Crypto Currency Thread

[anonymous-user]

I bought a few Sirilabs, looks like Huawei might be making a blockchain phone with the tech so might get some interest.

[anonymous-user]

Mousem40 said:

Latest BTC run a $300m Tether pump and Dump scam?

https://twitter.com/Bitfinexed/status/976179019191...

I posted about this back in Dec when they printed st loads then. I honestly think Bitfinex and the Spoofy are controlling the price of btc. Which is billion dollar stuff, probably the best ponzi in the world.

[dimots]

Thesprucegoose said:

I posted about this back in Dec when they printed st loads then. I honestly think Bitfinex and the Spoofy are controlling the price of btc. Which is billion dollar stuff, probably the best ponzi in the world.

So if they control the price, why do you think they drove the price down from $20k to $8800?

[Behemoth]

Thesprucegoose said:

I bought a few Sirilabs, looks like Huawei might be making a blockchain phone with the tech so might get some interest.

What is a blockchain phone? Why would you want your phone to be on a distributed ledger? Or if it's some kind of hardware wallet / phone hybrid, why would you do that? Phones get lost and dropped, hacked and broken. And why does this need yet another crypto token? It all sounds completely ridiculous.

[Shuvi McTupya]

dimots said:

So if they control the price, why do you think they drove the price down from $20k to $8800?

Buy at let's say $5k , Sell at $20k..short the market and force the price down making lots of people sell in panic, then buy back in at under $10k.

I think we would all get a piece of that action if we could!

[anonymous-user]

Behemoth said:

What is a blockchain phone? Why would you want your phone to be on a distributed ledger? Or if it's some kind of hardware wallet / phone hybrid, why would you do that? Phones get lost and dropped, hacked and broken. And why does this need yet another crypto token? It all sounds completely ridiculous.

To run bliockchain apps and integrate a cold storage wallet are 2. The ridiculous thing can be be used for most coins but at least a major player in the tech world is looking at integrating the tech, weather it is pointless doesn't matter.


https://www.bloomberg.com/news/articles/2018-03-21...

[Behemoth]

Thesprucegoose said:

To run bliockchain apps and integrate a cold storage wallet are 2. The ridiculous thing can be be used for most coins but at least a major player in the tech world is looking at integrating the tech, weather it is pointless doesn't matter.


https://www.bloomberg.com/news/articles/2018-03-21...

ffs cold storage wallets do not belong on phones. It would be a very dangerous thing to carry around with you on the streets. Hot wallet apps containing a few quid are fine & these already exist & work well on Android & iOS.

The blockchain statement is pure marketing bks. Plenty of big names are behaving like this right now: senior exec asks department heads "what are we doing with blockchain?". Minions go and make sthg up to suit the buzzword narratives.

Nobody is any the wiser because these corporate execs have no idea what they are doing, don't understand how blockchains work, how incredibly inefficient they are & therefore don't realise blockchains are only useful if you need secure uncensored transfer of value.

[anonymous-user]

To me it is just opens the market to a wider audience. For me I see it more than the Kodak coin etc Huawai is a big player. Time will tell.

[Behemoth]

Thesprucegoose said:

To me it is just opens the market to a wider audience. For me I see it more than the Kodak coin etc Huawai is a big player. Time will tell.

I wish that were true. But the more these confused famous-name corporations come out with this nonsense, the more confused and wary the potential wider audience gets. It will all sort itself out in the end, of course. Huawei is desperately trying to find some short term marketing advantage in a highly competitive sector (phones). This "innovation" will soon be thrown into the bin.

[toastyhamster]

Ledger Nano owners look away now....

https://saleemrashid.com/2018/03/20/breaking-ledge...

[bongtom]

Mate in the US (American) is up st creak.
He made $1.4 million in the bitcoin bubble in December but high on crypto hype he bought other coins, instead of banking his profit in fiat, and more crypto when they dropped in Jan.

Now his investment has collapsed and he is faced with a huge tax bill on his “profit” from Bitcoin.

He does not have the money and will have to sell his house.
He said he is checking bitcoin price every day hoping it goes back up!

[Shuvi McTupya]

He doesn't have much choice but to 'hodl' now I suppose.

But if he owes approx 50% on let's say $1m already, then he needs his current portfolio to go up massively just to cover that, and if it does he will immediately be liable for more tax.

He needs to be very lucky, and then very careful!

Can the tax department force him to sell his tattered portfolio to make a contribution towards the tax bill I wonder..that would be the final nail in the coffin.

[wisbech]

Yep - reddit has a number of similar stories. Similar happened in dot com boom - new investors not aware of taxation rules around capital gains/ losses

[Bluedot]

bongtom said:

Mate in the US (American) is up st creak.
He made $1.4 million in the bitcoin bubble in December but high on crypto hype he bought other coins, instead of banking his profit in fiat, and more crypto when they dropped in Jan.

Now his investment has collapsed and he is faced with a huge tax bill on his “profit” from Bitcoin.

He does not have the money and will have to sell his house.
He said he is checking bitcoin price every day hoping it goes back up!

Just out of interest as I don't really know how the tax works but presumably to get a tax bill and appear on the radar, that crypto profit must have been turned back into Dollars at some point ?
And then to buy more crypto he transferred it 'all' back ?

[Behemoth]

Bluedot said:

Just out of interest as I don't really know how the tax works but presumably to get a tax bill and appear on the radar, that crypto profit must have been turned back into Dollars at some point ?
And then to buy more crypto he transferred it 'all' back ?

No. Changing assets crystallises the gain. It doesn't matter what those assets are.

[CzechItOut]

Bluedot said:

Just out of interest as I don't really know how the tax works but presumably to get a tax bill and appear on the radar, that crypto profit must have been turned back into Dollars at some point ?
And then to buy more crypto he transferred it 'all' back ?

The IRS demanded transaction records from Coinbase a while ago. It seems that Coinbase decided they will comply.

https://www.theverge.com/2018/2/26/17055264/coinba...

[Bluedot]

Thanks for clearing that up, never realised that.

[Condi]

Behemoth said:

therefore don't realise blockchains are only useful if you need secure uncensored transfer of value.

Ironically not something required for currency but more useful for contracts, information, ownership etc. 'Value' is far more than Pounds, Shillings and Pence.

[Behemoth]

Condi said:

Behemoth said:

therefore don't realise blockchains are only useful if you need secure uncensored transfer of value.

Ironically not something required for currency but more useful for contracts, information, ownership etc. 'Value' is far more than Pounds, Shillings and Pence.

Absolutely incorrect. Currency transfer of value is constantly under the threat of censor. Maybe you don't understand the term censor in this context. It means permission. You have to have permission to move your own money and that permission is granted or refused by third parties.

Ultimately, money is information of course. And it is also contractual. And it certainly has ownership.

Edited by Behemoth on Friday 23 March 19:40

[197.]

Apologies if it has already been covered, but what do people on here think about Omisego?