Bitcoin

#254
#254
Billionaire investor Warren Buffett told CNBC on Wednesday the recent craze over bitcoin and other cryptocurrencies won't end well.

"In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending," the chairman and CEO of Berkshire Hathaway said.
 
#258
#258
slobberknocker said:
Agree. Many of my friends have invested but I just can't until I do mega research. May invest in blockchain technology companies though.
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I think it is interesting to see a local small business take it.

I think one of the larger companies involved with setting retailers up with the ability to accept crypto is Bitpay, which I believe is based in Atlanta.
 
#260
#260
allvol123 said:
I think it is interesting to see a local small business take it.

I think one of the larger companies involved with setting retailers up with the ability to accept crypto is Bitpay, which I believe is based in Atlanta.
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It's just been mind numbing for me trying to understand it all. Friends have sent me information on tech companies and that's where they are investing. However, another friend seems to be doing well with crypto, but he is a programming wiz and mines seriously. I'm semi-retired and this seems like the dot.com craze but who the heck knows? May throw $500 somewhere.
 
#261
#261
hog88 said:
How are they going to account for that on their balance sheet and taxes?
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It'll be accounted for pretty much the same way as a foreign currency. But the IRS won't be able to audit as easily as they would with currencies being held at financial institutions. It won't be as easy for them to seize the crypto assets. The new world order is getting out of order. A government crackdown is probably being formulated.
 
#262
#262
Thunder Good-Oil said:
It'll be accounted for pretty much the same way as a foreign currency. But the IRS won't be able to audit as easily as they would with currencies being held at financial institutions. It won't be as easy for them to seize those assets. The new world order is getting out of order. A government crackdown is probably being formulated.
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I was really thinking about sales tax, how would they pay that?
 
#263
#263
slobberknocker said:
It's just been mind numbing for me trying to understand it all. Friends have sent me information on tech companies and that's where they are investing. However, another friend seems to be doing well with crypto, but he is a programming wiz and mines seriously. I'm semi-retired and this seems like the dot.com craze but who the heck knows? May throw $500 somewhere.
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Same here. Few hundred as a gamble. If I lose, oh well. But could win.
 
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#264
#264
Thunder Good-Oil said:
It'll be accounted for pretty much the same way as a foreign currency. But the IRS won't be able to audit as easily as they would with currencies being held at financial institutions. It won't be as easy for them to seize the crypto assets. The new world order is getting out of order. A government crackdown is probably being formulated.
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Brief Google reading says IRS characterizes it as property, not currency.

I agree with you. This moves too fast. Govt will get pissed and crackdown. But that is the interesting part here, watching the govt try to stop something, knowing they cant.
 
#266
#266
allvol123 said:
Brief Google reading says IRS characterizes it as property, not currency.
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They don't know how to deal with it. It's kind of funny that it can be kept out of their reach pretty easily right now.

They're trying to figure out how to tax it.

They probably classify it similarly to precious metals. Taking the conversion to conventional currency out of the equation is a pretty new concept. People haven't been transacting directly with gold and silver too much eve since the IRS has been around.

Buffet might think it'll crash, but it sure doesn't seem like it will ever go away without massive government intervention. More likely, the government(s) are going to have to learn how to live with it than exterminate it. Tax evasion could become a huge issue. Income taxes might have to give way to a federal consumption tax.
 
#267
#267
It could drive a real estate crash. If the government struggles to take taxes on income, they might shift to more real property taxes. Those assets can't be hidden from the government.
 
#268
#268
Thunder Good-Oil said:
They don't know how to deal with it. It's kind of funny that it can be kept out of their reach pretty easily right now.

They're trying to figure out how to tax it.

They probably classify it similarly to precious metals. Taking the conversion to conventional currency out of the equation is a pretty new concept. People haven't been transacting directly with gold and silver too much eve since the IRS has been around.

Buffet might think it'll crash, but it sure doesn't seem like it will ever go away without massive government intervention. More likely, the government(s) are going to have to learn how to live with it than exterminate it. Tax evasion could become a huge issue. Income taxes might have to give way to a federal consumption tax.
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Agree with all.

As a govt despising libertarian, this will be fun to watch.
 
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#274
#274
I don't see how any of them will have to disappear. They're all kind of like valuations of bartered goods and services. The bidding up in values will likely crash. The values really need to find equallibrium for the concept to thrive. Right now they're more volatile than the currencies of the most unstable third world countries.
 
#275
#275
Thunder Good-Oil said:
I don't see how any of them will have to disappear. They're all kind of like valuations of bartered goods and services. The bidding up in values will likely crash. The values really need to find equallibrium for the concept to thrive. Right now they're more volatile than the currencies of the most unstable third world countries.
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And people are taking out seconds and loading up their credit cards hoping to get rich quick.
 
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