Bitcoin... Who Knew ! 🤔😳🙄

[Mr Quim]

Like a lot of Things in Life, I should have been paying more Attention ! 🥺🤕
The Topic of "Bitcoin" has been bantered around the Halls of PERB for quite a few Years .

One of the more recent in regards to SP's Deposits .

https://perb.cc/xenforo/threads/easiest-most-discreet-way-to-offer-a-session-deposit.264895/

Another opportunity to sit up, and pay attention .
If only I had skipped 2 or 3 Visits a couple years ago, and bought into Bitcoin . My future Adventures would have a different potential !

https://www.statista.com/statistics/326707/bitcoin-price-index/

Elon Musk has once again, validated another sector of our World .

https://perb.cc/xenforo/threads/bitcoin.196782/

Mr Q.

 

[masterpoonhunter]

One of my brothers got into the blockchain development back when it was starting. I remember him telling me about these bit coins, that they were based on an algorithm and only so many could ever be created. Tried to explain how to mine them, the computing power needed ... I kinda got the math, but was not interested. He bought in early, I know he had a bunch in the $25 range then a lot in the $200 to 600 range. The fucker has been cashing out a few here and there whenever he wants something new, like a new house. (palm slap, palm slap palm slap etc) as to why I didn't listen. Every time I see its gone up another few grand, I tell my self you dumb fuck you.

 

[Big_Guy_Rye]

One of my brothers got into the blockchain development back when it was starting. I remember him telling me about these bit coins, that they were based on an algorithm and only so many could ever be created. Tried to explain how to mine them, the computing power needed ... I kinda got the math, but was not interested. He bought in early, I know he had a bunch in the $25 range then a lot in the $200 to 600 range. The fucker has been cashing out a few here and there whenever he wants something new, like a new house. (palm slap, palm slap palm slap etc) as to why I didn't listen. Every time I see its gone up another few grand, I tell my self you dumb fuck you.

IMO, that was the lightning in the bottle that will never happen again. To buy early and let it ride.. spend $450 per coin in 2017, get $60,000 per today....I'm with ya too; kicking myself hard thinking bitcoin was a joke back then... It's still worth getting into bitcoin though, but I wouldn't expect something like that would happen in a short span of time again.

For quick returns, your best bet these days is to do research on other coins that get 'pump and dumped'; like ADA. Otherwise, spend whatever on BTC and sit on it for 5 years or so to make anything off it.

 

[BobbyMcgee]

IMO, that was the lightning in the bottle that will never happen again. To buy early and let it ride.. spend $450 per coin in 2017, get $60,000 per today....I'm with ya too; kicking myself hard thinking bitcoin was a joke back then... It's still worth getting into bitcoin though, but I wouldn't expect something like that would happen in a short span of time again.

For quick returns, your best bet these days is to do research on other coins that get 'pump and dumped'; like ADA. Otherwise, spend whatever on BTC and sit on it for 5 years or so to make anything off it.

just like last month’s game

 

[steverino]

I consider myself a reasonably sophisticated investor (undergrad finance major many moons ago) but I don't mind that I missed out on something I didn't fully understand.

 

[johnnydepth]

The one kicking himself in the ass is the guy that paid for his pizza order with 10,000 bitcoins!

 

[Crookedmember]

A bitcoin ETF starts trading on the TSX Thursday: BTCC

 

[AMG-GTR]

Been involved with blockchain related projects for years and ironically felt that while blockchain itself had some merits, the idea of Bitcoin itself was stupid.

Most blockchain projects are unnecessary as many use cases have a centralized point whereas blockchain is about decentralization and no trust between parties.

While Bitcoin is sort of the perfect example of a perfect use case for blockchain, I still think Bitcoin is sort of strange.

Logic would suggest that every country will likely invent their own digital version of their currency and then deploy it. It would make taxes easier, remedying the flow of funds etc.

The irony is that the people who complained about the stealth nature of Bitcoin always made me laugh. It’s the most traceable way to location the origin of funds.

I’m right about a lot of things and I’m also wrong about a lot of things. This was something that I didn’t see happening at all. Crazy times!

 

[g eazy]

Centralized digital currency completely defeats the purpose. The notion of 'facebook coins' or 'Tesla coins' or the like is completely stupid. Crypto purists will shame that shit to their graves. In the same sense, a country creating their own digital currency goes against the most fundamental purpose of cryptocurrency, but in a practical sense it has all the (major) benefits that AMG described. I'm actually for that development, but I understand that to be not a very popular idea since crypto supporters (and many people on Perb for that matter) are typically anti-government.

If you want to invest in crypto, you ought to understand it like you would with any of your investments. The idea that you could've been a millionaire if you spent $50 on BTC when you neighbour's cousin's pizza delivery driver told you so is absurd. You rightfully didn't invest in it then and there's nothing to regret.

I have my doubts as to whether true decentralized crypto can be successfully used as commercial currency. The decentralized nature of the blockchain makes stability difficult to maintain. I'm a big fan of its use cases though, hence my support for government backed digital currencies, where there would be rules in place, though it obviously fails as a hedge against the dollar.

 

[bacardi2017]

My son got me into bitcoin, hes a smart one, 5 yrs ago, so glad i listened, i invested 3 thousand, he has invested alot more

 

[80watts]

The bitcoin algorithym for mining, means that the codes can be broken. As Computers get faster, the easier it will get. It will be hackable when this happens. Already there are missing bitcoins from several exchanges. Bitcoin is not backed up by any valuable assets. Its only the pressure of people wanting to buy in on bitcoin and other cyrto currencies that is driving the price up.
Make sure you are in another country (with no legal treaties with your own) when you sell. Think about capital gains.... And you will have to smuggle it back to your own country to avoid taxes....
And don't trust your VPN for it either.....

 

[masterpoonhunter]

The bitcoin algorithym for mining, means that the codes can be broken. As Computers get faster, the easier it will get. It will be hackable when this happens. Already there are missing bitcoins from several exchanges. Bitcoin is not backed up by any valuable assets. Its only the pressure of people wanting to buy in on bitcoin and other cyrto currencies that is driving the price up.
Make sure you are in another country (with no legal treaties with your own) when you sell. Think about capital gains.... And you will have to smuggle it back to your own country to avoid taxes....
And don't trust your VPN for it either.....

As I understand it, Bitcoin and the Blockchain cannot be hacked. The volume of hatches that would need to be altered both pre and post the individual record plus the depth of the individual tag's bits plus the 10 minute transaction time per alteration make this not feasible. Possible if one had infinite time and no one else was looking but not feasible.

But, the wallets that hold the Bitcoins and exchanges promoting the trades can be hacked and have been, for a lot of currency.

 

[bacardi2017]

The bitcoin algorithym for mining, means that the codes can be broken. As Computers get faster, the easier it will get. It will be hackable when this happens. Already there are missing bitcoins from several exchanges. Bitcoin is not backed up by any valuable assets. Its only the pressure of people wanting to buy in on bitcoin and other cyrto currencies that is driving the price up.
Make sure you are in another country (with no legal treaties with your own) when you sell. Think about capital gains.... And you will have to smuggle it back to your own country to avoid taxes....
And don't trust your VPN for it either.....

Why avoid taxes? capitol gains is only paid on a small amount, nothing to worry about

 

[maniacalone]

Been involved with blockchain related projects for years and ironically felt that while blockchain itself had some merits, the idea of Bitcoin itself was stupid.

Most blockchain projects are unnecessary as many use cases have a centralized point whereas blockchain is about decentralization and no trust between parties.

While Bitcoin is sort of the perfect example of a perfect use case for blockchain, I still think Bitcoin is sort of strange.

Logic would suggest that every country will likely invent their own digital version of their currency and then deploy it. It would make taxes easier, remedying the flow of funds etc.

The irony is that the people who complained about the stealth nature of Bitcoin always made me laugh. It’s the most traceable way to location the origin of funds.

I’m right about a lot of things and I’m also wrong about a lot of things. This was something that I didn’t see happening at all. Crazy times!

The origin can be traced. However, human traffickers and other evildoers can launder it effectively, while making it impossible for law enforcement to seize the money back because of the encryption system.

 

[johnnydepth]

Why avoid taxes? capitol gains is only paid on a small amount, nothing to worry about

???? I'm all for paying taxes accordingly, but what do you mean small amount? Not sure if that was sarcasm.

 

[StratStrummer]

I was "in the know" from very early on. I doubted it, then fell in love with it, then gave up interest. All kinds of friends and people online were trying to convince me to buy. I bought 4 coins for around $100, kept them for a while then sold them. Imagine getting bitcoins for $25 each? Then selling them for a measly profit?

 

[appleomac]

???? I'm all for paying taxes accordingly, but what do you mean small amount? Not sure if that was sarcasm.

Capital gains are taxed at a lower rate than normal income (i.e. employment income).

 

[maniacalone]

Capital gains are taxed at a lower rate than normal income (i.e. employment income).

My understanding was that fifty percent of gains are tax free. The remaining fifty percent of gains is taxed at your level of income rate.

 

[appleomac]

My understanding was that fifty percent of gains are tax free. The remaining fifty percent of gains is taxed at your level of income rate.

Well if you want to get technical as per CRA, you are correct. Only taxing 50% of your capital gain at your tax rate is the same as taxing the entire capital gain at half your tax rate. Capital gains are effectively taxed lower than normal income, is the point I was making. In other words, you're looking at it from the perspective of "how much is taxed at what rate" and I'm basically looking at dollar for dollar - i.e. $1 of employment income is taxed higher than $1 of capital gains, from a tax liability perspective. Saying nothing for the fact that not all capital gains get the "only half are taxable" treatment. Some capital gains have a zero tax rate (i.e. gains from selling your primary residence) and some have a mixed treatment (i.e. lifetime capital gains exemption from selling a CCPC). Again, the point being, generally in Canada capitals gains (of which there are many different types which are all treated differently from a tax perspective) are taxed lower than normal income.

 

[needtomilk]

As a guy who owns about one eighth of a bitcoin since 2017: people promoting this stuff are promoting a pump and dump scheme.

Bitcoin has absolutely zero intrinsic value, thus explains its volatility that we've been seeing lately.

The Canadian dollar has value because the government imposes fees and penalties in Canadian dollar, and there are bound to be people who would need to get their hands on the Canadian dollar. The only way new money is issued in Canada is by having someone borrow money, and be required to pay it back at a later date, with interest. Ultimately, there is value in the Canadian dollar because there is someone somewhere who is desperately in need of it.

Bitcoin doesn't at all act like that. Sure, perhaps one day, certain institutions may begin accepting bitcoin as a form of payment, but given its rigidity in new money issuance, you'd likely not get this stability that you typically see in most fiat currency.

Gotta cash out on the BTC, and start putting that stuff on the S&P 500. Get rich, Warren Buffet style.