Bitcoin
Bitcoin
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- neverscared2
IRS head asks for authority to regulate cryptos
Commissioner of the Internal Revenue Service (IRS) Charles Rettig called on Congress to grant the tax agency authority to regulate cryptocurrencies. Rettig made the comments on Tuesday while testifying before the Senate Finance Committee.
the crackdown is arriving.
- https://www.breaking…neverscared
- for those in the usa.shapesalad
- surprised it took this longKrassy
- Wonder what regulations they would impose. Do exchanges not provide 1099s end-of-year for capital gains?monospaced
- I checked, rates on crypto capital gains are 15% or as high as your regular income, depending on how long you hold it. IRS definitely gets theirs already.monospaced
- so...even the state considers this crypto thing to be real money.uan
- well, it's money when you buy/sell it with real money :) When you sell and money goes into your bank account, that's a gain, and the IRS sees it.monospaced
- It's a commodity, for sure, just like any "product" in that sense. Except it's trying to also be a currency. Interesting stuff.monospaced
- Pretty sure the real "threat" needing regulation is not bitcoin but stable coins - Tether and Coinbase printers go brrrrrr dailygrafician
- Unlike "real money," though, it's not insured by the fed. If it's lost/stolen, they don't really treat it like the same kind of crime, based on what I understanmonospaced
- at this point Tether is in the "scam" territory but a long bow, while Coinbase hadn't had an audit in a while while printing a lot of USDC by the hour...grafician
- so, regulation means cleaning the house on stablecoins, exchanges etc. then the value of crypto will drop like a fly shot with a shotgungrafician
- I don't know what you mean by "cleaning the house" though.monospaced
- Okay, so I researched more. The IRS does collect capital gains, but right now the exchanges aren't required to report the gains to the IRS!monospaced
- People are probably getting away with tax evasion right now. If it's regulated, all transactions will result in yearly tax forms for individuals, from the IRS.monospaced
- the SEC just needs to follow whale_alert https://twitter.com/… then drop the hammergrafician
- sorry mono, not in the mood tonight to have a long discussion, hope you get the idea..regulating crypto = regulating exchangesgrafician
- I mean crypto idiots still forget you can't buy lambo with crypto, you need to convert to USD and then Uncle Sam drops the hammergrafician
- yeah, I already said that, but right now the exchanges aren't automatically reporting large transactions to the IRSmonospaced
- I get they want to regulate exchanges, just trying to figure out exactly what regulations beyond reporting, if any. BTW, I happen to know a ton about tax shitmonospaced
- as I work at one of the Big 4 ;)monospaced
- Well do americans report the overseas exchanges accounts opened with vpns and disclose those proceeds? Look into that first lolgrafician
- there are almost 400 crypto exchanges and only 3-4 have US subsidiaries, good luck regulating thatgrafician
- then again you also had illegal gambling in Trump Tower and other stuff and nobody bothered so this thing with crypto must be that "FUD" shitgrafician
- propublica.org literally published article today about how the super wealthy dodge taxes so yeah idk mono, you tell us how regulation worksgrafician
- IRS can track income, and banks report transactions over $10K, so they do get some action. IRS just wants them to report, just like all financial entities mustmonospaced
- regulation is not the same thing as reporting
IRS goes after the little guys, SEC goes after the whales - and in crypto, only the whales and exchanges mattergrafician - I'm NOT telling you how it works, nor am I arguing. Not sure why you're interpreting it like that.monospaced
- And your arguemnt is just repeating what I already said. It's weird.monospaced
- this is why Elon gets into trouble with his tweets, not drgs for going long on BTC again 3 hours ago and might not disclose the gainsgrafician
- interesting ... what trouble did Elon get into? I totally missed that.monospaced
- Reporting is exactly what the IRS is asking for in regards to regulation, dude. That's what their official statement is on the matter. But I'm still reading.monospaced
- just because the IRS chef proposed this doesn't mean the IRS will regulate anything, again, reporting is different than regulation
we're not arguing, just sayingrafician - https://arstechnica.…grafician
- if it was only about reporting gains, crypto wouldn't drop, but regulating the market means exposing a lot of dirt and that makes crypto go downgrafician
- heck, it ain't any crypto market without market manipulation obviously - for ppl hating the system, they do love repeating the old system's mistakes lolgrafician
- oh above I said there are almost 400 exchanges, mostly tracked by coinmarketcap, but apparently there are over 8000 mostly un regulated...wild wild west indeedgrafician
- so I'm asking, once again, which regulation are you talking about beyond reporting?monospaced
- uhm from kyc to price manipulation and beyond?grafician
- then deal with stablecoins as those are basically printing money out of thin air - a thing only a central bank would allow in any regular monetary systemgrafician
- why are we having this conversation anyway mono? do you not get the implications or?grafician
- Krassy4
- chinese playing the long game destroying the american market.neverscared
- sly foxesneverscared
- Getting tired of all. Hope everything crashes to 0NBQ00
- @NBQ you just looove #lossporngrafician
- Indeed :)NBQ00
- @neverscared why you think that?sted
- Continuity4
Bennn?
Bennn, buddy, you okay?
Say something.
Should we send help?- He can't hear you over the sound of his Lambo.palimpsest
- I believe he was into the stock market, not crypto.monospaced
- Well, by now, even his nascent stock portfolio must be tanking.Continuity
- https://www.qbn.com/…palimpsest
- ^ Ruh-roh!Continuity
- Tanking? Hardly.monospaced
- Atchoum.palimpsest
- Stock market is barely moving 1%monospaced
- ^gold was moving 1% today so goodiegrafician
- Bluejam5
- via https://twitter.com/…Bluejam
- All those coins wtfi_was
- Cardano and Xrp are holding their own.BH26
- StoicLevels-2
Just spent 2 hours trying on Coinbase and they dont accept any of my credit cards wtf is going on with them?
what a waste of time.
wahhh :(
- They think you’re a criminal?NBQ00
- they take debit not CC'sGuyFawkes
- fuck I think it was account and routing, I forgetGuyFawkes
- Yeah tried 3 debit cards wtf is up their systems arse?StoicLevels
- customer service bot "Lando" will get right on that service requestjonny_quest_lives
- they wouldn't accept my disney dollars eithersarahfailin
- Bot hasn't responded in 3 hours lolStoicLevels
- maybe buying a speculative coin with credit isn't ever a good idea?shapesalad
- Post your cc number, I will try and see if it works for me.zaq
- probably your bank denies the payment request from that merchsted
- those suns of bitchesStoicLevels
- sted is correct.
Revolut denies payments to CB, for example.Continuity - lol, clowns using platforms that don't even trust them, what a joke, you deserve itmonospaced
- You sure that horse is high enough, mono?Continuity
- Krassy5
BITCOIN 'whales' who hold staggering sums of the cryptocurrency could crash the market, experts have warned.
Just 2,500 people controlling nearly HALF of market
The richest Bitcoin wallet currently holds 141,452 Bitcoin – the equivalent of $4.6billion.
- and a single person may have multiple walletssarahfailin
- CUE DRAMMATIC MUSIC ... BUM BUM BUAAAAAAHHHHHHHAHAHA...AQUTE
- Maybe they can have a whale song meet up - and crash the market all together. Hopefully they all get the memo so one doesn't buy all the low end BTCBH26
- nocomply0
Well screw it. I needed a distraction so I invested just now:
* $25 on bitcoin
* $25 on litecoin
* $25 on XRP (was looking at it and then after what mg33 said, I was like, fuck it, I'll throw in.)Might do another $25 on Ethereum to round it out.
Now I can watch the market every 2 minutes like a weirdo.
- I know nothing, but I still predict the market to drop back to mid-December, 2020 prices soon. That's when I'll invest more. Just learning for now.nocomply
- What is your transaction cost to trade those coins? I though it cost ~$25 just to buy/sell. But maybe cheaper now?monNom
- throw more on XRPsted
- $1.49 fee on each $25 transaction. The XRP seems like it has the biggest upshot, but who the hell knows? Definitely not me. LOL.nocomply
- don't get emotional. $5isaca
- You may be able to buy a nice bicylce in 3 years with that investment! Congrats :DBennn
- :))))sted
- So even if the price doubles up, which would be bonkers big, you are only up $25. Dude. Make it worth it or don’t.monospaced
- i was deep on xrp but the SEC news fukt me. My bud that works in Crypto says it's trash. I think there are better alternativesBANKattack
- BANK - What's a better alternative? I've read a lot that says XRP is still looking good.nocomply
- mono - I'm going to invest some "real cash" the next time the market takes a big hit. Still believe it's coming back down.nocomply
- yeah, you kinda have to if you're gonna play at all.monospaced
- put in what you can afford to lose dude, don't listen to us idiots here.GuyFawkes
- or buy some cheap shit like XRP or MANA,GuyFawkes
- still dont listen to usGuyFawkes
- Bennn1
Iam still a newbie with Bitcoin and learning but i now understand the scheme... Some rich people manipulate the thing by buying many Bitcoins, it start a wave up, lot's of people jump in, the bubble inflate and suddenly these rich people pull out with massive profits and the bubble burst. Repeat.
Am i right?
- Certainly seems that way.Continuity
- except for 'rich ppl' and 'bitcoin' ... it's just how markets work.
And there is still lots of value in bitcoin, lots of the big investments will hodl.uan - they a re betting against gold and the dollar as value keeper. and they expect bitcoin to stay around for years.uan
- Nothing to do with rich ppl, Bennn. It just lingers around until volume kicks in and people start buying. It goes up and what goes up must come down.NBQ00
- Nothing just goes up in a straight line all the time. Bitcoin already went from like 10K’s to 40K’s on this wave which is a big move. So naturally...NBQ00
- https://twitter.com/…drgs
- ...it has to correct the move a bit. Just how markets and technicals work in trading and charts.NBQ00
- And most of the time the majority of people usually buy at the top or close to the top because they hesitate and then they chase due to FOMO.NBQ00
- did you look at volume in relation to price movement to draw that conclusion?shapesalad
- you're perfectly describing bubble scheme, like beanie babiesmonospaced
- there's no other reason the price changes than the volume of trading, nothing at allmonospaced
- Unfortunately, it's not based on news or anything related to anything tangible or significant like a business would have.monospaced
- A regular market works the same, except you can buy on futures prospects, business decisions, transparent competition and reporting. So, not the same, uan.monospaced
- Mono, you should’ve invested in Bitcoin 10 years ago. Or bought Beanie babies lolNBQ00
- they just don‘t have them yet for bitcoin but they (big banks) made those calculations and they know it‘s here to stay.uan
- or they bet on it...probably because they know technolgy behind it is superior than what we are used to.uan
- @uan show me one US financial institution what openly invested in bitcoin.
not alt-coins or "creates its own crypto" stuff.sted - paypal though idk if they are still USowneduan
- according to a lawsuit in 2002 paypal is a fintech company not a financial institution.
NEXT.sted - May 2015 lawsuit about PayPal credit accounts also makes it clear that it isn't a financial institution.sted
- I wasn't aware of those categories. so I bet cashapp is also fintech.uan
- _niko0
What’s to stop Bitcoin from going to 50k, 100k, 1m or even 1 billion?
It’s not pegged to anything, no performance, no outlooks, just wild speculation everyone’s become a paper millionaire overnight.
People who hold a reasonable amount of shares could easily trade small amounts amongst each other just to artificially inflate the price, creating more and more hype and driving the price to astronomical heights.
So is there a ceiling? Theoretical or otherwise?
- Logic is the ceiling. As it's purely based on supply and demand, it could go to zero much faster. Pure gambling.formed
- The fact that it's surging on a holiday is maybe not coincidental. Order books are empty, spot volume is also low (for a breakout like this). It's thin air abovdrgs
- May just as well tap 30kdrgs
- 1. Print Tether out of nothing
2. Buy bitcoin using Tether on exchanges, driving up the price
3. Keep bitcoin as "collateral" for the printed Tethersjonny_quest_lives - Once the reality sets in that the Bitcoin price in Dollars is actually the Bitcoin price in Tethers it's all over.jonny_quest_lives
- The pinch point is trying to get actual money out of that ecosystem...jonny_quest_lives
- Jonny, do you really believe it’s tether that’s driving the price up? And if so wouldn’t it have gone up way faster in the past years?NBQ00
- I believe its tether 100% combined with bot trading to pump the gas. There's no real influx of money to match the 20billion of tether pushed into the market.jonny_quest_lives
- brrrrrrrr..... https://mobile.twitt…jonny_quest_lives
- Pump... https://mobile.twitt…jonny_quest_lives
- interesting how it has these volume surges before it runs +2-3ksted
- pump https://mobile.twitt…jonny_quest_lives
- Giancarlo Devasini... https://mobile.twitt…jonny_quest_lives
- In order for it to go to 1m, simple, you have people willing to buy it at 1m and people waiting to sell it at 1m, instead of 999kshapesalad
- It's pure price action. It peaked and now it's covering that peak. Each time it peaks, it'll drop as those who made $'s sell, and those that buy in hold 4 more.shapesalad
- Here's the issue... Tether does not have 100% traditional currency backing for its reserves. It has “cash equivalents,” which are presumably other cryptosjonny_quest_lives
- Also some of its “reserves” are held in the form of loans that it has made to other parties. Tether has become an unregulated fractional reserve bank.jonny_quest_lives
- A very risky fractional reserve bank, too. Loans that you can’t sell, can’t pledge for cash, and may or may not be able to call upon when due.jonny_quest_lives
- No regulator would let a licensed bank get away with this... Labeling stakes in BTC and other crypto holdings your "reserves" is insane...jonny_quest_lives
- @shapesalad... What you call "pure price action" suspiciously looks like a years worth of wash trading...jonny_quest_lives
- So basically Bitcoin is like the Federal Reserve, the thing they are supposedly against?yuekit
- pretty much... bitcoin bros just want to Pump...jonny_quest_lives
- Yeah I remember seeing this theory years ago...but has it been definitively proven? Do people just not care?yuekit
- If this is true what explains Bitcoin crashing and stagnating for years at a time? Why not just keep printing and the price goes up forever?yuekit
- It’s not printed. It’s mined. You have to put lots of literal power toward making more bitcoins. And they become harder to mine each time one is mined.monospaced
- So the more there are, the harder it is to make more. And the scarcity is preserved. But the only thing making it go up is the demand. For something that isn’tmonospaced
- isn’t anything tangible. It’s the same as beanie babies costing thousands once. The price is driven up by the idea that everyone wants it. For no reason.monospaced
- The moment everyone at the top decides they want to cash out, it crashes. If enough people cash out on reaction it will devalue like fake money.monospaced
- So short answer there is no theoretical reason Bitcoin value can’t go up indefinitely. It can go to billions nothing stopping it.monospaced
- Right but the allegation is that people are using another cryptocurrency, Tether to drive up the price of Bitcoin.yuekit
- Tether is supposed to be backed 1:1 by real money but there is little transparency into the company and some think it is just being created or "printed" out ofyuekit
- nothing. Then fed into Bitcoin market to inflate the price.yuekit
- That's my understanding anyway :) Its a complex topic and these allegations go back years.yuekit
- https://news.bitcoin…yuekit
- https://medium.com/h…yuekit
- https://miro.medium.…jonny_quest_lives
- There are potentially others, so we need to reserve the right to not redeem.
- Stuart Hoegner (Archive), Tether lead legal adviser.jonny_quest_lives - Per Tether’s terms of service, only those who bought tethers directly from Tether Limited—aka “validated users”—can redeem tethers.jonny_quest_lives
- Anyone who got tethers on the “secondary market,” meaning, an exchange, is not able to redeem those tethers.jonny_quest_lives
- So... Bitfinex (Same people as Tether) make you buy USDT to purchase BTC... Bitfinex is defined by Tether as secondary marketjonny_quest_lives
- it's pretty shrewd but also a moot point as of November 23, 2017 Tether itself according to Stuart Hoegner:jonny_quest_lives
- Tether ceased servicing/redeeming customers in the US, and at this time, “no longer provides issues or redemption to any US customers.”jonny_quest_lives
- Some peeps call it a Ponzi scheme... (myself included) In reality it's just reimagined Pink Sheet trading. All good as long as peeps are buying.jonny_quest_lives
- drgs1
- "Mono, come here you little shit" lolNBQ00
- AHJAHAH :D:Dsted
- whats the story here? It will crash in the next days?Bennn
- If the fractal holds... Now, 2012 was very different from 2020drgs
- that fractal better hold! FRACTAL, NOOOOO!monospaced
- all serious investors talk about holding fractals. For serial.monospaced
- Beanie Babies didn't hold their fractal. Discuss. ;)monospaced
- If the fractal holds, will I have a better acid trip?CyBrainX
- mono triggerd af lolridg0026
- Don’t confuse my amusement with being triggered. I didn’t throw out nonsense terms and troll anyone. That was them.monospaced
- I’m satisfied that my REAL investment portfolio outperforms Bitcoin bubble shit. Triggered? Nah.monospaced
- clearly triggered.ridg0026
- Look who’s talking.monospaced
- pockets2
- yep, 19% return rate as of now on my part. But sadly I only invested a very small amount... its cool but its cooler if you have over 10K in there, i guessBennn
- but i would be really nervous to have a lot of money into Bitcoins tho... it can crash anytimeBennn
- Ethereum is doing good tooBennn
- im up 40% since Septemberpockets
- I wonder will this be followed by an altcoin boom like in 2018?yuekit
- BTC, What a wrecking ball... my altcoins are doing bad :-)Calderone2000
- i moved all mine from ether to bitcoin as ether was crashing... I should offer advice telling friends to invest in the exact opposite I do.fadein11
- Lol at people wondering why their fake money fluctuates. It’s not real! It’s not even a business. It’s not a real investment.monospaced
- it can be an investment if you withdraw at the right time. Turning a 1000$ into 1500$ is much better than any classic investmentBennn
- lol, you are so damn naive. A 50% return? I got that this week with Palantir stock, a real investment. You really don't know much do you?monospaced
- With a real investment, you know WHAT yo'ure investing in. With bitcoin, it's monopoly money, and NO way to know when to buy/sell. Literally none at allmonospaced
- And don't even start with the whole schtick about how stocks are the same. I invested in a business I knew would do well. Because it's a real business.monospaced
- zaq4
Check the most popular currency today
- Nice April Foolsdbloc
- LOLrenderedred
- the graph! LOLKrassy
- that's an inverted moon formation. buyBeeswax
- drgs5
10000
- ?Bennn
- !!Calderone2000
- i'm getting rekt with a portfolio of 50% altsCalderone2000
- still happy for btc though, hope it lastsCalderone2000
- Most alts should be stable in terms of USD value, no? Alts will fly when BTC correction comes, problem is everyone thought it would happen at 7k,8k,9k...drgs
- I use alts to try to accumulate more btc. Don't care too much about $ valueCalderone2000
- NBQ002
Some shmucks bought Bitcoin Cash (BCH) all the way to the top above $4000 when it was at highs. It's now $99
YIKES!
- Imagine being the Winkelvoss Twins or Mike Novogratz or some of the others who invested millions or billions in this stuff.yuekit
- Approaching Bitconnect levelsdrgs
- The twins are still well off but nowhere near if they had sold at the top. They instead kept pumping it to 100K, 200K, 500K+NBQ00
- If they're any smart, they dumped it all a long time ago.raf
- I still see people trying to pump it on Facebook forums (investing). Lot's got burned...badly.formed
- the people who are pumping it are already bought into the ponzi scheme, desperate to regain a fraction of their investment before it's gone forevermonospaced
- NBQ004
- what am i looking at?pinkfloyd
- the tulip craze hundreds of years ago when prices skyrocketed based on futures and hyped demand, followed by a crash. commonly known as the first bubblemonospaced
- kinda set the tone for the future of all bubbles and crashes, which share this typical chart shapemonospaced
- +1chukkaphob
- ++sted
- Calderone20001
I was riding the nano moon-train last week. went from 0.80 to 3.50$. https://www.cryptoglobe.com/late…
- Nice trade. I hope it wasn't just $100 bucks you put in ;)NBQ00
- i have about 400 since the raiblocks days. Still a nice surpriceCalderone2000
- So you also rode the 98% way down?drgs
- bitcoins will rocket up when the market crashesTaschen
- Mining is down considerably, and I see the price going down steadily for the rest of the year.section_014
- @drgs no I sold when it was 20$ and bought the same amount of coins back somewhere at the bottomCalderone2000
- Teach medrgs
- dam sonsarahfailin
- so did you sell?monospaced
- chukkaphob3
- via http://www.qbn.com/r…chukkaphob
- make it a new crypto! lolchukkaphob
- CuntCoinsarahfailin
- MongoCoinutopian
- zero centscannonball1978
- sure is an amusement.pango
- monNom3
Japanese exchange Coincheck hacked. Loses $500 Million USD in customer funds.
"Biggest theft in history"
- scarabin_net3
looks like it's all about tickle me elmo now
- sorry, i meant "crashing the federal reserve"scarabin_net
- The bad new is it's going to bounce up againdrgs
- its a correction not a crashpockets
- lol @ correction ... that's some funny shitmonospaced
- the drop was a result of the big boys dumping it, and/or actual major issues, like hacking and theftmonospaced
- not to mention the US govt. possibly closing the loophole about trading cryptocurrencies and soon to make it a very taxable thing.lvl_13
