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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

    35.4%
  2. Passing Fad

    64.6%
  1. Pizza_Da_Hut

    Pizza_Da_Hut I put on pants for this?

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    Hey guys, I've been using the Ron Swanson approach of cashing in my paychecks for gold, then burying it near me. Is this not as good as bitcoin?
     
  2. Space Ghost

    Space Ghost Contributing Member

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    SIL is just trolling. At this point, I doubt he's put in anything other than opening up a coinbase and deposited a few dollars.
     
  3. Major

    Major Member

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  4. Space Ghost

    Space Ghost Contributing Member

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    FIFO is complete BS.

    maybe you can help me, but how can this be enforced? I guess it would be based on your ledger?
     
  5. Major

    Major Member

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    In general, tax compliance is on the taxpayer. You're going to be responsible for figuring out your gains accurately and reporting them. If the IRS thinks anything fishy is going on, they can then ask for your records/proof or do a full audit of you. How they will do that is probably still an unknown since all of this is still in its infancy. Many people will attempt to cheat the system and get away with it. Others will probably get caught. The risk, if they decide the deceit was intentional, is jail time. (penalties and fines if they think it was just accidental).
     
    Yung-T likes this.
  6. mrm32

    mrm32 Member

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    I don't see how it can be enforced if your purchases and sales transactions don't get reported to the IRS. When would they know when to send you a notice?
     
  7. LongTimeFan

    LongTimeFan Contributing Member

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    I think they can get user info from Coinbase and other US exchanges? I know they won a recent lawsuit vs. Coinbase to get them to hand over certain user files.

    Honestly, none of it matters unless (until) you're audited. I wouldn't be too worried for the average user, unless you're depositing and withdrawing tens of thousands. Those transactions might catch an eye and get looked at a little closer.

    edit: My CPA has no idea wtf Bitcoin or cryptocurrency is, so this will be a fun tax season. I'm not planning to cheat or lie about anything, but I'm also not going to take the time to try to track down every trade I've done and consolidate it. That's crazy work.. I'll do that if they come calling.
     
    #2727 LongTimeFan, Dec 13, 2017
    Last edited: Dec 13, 2017
  8. mrm32

    mrm32 Member

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    Correct. I believe i read somewhere were the amount had to be pretty big in order for you to catch their attention ($20k+ comes to mind but I'm not sure).
     
  9. SirIvyLeague

    SirIvyLeague Member

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    Clearly, you've never traded before.


    One of the most successful traders to ever buy and sell green lumber – which is freshly cut wood – actually had no idea what he was trading. He spent his entire career trading green lumber career believing the product was just wood painted green, and not newly cut trees. His ignorance of the product had no impact on his ability to make money trading it.

    The term “Green Lumber Fallacy” was coined by Nassim Nicholas Taleb in his excellent book ‘Antifragile’, where he outlined a second similar situation: a star Swiss Franc trader who’s inability to locate Switzerland on the map didn’t hinder his ability to make money trading its currency.


    You ever hear of that?

    I'm a huge subscriber of this. I went from trading gas to power, not KNOWING **** about power. Simply was told to trade like I know, don't worry about the material or substance. Now I'm one of the top traders under 30 and officially accepted an offer to a top fund that trades paper energy. A rival of Velocity down in the Houston.

    Call me what you want, results speak for themselves...and I love how all of @Yung-T s claims are after the fact. Oh now theres correction, after LTC and BTC dip.how convenient.

    Tell me ahead of time Mr.Hindsight, @Yung-T.

    As for you @Major , you may know more about which ICOs are happening, what crypto does what, but you don't know how to trade. If you feel so, don't be a pussy like @Yung-T call your mark and we'll trade for a year and see who does better.

    SIL
     
  10. SirIvyLeague

    SirIvyLeague Member

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    $20k movement is what I heard, too. Take out 40% conservatively of whatever you're doing if you're swinging that size.

    SIL
     
  11. Yung-T

    Yung-T Member

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    Yea, like I've been seeing a continuing rally since 5k, saw a 20k top and a max short at 12k that nearly hit. And how I know that LTC and ETH pump after btc, which everyone that looked at the history of this knows.

    You're making a complete fool out of yourself here and no one is taking that crap serious, just stop for your own sake.

    You should really consider therapy if people calling out your bad moves gets you this riled up and leads you to needing to swing your dick at random internet users on a basketball board in every post.
     
  12. SirIvyLeague

    SirIvyLeague Member

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    100% legit. There's three members that are on this board that know me and/or know where I work and what I do.

    SIL
     
  13. SirIvyLeague

    SirIvyLeague Member

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    LTC and eth rally after even I knew. Heck, that new poster in this thread knew.

    My correcting point was seeing LTC slide today, and say oh hey look guys...CORRECTION. told ya.

    But 12-20k lol. Dude so full of ****. If you thought this, why didn't you do it. You should've ran this thing up.

    Bad moves?

    I've done two bad moves in this space. I eat my losses like a champ. I got no prob explaining my losses, too, if someone wants to prevent themselves from doing it too.

    No one's taking my **** serious, yet PMing me all day long about what I'm doing. Oh okay, says the guy that has 0 skin in the game.


    SIL
     
  14. Major

    Major Member

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    No, you're not. You're a trolling idiot who's proud of his ignorance and yet claims to be trading Cryptocurrency but doesn't even know the basics of how an exchange works, which even the most novice person who signs up for Coinbase and invests $10 would or should know. You're basically just a fraud.

    You mistake me for someone who cares about some kind of competition with you. I don't. I'm interested in helping people who want to know more about this stuff and make good decisions for themselves. I hate willful ignorance and stupidity, and thus I have an extremely low opinion of you as a person. I want people to know you're an idiot so they don't take bad advice and do stupid things. That's it. I don't care about your money or if you make stupid decisions or how well or poorly you do in trading this or in life in general.
     
    #2734 Major, Dec 13, 2017
    Last edited: Dec 13, 2017
  15. Yung-T

    Yung-T Member

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    I could've called these rallies (not how much they'd increase, no one can) as soon as btc started from 5k, it is what it is when you know this market.

    I posted these numbers, unlike you I can back up my claims with actual posts for everyone to see.

    Every move you made was bad because you bought coins without knowing anything about them or their price potential (XRP for example), don't even know how exchanges and the market works and therefore f***ed up your potentially much higher profits the minute you entered this market.

    Again, people here are only trying to help, but your terribly inflated ego and arrogant persona made you go ape-sh** and insecure. It's beyond childish at this point and I really doubt you'll do well in the future if random posters on a basketball board mess with your mind and confidence this badly.

    Won't reply anymore, you're a waste of time and too stupid to see your own shortcomings.
     
  16. SirIvyLeague

    SirIvyLeague Member

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    You read the Nassim Taleb excerpt?

    SIL
     
  17. SirIvyLeague

    SirIvyLeague Member

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    LOL.

    Such a joke. This guy right here has never traded, has no idea what he's doing, and is claiming he knows something. I know how an exchange works, I thought they would be more than just that.

    Kind of like how NGX has changed their basis of being an exchange. That'd be a bit more appropriate, prior to merging with ICE.

    No one should follow your, mine, or anyone's advice. They should just know what's at risk and plan accordingly, that's the only the thing. I've stated this numerous times.

    When I take a position, post it here and tell you my limits. It's nothing more than that. It's not to follow or copy.

    I suggest you read the Taleb excerpt, too. You'll learn something. The information you give is NOISE, the stuff I say are what I've done. I rarely will ever give spec info.

    @Yung-T even my shitty Ripple purchase is fine. Having 300 Ripple @ .22355 and it now being @ .49.

    Omg what a ****ing mistake. 300 shares doubled. Dumb SIL. I'll stick to @DudeWah info.


    SIL
     
  18. RocketsLegend

    RocketsLegend Member

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    Is it a good time to sell my Etherum and get back in later when the price drops?
     
  19. Stack24

    Stack24 Contributing Member

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    @Yung-T & @SirIvyLeague

    Any chance you guys just agree to disagree and leave it at that. We can provide so much more info than the banter going on right now. It's not going to do anything for the quality of the thread. No point in going back and forth becuase it's never going to go anywhere.

    I'm in the same bought. I actually bought some ETH to use for some alts to build out my bro's portfolio, but the prices had gone up on the alts and I wanted to wait. But it worked out in his favor since it has run up from the $430 that I bought it at.
     
  20. LongTimeFan

    LongTimeFan Contributing Member

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    Almost impossible to say. If you consider yourself more of a casual investor, I would advise just to hang on until you're ready to cash out. Trying to outsmart the market and sell high/buy low often leads to people buying back in for higher than they sold.

    The hardest skill to master for me has been patience. I've sold what I thought was the top -- only for it to stabilize around my sell price and start trending up. I immediately jump back in, and a week later the price goes down 30-40%. Had I just held my money on the sidelines....

    Patience is the hardest skill for me to master :(
     
    Yung-T likes this.

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