Bitcoin Forum

There will never be highs as high as we saw in 2017.the common person won't be able to buy crypto with credit. Add to that strick crypto tax laws and you will see it's not worth it to buy crypto now is the time to sell sell sell, before your left with tulips.people are waking up to the nightmare called the IRS and the tax people. They owe the credit cards for buying $10,000 worth of ripple when it was $3.00....they owe the IRS for the any "profits" they made.

Dont buy any over priced video cards it's only going to get worse.

Bitcoin will go down to $1500 a coin by the end of 2018


https://medium.com/@coinloop/the-real-reason-why-credit-card-companies-are-banning-bitcoin-purchases-a75315c2b060

Major banks around the world have started banning purchases of Bitcoin and other cryptocurrencies on credit including banks in the United States, United Kingdom, Australia, Canada and Europe. There have been a number of reasons behind the ban with most banks opting that they are trying to protect their customers from a risky unregulated market. Massive returns on cryptocurrency markets in 2017 saw so much growth that major exchanges had to block users making accounts due to not being able to keep up with demand.

tulips? shut the fuck up

I do not get it... Where is the catch?
If you have a problem with credit card, so just use your debit card.

Is that how you treat someone who is trying to warn you about what an epic mistake your about to make if you keep holding your coins?

Is that how you treat someone who is trying to warn you about what an epic mistake your about to make if you keep buying coins?

Is that how you treat someone who is trying to warn you about what an epic mistake your about to make if you buy 24 1080tis at $999.99 to mine?

We go ahead then. Invest. Keep thinking 2017 highs are coming coming back soon...keep thinking things will get better now that billions of investors have been locked out of crypto buying

you must be new here, this is a common pump and dump

also bitcoin is backed by japan, will never die

No.  That's how I treat morons like yourself ...  ;D ;D ;D

If the only way you can buy crypto is through buying on credit, you're not an investor, you're a debt slave.

Did you even bother to read the conclusion in the link you posted?

Even Bitcoin nor other coins haven't value before. Then why we scared? Except you buy some coins on the top,  ::). Whatever coin prices, will not affect the traders at all, they only need dump and pump at whatever price.

And how about miners?
Which miner? Impromptu miner? Yeah, seems like they would giving up soon. And miners that can survive will get advantage from it, even when coin price drop.

Did you know?
Not all miner buying Cards at a crazy price (including me of course)

tulips lol

Stupidity like this should be permabanned from posting. I have never seen you once post anything useful, just these garbage posts with clickbait titles.

It is just a correction in the price, volatility is very common and is what defines bitcoin as a currency. Credit card companies haven't stopped anyone to buy crypto, they only put a "somewhat law" that you should buy from well known vendors.

As far as I know Coinmama supports buying crypto with credit card and everyone can use their service to buy crypto. Their fees are high but that is another topic.

JP Morgan Chase and BOA (in the usa) do not allow crypto purchases with credit cards.  If you go to CoinBase and try to buy BTC with one of their credit cards, it will get denied.  Not that I think anyone should be buying crypto on high interest credit, but just wanted to clear that up.

That is why internet is great. Coinmama is not based in US so you can buy there through internet and through your credit card. What I want to point out that banks stopping payment with credit cards is not a reason why crypto is or will be dead.

Buying crypto with credit card is good, if you buy the dip it is the easiest way for you to make a profit.

The crypto may come to an end, and there are many different reasons, some are more possible some less, but what is written in this article is not at all the reason.

OP sorry but there is a long line ahead of you and we all laugh at each one of these remarks.  Bitcoin was dead in 2011, 2012, 2013, 2014, etc etc....and well how did that turn out for those future tellers.  If credit card banning of crypto is your biggest argument to why bitcoin is dead you need to dig deeper just a tad bit.  Thanks for trying though....and this belongs with the speculation sub spam as well please move this nonsense.

Banks banned Credit Card purchases for Crypto because they are missing out on a CASH ADVANCE FEE plus the HIGHER APR ON CASH ADVANCE FEES.

I know this because I am a banker at a USA bank.

Yes there are a lot of other reasons (some probably more important that the fees the banks are missing out on) that banks will not let you use "Credit" to buy Cryptocurrency.

The thing is, banks (yes not all of them) will allow you to use the money you worked for anyway you want to. It is very limited to what you cannot get with using our bank debit card


Credit=Money the banks trust you with but its not physically there

Hard earned dollars=the money you deposited into the account

Jeez.. talk about someone joining a forum to spread FUD to the max. No clue on what crypto is or what it stands for.

This is the only the beginning. Except the laws and banks to clamp down even harder. And expect crypto to grow even stronger. I feel stupid to have to even clarify that around here.

If they really wanted to, why wouldn't JP Morgan Chase and BOA just decline credit card transactions to Coinmama?  They can do whatever they want.  It's not your money that you're spending, it's theirs.  They are just letting you borrow it at a high interest rate.  The reason I don't like seeing people buy crypto with credit cards is because the majority of those doing it aren't doing any research whatsoever to even know anything about whether or not it's a good time to buy. 

Doesn't matter whether you buy a dip with credit or your own money.  Buying it with a credit card does not make it easier to make a profit ... Lol. 

And also ... You are correct.  The market isn't down, because some banks stopped people from running up their credit limits to buy crypto.

If I were the big banks, I would be more worried about people who have no idea what they're doing buying an extremely volatile asset on credit, market takes a down turn, they panic sell at a low point, bank never sees their money again.

He's just pissed that he bought the top and is going to have to wait a little longer to move out of his moms basement.

The reason why banks are denying credit card purchases for crypto has nothing to do with the fear that "Bitcoin will put them out of business".

It's because many people get their credit card and bank account information stolen which is used to buy crypto which is never reversed.

There is provably like 10x people who got their credit card info stolen vs 1x who actually want to buy crypto so it's just easier to block all the transactions.

You can still buy Bitcoin by wire transfers, ATMs , localbitcoins, etc.

you can use debit cards on coinbase  :D

Debit cards are not credit cards. 

Why is this even still being entertained.  If bitcoin is dead because you cant use credit cards to buy it its pretty worthless to begin with.  This has ZERO bearing on the utility and market of bitcoin and if it will survive or not.  Stop this nonsense.

Yes all those years you mentioned there was no real regulations on crypto. Now miners are getting hit with crypto tax on their taxes this year... Don't report your crypto earnings and your looking at tax evasion charges

It's a new day and age and yesteryears gains don't apply anymore.

Funny thing is you can still use your credit card at a gambling casino... So it's the final nail in the coffin for crypto. Without investors being able to use credit cards to buy crypto there will be no bull run

I'm calling bullshit on any bull run that mysteriously just happens out of the blue

So one way around to pay for crypto with credit like an american  bum you are.  Is to go out and buy nvidia cards on credit cards.  No cash advance fees, like you would get on coinbase,  You'll be hedge against a downtrend market and wont' get rekt.  You'll even get an equipment deduction when you do your taxes.  And if all else fails you can always sell ur gpus and probably break even.

This I think this is a much better way to average cost buy your coins into the market with your gpu mining rigs all funded by credit.  

An alternative is to pay for your day to day living cost on credit.  So by the time you get your paycheck you can quickly buy bitcoin cash and send it to bitmain to get an ethereum asic miner.

If your a good accountant you can win in the crypto mining game. But like most of us doing account work is no fun.

if someone charge-backs my Shift card, I can get crypto for visa..... lol.  I guess that's one way to look at it.

But, I think the credit companies choices are just them not wanting to loose the financial stranglehold on you;  since you are using their instrument to buy an instrument that frees you from their grip.

Just like;  imagine the day the FED and other huge banks buy into BTC and other crypto as well.....    This is where exponents come in; since their supply is limitless.

Grow up kid.  BTC doesn't need to be purchased with credit cards for any bull run to happen ... Lol.  Do you think institutional investors whip out their VISA card when they want to buy 500 BTC?  BTC does not need a bunch of irresponsible retail investors to blindly buy in for a bull run to happen any time in the future.

Also the IRS has been giving guidance on how to pay taxes on your crypto since 2014.  Where the fuck have you been?  Just because they are just now enforcing it, doesn't mean anyone who hasn't paid taxes in the past won't be fucked over, if they were stupid.

This guy again ;D You do make me laugh with your zero day FUD.

FYI, I can easily buy bitcoin right now with my credit card and even with Paypal, who would've thought that in the digital age you wouldn't be able to purchase the digital currency of your choice with your digits on your digital credit card.

Talking about digits, how about you put your "own" digits to better use, and be more productive, maybe by helping folks out here in the "Altcoin mining sub forum", rather than spreading nonsense about Bitcoin.

You might gain some respect that way, instead of people rightfully taking the piss out of your BS threads.

 Bitcoin isnt propped up by credit cards kid....sorry but bull runs and new money that pushes markets isnt credit cards if you think thats the case you are a moron.

Its credit cards but you can purchase btc and crypto related with debit cards the reason is people where buying btc with their credit cards than losing their ass and not making the payments thats why as usual its people who fuck shit up like lets take my whole 401k and through onto a ico than they never make the money back and go whining to uncle sam are you ready NEVER INVEST MORE THAN YOU CAN AFFORD TO LOOSE
http://fortune.com/2018/02/04/banks-ban-buying-bitcoin-credit-card/

Agreed.  Debit cards are connected to your checking account.  That is your money.  Same as doing a wire or ACH transfer from a checking account.  Credit card limits ... NOT YOUR MONEY!!!  It's the money of the card issuing bank and they are allowing you to spend it at a high interest rate.  Who the fuck doesn't know this shit?  Obviously the OP doesn't get it.  

I actually just spoke with someone at a local crypto meetup yesterday that cashed out all of his 401K in December of 2017 and put it in BTC.  He is 50 some percent down currently.  Good move or bad move?  Not sure.  Time will tell.  It was his own money and he isn't selling his btc.  From what I gathered, he'll ride it to zero before he sells at a loss and that's the mindset you need to have, if you're going to do something like that.  I don't know how much money it was, but he was a younger guy, so maybe not much ... Me personally, I'd be willing to risk 20% of my 401k holdings on crypto.  I haven't done it and wouldn't recommend it, but that would be my personal decision, if I didn't have other savings and income to put into crypto.  Some people say that you shouldn't put more than 10% of your total investment portfolio into crypto ... I say 20%, but to each their own.  

The VERY bottom line is exactly what you said ... Don't put more into crypto than you are OK with losing.  

Digital FUD Lord at it again eh?

Him and Metroid really need to adjust that attitude. Much negative waves. Much whine.

Hahaha exactly! He must be new in crypto if that's his speculations.  Their negativety will not win against the force of crypto lovers.  We are just in Q1 a lot more will happen in crypto world this year.

Mogo just opened a buy and sell bitcoin with credit cards for Canadians

Buy and sell bitcoin with no funding and withdrawal fees
 (https://www.mogo.ca/mogo-crypto)

You can say that but now a days we have ICO who are specialize in linking visa card and  Debit card or bank directly in purchasing tokens from ICO or exchanger as long as you have account with them, If I remember it correctly it was Centra.

Funny post again,

The same guy who just 2 3 months ago was wining that he couldn't buy enough GPU.

Maybe a little reminder and I know it's hard to get your head around, but listen,
the world is bigger then just the US of A.  :o

Realy, it is.
In the EU, still possible to buy with Credit Card, the Eu is a bigger market then the USA.
Then we have South Korea, Japan, China all of them very strong Crypto countries.

Which Tax ? Because you have to pay, why would we, we don't apply to the IRS, so for the most outside the USA, no problem there yet.
The world is bigger then the basement you live in m8, and sorry you didn't make enough with your GPU to get out out of there

But stop making stupid posts that are full of FUD, because the world is much bigger then the little world you live in.  ;D

Bullshit it was American investors that pushed the crypto to the 2017 levels

Everyone cashed out to avoid the crypto taxes and it caused the crash

Where is the rest of the worlds volume? Surely Japan south Korea China and the eu would have enough volume to make up


But no, nothing...markets been dead.

If we enter a global depression bit coin is going to a Penny

Show me the numbers boy  ;D

And I am not the lazy type, so if you provide me with the google results backing up your story, I will read that.
For you it's dead, for the smart ones there is still lots of money to make  :-*

"If we enter a global depression bit coin is going to a Penny"


No, if this global depression happend (and this is for sure),
the crypto will rise and shine like never before.
It will be the safe harbor for all of us, far away from the reach of banks and governments...

Those evil banks not letting 18yr olds max out their credit cards on bitcoin then not pay the banks back!

If you need a credit card to buy bitcoin then you are a moron.

Do you realize how dumb you sound?  Cashing out to fiat is not a way to avoid tax liability. Converting crypto to crypto or crypto to fiat IS a taxable event, you moron.  Buying and holding is NOT a taxable event.

https://i.imgur.com/BbTLXZV.jpg

Explain why the stock market is at an all time high and every market globally is up except crypto?

Just look at bitcoins chart

https://coinmarketcap.com/currencies/bitcoin/#charts


It's one big pump and dump

Bitcoin is going back to it's $500 a coin price range by the end of 2018

I can explain that easily.  The price isn't stable enough or low enough to draw in the majority of institutional investors.  I see the bottom at 4-5K to be honest.  We may continue into this bear market for several months and the price will obviously drop.  I would bet everything I own that you won't see $500 BTC in 2018 though.  Not to say that I would be upset if it did drop that low though.  Would be buying the shit out of it at a discount like that. 

Stock market at an all time high?  The Dow Jones is down over 2K points from it's ATH.  Go look at historical stock market data from 1990 to 2008 (when the housing market crashed).  Not saying that it hasn't rebounded since then (10 years).   But what's your point?  By the way, who the fuck cares about price, unless you bought in at the top in December 2017?  That's your own mistake. 

The stock market at an ATH priced in USD is nothing earth shattering. When adjusted for inflation and priced in 1916 dollars, when people rode around in horse buggies, the DJIA has only gone up ~10X in 100 years since then. Some coins go up 10X in a week. LOL.

http://2o9ub0417chl2lg6m43em6psi2i.wpengine.netdna-cdn.com/wp-content/uploads/2017/01/graf-2-1024x715.png

Oh Jesus Christ.  Give me a break.

You can't buy lotto tickets with a credit card but the lottery takes in plenty of money.  While I don't agree with card issuers having this rule in place it is a minor thing.  And it is their business to run how they see fit.

I was pissed when I couldn't buy lotto tickets (stocking stuffers for xmas) with my credit card because the bad apples got to ruin it for everyone else apparently.  So I dealt with it and paid cash.  Whoopty doo.

It wont be long and and Bitcoin be over 20k again then everybody be singing the praises of bitcoin

If you bought 10,000.00 worth of ripple at 3.00 and it dropped.. you don't owe the IRS anything. You owe the IRS on PROFIT you made from Crypto not losses. If you gambled a large amount on credit with high interest you're an idiot. Countless movies have been made about bookies killing idiots who gambled money they couldn't afford to lose / pay. Its not the fault of the team you bet on that you lost money you couldn't afford to lose on credit.

Mining and holding is a taxable event.

The ONLY way you avoid paying taxes is on a buy and hold.  End of story.

And that does you about zero good because sooner or later you sell for a profit ideally.  Taxable event.

Selling for a loss decreases taxable liability.  But who is in this to sell for a loss?

BUT ... There is a difference between long term capital gains tax and short term capital gains tax.  Short term is basically your income tax rate.  Long term might be about 10% ish less.  Long term rate is on holdings for a year or more.

Mining in dire times .. Your hardware costs will offset any taxes that you'll ever pay, depending on the situation.  You pay the same tax as you do on your W2 income.  Whatever tax bracket you happen to fall into.  Mining, i'm just assuming that you were not a moron and started buying hardware at 2X msrp.  Otherwise, you're like me ... Don't really give a fuck about the downturn just yet.  Pay your expenses out of other income, and keep going.  Who the fuck cares?  People say, oh I have bills to pay .. Pay them with your fucking real job.  And pay for this hobby out of income from your real job. 

If you can't afford to pay the overhead out of your own pocket, you shouldn't be mining to begin with.