For those gold (and someday soon) and silver bugs, here's the answer to all of your Crypto wants and needs. After the Digix Gold launches, there will be chains backed by deliverable silver, diamonds, etc.
@derryb said:
crypto currencies are a threat to fiat. The fiat masters will find ways to discourage their acceptance and their use. Don't be holding when the hammer drops.
"According to the new draft law proposal, all persons who enter the US will have to declare their holdings in crypto currencies with a value over 10,000 dollars. This will apply to Americans returning from overseas. If you fail to report it, they can jail you and confiscate everything you have."
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
@dbtunr said:
So I opened up a coinbase account as I wanted to buy some bitcoin. They charge a 1.5% fee as commission. Ouch!! I looked into the GBTC as I could buy that on Fidelity for a flat $4.99 fee but that trades at like a 70% premium to a bitcoin. Bitcoin realtime is $4294, GBTC is $729.70 (1/10 of a bitcoin)
Then there is taxes. Bitcoin is taxed as property. you must calculate a gain/loss on every transaction
How are the IRS treating Bitcoins?
The IRS has recently given guidance on the specific treatment of Bitcoins and other crypto-currencies, which has helped clarified the situation.
Bitcoin is a personal property, not a currency, and so is taxed as a capital asset
Gains made from converting Bitcoins into a fiat currency are subject to capital gains tax
Purchases of goods or services with Bitcoins must also account for gains
Bitcoins and other alt-coins obtained from mining is recognised income immediately at their fair value
Mining equipment can still be deducted as a legitimate business expense
Very nice, $270/share return in two weeks! GBTC is valued twice NAV now. Who knows what's going to happen(?) But like Derryb said, it's the only game in town so to speak and at a 'cheaper' entry price point.
@derryb said:
Got in on some GBTC @ $215 in mid May. Just closed @ $733. Only play for bitcoin on the exchanges that I have been able to find.
Congrats! It's over $1,000 today. Yay, team!
I just bought a little of the highly speculative penny stock BTCS (current price $0.17). It's an indirect play. I plan to let it sit for a few years and see what happens.
Funny how they want fiat. I thought the idea was to get rid of that worthless paper money. Lol
Not just fiat, they wanted the Gov't to stay out of bitcoin! When users have an issue, they want the Gov't to intervene now? Sorry boys, you can't have the best of both worlds.
I expect to see a lot more legislation and shutdowns of bitcoin exchanges by more countries. No way does any country not want to be able to control currency and taxation....
I'd understand the bitcoin hoopla potentially if it were actually a decent coin on its technical and technological merits. It's absolutely trash. There are several other coins that are far superior in a multitude of ways (in fact, most 'working' products are its superior, without the centralization being experienced due to the big corp mining pools and the nonstop argument about its future direction) Look out for the fork, and the rise of big block come November for the BTC crowd (and that's barring a goby mint crackdown) as someone who's made a bit of money in the space, I stay clear of BTC whenever possible.
Smart money is pulling back and headed to metals. And also to the truly private coins out there. Bitcoin is not, and never will be private, nor anonymous. Tell me I'm wrong come December
"I'm not saying 'go short bitcoin and sell $100,000 of bitcoin before it goes down'. This is not advice of what to do. My daughter bought bitcoin, it went up and now she thinks she's a genius." -J Dimon
Block chain is the valued property. Misusing it will make some rich. Most speculate, invest and hope. "From Mine to Mint". Read a good book by Roger W. Burdette. It explains how coins are made. Not to go OT, but after hearing JPM's CEO talk about it, I'm glad I didn't endeavor in. Those who have should get out with their profits. That's just my humble opinion on the concept and implementation of the BITCOIN.
in an interview on CNBC yesterday, McAfee said he mines bitcoins and the cost to do so is about $1000. Hard to see a bitcoin falling below the cost of production. He also said he saw the price of bitcoin going to $500,000 in 3 years!!!
Comments
https://www.bloomberg.com/news/articles/2017-08-24/cyber-criminals-extracting-a-heavy-toll-from-ethereum-advocates
Knowledge is the enemy of fear
For those gold (and someday soon) and silver bugs, here's the answer to all of your Crypto wants and needs. After the Digix Gold launches, there will be chains backed by deliverable silver, diamonds, etc.
https://digix.global
Don't say nobody told ya.
Not sure if this is true,
This was for mining bitcoins with your PC.
Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb, Ricko
Bad transactions with : nobody to date
Burger Kings introduces the WhopperCoin
I look forward to BeerCoins
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
Whiskeycoin would be great too!!! I just added this to the "stack".
Knowledge is the enemy of fear
One bitcoin is equal to about a pound of weed. Makes sense.
speculation converts one person’s wealth into another’s income
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
At least one is green.
Interesting way to put it.
How about, Investing increases value for many, at no one's expense.
Liberty: Parent of Science & Industry
$4575
New Proposed Regs: You Must Declare if you have more than $10k in Crypto Currencies
"According to the new draft law proposal, all persons who enter the US will have to declare their holdings in crypto currencies with a value over 10,000 dollars. This will apply to Americans returning from overseas. If you fail to report it, they can jail you and confiscate everything you have."
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
The Bitcoin folks are in a different economy. I would have gambled at $20 Bitcoins not at $4000.
100% Positive BST transactions
$4705
Congrats! It's over $1,000 today. Yay, team!
Very nice, $270/share return in two weeks! GBTC is valued twice NAV now. Who knows what's going to happen(?) But like Derryb said, it's the only game in town so to speak and at a 'cheaper' entry price point.
I just bought a little of the highly speculative penny stock BTCS (current price $0.17). It's an indirect play. I plan to let it sit for a few years and see what happens.
$4844
https://www.bloomberg.com/news/articles/2017-08-30/bitcoin-exchange-sees-complaints-soar-as-users-demand-money
GBTC took a needed rest...I mean, correction.
Yesterday, someone on CNBC hammered it.
Funny how they want fiat. I thought the idea was to get rid of that worthless paper money. Lol
Knowledge is the enemy of fear
Not just fiat, they wanted the Gov't to stay out of bitcoin! When users have an issue, they want the Gov't to intervene now? Sorry boys, you can't have the best of both worlds.
Wall St. is built on dollars. They will not take a backseat to anything else. Don't expect anyone associated with Wall St. to support cryptos.
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
...parallels Wall Street not promoting PM's.
4 coin gold Proof Set plus an once of platinum and still short a grand to buy one bitcoin.
Smells like a... bubble.
I will stick to the gold.....and silver.....
Cheers, RickO
Is there any risk with these bitcoins?
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
I expect to see a lot more legislation and shutdowns of bitcoin exchanges by more countries. No way does any country not want to be able to control currency and taxation....
https://www.cnbc.com/2017/09/08/bitcoins-price-tanks-after-report-china-plans-further-crackdown.html
Why people turn to choices such as bitcoin
Government is the great fiction through which everybody endeavors to live at the expense of everybody else. - Bastiat
I've got a really long number to sell you...
I'll take 4 grand
I'd understand the bitcoin hoopla potentially if it were actually a decent coin on its technical and technological merits. It's absolutely trash. There are several other coins that are far superior in a multitude of ways (in fact, most 'working' products are its superior, without the centralization being experienced due to the big corp mining pools and the nonstop argument about its future direction) Look out for the fork, and the rise of big block come November for the BTC crowd (and that's barring a goby mint crackdown) as someone who's made a bit of money in the space, I stay clear of BTC whenever possible.
Trash.
Smart money is pulling back and headed to metals. And also to the truly private coins out there. Bitcoin is not, and never will be private, nor anonymous. Tell me I'm wrong come December
Here is something of interest....
https://www.cnbc.com/2017/09/12/jpmorgan-ceo-jamie-dimon-raises-flag-on-trading-revenue-sees-20-percent-fall-for-the-third-quarter.html
Cheers, RickO
"I'm not saying 'go short bitcoin and sell $100,000 of bitcoin before it goes down'. This is not advice of what to do. My daughter bought bitcoin, it went up and now she thinks she's a genius." -J Dimon
But muh ones and zeroes! Store of value!
A thousand off the top, please, barber
$3790 and dropping quick, where my bagholders at?
WANT TO KNOW HOW TO LOSE OVER A THOUSAND DOLLARS IN 10 DAYS? CLICK HERE! BUY DIGITULIPCOINS!
Block chain is the valued property. Misusing it will make some rich. Most speculate, invest and hope. "From Mine to Mint". Read a good book by Roger W. Burdette. It explains how coins are made. Not to go OT, but after hearing JPM's CEO talk about it, I'm glad I didn't endeavor in. Those who have should get out with their profits. That's just my humble opinion on the concept and implementation of the BITCOIN.
Agreed.
3485 -- some store of wealth!
Only overvalued by about double, maybe triple at this price
5k was absolutely clowncar level stupid.
$3500.00 even.
Looks like North Korea maybe the only one left for the B Coin fever. But @derryb I think I am in your camp too
Best place to buy !
Bronze Associate member
Schaudenfreude...
Here's a warning parable for coin collectors...
3302 and freefalling
Maybe this has been mentioned before
in an interview on CNBC yesterday, McAfee said he mines bitcoins and the cost to do so is about $1000. Hard to see a bitcoin falling below the cost of production. He also said he saw the price of bitcoin going to $500,000 in 3 years!!!
As does Provident Metals. Looks like they charge about 1%
For some it would be bitchcoins then.
McAfee is high.
3069
and I think his price guess is a little off too.....