Crypto-currencies: The future is now

[ytrewq]

Looks like a lot of smiles and back-patting going on right now:

http://www.livebitcoinnews.com/mt-gox-b ... creditors/

The Trustee has been selling a LOT 2017-2018 to make everyone whole (and then some!). They've announced their selling is done and payouts will happen 2019. With that pressure gone, things should start going up soon. There's been an absolutely tremendous amount of positive developments going on, contrary to recent price declines across the board. Personally, I've been loading up on more EOS at these post-launch wet-dream prices (had orders filled at $8.10 today!).

@Gait: You are wrong. EOS allows for password recovery. So, if your tokens remained on the EOS blockchain, they would still be there and recoverable for up to 3 years, if no activity.

As more people adopt cryptos and cryptos improve, Bitcoin and others are losing their shine. Cryptos with slow performance (Bitcoin < 5 transactions per second) are now seen as relics of a bygone era compared to something like EOS which can scale to millions of transactions per second (orders of magnitude faster than NASDAQ, NYSE, VISA, and MASTERCARD combined!) and has anti-hack and anti-scam features built-in.

It can scale to handle every transaction occurring on every system on Earth, has $0 transaction fees, and supports almost every popular programming language. Over the next few years, developers all over the world will be building, porting, or rebuilding every software app currently running on any OS to run on EOS. Corporations will be tossing out their data centers and canceling AWS, Azure, etc. Cloud subscriptions. Joe/Jane Doe will no longer need a laptop or PC - not even for gaming or VR. IoT devices and appliances will finally connect to each other. Hacking and viruses will be just an entry in the history books next to "phone-phreaking".

I'll stop there. I know this site's members are retirees and -genarians. Your grandkids are going to experience a world akin to The Jetsons. Maybe with the flying cars, too.

MY grandkids will point to my portrait hanging above the mantle in the Great Hall (ha!) and tell their grandkids the story of how the family dynasty came to be.

[Barney]

Crypto is not money when dealing with tax people.

People won't have to many smiles now the Tax Departments want their slice of the crypto currency pie. Have a mate traded or sold some bitcoin this last year and now his tax accountant has advised him to get his house in order for the tax man. Aussie tax year finishes june 30. My old mate was crowing about his big profit but unfortunately that smile is fading as he has spent the dividend and now fears a big tax bill. Not what you want with the ATO. They are relentless when chasing you and add huge interest rates the longer you don't pay, I know this from experience with a 4 year battle.
Had a look at the crypto ATO ruling and found that bitcoin is treated not as currency but an asset liable for Capital Gains Tax when sold.

https://www.ato.gov.au/General/Gen/Tax- ... y-bitcoin/

[glalt]

Looks like a lot of smiles and back-patting going on right now:

http://www.livebitcoinnews.com/mt-gox-b ... creditors/

The Trustee has been selling a LOT 2017-2018 to make everyone whole (and then some!). They've announced their selling is done and payouts will happen 2019. With that pressure gone, things should start going up soon. There's been an absolutely tremendous amount of positive developments going on, contrary to recent price declines across the board. Personally, I've been loading up on more EOS at these post-launch wet-dream prices (had orders filled at $8.10 today!).

@Gait: You are wrong. EOS allows for password recovery. So, if your tokens remained on the EOS blockchain, they would still be there and recoverable for up to 3 years, if no activity.

As more people adopt cryptos and cryptos improve, Bitcoin and others are losing their shine. Cryptos with slow performance (Bitcoin < 5 transactions per second) are now seen as relics of a bygone era compared to something like EOS which can scale to millions of transactions per second (orders of magnitude faster than NASDAQ, NYSE, VISA, and MASTERCARD combined!) and has anti-hack and anti-scam features built-in.

It can scale to handle every transaction occurring on every system on Earth, has $0 transaction fees, and supports almost every popular programming language. Over the next few years, developers all over the world will be building, porting, or rebuilding every software app currently running on any OS to run on EOS. Corporations will be tossing out their data centers and canceling AWS, Azure, etc. Cloud subscriptions. Joe/Jane Doe will no longer need a laptop or PC - not even for gaming or VR. IoT devices and appliances will finally connect to each other. Hacking and viruses will be just an entry in the history books next to "phone-phreaking".

I'll stop there. I know this site's members are retirees and -genarians. Your grandkids are going to experience a world akin to The Jetsons. Maybe with the flying cars, too.

MY grandkids will point to my portrait hanging above the mantle in the Great Hall (ha!) and tell their grandkids the story of how the family dynasty came to be.

All I can say is good luck. Something that was once over $19,000 and is now less than $6,000 doesn't give me confidence that it is a good investment. There is no doubt that some people have made huge amounts of money from Bitcoin. I would guess that those people were the pumpers and dumpers.

A good friend of mine belonged to a fairly wealthy investor group. They specialized in penny stocks. They used several ways to pump the stock and bought many shares. When the price doubled or more, they dumped that stock. They made huge profits from the small guys who watched charts and played penny stocks. The little guys got skinned and the group made a lot of money. It still works that way.

If it looks too good to be true, it is probably a scam of some sort. Reminds me of people who sell get rich quick plans. If making money was that easy using their plan, why would they sell their guaranteed no fail plans?

[shinchane101]

It's fascinating to see the potential impact of cryptocurrencies on the global financial landscape. While Thailand's stance is conservative, the rapid growth and adoption of BTC and LTC elsewhere is undeniable. Thanks for sharing these resources; it's crucial for everyone to educate themselves about this revolutionary shift. Looking forward to more discussions on this topic!

[glalt]

Why does Thailand dislike cryptocurrencies? Maybe it is because most Thai people are Buddhists. One of their primary beliefs is the NOTHING comes from NOTHING. Cryptocurrencies come from nothing, there is nothing of value to support this thing. The value is based on nothing but dreams.

[Potamoi]

Figured this thread may need to be dusted off and perhaps help some folks interested in the crypto world:







I'm happy I finally listened to two friends (who didnt know each other) 3 years ago and dipped a toe in.

[rick]

Yes, those early adopters have usually done very well. I still think it is a high risk investment, as it has no intrinsic value or assets to back it up. And energy intensive. I always look at it like the Dutch Tulip mania or the South sea bubble. it could become utterly worthless overnight if confidence is lost.

[Potamoi]

Yup its a complex system. There is the argument that crypto actually uses less power than traditional banking systems but I am not an authority on that. https://www.independent.co.uk/tech/bitc ... 49211.html

To me, its is apealing since its decentralized plus both transparent and anonymous.

I am using the rule of thumb of minor stake in Alt Coins for the short term with some profit taking near the end of 2024 early 2025 then Bitcoin for the long term since there are a finite number than can ever be mind at 21 million coins.

The hardest part is finding a way to buy them as a Yank and then the IRS question on the tax form:

[anefarious1]

Yup its a complex system. There is the argument that crypto actually uses less power than traditional banking systems but I am not an authority on that. https://www.independent.co.uk/tech/bitc ... 49211.html

To me, its is apealing since its decentralized plus both transparent and anonymous.

I am using the rule of thumb of minor stake in Alt Coins for the short term with some profit taking near the end of 2024 early 2025 then Bitcoin for the long term since there are a finite number than can ever be mind at 21 million coins.

The hardest part is finding a way to buy them as a Yank and then the IRS question on the tax form:

There are now plenty of BTC ETFs for yanks. IBIT is the most traded. These new ETFs are much more cost effective than Coinbase by comparison. And IRS wants their cut no matter how you make money so crypto is no different in that regard.

[tamada]

I'm noticing on my lazada feed that there's an increasing amount of used, mid to high-end computer video cards being advertised. Have the bitcoin miners been upgrading their tools or are they using something else these days?

[Potamoi]

I'm noticing on my lazada feed that there's an increasing amount of used, mid to high-end computer video cards being advertised. Have the bitcoin miners been upgrading their tools or are they using something else these days?

The Bitcoin halving is coming soon like April so miners will effectively get half the payment soon.

[jackspratt]

I hope the OP Khondahm, (where did he go?) bought a few coins back in November 2013, and held on to them through thick and thin.

If so, he would be currently sitting on a ~9000% profit.

[Laan Yaa Mo]

I remember Khondahm. Didn't he drive around Udon in his own tuk-tuk?

[Potamoi]

Bitcoin2024 in Nashville, TN, USA

Strange that this important event is not really discussed here. For those interested, here is a good place to start:

https://www.youtube.com/@BitcoinMagazine/videos

Two US presidential candidates have vowed to use Bitcoin in the strategic reserve. RFK Jr. says he will keep the IRS from taxing holders of crypto. On the other side of the coin, and not a speaker at bitcoin2024, Senator Elizabeth Warren (D) MA is a BTC hater so therefore so is Harris. Then Biden... well you know... doesn't umm... [trails off into a mumble]

[Whistler]

What is Jnr's rationale for not taxing Bitcoin? If you make money in USD you get taxed, buy if you make money in Bitcoin you dont?

The guy is dead set loopy. Then in my view, most Libertarians deserve that description. They are perfectly happy to get education, health and other benefits from governments, but want to withdraw from elements of government that doesn't suit them.

[Potamoi]

What is Jnr's rationale for not taxing Bitcoin? If you make money in USD you get taxed, buy if you make money in Bitcoin you dont?

The guy is dead set loopy. Then in my view, most Libertarians deserve that description. They are perfectly happy to get education, health and other benefits from governments, but want to withdraw from elements of government that doesn't suit them.

What is this person that can not vote in the US saying? I mean really, I don't understand.

[Drunk Monkey]

Hey as far back as postings began Whizzy is Aussie Brit Kiwi German Scottish Saudi Irish and USA nationality so cut him some slack

[Whistler]

What is Jnr's rationale for not taxing Bitcoin? If you make money in USD you get taxed, buy if you make money in Bitcoin you dont?

The guy is dead set loopy. Then in my view, most Libertarians deserve that description. They are perfectly happy to get education, health and other benefits from governments, but want to withdraw from elements of government that doesn't suit them.

What is this person that can not vote in the US saying? I mean really, I don't understand.

Currently dividing my time between Thailand and new business in USA. No longer a US resident, but subject to US laws, taxes and regulations. I think I have a dog in the fight

[glalt]

I have never had any interest in bitcoin or any of the other electronic scams. I can't even imagine making an investment where all I have to show for it is a bunch of numbers in my computer. I can't buy food or beer without inputting a lot of numbers at very few stores. I can't carry it around in my pocket or hide it under my mattress. With something like gold or, silvers, at least I can touch it and carry it around with me. To each his own. Maybe one of the advantages of being a poor pensioner is that I can't afford to risk any of my hard earned savings. It's bad enough having to use my computer to make wire transfers from my home country bank. With this very dangerous AI spreading, this is dangerous enough.

[Potamoi]

To each his own. Maybe one of the advantages of being a poor pensioner is that I can't afford to risk any of my hard earned savings.

This is an example of someone that disagrees but can do so without being disrespectful. Thanks for the comment @glalt.
I have not claimed a pension yet myself but feel BTC is a good way to protect my meager savings. If one does a bit of research one may find BTC has out performed the S&P, Gold, real property and most all other investments. It is not everyone's cup of tea but it may be a good way to protect against inflation for many. I don't see it as a way to make fast easy money but rather protect against inflation. The decentralized part of the crypto story is very appealing to those of us that don't like the banking industry and government(s) control of our hard earned resources.

I am not a professional investment or financial advisor. I just think there is room for some discussion. If I can wake even one person to the potential, then I have succeeded. I wish I would have paid more attention when a friend tried to get me to look into it in 2013.

Again, thanks for the honest and respectful comments.