Anyone Invested in crypto?

[BugI02]

You misunderstand. It should be well known I agree with Dimon (and Buffett and Alpo's boy Stiglitz, by the way) that there is no there there in terms of bitcoin actually having some underlying value because I have stated it repeatedly

They are correct in their assessment of who is most likely to want to use an untraceable payment system, and it ain't law abiding citizens. No, the law abiding citizens are most likely caught up in the speculative nature of vapor money and are primarily concerned with convincing the next generation of suckers to cash in to make sure they can cash out. Ponzi and Madoff would be all about the blockchain if they were still looking down at the grass

 

[Kutnupe14]

You misunderstand. It should be well known I agree with Dimon (and Buffett and Alpo's boy Stiglitz, by the way) that there is no there there in terms of bitcoin actually having some underlying value because I have stated it repeatedly

They are correct in their assessment of who is most likely to want to use an untraceable payment system, and it ain't law abiding citizens. No, the law abiding citizens are most likely caught up in the speculative nature of vapor money and are primarily concerned with convincing the next generation of suckers to cash in to make sure they can cash out. Ponzi and Madoff would be all about the blockchain if they were still looking down at the grass

So you're one of the people that believe that how, when, and where you spend your money should be the business of the government.... because? Bad people? That's kinda the same argument that gun grabbers use. As long as I pay my taxes to the government, they should stay out of my finances.

Further, the value of cryptos is based on trust. You don't trust it, which is absolutely fine. You trust that those green rectangle pieces of paper in your pocket, because government tells you it has worth. Does it really? Or do you simply have faith that it will always hold it's value?... a value that has been continuously decreasing.

And as far as the illegality of use, I'm honestly missing the point. So what if criminals use it? Criminals use just about anything as a payment method. Is it unsettling that they use crypto? Surely you understand that they also, and overwhelmingly, use fiat?

Finally, you can have your opposition to crypto. Bitcoin might not be around next year, next month, or even tomorrow, but to say that the "Blockchain," in and of itself is a Ponzi is ridiculous. The blockchain is a system of interconnect computers, that have a VAST variety of applications beyond finance. It can be developed with secrecy in mind, or with full transparency (i.e. digital contracts). If you didn't know that, then your opposition to crypto is based on a very limited understanding. I'm hoping you were just being lazy, and using blockchain as being synonymous with bitcoin.

 

[BugI02]

You are correct, I concede the point that I was using blockchain (the technology) and Bitcoin (the hypothetical currency) interchangeably which is incorrect

Blockchain may indeed have value as a technique/technology whereas bitcoin is a shared delusion

 

[ArcadiaGP]

https://twitter.com/markknoller/status/1154790302462435328

IRS serving notice on "virtual currency owners" that they have to report income and pay taxes on "virtual currency transactions" if they did not do so previously. IRS announced it start sending out letters on this and taxpayers should take them "very seriously" as does the IRS.

 

[hoosierdoc]

Oh good, so we can claim losses too?

saw this bumped and checked my SAFE, pleasantly surprised it’s back to 0.0000104, had dropped to 60

 

[AtTheMurph]

Blockchain is a spreadsheet and a spreadsheet cannot be a store of wealth, can it? It's a ledger.

 

[Nevermore]

Blockchain is a spreadsheet and a spreadsheet cannot be a store of wealth, can it? It's a ledger.

Anything people can trade in can become a store of wealth, it's more a question of how stable and/or reliable that store of wealth is.

Example: the dollars in your wallet or bank account have wealth literally because the U.S. says it's gonna be around long enough to project its power and pay off its debts. Otherwise you have rather expensive and fancy toilet paper.

 

[NKBJ]

The $US exists because it's backed with metal (lead).

 

[hoosierdoc]

Blockchain is a spreadsheet and a spreadsheet cannot be a store of wealth, can it? It's a ledger.

blockchain is a ledger of who owns the coins. The value is the coin, not the record of the transactions

 

[BugI02]

https://www.cnn.com/2019/08/06/asia/north-korea-cryptocurrency-missile-tests-intl-hnk/index.html
North Korean cryptocurrency heists net estimated $2 billion: UN report

Caveat: It's CNN, so wear gloves and wash your hands afterwards. Don't touch your eyes or other mucous membranes before thorough washing

 

[AtTheMurph]

Anything people can trade in can become a store of wealth, it's more a question of how stable and/or reliable that store of wealth is.

Example: the dollars in your wallet or bank account have wealth literally because the U.S. says it's gonna be around long enough to project its power and pay off its debts. Otherwise you have rather expensive and fancy toilet paper.

I completely agree. A fiat debt based currency is not a store of wealth and neither is a ledger. Both exist as currency due to being accepted by the general population. But common acceptance can and does change in a heartbeat as history has shown us.

Real tangible goods have value and are a store of wealth. Some are just much better at storing that wealth than other tangible goods.

 

[AtTheMurph]

blockchain is a ledger of who owns the coins. The value is the coin, not the record of the transactions

There is no coin. It is only a notation on the ledger that there is one. The entire value of the coin is the ledger because there is nothing else. If there is no ledger, there is no coin.

 

[JettaKnight]

Blockchain is a spreadsheet and a spreadsheet cannot be a store of wealth, can it? It's a ledger.

Isn't that how banks work?

 

[hoosierdoc]

There is no coin. It is only a notation on the ledger that there is one. The entire value of the coin is the ledger because there is nothing else. If there is no ledger, there is no coin.

Yep. Where is our disagreement again?

 

[nra4ever]

Bloke who claimed he invented Bitcoin must hand over $5bn of e-dosh in court case. He can't. He's waiting for a time traveler to arrive • The Register
https://www.theregister.co.uk/2019/08/28/bitcoin_craig_wright/

Now it all makes sense

 

[hoosierdoc]

I’ve still got a position with SAFE coin. I’m running a “safenode” with 100k collateral. I get rewarded from time to time but not a scheduled thing for tax reasons I guess. Today is first day my coin was matured enough to earn reward. In 10 hours I’ve earned 2.58, or $0.25! That may get me $20/mo

https://safenodes.org/address/RuvAU53ggXq18BxihuLy4gYLfocxM4wUkT

 

[ArcadiaGP]

Recovered some losses this morning.... LTC very low right now

 

[jeromy0408]

It's kinda of late in the game to get into bitcoin. When it shot up was the time to be invested. It was at like 2000 and jumped to around 19000

 

[nra4ever]

Good time to sell your bitcoin and wait for the pull back to get back in. Today at $18,500. To the moon!!!!

 

[Phase2]

FYI-
Bitcoin just hit a new all-time high today of $19,864.