What's the deal with bitcoin?
- Thread starter Sullivan
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Cryptocurrency is hyper volatile and easy to move, buy, or sell. Not all countries have our tax laws too, let's say I live in a zero capital gains country ?
I can sell off a certain amount , enough to trigger panic btw, then buy back on the dip for a nice profit, rinse and repeat .
Crypto is also affected by the stock markets too, along with favorable or negative news. When you combine the nature of the game with certain personality types you get chaos.
Think of a normal stock market but it's on meth. You can make a lot of money but you need much more discipline and patience than standard investing .
As for me I am up app 2x overall since 8/2020. I was up 4x since then just last November. So I'm buying more than average now. And I'm not talking Bitcoin, but other projects .
It's a highly speculative investment and I'm using the "investment" part rather loosely. Fed is taking away the cheap money punch bowl, highly speculative investments are typically the first things that suffer in a tightening monetary environment.
All true, you best know what you're doing and understand some of the tech . Much of the space is filled with tards, degenerate gamblers ( longs and shorts), and various levels of spectrum disorders.
That said I doubled money in a year including DCAing every week. I don't expect the bear to last forever and at that point I'll be extremely happy.
Let's go back to my first paragraph, look at dogecoin and shiba inu. Market caps over 30 billion and 17 billion because tards FOMOed into them due to hype and easy money. They're going to crash soon enough while viable projects will move forward .
There's a lot of stupid money in this sector now, but I'd guess not much difference than other sectors .
The govt is having a hearing on their position on cryto, Bitcoin being exhibit A, and how to get their piece of the action. They say regulate...but we all know it is "tax".
Crypto won't be a linear progression and other will be thousands of crypto options beyond Bitcoin. However, there is a lot of promise here and the application to helping third world countries that do not enjoy a stable economy, currency and banking system will benefit immensely. Over half of the world's adult population is underbanked due to limited access and lack of stability.
At the same time, Crypto's application to blockchain will be a game-changer. But this will take several years, if not decades, to settle down and evolve. And, as I said, its progress will NOT be linear. The dollar is relatively stable due to its govt backing and why it is a world standard. Crypto has no such stabilizing, actually, that is one of its great values. However, it is volatile and will be until one of them jumps up and dominates the market.
govt is concerned about money laundering. A lot of crypto and soon to be NFTs, are being used to buy drugs, fund human trafficking, third world weaponry and gambling. I get the concern, honestly. tracking cash has been law enforcement's best weapon to hold these things down.
it is going to take a long time for blockchain to be fueled by realtime payments without a crypto. There is an RTP org up and running but both sender and receiver bank has to be up and running. It is going to take a long time to get that network up. Then there is the govt's realtime ACH. Well, its the govt, need I say more?
Plus, if you are laundering money, it is all about crypto (until it is not). Confusing...
Bitcoin rout 'not over yet' as selloff quickens, risk aversion hammers crypto, stocks
Bitcoin and other cryptocurrencies followed equities into a downdraft sparked by risk aversion, and the Fed.
That's a straw man, there are plenty of ways to launder money. Most of the back and forth with this stuff is outside of those areas from my understanding.
yeah well, not really. I am in that industry, tangentially. it is really hard to launder money that originates in cash in the USA. Off shore, another story. If you've got the means to truck a semi full of cash to to coast rica or fly it to the Caymens that is a different story. But if you are a dealer, high end hooker or bookie, good luck. Most buy pizza delivery and car washes (high # of cash transactions) but that is going away to with COVID.
There are other countries than the USA fwiw. And those who cross international borders such as cartels have their methods.
That's why I say it's small potatoes . The crypto usage world wide is used for much more than those illegal things. Every block chain movement is accounted for and cashing out is all monitored. For now you might be able to flip some profits, not go off platform , and get away from that.
But getting cash out is no different than me going to the bank.
I agree..if the bad guy has the means. For the most part, the little guys get caught with the anti-money laundering traps. Then they press them to try and go upstream. In the end, they do a lot of work to catch the big boys that are in the USA. The really big boys are in corrupt countries so it is hard to get them.
in the end, the targets are the middle men in between. These are the facilitators between the big boys and the street gangs.
IMO it's all small potatoes to justify their budgets. Nothing changes, this is just an attack on our privacy with that as an excuse.
There's no way for merchants to price their products in bitcoin. It's far too volatile.
The government is going to find a way to tax bitcoin capital gains and they'll certainly find a way to regulate it.
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