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  1. #201
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    Quote Originally Posted by Kluian05 View Post
    How would you "cash out" on your investment? This part never made any sense to me. It's not like a stock you can just sell and the profits go into your bank account.
    Yes you can.

    The exchange services that provide bitcoin can instantly cash out your investment into US Dollars for example. You click on your bitcoins, put the number you want to sell and done. You now have USD instead of XBT.

    If you want that cash in your personal bank account, then you either use interac e-transfer which is instant but is maxed at $5,000 a day, or you can do a bank wire transfer which is limited to $500,000 a day. For most people, that's more then enough...

    That being said, the Chicago Board Options Exchange will be trading bitcoins starting Sunday night, and later on the CME group also. That means investors and portfolios will now have access to bitcoins as investments such as mutual funds and other types of investments.

  2. #202
    I sold about 10btc when they hit 1.5K early this year and paid my summer euro trip with some of it.

    Most expensive Kebob ever.

    /wrist

  3. #203
    Quote Originally Posted by Mikah View Post
    Yes you can.

    The exchange services that provide bitcoin can instantly cash out your investment into US Dollars for example. You click on your bitcoins, put the number you want to sell and done. You now have USD instead of XBT.

    If you want that cash in your personal bank account, then you either use interac e-transfer which is instant but is maxed at $5,000 a day, or you can do a bank wire transfer which is limited to $500,000 a day. For most people, that's more then enough...

    That being said, the Chicago Board Options Exchange will be trading bitcoins starting Sunday night, and later on the CME group also. That means investors and portfolios will now have access to bitcoins as investments such as mutual funds and other types of investments.
    And when IRS calls what do you do?
    All right, gentlemen, let's review. The year is 2018 - that's two-zero-one-eight, as in the 21st Century - and I am sorry to say the world has become a pussy-whipped, Brady Bunch version of itself, run by a bunch of robed sissies.

  4. #204
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    Quote Originally Posted by Elim Garak View Post
    And when IRS calls what do you do?
    I'm not in the US, so I doubt the IRS will call for me.

    But in Canada, like any other investments (mutual funds, stocks, bonds), I have to declare the profits as a revenue and pay taxes when I file my annual income tax report.

    But I assume it is similar in the US. As long as you declare the profits you make and pay taxes, the IRS has nothing to say about it.

  5. #205
    Quote Originally Posted by Mikah View Post
    I'm not in the US, so I doubt the IRS will call for me.

    But in Canada, like any other investments (mutual funds, stocks, bonds), I have to declare the profits as a revenue and pay taxes when I file my annual income tax report.

    But I assume it is similar in the US. As long as you declare the profits you make and pay taxes, the IRS has nothing to say about it.
    Sometimes it's hard to declare the profits if the source is not entirely legal. You don't see drug dealers declaring any profits, do you? What a wonderful way to launder the money it must be! Go tell them.
    All right, gentlemen, let's review. The year is 2018 - that's two-zero-one-eight, as in the 21st Century - and I am sorry to say the world has become a pussy-whipped, Brady Bunch version of itself, run by a bunch of robed sissies.

  6. #206
    Quote Originally Posted by ForLoveOfMe View Post
    Bubble.
    There will be price correction, but it's not in a bubble. People have been saying that since it was $10.

    - - - Updated - - -

    Quote Originally Posted by Elim Garak View Post
    And when IRS calls what do you do?
    Sell at Coinbase. Declare it on your tax form as capital gain/loss.

  7. #207
    Quote Originally Posted by Typrax View Post
    There will be price correction, but it's not in a bubble. People have been saying that since it was $10.
    The only reason it grows now is because people are buying to cash in on the bubble before it bursts. And I mean serious people who can buy integer values of bitcoins.
    For instance if you bought some yesterday, today you would've turned a profit of 20-30%.
    All right, gentlemen, let's review. The year is 2018 - that's two-zero-one-eight, as in the 21st Century - and I am sorry to say the world has become a pussy-whipped, Brady Bunch version of itself, run by a bunch of robed sissies.

  8. #208
    Quote Originally Posted by Elim Garak View Post
    The only reason it grows now is because people are buying to cash in on the bubble before it bursts. And I mean serious people who can buy integer values of bitcoins.
    For instance if you bought some yesterday, today you would've turned a profit of 20-30%.
    That's usually what people say as a coping mechanism when they are upset they didn't get in early.

  9. #209
    Quote Originally Posted by Typrax View Post
    That's usually what people say as a coping mechanism when they are upset they didn't get in early.
    Ooooh, tell us please why is it growing then? New fertilizer at the bitcoin farm?
    All right, gentlemen, let's review. The year is 2018 - that's two-zero-one-eight, as in the 21st Century - and I am sorry to say the world has become a pussy-whipped, Brady Bunch version of itself, run by a bunch of robed sissies.

  10. #210
    The Insane Kaleredar's Avatar
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    Quote Originally Posted by Typrax View Post
    That's usually what people say as a coping mechanism when they are upset they didn't get in early.


    People are playing into this whole "pyramid scheme" reaaaallly fucking heavily.


    I guess the prospect of "get rich quick schemes" can still sucker people in.

    "You'll see! You'll all see! Me and millions of other people will become millionaires overnight!"
    “Do not lose time on daily trivialities. Do not dwell on petty detail. For all of these things melt away and drift apart within the obscure traffic of time. Live well and live broadly. You are alive and living now. Now is the envy of all of the dead.” ~ Emily3, World of Tomorrow
    Quote Originally Posted by Wells View Post
    Kaleredar is right...
    Words to live by.

  11. #211
    Quote Originally Posted by Typrax View Post
    That's usually what people say as a coping mechanism when they are upset they didn't get in early.
    To turn that somewhat around, one of the best indicators of a bubble is when the average Joe starts bragging/telling others of their great investment and how amazing and good it is (not aimed at you, just a little history of bubbles)
    The real sexism of the world: which came first the chicken or the or egg, but no mention of a rooster!

  12. #212
    Quote Originally Posted by Lemposs View Post
    To turn that somewhat around, one of the best indicators of a bubble is when the average Joe starts bragging/telling others of their great investment and how amazing and good it is (not aimed at you, just a little history of bubbles)
    The general consensus is that crypto market caps will inflate like crazy as normies start coming in. I think that's what we've been seeing over the last couple of months. They'll make bad investment decisions, and then call it a "pyramid scheme". There are some cryptos that are schemes, but they are pretty easy to spot with a little research.

  13. #213
    Yeah, the houses are real, so it must be real.
    All right, gentlemen, let's review. The year is 2018 - that's two-zero-one-eight, as in the 21st Century - and I am sorry to say the world has become a pussy-whipped, Brady Bunch version of itself, run by a bunch of robed sissies.

  14. #214
    Quote Originally Posted by Typrax View Post
    The general consensus is that crypto market caps will inflate like crazy as normies start coming in. I think that's what we've been seeing over the last couple of months. They'll make bad investment decisions, and then call it a "pyramid scheme". There are some cryptos that are schemes, but they are pretty easy to spot with a little research.
    Well it is at this point only speculation what it will end up with. It could possibly tank if there suddenly is a reaction from the investors simply because it is spinning out of control (I mean, percentages in double digits, is rarely a good sign for a commodity without external reasoning), where buying and selling grinds to a halt, and that is where they'd essentially crash and boom because, well it is without those worthless. But then there is the other possibility of course that it will just flat line and behave like a standard commodity.

    Of course calling it a pyramid scheme is wrong, it builds to some extend like one, but so does every other commodity really, so yeah
    The real sexism of the world: which came first the chicken or the or egg, but no mention of a rooster!

  15. #215
    Quote Originally Posted by Typrax View Post
    The general consensus is that crypto market caps will inflate like crazy as normies start coming in. I think that's what we've been seeing over the last couple of months. They'll make bad investment decisions, and then call it a "pyramid scheme". There are some cryptos that are schemes, but they are pretty easy to spot with a little research.
    The general concensus among people who risked everything on bitshit you mean?

    Ofcourse it is. They risked their entire life on a stupid pyramid scheme.
    Vanilla fanboy - NOT a purist.

    Quote Originally Posted by Freighter View Post
    It is not disfigurement if it looks better.

  16. #216
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    Quote Originally Posted by Elim Garak View Post
    Oh it will, but then it will crash and the guy who ends with the most of it will kill himself.
    That's not even the problem -- the real problem is that it's not a liquid asset. Anyone who has made a large amount (more than a few thousand) will be unable to liquidate their bitcoin in a reasonable amount of time and no site that hosts BTC and crypto trading will be able to facilitate sellouts from those people. The people who have gone all-in for BTC are buying a currency they cannot use to purchase anything with (companies like Valve are not allowing BTC purchases anymore due to volatility) and cannot liquidate to actual cash.
    Sylvanas didn't even win the popular vote, she was elected by an indirect election of representatives. #NotMyWarchief

  17. #217
    Most of the time YouTube comments are shit. But sometimes you find a golden nugget. I found this on a crypotcurrency video.

    The reason it's so hard for most people to understand Bitcoin is that most people don't really understand money. Money isn't wealth. It's an accounting system used to facilitate the exchange of wealth. (The paradox of money is that while everyone wants it, no one actually wants it - they want the stuff they can buy with it!) Many people are put off by the fact that Bitcoins are 'just data'. But that's what ALL money is, information! More precisely, money is a means for credibly conveying information about value given but not yet received (or at least not yet received in a form in which it can directly satisfy a person's wants or needs).

    To put it yet another way, money is a ledger. With fiat currencies like the dollar, that ledger is centralized. And that gives the central authority responsible for maintaining that ledger tremendous power, power that history has proven will inevitably be abused. With Bitcoin, the ledger is decentralized. And that means that no one individual or entity has the power to arbitrarily create new units (thereby causing inflation), freeze (or seize) your account, or block a particular payment from being processed. We've had decentralized money before. After all, no one can simply print new gold into existence.

    And the 'ledger' of gold is distributed because the physical gold itself (the 'accounting entries' in the metaphor) is distributed. But with gold, that decentralization comes at a heavy price (literally). The physical nature of gold makes it hugely inefficient for global transactions.
    And this is why bitcoin is important! It is the first currency in the world that is both decentralized and digital. It is more reliably scarce than gold and more private and transactionally efficient than "modern" digital banking. This is why people are excited about bitcoin, it has the potential to be completely revolutionize money.

  18. #218
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    Quote Originally Posted by Elim Garak View Post
    Sometimes it's hard to declare the profits if the source is not entirely legal. You don't see drug dealers declaring any profits, do you? What a wonderful way to launder the money it must be! Go tell them.
    Actually, the CRA (Canada Revenue Agency) has already defined its politic on capital gain from digital currency trading, and how to declare it.

    I really don't see why you are saying that the source is not entirely legal. If you provide the receipts that you bought 2 bitcoins, and sold 2 bitcoins at X profit five months later, there is nothing that is not entirely legal, or different from buying/selling stock.


    The problem you are talking about has nothing to do with bitcoins. If you sell drugs and suddenly have 5 bitcoins that you sell for cash, then you have no source for that income and that is illegal. But you could also have sold drugs for $5,000 cash, and still have the same problem. Either way, you have not laundered the money, because you can not provide evidence for how you legally got it.

  19. #219
    Quote Originally Posted by ro9ue View Post
    Most of the time YouTube comments are shit. But sometimes you find a golden nugget. I found this on a crypotcurrency video.
    Revolutionize how? Make one global currency? No sane wealthy country would go for that.

    https://en.wikipedia.org/wiki/The_Em...7s_New_Clothes

    This comes to mind when people are speaking about bitcoin. You have nothing yet people stand there and moan and cheer at the king "look he has many bitcoins, look" when in reality he has nothing and its going to take a simple mind to make him understand that, not a brilliant theoretic
    Vanilla fanboy - NOT a purist.

    Quote Originally Posted by Freighter View Post
    It is not disfigurement if it looks better.

  20. #220
    Quote Originally Posted by Nupomaniac View Post
    Revolutionize how? Make one global currency? No sane wealthy country would go for that.

    https://en.wikipedia.org/wiki/The_Em...7s_New_Clothes

    This comes to mind when people are speaking about bitcoin. You have nothing yet people stand there and moan and cheer at the king "look he has many bitcoins, look" when in reality he has nothing and its going to take a simple mind to make him understand that, not a brilliant theoretic
    Again you're missing the point. All money is is the transfer of information. The actual object whether paper or pixel doesn't matter.

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