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For the record, the dark net markets have mostly moved on to monero.

 

Blockchain analysis has pretty much removed a good portion on the "anonymous" part and MIT has cracked Tor to the point where any idiot on there selling is just a court case waiting to happen.

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Looking at my Coinbase history, I bought a little over 20 bitcoins last August to September when the price was between $577 and $716. I got out after a modest profit. Most normal people would be suici

I can’t believe what a bunch of nerds we are. We’re looking up money laundering in a dictionary.  

It's easier to buy bitcoin than it is to get the quote feature of this board to work properly

7 minutes ago, The Ref said:

I don’t bump this to lol - he was 100% right at the time.  Point is “things have changed”.

I don't think anyone in the ffa has gone broke fading fc42...

 

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On 2/12/2021 at 9:08 AM, Alex P Keaton said:

Can anyone explain to me how the creation of Bitcoin is any more credible or realistic than the origin story of the “golden tablets” of Mormonism?   
 

Note:  this is both a highly ignorant and completely serious question

I don’t know of the golden tablets of Mormonism so I won’t be able to provide a frame of reference between them and BTC.

Ultimately, BTC is a ledger.  And the way BTC is ‘created’ is thru a mining process where incredibly complex mathematical equations are solved by high powered server farms (now).

What makes BTC an attractive concept for a lot of people is that there’ll only ever be 21 million BTC at its max supply.  Currently, 6.25 BTC get mined every 10 minutes.  But this hasn’t always been the case, prior to May 2020, that number was 12.5 every 10 minutes.  The rate of BTC production gets halved every 4 years...prior to May 2016, it was 25 every 10 minutes.  So the supply entering the market place is decreasing...right now there are about 18 million in circulation.

Back in March 2020 when COVID hit and the Fed went full QE...that became a real world test case of the fixed supply of BTC.  Nothing changed.  But using  very simplistic example around the USD...if you had $1 and the global supply of USD was $10, that meant you had 10% of the circulating supply of USD.  In the time since COVID, the Fed has now infused another $4 into the USD money supply.   Now, thru no action of your own...you have 7% of the money supply.  Here is a chart from the St. Louis Fed on the M2 money supply...

Its a rudimentary example...but might give you some explanation of why those who are HODLers have jumped on board.

 

 

 

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On 2/12/2021 at 9:51 AM, jb1020 said:

I'll let you know soon.  :X

I've only had this account up and going since December so I'm not certain on how all the tax stuff shakes out.  

The trading will become expensive from a tax perspective as moving from one coin to another is seen as a realization of gains.  Also, I believe the yield you earn with BlockFi is considered taxable as well.

Article on taxes in Forbes from last month

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7 hours ago, Otis said:

I hate myself for not doing this a year ago or 5 years ago, but whatever. Started dumping a few bucks into BTC and four other cryptos (Ether; Lightcoin; and two other cheap ones on Coinbase I’d never heard of before).  Not huge amounts, but at least something to feel like I’m in the game. Probably should do more, but I’m also buying into blockchain stocks like RIOT at higher levels, so don’t want to get too nuts with my exposure here. 

I wouldn’t beat yourself up too much...quite frankly, you’re still extremely early. RIOT is largely a BTC mining operation though...what worries me about them and MARA, a very similar operation is that they are both trading at about 30x from this time last year - great performance for sure, but BTC is only up 5x during that same time.

When you look at RIOT’s revenue statement from 9/30, they didn’t increase all that much YoY ($6.7M to $5.6M) when evaluating 9-month performance.  But their current market cap is $2.4B.  At the end of the day, the BTC mining operations are pretty capital intensive...the last time they reported, they indicated they mined 222 BTC in Q3.  At current values, that’s about $11M in holdings

This is JMO, but I think people are buying into both RIOT/MARA because they can be bought easily (Robinhood, eTrade, etc...) and they are looking to gain exposure to the space.  But as barriers to entry into the crypto space are lowered and retail starts to load the boat, the upside of RIOT/MARA may decrease.

Again...JMO.

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48 minutes ago, TheDirtyWord said:

I wouldn’t beat yourself up too much...quite frankly, you’re still extremely early. RIOT is largely a BTC mining operation though...what worries me about them and MARA, a very similar operation is that they are both trading at about 30x from this time last year - great performance for sure, but BTC is only up 5x during that same time.

When you look at RIOT’s revenue statement from 9/30, they didn’t increase all that much YoY ($6.7M to $5.6M) when evaluating 9-month performance.  But their current market cap is $2.4B.  At the end of the day, the BTC mining operations are pretty capital intensive...the last time they reported, they indicated they mined 222 BTC in Q3.  At current values, that’s about $11M in holdings

This is JMO, but I think people are buying into both RIOT/MARA because they can be bought easily (Robinhood, eTrade, etc...) and they are looking to gain exposure to the space.  But as barriers to entry into the crypto space are lowered and retail starts to load the boat, the upside of RIOT/MARA may decrease.

Again...JMO.

Agreed. I own some BTC itself but one of the reasons I like mara/riot is that I can buy options on them.  As I understand it there are ways to do that with BTC itself but the barrier to entry on derivatives for the coin itself is much higher. 

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1 hour ago, TheDirtyWord said:

The trading will become expensive from a tax perspective as moving from one coin to another is seen as a realization of gains.  Also, I believe the yield you earn with BlockFi is considered taxable as well.

Article on taxes in Forbes from last month

Is currency exchange always taxed? If I exchange dollars for euros on a Europe vacation and then change them back to dollars when I get home am I taxed on any "gains" I made from exchange rate fluctuations in the interim? 

Or better yet when I make the first exchange am I taxes on any increase in the value of the USD from the time I acquired that cash many years ago before converting to euros on this vacation? 

I don't understand why BTC exchanges are taxed if things like these aren't. 

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16 minutes ago, FreeBaGeL said:

Is currency exchange always taxed? If I exchange dollars for euros on a Europe vacation and then change them back to dollars when I get home am I taxed on any "gains" I made from exchange rate fluctuations in the interim? 

Or better yet when I make the first exchange am I taxes on any increase in the value of the USD from the time I acquired that cash many years ago before converting to euros on this vacation? 

I don't understand why BTC exchanges are taxed if things like these aren't. 

Ultimately, there is probably a lot of work to be done in this country (and in reality globally) to come to policy that’s more thought out not just related to tax implications, but how will digitally native assets overall get regulated.  The sense I get is that what exists today was cobbled together to ‘close loopholes’ of taxation exclusion.

Prior to 2020, BTC’s highest market cap was $400B (when total eventual supply is used)...and there were times in 2020 where it dipped as low as $80B.  So a fully fleshed out US government and taxation code and policy likely wasn’t high on the list of priorities to address.  And let’s be fair, the narrative of what BTC actually is has changed dramatically over the last 24 months as well.  It’s utility as a ‘currency’ has seemingly been usurped by it’s newer and generally more accepted narrative as Digital Gold.

The appointment of Gary Gensler as SEC Chief I think is a good development as he’s actually taught a crypto course at MIT.  So he’s knowledgeable about the space and likely has a balanced view of how to approach this market space.  I imagine the next 4 years will see a lot of movement of this front as BTC’s price ascends to the six-figures and cryptos status as a viable asset class gains stature.

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2 hours ago, FreeBaGeL said:

Is currency exchange always taxed? If I exchange dollars for euros on a Europe vacation and then change them back to dollars when I get home am I taxed on any "gains" I made from exchange rate fluctuations in the interim? 

Or better yet when I make the first exchange am I taxes on any increase in the value of the USD from the time I acquired that cash many years ago before converting to euros on this vacation? 

I don't understand why BTC exchanges are taxed if things like these aren't. 

 

If you sell Microsoft stock to buy Apple in a taxable account, the capital gains you've had on the microsoft stock are taxed.

If you sell a Ken Griffey rookie card to buy a Michael Jordan, the capital gain on the Griffey card is taxed as a collectible. 

 

IRS thinks they're more like that than exchanging euros for pesos in person.

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31 minutes ago, HaFo SaFo said:

 

If you sell Microsoft stock to buy Apple in a taxable account, the capital gains you've had on the microsoft stock are taxed.

If you sell a Ken Griffey rookie card to buy a Michael Jordan, the capital gain on the Griffey card is taxed as a collectible. 

 

IRS thinks they're more like that than exchanging euros for pesos in person.

Seems like a dumb rule to me.  I can't buy Mavs tickets or a whopper with stonk or baseball cards.  I can with Bitcoin.

I imagine it's only a matter of time before it's treated as currency for tax purposes as more and more places start accepting it as payment.

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2 hours ago, Nathan R. Jessep said:

The Hustle had a good writeup on Bitcoin today:

https://thehustle.co/how-are-bitcoin-created/

I just read the whole thing twice.  Every single time I read about it, it sounds completely fake.   Appreciate the link, but this still sounds like a giant scam.

edit to add:  fully admit this is likely my own shortcoming, and not a criticism of anyone in this thread.  I’ve spent hours trying to understand Bitcoin (and other crypto currencies), and am still open to “seeing the light.”  I feel like Mr Pitt in the Seinfeld episode where he stares at the painting/print and can’t “see” what everyone else sees.

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This is the type of stuff that will end badly:

https://www.forbes.com/sites/billybambrough/2021/02/14/doge-is-underestimated-elon-musks-fav-bitcoin-rival-dogecoin-is-getting-a-surprise-upgrade/amp/

So, Jake Paul is pimping something that was created as a joke and has had no one working on it for a couple years. The developers are starting to jump back in to work primarily on security.

Now that these coins are big again, there will be way more people working to find flaws and something like Dogecoin would seem to be a perfect thing. What if there is a security flaw? Do you really think the 1 or 2 guys who haven’t touched it in years will be able to do anything about it?

I already bought into BTC and will likely add more but the alt coins are rife for issues and blowing up.

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8 hours ago, TheDirtyWord said:

I wouldn’t beat yourself up too much...quite frankly, you’re still extremely early. RIOT is largely a BTC mining operation though...what worries me about them and MARA, a very similar operation is that they are both trading at about 30x from this time last year - great performance for sure, but BTC is only up 5x during that same time.

When you look at RIOT’s revenue statement from 9/30, they didn’t increase all that much YoY ($6.7M to $5.6M) when evaluating 9-month performance.  But their current market cap is $2.4B.  At the end of the day, the BTC mining operations are pretty capital intensive...the last time they reported, they indicated they mined 222 BTC in Q3.  At current values, that’s about $11M in holdings

This is JMO, but I think people are buying into both RIOT/MARA because they can be bought easily (Robinhood, eTrade, etc...) and they are looking to gain exposure to the space.  But as barriers to entry into the crypto space are lowered and retail starts to load the boat, the upside of RIOT/MARA may decrease.

Again...JMO.

I definitely agree with that. I looked up one of the mining companies people mentioned in the stock thread and the Yahoo profile had the number of employees as 1. So basically just a guy with a bunch of mining rigs. I think with the way people are jumping into stocks once they move and find similar stocks to drive them up, I could easily see your point that these stocks are way overpriced at this point. There’s no real moat and based on financials so far how does anyone know if they are solid companies with good management.

I think as I increase, I’ll stick to the coin itself.

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2 hours ago, stbugs said:

This is the type of stuff that will end badly:

https://www.forbes.com/sites/billybambrough/2021/02/14/doge-is-underestimated-elon-musks-fav-bitcoin-rival-dogecoin-is-getting-a-surprise-upgrade/amp/

So, Jake Paul is pimping something that was created as a joke and has had no one working on it for a couple years. The developers are starting to jump back in to work primarily on security.

Now that these coins are big again, there will be way more people working to find flaws and something like Dogecoin would seem to be a perfect thing. What if there is a security flaw? Do you really think the 1 or 2 guys who haven’t touched it in years will be able to do anything about it?

I already bought into BTC and will likely add more but the alt coins are rife for issues and blowing up.

Bitcoin and the blockchain are open source. Anyone can create a clone and be just as secure as bitcoin. In addition, dogecoin solves some of the problems bitcoin has in its implementation. It's absolutely an improvement on bitcoin. Might be a dumb coin, but, it's technically better than bitcoin. 

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17 hours ago, Alex P Keaton said:

I just read the whole thing twice.  Every single time I read about it, it sounds completely fake.   Appreciate the link, but this still sounds like a giant scam.

edit to add:  fully admit this is likely my own shortcoming, and not a criticism of anyone in this thread.  I’ve spent hours trying to understand Bitcoin (and other crypto currencies), and am still open to “seeing the light.”  I feel like Mr Pitt in the Seinfeld episode where he stares at the painting/print and can’t “see” what everyone else sees.

I'm sure you are not alone and that's fine. You shouldn't invest in anything you don't understand or don't believe in. People do that all the time, but it's best and safer not to invest your money that way. 

You certainly could turn out to be right that it's all a scam. That's clearly happened to new technologies/industries/companies in the past. 

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19 hours ago, Alex P Keaton said:

I just read the whole thing twice.  Every single time I read about it, it sounds completely fake.   Appreciate the link, but this still sounds like a giant scam.

edit to add:  fully admit this is likely my own shortcoming, and not a criticism of anyone in this thread.  I’ve spent hours trying to understand Bitcoin (and other crypto currencies), and am still open to “seeing the light.”  I feel like Mr Pitt in the Seinfeld episode where he stares at the painting/print and can’t “see” what everyone else sees.

Might I suggest a movie?  Cryptopia: Bitcoin, Blockchains and the Future of the Internet.  It was made last year, or at least released last year and I thought did a very good job at taking you through the history of crypto and where it might lead to in the future.

Being suspicious of BTC and other crypto assets is perfectly normal.  And it really is an abstract concept to grasp but simply put, BTC is simply a monetary network.  Other cryptos that have emerged produce and provide more utility which offer potential opportunities for humanity to transact value without the need for middlemen or bulk marketplaces.

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1 hour ago, TheDirtyWord said:

Might I suggest a movie?  Cryptopia: Bitcoin, Blockchains and the Future of the Internet.  It was made last year, or at least released last year and I thought did a very good job at taking you through the history of crypto and where it might lead to in the future.

Being suspicious of BTC and other crypto assets is perfectly normal.  And it really is an abstract concept to grasp but simply put, BTC is simply a monetary network.  Other cryptos that have emerged produce and provide more utility which offer potential opportunities for humanity to transact value without the need for middlemen or bulk marketplaces.

Awesome.  Thank you!

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4 hours ago, ex-ghost said:

Any suggestions on best bitcoin funds? I see GBTC, BLOK, BLCN and LEGR mentioned a lot. Looking for one to hold for the longer term.

GBTC is the biggest/best BTC-similar fund if you're looking to hold a fund that holds BTC

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I saw that Microstrategy is offering $600 million senior convertible notes to generate more cash to buy btc. I don't tweet much but couldn't help myself and replied to Saylor's tweet with the italicized below. Sure, not terribly clever, but thought I'd share anyway. 

So. These notes are only offered to qualified institutional buyers. The proceeds will be used to buy btc. One of the features of btc is that anyone can buy it. I feel some irony is present here.

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On 2/14/2021 at 9:23 AM, TheDirtyWord said:

I wouldn’t beat yourself up too much...quite frankly, you’re still extremely early. RIOT is largely a BTC mining operation though...what worries me about them and MARA, a very similar operation is that they are both trading at about 30x from this time last year - great performance for sure, but BTC is only up 5x during that same time.

When you look at RIOT’s revenue statement from 9/30, they didn’t increase all that much YoY ($6.7M to $5.6M) when evaluating 9-month performance.  But their current market cap is $2.4B.  At the end of the day, the BTC mining operations are pretty capital intensive...the last time they reported, they indicated they mined 222 BTC in Q3.  At current values, that’s about $11M in holdings

This is JMO, but I think people are buying into both RIOT/MARA because they can be bought easily (Robinhood, eTrade, etc...) and they are looking to gain exposure to the space.  But as barriers to entry into the crypto space are lowered and retail starts to load the boat, the upside of RIOT/MARA may decrease.

Again...JMO.

You are forgetting the part where they both are operating at the 8x the hash rate as where they were a year ago.

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My son just told me he is planning to buy a Bitcoin atm in San Diego with a buddy. They get 20% of all transactions minus whatever he pays for rent to the store they put it in. He’s been using one daily to deposit 900 at a time (avoids taxes?) and says there’s always people depositing to it and usually a grand or more. Has me interested in doing that up here in Marin

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34 minutes ago, CGRdrJoe said:

My son just told me he is planning to buy a Bitcoin atm in San Diego with a buddy. They get 20% of all transactions minus whatever he pays for rent to the store they put it in. He’s been using one daily to deposit 900 at a time (avoids taxes?) and says there’s always people depositing to it and usually a grand or more. Has me interested in doing that up here in Marin

He's depositing $900 a day, and taking a 20% haircut ($180 a day!?) going in (not even considering the second haircut on the next transaction) thinking that it avoids taxes... of what, 15% of only the gains???

 

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12 minutes ago, HaFo SaFo said:

He's depositing $900 a day, and taking a 20% haircut ($180 a day!?) going in (not even considering the second haircut on the next transaction) thinking that it avoids taxes... of what, 15% of only the gains???

 

It’s complicated with his situation, he uses Coinbase for most of his btc transactions but he has a large amount of cash he has to move (not a drug dealer)

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1 minute ago, CGRdrJoe said:

It’s complicated with his situation, he uses Coinbase for most of his btc transactions but he has a large amount of cash he has to move (not a drug dealer)

Male prostitute?

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Deposit $900 and get $720 worth of bitcoin after then 20% fee. Say bitcoin doubles, it's now worth $1440. Let's say it's only a 5% fee to cash it out, so, he walks away with $1368.

Or, deposit $900 in a legit account, pay a 1.5% transaction fee to convert and get $886.50 worth of bitcoin. Bitcoin doubles and you have $1773 worth. Pay 1.5% again to withdraw it and you walk away with $1746. Paying 15% tax on the capital gain of $846 is $126.50, so you end up keeping $1619.50 after taxes.

That's $251.50 more you get by paying taxes instead of avoiding them.

 

Not sure I get it. But, hey, if he wants to defraud the IRS for his business or whatever, that's up to him.

 

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are capital gains a flat 15% on any gain or is there a tier structure of some sort?

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@hooter311thanks to some of your suggestions I’ve done quite well on crypto/btc related stocks this year.  That said, I’m trying to simplify my portfolio and I’d like to reduce my list by a couple.  Thoughts on which ones you hold vs let go? The main ones I have are GBTC, RIOT, HBVTF, and SI.  Some lesser known crypto/sympathy plays that I have are SINO, EQOS, and NXTD.  

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On 10/25/2016 at 5:15 PM, Aaron Rudnicki said:

really?

https://www.coinbase.com/charts

1BTC = $654 (+$362 since last year)

I'm no mathematician, but +124% in a year seems a lot better than -5%.

 

EDIT: appears I misread your point here. my bad.

Why didn’t we go in heavy on BTC at the time of this post. Sigh. 

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7 hours ago, Lacey said:

@hooter311thanks to some of your suggestions I’ve done quite well on crypto/btc related stocks this year.  That said, I’m trying to simplify my portfolio and I’d like to reduce my list by a couple.  Thoughts on which ones you hold vs let go? The main ones I have are GBTC, RIOT, HBVTF, and SI.  Some lesser known crypto/sympathy plays that I have are SINO, EQOS, and NXTD.  

Microstrategy just raised money to take another billion worth of bitcoin off the market next week.  I think that will be the catalyst that takes us to 63k, which was the imaginary number I circled for the goal of this bull run.

At that point I think I'll be satisfied and I'll diversify about 65% of my portfolio to something else.  Probably cut all my btc mining stocks and have my portfolio be about 25% gbtc and 10% MSTR.  

SI is a great long term play and I think once this cycle over, ethereum is gonna be the rage for the next couple years until the next halvening.

 

I need to do some research on those last 3, none of those are currently on my radar.  Thank you for mentioning them.

 

Liquidating in 2017 was one of the most agonizing financial decisions of my life.  You would think getting rich would be more fun....

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On 2/14/2021 at 5:22 PM, stbugs said:

This is the type of stuff that will end badly:

https://www.forbes.com/sites/billybambrough/2021/02/14/doge-is-underestimated-elon-musks-fav-bitcoin-rival-dogecoin-is-getting-a-surprise-upgrade/amp/

So, Jake Paul is pimping something that was created as a joke and has had no one working on it for a couple years. The developers are starting to jump back in to work primarily on security.

Now that these coins are big again, there will be way more people working to find flaws and something like Dogecoin would seem to be a perfect thing. What if there is a security flaw? Do you really think the 1 or 2 guys who haven’t touched it in years will be able to do anything about it?

I already bought into BTC and will likely add more but the alt coins are rife for issues and blowing up.

The guy that invented dogecoin spent about 4 hours on the project creating it and he liquidated his holdings a few years ago for under 10,000.

 

One address holds roughly 25% of the dogecoin supply.

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32 minutes ago, hooter311 said:

Microstrategy just raised money to take another billion worth of bitcoin off the market next week.  I think that will be the catalyst that takes us to 63k, which was the imaginary number I circled for the goal of this bull run.

At that point I think I'll be satisfied and I'll diversify about 65% of my portfolio to something else.  Probably cut all my btc mining stocks and have my portfolio be about 25% gbtc and 10% MSTR.  

SI is a great long term play and I think once this cycle over, ethereum is gonna be the rage for the next couple years until the next halvening.

 

I need to do some research on those last 3, none of those are currently on my radar.  Thank you for mentioning them.

 

Liquidating in 2017 was one of the most agonizing financial decisions of my life.  You would think getting rich would be more fun....

What’s your POV on ETH’s high fees, clogged network and slow transition to ETH 2.0?

I have ETH too, but I worry they’re leaving a door open.  If there is one crypto I regret not getting into, it’s DOT.  They along with ADA, seem to be reaping benefits from some of the issues ETH is experiencing.

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13 minutes ago, TheDirtyWord said:

What’s your POV on ETH’s high fees, clogged network and slow transition to ETH 2.0?

I have ETH too, but I worry they’re leaving a door open.  If there is one crypto I regret not getting into, it’s DOT.  They along with ADA, seem to be reaping benefits from some of the issues ETH is experiencing.

Eth is going to be forced to adopt eip-1559 which would involve ethereum turning "combustible" and billions worth of ETH will be "burned" every year to bring down current gas fees.

 

If/when this happens I think ethereum will jump to the 5-20k trading range.

At the moment you are right, it's too expensive to even do anything with.

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46 minutes ago, hooter311 said:

Eth is going to be forced to adopt eip-1559 which would involve ethereum turning "combustible" and billions worth of ETH will be "burned" every year to bring down current gas fees.

 

If/when this happens I think ethereum will jump to the 5-20k trading range.

At the moment you are right, it's too expensive to even do anything with.

What’s preventing it from doing that now?

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My brother is about to retire from this stuff.  He's gone from $30K in the game four years ago to a few million.  Happy for him.  He told us.   I bought in a couple of years ago, but only enough to be in the game.  A BTC, a bunch of ETH and a good bit of LINK.  One would think it's been nice to watch it quintuple, but all I have is regret for not putting a lot more in.   Meanwhile what I put in IBM and MSFT have really taken off  😠

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24 minutes ago, TheDirtyWord said:

What’s preventing it from doing that now?

They have to at least wait until the next fork which I believe is in July.

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7 hours ago, hooter311 said:

Microstrategy just raised money to take another billion worth of bitcoin off the market next week.  I think that will be the catalyst that takes us to 63k, which was the imaginary number I circled for the goal of this bull run.

At that point I think I'll be satisfied and I'll diversify about 65% of my portfolio to something else.  Probably cut all my btc mining stocks and have my portfolio be about 25% gbtc and 10% MSTR.  

SI is a great long term play and I think once this cycle over, ethereum is gonna be the rage for the next couple years until the next halvening.

 

I need to do some research on those last 3, none of those are currently on my radar.  Thank you for mentioning them.

 

Liquidating in 2017 was one of the most agonizing financial decisions of my life.  You would think getting rich would be more fun....

Thanks for the response.  Do you think the miners have long term value or where does this end for them once a lot of the coins have been mined?  Do they switch to other coins, do they make money in crypto trading or otherwise?

For Ethereum, does HVBTF give you the right exposure (I believe it's ETH and BTC) or would you recommend something else?

 

The other three are crypto/sympathy plays and they're really on the list thinking they could benefit from the run up as sympathy plays.  Anything with crypto headlines just seems to go the last couple weeks.  I can't imagine they'd be long holds for me:

NXTD - Among others things looks like it has a smart wallet that can hold crypto - https://nxtid.gcs-web.com/news-releases/news-release-details/nxt-id-accept-bitcoin-wocket-wallet-orders

SINO - shipping company getting into the BTC mining game - https://finance.yahoo.com/news/sino-global-announces-loi-acquire-133000080.html

EQOS - Launching a crypto trading platform it seems - https://finance.yahoo.com/news/diginex-launches-front-back-digital-100000918.html

 

Once this current run slows down (maybe that's the $63k number), it sounds like you might recommend cashing out of things like RIOT and the 3 lesser known sympathy plays and keeping a core holding of GBTC, SI, and HVBTF/some other ETH miner?

 

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On 2/14/2021 at 11:46 AM, TheDirtyWord said:

Ultimately, there is probably a lot of work to be done in this country (and in reality globally) to come to policy that’s more thought out not just related to tax implications, but how will digitally native assets overall get regulated.  The sense I get is that what exists today was cobbled together to ‘close loopholes’ of taxation exclusion.

Prior to 2020, BTC’s highest market cap was $400B (when total eventual supply is used)...and there were times in 2020 where it dipped as low as $80B.  So a fully fleshed out US government and taxation code and policy likely wasn’t high on the list of priorities to address.  And let’s be fair, the narrative of what BTC actually is has changed dramatically over the last 24 months as well.  It’s utility as a ‘currency’ has seemingly been usurped by it’s newer and generally more accepted narrative as Digital Gold.

The appointment of Gary Gensler as SEC Chief I think is a good development as he’s actually taught a crypto course at MIT.  So he’s knowledgeable about the space and likely has a balanced view of how to approach this market space.  I imagine the next 4 years will see a lot of movement of this front as BTC’s price ascends to the six-figures and cryptos status as a viable asset class gains stature.

I’m actually very curious about the impact Gensler could have on crypto.

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So what's the story with Ethereum 2.0?  Coinbase has this staking thing they are adding people to a waitlist for, which looks to be the "opportunity" to buy in and get 7.5% interest, but you can't sell it for a period of time.  And it may not even be a thing for a few years?  An opportunity here or stay far away?

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9 hours ago, Brunell4MVP said:

My brother is about to retire from this stuff.  He's gone from $30K in the game four years ago to a few million.  Happy for him.  He told us.   I bought in a couple of years ago, but only enough to be in the game.  A BTC, a bunch of ETH and a good bit of LINK.  One would think it's been nice to watch it quintuple, but all I have is regret for not putting a lot more in.   Meanwhile what I put in IBM and MSFT have really taken off  😠

I still really like LINK. 

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3 hours ago, SFBayDuck said:

So what's the story with Ethereum 2.0?  Coinbase has this staking thing they are adding people to a waitlist for, which looks to be the "opportunity" to buy in and get 7.5% interest, but you can't sell it for a period of time.  And it may not even be a thing for a few years?  An opportunity here or stay far away?

Solid opportunity.

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