The Cryptocurrency and blockchain thread

fidodie said:
do stock rules apply? it isn't a stock. can i go in/out without restriction?
since one must self claim any gains, how is it done? fifo/avg/lifo ? pick one, stick with it?

why is a currency being traded like a hot stock, when in theory it is a precious metal - although in any apocalyptic event,
the btc aren't going to be worth the bits they are stored on (in? by?) -
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https://www.irs.gov/pub/irs-drop/n-14-21.pdf

My understanding after talking to some people was that as long as you pick one method and are consistent in that tax year, you're cool. You're also probably doing 95% more than most people, who are likely trying to use it to duck taxes. I'm just using FIFO because it's easiest and I wouldn't be advantaged by another method based on what I did this year. Since I'm self reporting it all anyway, it just makes my life easier to do that.

Something is only worth what another person is willing to pay, and I'd bet that after an apocalyptic event I could ring some knucklehead up on their six character call sign and buy some vacuum tubes or capacitors in exchange for BTC haha

I also totally forgot I had BCH until it hit my Coinbase account just now. Found money.
 
StayHydrated said:
https://www.irs.gov/pub/irs-drop/n-14-21.pdf

My understanding after talking to some people was that as long as you pick one method and are consistent in that tax year, you're cool. You're also probably doing 95% more than most people, who are likely trying to use it to duck taxes. I'm just using FIFO because it's easiest and I wouldn't be advantaged by another method based on what I did this year. Since I'm self reporting it all anyway, it just makes my life easier to do that.

Something is only worth what another person is willing to pay, and I'd bet that after an apocalyptic event I could ring some knucklehead up on their six character call sign and buy some vacuum tubes or capacitors in exchange for BTC haha

I also totally forgot I had BCH until it hit my Coinbase account just now. Found money.
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I dumped the other BCH I had as soon as I could but I dumped it for BTC. They rose in parallel so no huge loss but I never expected BCH to stick around this long. It really makes me nervous.
 
StayHydrated said:
https://www.irs.gov/pub/irs-drop/n-14-21.pdf


Something is only worth what another person is willing to pay, and I'd bet that after an apocalyptic event I could ring some knucklehead up on their six character call sign and buy some vacuum tubes or capacitors in exchange for BTC haha
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food
ammo
gasoline

mostly ammo - hunting should be done with arrows, or ambush/trap to save ammo.
 
fidodie said:
food
ammo
gasoline

mostly ammo - hunting should be done with arrows, or ambush/trap to save ammo.
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dude if you're not sitting on enough ammo to feed yourself for the rest of your life than you should reassess your investment portfolio. Get a few more pallets of .308 and .223
My personal choice is 30-06 in bandoliers
 
so I got on someone's lightning network testnet. Seems really f'ing nice so far. It's basically instant. I have VERY high hopes for lightning.
This puts BTC in a major advantage over BCH, and most other cryptos. It relies on SegWit.
The uptake of SegWit has been abysmal. Well really it's coinbase who's dragging their feet. I'm still SUPER nervous of a full collapse at this price. But if SegWit and Lightning start taking off, this price is going to the MOON. It suddenly becomes incredibly useful and valuable and desired and the most recognized name in crypto.
I need to see BCH fail before I can sleep at night.
 
Holy shit, starting to look like the rocket to the moon just blew up. Reminds me of the tech crash in the early 2000's. When the blood is in the streets, it will be time to buy because I think the fundamental technology will mature in the future.
 
pearl said:
some good wordplay, would listen again

whats with the big dip recently @gtluke!?
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pretty sure it's the drama I've been talking about with BCH and shenanigans with Coinbase filling the market with uncertainty.
Plus all the new money this month driving the price up is new. I can't tell you how many normies on normal message forums have been diving in thinking they are going to get rich asking the STUPIDEST questions. So they are all in a panic and sold at a huge loss and are now crying.
Wash em out, crash BCH, rebuild BTC and get Segwit and Lighting working ASAP and start the moon shot again.
 
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