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Ren's old crypto thread || we know how to buy this stuff now (1 Viewer)

lumpy19 said:
You didn't answer any of my questions.  What lines can I bet? Am I risking only 2k on these or is it to win 2k?
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I am assuming betting $2k on each, but you can adjust how the rules are. I am just trying to make a level playing field as possible with two different situations. 

 
I side with lumpy here.  I'd add that in sportsbetting, over a large enough sample you are pretty much guaranteed to be profitable if (big if) you're good.  I'm very bullish on crypto but there are a lot of risks and unknowns.  If the US gov't came out tomorrow and banned it, we would tank and take a while to recover from that imo.

I want in on this but I think it should measured in ROI.

 
Peyton Marino said:
I want in on this but I think it should measured in ROI.
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I am open to suggestions on how to set it up.  I kind of thought it did compare ROI.

And you are correct, governments attempting to ban crypto would destroy the price.  But of course the ban would be ineffective. 

 
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Megaton said:
I am open to suggestions on how to set it up.  I kind of thought it did compare ROI.

And you are correct, governments attempting to ban crypto would destroy the price.  But of course the ban would be ineffective. 
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How do you ban it?  

 
[icon] said:
I love having siff in here. 

I get your word isn’t gospel and you’re going to miss on calls, but I dig seeing a damn good “traditional” financial mind’s perspective on this. :thumbup:  

If you don’t mind me asking, Are you dabbling, ankle deep, or not in the market but intrigued by this? 
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If by "damn good "traditional" financial mind...you mean.

a member of the cryptocurrency multi-thousandaire / 4 digit, 1 comma profit club.  Well thank you...thank you very much for the kind words.

I don't trade any of the cryptos.  I do own Ethereum, BAT and Cardano, starting with ETH back in early May of last year.   Recently, I think it's interesting to look at them from a charting perspective...and fun to throw out some "calls."  I'm a fair technical trader and better in a higher volatile environment.  Use any of my comments with the same caution you should use with "advice" from a 15 year old youtuber.

ETH was at $1075 when I saw the "All Clear" signal. last night.  My target is $1300+.  Who knows?

 
Megaton said:
Tell you what.  You pick 5 of the best bad lines you see over the next three months and place an imaginary $2000 bet on each of those.  See if that money is larger than Cav's portfolio on the other thread by April 30th.  We can put $100 on it if you want to make it a bit interesting. 

ETA:. Link here.  It started at $10k now sitting at $12,700 even after experiencing a 45 percent market correction this week.  So see where it stands on April 30th.  
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This would actually be an interesting exercise if you picked a different gambler who wasn't one of the worst on this board.

 
Hilts said:
Redemption for @Jake22 with TRON and Justin Sun getting love from Newsweek.
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LOL, are these articles supposed to be "love" when I see it note that there hasn't been a singe real use yet and this gem:

For example, on January 22, Tron Puppies will be released by game.com, where users can use Tron coins to play the game, Sun tweeted.
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Well, first Crypto Kitties and now Tron Puppies. I think blockchain (the tech) has it's future, but 99% of these coins will be worthless when the "winners" are declared.

 
stbugs said:
LOL, are these articles supposed to be "love" when I see it note that there hasn't been a singe real use yet and this gem:

Well, first Crypto Kitties and now Tron Puppies. I think blockchain (the tech) has it's future, but 99% of these coins will be worthless when the "winners" are declared.
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Bingo. The ones that aren't BTC.  :yes:

 
Megaton said:
Bitcoin is like the Netscape of crypto.  It is dominant now, but it will get passed by as innovations occur.  
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Wouldn't surprise me if the "winner" isn't (or aren't) even around right now. Google's a great example. They weren't even around when there were at least a dozen search engines with billion dollar+ valuations and the rest of them all went belly up or barely register any significance like Yahoo (no longer a publicly traded company). Even in the browser war, Chrome and Safari are the top 2 and the two who went to war (IE and Netscape) at the beginning are 3% or under in market share. Some of the biggest dotcom companies, like Facebook, came around after the dotcom bubble and crash.

I hope you guys do well, but I'm probably a little too risk averse to gamble right now. I'm old enough to have lived through a few bubbles of the revolutionary ideas to know that first movers aren't always the final winners. If you get out of those first movers at the right time, you can make a lot of money, but if you don't, you can lose 100% of your investments. I've been well acquainted with quite a few multi-billion dollar valued companies that are worth nothing right now. The people who made the most money were the insiders who took the company public, not the institutional investors, kind of like Charlie Lee and Litecoin.

It's fun to follow though and see the shills like Sun and Tron, I mean seriously, Tron Puppies is a good announcement? Read that article and see how anyone he is partnering with is the next Netflix or next whatever. Plagiarizing other whitepapers screams a dude and friends trying to make a quick buck and get out leaving someone else holding the bag. A founder like Charlie Lee selling everything high and trying to say it's to avoid conflict of interest? Not sure Steve Jobs or Jeff Bezos or any other real company founders would have thought about doing that. Also, that Jake guy trying to pump Tron and then talking about an Australian energy company's blockchain as if that is a good investment? Seriously? Pretty soon, my son's elementary school is going to start using their own coins for school lunches and he's going to say that's a great opportunity.

 
Megaton said:
Bitcoin is like the Netscape of crypto.  It is dominant now, but it will get passed by as innovations occur.  
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Bitcoin is like the Netscape of crypto  internet of money.  It is dominant now, but it will get passed by as  precisely because innovations occur. To paraphrase Andreas Antonopoulos, the real power of Bitcoin, like the internet itself, is that it is open, global, transnational, borderless, censorship resistant, open-access and anyone can innovate without permission. It has veritable unlimited collaborative potential. And the most robust and secure systems are those that are subject to attack and competitive disruption every day, and through that process become ever more robust, as bitcoin has, 24-7, for the past nine years. No one can guarantee that it will be Bitcoin that is still dominant. But it will be something LIKE Bitcoin, not some centralized, INTRAnet thing like Ripple.

 
onionsack said:
Bitcoin is like the Netscape of crypto  internet of money.  It is dominant now, but it will get passed by as  precisely because innovations occur. To paraphrase Andreas Antonopoulos, the real power of Bitcoin, like the internet itself, is that it is open, global, transnational, borderless, censorship resistant, open-access and anyone can innovate without permission. It has veritable unlimited collaborative potential. And the most robust and secure systems are those that are subject to attack and competitive disruption every day, and through that process become ever more robust, as bitcoin has, 24-7, for the past nine years. No one can guarantee that it will be Bitcoin that is still dominant. But it will be something LIKE Bitcoin, not some centralized, INTRAnet thing like Ripple.
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Can we settle for something that doesn't take TeraWatts of computing power just to facilitate someone buying a couple lamps at overstock?

 
onionsack said:
Bitcoin is like the Netscape of crypto  internet of money.  It is dominant now, but it will get passed by as  precisely because innovations occur. To paraphrase Andreas Antonopoulos, the real power of Bitcoin, like the internet itself, is that it is open, global, transnational, borderless, censorship resistant, open-access and anyone can innovate without permission. It has veritable unlimited collaborative potential. And the most robust and secure systems are those that are subject to attack and competitive disruption every day, and through that process become ever more robust, as bitcoin has, 24-7, for the past nine years. No one can guarantee that it will be Bitcoin that is still dominant. But it will be something LIKE Bitcoin, not some centralized, INTRAnet thing like Ripple.
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The block chain technology is the internet.  Bitcoin is just one implementation which will become obsolete as better ways come about.  It is too slow for one and that will drive the demand for alternatives.  The block chain is the piece like the internet which does not have competition.  Bitcoin certainly does and is slowly losing market share.....just like Netscape.  

 
Megaton said:
The block chain technology is the internet.  Bitcoin is just one implementation which will become obsolete as better ways come about.  It is too slow for one and that will drive the demand for alternatives.  The block chain is the piece like the internet which does not have competition.  Bitcoin certainly does and is slowly losing market share.....just like Netscape.  
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Not really. Antonopoulos explains here why the blockchain itself isn't really that interesting or useful stripped from the currency, proof of work and the Nakamoto consensus. Or listen to him expand on that theme here.

 
I'm 75% back in fiat now. Trying to hedge against the next perceived futures date on Thursday. Hoping to catch the bounce back without suffering through the slide down.

 
SkyRattlers said:
I'm 75% back in fiat now. Trying to hedge against the next perceived futures date on Thursday. Hoping to catch the bounce back without suffering through the slide down.
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Swimming with sharks trying to not get chopped up. You're either a believer and hold through the swings or get out completely... The overwhelming majority of people who try to trade this through the swings will get slaughtered. 

 
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fantasycurse42 said:
Swimming with sharks trying to not get chopped up. You're either a believer and hold through the swings or get out completely... The overwhelming majority of people who try to trade this through the swings will get slaughtered. 
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Good advice right here. Trying to time the market is hard enough in a regulated market let alone where people can make up whatever random crap they want to pump and dump.

 
Megaton said:
The block chain technology is the internet.  Bitcoin is just one implementation which will become obsolete as better ways come about.  It is too slow for one and that will drive the demand for alternatives.  The block chain is the piece like the internet which does not have competition.  Bitcoin certainly does and is slowly losing market share.....just like Netscape.  
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The future is secondary layers built on top of the bitcoin blockchain.  

If the goal is to ever be able to process volume like Visa/etc it won't be happening on chain.

Hal Finney, one of the OG's of bitcoin who received the first payment from Satoshi, foresaw this years ago.  

https://bitcointalk.org/index.php?topic=2500.msg34211#msg34211 

 
cross post from the gambling forum

so back to Bitcoin and taxes

just using some rough numbers lets say I cashed out $5K in several transactions during 2017

ran a report on coinbase and I basically get something like

Bought 1 BTC for $1K using My Bank Account

Received $2K from External Address  :whistle:

Received $2.1 K from External Address  :whistle:

=======================================

Sold $0.5K to Bank Account

Sold $3K to Bank Account

Sold $1.5K to Bank Account

=======================================

Total Gains/Losses (USD) = $0.1K

so basically the report is showing a small net gain or loss, is that all I have to pay taxes on?  or do I also have to claim that $5K I put into my bank account as income and pay additional taxes on that?

 
Dan Lambskin said:
cross post from the gambling forum

so back to Bitcoin and taxes

just using some rough numbers lets say I cashed out $5K in several transactions during 2017

ran a report on coinbase and I basically get something like

Bought 1 BTC for $1K using My Bank Account

Received $2K from External Address  :whistle:

Received $2.1 K from External Address  :whistle:

=======================================

Sold $0.5K to Bank Account

Sold $3K to Bank Account

Sold $1.5K to Bank Account

=======================================

Total Gains/Losses (USD) = $0.1K

so basically the report is showing a small net gain or loss, is that all I have to pay taxes on?  or do I also have to claim that $5K I put into my bank account as income and pay additional taxes on that?
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few things here:

I would just claim the 4k or whatever gambling winnings as such(b/c that's what it was, you weren't actively trading BTC and probably didn't hold any coins for any significant period of time).  ignore the "capital gains" as they are essentially nonexistent.

if you want to get technical, claim the 4k in gambling winnings and then additionally, calculate whatever gain/loss you had in price appreciation for the small amount of time you held BTC.  this will likely be a tiny amount that the IRS doesn't care about.  I have no idea how you'd do this, guess you would need to look at timestamps and lookup the prices.  

if you want to be foolproof, hire a crypto tax attorney.  I would strongly advise against this because, again, the IRS does not give a #### and you're going to pay out the ### here.

you should be fine with option 1.  I must tell you now I am not a tax professional and this does not constitute tax advice, or really advice of any kind.

 
stbugs said:
https://www.google.com/amp/s/www.coindesk.com/coincheck-confirms-crypto-hack-loss-larger-than-mt-gox/amp/

Saw this, anyone affected? Is Coindesk a big exchange? Half a billion dollars hacked, I’d be worried about stuff like this. A lot of trust out there that all these coins are legitimate and secure. Now that the market values have gone up there’s going to be more attempts.
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Before anybody that reads this freaks out--the exchange that got hacked is called "coincheck" not "coindesk". 

 
Here’s another fun note. When Mt. Gox was hacked, the value of the bitcoins lost would now be worth over $9 billion. It was worth $17 billion at the top. That’s a big chunk of change likely the biggest actual theft ever. 

 
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stbugs said:
https://www.google.com/amp/s/www.coindesk.com/coincheck-confirms-crypto-hack-loss-larger-than-mt-gox/amp/

Saw this, anyone affected? Is Coindesk a big exchange? Half a billion dollars hacked, I’d be worried about stuff like this. A lot of trust out there that all these coins are legitimate and secure. Now that the market values have gone up there’s going to be more attempts.
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I'd never heard of them until I seen this story.  Apparently it was mostly NEM (XEM) that was lost.  I keep everything offline in a hardware wallet.  

 
Starbucks looking at crypto real hard.  They want it.  

Just not bitcoin. :lmao:  

Bitcoin SNUBBED after value plunge as Starbucks announces plans to accept cryptocurrencies

STARBUCKS is set to become one of the first major high street shops to accept cryptocurrency after it announced plans to incorporate blockchain as part of its payment strategy, but in a snub it has ruled out using Bitcoin.

By DAN FALVEY

Starbucks have announced they are considering accepting cryptocurrencies in stores

The move means digital currencies could be traded for everyday purchases in the coming years.

Following the increase in consumer interest in the online currencies, Starbucks Chairman Howard Shultz said it was necessary for major businesses to adapt their strategies.

But the Starbucks boss said his company would not be looking at Bitcoin in their corporate strategy, claiming the original digital currency would not “be a currency today or in the future”.

He said: “I believe that we are heading into a new age, in which blockchain technology is going to provide a significant level of a digital currency that is going to have a consumer application.”

A number of cryptocurrencies have risen in popularity over the past 12 months with bitcoin, ripple, and ethereum all seeing surges.

Since bitcoin was first mined in 2009, the virtual currency has seen its value surge and reach an all-time high of more than $17,000 (£12,000) in December 2017.
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