Posted on 12/12/2017 7:49:30 AM PST by C19fan
Bitcoin is in a "classic bubble" and has even gone beyond the "absurdity" of Holland's tulip bulb mania in the 1630s, widely followed investor Dennis Gartman told CNBC on Thursday.
The cryptocurrency rocketed above $19,000 for the first time on Thursday before falling sharply from its record high.
(Excerpt) Read more at cnbc.com ...
Wouldn’t be very difficult to setup if there was demand for it. Companies that accept bitcoin immediately convert to USD. Regardless, currencies don’t fluctuate 30% in price nearly daily. The single biggest definition of a currency is a stable store of value.
I highly recommend googling it. In essence at the 35,000 foot level it is a very, VERY secure, simply by the nature of how it works, way to verify and track transactions.
The blockchain is a distributed ledger.
Imagine the old days when the accountant had a leather bound ledger where they kept the balances of every transaction for the company.
The distributed ledger is a database of ALL transactions in the bitcoin univerise. The entries are public. They include a transaction address, a sender address, and a receiver address.
Mining is the process where blocks of recorded transactions are verified against the “ledger” to insure that both parties are legit and than they have the “inventory” to make the transaction valid. These miners are rewarded for their efforts through fees and additional mined bitcoins.
Everything is open. If you know your address, you can pull all of your transactions. This whole stuff about “anonymity” is just not true.
If this helps, let me know. If you want something clarified, I will do what I can.
Taxes are taxes. Trying to avoid them will result in a bad time for you.
I doubt there is going to be much “localbitcoin” action when we are talking $10k.
My initial, long term holdings started at about $3,400. I could not cash out today without a parade of tax accountants coming through my life. It is in the deep six figure range. What a problem to have.
For the time being, bookkeeping is horrific unless you buy and hold. Then its an easy capital gain calculation.
“The Users will soon see when they get their TAX bill from uncle sugar.”
Based on what? You don’t get a tax bill for money in your bank account. And by the way... it seems like you know very little about the technology of bitcoin. Tell us all about these “clearing houses”.
Fascinated.
Is there some diabolical connection between Blocking Chain Migration and Block Chaining? I think only one is good for our Economy.
How do you cash one in?
15 to 20 bucks at Walmart...bought some recently....not 50 dollars....but I think you make a valid point!
The underlying technology of blockchain currencies is where the real revolution is. It would allow completely transparent government accounting, auditable by anyone, for instance.
Can you imagine the revolution in government if we could track every single penny they spent?
Which is exactly why it will never happen.
In order to buy Bitcoin these days you actually have to come up with $19,000 in physical cash? I don’t know much about it.
Doesnt that defeat the purpose?.
I recall when silver hit $50.00+ per oz.
I was trading commodities at the time and watched a guy loose a house in a split second...
Thank you! I appreciate the explanation.
Litecoin is up over 300% in the past two weeks.
I am doing OK.
You can buy as little as you want. My daughter gave me $100 in July 2016. It was worth $4,100 last time I looked.
I see folks buying $10/20 at a pop.
If you aren’t trading it, it adds up pretty quickly.
Bitcoin has crashed multiple times. It has come back stronger.
Sure...one time it will “really” crash, I guess.
Bitcoin is like NFL Fantasy Football. You can say you won the Super Bowl if it’s in a computer somewhere saying that you won the Super Bowl.
Try getting the Lombardi Trophy in your home onto your Awards shelf sometime. Well, I guess if you have an image of the Lombardi Trophy on your computer, and it says you won it, then you did.
Bitcoin and its copycats will, IMHO only, be one of the most laughed-at bubbles in history when this is viewed years from now. It’s fake, it’s a mirage, and only the ones who are lucky enough to escape before the Bitcoin/Blockchain explosion will make any real hard cash money.
The rest of the “investors” will toss their virtual worthless bitcoins into the virtual toilet in their computer. And that will be REAL MONEY lost, not virtual money gained.
>Beware some web sites use your browser to mine Bitcoins ,even when you close the browser . It’s the only way to make money with Bitcoins , LOL
Fake news.
It happened in the gaming community sometime back: https://www.theregister.co.uk/2013/11/20/esea_gaming_bitcoin_fine/
Well, apparently I’m fake news!
I hadn’t heard this before. Intresting.
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