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  1. #201
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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.

  2. #202
    The Unstoppable Force Elim Garak's Avatar
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    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, gentleperchildren, let's review. The year is 2024 - that's two-zero-two-four, as in the 21st Century's perfect vision - and I am sorry to say the world has become a pussy-whipped, Brady Bunch version of itself, run by a bunch of still-masked clots ridden infertile senile sissies who want the Last Ukrainian to die so they can get on with the War on China, with some middle-eastern genocide on the side

  3. #203
    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.

  4. #204
    The Unstoppable Force Elim Garak's Avatar
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    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, gentleperchildren, let's review. The year is 2024 - that's two-zero-two-four, as in the 21st Century's perfect vision - and I am sorry to say the world has become a pussy-whipped, Brady Bunch version of itself, run by a bunch of still-masked clots ridden infertile senile sissies who want the Last Ukrainian to die so they can get on with the War on China, with some middle-eastern genocide on the side

  5. #205
    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.

  6. #206
    The Unstoppable Force Elim Garak'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.
    Ooooh, tell us please why is it growing then? New fertilizer at the bitcoin farm?
    All right, gentleperchildren, let's review. The year is 2024 - that's two-zero-two-four, as in the 21st Century's perfect vision - and I am sorry to say the world has become a pussy-whipped, Brady Bunch version of itself, run by a bunch of still-masked clots ridden infertile senile sissies who want the Last Ukrainian to die so they can get on with the War on China, with some middle-eastern genocide on the side

  7. #207
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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.

  8. #208
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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.
    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)

  9. #209
    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.

  10. #210
    The Unstoppable Force Elim Garak's Avatar
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    Yeah, the houses are real, so it must be real.
    All right, gentleperchildren, let's review. The year is 2024 - that's two-zero-two-four, as in the 21st Century's perfect vision - and I am sorry to say the world has become a pussy-whipped, Brady Bunch version of itself, run by a bunch of still-masked clots ridden infertile senile sissies who want the Last Ukrainian to die so they can get on with the War on China, with some middle-eastern genocide on the side

  11. #211
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    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

  12. #212
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    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.

  13. #213
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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

  14. #214
    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.

  15. #215
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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.

  16. #216
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    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

  17. #217
    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.

  18. #218
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    Quote Originally Posted by ro9ue View Post
    Again you're missing the point. All money is is the transfer of information. The actual object whether paper or pixel doesn't matter.
    THAT is beside the point. Money is only good if people value it and accept it. Its only worth something if everyone agrees it s worth something.

    Just because some people are "excited" about the prospects of internet currency doesnt suddenly mean everyone else will take it in.

  19. #219
    Quote Originally Posted by Nupomaniac View Post
    THAT is beside the point. Money is only good if people value it and accept it. Its only worth something if everyone agrees it s worth something.

    Just because some people are "excited" about the prospects of internet currency doesnt suddenly mean everyone else will take it in.
    That's exactly whats happening though....

  20. #220
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    Quote Originally Posted by ro9ue View Post
    That's exactly whats happening though....
    You are out of your good mind if you think everyone agrees bitcoin is worth something

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