BitCoin crashed?

[BushMasterBoy]

I'm sticking to yard sales.

[J]

I know a few people who claim to be making money investing in bitcoin. They are also idiots so I don't know how to interpret their "making money" statement. Can you buy and sell bitcoin like you can shares of stock?

Yes. There are exchanges that convert standard currency to bitcoiin and back. They take an exchange fee on any transactions for their service. Much like a stock broker or exchange service.

You can also buy and sell things privately and with a select few businesses that accept bitcoiin.

Additionally, you can mine bitcoin. Essentially setting up one or more powerful computers or servers to act as part of the crypto exchange network and receive a very small percentage of any transaction your equipment processes on behalf of the network.

[colorider]

Thanks for explaining that ! It really helps me understand what they are talking about which their "investing". I'm sticking with more traditional investments.

[davsel]

http://captaincapitalism.blogspot.com/

Just a bit of salty language

[Zundfolge]

How the hell can the IRS tax these transactions?

They'll tax you when you convert bitcoin to USD.

I know a few people who claim to be making money investing in bitcoin. They are also idiots so I don't know how to interpret their "making money" statement. Can you buy and sell bitcoin like you can shares of stock?

https://www.theguardian.com/technolo...rway-oslo-home

[Sawin]

I have been "invested" in Bitcoin since October 2014 and have ridden quite a ride upward, particularly in the last few months.... Ethereum and Litecoin too, after buying into them more recently (November '16 and February '17, respectively). Ethereum is the one I'm most excited about though as it represents an entirely new platform, not just a cryptocurrency, for digital contracts. It has garnered the attention of some of the largest corporations in the banking and tech industry including Intel, Microsoft, JP Morgan Chase, and dozens more.

I figure why not just let it ride and see where it goes in a few more years... maybe i can retire early?

http://www.zerohedge.com/news/2017-0...chain-alliance

or https://www.forbes.com/forbes/welcom...ww.google.com/ in case you don't believe Zero Hedge.

[Sawin]

Bitcoin is blowin' up! Who's retiring early? No one? Oh, okay.

maybe... too soon to say.

[davsel]

Karl Denninger explains how Digital 'Currencies' Are ALL A Scam

Like any ponzi scheme, some will make money early, but most will lose.
No thanks.

[GilpinGuy]

Nevada just passed a LAW that says that block chain transactions (like Bitcoin) may not be taxed or regulated AT ALL by local governments. A bit over my head to explain it accurately, but very interesting stuff going on with this stuff.

LINK

Nevada has passed a pro-blockchain law that recognizes blockchain technology as a type of electronic record for the purposes of the Uniform Electronic Transactions Act and prohibits taxation and regulations regarding the use and implementation of blockchain technology.

The law defines “Blockchain” as an electronic record created by the use of a decentralized method by multiple parties to verify and store a digital record of transactions which is secured by the use of a cryptographic hash of previous transaction information.

It prohibits local governments (board of county commissioners or city council or other governing body of an incorporated city) from imposing any tax or fee on the use of a blockchain by any person or entity; requiring any person or entity to obtain any certificate, license or permit to use a blockchain; or imposing any other requirement relating to the use of a blockchain by any person or entity.

This law follows on the heels of blockchain laws passed by Arizona (giving legal recognition to smart contracts) and Vermont (declaring that blockchain-based digital records will be considered a business record under the Vermont Rules of Evidence).

[GilpinGuy]

They'll tax you when you convert bitcoin to USD.

FWIW, I'm very skeptical about all of this too and learning about it.

I've heard from others that know a shit ton about this that you can buy Amazon gift cards with Bitcoin. How's that get taxed? Sounds pretty awesome to me.