SeaGypsy wrote:https://www.xe.com/currencycharts/?from=XBT&to=USD&view=1Y
Doesn't look like anything to get excited about anymore.
longpig wrote:Bitcoin is stupid to invest in, you are best off buying gold. There are no real gold substitutes for money but for Bitcoin there are hundreds of near to identical types of crypto currencies. Yes Bitcoins are limited in supply but the number of other crypto currencies that are identical or similar to it can be unlimited.
The fact is when people see Bitcoins as too expensive they will move to buy other 'cheaper' crypto currencies instead. I am surprised it hasn't greatly happened yet.
Bitcoin vs Gold boils down to this. There are no real gold substitutes but there are plenty of bitcoin substitutes and the number can be unlimited.
Gold = Toilet paper limited in supply and can not be reproduced.
Bitcoin = Major brand of toilet paper that is very expensive only because people are too stupid to switch to a cheaper brand yet. Other crypto currencies are producing plenty and is only a matter of time before the market place is flooded with crypto's and they all become worthless.
longpig wrote:2013longpig wrote:Bitcoin is stupid to invest in, you are best off buying gold. There are no real gold substitutes for money but for Bitcoin there are hundreds of near to identical types of crypto currencies. Yes Bitcoins are limited in supply but the number of other crypto currencies that are identical or similar to it can be unlimited.
The fact is when people see Bitcoins as too expensive they will move to buy other 'cheaper' crypto currencies instead. I am surprised it hasn't greatly happened yet.
Bitcoin vs Gold boils down to this. There are no real gold substitutes but there are plenty of bitcoin substitutes and the number can be unlimited.
Gold = Toilet paper limited in supply and can not be reproduced.
Bitcoin = Major brand of toilet paper that is very expensive only because people are too stupid to switch to a cheaper brand yet. Other crypto currencies are producing plenty and is only a matter of time before the market place is flooded with crypto's and they all become worthless.
I'm still against cryptos based on my above reasoning's.
vtsnowedin wrote:If you are speculating in Rat poison do any rules really matter?
Here is a clue. Of all the crypto billionaires out there, and there are several, do any of them still hold all their wealth in a crypto currency or have they sold off most of it converting it to more traditional assets like stocks and gold?
I don't have those figures. Do you? does anyone?
vtsnowedin wrote:Oh so the big dogs manipulate the market to milk billions out of newbies? Hard to believe, is it not?
vtsnowedin wrote:If you are speculating in Rat poison do any rules really matter?
Here is a clue. Of all the crypto billionaires out there, and there are several, do any of them still hold all their wealth in a crypto currency or have they sold off most of it converting it to more traditional assets like stocks and gold?
I don't have those figures. Do you? does anyone?
Well feel free to snap up my share of the world's supply.careinke wrote:vtsnowedin wrote:If you are speculating in Rat poison do any rules really matter?
Here is a clue. Of all the crypto billionaires out there, and there are several, do any of them still hold all their wealth in a crypto currency or have they sold off most of it converting it to more traditional assets like stocks and gold?
I don't have those figures. Do you? does anyone?
Michael Saylor, Elon Musk, Max Keiser, and El-Salvador have not sold any of their Bitcoin. Actually, they are buying more. There are more, lots more, including me.
Nice clue.
Peace.
careinke wrote:I'm thinking of doing a wash sale with my Bitcoin and ETH. That's where you sell all the coins that you bought at a higher price and immediately buy them back. You can then claim the loss on your taxes, yet still end up with the BTC with a lower cost bases. I have to thank the IRS for declaring BTC and ETH an asset and not a security. Plus the losses can be carried forward over the years to offset future earnings.
Peace
vtsnowedin wrote:careinke wrote:I'm thinking of doing a wash sale with my Bitcoin and ETH. That's where you sell all the coins that you bought at a higher price and immediately buy them back. You can then claim the loss on your taxes, yet still end up with the BTC with a lower cost bases. I have to thank the IRS for declaring BTC and ETH an asset and not a security. Plus the losses can be carried forward over the years to offset future earnings.
Peace
Isn't the only difference being that with stocks (a security) you have to buy a different stock or wait thirty days to buy back that particular stock?
At the current trend you could sell today and wait thirty days and have saved another $10,000 per Bitcoin!
vtsnowedin wrote:Well feel free to snap up my share of the world's supply.careinke wrote:vtsnowedin wrote:If you are speculating in Rat poison do any rules really matter?
Here is a clue. Of all the crypto billionaires out there, and there are several, do any of them still hold all their wealth in a crypto currency or have they sold off most of it converting it to more traditional assets like stocks and gold?
I don't have those figures. Do you? does anyone?
Michael Saylor, Elon Musk, Max Keiser, and El-Salvador have not sold any of their Bitcoin. Actually, they are buying more. There are more, lots more, including me.
Nice clue.
Peace.
careinke wrote:vtsnowedin wrote:Well feel free to snap up my share of the world's supply.careinke wrote:vtsnowedin wrote:If you are speculating in Rat poison do any rules really matter?
Here is a clue. Of all the crypto billionaires out there, and there are several, do any of them still hold all their wealth in a crypto currency or have they sold off most of it converting it to more traditional assets like stocks and gold?
I don't have those figures. Do you? does anyone?
Michael Saylor, Elon Musk, Max Keiser, and El-Salvador have not sold any of their Bitcoin. Actually, they are buying more. There are more, lots more, including me.
Nice clue.
Peace.
That would be kind of hard to do, since you presently don't have a share of the worlds supply.
Peace
careinke wrote:vtsnowedin wrote:careinke wrote:I'm thinking of doing a wash sale with my Bitcoin and ETH. That's where you sell all the coins that you bought at a higher price and immediately buy them back. You can then claim the loss on your taxes, yet still end up with the BTC with a lower cost bases. I have to thank the IRS for declaring BTC and ETH an asset and not a security. Plus the losses can be carried forward over the years to offset future earnings.
Peace
Isn't the only difference being that with stocks (a security) you have to buy a different stock or wait thirty days to buy back that particular stock?
At the current trend you could sell today and wait thirty days and have saved another $10,000 per Bitcoin!
This is true, except I don't have a reliable crystal ball to pick short term movements. Add to the fact my goal is to accumulate Bitcoin, and 30 days is a long time to wait with a volatile asset. It could just as easily rise 20K in those 30 days. Then where would I be?
There is blood in the streets, including some of mine. Best time to buy.
Peace
careinke wrote:I have to thank the IRS for declaring BTC and ETH an asset and not a security. Plus the losses can be carried forward over the years to offset future earnings.
Peace
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