My new boss is named Bessie. She tells me I start on Monday and I won't regret it. My kit has not arrived yet but maybe tomorrow?
I never thought I'd be an envelope stuffer but here I am at this particular moment in time.
Posted on 11/30/2022 7:43:46 PM PST by catnipman
Bitcoin's conceptual design and technological shortcomings make it questionable as a means of payment: real Bitcoin transactions are cumbersome, slow and expensive. Bitcoin has never been used to any significant extent for legal real-world transactions.
Bitcoin is also not suitable as an investment. It does not generate cash flow (like real estate) or dividends (like equities), cannot be used productively (like commodities) or provide social benefits (like gold). The market valuation of Bitcoin is therefore based purely on speculation.
Speculative bubbles rely on new money flowing in. Bitcoin has also repeatedly benefited from waves of new investors. The manipulations by individual exchanges or stablecoin providers etc. during the first waves are well documented
It’s also worth noting that the Bitcoin system is an unprecedented polluter. First, it consumes energy on the scale of entire economies. Bitcoin mining is estimated to consume electricity per year comparable to Austria. Second, it produces mountains of hardware waste. One Bitcoin transaction consumes hardware comparable to the hardware of two smartphones. The entire Bitcoin system generates as much e-waste as the entire Netherlands.
(Excerpt) Read more at ecb.europa.eu ...
I have a large bag of Magic Beans that i’d be happy to trade you for as much of that worthless fiat that you want to get rid of ... one reason they’re magic is that they’re invisible and the bag LOOKS like it’s empty, but i assure you that the bag is really filled to the brim with Magic Beans ...
“Only a government cargo-cultist would believe a government fiat currency backed by nothing is any different than a non-government fiat currency backed by nothing.”
LOL!
Government-trained monkeys who spout government propaganda dominate the leftist media and academia. Of course they’ll believe that governments who print fiat have the citizens’ best interests in mind.
Better than Bitcoin.
I have been following bitcoin since it was $500. I have not bought any, and this point, I don't intend to.
I do have some comments/questions that maybe you can respond to.
Coinbase is an American publicly traded company that operates a cryptocurrency exchange platform. So, if I wanted to buy or sell Bitcoins, I could do that by going through Coinbase?
Here's my question...If I were to sell $600 worth of Bitcoins through an exchange like Coinbase, would they then issue a 1099K to me and the IRS?
I believe they will issue a 1099k. I also believe this will create turmoil in the entire crypto industry as the IRS will now have insight to any crypto account that converts crypto to cash greater than $600 per year.
What's your take?
I have been audited by the IRS over crypto. Trust me, they have agents assigned to this stuff who know what they are doing. Accurate and “supportable” records are the key. I had a several year enema from them over crypto. And I thought I reported everything accurately. They were pulling $3 transactions from 2013 and asking what it was, where did it go, and prove it. I could do that with most of them…but the ones I couldn’t were priced to market.
Coinbase will start issuing 1099’s this tax year (I think.). Their process will be no different than a regular brokerage.
My only advice to anyone doing this stuff is to stay away from day trading and stay away from the weird alt-coins. And finally, don’t invest a dime that you cannot afford to lose.
Cathie’s record 2 years ago made her look like the second coming of Peter Lynch. Since then she has been abysmal. She has an interesting take on inflation, believing we are in a long term deflationary cycle, despite the current short term inflation. She thinks technological advances, particularly automation, means deflation. I find it interesting but don’t hear anyone else saying this
And those who bought in 5 or more years ago are multi-millionaires.
“And those who bought in 5 or more years ago are multi-millionaires.”
Ponzi schemes ALWAYS enrich the early birds ... always ...
Bitcoin has been around for fourteen years now. Five years ago is hardly being early.
My new boss is named Bessie. She tells me I start on Monday and I won't regret it. My kit has not arrived yet but maybe tomorrow?
I never thought I'd be an envelope stuffer but here I am at this particular moment in time.
I hope all who have read your post take your advice.
The entire Bitcoin system generates as much e-waste as the entire Netherlands.
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