Posted on 03/14/2021 6:56:31 AM PDT by zeestephen
Bitcoin crossed a record high of $60,000 on Saturday morning, continuing its rally as major companies and financial institutions adopt cryptocurrencies...The digital currency is up 963% over the last 12 months, according to Coinbase. Its value surpassed $1 trillion last week for the second time this year.
(Excerpt) Read more at cnbc.com ...
All this liquidity has to go somewhere.
Bitcoin surpasses $60,000 in record high as rally accelerates
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The CCP throws huge party.
Inflation is here, bigtime. The feds won’t measure it the way it hits normal people, so their official inflation is always less than actual.
Bitcoin will stabilize somewhat, and be a hedge. But for now, yes, it has become an investment.
The CCP throws huge party.”
Why do you say that?
because 70% of bitcoin is created in china - cheap coal power
Is Bitcoin a new type of legal currency? What do you do with it?
Is Bitcoin a new type of legal currency? What do you do with it?
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It’s the 21st Century Tulip Craze. It’s not a company. It produces no goods nor service. There is no P/E. It has no employees. It has no physical existence. It’s only a crypto trading currency. The “value” skyrockets decease the value skyrockets.
Yes an investment ... and it is taxed as such. If you have a huge gain but hold it less than a year, watch out. That’s a short term gain.
Have you read about NFTs?
Non-Fungible Tokens.
You can purchase one-of-kind digital art work, photos, documents, with your Bitcoins.
Some of the recent prices are staggering - literally, tens of millions of dollars for digital art work.
I suspect this is a first effort to monetize some of the huge Bitcoin profits that have been created in recent months.
In spite of the hype, it is still difficult, complex, and risky to convert your Bitcoin treasure into a stable sovereign currency.
like GME it is going to the MOON.
what happens if the net goes down??
I don’t understand where bitcoin comes from, I know it takes a lot of time and energy to “mine” it. But from where? It’s an imaginary thing of high value that doesn’t actually exist, and if the web ever crashed bitcoin owners have no way to access the unicorn farm. Is that about right?
The original inventor and investors are the ones holding the most value, so they do well to sell their magic invisible clothes to people who want in, for actual currency, and then likely they buy gold to actually reap actual value from something that doesn’t actually exist.
Spinning straw into gold comes to mind.
Spinning the imaginary straw of the invisible unicorn farm into gold.
Is that accurate?
> Yes an investment ... and it is taxed as such. <
There is now a Bitcoin kiosk at the grocery store where I shop. I have never bought Bitcoin, and probably never will (all of my spare cash is tied up in a Nigerian money transfer).
Anyway, here’s my question. Suppose I buy some fraction of a Bitcoin on a Monday for $20 and sell it a week later for $25. How would the government know that? Do you have to show ID to redeem Bitcoin?
Short term Cap Gains.
Since there’s no tracking, it’s the ‘honor system’ basically. I highly doubt that many actually declare that on taxes unless you’re Elon Musk or something.
For vendors that accept bitcoin as payment ... you buy stuff.
You conduct person to person transfer until the net comes back up. After which, your transaction will be verified. If the transaction was fraudulent, it will be detected and is reversible.
Bump for later
A few years ago, I put some money in digital currency. I put most of the money in alt coins (not bitcoin or etherium). My alt coins haven’t done all that well but my small holdings of bitcoin and etherium have done well. Overall, I have tripled my money in about 3 years.
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