 30 years.
If I have crypto and want to cash it in for actual US legal tender currency without having to buy anything with the crypto ... how is that done? Can it be done?
You can convert directly to dollars. I do it all the time
You click sell and in seconds you have US dollars. Same process as selling a stock online.