"Most Cryptocurrencies' Value Could Hit Zero", Warns Goldmann Sachs Analyst

[moproblems99]

HAHAHAHAHAHAHA! Did he seriously say bitcoin is slow. It's a crap ton faster than a wire transfer. The lightning network just released for btc and is being tested as we speak. There are altcoins out there that are lightning fast already. Pun intended. It sounds like Mr.Strongin is worried about wall streets future if we are not going to them for money and investment advice. I can put money in ethereum in America, transfer it to the UK in literal moments, and cash out in EURO. The blockchain fees are nothing comparing USD to EURO bank transer fees.

Fiat currency is not going anywhere. I would surmise that crypto is also going to be around for a while. Can't we all just get along?

 

[Arjai]

I would 'Get Along' better, say, if I could buy a new GPU! Directly, or indirectly, depending on your beliefs, Mining affects GPU pricing.

Arguments aside, I can't afford to buy a GPU. So, even if I want to game, or mine coins, I have to put money aside in the hopes that NEXT YEAR, I have enough to buy one! Whereas, the money I saved from last year? Wasn't enough. As mentioned above, the "Deals" are still a 60%+ markup from MSRP.

4K TV's and Monitor's are cheaper than the GPU's that can run them.
Sad. I think it is sad. I can't even run Crysis!

 

[R-T-B]

Because there's logistical problems which, instead of being tackled by a bank, is being tackled by cryptocurrency exchanges. Both can run into issues.

What logistical problems are their honestly that aren't 90% solved by the blockchain transaction in the first place?

I would 'Get Along' better, say, if I could buy a new GPU!

You can. It's just too expensive for most people. But then, I guess they don't really want it as bad as the others. Who are we to dictate who is more deserving?

 

[Arjai]

...But then, I guess they don't really want it as bad as the others. Who are we to dictate who is more deserving?

Not sure where you are going with this. "WANT?" Yes I want a new GPU. I am not going to give up eating, or the roof over my head, to get one. Does that mean I don't want it?

Then, Who is the "WE" you think is dictating something?

I think I put it plain and simple above. Facts as Facts. No one is "dictating" and no one needs to judge my level of "want."

I don't believe you were trying to offend me but, as you can see, I am tired and ornery. I am hitting the sack, long day, blah blah.

 

[FordGT90Concept]

What logistical problems are their honestly that aren't 90% solved by the blockchain transaction in the first place?

If I wanted Chinese Renminbi and tried to get it from my bank, my bank likely won't have any. They'll have to order it and let me know when I can pick it up. The fees come from them having to go to the foreign exchange to buy it and the shipping cost to get it to the local branch. With cryptocurrency, this process still happens at exchanges. Someone has to secure the physical funds in order to facilitate a withdrawl.

If you're not talking physical currencies, the reason why it's cheaper to exchange money digitally is because governments aren't taxing the hell out of crypto yet. Fundamentally, it's the same reason why PayPal is cheaper. Or paying for something via credit card and paying the foreign exchange transaction fee. Case in point: crypto should be taxed at the capital gains rate which, for most, is 15%. That 15%, by itself, is more than the fees banks, PayPal, and credit card companies pay.


Edit: Bitcoin may not be worth all the hoopla: N.Y. Fed blog post

 

[TheTechGuy1337]

If I wanted Chinese Renminbi and tried to get it from my bank, my bank likely won't have any. They'll have to order it and let me know when I can pick it up. The fees come from them having to go to the foreign exchange to buy it and the shipping cost to get it to the local branch. With cryptocurrency, this process still happens at exchanges. Someone has to secure the physical funds in order to facilitate a withdrawl.

If you're not talking physical currencies, the reason why it's cheaper to exchange money digitally is because governments aren't taxing the hell out of crypto yet. Fundamentally, it's the same reason why PayPal is cheaper. Or paying for something via credit card and paying the foreign exchange transaction fee. Case in point: crypto should be taxed at the capital gains rate which, for most, is 15%. That 15%, by itself, is more than the fees banks, PayPal, and credit card companies pay.

A lot of places are taxing cryptocurrencies already. America is all about them taxes bro. They are working on regulating exchanges more by requesting info on who is taking money out and putting in for example. The IRS wants their money and they will get it. I foresee every country ending up like this. So I base my earnings usually on a mixture of short and long term capital gains tax since I live in the US. I'm usually getting hit pretty hard with short term capital gain as the US dictates all short term as regular income rates. Up to 37% taxable as of 2018 for short term. Long term is 15 to 20% respectively.

 

[BiggieShady]

Crypto Kitties! Hell yeah!

https://www.cryptokitties.co/

Invest in blockchain kitties, they'll be infinitely more valuable than virtual coins at zero ... and they're purrdier too

 

[yotano211]

If I wanted Chinese Renminbi and tried to get it from my bank, my bank likely won't have any. They'll have to order it and let me know when I can pick it up. The fees come from them having to go to the foreign exchange to buy it and the shipping cost to get it to the local branch. With cryptocurrency, this process still happens at exchanges. Someone has to secure the physical funds in order to facilitate a withdrawl.

If you're not talking physical currencies, the reason why it's cheaper to exchange money digitally is because governments aren't taxing the hell out of crypto yet. Fundamentally, it's the same reason why PayPal is cheaper. Or paying for something via credit card and paying the foreign exchange transaction fee. Case in point: crypto should be taxed at the capital gains rate which, for most, is 15%. That 15%, by itself, is more than the fees banks, PayPal, and credit card companies pay.


Edit: Bitcoin may not be worth all the hoopla: N.Y. Fed blog post

I dont know if you live in the US or not, but the US already taxes cryptocurrency as income. I dont know if its taxed as capital gains or regular income, consult a tax professional on that. The US has taxed cryptocurrency has income for a long time now, its up to the person to report that income or not.