If Bitcoin Looks Like It Isn’t Trading, It’s Because It Isn’t • Hacker News Board

Re: If Bitcoin Looks Like It Isn’t Trading, It’s Because It Isn’t

#181

Post by yownie » Wed, Dec 11, 2019, 3:46 PM UTC

mr_woozy wrote: post #104

Acrobatic_Road wrote: post #86

Earlier quoted context omitted.

>Lightning only scales with the number of transactions, not users. You seem to be poking at the need to open a lightning channel to get started using lightning and using the onboarding time to suggest that lightning cannot scale. First of all I think the way you made that argument is entirely disingenuous. Let's look at your first example: >* For 2 users to make 10,000,000 transactions between each other, it would ta…

I'd be interested in reading more about channel factories, got any useful links?

If anyone else is [curious](https://blockonomi.com/channel-factories-bitcoin-lightning-n...)

Re: If Bitcoin Looks Like It Isn’t Trading, It’s Because It Isn’t

#182

Post by paulddraper » Wed, Dec 11, 2019, 5:47 PM UTC

modeless wrote: post #129

paulddraper wrote: post #51

Earlier quoted context omitted.

The IRS treats essentially everything ownable as an asset: gold, paper currency, bitcoin, art, postage stamps. You obviously never pay capital gains tax on USD, because it never changes value relative to USD. AFAIK a Bitcoin is no different than a Euro tax-wise.

There's a gigantic difference: an exemption for almost all personal transactions. In practice almost every foreign currency transaction you make is exempt[1]. The IRS doesn't allow that exemption for Bitcoin and technically you are required to calculate and report gains for every single Bitcoin transaction you make (regardless of whether dollars are involved). Imagine reporting every Starbucks purchase on your tax re…

No, the $200 limit is the limit on the exchanges for the year.

EUR/USD exchange rate changed 3-4% from a year ago, so spending $5-6k in Euros would surpass the threshold (though in this particular case, as a loss).

The BTC/USD exchange rate more than doubled over the past year, so you'd have to spend less than a few hundred dollars to remain under The $200 tax exemption would make little practical difference. Even for traditional stable currencies, it's relatively easy to exceed that in any significant use. And with BTC's historical volatility, it's virtually guaranteed.

Re: If Bitcoin Looks Like It Isn’t Trading, It’s Because It Isn’t

#183

Post by noxer » Thu, Dec 12, 2019, 12:23 AM UTC

account73466 wrote: post #179

noxer wrote: post #177

Earlier quoted context omitted.

I didn't ask for the mcap of USD. It was a rhetoric question. Ofc you can find numbers and statistics about it. But they are obviously not correct as stated above they do not include any lost money. Also the value is meaningless. Not a single person on this planet does any educated decision based on that value. It's completely irrelevant. And that was my whole point. If you trade fiat/precious metal or similar assets…

Read again "The currency component of USD doubles every 10 years." Therefore, "they do not include any lost money" is irrelevant unless you believe people lose about half of their money over a single decade "Not a single person on this planet does any educated decision based on that value. It's completely irrelevant. And that was my whole point." That is false. Smartest people do take into account the fact that the m…

You can not see that the mcap doubles in 10 years if you check the current mcap. You just explained why the mcap is pointless. Everyone know USD gets printed. Inflation isn't a secret either. No one need to check the mcap daily over several years to see that. People may wanna know the inflation rate in % per year or how much money was printed in the last year etc. The current mcap however says nothing. The history may show a trend but that's something completely different and the actual current value isn't relevant do determine a trend.

Also you totally bullshitting neither Interactive Brokers nor Yahoo Finance shows mcap for any fiat or precious metals. It however show mcap for cryto (Yahoo) but that doesn't make it a useful value. Its most probably just copied form CoinMarketCap.

>For any stock you click, you see its market cap.

Sure, but I said fiat/gold not stocks. The whole discussion started because people think the mcap of bitcoin somehow makes bitcoin or other cryptos comparable to stocks or fiat/gold. But that's nonsense because the value itself has no meaning for these assets.

Again, no none care that you think I have no clue. Bring arguments/sources for your claims or stop wasting everyone's time.

Re: If Bitcoin Looks Like It Isn’t Trading, It’s Because It Isn’t

#184

Post by floatingatoll » Thu, Dec 12, 2019, 5:54 AM UTC

account73466 wrote: post #92

floatingatoll wrote: post #89

Earlier quoted context omitted.

Wash transactions are cheap compared to the rewards they gamble will occur.

Could you please provide an example?

https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/disci...