Cryptocurrency Discussion

This thread is for discussing price speculation and real-world adoption of cryptocurrency. For discussion of the morality of Bitcoin, there is another thread - On the morality of Bitcoin

10 Years Ago:

Today:

Where will we be 10 years from now?

I view cryptocurrency as a legitimate asset class that I think is worth having in any investment portfolio. How much depends on your risk tolerance.

My crypto portfolio is currently BTC and ETH. I don’t mess around with the other cryptocurrencies, mainly because it’s too much to keep up with and also I think 99.99% of them are going to zero. We know big players are currently loading up on Bitcoin, seems logical that if (keyword if) they were to do so with another cryptocurrency, it would be ETH.

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I figure we could start off with some poles

Do you own any crypto?
  • No, never have
  • No, but once did
  • Yes, Bitcoin only
  • Yes, Ethereum only
  • Yes, Bitcoin + Ethereum
  • Yes, Bitcoin + Ethereum + Others
  • Yes, Some other combination

0 voters

Do you believe that Bitcoin will replace gold and other precious metals as the safe-haven store of value (let’s say this is defined by BTC eclipsing the market cap of gold and maintaining a larger market cap for over 1 year. At current prices this would mean BTC >$~500k)
  • No
  • Yes

0 voters

Do you believe that Bitcoin will replace the US Dollar as the world’s reserve currency
  • No
  • Yes

0 voters

I really think a necessary element of the conversations about bitcoin and "I wish i had bought it 10 years ago), is a discussion of the number of people who lost all their bitcoins when the major exchanges (like Mt. Gox in the above example) were hacked. Never feel bad that you didn’t buy bitcoin 10 years ago, because if you did, there’s a good chance you would have lost it all in one of the major hacks anyway.

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If I want to buy and trade bitcoin, what’s the least pain in the ass way to do it?

Yeah, I wasn’t in crypto then but i looked up that MTGox screenshot. If they really did handle 80% of all Bitcoin trade in 2011, i suspect a large amount of people got completely wiped out.

Sign up for coinbase. Trade through coinbase pro if possible to keep fees low.

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Coinbase, a crypto wallet and just let it sit there. No need for trading anything imo.

Sorry I didn’t take my own advice and keep some Bitcoin from October.

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Fuck coinbase. They turned over all user data to the IRS. Then I got a threatening letter from the IRS about not reporting transactions as far back as 2014 in 2019 and telling me I needed to amend several years of returns. Ok fair. I contact Coinbase and they tell me they can’t provide account history because they closed my account in 2016.

Fuck them.

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Lol ok use someone else jmakin.

They not all do the same thing with your data?

I only get mine directly from @AWice

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Only one doxed the crypto community to the IRS that I know of.

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I’m new to it over the last year but I do know they have some FCA obligations in the UK.

Financial conduct authority, serious business type stuff.

Fair enough, but anyone buying crypto at this point shouldn’t expect it to be anonymous. And in the US there really isn’t a better option.

I can buy it anonymously through an ATM but at a ~15% a premium.

An ATM provider in the UK with 16000 machines have got permission to buy/sell bitcoin. No idea of the fees and an 2 second search shows registration required.

Flat rate £2.99 and fixed 3.99% selling free, nothing about buying.

I didn’t expect it to be anonymous. I did expect them to not turn over user data to save their own ass in a lawsuit the government brought against them and then refuse to provide me the data to actually correct my tax issue.

I wouldn’t have even owed taxes. I was a net loser in this time period. But they threw me under the bus. Fuck them.

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Lol I’m the type of square that would report coinbase stuff in my taxes anyway so that’s no big deal to me really. Just want ease of use/liquidity.

In 2014 idiots (like me) weren’t considering tax implications of buying btc and dusting it off at sportsbetting sites. There was no capital gain to report.

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Ah k i get it i wasnt really trying to say you did anything wrong or uncouth, i’m just extremely careful

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Question, isn’t the smart move just to buy and wait? Rather than trading?

I’ve no idea what kind of trading is involved tbh, absolutely none.

I can guess it’s just trying to switch between different crypto currency on the ups and downs. If I’m wrong, please tell.

Like my best guess is buying 40-50k in crypto from 2014-2016 on coinbase and losing 80% of it. Meanwhile I had the IRS trying to estimate my tax obligations from the coinbase buy info they had.

They are a fucking disgusting company and did this to tens of thousands of users. Don’t use them.

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