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Crypt0curr3nci3s

Re: Cryptocurrencies

Congratulations. Jim Cramer from Mad Money recently said he did the same thing. He did not hold it for very long but it went up quickly. He said he purchased millions of dollars worth of Bitcoin and Ethereum



I have heard that one of the risks is that there is something like a thousand accounts that own a huge percentage of bitcoins and if any of them were to sell off it could cause a deep dive. There is also no way of knowing why a big dip would happen.
 
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Re: Cryptocurrencies

How Is Cryptocurrency Taxed?

If you’ve owned your coins for less than one year before spending or selling them, any profits would be short-term capital gains, taxed at your normal income tax rate.

If you’ve held your crypto for one year or more, any profit would be long-term capital gains, taxed at a lower rate, determined by your annual income.

https://www.forbes.com/advisor/investing/what-are-cryptocurrency-taxes/
 
Re: Cryptocurrencies

TickTockMan said:
Are you saying all other currency is worthless? I think China would disagree.
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Not t at all I am saying Crypto currency has nothing backing them up period! You can use it I will not buy gold if not do what ever you want!
 
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Re: Cryptocurrencies

Pierresro said:
Not t at all I am saying Crypto currency has nothing backing them up period! You can use it I will not buy gold if not do what ever you want!
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Rb83d002ca0287eaf5e5f75a8a7452fd2
 
Re: Cryptocurrencies

cityboy-stl said:
True, but that is out of context to the original question which was about "mining" Bitcoin. You don't "mine" regular currency in the same sense Bitcoin is using the word even if the regular currency is direct deposited electronically into your checking account. "Mining" I think of as something physical like gold or coal that can be sold.
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In the case of Bitcoin, mining involves adding new transaction data to the global public ledger. Each block of new data is added to the chain of previous transactions, which together constitutes the blockchain. There is a small fee deducted for each transaction validated and recorded within the block. That fee is to pay for the computing power the miners provide to verify the validity of each transaction and record it in the blockchain. As an additional incentive for people to set up computers that network together to process transactions, the miners also attempt to solve a mathematical puzzle for which they are rewarded with Bitcoin. The number of coins in each reward started at 50 coins, but is reduced by half after each successive 210,000 blocks are mined. The reward has been halved 3 times thus far and is currently 6.25 coins per reward. It is possible to join the mining community and get a reward almost immediately – or you might mine for years and never receive any reward. Most miners join their processing power together with others to form a single node. That combined power is more likely to earn a reward. Some of the larger nodes may get rewards a number of times per day. Each reward is split between the miners in the group according to the relative processing power they provided to the group during the period preceding each reward. For example, if you provided 1 percent of the processing power and the group earned 6.25 coins, you would receive about 0.00625 Bitcoin, which is currently worth about $350.

The term “mining” is used to describe the procurement of new Bitcoin because it is similar to mining gold. A certain amount of energy and resources goes into mining gold and a relatively small amount of new gold is added to the worldwide supply as a result. The total amount of gold in the world is finite and its scarcity is part of the reason gold is purchased as a hedge against inflation. Similarly, investors have begun adding Bitcoin to their portfolios as a hedge against inflation. The total number of Bitcoin is capped at around 21 million coins, of which over 18.7 million are already in circulation. The difficulty associated with solving the riddle is adjusted automatically each week to provide the discovery of one new reward approximately every 10 minutes. With the current reward set at 6.25 coins and there being 144 10-minute segments in each day – roughly 900 new coins are rewarded each day. When the number of coins reaches 21 million, the reward of new coins will cease and miners will thereafter rely on transaction fees as their sole source of income and incentive to continue operations. It is presumed that the number of computer nodes in operation by that time will be substantial enough that transaction fees will be kept reasonably low.

You can buy, own, or spend Bitcoin without ever bothering to understand how it came into being. Suffice it to say that Bitcoin was a response to the Great Recession of 2008 and the abuses that led us there. Building a fully independent and decentralized system to securely facilitate monetary transactions that also replaces banks, while insulating the currency from inflation brought about by government meddling or deficit spending seems like a nearly impossible task. The thing that created Bitcoin is also the thing Bitcoin created. Therein lies its value.
 
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Re: Cryptocurrencies

SafeMoon, Shiba Inu, Dogecoin: The 2021 Crypto Bubble Is Unlike Anything We’ve Seen

"In the near term, that means Bitcoin and its blue-chip altcoin counterparts will continue to see their values inflate. Financial institutions seem intent on keeping up with central banks and tech firms in adopting digital currencies.

In the longer term, however, most cryptocurrencies will implode. Like Amazon’s competitors that went bankrupt, most of the 700,000 tokens today will disappear. Just like the 1999 bubble, we’ll look back at 2021 — a year where billions in Dogecoin rested on a single SNL performance — and wonder “what were those morons thinking?”"


https://investorplace.com/2021/05/safemoon-shiba-inu-dogecoin-2021-crypto-bubble-unlike-anything-we-have-seen/
 
Re: Cryptocurrencies

Lord preserve us! Another fake value system to enable others to cheat us out of our lives.
 
Re: Cryptocurrencies

Don't blindly invest cryptocurrencies and don't listen to advisors who manipulate you into big investment as well, they tend to act as oracles and then use that asynchronous info to manipulate the markets. If you are very new to trading crypto you should read some about crypto try to find your weakness and flaws in trading. As a newbie you should try Automated crypto bot trading strategy because it is a great way to minimize risk and increase your bottom line when done correctly. [Link: Removed] provide the professional algorithmic trading solution to support automated crypto trading.
 
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Re: Cryptocurrencies

In short, cryptocurrency is an unproductive asset. It doesn't do anything or have any value.

The only reason guy A buys a bitcoin for, say, $100 is because he is hoping he can turn around and sell it to guy B for $200. The only reason guy B buys it for $200 is he is hoping he can sell it to guy C for $300. And so on and so forth.

Sounds a lot like a pyramid scheme.

I have already had several people trying to nudge me into buying dogecoin with the promises of making big bucks. Another sign that it is a pyramid scheme.

Look up tulip mania.
 
Re: Cryptocurrencies

^ Some say the entire economy is nothing more than a glorified pyramid scheme...
 
Re: Cryptocurrencies

Harke the Boeotarch said:
^ Some say the entire economy is nothing more than a glorified pyramid scheme...
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I completely disagree with this fatalistic view. The economy at large provide real goods and services. I just paid Starbucks some money for coffee. That is real exchange of goods and services.

Some people say what you say to sound smart.
 
Re: Cryptocurrencies

Dominus said:
I completely disagree with this fatalistic view. The economy at large provide real goods and services. I just paid Starbucks some money for coffee. That is real exchange of goods and services.

Some people say what you say to sound smart.
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There not saying that the goods and services aren't real, it's more that the financial value of those is tied to a system that -not unlike a pyramid scheme- periodically (in 5 - 8 year cycles and +-50 year cycles) collapses back down, so the whole system can start rising again.

And because of this, whole companies that do deliver useful goods and services bankrupt in lean times, while nigh useless companies prosper in times of high conjecture.
 
Re: Cryptocurrencies

metta said:
Coinbase Cofounder Issues Serious Crypto Price Warning As Bitcoin ‘Death Cross’ Fear Spreads

https://www.forbes.com/sites/billyb...in--death-cross-fear-spreads/?sh=cf8f62f6cbc3


They have been saying this all along, but I think it is a good reminder. And it is why I have only looked into Bitcoin and Ethereum.
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You know why there is a fear going around? Because deep down people who "invest" in crypto knows that it is not inherently worth anything. It doesn't produce any wealth. It literally doesn't even exist. Even a washing machine does more than a crypto coin.

They all know that the only reason they bought it is they are hoping they can sell it to the next guy for a lot more money. And the next guy will pay that much because he is hoping he can turn around and make even more from the next guy down the line.

Just like tulips, all it takes is people to stop buying it and all of a sudden it is worthless. Again, aside from trying to sell to the next guy for a higher price, it is completely worthless. At least with a hammer you can still pound nails with it. Crypto is inherently even more useless than a damn hammer.
 
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