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Things cryptocurrency enthusiasts probably won't tell you

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Re: Things cryptocurrency enthusiasts probably won't tell you

#91

Post by patio11 »

earlz wrote: post #22

I think that the cryptocurrency/blockchain space is the next big thing in the world on-par with the internet. But it still has a long way to go. In the late 90s you could say "X on the internet" and get tons of investment. Now it's the same but with "X on the blockchain". We are going through growing pains now, and there definitely needs to be some regulation introduced to curb the many scams. My personal hope though…

I mean, why do I need to make $1M/year in order to prove to the US government that I'm worthy of investing into a startup

Accredited investor is defined as either of $1m assets exclusive of positive home equity or income north of $200k for two years ($300k if you need to include a sompouse) and reasonable expectation of the same.

I sympathize with the general complaint but as this is a thing that many HNers will confront at some point I thought I'd correct the record.

Re: Things cryptocurrency enthusiasts probably won't tell you

#92

Post by [deleted] »

OJFord wrote: post #75
earlz wrote: post #22

I think that the cryptocurrency/blockchain space is the next big thing in the world on-par with the internet. But it still has a long way to go. In the late 90s you could say "X on the internet" and get tons of investment. Now it's the same but with "X on the blockchain". We are going through growing pains now, and there definitely needs to be some regulation introduced to curb the many scams. My personal hope though…

> I receive my salary in bitcoin based on spot price tied to USD Why would you want that? Why not just receive USD, and buy BTC each month if you like the price?

[deleted]

Re: Things cryptocurrency enthusiasts probably won't tell you

#94

Post by johnvonneumann »

tpallarino wrote: post #80
johnvonneumann wrote: post #73

Earlier quoted context omitted.

Just to affirm what this guy said, these reasons are pretty much why LTC should be on your radar. The heretic in me actually things that LTC could potentially have more value than BTC these days just because they seem to have their shit together development-wise.

The only reason they haven't had contentious forks and there is less bureaucracy is precisely because nobody cares.

Nobody cares about what? Litecoin or the bullshit?

Re: Things cryptocurrency enthusiasts probably won't tell you

#95

Post by quuquuquu »

Animats wrote: post #63

Well, we're about to find out if the Bitcoin exchanges in China have all the assets they should. The PBOC told them to stop trading, turn over copies of their records to the PBOC, and refund the balances of their customers. We should know within days which exchanges were stealing customer assets. The exchange executives were told not to try to leave China. (Remember Big Vern? Paul Vernon, CEO of Cryptsy. Took the mon…

Bitcoin and all of the other alt-coins are numbers on a screen. Few people pay taxes on them, and few places treat them as a real asset or fungible currency.

Why then, do the authorities in the US and China aggressively pursue those people who ("steal", "lose") the coins of their depositors?

Big Vern, Karpeles, Pirate@40, just to name a few.

Sure, these guys lost people's coins. But I was there back then. It was all wild west stuff. Buyer beware.

How can the government arrest someone for stealing an asset that doesn't really exist?

Would they arrest someone who stole water from my pool?

Edit: I don't know why I bother commenting here.

A downvote without counterpoint? What do you gain from that?

Grapple with my assertions with evidence. If you don't, it will just become even more of an echo chamber.

Re: Things cryptocurrency enthusiasts probably won't tell you

#96

Post by JumpCrisscross »

quuquuquu wrote: post #95
Animats wrote: post #63

Well, we're about to find out if the Bitcoin exchanges in China have all the assets they should. The PBOC told them to stop trading, turn over copies of their records to the PBOC, and refund the balances of their customers. We should know within days which exchanges were stealing customer assets. The exchange executives were told not to try to leave China. (Remember Big Vern? Paul Vernon, CEO of Cryptsy. Took the mon…

Bitcoin and all of the other alt-coins are numbers on a screen. Few people pay taxes on them, and few places treat them as a real asset or fungible currency. Why then, do the authorities in the US and China aggressively pursue those people who ("steal", "lose") the coins of their depositors? Big Vern, Karpeles, Pirate@40, just to name a few. Sure, these guys lost people's coins. But I was there back then. It was all…

> Few people pay taxes on [their Bitcoin holdings]

This is tax fraud.

> How can the government arrest someone for stealing an asset that doesn't really exist?

“Buyer beware” doesn’t exempt someone from fraud statutes. Honest services fraud is broadly defined in most jurisdictions to include any economic activity.

> Would they arrest someone who stole water from my pool?

Yes. At the very least, the perpetrator would have trespassed.

Disclaimer: I am not a lawyer. This is not legal nor tax advice. Don’t commit fraud.

Re: Things cryptocurrency enthusiasts probably won't tell you

#98

Post by 4010dell »

This article should be the README before getting into Crypto world.

First article to point out 21.co. What is their product ??? Read on twitter - A guy asked MA a question for 100$ on 21.co platform, got "NO" as answer. 100$ for a NO...So a guy spent his hard earned 100$ on a question to a VC. VC made money, Donated that to charity to show off and gather "philanthropy" point in his smug circle, got tax savings maybe, his invested firm 21.co made money, 21.co vanity metric of donating to charity increased further.

Poor soul who asked question, got scammed.

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