I traded some of mine for this:
And this...
Posted on 02/19/2021 11:29:47 AM PST by bkopto
The price of bitcoin crossed another major milestone Friday, as the cryptocurrency’s market value surpassed $1 trillion, according to Coindesk.
The digital currency was trading at just under $54,000 per coin Friday as it hit the new level, and rose to a high of $54,880 later in the session, according to Coin Metrics. The price of bitcoin has now gained about 350% over the past six months. Before the recent surge, the digital asset has never traded above $20,000.
(Excerpt) Read more at cnbc.com ...
Indeed
Fortunes are made and lost with every mania. Be nimble and don’t get overly gready. Bitcoins have no intrinsic value at all and are always subject to government regulation or outright banning in a worst case scenario. I always advise people to use no more than 10% of their net worth on speculative bets and never do it on leverage. If you are using less than 10% and don’t mind getting wiped, go ahead.
The BIS estimates 2.2 trillion dollars trade every day. That is daily trade volume, not the amount held in accounts. I mentioned the subject of liquidity to a bitcoin fanboy and they had no concept of what that meant in real world trading or transactions. The number of credit transaction per day is huge. The transaction rates per hour/day are massive.
Bitcoin is a TOY for crypto nerds and gold bugs. It would crash and burn if it had to support if even a small fraction of currently used currencies and payment types used it.
I ate it.
Should have held on to it, I know, I know.
My miners churned out over a score. Sold a few recently. Uncle Sam wants his cut. He even includes a question about them in the new 1040 forms. I kept a few.
https://www.gemini.com/cryptopedia
The resources there are pretty good. You’ll have to put some time into it, but, if you want to understand....that’s a good resource. :)
Precious metals have a significant number of industrial uses, have 10k+ years of history as a store of value, are pretty in jewelry, and can physical be held and thus subject to less risk of being effectively destroyed by the government in one fell swoop. You can argue exactly where they should put precious metals value but saying there is no real value simply isn’t true. Palladium’s price is nearly entirely from its industrial usage for example.
“But when you stop to think about it, that holds true for just about anything, including precious metals.”
The precious metals have real values!
“Your post only brings back bad memories for me. Last year I invested $10,000 in Bitcoin. Turns out it wasn’t the right kind of Bitcoin.”
Sometimes, you have to eat your losses ...
Government currencies may be the problem and could now be facing the truth-telling of the market.
Cryptocurrency value is based on what the holders are willing to trade it for and each cryptocoin can be traced.
-Dollars can be overprinted.
-Dollars can be counterfeited.
-Dollars can be devalued.
-Dollars are not backed by physical assets.
-Dollars are issued by a government that has printed more and more funny money, is $28 trillion in debt, and has over $160 trillion in unfunded liabilities.
-The government can (and has) signed on to other debts that dollar holders would not be aware of, much less able to control.
Bitcoin is not increasing in value - the dollar is dropping...just like it is against gold.
like tulips, except for the supply is limited, and new circulation/coins are tied to confirming transactions and maintenance of the ledger; no physical degradation is possible (unlike tulips); and it has an open source software platform built on top of it (ehtereum) which has many uses already related to decentralizing finance (ie, getting rid of predator banks).
other than that.....exactly like tulips. :)
I half-understand bitcoin. So far its value swings too wide for my comfort. Maybe as a short-term medium of exchange, but not a storehouse of value.
I traded some of mine for this:
And this...
Because bitcoin is a crypto nerd experiment, it has FATAL FLAWS in it’s design that prevent it from being used in a serious manner. Modern coins do not. When those come out, Bitcoins will crash and burn and be worth zero. Enjoy the ride, however short that may be. Don’t be the one without a chair when the music stops.
In other get rich quick news... GME traded at $38.50 today, down from a high of over $500 just three weeks ago.
government can’t destroy bitcoin....it’s a computer program “stored” on computers around the world
so long as one full copy of the blockchain exists anywhere....bitcoin can’t be destroyed
now...what government CAN do is harm its citizens who try to access their bitcoin. it can cut off electric power (like in Venezueala), it can resort to internet censorship (like in China...but there are ways around that), and it can get very clunky and “outlaw all cryptocurrency” like India did. But all India is doing is attempting to cut off its citizens access to something that is, well, indestructable.
And, the more built out the ethereum applications get....the less ability governments will have to even do that, thankfully. you can now text people money using crypto. it’s not easy to get set up, but once you are set up, it’s pretty easy.
eventually government is going to have to resort of shutting down the internet....but I suspect the days are coming soon enough when government won’t be able to do that, either.
hopefully anyways.
but other than that, no one can stop bitcoin. it’s physically impossible.
Sounds like sour grapes.
Too bad you didn’t get in when others did.
3. Most investing right now are not aware of the tax implications. The IRS treats it as an investment such as stocks, and not as a “currency.“
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Can you give me a brief detail of the tax implications? I’m been a Bitcoin investor for 3 years. Never received a 1099. Never reported any income or interest earned. Never reported on Schedule D.
r/gmebutthurt should be interesting ;)
Bitcoin advocates always point out that there are a fixed number of bitcoins. There can never be any more of them, and therefore the bitcoin supply can never be watered down as it is with Federal Reserve paper.
So how can people be “mining” bitcoins by running some piece of software?
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