Any cryptocurrency users here?

[MrPopo]

how does this work? If you borrow you just have to pay it back. So borrow without Bitcoins in the first place.

Sensitive info redacted based on written acknowledgement that one should not post what one does not want known. Leaving the rest of the quote as testament and reminder that bad ideas are still bad ideas and being a jerk about it via bragging is forever.
Buy $5 bitcoin a week. Thank me, or hate me, in 5 years. Bitcoin isn't a bubble, its the pin. IMO of course. Just as likely to be right as i am wrong

https://youtu.be/UqOkt5eYQf8

Please do not quote the above .. i will be redacting it when it's clear you've read it.

Quoted.

[fuctfuct]

Did that feel good? I'll never understand how people with attitudes like this become moderators. Now i remember why i left this forum for so long.

Anyways, if bitcoin goes over 150k you've just exposed me to potential harm. Hope it was worth stroking your ego taking down a filthy 'tax cheat." Even if my reasons have exactly nothing to do with taxes.

I'm out of here guys. Buy some Bitcoin

[RCBH928]

The dollar is not imaginary, its physical in my hands.

So when I buy something on-line with my credit card and then pay that credit care bill on-line with electronically-transferred funds that I received electronically when I got paid, I have something to physically hold in my hand?

I assume its in the bank, they just switched that its no longer yours but its for the merchant you bought from.

[RCBH928]

Hey, whats fuctfuct upset about having potential harm by quoting his words?

hey @fuctfuct , post that vide about the bitcoin mechanic guy the one where he speaks for an hour or so. I cant find it via search. Please note, I am not against your ideology about Bitcoin. I see your POV clearly.

[Nemoide]

If I understand correctly, the risk is that he becomes fabulously wealthy through bitcoin but doesn't report his newly acquired wealth when doing taxes, his post could be used against him in an IRS audit.

Honestly, I don't want to get too political but I'm a fan of holding folks accountable for paying their share of taxes. I don't like the idea of a wealthy person hiding how much money they have while the national debt continues to grow and the country's infrastructure continues to crumble...

Also, wasn't borrowing money to pay for investments one of the key causes of the big stock market crash in 1929? I'm extremely skeptical of that kind of advice, especially the way that guy in the YouTube video makes Bitcoin sound like the safest, most guaranteed thing.

[marurun]

Also, wasn't borrowing money to pay for investments one of the key causes of the big stock market crash in 1929? I'm extremely skeptical of that kind of advice, especially the way that guy in the YouTube video makes Bitcoin sound like the safest, most guaranteed thing.

Bitcoin is purely speculation right now, basically. There are a bunch of folks who've drunk the kool-aid and feel fabulously wealthy (even if they're pressured to hold to keep the value high), but Bitcoin is high risk and it should be treated as such. And for those who are comfortable with that, more power to them. At least if the Bitcoin bubble pops it won't take down all the rest of us with it, unlike the housing market and stock market. It is quite literally speculation in a bubble, as in it has almost no connection to real-world markets or economic mechanisms.

[Golgo 14]

If I understand correctly, the risk is that he becomes fabulously wealthy through bitcoin but doesn't report his newly acquired wealth when doing taxes, his post could be used against him in an IRS audit.

Fuctfuct claimed his concern wasn't about taxes, and seemed to believe that hitting the 1 million dollar mark in BTC holdings would make him a target for criminals.

Also, wasn't borrowing money to pay for investments one of the key causes of the big stock market crash in 1929? I'm extremely skeptical of that kind of advice, especially the way that guy in the YouTube video makes Bitcoin sound like the safest, most guaranteed thing.

I believe fuctfuct was talking about using his crypto as collateral to receive fiat loans which he could then live on. If you think your crypto is going to grow in value or even remain steady, taking out a relatively low interest rate loan could save you money over cashing out and paying taxes. That's perfectly legal, and places like BlockFi already offer such services.

Leverage to increase your investment is something different, and yeah, I don't recommend that generally.

Btw, I only skimmed that video, but the tl;dr seemed to be that BTC was the be-all and end-all of crypto, and investing or considering any alternatives would be a waste. People like that are known as Bitcoin maxis, or maximalists. Imo, it doesn't make a lot of sense, and I think if Bitcoin is still going strong in a few years, other coins and protocols with more utility will certainly be successful. That wouldn't be a bad scenario for Bitcoin, and would make it a kind of digital gold and store of value, though I wouldn't call it that now.

It seemed like a weird video to post since fuctfuct was interested in other tokens, but again, I didn't watch it all.

[RCBH928]

The only advantage of Bitcoin I see is by passing the financial system. I hate that thing where you have to continually give proof and sign papers to transfer money and provide evidence where you got it. Now when I pay online I have to enter the CC number, my name, pin code, date of expiry, then a 2FA code sent to my mobile even for a $3 amount. Shouldn't be more than CC numner and pin code IMO.

One time I tried to international transfer money to a guy I was renting from, they wanted the address of the branch he opened his bank account in. I can't find the right words describe how ludicrous this is. IBAN should be enough.

One thing I don't understand about Bitcoin is that, what if the gov. finds out that John Doe has $10M in Bitcoin. How will they trace the money for money laundering and criminal activity?

Bitcoin is purely speculation right now, basically. There are a bunch of folks who've drunk the kool-aid and feel fabulously wealthy (even if they're pressured to hold to keep the value high), but Bitcoin is high risk and it should be treated as such. And for those who are comfortable with that, more power to them. At least if the Bitcoin bubble pops it won't take down all the rest of us with it, unlike the housing market and stock market. It is quite literally speculation in a bubble, as in it has almost no connection to real-world markets or economic mechanisms.

I don't mind someone investing in Bitcoin. I am sure many people turned into millionaires. BUT...if they say Bitcoin is valuable and totally legit, the question is, will you turn all your money into Bitcoin? For sure many people have no problem liquifying into US Dollars, will you liquify into Bitcoin and keep it? hmmm....

[Golgo 14]

If simplicity in your financial transactions is what you're looking for, Bitcoin ain't it.

BUT...if they say Bitcoin is valuable and totally legit, the question is, will you turn all your money into Bitcoin? For sure many people have no problem liquifying into US Dollars, will you liquify into Bitcoin and keep it? hmmm....

Someone might do that to make a point, but for the most part, no, that wouldn't be desirable. There are better ways to make everyday transactions, and hardly anyone would want 100% of their money in Bitcoin. That doesn't really have anything to do with whether or not Bitcoin is valuable or legit, though.

[MrPopo]

All of those checks are to keep you (and others) safe from fraud and the like. In the pre-internet times it wasn't nearly as complicated because it was much harder for people to get your info in the first place. Now, with everything being digital, they need to add more authentication methods to ensure that it's you who wants to engage in these financial transactions, and not some random scammer.