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Isn't it far more likely that this "guy's wallet" is actually the wallet of a business like Overstock? Look at how small the deposits are. it's an exchange or casino or something.
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When you have bitcoin you already have cash. Better cash.  |
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Gold's scarcity is why it is valuable. Otherwise it is just a shinny rock. Don't over think it, the value of gold is based on nothing but perception.
If this is the case then why is it chosen to be used in industry? The answer - it has unique properties that other metal do not. Bitcoin is just code that can be copied and even improved. Gold is an element and will always remain the same. I have approx £450k in precious metals and sleep well at night. If I had that amount of money in crypto I would crapping myself encase I get hacked, a wallet service got hacked, a weakness in the code is discovered, an exchange gets hacked at the time of cash out, the price drops 90% overnight, new regulation is introduced crippling cryptos. The only reason bitcoin is valuable is the perception by probably 95% of people that it will moon and make them rich. They dont give a shit about the tech and only view it in dollar equivalents. When bitcoin price eventually stabilizes most people will lose interest in it when the realization hits that they are not going to become overnight millionaires. While gold has some special chemical/electrical properties, the price of gold is not because of these properties. Iron is far more useful than gold, for example. The properties that make gold valuable are scarcity and the inability to profitably counterfeit it. As far as why other people are into bitcoin... That's their business and they are free to make any decisions they want, even dumb ones. For me bitcoin is doing just fine. It is the only money I have used on the internet for years. I could care less about getting rich. I pay my taxes and enjoy my life. Oh and I also hold a fair amount of gold. Because gold is awesome, no matter why. |
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I agree with the thread title. I would love to have a bunch of paper money THEN turn it into bitcoin.  |
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I'm not sure where it is that you think bitcoin is currently unregulated?
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Gold's scarcity is why it is valuable. Otherwise it is just a shinny rock. Don't over think it, the value of gold is based on nothing but perception.
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Well, shes a comedian not a cryptographer.
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I hope you don't really believe that... the market manipulation using USDT is well documented. Bitcoin will fall hard if tether isn't backed... you'll know its happening when bitcoin goes up 50% + in one day. Since BTC is more weighted and tied to USDT than USD the flood of users out of USDT to BTC will for a couple hours skyrocket the currency... then it will crash hard.
I know tether is not backed by dollars. It's laughable to think such a thing is even possible. So it has zero effect on my decisions about bitcoin. If some exchange was duped into believing such nonsense then they should fall. Alts are crypto for the foolish. |
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For what its's worth I have used them dozens of times with no problem. Tony is a real business person with a serious company.
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If the price goes back down again to around $4000-6000, people will be able to buy whole bitcoin, I know people can buy fraction of bitcoin, but buying whole is a better deal.
Huh? Why does the amount matter? It is a completely arbitrary value. Like counting gold in ounces. An ounce really means nothing. |
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From what i geathered from coinbase, they can give you a calculation of your bitcoin earnings and what is taxable. It is up to you if to pay your taxes after that. I don't live in the US but I know that tax-evasion by filing incorrect data is a criminal offense punishable by fines and/or jail time.
I think this is why I don't use coinbase from a long time ago, I don't want to pay tax on the money that I got from bitcoin. I only want to pay the tax for what I buy or I think I will make a report for the money I have or something like that. I think until bitcoin is not approve by the government, then they cannot apply the tax for bitcoin user. You are going to turn the best investment of your life into a jail sentence. |
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how can I open bitcoin wallet I am new this forum anyone help me?
Assuming bitcoin here. You will want to choose a wallet that meets your needs. Check this link: https://bitcoin.org/en/getting-started |
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i understand and accept everything you say. smart phones and 4G/5G signals have bypassed the arguments about PC's and landline issues.. that was the positives back in my promoting days. that getting on the internet was not the biggest concern or much of an issue..
they actually laughed at the idea of phone companies spending billions to install cable to every house, like it was some out dated concept that they were proud to have skipped.
however the issue was about the transaction fee of just moving bitcoin. which is why there was alot of scepticism against bitcoin being useful.. but many then started talking about making their own local (alt)coins to compete against things like mpasa
i more recently re contacted a few contacts from the region who also feel that LN is not suitable either. as again to just get into a LN channel costs a fee and also its not as unlimited as previously promoted. so they still feel if something is going to happen it would b via an altcoin or a confederation of altcoins(IMF type of thing)
i seen you had pictures taken with "the natives" but have you done any investigation, promoting in the more modern-day villages/shanty town area's or even the cities
have you spoke with any mpesa stall owners about doing crypto, as i found they would have been the pivitol point of entry into people getting crypto. especially when they said it cost them $350-$1k just to set up a mpesa system but found out they could start exchanging crypto without all the mpesa delays/red tape(before the discussions moved onto bitcoin tx fee's which then dampened their mood)
as for the promo/stunts... back in my day i think i gave out about $1000 worth at that time ($400k at this weeks value), but left feeling that they just seen it as a one time handout eventhough i set a few of them up as if it could be a business.
analogy: i taught them how to fish but they just seemed more interested in the fish id give them when teaching them, than actually wanting to fish for themselves tomorrow
which is why im wondering if its worth me giving it another shot over there, or just slapping some bitcoin devs with rotton fish for disregarding the needs of the unbanked(low fee's onchain) that i feel is the root cause of not much african bitcoin adoption
im just asking to see if things have moved on from a couple years ago, or if its still the same initial optimism about bitcoin as if they never heard of it before you enquired, but then reluctance when finally trying it. (like i experienced)
Franky I wish I could give you a glowing report on how bitcoin is on everyones mind. In fact it was confusing to most who had heard about it. I think a killer app is needed to make it simple and, as you mentioned, cheaper. Otherwise it only works well for larger purchases that the unbanked are less likely to make. I did not bother with explaining all this to the San bushmen. They are choosing to live a very simple life without electricity. In the cities and towns there was some interest by businesses, but not a lot. I still think it will happen eventually. It is just too powerful an idea to avoid forever. Much like the internet itself. Nice you are doing this. Maybe you can do something to help raise awareness of the extinction of wild cats in Africa. Lions, tigers,leopards all of them are endangered. China plays a large part in this. I guess u are doing enough but it's a thought don't mean to put more on your plate
I do have something like this in mind. It is really sad to see the last of the wildlife being exterminated in Africa. In Namibia they blame the Chinese mining executives who use their time in Africa to enrich themselves hiring criminal to shoot everything they can. And the San greatly despise the hunters who come to their land, shoot a giraffe, then cut the tail off for a souvenir. The rest is left to rot. Especially since they are forbidden from hunting them to just survive. |
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I think for tax and accounting purposes, capital gains and losses are calculated by determining how much your cost basis has gone up or down from the time you acquired the asset (in this case, cryptocurrency) until there's a taxable event.
Nailed it exactly. |
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I don't think there is no way that bitcoin could be subject to taxation. I mean, a number of its features were to make sure that bitcoin in no way could be taxed by any government. Just like its Decentralization and complete anonymity that it provides its users. so i don't think bitcoin could be taxed.
When did Satoshi say that? Bitcoin was not designed to evade taxes, it was designed to give the user full control of their money. It is fair money, not magical tax free money. And the IRS has found that bitcoin solves their biggest problems with taxation by creating a perfect record of all transactions. Bitcoin is taxed and in court the judge is not going to entertain your defense that "a guy on the internet said...". |
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Currently, you do not pay taxes for bitcoin. But if governments have accepted bitcoin as an investment market, they may be able to control and collect taxes, but this is very difficult. Since this is a virtual currency market it is difficult to verify and tax someone
100% wrong. Currently, and since bitcoin's inception, taxes are owed in almost every jurisdiction on Earth. In the U.S. you owe on all capitol gains and you may have to pay income tax if you were paid for work in bitcoin. |
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I think we mean "guess" here, not prediction. No one is able to predict the future, these are guesses.
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If I make money on crypto currencies. How do I avoid as much tax as possible?
Here is a more nuanced answer. While taxes are as sure as death you can lower your tax burden by: 1. Claiming any losses you have to offset gains. 2. Taking full advantage of other offsets like charitable gifts. 4. Looking at tax income brackets and keeping yourself from making enough to get bumped up to a higher bracket. In 2018 a critical level will be $316,000. Those who make $315K will pay a lot less than those who make $317K 3. Moving to a jurisdiction with lower taxes. I am looking into this since finding out that 9 U.S. states have no capitol gains tax. Of course you still owe the fed. Its' not very practical, but you could also move to Dubai. |
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If I remember it was $0.13 / kilowatt. Not bad, but hardly free.
I assume that's just the regular rate that the average people there end up paying? In most cases for very large power consumers (which miners are part of obviously) there are lower prices that they can work with, and especially so if they consistently require a minimum amount of power to be delivered. It's a basic principle that the more of something you are buying, the lower the unit price becomes. I wonder how many farms are actually planning to make the move to Iceland, especially with how other Scandinavian countries provide similar power rates and climate conditions. Yes, I think your right about that. I was not able to find anyone who knew about bulk purchasing of electricity so I don't know how much that lowers the cost of mining. |
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