Crypto-currencies: The future is now

This section is for general money matters, finance and investing.
Post Reply
User avatar
Giggle
udonmap.com
Posts: 1895
Joined: October 18, 2016, 4:24 pm
Location: In your head

$260 billion plunge as cryptos shed 30 percent

Post by Giggle » January 17, 2018, 5:55 pm

THE cryptocurrency market has lost $US206 billion overnight in what traders are describing as a “cryptocalypse”, with bitcoin heading back towards its $US10,000 milestone first reached last November.

But it was smaller currencies including ripple, ethereum and bitcoin cash that were the hardest hit in the latest sell-off, which was sparked by fresh fears of a crackdown on virtual currencies by governments in South Korea and China.

At the time of writing, ripple was down nearly 50 per cent on the previous day, ethereum had lost nearly 34 per cent of its value, bitcoin cash was down nearly 37 per cent and bitcoin was down 27 per cent to just under $US10,200.
http://www.news.com.au/finance/money/in ... df3ef0f23b


Ashli Babbitt -- SAY HER NAME!

User avatar
felixcat
udonmap.com
Posts: 611
Joined: October 21, 2016, 12:21 pm

Re: Crypto-currencies: The future is now

Post by felixcat » January 17, 2018, 6:46 pm

Do you understand the ramifications of buying into this "thing"?
If you buy this and it goes way up, then crashes, you will be held by the IRS until you pay the tax, or you will go to prison.
Don't buy it unless you can "get in and get out" retaining a big profit. Its not something you want to "put on your credit card, like so many "gamblers" of the world are turning to , to ease their hopelessness feelings of underfunded Social security or Pensions.
I posted a couple years ago about the need to have a Plan B. The haters came out with a vengence. But what happened? I am 100% right, again. Final word: your being set-up for the biggest robbery in history with the fake DOW Jones, cryptos, even "holding fiat paper" , and real estate. Its all coming down soon in the "perfect storn" set up in "unity" by all the governments of the world.
Rule of thumb: Follow the money. Not the gamblers, but the big banks and nations who will be the next BIG players. The shiney metal.

User avatar
Udon Map
Admin
Posts: 2843
Joined: July 31, 2013, 7:57 pm

Re: Crypto-currencies: The future is now

Post by Udon Map » January 18, 2018, 7:58 am

felixcat wrote:
January 17, 2018, 6:46 pm
If you buy this and it goes way up, then crashes, you will be held by the IRS until you pay the tax, or you will go to prison. Don't buy it unless you can "get in and get out" retaining a big profit.
I assume that you understand that if you buy it and hold, you'll owe no taxes. Tax liability only comes when you sell it for a profit, i.e., after you "get out."

User avatar
wazza
udonmap.com
Posts: 9019
Joined: April 2, 2006, 9:06 pm
Location: Cuba- Drove around in an Ol 55 Chev - On the Prowl
Contact:

Re: Crypto-currencies: The future is now

Post by wazza » January 18, 2018, 2:01 pm

Paper Profits have no taxation obligations, till they are sold

User avatar
Giggle
udonmap.com
Posts: 1895
Joined: October 18, 2016, 4:24 pm
Location: In your head

Re: Crypto-currencies: The future is now

Post by Giggle » January 18, 2018, 2:32 pm

It's supposed to be a currency (cryptocurrency), yet it's treated as an investment or asset. What other currency is taxed when traded?

Edit: Here's a good explanation:
https://www.forbes.com/sites/jeffreydor ... 7007a92e5b
Ashli Babbitt -- SAY HER NAME!

User avatar
wazza
udonmap.com
Posts: 9019
Joined: April 2, 2006, 9:06 pm
Location: Cuba- Drove around in an Ol 55 Chev - On the Prowl
Contact:

Re: Crypto-currencies: The future is now

Post by wazza » January 18, 2018, 2:54 pm

Capital Gains ....

Watch Taxation Agencies world wide move in on it.... Its how they rule as to how it fits in for tax issues... not editorials or marketing publications....

User avatar
felixcat
udonmap.com
Posts: 611
Joined: October 21, 2016, 12:21 pm

Re: Crypto-currencies: The future is now

Post by felixcat » January 20, 2018, 9:07 pm

Paul,
I am not 100% correct, but I know the IRS will do this with gold.
My gold purchases were before 2010 when they started tracking all gold purchases.
I do know this for a fact, everything bought online has "footprints". Today maybe no IRS, tomarrow can be "retroactive".
Some have been taxed and imprisoned for not reporting "gains".
This is how they work: If you bought Bitcoin at $8,000 and it goes to $20,000, then down to $10,000, you will be held for the "gain" on the $20,000.
So...again...if you got it and it goes high, buy something you need and pay the tax. It will be cheaper than paying with a court judgement. (Taxes are illegal)
crypto's are a scam, but with everything, those who got in early and sold made profits. Those who got in late become the (feeding minows) profits for those who got in early.
Just to keep "those" away from me, customs stole my gold upon entering BKK. Nothing illegal about this..went from Tampa, Fla (they took all the gold out of my luggage and tried to harrass me like a drug smuggler) told them gold is NOT money and is not taxed. Told me OK, pack it up and go. Then to Chicago Ohara..out with the gold, again same problem. Told them gold is NOT money and is not taxed. Hawaii 5 O got in my face and told me "Good luck getting that into BKK.
Next to S. Korea...Lady asked to see in my bags, told her can I go into a room to open my bags. No problem, she said Thankyou, I left. Then into BKK, got my bags, almost out the doors, then a "Hawk" spotted me....Hey You, Get those bags over here!. The Chicago guy called ahead out of spite to BKK knowing that their corruption will be able to rob me. Yes they did. Not a single Lawyer (lier) could get my gold back, "unless I paid them 1 million baht". (They are mostly all "redshirts".) What a stupid system!!
My gold purchases in 2009 at $998 per ounce went to $1,950 in 2011. 50% gain.Would have pushed me to about $500,000.
Did I cry or want to die? You can imagine...
My advice? Trade your crypto's for phisycal gold . There is only one major gold seller who will sell for crypto's, the one I bought from. I will not post it online, do your own research.
Why do I say this? http://www.usdebtclock.org/ Offically gold is $5,575 per oz. (it's down from $9,350)
When they finish crashing the dollar, the gold backed currencies are already set in place to take over.
For those who "listen", you will become "real" millionaires. Banks stock up on gold to keep. The crypto's are owned 85% by banks...they are set up to manipulate, and crash upon will.
Need I say more?

User avatar
wazza
udonmap.com
Posts: 9019
Joined: April 2, 2006, 9:06 pm
Location: Cuba- Drove around in an Ol 55 Chev - On the Prowl
Contact:

Re: Crypto-currencies: The future is now

Post by wazza » January 20, 2018, 11:09 pm

Felix if you buy a house in Australia for $1000 and it rose to $30000 in 5 years then it dropped to $15000 value when you sold it. IF had this as an investment property the capital gains tax is paid on difference between buying and selling price and nothing to do on speculation inbetween.

ytrewq
udonmap.com
Posts: 169
Joined: May 27, 2017, 6:04 pm

Re: Crypto-currencies: The future is now

Post by ytrewq » January 21, 2018, 1:39 am

One must be truly daft to pay taxes on crypto gains; and regulation attempts by any single or consortium of governments is folly. Anyone (scroll up) who is preoccupied with tax issues does not understand crypto and deserves to pay the taxes. Better to stay on the sidelines and continue the armchair quarterbacking about a subject you don't understand and aren't in. :roll:

Regarding the price movements: Nobody who has been in it since pre-2017 cares. The long-term play is way, way, higher. To understand why/how, you need to first understand the game-changing impact of W. Bush's weaponization of the USD and global banking system and then also understand the moronic stewardship of the Trump era. There will be an event (but likely plural) this year that will trigger and support increased flight to crypto. The worst of it likely occurring between July and September, but continuing thereafter. Governments see it coming and recent moves are their feeble attempts to defend against it. Smart money sees it coming and recent evolution (think futures) is their wise attempt to profit from it.

In the interim, please continue with the laughably uninformed postulations. It's entertaining. :lol:

ytrewq
udonmap.com
Posts: 169
Joined: May 27, 2017, 6:04 pm

Re: Crypto-currencies: The future is now

Post by ytrewq » January 21, 2018, 2:46 am

Gold: Holding gold is just dumb. During the housing crisis, which alternative asset was the among the first to tank? That's right: GOLD! It's the dinosaur's goto asset, and may be en vogue again generations from now, but it proved itself as incapable of holding value during a crisis - and that was a main attraction.

Another thing (there are many "things", but I'll stop here): You do NOT have an investment in gold unless you are in physical possession of it. If not, then you are "invested" in a piece of over-subscribed paper.

Bonus fact: Despite the hyperbole espoused by American professional pundits, Americans living in America are almost utterly unable to convert or trade gold. There are precious few gold shops in America; and hardly anybody knows where they are located.

Another bonus fact: Millennials, on the other hand, view crypto as Gold 2.0. Easy to move into and out of quickly, or remain in as a (yeah, laugh now) store of value. The future is theirs and they are choosing crypto as their money. To not recognize this fact and accept the paradigm shift puts you in the same category as the naysayers who proclaimed the horse as being irreplaceable as they passed by and sneered at the early automobiles constantly breaking down at seemingly every pothole. :-&

User avatar
Giggle
udonmap.com
Posts: 1895
Joined: October 18, 2016, 4:24 pm
Location: In your head

Re: Crypto-currencies: The future is now

Post by Giggle » January 21, 2018, 10:52 am

Cash in all your investments. The sky is falling! :lol:
Ashli Babbitt -- SAY HER NAME!

User avatar
parrot
udonmap.com
Posts: 10925
Joined: March 19, 2006, 8:32 pm

Re: Crypto-currencies: The future is now

Post by parrot » January 21, 2018, 2:24 pm

ytrewq "In the interim, please continue with the laughably uninformed postulations. It's entertaining."

It took a good long time for the US government to crack down on foreign-held bank accounts, but they did. Sooner or later the US government is going to want a piece of the profit action on cryptocoins to fuel the government coffers. Legally speaking, you're required to report those profits and risk huge penalties for not complying. If I were making huge profits of any kind and not reporting them, I'd think it's unwise to post on a public forum.

ytrewq
udonmap.com
Posts: 169
Joined: May 27, 2017, 6:04 pm

Re: Crypto-currencies: The future is now

Post by ytrewq » January 21, 2018, 8:27 pm

Smarten up and stop whizzing your pants. =;

https://www.politico.com/magazine/story ... xes-215830

Anyway, back to the topic of crypto. For the uneducated among you all, the only way crypto can be traced is when it passes through an exchange that identifies its account holders. But, guess what? You don't need an exchange at all, or one uses an anonymous exchange, or one passes funds out of an exchange to an anonymous wallet and then back into a completely different exchange (or plural), or...ya get the gist? [-o<

Now, before some Skippy goes off on a rant about that being a bug rather than a feature, millions, if not billions, of people circumvent reporting to government authorities all over the world every single day - including YOU (yes, YOU, reader). It's called "paying in cash". Unless, of course you are that rare meticulous records keeper who accounts for and reports every cent or satang.

That's just reality. Welcome to it.

The crypto game will play out like this:

Either crypto becomes part of the system, or governments everywhere coordinate to crush crypto and then crypto replaces the system. Those are the only two possible outcomes long-term. =;

User avatar
felixcat
udonmap.com
Posts: 611
Joined: October 21, 2016, 12:21 pm

Re: Crypto-currencies: The future is now

Post by felixcat » January 22, 2018, 12:50 am

You make me laugh..he he he.
I got the 2 "Smoking Guns" on gold and cryptos.
But its late for bed now.
Will post tomarrow.
2 "Smoking Guns..........coming soon.

User avatar
felixcat
udonmap.com
Posts: 611
Joined: October 21, 2016, 12:21 pm

Re: Crypto-currencies: The future is now

Post by felixcat » January 22, 2018, 7:16 pm

Sorry Guys, I won't be posting my "2 Smoking Guns" here. I will open a new thread, so you go ahead and do your thing Last night when I went to bed, it was around 12:45AM and I only seen Paul and Wassa still online.. I read about Barry..I usually see him everyday opening his shop. He don't really know me and I don'y really know him. I don't buy his drapts (sp?) or watch the sports, I do buy his food. We nod to each other usually. My wife did arobics with his Landlord (Lady). I took an interest in him when he talked about his ideas to open the place. As a "good" businessman"(now retired) I wondered "how long will he last in this site..a site that has a reputation for "fly by night" open and close shops?" He dumped money into it..told my wife he will only last 2 months..then he was there 3, 4, 6, 9. Made me wonder, if he is not doing it for the "profits" (he could not be making $ there, no way) maybe he was doing it for his friends. A place to go and sit "Warm the Benches" in an open air place. Then early one morning, I seen that someone had "smashed" his place, broken bottles all over and window broke. What was all that about (some of you who left your "thumbprint" on a forgotten post?) a disagreement over what country makes the best beer or about a sport teams? Really? Had I seen you, I would have done something you would not have liked. I don't care if he was Aussie (I think he was) or Brit or American, he never did anything to me, so I will fight for those people. So I am a bit depressed..wife and I were smashed on our motorbike just over a year ago. Its really disappointing when someone sees you get hit, left in the road, then rides in the ambuance to the hospital and says they will help you get home if you can and need a ride. Using my medical knowwledge, I convinced the DR. at the Animal Hospital to let me go home..with blood in my urine and EXtreme pain, as I seen it was futile to stay there , as the head nurse wanted me to go to the toilet by myself. (descovered a week later at BKK Hospital I had a split pelvic bone). I'm a tough guy!! I passed a kidney stone, on the floor, in only 4 hours of EXTREME pain. (crazy right? I was stuck in Bandung.).
Am happy though to see many of you looking to a "higher Power" (my prayers are with you, we pray, we are with you in prayer, ect)..how about: We are praying for a Miracle? Miracles still DO happen!
Anyways, I will not disappoint with the "2 Smoking Guns"....
Until then, if you have Bitcoins, start looking for something to "BUY"!! I recomend gold. This is "your window" RIGHT NOW, do something or suffer the losses.........
Till then, be well.
My online gold company ends in MEx..fedmex, golmex..forgot, its on a paper somewhere. They are the worlds largest and most trusted, and ship internationally. Yes, I know you cannot buy in the US, Americans are so dumbed down with MSM propaganda. Wassa, that was a hypothetical question..I would never buy a home in Aussie..only because I have never been there, although I hear many spots are great.
And, lastly, from my gold theft in BKK..I have a 3 page document from Customs listing all they took and a 8 hour video of the interigations. All you haters, stop reading "into" things, or "thinking outloud".
Lastly again, why are so many commenting from other countries? Don't you have a life there, or you cannot wait to get back.
Lastly again...only Semperflyguy was MAN enough to help us in our time of need. Hail to You!

User avatar
Balthasar G.
udonmap.com
Posts: 223
Joined: April 9, 2012, 11:25 am

Re: Crypto-currencies: The future is now

Post by Balthasar G. » January 22, 2018, 9:29 pm

I hope I die in my sleep like my grand dad did, not screaming like his passengers

User avatar
wazza
udonmap.com
Posts: 9019
Joined: April 2, 2006, 9:06 pm
Location: Cuba- Drove around in an Ol 55 Chev - On the Prowl
Contact:

Re: Crypto-currencies: The future is now

Post by wazza » January 22, 2018, 9:54 pm

I read that the NK were only 1 incorrect syllable away from hundreds of millions in $ phishing from a Bank in India recently.

The name of the city or Bank was incorrectly spelt.

I also read hey are the biggest supplier of counterfeit $USD and major supplier of narcotics and pre cursors to user friendly countries like Myanmar / Laos, add in their online ability to phish millions.

User avatar
felixcat
udonmap.com
Posts: 611
Joined: October 21, 2016, 12:21 pm

Re: Crypto-currencies: The future is now

Post by felixcat » January 25, 2018, 1:41 pm

I'm guessing some are waiting for my "2 Smoking Guns" message. Maybe?
Well, it's being put together..once I post it, I want it to be accurate, timely and with all the words that should be put into it..so I don't need to correct or revise it..knowing the Trolls and haters will be jumping all over it. No one is talking about what I am putting together. Sure, everything I will mention has been talked about, "in pieces", but No-one has put all the pieces together. This "story" could be sold to a Publisher, but I am making it's debut here on UD Map. If someone takes it somewhere, I don't worry. I just want to help someone make a good decision about future planning. My Grandfather was a successful farmer who designed his own buildings and "redesigned" the farming machinery. These same people (builders, Implement Dealers) sent "Hawks" to his farm to copy his designs so they could steal and sell his ideas for profits. My Grandfather did not care, he built what he wanted and thats all he cared about. He built the A-Frame and "up-side down" U roof implement storage building with the 2 large sliding doors that opened up the whole front so you could drive in a Hay Bailers, large combine, 3 wagons of bailed hay, or straw, a plow, furrow, and up to 4 diesel tractors, all under one roof. I miss him and a few other "old guys" who were great friends who shared so much wisdom in business and investment. (A investment is not only money, but in relationships, life in general) . These type of guys are mostly gone today. So what do I have? Not much, compared to them. Just "2 Smoking Guns"...in fact, 1 is shooting up and the other is shooting down. So, coming soon.
Until then, I would like you to watch this 19 minute clip. He nails what is happening...this is bad and good info for those who can decern it. There are SO many clues in it that tell what to watch out for and what to do about it.
Take care,
https://www.youtube.com/watch?time_cont ... DJQHTnLu_c

User avatar
wazza
udonmap.com
Posts: 9019
Joined: April 2, 2006, 9:06 pm
Location: Cuba- Drove around in an Ol 55 Chev - On the Prowl
Contact:

Re: Crypto-currencies: The future is now

Post by wazza » January 28, 2018, 7:27 pm


ytrewq
udonmap.com
Posts: 169
Joined: May 27, 2017, 6:04 pm

Re: Crypto-currencies: The future is now

Post by ytrewq » January 30, 2018, 11:20 pm

A crypto exchange was robbed of some relatively obscure coin, but was so well capitalized that they almost immediately made everyone whole. The stolen coins were immediately tagged and are being tracked. Other exchanges have been alerted, so converting them to cash or some other coin may be problematic.

That's not an "ouch". That is a WOW! Had the perps electronically robbed a financial institution in the USA, account holders MAYBE would have recovered up to $250,000 per depositor, per FDIC-insured bank, per ownership category - and after many months or years and a lot of paperwork hassle. THAT would be an "ouch".

Don't let your bias get in the way of reality.

Post Reply

Return to “Money, Finance & Investing”