The State of Cryptocurrency

[trog100]

bitcoin now at $11100..

bitcoin up %30 on the week..

etherium up %14 on the week..

litecoin up %50 on the week

neo up %25 on the week..

https://coinranking.com/

trog

 

[lexluthermiester]

bitcoin now at $11100..

bitcoin up %30 on the week..

etherium up %14 on the week..

litecoin up %50 on the week

neo up %25 on the week..

trog

Germany, France and Norway are considering a ban, Iceland and Greenland both are going to begin strict regulations to curb excessive power use(which they can't afford to allow), Canada and the United States both are working on regulations that will either heavily restrict power usage for crypto mining or will add them all to current financial regulatory currency guidelines and taxation(likely both). Those prices will be taking a tumble very soon.

 

[FordGT90Concept]

bitcoin now at $11100..

bitcoin up %30 on the week..

etherium up %14 on the week..

litecoin up %50 on the week

neo up %25 on the week..

https://coinranking.com/

trog

Another bubble is forming.

 

[trog100]

the ups and down of bitcoin..

www.zerohedge.com/news/2018-02-17/bitcoin-nears-11000-heres-history-its-biggest-ups-and-downs

trog

 

[silkstone]

Another bubble is forming.

That's the thing. How can they be bubbles if they occur so often? It's regular market movement. A bubble will eventually collapse, there has yet to be a collapse, just corrections.

 

[lexluthermiester]

A bubble will eventually collapse, there has yet to be a collapse, just corrections.

You call going to $20k to $6k a "correction"? LOL! That's a hell of a correction. I call it a bubble popping.

 

[trog100]

You call going to $20k to $6k a "correction"? LOL! That's a hell of a correction. I call it a bubble popping.

it did all kind of go crazy in December in that run up to 20K.. a correction was needed.. the correction is over and now it will go up again.. i think it was deliberately taken down and now it will be deliberately taken up but more slowly.. slowly going up is healthy for it.. december was just a newbie buying frenzy..

but it seems large "corrections" have always been part of the bitcoin story.. call them crashes or bubbles if you like it.. really dosnt matter..

trog

 

[FordGT90Concept]

That's the thing. How can they be bubbles if they occur so often? It's regular market movement. A bubble will eventually collapse, there has yet to be a collapse, just corrections.

https://www.investopedia.com/terms/b/bubble.asp
"A bubble is an economic cycle characterized by rapid escalation of asset prices followed by a contraction. It is created by a surge in asset prices unwarranted by the fundamentals of the asset and driven by exuberant market behavior."

Losing 70% is a "crash." Over the last six months, it has been bubble -> crash -> bubble -> crash -> bubble -> crash.

 

[Outback Bronze]

Over the last six months, it has been bubble -> crash

What do you call the last 12 months?

 

[yotano211]

What do you call the last 12 months?

1 year
ahahaha sorry had too

 

[dorsetknob]

Israel decides Bitcoin and pals are property, not currency, and attract biblical levels of tax

excerp from story here
http://www.theregister.co.uk/2018/02/20/israel_to_tax_cryptocurrency_and_treat_them_as_property/

The idea that Bitcoin and its ilk create uncontrollable and un-taxable instruments no government can control has been dealt a blow in Israel, where the local Tax Authority has ruled cryptocurrencies are boring old property.


In a circular distributed by the authority dated February 19, the organisation said cryptocurrencies can't be considered a form of money. The document confirms a draft first published on January 12, 2017Taxation will therefore apply "according to the nature of activity" in a virtual currency, the circular said.Someone handling cryptocurrencies at a purely individual level - in other words, buy, hold, and sell at a profit later - will be liable to between 20 and 25 per cent capital gains tax.
That rate will also apply to businesses mining and trading cryptocurrencies, and there's an extra slug: value-added tax will be levied at 17 per cent.
VAT doesn't apply to an individual whose sole activity is for investment purposes, because "a distributed means of payment is an intangible asset", the circular said.
Someone whose activity meets the definition of business will also be classified as a financial institution, the circular said. That classification means another layer of regulation in addition to taxation. Israel reformed its financial services regime in 2016 with the passage of the "Financial Services Supervision Law (Regulated Financial Services) - 2016", which among things imposes fair conduct, disclosure, permits, and enforcement on all non-bank financial institutions.

My comment
Thats a Heafty level of taxation and i'm not sure that they can enforce or collect due to the nature of Crypto currency

 

[lexluthermiester]

My comment
Thats a Heafty level of taxation and i'm not sure that they can enforce or collect due to the nature of Crypto currency

The Israelis are very tech savy, they will employ a way to track cryptocurrency transactions, and they'll likely criminalize trying to hide it. Just watch, this is one of the first not the last.

 

[FordGT90Concept]

Capital Gains Tax is standard fair. The VAT is interesting and I think that idea will spread like wildfire.

Miners in Israel will get hit with the VAT when they try to sell it.

 

[R0H1T]

That's the thing. How can they be bubbles if they occur so often? It's regular market movement. A bubble will eventually collapse, there has yet to be a collapse, just corrections.

You mean like the stock market bubbles, housing (2008 bust) or commodities & especially oil?
Some of them were multi decade bubbles, they didn't spring up in a year or two. Correct me if I'm wrong but it took a full decade for the repeal of Glass-Steagall to manifest itself as a crisis. Oil itself took about 17 years to peak after the first Gulf War, some of the other commodities took longer. Many would argue that the current stock market is in that bubble phase, with easy & cheap money on both sides of the atlantic.

 

[xkm1948]

Crypto is gonna come crushing down hard once more regulations are adopted across the globe. Good.

 

[R-T-B]

Crypto is gonna come crushing down hard once more regulations are adopted across the globe. Good.

I actually feel regulation will only help cryptos value. I don't agree with the VAT idea however simply because crypto is an intangible by nature. Capital gains tax ala the USA is completely appropriate.

 

[Papahyooie]

Germany, France and Norway are considering a ban, Iceland and Greenland both are going to begin strict regulations to curb excessive power use(which they can't afford to allow), Canada and the United States both are working on regulations that will either heavily restrict power usage for crypto mining or will add them all to current financial regulatory currency guidelines and taxation(likely both). Those prices will be taking a tumble very soon.

The US already taxes crypto profits under current regulation. On the whole the government hasn't really expressed much interest in any further regulation, especially considering our tax code is trending toward simplification. Moreover, the authorities that regulate exchanges just issued a statement a couple of weeks ago, that they have no regulatory power over cryptocurrency exchanges because you are buying an item and not stock in a company. They have no interest in, nor standing to regulate it. They can only enforce current regulations with regards to fraud. Just the other day, the FTC Commissioner said he was confident that the industry would develop its own best practices, as most industries do, and regulate itself. So he's optimistic that no official regulation will be needed.

All in all, the US is VERY optimistic on crypto, and as is characteristic of the US (at least compared to the rest of the developed world) seem to be taking a pretty laissez faire approach.


And all that being said, yall naysayers can continue to whine about graphics card prices and doomsay about the crashes, corrections, whatever you want to call them.... I'll just keep making money. I love it when BTC crashes.... means I can get more for super low prices to sell when it peaks. If you're calling doom and gloom on the crashes, you're just a pessimist, or mad that you can't play the market. As investments go, as long as you keep an eye on trends, you can turn a profit on crypto in record time, whereas most investments in the stocks space take years to make that kind of return. Buy the dip, don't get too greedy, sell where you think the peak will be... profit. It really is that simple. If you try to beat em, you'll still be griping and waiting on crypto to die this time next year... might as well join em.

 

[yotano211]

The Israelis are very tech savy, they will employ a way to track cryptocurrency transactions, and they'll likely criminalize trying to hide it. Just watch, this is one of the first not the last.

Some coins like ZEC, zcash, and monero are impossible to track.

 

[trog100]

the no-coiners missed this one.. he he

http://bitcoinist.com/bitcoin-users-hunted-police-bangladesh/

trog

 

[dorsetknob]

the no-coiners missed this one.. he he

I am highly suprised you posted that link
That web page/site seemed ANTI CRYPTO COIN almost like Anti Propaganda
i gave up after reading/scrolling half a page ........ "Now >>> I'm So depressed Hope you are Satisfied"

 

[trog100]

this is the one that interests me dorset.. .. a genuine if pitiful attempt at making real use of crypto.. i wish them luck with it.. they sure need it.. he he

http://bitcoinist.com/worlds-most-miserable-country-to-launch-its-own-cryptocurrency-today/

trog

 

[lexluthermiester]

nor standing to regulate it.

You talking about the wrong government agency..

Some coins like ZEC, zcash, and monero are impossible to track.

How do conduct transactions then? How would you convert it to cash? There's always a trail to follow..

 

[Papahyooie]

You talking about the wrong government agency..

I never said anything more than "the authorities that regulate exchanges" so I'm not really sure what you mean by that. How could I be referring to the "wrong government agency" when I never actually named one?

For clarity, I was talking about the Security and Exchange Commission.

 

[R-T-B]

How do conduct transactions then? How would you convert it to cash? There's always a trail to follow..

The cash trail is still there. It's impossible to track in the crypto ecosystem though. I can completely see a blanket ban on anon-coin features.

 

[lexluthermiester]

The cash trail is still there. It's impossible to track in the crypto ecosystem though.

Right. As long as it stays in the crypto domain, there is a level of anonymity. Once you go real world it's all over.

I can completely see a blanket ban on anon-coin features.

Yeah, that's likely. The DOJ, FBI and other agencies are very concerned with crypto being used for crime and/or terror. The regulations are coming.