- Joined
- Oct 30, 2003
- Posts
- 34,074
Perhaps this is a silly question...but what exactly do you do with this currency?
Buy drugs and pizza (hopefully in that order).
Perhaps this is a silly question...but what exactly do you do with this currency?
It's more of a speculation game right now, Bitcoin is pretty useless for actually buying things due to the transfer fees. When you want to cash out it's pretty much you convert it to one of the coins that Coinbase uses, transfer there, sell for USD and transfer it to your bank account (after Coinbase takes their not insignificant cut.)
The catch to this method is that the IRS is all over Coinbase's ass about turning over records since people aren't paying taxes on their gains. Some people are going to be in pain with back taxes that they owe.
I'm going to guess that uncle sam is going to want their take on this...wouldn't they? You invest $500, it turns into $10,000...you're not going to just skirt way with a $9500 profit tax free once you sell the stock.
Would the IRS know the gains? They would just know the sale price.
I imagine anyone cashing out large sums would argue cryptocurrency doesn't fall under currency trading. A losing battle, but it would delay the inevitable.
OK OK...
Moral question... if someone pawned in a laptop... that was used for bit mining...
AND... they happened to be late in paying... would you try and info strip his hard drive?
xROTx
PS. This is a theorectical question... for now
Is there any new crypto currencies that are cheap and might overtake Bitcoin that are worth chucking a few quid in to see what happens?
Cryptocurrency is probably the best thing to happen to console gaming since Nintendo entered the industry.
I've taken some big hits with this recent crash but im still holding strong. It's been a very rough year but i'm still feeling optimistic.
Why? Serious question. My clients in crypto are wallowing in dispair with the collapse of market faith in anything crypto related. Even looking at chipmakers nvda and amd is hurting my soul.
Many economist are predicting another crash in about 1-2 years time. No one can predict the severity of the crash but some are saying this will be worse than the 2008 crash caused by the banks. Everything will go down even lower than what it already has been. I think more and more people will realize we can't keep trusting the banks. So this might present an opportunity for crypto to make a change. And hopefully by that time, there are a few projects ready for mass adoption.