From my observation Bitcoin is genuine however right now it's more of a pump and dump scheme tread carefully.
The idea that in the privacy of one's home or country they could break in and do this makes me glad my hard assets are in a safety deposit box.
Several people at work are into Bitcoin mining but I wonder if Bitcoin is the Napster of the banking industry.
O/T - Anyone want to get paid from work in crypto currency?
invest in bitcoin ? an oxymoron. It you want to speculate with 5% of your money, go ahead. But expect to get a low or no return.
How do you value bitcoin ?? There is your answer.
That would be cool but I don't think things are going in that direction. There is a new money laundering bill aimed at criminalizing bitcoin ownership senate bill 1241. At the hearing for it the head of coinbase was there, didn't say anything about customers rights or privacy. I think the good ol gubment who backs the dollar is going to do everything it can to stop crypto from being used. The anti bitcoin "its backed by nothing" crowd A. are feeding right into it's suppression and B. don't understand math.
Sorry my link doesn't come from bloomberg smh.
I am sure most savy investors are aware of this possibility and are hedged. It's already happened in the past several times, pandacoin for example. Of all the crypto criticism in this thread, it's just anecdotal opinions of people imho who have never owned any crypto and are regurgitating the false narrative of wall street and the big banks. I would love if more places adopted it so there wasn't a need to cash out to fiat currency. I like having free transfers to anyone I want anywhere in the world. If I was a tycoon of the banking cartels I would be against it but there is no reason for regular people to be so overwhelmingly negative without any actual reason besides (its backed by nothing, pump and dump, etc.)
I'll stick to the facts which are bitcoin has many advantages and an inflated price. I am sure it will crash so I am not holding right now but thats no reason to abondon it completely or talk trash based on misinformation (or no information lol).
Sign up on an exchange and trade some or heaven forfend read about it somewhere other than Forbes magazine or wherever people are getting their biased opinions about how bitcoin "isn't worth the paper it's printed on". That one made me really lol, or smh.
I said something positive about bitcoin and, I also love the idea of it but many people can really get hurt specially investing right now.
Check out this chart . Probably made im 2014. So far kind of accurate
Mod edit: image can be restored once QR code is removed. --UB
Well, you can make MAJOR money on crypto but you HAVE to know what you are doing.
Recently we had Etheremon and some people made 20K+ USD on that. On individual made over 250k usd. I only had a little to invest but, I made my money back in full and then about $100. Not much, but it made more than all of my mining rigs combined that day.
I mine Eth + Sia and right now mine and my roomates rigs bring in over $2200 USD monthly (non taxed , well, at least on coinbase the reporting limit is 20k yearly) . The rigs are fully paid off, they were bought may/june 2017. So now, its free passive income with the only recurring cost being power which cost eash of us roughly an additional $100 a month. I mined Dogecoin and LTC in 2013 but lost it all, right now what I would have had would have been worth 20k or so. Im not making that mistake now.
You can make a LOT more investing in the right crypto, the real money is in alt coins (ripple, sia, etc...) becuase they have such a great fluctuation in price. Buy $1000 worth one day and it could easily be worth $1500 the next.
I am more of a sure thing type of guy, and dont normally mess around on the crypto market but it is very clear, crypto is not dying, it is only getting much stronger. A few months ago Eth was at $200, recently it hit $800.
Its like the stock market but much more volatile and with a lot more risk. You even have to be careful about which crypto exchange you buy at as some go down frequently or even halt trading. All I can say is, bitcoin is not what you want to invest in if you want to make moeny, the real money is in the Alts.
That sounds concerning as you still owe taxes on that income when you "sell" by converting it to any fiat currency. Coinbase may not require reporting, nor issue 1099s, but you are still legally obligated to pay taxes on any income you take in (this is assuming you live in the U.S.). Coinbase also discusses this on their website, and provides links to IRS information. Here's the specific Coinbase FAQ link: https://support.coinbase.com/customer/en/portal/articles/1496488-taxes-faq
I went ahead and setup a coinbase account but I'm not using credit cards to fund and for now I'll sit tight.