Bitcoin, Cryptocurrency, and the Future of Global Finance

[Orangeburst]

"black market money scheme", "cute experiment" - I mean this proves you don't know what you are talking about

Is it subject to tax at this point? Yes or No? Cant you see where this is going as the gov printing is already digital.
At least with physical cash I can store it.

 

[Orangeburst]

"black market money scheme", "cute experiment" - I mean this proves you don't know what you are talking about. The richest guy on the planet is backing it. Keep living in the dark ages

The richest guy on the planet supports it! Damn..count me onboard.

 

[theFallGuy]

No one's asking u to invest in it so not sure why u are here other than to bitch about it. Lol

 

[n_huffhines]

Is bitcoin over-inflated? I believe so. Is etherium? Idk. Are there winners and losers, just like in every industry? Yes.

Now that we've got that out of the way, if you are in a thread about crypto in 2021 mocking people while seriously asking without any irony what value it offers, you are a complete idiot. Know the basics before you come in hot.

If you can't explain in plain terms why the best business nerds are completely psyched about this tech, then you don't know the first thing about it and you should probably STFU.

 

[Franklin Pierce]

Someone just Bought a House for $500,000 – and they can Never live in it

The house represents a new form of digital currency

This is one expensive house-file.

A new form of digital currency is apparently moving into the world of real estate. The result is that a homebuyer just bought a piece of property that they can never actually live in.

Artist Krista Kim sold a digital house for the equivalent of $500,000, The Sun reports. The house was created as an “NFT” or “non-fungible token.” These new digital objects are similar to cryptocurrencies such as Bitcoin in that they rely on complex blockchains and don’t physically exist.

Unlike Bitcoin, each NFT is completely unique. Fungible is defined as something that can be exchanged or replaced by an identical item (such as exchanging one $20 bill for another, or even one Bitcoin for another Bitcoin).

Someone just bought a house for $500,000 – and they can never live in it

 

[Rasputin_Vol]

One that isn't centrally controlled is appealing. Unless you just love big corporate banks controlling everything

Unless you know who Satoshi Nakamoto is, how can you really be sure who runs or controls it?

 

[Rasputin_Vol]

We are moving towards totally digital currency regardless if it's dollars or bitcoin

Meh, that doesn't give me the warm and fuzzies. Govts can then track and trace every transaction... or "turn off" your ability to spend your currency.

 

[Rasputin_Vol]

To think crypto at this point is just a cute experiment is naive as hell. Lol.

I do think there is value in block chain technology, fwiw.

 

[Rasputin_Vol]

"black market money scheme", "cute experiment" - I mean this proves you don't know what you are talking about. The richest guy on the planet is backing it. Keep living in the dark ages

What does that say about the decentralized argument? Is there a concern that either it is or soon will be centralized and regulated by a big enough entity?

 

[Rasputin_Vol]

Is it subject to tax at this point? Yes or No? Cant you see where this is going as the gov printing is already digital.
At least with physical cash I can store it.

And maintain a level of privacy with physical cash.

 

[Rasputin_Vol]

No one's asking u to invest in it so not sure why u are here other than to bitch about it. Lol

True

 

[Rasputin_Vol]

Is bitcoin over-inflated? I believe so. Is etherium? Idk. Are there winners and losers, just like in every industry? Yes.

Now that we've got that out of the way, if you are in a thread about crypto in 2021 mocking people while seriously asking without any irony what value it offers, you are a complete idiot. Know the basics before you come in hot.

If you can't explain in plain terms why the best business nerds are completely psyched about this tech, then you don't know the first thing about it and you should probably STFU.

Again I will say that there is value in block chain technology.

 

[n_huffhines]

What does that say about the decentralized argument? Is there a concern that either it is or soon will be centralized and regulated by a big enough entity?

The government can try to regulate it. Big entities can do their best to try to control some aspect of it. I don't think it has to perfectly decentralize everything to the nth degree to qualify as decentralizing or to excite us. It's inherently decentralizing in the sense that it's an open system. Facebook is a closed platform and you can't build anything on top of their platform without their permission, approval, and access that they could deny tomorrow. Ethereum is an open platform and you can build all kinds of systems on top of it. People are most excited about the DeFi systems, but there are other decentralizing aspects.

 

[theFallGuy]

Bitcoin, crypto investors will be watching these 5 questions facing the Biden administration

 

[SpaceCoastVol]

Enjoy it while u can. To think this is not going to be subjective to gov control is naive. If anything it will be the control.

I'm still trying to figure out HOW they are going to control it.

 

[SpaceCoastVol]

Is it subject to tax at this point? Yes or No? Cant you see where this is going as the gov printing is already digital.
At least with physical cash I can store it.

How's is it taxed? How can the government prove when i bought it or for that matter, sold it?

 

[Orangeburst]

How's is it taxed? How can the government prove when i bought it or for that matter, sold it?

I never said it was, which was my point, and while it is the Wild West right now, it wont be for long. Gov aint going to let transactions escape tax. We are obviously headed to a cashless society, and with it less freedom of commerce.

 

[Rasputin_Vol]

I'm still trying to figure out HOW they are going to control it.

Maybe control isn't the right term. But regulate or prohibit would be easier. They can use the excuse of drug dealers, tax dodgers or terrorists are the only ones that use cryptos.

 

[SpaceCoastVol]

How's is it taxed? How can the government prove when i bought it or for that matter, sold it?

Bump for huff or anyone else in the know... Has anyone sold any crypto? Do you get a 1099 or anything like that?

 

[85SugarVol]

Is it subject to tax at this point? Yes or No? Cant you see where this is going as the gov printing is already digital.
At least with physical cash I can store it.

The US Govt is definitely trying to tax crypto gains.

 

[SpaceCoastVol]

The US Govt is definitely trying to tax crypto gains.

How will they prove it?

 

[n_huffhines]

Bump for huff or anyone else in the know... Has anyone sold any crypto? Do you get a 1099 or anything like that?

There is a form but I didn't pay attention to the number because i haven't cashed out

 

[n_huffhines]

How will they prove it?

If you trade on coinbase, robinhood, binance, etc. they report it

 

[theFallGuy]

Has anyone purchased Tron? Trying to figure out how to get it

 

[Rasputin_Vol]

Maybe control isn't the right term. But regulate or prohibit would be easier. They can use the excuse of drug dealers, tax dodgers or terrorists are the only ones that use cryptos.

Demonizing cryptos and metals...
Meet The Michigan Telecom CEO Who Led A Second Life As A Cocaine Kingpin | ZeroHedge

The sub would be remote controlled, via GPS and would attach to the hulls of cargo ships using magnets. The two hoped to be able to "stuff the sub with cocaine" before tracking it using GPS and regaining control of it 100 miles off European shores. At that point, a fishing boat would retrieve it.

Didani and Tibbitts allegedly paid $12,000 via cryptocurrency and wires from an Albanian bank account to develop the sub. The company developing it said it was unaware of what the “underwater hull scrubber device” was meant for, according to the report.

Tibbitts bankrolled Didani's operation, the report says, giving him more than $1.8 million in total. At one point, he cut a check for $864,000 for the cartel that was "cashed at a pawn shop or gold exchange business."