Was anyone else long on Bitcoin Cash before today?

Discussion in 'General' started by Knotcher, Nov 12, 2017.

  1. sanee

    sanee Well-Known Member

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

    SGVRider Well-Known Member

    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.
     
  3. sdiver

    sdiver Well-Known Member

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

    zertrider Waiting for snow. Or sun.

  5. rafa

    rafa Well-Known Member

  6. 2blueYam

    2blueYam Track Day Addict

  7. Sweatypants

    Sweatypants I am so smart! S-M-R-T... I mean S-M-A-R-T!

    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.
     
  8. 2blueYam

    2blueYam Track Day Addict

    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.
     
  9. Sweatypants

    Sweatypants I am so smart! S-M-R-T... I mean S-M-A-R-T!

    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.
     
  10. crashman

    crashman Getting slower every day

    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?
     
  11. Sweatypants

    Sweatypants I am so smart! S-M-R-T... I mean S-M-A-R-T!

    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.
     
  12. Mongo

    Mongo Administrator

    Same as any other windfall, about 50%.
     
    crashman likes this.
  13. crashman

    crashman Getting slower every day

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

Share This Page