Bitcoin, litecoin, ethereum.........

[EagleCowboy]

The US Supreme Court has already ruled on Bitcoin. It can't be taxed because it is property, just like your income, and IRS can't touch it unless you allow it.

@vibrationzzz: Well ya better get used to it. We're headed hard and fast down the cashless society lane. And to do that, you're going to have to keep everything updated constantly. Many people aren't using cash much anymore. And the only ones still using checks is businesses, old people and thieves

And it's literally just as easy to electronically steal the cash out of your bank accounts as it is to steal Bitcoins. Banks do it all the time.

 

[185248]

The US Supreme Court has already ruled on Bitcoin. It can't be taxed because it is property, just like your income, and IRS can't touch it unless you allow it.

@vibrationzzz: Well ya better get used to it. We're headed hard and fast down the cashless society lane. And to do that, you're going to have to keep everything updated constantly. Many people aren't using cash much anymore. And the only ones still using checks is businesses, old people and thieves

And it's literally just as easy to electronically steal the cash out of your bank accounts as it is to steal Bitcoins. Banks do it all the time.

But you don't seem to be understanding only so many being made and heaps have been lost already, in a few short years. What happens when half have been lost?

I was told when I was a kid we are headed toward a cashless society, and a paperless one. I just smile, nod my head, now when someone says that..yep, right, ok.. I own my own business, I receive emails. But I still need to print them off to paper. I still print of my accounting records to paper, my invoices and bills... Why? Because I've had issues with technology in the past to the present.....everyone has. And it won't get any better. Even the government archives it's critical records on paper..and digital. Only mundane stuff is full digital.

One of the issues I have with a cashless society, is a number now would not know what 1, 5, 10, or 20 thousand in cash looks or feels like. Or what it's like to spend cash, If they did, they might value it more and their hard work to earn it when they physically see it disappearing, instead of blowing it off with a plastic card, or cryptocurrency.

People used to be paid in cash with less debt, now direct deposited with more debt. Increase in debt levels I think can be directly linked to cashless spending.

If my money gets nicked from the bank, it's the banks problem, if they lose it, it's their problem. If I lose it, it's my problem.


I don't know where you heard that the IRS can't touch bitcoin, if you profit from it, you notify the tax man or you are breaking the law, (I think $20,000 and under not included).....If you are paid in bitcoin you are taxed.

https://www.forbes.com/sites/greats...in-cash-and-avoid-irs-trouble/2/#23b5ac07a1d2

https://www.forbes.com/sites/kellyp...n-bid-for-bitcoin-customer-data/#6670547259af

https://www.cnbc.com/2017/12/07/while-youre-tallying-your-bitcoin-gains-dont-forget-the-taxman.html

No-one ever will fully trust technology, only fools do. That's why a society will never be paperless, cashless, goldless, gemstoneless.

And crooks use them all, crypto included.

 

[185248]

When the Taxation Office, or your IRS take Bitcoin as payment for taxes owing, credit card or Barter for that matter.

Then you know it's a goer.

Cause as far as I know they either accept cash, direct deposit or cheque, or other tangible assets. Not something which resides in the Ether.

Cashless society....fuck me, how naive.

 

[ronin001]

I wish I could invest right now, Bu I literally, just cashed out of the market for a while

 

[kcrown1967]

haha @ronin001 I've got your back buddy

 

[EagleCowboy]

I don't know where you heard that the IRS can't touch bitcoin, if you profit from it, you notify the tax man or you are breaking the law, (I think $20,000 and under not included).....If you are paid in bitcoin you are taxed.

That's because you signed their contract saying you would. If you never sign it, they can't touch it. But of course, they'll still try. I've NEVER paid taxes on Bitcoins and never will.

 

[ronin001]

haha @ronin001 I've got your back buddy

Hahahh Thanks KC, I only have a temporary condition. that should pay off multiple times in a few years

 

[185248]

haha @ronin001 I've got your back buddy

It's a pretty wise decision not to play while a feeding frenzy is in place. Like sharks, you may end up with your tail bitten off

 

[185248]

That's because you signed their contract saying you would. If you never sign it, they can't touch it. But of course, they'll still try. I've NEVER paid taxes on Bitcoins and never will.

Contracts, you mean the ones on paper? You probably have not earned above the threshold for them to worry about.

But who makes the laws? You really have not answered any of the questions I have placed on here. A good investor would have investigated the pros and cons.

I went to a KC concert the other night which took cash only. Also during an eftpos blackout when low on fuel, which has happened often, card or phone does not work, only cash.

It's why if you have cash in your pocket, everyone is your friend, there are no barriers.

If you reckon we are headed for a cashless society, maybe they need to have in place a system when technology never ever fails, at any time it can drop out because it's not tangible. But hey, no-one anywhere will guarantee that.

Anyway, best of luck on your investments.

 

[EagleCowboy]

I don't reckon we're headed that way. The powers that be want a full cashless system in place NOW. They want to be able to track ALL your purchases so they can tax you. They don't like that I can pay you for something and they can't track or tax it. And they stupidly think it will put an end to all barter. But they're pushing hard in that direction.

 

[EagleCowboy]

If you reckon we are headed for a cashless society, maybe they need to have in place a system when technology never ever fails, at any time it can drop out because it's not tangible. But hey, no-one anywhere will guarantee that.
.

THEY don't care if we have power or not for a totally cashless system, or even reliable technology;. To them, that's our problem.

 

[Beedie Tijii]

I'd argue that learning how to trade with crypto currencies is a better means of making money than just investing in some and sitting on it. But if you're going to do that, then at least pick your moment. There was a dip in the price recently when China banned bitcoin for example.

 

[185248]

THEY don't care if we have power or not for a totally cashless system, or even reliable technology;. To them, that's our problem.

It's basically barter. About 30 years ago I was approached by Bartercard. Way back then, after looking at all the for's and against's I decided it was a waste of my time,resources and in the end actually cost me money through more paperwork and accounting.

First reason was why would I bother joining something which would make others wealthy off of my work? Second, I had already been bartering with other people in trades and services for years, because I knew their work standards, so again, why would I wish to divulge this info to authorities, or make a third party not involved in the transaction wealthier by building up their Barter "dollars".

For the amount of years Bartercard has been around there are only 55,000 members world wide. When it firt appeared there were millions. Wow! Everyone thought this is a way around paying tax...There were " Bartercard accepted here" signs everywhere.

Everyone (those sucked in), saw it as a cashless way of becoming wealthy. But it's not going to fly below the radar of any society that needs tax "cash" to survive. As soon as people realized they were actually becoming poorer, or ripped off, it died in the arse.

Everyone would be using it....if everyone had something of value that someone else wanted that is. But if you had something others wanted, why bother with Bartercard or anything similar?

Now we have Bitcoin and other ether currencies. Which I personally think are worse than Bartercard.

 

[itsalondonthing]

It's basically barter. About 30 years ago I was approached by Bartercard. Way back then, after looking at all the for's and against's I decided it was a waste of my time,resources and in the end actually cost me money through more paperwork and accounting.

First reason was why would I bother joining something which would make others wealthy off of my work? Second, I had already been bartering with other people in trades and services for years, because I knew their work standards, so again, why would I wish to divulge this info to authorities, or make a third party not involved in the transaction wealthier by building up their Barter "dollars".

For the amount of years Bartercard has been around there are only 55,000 members world wide. When it firt appeared there were millions. Wow! Everyone thought this is a way around paying tax...There were " Bartercard accepted here" signs everywhere.

Everyone (those sucked in), saw it as a cashless way of becoming wealthy. But it's not going to fly below the radar of any society that needs tax "cash" to survive. As soon as people realized they were actually becoming poorer, or ripped off, it died in the arse.

Everyone would be using it....if everyone had something of value that someone else wanted that is. But if you had something others wanted, why bother with Bartercard or anything similar?

Now we have Bitcoin and other ether currencies. Which I personally think are worse than Bartercard.

d'oh!

 

[1015610]

would recommend ethereum as its still relatively cheap and is almost certainly going to rise a lot because the technology itself is incredibly useful outside of cryptocurrency. Its not built on the back of bitcoin tech like other coins and the ethereum tech is likely to become commonplace (hence the value will rise) due to its function in things like smart contracts etc etc. That said, do your homework!

 

[itsalondonthing]

would recommend ethereum as its still relatively cheap and is almost certainly going to rise a lot because the technology itself is incredibly useful outside of cryptocurrency. Its not built on the back of bitcoin tech like other coins and the ethereum tech is likely to become commonplace (hence the value will rise) due to its function in things like smart contracts etc etc. That said, do your homework!

Definitely think doing your homework is essential. The smart contracts use case is really where things start to get really exciting, and transformative if the players actually understand the utility, rather than bandying around buzzwords such a block chain. I agree Ethereum is very interesting. It's cheap relative to the current BTC, but I think it's still very much early days in terms of pricing. Ripple's 'market cap' is currently 50% of that of BTC, that is to say approx 121bn USD but currently valued at approx 3 USD.
There's certainly a bubble being blown. I am sure a super intelligent person can think of a beautiful physics analogy to describe the bubble's capacity to hold up in the current climate and market conditions.

 

[Stratavos]

would recommend ethereum as its still relatively cheap and is almost certainly going to rise a lot because the technology itself is incredibly useful outside of cryptocurrency. Its not built on the back of bitcoin tech like other coins and the ethereum tech is likely to become commonplace (hence the value will rise) due to its function in things like smart contracts etc etc. That said, do your homework!

cryptokitties is tied to etherium as well

 

[EagleCowboy]

It seems no one here understands why bitcoin was created in the first place.

 

[itsalondonthing]

It seems no one here understands why bitcoin was created in the first place.

....

 

[185248]

It seems no one here understands why bitcoin was created in the first place.

Yes, I have read, and many others also the reasons why Bitcoin was invented, the fellow who invented it.

But, how is Bitcoin purchased? With Bitcoin? What happens to Bitcoin, other ether currencies if some natural, or man made disaster were to befall us?

Also, you have mentioned it's basically the currency for the common man? Really? So, who do you think, after recent popularity would maybe have a billion or so in change to spare..in "cash", would be at the top of the list when Bitcoin is traded. Those in the know? To then trade it to those less in the know? To purposely raise it's value, to dictate it's rises and falls?

Why is that so different from the traditional system? Totally regulated by the wealthy? OK.

Those who could afford to win or lose a billion wouldn't you think?

If for one minute anyone thinks a currency could be invented for the everyday citizen to be free of traditional currency and restriction it would be like a red flag for the traditionalists with billions of 'cash' to splurge.

Bitcoin is kept, saved and stored in the ether....but, it is only worth what tangible currencies dictate what it's worth is, country by country and what value if any it has there. This is why some countries will not allow it.


I love the Bitcoin logos... When in actual fact it should be.....

Christianity was a good idea too, and Muslim. Before religion and those who wished power moved in.