Was anyone else long on Bitcoin Cash before today?

like what knoctcher mention if youre buying btc now you have to be in it for the long run or go to vegas

 

You’re correct. As currently used, most crypto currencies have no intrinsic benefit over fiat. The switching costs are extremely high and fiat has institutional support and momentum.

However, block chains offer the possibility of entirely new economic modalities and problem solving that’s simply not possible with fiat currency. The best example today is the Helium Network. They’re creating a peer managed wireless network for IoT devices by incentivizing individuals. This simply wouldn’t be possible without cryptocurrency, you would need an entire well capitalized organization to build and manage the network.

Crypto also offers huge potential benefits in solving peer trust issues, resolving market failures, and addressing issues associated with selling experience and post-experience goods.

Cryptocurrency will achieve significant adoption when people develop ways of exploiting and marketing’s its unique capabilities. Using it in the exact same way we use fiat confers zero advantages for the average person. As of now, there hasn’t been a killer app that solves a problem using crypto’s unique capabilities. Eventually there will be. Until then crypto will generally continue its current role as a vehicle for speculators.

 

Killer apps are out there, usage is still in early adopter phase.

 

https://www.ign.com/articles/progra...ly-2-password-guesses-left-to-access-it?amp=1

Doh!

 

Many stories like that.
Some dude tossed the wrong hardrive in the garbage years ago with a bunch of bitcoins, after the price went sky high he wanted to dig the land fill.
Some other dude paid quite a few coins to buy a Pizza many ears ago.

 

Crypto moving more mainstream:
Anchorage Becomes First OCC-Approved National Crypto Bank - CoinDesk

 

so imagine buying a $300k car with bitcoins at $40k. so you had to use 7.5 BTC. now 2 days after signing your name on the title, a bitcoin is worth $45k and you could have now saved an entire BTC worth of money. until that stops happening, nobody is going to actually take this seriously as its intended use. besides the back end programmers, it costs a major bank institution almost nothing to start dealing with it and getting your business or taking a transactional fee, etc... and there will always be some outlier story of a dude buying a pizza with 10 BTC's and then that dude holding them for 5 years and now having thousands of dollars, but overall it won't take until its stable.

 

Part of the idea with Anchorage is to prevent things like Mr. I lost $250m worth of bitcoins. Anchorage will handle them for you and Anchorage can work with US banks for the trades since they are now licensed nationally. Yes, I know that sort of defeats some of the initial intended purpose of Bitcoin, but that doesn't make it a bad idea.

 

how do you see them getting out of paying income tax on transactions now that the gov't has got a bite of that tasty revenue? that's gonna be another HUGE hurdle that nobody seems to be really talking about. how would you get it to be seen as not an investment tool and back to a currency medium?

* to the holding point, that's fair. and you've heard more than one horror story about people keeping their wallets intact. Paypal too now though, so I guess that's a decent accomplishment.

 

The tax side will be interesting. Right now people are treating Bitcoin like little tax free offshore accounts and you know that the gubment is working overtime to figure out how to tax it. What sort of tax rate would you put on something that is worth $250 million but cost nothing but moonbeams and fairy dust to acquire?

 

well if its actually a currency, there should be zero. if you'd been using one of the major platforms to exchange though in the past few years, they've been reporting it as income/loss to the IRS and treating it as short term gains. if you're in some obscure exchange or doing person to person transfers maybe you didn't get caught up in that yet, but Coinbase is definitely reporting. so in that case... the tax rate is your income tax rate, and people are paying it on at least some level. I dunno how you go back to "ok we'll accept no taxes its a currency" once they've gotten taxes from it. that's gonna be a hard road to reverse.

 

Ya, the politicians definitely do not like giving up a revenue stream...

 

Sooo, I wasnt paying attention about the SEC battle with Ripple. Now my XRP shares are in Coinbase jail. Anyone else still holding XRP? The Reddit Geeks are saying "hold" but I am just not sure about it. Wish it was in BTC instead! Dang what a run its having right now. Every time I say not going to buy in as its at its peak, it proves me wrong! Of course if I buy it will come crashing down. Seems this thread only comes back to life when the nay-sayers want to say I told you so...

 

What is your goal? Just buy a dollar lottery ticket once a month and live the dream knowing it’s out of your hands.

 

Well, I was Looooong on XRP and just forgot about it actually. Now with the SEC suit Im not sure if I should still play the long game and hope it works out, or just sell and put it somewhere else. I have written that cash off already, but just wondering what others are doing with their XRP. I bought shares when it was .10 so I am ok, and will probably just ride this out and see what happens.

 

I paid like $2 each for my XRP. Still have it… I don’t even friggen care anymore.

 

Have a little XRP myself from a ways back. It's not even enough to care about to be honest. Whatever happens with it, happens.

 

What is the SEC suit and Coinbase jail for? (haven't been paying attention but I'm generally curious/fascinated to loosely track crypto movement)

Coinbase jail for ALL crypto being held there? Or just XRP because of a Ripple thing?

 

Funny, we have been getting more and more cryto spammers/ scammers trying to get in here lately.

Nigerian scammers. cryto spammers, the same old china spammers trying to sell junk. dick pill scammers. . . we just need car warranty spammers.