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Official Bitcoin, Ethereum, and other Alt coin crypto thread

WaterH said:
While I agree with your current description of BTC, it still has the qualities to become a currency. If it would get adopted in a big way, the sky’s the limit. I keep telling everybody I know to put a grand in it just in case. If you can’t afford a grand, put a $100 in it. It is really stupid to have no stake in it right now. Unless of course, you believe the dollar won’t fail.
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What kind of currency do you pay tax on the gain like a stock?

If my $1 dollar now has the purchasing power of $1000. when I spend it, I don't owe taxes on $999.
You can try to say "well you pay tax on gains from interest" But this isn't interest. It's closer to inflation.

Until it is independent and not directly tied to the dollar, I don't see how it will function as a currency.

I'm not complaining, Things take on a life of their own. But i don't see it as a currency.
 
Pi coin is listed at $55.29 a coin right now on Crypto.com. Which is weird because it has not gone live yet and is actually worth nothing as of yet...

If it actually goes live and turns into a real currency, I will be stoked. I would be even more better off if more people on my app go through the know your customer (KYC) process...
 
Mr.Ratbastard said:
I sold 75% of my Doge so it should keep climbing. If I buy back in sell everything you have.
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I sold my initial investment off back in 2021, and have just been sitting on a couple thousand coins since. Regretting not buying more over the last few years while it was low.
 
grumpy356 said:
What kind of currency do you pay tax on the gain like a stock?

If my $1 dollar now has the purchasing power of $1000. when I spend it, I don't owe taxes on $999.
You can try to say "well you pay tax on gains from interest" But this isn't interest. It's closer to inflation.

Until it is independent and not directly tied to the dollar, I don't see how it will function as a currency.

I'm not complaining, Things take on a life of their own. But i don't see it as a currency.
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Couple issues with this post.

First, even though I’m a pro-Trump guy, and he might be able to lower the inflation rate, but there is zero chance that he will reverse it. So the idea of your dollar ever being worth more is laughable.

Second, when I was in my twenties, my friend went on a European vacation. He paid for all his hotels and airfares. Then he transferred $5,000 into German money where he was going first. He spent money on hookers and blow and then moved on to the next country where he traded the money he had left to its currency. He repeated this several times and came home. When he got home, he was surprised that he had more than 5 grand. He had his receipts and it all checked out. I remember us saying if he had takin 5 million, he could have takin the vacation of his life and come back a millionaire.

The point is he was trading currency. He was supposed to declare his gain (he didn’t). So what is different than trading BTC? You pay taxes if you claim it. You are supposed to claim all gains, it’s just that there will never be a gain in holding the dollar.
 
grumpy356 said:
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Like mentioned earlier, if I buy a tractor from 2bigbronco for a .25 BTC and he later buys another tractor for .18 BTC, who’s to say I made money or him? Doesn’t really matter if they track it or not.

Also, there’s the issue of who owns a wallet? Just because I put money in it, doesn’t make it mine. Obviously, in the example above, I’m putting money into 2BBs wallet. Of course, he could say “I don’t own it and just gave Waterhorse a tractor because he has a kind heart”. Since there’s no tittle transfer, they don’t even know a tractor changed hands.
 
What’s the hot new shitcoin guaranteed to go to the moon and tank just as fast while my finger hovers over the sell button? I’m bored and want to convert a bit of ether.
 
2big bronco said:
Yep, 1 of my best friends bought several hundred thousand xrp down around .20-.30. And another friend bought around 900k xrp They are both sitting pretty good right now.
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Good for them. I only grabbed a few thousand because I got wrecked on other cryptos and was testing the waters again. I wasn’t into the risk
 
Leadfoot21 said:
I got into XRP a while back I wonder where this stops
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From a frend who knows a little.... his plan
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yozsi said:
I think that’s a bad strategy. But whatever. What do I know? I only know someone who’s and insider at ripple. I’ve been holding my bag since the open coin days
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Please elaborate
 
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