491–500 of 688 posts
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The supply is infinite if you take the whole crypto space: You can create as many BTC#3 EGold-plus ... as you wish, and future generations will.
That's like saying uber shares are infinite because you can start your own ridesharing startup and issue more shares.
As an outside observer, who has no crypto holdings at all, but is very deeply invested in the public stock market with a heavy weight on technology stocks... this doesn't look like a crash to me at all. It just looks like some steam being let off and old investors cash out and new investors get more comfortable with how much and where to invest. I consider crypto currency as it is to be an elaborate Ponzi scheme (per…
Bitcoin & Ether are both down -40% from a week to a month ago. Both of those are, in theory, large enough that investors "letting off some steam" shouldn't move them that much. If $SPY dropped 40% we'd all call it a crash. This isn't that different. Also unlike the stock market, crypto is under the delusion of being a viable currency. If USD or Euro dropped even 20% we'd start questioning if it's a recession, much le…
They are only both massively down if you cherry-pick the absolute peak as your point of comparison.
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That depends, doesn't it? Where did I get that BTC? Did I mine it in 2010, or did I buy it last month for $64k?
Maybe I wasn't clear enough. What I really mean is that we sit down in the same room. You bought the BTC for $1 in 2013. Today I give you $50k in $100 dollar bills, you send me your 1 Bitcoin. I am deliberately ignoring the current exchange rate to prove a point. What happened is that I overpaid by $15k, I immediately lost $15k on this transaction. You got a bargain and gained $15k on top of the $35k you would have g…
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Except you cannot just start your own global ridesharing service, can you?
Can't you say the same for bitcoin? Anyone can make a bitcoin clone, just like anyone can code a ridesharing app in a hackathon, but your clone isn't going to be the one recognized by everyone.
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Thats the thing, they arent currencies, they are assets that can act like currencies when convenient.
> hey arent currencies, they are assets The irony here of course is that the only way that Crypto currencies would meet any standard definition of an asset would be if they were functioning currencies. Going with Investopedia's straightforward definition "An asset is a resource with economic value", how is a non-currency crypto coin in any way a resource or possess economic value?
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I'd be very surprised if your tax agency agrees that moving via USDT does not trigger capital gains. Then again, I'm operating under the impression most people cheat on their taxes w.r.t cryptos
US only. It seems even Puerto Rico doesn't ask capital gains on crypto.
See "Q16. Will I recognize a gain or loss if I exchange my virtual currency for other property?" [1]:
A16. Yes. If you exchange virtual currency held as a capital asset for other property, including for goods or for another virtual currency, you will recognize a capital gain or loss. For more information on capital gains and capital losses, see Publication 544, Sales and Other Dispositions of Assets.
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I only say this about 1% of the time I read stuff like this, and it's still too much: _Bitcoin doesn't use GPUs to mine with_. It's been custom ASICs for the last eight years or so. I think.
Ethereum does though e: Take a look at this https://www.reddit.com/r/EtherMining/comments/nfppnv/120_rtx... There are countless people like that
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This has to be one of the funniest financial things I've heard. "Uhhh, you know when your account dropped 50%? Actually that is only like 10% if you pretend it's a log scale." Unfortunately for them, USD is not on a log scale and they'll be disappointed to discover that when they try to cash out.
I'm not discussing trading here, in which case you would be absolutely right. Trading using a log chart would be absurd. I'm talking about long term positions. Cost averaging over time means you are immune to such a massive swing.
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They're probably doing that to stop BTC from crashing even further. If BTC crashes, altcoins would probably follow (instead of taking BTC's position). Even if they don't follow, just BTC crashing would make exchanges lose the biggest chunk of their income. So shady business, but business as usual.
I agree, it's just a bit hilarious to imagine a normal stock market exchange trying to get away with things like that.