Bitcoin price suddenly surges to 3-year high

[lexluthermiester]

" Currency or Commodity " if its Traded then its Taxable ....at some point.

True!

 

[Metroid]

And after a while it will explode and then crash again and so on.

See, what some of these people that are maintaining this cycle are hoping is that eventually crypto will become the defacto type of currency and that event will catch them with a boatload of cash. What they wont accept however is that none of these coins will be used if or when that era begins, current implementations aren’t even close to being useable for technical reason let alone legal ones.

Crypto is still a commodity not a currency.

Anyway what’s particularly funny is how the pro crypto people come out of the woodwork every time a coin hits an all time record to boast about their gains and advantages and become oddly quiet after they inevitably crash. I wonder what’s the matter, is crypto not the future when you can’t make profit trading it for cash ?

yeah, they dont talk about the crash to hehell, they only talk about when a coin hits ath. They love calling new idiots to keep the scam up. People should be very careful investing in cryptocoins right now, now is time to sell not to buy because when this thing crashes, you will not even be able to sell it high anymore by the time you decide to sell, its already down 50% and then you decide not to sell and then it keeps crashing, when you see is already down 90%, in 2018 the crash was 95% for most coins, in simple numbers, it crashed from 100 usd to 5 usd and the coin stays there for years before it goes up again.

 

[Space Lynx]

yeah, they dont talk about the crash to hehell, they only talk about when a coin hits ath. They love calling new idiots to keep the scam up. People should be very careful investing in cryptocoins right now, now is time to sell not to buy because when this thing crashes, you will not even be able to sell it high anymore by the time you decide to sell, its already down 50% and then you decide not to sell and then it keeps crashing, when you see is already down 90%, in 2018 the crash was 95% for most coins, in simple numbers, it crashed from 100 usd to 5 usd and the coin stays there for years before it goes up again.

the problem is greed and envy, its no different to the stock market or CEO's of companies, they can never stop the rat race once they get a taste of it. personally, thanks to studying ancient philosophy daily for several years, IF i ever get a nice break in life with an influx of cash im calling it quits right there, retiring and enjoying my hobbies near a nice pond/stream/log cabin on the outskirts of some small town. that's the life baby ~ screw the rat race, life is to short, its a shame so many of them, regardless of occupation don't ever see that. they buy the 60 grand tesla for image instead of the 12 grand ford focus and retiring earlier. meh. i could care less what others do, i know my path. this is the way ~

 

[ZenZimZaliben]

If it's taxed then that means they're treating it as a commodity not a currency, like I said.

If I hold British Sterling (or any other counties currency) and it appreciates against the dollor and I sell it...i get taxed. So that logic doesn't hold water at all. Currency can be considered a commodity if you are using it as such. Same as gold way back in the day. It could be used as a value store, or you could trade it for goods. Same exact senario with crypto.

 

[R-T-B]

I hope the whole world does this. It needs to stop.

I don't honestly see a justification to stop it beyond "can't get my gpus," which amounts to a distribution issue more than anything. Retailers need to figure out order limits and queueing...

yeah, they dont talk about the crash to hehell,

Yes, they do.

 

[dgianstefani]

The False Narrative Of Bitcoin’s Role In Illicit Activity

The majority of cryptocurrency is not used for criminal activity. According to an excerpt from Chainalysis’ 2021 report, in 2020, criminal activity only represented .34% of all cryptocurrency transaction volume.

www.forbes.com

 

[R-T-B]

Anyway what’s particularly funny is how the pro crypto people come out of the woodwork every time a coin hits an all time record to boast about their gains and advantages and become oddly quiet after they inevitably crash. I wonder what’s the matter, is crypto not the future when you can’t make profit trading it for cash ?

I've never used crypto as anything but a money transmitter. Explain me.

 

[dgianstefani]

yeah, they dont talk about the crash to hehell, they only talk about when a coin hits ath. They love calling new idiots to keep the scam up. People should be very careful investing in cryptocoins right now, now is time to sell not to buy because when this thing crashes, you will not even be able to sell it high anymore by the time you decide to sell, its already down 50% and then you decide not to sell and then it keeps crashing, when you see is already down 90%, in 2018 the crash was 95% for most coins, in simple numbers, it crashed from 100 usd to 5 usd and the coin stays there for years before it goes up again.

False. The big holders of BTC buy up all the coins sellers like you dump at the first sign of a crash. Look back a few years and you will see that the trend is ever upwards, this isn't going to change now that it has gone legit and mainstream.

 

[Metroid]

False. The big holders of BTC buy up all the coins sellers like you dump at the first sign of a crash. Look back a few years and you will see that the trend is ever upwards, this isn't going to change now that it has gone legit and mainstream.

I trade since 2011, traders know who I'm, I know what I'm talking about it here, you must check charts and history of bitcoin then you will understand what I'm saying it here.

 

[dgianstefani]

So? Plenty of people trade, including myself. The point is long term growth is still projected to keep growing. You have to be a special kind of idiot to buy a volatile yet stably growing currency then sell it in the short term at the first sign of a downwards trend.

 

[Space Lynx]

The False Narrative Of Bitcoin’s Role In Illicit Activity

The majority of cryptocurrency is not used for criminal activity. According to an excerpt from Chainalysis’ 2021 report, in 2020, criminal activity only represented .34% of all cryptocurrency transaction volume.

www.forbes.com

Doesn't matter what this article says, the people in power who make the laws and tax rates, Yellen and IMF head and Congress being left wing and wanting green tax on this stuff, means your value will depreciate in due time, so hoddl all you want, the day of juicy taxes are incoming whether you like it or not. Nothing undermines Fiat, nothing world governments would never allow their main source of power to be undermined and cryptocurrency has been doing it for a long time, Yellen is just using crime as a talking point, but the truth is about power. I assure you, BTC and all crypto will be so heavily taxed in the future (cant say when, 6 months from now, 3 months, maybe 5 years, who knows) but it will be of that I am certain, I expect when that day comes of higher tax exchanges etc even companies like PayPal will pull out of crypto lol

 

[dgianstefani]

We'll see. It's already being taxed here in the UK and investors are still hot on it. Maybe in USA you will overtax it but all that will do is move opportunities overseas, as has been happening for decades now. Have fun with your new president .

 

[Space Lynx]

We'll see. It's already being taxed here in the UK and investors are still hot on it. Maybe in USA you will overtax it but all that will do is move opportunities overseas, as has been happening for decades now. Have fun with your new president .

hate to break it to you, but all world governments will eventually feel threatened by cryptocurrency unless they heavily tax it eventually, it will either be that or exchanges are closed permanently/businesses banned from using it, etc. one or the other will happen in every first world country though, not in second or third world, i 100% promise you not even the UK treasury will allow its main source of power to be undermined, and that is fiat is king for them, its how they control everything as a government

crypto is dead in the water, but it will take even 5-10 years for what im saying to become true, maybe less maybe more, maybe in 3 months. no one knows, but I assure you fiat is where all government power comes from and they will not allow crypto to undermine that power. taxes are too light right now, they will gradually increase it over the years, wait and see. fiat will need to support its inflation somehow that's where you miners come in great timing same with cigarette smokers getting taxed a ton supporting healthcare industry. lol

i wouldn't bother with mining or buying any of it, the timing is to risky, especially now with the rhetoric from IMF. best to just use your cards for gaming like me.

 

[R-T-B]

hate to break it to you, but all world governments will eventually feel threatened by cryptocurrency

Don't see why. They can use it too. Heck, they can make their own brand, backed by the same thing that backs the dollar or the pound: the wealth of the state.

The bitcoin of today may not be the useful currency of the future, but I can promise you, someone will always be a buyer. It isn't the end game but nor is it worthless. It's a beta test.

 

[dgianstefani]

Don't see why. They can use it too. Heck, they can make their own brand, backed by the same thing that backs the dollar or the pound: the wealth of the state.

The bitcoin of today may not be the useful currency of the future, but I can promise you, someone will always be a buyer. It isn't the end game but nor is it worthless. It's a beta test.

They already are using it and investing heavily.

It's the future, governments that embrace it will become more powerful and influential, governments that don't will fall further behind.

 

[Space Lynx]

Let's see what regulations Yellen and IMF chief pass, then get back to this conversation.

 

[trog100]

Let's see what regulations Yellen and IMF chief pass, then get back to this conversation.

countries have a simple problem lynx they are running out of money.. to keep going they print more.. modern monetary theory or the magic money tree..

quite how it all ends nobody knows but they all know it aint gonna end well..

bitcoin is seen as being outside of all this.. which is why big money is flowing into it.. its seen as an alternative to gold..

golds market cap is in trillions.. bitcoins in billions.. it wont take much money movement from gold to bitcoin to send the price of bitcoin to the moon.. whoosh..

trog

 

[Space Lynx]

countries have a simple problem lynx they are running out of money.. to keep going they print more.. modern monetary theory or the magic money tree..

quite how it all ends nobody knows but they all know it aint gonna end well..

bitcoin is seen as being outside of all this.. which is why big money is flowing into it.. its seen as an alternative to gold..

golds market cap is in trillions.. bitcoins in billions.. it wont take much money movement from gold to bitcoin to send the price of bitcoin to the moon.. whoosh..

trog

Incorrect, they will raise more taxes. Legal weed is coming and will be federally taxed, taxes on rich will be raised from 21% to 29%, and reduction in military spending as well to balance the budget. Eventually these things will happen, it just will take a few years. So you are incorrect in several ways actually. Right now they feel they can get a little more in debt, but once inflation reaches a certain point there will be bi-partisan agreement on the things mentioned above + many more I didn't mention to bring everything back in control. So no they are not running out of money, Japan has been in way more debt per capita than USA currently is, and it has for many years, and they have been doing fine for the most part.

 

[R-T-B]

Lynx is right in that money isn't just something you mine, exhaust, and run out of anymore. It's far more complicated than that. We did away with the gold standard. Bitcoin is a throwback to that, not vice versa, and it's making a lot of the same mistakes, it's just easier to understand (economically speaking) and that helps it. It doesn't mean it's the future. I believe what makes it the future is more in it's eagerness to embrace online trading with no middleman.

 

[dgianstefani]

Bitcoin was the first to make it, and is obsolete technically compared to some other superior cryptos. But the idea of crypto transfers control of money more in the direction of rational computers rather than middlemen. There's still the issue of a few large holders essentially having the ability to control it's price, but as I said, it was the first and it's the biggest, other cryptos have better featuresets.

I agree with most of what you've said, and I feel very strongly that it's the future, not the ultimate form of money, there will obviously be further developments, but certainly better than the bank and government controlled medium we currently use.

As to taxes, well they're the only thing guaranteed other than death so that's also true, but in my view that further legitimises and cements their position, rather than killing it. Personally I believe that many of the investors and managers who held off on crypto investment will actually see it as a longer term, less dangerous investment, since taxes will flatten much of the short term volatility I think.

As with all things, change introduces an element of chaos, and so it's true none of our predictions have concrete weight, but I think I can catch a glimpse of the overall trend. Crypto fully embraced would technically allow a much higher level of control and metadata compared to the sytem that is currently dominant, and I've never seen governments or corporations willingly ignore the chance to gain more control/power.

Lynx is right in that money isn't just something you mine, exhaust, and run out of anymore. It's far more complicated than that. We did away with the gold standard. Bitcoin is a throwback to that, not vice versa, and it's making a lot of the same mistakes, it's just easier to understand (economically speaking) and that helps it. It doesn't mean it's the future. I believe what makes it the future is more in it's eagerness to embrace online trading with no middleman.

 

[Space Lynx]

Lynx is right in that money isn't just something you mine, exhaust, and run out of anymore. It's far more complicated than that. We did away with the gold standard. Bitcoin is a throwback to that, not vice versa, and it's making a lot of the same mistakes, it's just easier to understand (economically speaking) and that helps it. It doesn't mean it's the future. I believe what makes it the future is more in it's eagerness to embrace online trading with no middleman.

and this is exactly why Yellen and IMF chief want it heavily regulated and taxed more. so yes Bitcoin will exist, but it will be taxed more, I assure you that.

 

[R-T-B]

and this is exactly why Yellen and IMF chief want it heavily regulated and taxed more. so yes Bitcoin will exist, but it will be taxed more, I assure you that.

I agree. I just don't see the tax as lethal to it.

 

[Space Lynx]

I agree. I just don't see the tax as lethal to it.

I do, Yellen knows she has to make the tax on it high enough to make sure it can't undermine fiat in the long run.

 

[R-T-B]

I do, Yellen knows she has to make the tax on it high enough to make sure it can't undermine fiat in the long run.

Unsure if they can't exist side by side.

I am pro taxation, but only as far as it's used for earnings. Mining, investing, and such should be taxed (potentially very heavily) But using it to merely pay for items should not.

 

[Space Lynx]

Unsure if they can't exist side by side.

I am pro taxation, but only as far as it's used for earnings. Mining, investing, and such should be taxed (potentially very heavily) But using it to merely pay for items should not.

I don't think Yellen cares what you think.