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| 02:27 AM | ||
| Users Online Now: 1,428 (Who's On?) | Visitors Today: 218,770 | |
| Pageviews Today: 292,178 | Threads Today: 103 | Posts Today: 1,148 |
| 02:27 AM | ||
Crypto in a nutshell… you think ya know but ya don’t know… | |
Oracle Prime
 User ID: 78614390  United States09/24/2021 06:23 PM  Report Abusive Post Report Copyright Violation | You're welcome. Also, bear in mind that if you want to swap back into dollars, there are "stablecoins" that mimic the US dollar on a (usually extremely close) 1:1 basis. I would use USDC, personally. I would not use USDT (aka Tether.) The advantage of this is that you are not creating a taxable event, as you would if you sold your holdings on an exchange for actual dollars. You can keep stablecoins in a load of different wallets. I use Atomic Wallet, which also allows a wide range of swapping as a built-in feature.  This is completely untrue and if any newbie is reading this you better do your homework. ANY transaction between coins (even stable coins) is a taxable event. The IRS will look at going into a stable coin as though you cashed out to USD and you will owe taxes on that (even though you don't have USD) if the place you did the exchange reports to the IRS. At this point in time I believe the level of transactions in a year for US citizens is $10,000 (it was $20,000). Once you go over that, everything you do gets reported on a US registered exchange. Why do you think they went after Binance? If you go from BTC to ETH and back again that is two reportable transactions, regardless of the coins you transact in. People have gotten buried by the IRS by selling BTC when it ran up to $20K and then went into other coins. By the end of that year the market had tanked, but they still owed the tax for earlier transaction. Also, you can only deduct $3k of losses per year, so another thing to be aware of. As for everyon spending with their credit cards, be careful. I haven't done research on it, but I'm not sure if those exchanges offering those report or not. You could spend $15K on gold coins, but IRS might say you owe capital gains on the crypto when you sold it to buy the coins. It's all about the reporting structure. It would be stupid to use a regulated exchange (Coinbase, Kraken, Gemini etc.) to swap into stablecoins. Why would you, when it can be done inside a wallet (Atomic Wallet, for instance) or via an online swap facility that doesn't use KYC/AML? When in crypto world, you really want to stay in crypto world as far as possible. Avoid bankster world and taxman world. I completely agree that it should be avoided if people are ok with taking the risk. Unfortunately, there are a lot of newbies that trade that don't know the quicksand they can get themselves into. Another thought, in time (not right now), the IRS and US Treasury will become more understanding of the block chain tech. I see at some point they would trace those transactions to wallets in a way to pin point the user, even if indirectly by IP addresses, etc. Also, there was a policy being proposed earlier this year to make those type of wallets KYC compliant. Enjoy it while you can. I don't think they will leave many loop holes in the next 5 years. Last Edited by Oracle Prime on 09/24/2021 06:24 PM |
| Anonymous Coward User ID: 80821639  South Africa09/24/2021 06:27 PM Report Abusive Post Report Copyright Violation | Cryptos were introduced by the NWO kabal for 3 explicit purposes: - to undermine the stable classical banking system in place by creating an alternative dark banking network - to suck you into digital money and get you all closer to the mark of the beast type chip - to allow criminals to utilize the off the books system, leading the increased explosion in criminal activity It all turned into pump-and-dump scenario with ICOs and multiple coin pumps and dumps. "Store value" was introduced to legitimize it's worthlessness. The tech is slow, inefficient, trackable, hackable, power waste and cumbersome to use - thus after about 10+ years still not widely adopted. But, it's tradable, but highly volatile and thus risky. |
| Anonymous Coward User ID: 79780865  Canada09/24/2021 06:33 PM Report Abusive Post Report Copyright Violation | ... Quoting: Anonymous Coward 69293517 And you seem so uneducated you swap bitcoin and crypto as terms thinking it's the same thing Bitcoin is what is considered a store of value now instead of being efficient for a payments not crypto in general Don't get me wrong the FED is going to try to take advantage of the cryptocurrency market and make their own coin... But unfortunately for them humanity is to awake to accept it And we haven't listened to an educated shills like you discourage something they know nothing about and we have kept investing in what we feel is morally right You have absolutely no 'education'. You spout easily debunked bullshit from /r/bitcoin. No 'crypto' is effective for payments as it is valued in garbage money aka stablecoins. No-one takes it because it's a pain in the ass to convert to actual money. The exchanges are gray market nonsense working through loopholes that are already in the process of being shut-down. You might as well buy beanie babies. Glad you think it's 'morally right' to transfer millions of dollars to peter theil, brian armstrong, tether, 'early adopters' and miners out of china. There is absolutely no benefit to 'crypto' to the average person except as being a pyramid scheme and shilling your shitcoins to other people so number go up and you get more money. Keep your ponzi money. Maybe you'll find a sucker to buy it one day. Dude... do you even know crypto?? You can already spend your coins as you wish... there are mastercards and visas already used just like regular credit... Tie the card to your cypto accounts and spend like regular credit card. It's already here. Either you aren't paying attention, or listening to the wrong people. Truly. Also, one of the main benefits with certain crypto's... XRP, XLM, HBAR and others... is that you can send and settle all payments in 3 to 5 seconds... any where in the world. Wiring money to, like Australia, takes 5 days for it to reach them.... not 5 seconds. If you can't see that one simple benefit, amongst many others, then you are either not paying attention, a FUD monster, or just listening to the wrong influencers.   |
| Anonymous Coward User ID: 65571479 United States09/24/2021 06:35 PM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 79780865 Canada09/24/2021 06:36 PM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 79780865 Canada09/24/2021 06:36 PM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 80715672 United States09/24/2021 06:38 PM Report Abusive Post Report Copyright Violation | Cryptos were introduced by the NWO kabal for 3 explicit purposes: Quoting: Anonymous Coward 80821639 - to undermine the stable classical banking system in place by creating an alternative dark banking network - to suck you into digital money and get you all closer to the mark of the beast type chip - to allow criminals to utilize the off the books system, leading the increased explosion in criminal activity It all turned into pump-and-dump scenario with ICOs and multiple coin pumps and dumps. "Store value" was introduced to legitimize it's worthlessness. The tech is slow, inefficient, trackable, hackable, power waste and cumbersome to use - thus after about 10+ years still not widely adopted. But, it's tradable, but highly volatile and thus risky. ALL of THIS |
| Johnny Balls
User ID: 80914021 Canada09/24/2021 06:57 PM Report Abusive Post Report Copyright Violation | Already planned 15 years ago. A means to smuggle trillions of money out of China when they collapse China’s economy. China tried to ban outflowing Yuan and now cracking down on all cryptos. Quoting: Anonymous Coward 77470462 Big empires playing chess games fellas. invest wisely. As gold was used as a tool to smuggle wealth out of a country they’ve replaced it with Crypto. Everything else is fog, chatter and should be deemed as such. Read this OP. Then read it again. Then read it one more time. Thread: Bitcoin Was Created By DARPA Jack Eye Xhekaj |
| Liberty420
User ID: 74093396 United States09/24/2021 07:00 PM  Report Abusive Post Report Copyright Violation | Bitcoin is super DE-centralized, and a bulletproof store of value (for long term HODLers, not silly day traders.) Quoting: Anonymous Coward 78507753 Many other cryptos ARE centralized, though (like ETH), so be careful out there. ETH could be destroyed fairly easily, even though it is the premier development platform (not currency.) It is almost inconceivable that BTC could be wiped out, though. Only a cabal of trillionaires could summon the necessary computing power to make a 51% attack on BTC. Even if such a cabal existed, they are probably benefiting from it, so it's a vanishingly unlikely scenario. like i said, if you look at history, today’s rhetoric, all governments’ stance and wealth (market cap) movements…. one thing points to anti-Chinese. It’s a means to liquidate Chinese assets when and if China tries to control their currencies and markets. EVERYTHING else is just fog. One thing BTC has against it is it backed by ready for it…. nothing… but some collective “people” that has no military, no government, no rules. One thing it has going FOR it is… ya can’t short it. You don't think US will crack down to? Don't they want to record all transactions over 20k? saw an article yesterday Meanwhile the IRS will look into bank accounts with more than 600 dollar transactions. You honestly think they will ignore crypto transactions less than 20k? Take your money and run, not worth risking it when shits bound to come to an end |
| Island Style
User ID: 80913697  Guam09/24/2021 07:02 PM Report Abusive Post Report Copyright Violation | |
| Liberty420
User ID: 74093396 United States09/24/2021 07:02 PM Report Abusive Post Report Copyright Violation | If things get really bad and there's an EMP and everything gets shut down you might not have your cryptos for a while (assuming you have them on Cold storage) but you will get them back Quoting: Anonymous Coward 69293517 People act like we're going to have a mad Max scenario for the rest of our lives You have to think about the future and what it will look like when everything is rebuilt And how many have thought they had it all figured out only to sit on assets waiting for a higher ROI? |
| Island Style
User ID: 80913697 Guam09/24/2021 07:02 PM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 80916277 United States09/24/2021 07:05 PM Report Abusive Post Report Copyright Violation | Computers are over already all that remains is the fine tinkering of the minds of all the clownsmen that believe in electrical toys. |
| Anonymous Coward User ID: 80015002 United States09/24/2021 07:08 PM Report Abusive Post Report Copyright Violation | Already planned 15 years ago. A means to smuggle trillions of money out of China when they collapse China’s economy. China tried to ban outflowing Yuan and now cracking down on all cryptos. Quoting: Anonymous Coward 77470462 Big empires playing chess games fellas. invest wisely. As gold was used as a tool to smuggle wealth out of a country they’ve replaced it with Crypto. Everything else is fog, chatter and should be deemed as such. Gold is worth money. It's used for jewelry and in industry. It can't be cloned. 'Crypto' is a 0 or 1 in an excel spreadsheet. It can be copied or 'forked' onto another chain and sold on any illegal exchange. 'Crypto' price is fraudulently based on the price of so-called 'stablecoins' which have not been proven to have backing by any real currency. Ergo, entire price of 'crypto' is fraudulent. Big players cannot extract 'fiat' from the crypto-ecosystem as not enough 'fiat' exists within it. I agree. It’s too risky. |
