What do people think about Bitcoin?

Discussion in 'BBS Hangout' started by Spooner, Jan 25, 2014.

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What is the fate of Bitcoin?

  1. Currency of the future

    29.8%
  2. Passing Fad

    70.2%
  1. Dr of Dunk

    Dr of Dunk Clutch Crew

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    Do you guys know of any good sites that talk about tax implications or how to report cryptocurrency transactions, gains/losses, etc. to the IRS?
     
  2. Commodore

    Commodore Contributing Member

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    I think it's treated like capital gains
     
  3. Space Ghost

    Space Ghost Contributing Member

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    Im not an expert on this subject, but doesn't bitcoin have to be recognized as an actual investment vehicle controlled by the fed before it can be treated as capital gains?

    I suspect it will be treated as standard income and you can't write off any losses.

    Find some sucker who will sell you a house or something with bitcoin and force them to deal with the tax liability.
     
  4. HR Dept

    HR Dept Contributing Member

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    Can't believe I slept on cryptos for this long. It took a friend of mine showing me how real and accesible this is.

    I'm in, and Coinigy will live in an open tab on my MacBook at all times.
     
  5. Space Ghost

    Space Ghost Contributing Member

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    I am a little surprised this thread has been sitting quiet. I really wished I payed more attention to block chain technology earlier. The more I research and delve into this world, the more I find myself amazed. Block chain technology is going to explode in 2018. There are going to be plenty of everyday people who will make a fortune and there will be those who are going to lose their ass.

    I am struggling to find people who actually understand crypto and its real everyday potential. The vast majority of people are completely clueless on the existence of cryptocurrency. The vast majority of those who know of its existence are treating it as Vegas and blindly throwing cash around hoping for awesome returns and not know exactly what they are investing in. Then there are those who spend thousands on mining equipment.

    This is a fun time to get in.
     
  6. KingCheetah

    KingCheetah Contributing Member

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    I hear PotCoin is the future.
     
  7. heypartner

    heypartner Contributing Member

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    [​IMG]
     
  8. Dr of Dunk

    Dr of Dunk Clutch Crew

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    We were just talking about PotCoin at work the other day ... along with HempCoin, MarijuanaCoin, AmsterdamCoin, and KittehCoin. lol.
     
    KingCheetah and heypartner like this.
  9. dmoneybangbang

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    I think blockchain technology is where the future is, crypto currencies are merely an offshoot of that idea that will be very hard to become mainstream.

    Most major financial institutions are using block chains to cut costs and major countries like India have eliminated large swaths of their paper currency.
     
    Yung-T likes this.
  10. moestavern19

    moestavern19 Contributing Member

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    Blockchain is a tremendous idea, but without major companies like Microsoft on board, it would just be another crypto-brick in the wall. That is why Ether is gaining so much momentum. Early adoption on a grand scale. Everyone seems bullish no matter where you look.
     
  11. heypartner

    heypartner Contributing Member

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    @moestavern19 and @dmoneybangbang

    Am I missing something...Block chains are a core means of managing data in the original bitcoin. Why are you guys talking about it like it's a new idea or "the future." I don't follow this thread much, so probably missing something. Is some company or group re-appropriating that data structure concept as their own, or has it indeed taken on a different meaning from how bitcoin relies upon it.
     
  12. RedRedemption

    RedRedemption Contributing Member

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    I knew I should have taken that distributed systems class.
     
  13. moestavern19

    moestavern19 Contributing Member

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    I dont pretend to know about this in great depth, but I've been following along since I purchased some E a couple months ago.

    My understanding of Ethereum is that it differentiates from say BitCoin, by using the same blockchain in efficiency systems within a corporate network and beyond. It has potentially large ramifications in this regard. It is also still too soon to tell but at this point people are drunk on crypto-greed and are losing their minds trying to grab a ticket on the gravy train.
     
  14. Space Ghost

    Space Ghost Contributing Member

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    Bitcoin was designed to be a currency. 'Cryptocurrency' is no longer the most accurate term. Block chain technology is a better fit. Ethereum is not designed to be a currency like Bitcoin. Its more of a contracts system in which actual code can be attached and executed in the chain. With Bitcoin, the second you send it, its pretty much gone. In Ethereum, if the specified contract is not executed, you get your Ethereum back. Here is a site that has quite a few DAPPS on them. https://dapps.ethercasts.com/

    Some of these block chain designs have different purposes. For example, one of them allows your computer to be used for distributive power, purchased by people who can't afford (or want to) serious computing power. In exchange you get tokens. Bancor is working to allow currencies to be traded w/out going through exchanges using smart tokens.

    Several countries are using block chain in government services. For example, The Republic of Georgia is using a private block chain to register land titles. It all comes down to using ones imagination
     
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  15. LosPollosHermanos

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  16. CometsWin

    CometsWin Contributing Member

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    Where he at though?
     
  17. moestavern19

    moestavern19 Contributing Member

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    Probably exchanged his stash for PotCoin last year.
     
  18. Mr. Brightside

    Mr. Brightside Contributing Member

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    Ganja died for Bitcoin's sins. Now he's probably a BTC billionaire.
     
  19. LosPollosHermanos

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    I actually know him. Dude was ridiculed left and right for putting all his money in it the last couple of yrs... eats and breathes bitcoin everyday and is probably banking right now.
     
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  20. Invisible Fan

    Invisible Fan Contributing Member

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    Still can't spot a proper Mont Blanc wallet.
     
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