Bitcoin should be taxed, based on the way you use it. If you buy or pay for a service or goods and the merchant accept it as a payment option, then you should pay VAT. On the other hand, if you trade it as a commodity, you should pay Capital Gains on the profit you made. It should not be such a huge problem, if they define Bitcoin as a multi-use financial instrument. The problem comes in when these governments wants to sabotage Bitcoin, by restricting it's use. They define it as a commodity, because they do not want it to compete with their reserve currency. <hidden agendas>  |
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I have seen a lot of posts lately, where people are complaining about the price. I can understand that, but based on my previous experience with Bitcoin, you only need 1 good year to make Bitcoin your most profitable investment of all times. Let's take 2017 for example. I made more or less 700% profit on the bitcoins I bought in January and sold in December 2017. Now I am not financial expert, but I seldom see any investment opportunity where you get anything more than 30% profit within a year. So, let's put this into perspective for the people who are constantly complaining about the price. If you were used to low interest rates or even if you were lucky enough to invest in something where you received 30% profit, ONE good year like 2017 will cover the interest and profit you would need for the next 20 years. <700% divided by the max 30%> On top of this, you still get interest on the fiat money that you deposited into the Bank, after you sold those bitcoins. Stop complaining and wait for your good year.  Lol, as factual as this sound, its still does not take away the "unknown" it was when 2017 went by that you knew it was your year. You would have started with the mind of doubt and even if you are sure of increase there is no way you had that percentage increase in mind. Everyone complaining too wanted every time they invested to be their time but when its not happening rather than wait, they report to complaining. Its normal in all human endeavors. Yes, but how will the complaining help? I am not pissing on their parade here, I am just saying that 1 year can change the whole game for them. I first bought bitcoins when the price was more or less $400. I had to go through a lot of dumps, before it went to the ATH of $19,000. We had no idea that it would go to $19,000 ..so we just sat back and hoarded until it happened. In todays world, people are used to instant gratification and Bitcoin is not a McDonald's Drive-thru service investment. You buy, when the price is low and then you hoard. <Long-term> Strong hands are needed for the big reward at the end. ^smile^ |
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Thanks for the links - super interesting!
Why does Bitcoin need to scale to VISA scale? I do believe Bitcoin has a role to play for higher value transaction at smaller frequency.
LN really seem like a monkey patch - I can see how they seem interesting, but I'd rather use an altcoin (Nano for instance) than throw my coins on lightning.
Bitcoin <according to the White paper> is a alternative "Peer-to-Peer Electronic Cash System" So if you want to provide a global cash system, you have to be able to scale to the levels of other systems that are providing global payment networks. The only other global payment networks that we can use as a comparison is the likes of VISA / MasterCard / PayPal and such. How many merchants accepts Nano as a payment option? <compared to Bitcoin> I hope this answers your questions.  |
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Hamster here...:-D
In what category am I belong? I'm not a whale, well I'll categorized myself as hamster too. @OP how about those holders that doesn't hold much and are just neutral-average type of holders? I would define your status as being on the same level as plankton < the small and microscopic organisms drifting or floating in the sea or fresh water, consisting chiefly of diatoms, protozoans, small crustaceans, and the eggs and larval stages of larger animals. > You should at least have about 10 bitcoins to qualify as bait fish.  You know that the biggest Whales in the ocean, feed only on Plankton, right? |
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I have seen a lot of posts lately, where people are complaining about the price. I can understand that, but based on my previous experience with Bitcoin, you only need 1 good year to make Bitcoin your most profitable investment of all times. Let's take 2017 for example. I made more or less 700% profit on the bitcoins I bought in January and sold in December 2017. Now I am not financial expert, but I seldom see any investment opportunity where you get anything more than 30% profit within a year. So, let's put this into perspective for the people who are constantly complaining about the price. If you were used to low interest rates or even if you were lucky enough to invest in something where you received 30% profit, ONE good year like 2017 will cover the interest and profit you would need for the next 20 years. <700% divided by the max 30%> On top of this, you still get interest on the fiat money that you deposited into the Bank, after you sold those bitcoins. Stop complaining and wait for your good year. |
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What have you lost, if you sold nothing? You are just getting impatient to wait for the next ATH, to sell for a large profit. I made enough money from the previous ATH, to sustain my urge to sell for the next 3 years. You should consider this : Most investments gives you a maximum of about 15% to %30 interest/profit if you are lucky.
Last year I made more than 700% profit, so I am still in the green for the next 23 years, if I just want to have the same interest on my investment at 30% interest per year. Then I still receive interest on the money that I cashed out on. ^smile^
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The people that are not owning between 1000 to 10,000 bitcoins cannot be simply categorized as being hamsters. If you owned 500 bitcoins today, it would be valued at $4 060 000 USD and I would rather call those people Dolpins or sharks. The people below 50 coins could be called "bait" fish. The Whales & Hamster comparison is not making sense. You should rather stay with one species when you draw a comparison. It will also give you a wider variety of fish to play with. < Tuna / Stingray / Cob etc. > |
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The thing is that a lot of people are attracted to Crypto currencies, because it is known for the incredible volatility in the price. If you invested in January of 2017 and you sold in December 2017, you would have made +/- 800% profit in less than 1 year. So the type of investor that are being attracted to Bitcoin is those investors that are used to the high volatility and the big gains.
This is where it gets tricky, because they had a taste of high returns and then it fuels the greed and this blinds them from the high returns that are promised by these scams.
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Well, even if they think it will be bloatware or not, it still adds a opportunity for some developers to push their software. People are just lazy by nature, so they will not go the extra mile to install something to test it. A built in wallet will also give it a bit more legitimacy, because the wide variety of choices is confusing and some are even scams. That's what the software repository is for: only verified software is added. Once it's in there, I assume it's safe to install (if I can't trust my software repository, I can't trust my OS). I won't upgrade my wallets until my Linux distribution tells me to. Ok, this is also acceptable. How many people actually know about the software repositories? I was pretty impressed when I installed Tails for the first time and when I booted and found that it had a built-in Bitcoin wallet. You could add a feature to disable it during the install procedure, if you do not want a bloated OS. <Specifically for the people who wants to use it, by booting from a single DVD or a small memory stick> I am just saying, give the newbies a first introduction to Crypto currencies by providing them with a scam free wallet. <Their first experience should be a good one> |
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I think this is a good idea. These governments should create some governing body like the SEC to give their stamp of approval to these ICOs, before people can invest. Let the ICOs apply for approval and give some minimum requirements and guidelines for them to abide by, before they can launch their ICOs.
If this is done correctly, people will lose a lot less money on scam ICOs and the operators of these scam ICOs can be charged formally, when they run with the money. <They will be identified before they launch these ICOs>
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It is clear after months of debate on this subject that the Chinese government were only targeting Crypto currency ICOs. They do not want money flowing into bottomless pits <scams> in other countries, so they effectively "banned" Crypto currency related ICOs. This has become a global trend now, because their are not some governing body that regulate these ICOs.
If there was some governing body, where ICOs could have applied to be approved as a legitimate ICO, this would have been less of a problem, but that aspect of Crypto currencies are still not regulated and it was easier for these government, just to ban it.
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The reason is simple, most Alt coins are eventually traded for cash or back to Bitcoin. How many merchants do you know that accepts say, "CrapCoin" compared to Bitcoin? The trader needs to convert his or her "CrapCoin" back to BTC or Cash for it to be useful. So when the BTC price move in a specific direction, the Alt coin price is also influenced.
Bitcoin is more useful, because it has the biggest network of users and merchants.
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You should put yourself in their shoes, before you ask this question. Most of these people are invested in currencies that has almost zero volatility. Bitcoin has the highest volatility that I have seen in both currency and commodity trading and this is what is causing all these allegations of Bitcoin being a "Bubble"
Most previous "Bubbles" have been known to have serious price spikes and high volatility, so it is not strange that they make this connection with Bitcoin.
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You have different investors in Bitcoin :
1. Speculators - These people normally invest for a quick profit and some of them even invest with debt. This raise their "panic" levels and they react to the slightest bad news in the media.
2. True Believers - These people are not phased by short-term volatility and bad news, because they invested in the technology for the long-term vision and the belief that the technology will succeed.
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Wow, this looks like a awesome project. The only thing that are not mentioned on the site is the handling of the sewerage waste? Any normal
household use a lot of water and they also generate a lot of sewerage and household waste. How will they get rid of the waste? I was thinking some septic tank that will need to be emptied on a regular basis?
This might be one of the greatest challenges for this project. <because this will increase the cost to live there> Do you have some concept drawings of this proposed project? <I want to see how they "float" these islands in a shallow lagoon?>
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Well, even if they think it will be bloatware or not, it still adds a opportunity for some developers to push their software. People are just lazy by nature, so they will not go the extra mile to install something to test it. A built in wallet will also give it a bit more legitimacy, because the wide variety of choices is confusing and some are even scams.
If we can get a tested and verified wallet to be the "default" wallet, we will be reducing Crypto currency loses on "scam" wallets that are being tested by new users.
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To sum up what he is saying : Bitcoin is still relatively small, so we <Bankers> are not very worried about this, yet. Just to make sure that it does not grow any bigger, let's trash talk as much as possible about it, to get people to turn against it. Let's use all the scare tactics we have in our arsenal. like "Bitcoin is used for terrorism and tax evasion" This is just some of the old tactics that are used to brainwash people. ....This is getting very old and pathetic now. |
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It looks like a good idea, until someone figures out how to detect these NFC chips and locate them in the body and just follow these people, and hit them over the head and surgically extract the chips. The idea of inserting a foreign object under my skin, send shivers down my spine and I do not know if somewhere in the future, someone might attribute this to some kind of sickness or cancer of the skin. <No long term studies has proven that this is safe>
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The thing with Alt coins is the Market Cap. The smaller the Market Cap, the easier it is for speculators to manipulate it. Some of the Crypto Whales will quickly pump a Alt coin to trigger a buying frenzy and then once the price is high, they will dump it. You will not be able to determine which coin these whales are going to chose, so it is all based on luck and timing.
This is one of the reason that Alt coin buying lose money.
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I think we might even see some people selling some coins after the deadline, because it is a new tax year and everyone did not want to sell everything in the same tax year. <The price is quite low now, so you might not see a lot of that, but people without liquidity wants to prevent higher tax brackets and have to wait for a new tax year to sell more coins> The liquidity is a factor, when you bought coins with debt that you have to pay back. |
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