Bitcoin, Cryptocurrency, and the Future of Global Finance

#1,756
#1,756
InVOLuntary said:
I bought a lawn mower from a guy that was out of state. He had a guy here that was storing the mower for him. I asked if I needed to pay him and he said no, he wanted to be paid in bitcoin. I told him I had no idea how to do that. He directed me to a crypto ATM. He texted me a QR code to hold up to the machine. It asked me if it was over $1200. I selected "yes". It was going to require me to register with an ID. I backed out and said under $1200. I thought I'd just do $1200 3 times. I had to put in my cell number, and it texted me a qr code to hold up to the screen. I put in 12 $100 bills. I proceeded to do ot again and it denied it so I had to register. If I'd have been able to do it over three days the only way to tie it to me was via the phone number but if someone used a burner they could track it at all.

The machine I used was input only but they're supposed to be machines that cash you out too. I assume those require an ID?
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So I know a guy who does his own mining and buys and sells stuff with crypto and he doesn't report any of it. He told me if he does get audited he's going to be able to show $0 accounting profit on crypto. Maybe he's the smartest guy in the room. Maybe not? IDK
 
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#1,757
#1,757
n_huffhines said:
So I know a guy who does his own mining and buys and sells stuff with crypto and he doesn't report any of it. He told me if he does get audited he's going to be able to show $0 accounting profit on crypto. Maybe he's the smartest guy in the room. Maybe not? IDK
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That's all fine and dandy. My question is and continues to be how do you buy bread and eggs with these cryptos? How do you convert it into cash without being at the mercy of some banking institution?
 
#1,758
#1,758
n_huffhines said:
So I know a guy who does his own mining and buys and sells stuff with crypto and he doesn't report any of it. He told me if he does get audited he's going to be able to show $0 accounting profit on crypto. Maybe he's the smartest guy in the room. Maybe not? IDK
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Have you used the atms that you can withdraw? I'm curious as to if you have to show ID.
 
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#1,759
#1,759
Rasputin_Vol said:
That's all fine and dandy. My question is and continues to be how do you by bread and eggs with these cryptos? How do you convert it into cash without being at the mercy of some banking institution?
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There's more and more establishments that accept crypto. Also, there are the crypto atms where you can sell for cash.
 
#1,762
#1,762
Rasputin_Vol said:
Do they get around the banking institutions?
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I'm not sure. You can Google crypto or bitcoin atm in my area and see what pops up. The research the companies. I was amazed at how many there were. When I went to put money in, I could deposit funds up to $1200/day with only a phone number. I'm curious if you could withdraw similarly. You could purchase a burner phone to do this and have no ties to your identity. The atms I used were deposit only.
 
#1,765
#1,765
n_huffhines said:
The applications are actually pretty amazing. Say I'm a starving artist now and sell you a canvas painting for $500. I certify the painting with an NFT smart contract stipulating that if you sell it, I get 25% of the markup. So in 5 years when I become famous and you sell it for $1m, I get $250k.

My sister runs an art gallery and it's all moving to NFT's.
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Cool, so would that be enforceable if the person sold the painting for cash? This is also assuming it’s a tangible painting.
 
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#1,766
#1,766
Volatility said:
Cool, so would that be enforceable if the person sold the painting for cash? This is also assuming it’s a tangible painting.
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Yeah. It'd be like buying a car with cash and not getting title. You can do it, but it's not really legally yours. If you're spending $10k on a painting, you're probably going to do research to make sure there isn't an NFT tied to it if it's not being sold with one (because it's stolen, or whatever). There will be a learning curve but I think the art world would learn it pretty fast.
 
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#1,770
#1,770
Rasputin_Vol said:
That's all fine and dandy. My question is and continues to be how do you buy bread and eggs with these cryptos? How do you convert it into cash without being at the mercy of some banking institution?
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I don't think Bitcoin ever becomes a transactional currency. I think the likelier two options are it either becomes a better version of gold or it just goes away.

One interesting thing going on- this kid starts the company out of his bedroom called Strike Global. So, you want to send $ to your friend overseas, you both download the app. You send dollars through the app, it converts it to Bitcoin, transfers it along the secure Blockchain and converts it back to dollars on the other end. I read over their info many times and I have to say it's intriguing. The fees are pennies compared to traditional transfer fees. If this thing is legit it could cripple Western Union.
 
#1,774
#1,774
n_huffhines said:
So I know a guy who does his own mining and buys and sells stuff with crypto and he doesn't report any of it. He told me if he does get audited he's going to be able to show $0 accounting profit on crypto. Maybe he's the smartest guy in the room. Maybe not? IDK
Click to expand...
I knew a guy who said the same thing about his day trading in the 90s. He spent most of the last 20 years of his life running from the IRS, trying to eek out a living working for cash. He got busted on a pot charge and everything caught up to him. Died of a massive heart attack in his mid 50s a couple years ago.
 
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