Bitcoins - about to hit $5,000 per coin today!

[gib]

Here’s a question for you guys. If you had to guess, what would have the biggest % gains over the next 12 months?

Gold
Silver
Bitcoin

(My ranking would be BTC, gold, silver)

[Mayday]

Yes, gold and silver (especially) are VERY undervalued.  These metals are the very best conductors of electricity.  They are essential for the technology in that thing you're typing on and talking into.

The term undervalued is a speculative term.

Speculative virtual consumption cannot be used as supportive argument for real world consumption.

The reason why prices crash in gold and silver is because the money in there for speculation pulls out and all that is left is the real world consumption rate which is the true price of supply/demand for real world use.   The speculative demand on metals exceeds the real world requirement.


Silver did it's dash 6yrs ago.

Back then the scarcity argument was actually real when they sent the Comex into meltdown by means of asking for physical delivery of silver which they didn't have and almost collapsed it. JPM fixed the game to prevent a proper real world collapse on the silver market. The result was silver went straight back to where it was and it hasn't done anything since.

[Mayday]

Here’s a question for you guys. If you had to guess, what would have the biggest % gains over the next 12 months?

Gold
Silver
Bitcoin

(My ranking would be BTC, gold, silver)

ETH will dwarf BTC in terms of %.

The others are pointless in terms of %. If anything they are at risk of going backwards.

[Slapper]

[...]It’s possible they will but I see similarities with people who buy penny stocks on the belief that they are much more likely to double than a blue chip. It sounds appealing (and sometimes comes true) but if only it was that easy[...]

I can honestly attest to this big time. My first two investments in WS were SID and SAN, which were almost penny stocks at one point and were 85% off of the maximum. That was 6 years ago. Two months ago, after many headaches/lost all patience, and breaking my own promise that I would never let these two go until I got my money back, I sold out of these two shits. Since then I have diversifies a lot and invest only in expensive stock. BABA was my best investment so far, rode that shit from $67 to $167. Only time in my frigging life I rode a wave from start to finish.

[Slapper]

i've talked to a lot of people in finance, they all say the same thing - wanna know the inside on bitcoins? go to bodybuilding msg boards. and so i did. and here i am.

You heard wrong. What they said was "wanna know the inside of bodybuilders? Pay them in bitcoins".

[TheGrinch]

Bitcoin is the "new" Nasdaq 1998-2000 insanity..


What happened to the Nasdaq in 2000?..


Exactly

[gib]

Bitcoin is the "new" Nasdaq 1998-2000 insanity..


What happened to the Nasdaq in 2000?..


Exactly

Yes quite likely. However with stock it was obvious (and became obvious) that there would be a correction as the yield (actual and anticipated) did not match the valuations. With BTC, whilst there are similarities with Nasdaq boom, the issue of “overvaluation” does not arise- reason being that btc can’t be valued.

[Slapper]

Gig, any advice on an exchange that does not ask for any ID? I currently have my account with Coinbase, and I know they're itching to start sending those 1099s to the IRS.

Is there a foreign exchange that would help avoid any tax implications on capital gains (wife has foreign passport)?

[chaos]

Too late to kick in 5k

[SOMEPARTS]

Gig, any advice on an exchange that does not ask for any ID? I currently have my account with Coinbase, and I know they're itching to start sending those 1099s to the IRS.

Is there a foreign exchange that would help avoid any tax implications on capital gains (wife has foreign passport)?

You can buy in person from the localbitcoins site. That would keep you out of the exchanges. If you want to just buy some and hold buy local and put on a Bread wallet or hardware wallet.

These people saying this stuff is decentralized, anonymous, going to save the world from the banks or whatever. Uh..well the blockchain as it is right now is literally a ledger of all activity. If you make money off of it on an exchange you will be paying one way or another so don't be stupid.

If you live in the USA and hold over 20k in foreign currency(which crypto is classified as...) you have to file a form with the IRS. That's not the type of declaration you want to explain later on. You obviously have to pay capital gains as well if you are a trader. If you have a way to buy/hold overseas then like Gib you may have a workaround on that but I would be SURE before I put a lot of money in.

The IRS hates cash and so do banks. You can't even get 5k out at the bank without telling them what you do with it. You think that they hate crypto? No way. Early adopters may become rich but it's a dream system for them to tax, fee and regulate honestly. Coinbase/GDAX might as well be a bank at this point...poor customer service, delayed trades and high fees...even scalping their own customers with inflated pricing compared to other exchanges. What is different from a bank or the stock market again?

[gib]

Gig, any advice on an exchange that does not ask for any ID? I currently have my account with Coinbase, and I know they're itching to start sending those 1099s to the IRS.

Is there a foreign exchange that would help avoid any tax implications on capital gains (wife has foreign passport)?

Using a foreign or unregulated exchange might help you avoid being asked to pay taxes, but your potential legal liability as a US resident would likely remain the same.

Many people are now going p2p for larger transactions (eg you literally meet up and exchange cash for coins), which avoids any record that can be traced (but doesn’t actually change your legal liability for the capital gain).

[gib]

Too late to kick in 5k

I don’t think so. I think everyone should have some bitcoin exposure. I’d stick the 5k in and then put away into cold storage.

[gib]

You can buy in person from the localbitcoins site. That would keep you out of the exchanges. If you want to just buy some and hold buy local and put on a Bread wallet or hardware wallet.

These people saying this stuff is decentralized, anonymous, going to save the world from the banks or whatever. Uh..well the blockchain as it is right now is literally a ledger of all activity. If you make money off of it on an exchange you will be paying one way or another so don't be stupid.

If you live in the USA and hold over 20k in foreign currency(which crypto is classified as...) you have to file a form with the IRS. That's not the type of declaration you want to explain later on. You obviously have to pay capital gains as well if you are a trader. If you have a way to buy/hold overseas then like Gib you may have a workaround on that but I would be SURE before I put a lot of money in.

The IRS hates cash and so do banks. You can't even get 5k out at the bank without telling them what you do with it. You think that they hate crypto? No way. Early adopters may become rich but it's a dream system for them to tax, fee and regulate honestly. Coinbase/GDAX might as well be a bank at this point...poor customer service, delayed trades and high fees...even scalping their own customers with inflated pricing compared to other exchanges. What is different from a bank or the stock market again?

Yes agree with all of this. As for my “solution” I’m not a US resident or citizen. I don’t pay taxes. But I sympathise with those who do. It sux! (Especially when you see how that taxed money is being spent/wasted).

[Marty Champions]

You can buy in person from the localbitcoins site. That would keep you out of the exchanges. If you want to just buy some and hold buy local and put on a Bread wallet or hardware wallet.

These people saying this stuff is decentralized, anonymous, going to save the world from the banks or whatever. Uh..well the blockchain as it is right now is literally a ledger of all activity. If you make money off of it on an exchange you will be paying one way or another so don't be stupid.

If you live in the USA and hold over 20k in foreign currency(which crypto is classified as...) you have to file a form with the IRS. That's not the type of declaration you want to explain later on. You obviously have to pay capital gains as well if you are a trader. If you have a way to buy/hold overseas then like Gib you may have a workaround on that but I would be SURE before I put a lot of money in.

The IRS hates cash and so do banks. You can't even get 5k out at the bank without telling them what you do with it. You think that they hate crypto? No way. Early adopters may become rich but it's a dream system for them to tax, fee and regulate honestly. Coinbase/GDAX might as well be a bank at this point...poor customer service, delayed trades and high fees...even scalping their own customers with inflated pricing compared to other exchanges. What is different from a bank or the stock market again?

this post is key

[El Diablo Blanco]

Using a foreign or unregulated exchange might help you avoid being asked to pay taxes, but your potential legal liability as a US resident would likely remain the same.

Many people are now going p2p for larger transactions (eg you literally meet up and exchange cash for coins), which avoids any record that can be traced (but doesn’t actually change your legal liability for the capital gain).

How many people are going to get scammed this way?

[Soul Crusher]

BITCOIN
Massachusetts regulator lists 7 dangers with bitcoin, calls it potentially ‘worthless’
Massachusetts' securities regulator warns investors from putting money into cryptocurrencies such as bitcoin, saying they could just be another "worthless product."
"The unregulated and ambiguous nature of Bitcoin provides a fertile ground for investment scams," William Galvin warns.
The full list of warnings is below.
Thomas Franck   | @tomwfranck
Published 2 Hours Ago  Updated 51 Mins Ago
CNBC.com
Bitcoin
Anatoliy Zhdanov | Kommersant | Getty Images

Massachusetts' top securities regulator warned about bitcoin Wednesday, listing seven reasons the volatile cryptocurrency could be just another "worthless product."

William Galvin, secretary of the commonwealth, warned investors not to be blinded by the recent Cboe bitcoin futures launch and said people should be aware of "inherent risks" of investing in bitcoin.

"Bitcoin is just the latest in a history of speculative bubbles that most often burst, leaving the average investors with a worthless product," Galvin said. "Going back to the 1600s with tulip mania to the present Bitcoin craze, chasing the next best thing will, more often than not, end in disaster for the average investor."

 Jason Calacanis: Bitcoin is a bubble, just not sure how close it is to popping   Jason Calacanis: Bitcoin is a bubble, just not sure how close it is to popping 
2 Hours Ago | 02:15

The statement said that because trading on the Cboe gives bitcoin an air of legitimacy, investors must be aware of the inherent risks of investing in bitcoin and the fraudulent schemes associated with it.

Cboe bitcoin futures fell 2.7 percent Wednesday to trade at $17,530.

Galvin's comment comes just days after U.S. Securities and Exchange Commission Chairman Jay Clayton warned investors against putting money into cryptocurrencies.

Here is the full Galvin statement:

Secretary of the Commonwealth William F. Galvin today warned investors not to get caught up in Bitcoin speculation.

"Bitcoin is just the latest in a history of speculative bubbles that most often burst, leaving the average investors with a worthless product," Secretary Galvin said. "Going back to the 1600s with tulip mania to the present Bitcoin craze, chasing the next best thing will, more often than not, end in disaster for the average investor."

Bitcoin futures began trading on the Chicago Board Options Exchange (CBOE) on December 10, 2017. Bitcoin has also been the target of major hacks at the exchange and wallet levels, leaving many Bitcoin holders with huge losses. Because trading on the CBOE gives Bitcoin an air of legitimacy, investors must be aware of the inherent risks of investing in Bitcoin and the fraudulent schemes associated with it, Galvin's office warned.

Bitcoin continues to attract intense media attention as the price of Bitcoin dips and soars. Conflicting information about Bitcoin abounds, with some calling it a "craze" or a "bubble" and others touting it as an amazing investment.

Before purchasing in Bitcoin, Secretary Galvin's office suggests investors consider the following:

1. Bitcoin and other virtual currencies are not regular money, as they are not backed by the United States or any other government or central bank.

2. Carefully investigate the seller before making a purchase of Bitcoin. You may want to consider what recourse you would have, in case something goes wrong. Compare the fees and costs associated with Bitcoin purchases and ask about the terms for redeeming Bitcoin into regular money.

3. Virtual wallets used to store Bitcoin do not provide the same safeguards as deposits made at a traditional banking institution. Unrecoverable losses can occur when Bitcoin is stolen from these virtual wallets.

4. Bitcoin values fluctuate enormously and can do so in a very short period of time. Be prepared for radical value changes in your Bitcoin investment, including single day drops or increases in the thousands of dollars.

5. Bitcoin investing is generally considered to be speculation, since the value is not related to any economic or financial parameters. Never speculate with money that you cannot afford to lose.

6. Bitcoin and other virtual currencies are based on a public ledger called the "Blockchain," which is still experimental and is subject to changes, errors, or criminal activity which could adversely affect your virtual wallet or erase your Bitcoin value.

7. The unregulated and ambiguous nature of Bitcoin provides a fertile ground for investment scams and other financial fraud, which can cause Bitcoin investors to lose their money.

Anyone wishing to check the registration status of someone offering to sell Bitcoin or other products tied to Bitcoin may contact Secretary Galvin's Securities Division at 1-800-269-5428. Additional information may be found on Secretary Galvin's website, www.sec.state.ma.us

[Mr Anabolic]

Here’s a question for you guys. If you had to guess, what would have the biggest % gains over the next 12 months?

Gold
Silver
Bitcoin

(My ranking would be BTC, gold, silver)

1. SILVER:  Very undervalued at this time.  It has the highest profit potential.  However, it's disadvantages are it's weight and it takes up a lot of room.

2. GOLD:  Undervalued.  Less profit potential than silver, but governments hoard it... that should tell you something.

3. BITCOIN:  The easy money has already been made.  People buying anywhere near 15-18K are taking a big risk.  Get into some lower priced cryptos if you want to speculate.

[Twaddle]

So, these are the typical bitcoin investors?   

[obsidian]

LMAO! 0.0113 BTC!!! Niggas rich!!

[polychronopolous]

LMAO! 0.0113 BTC!!! Niggas rich!!

Haha yeah, Matt’s gonna get a kick out of this one 

[Slapper]

I fucking hate Coinbase!

Can't get my driver's license pictures uploaded because the metro-sexual booty-hole rimmers from San Francisco didn't think they were going to get this much b-ness.

I could choke one of them right now... Only been able to buy marginal amounts of BTC at this point because everything else is frozen.

 

[obsidian]

Ethereum shits all over Bitcoin when it comes to fees and transaction speed!

[gib]

How many people are going to get scammed this way?

With p2p? Yes scams can happen (like with any transaction with strangers). Fake wire transfers. Fraudulent deposits. Fake banknotes. All are possible. Many of the p2p sites rate buyers and sellers and list number of completed transactions etc (just like eBay or Airbnb or Uber).

[NarcissisticDeity]

 

[ratherbebig]

this financial talk is pretty boring. this is what you do on your freetime?

most people who deal with finances dont spend their time off talking about it, they enjoy their riches.

so how about you guys put a break on it? put some photos up of your riches? a few photos of your cars, helicopters, houses etc ?

think about it as inspiration for the rest of us, who hasnt invested as wisely as you have over the years in gold, silver, stocks, bonds, bitcoins and everything else you talk about day after day on here.

so bring those photos up. im waiting.