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#304593 - 12/23/17 01:40 PM Re: Bitcoin [Re: chunkstyle]
logtroll Offline
veteran

Registered: 04/26/10
Posts: 8701
Loc: New Mexico (not old Mexico)
I'm curious why Bitcoin trading was stopped in the midst of it's precipitous fall, but was not similarly regulated during its meteoric rise? There seems to be a substantial bias built into the rules...
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#304596 - 12/23/17 03:14 PM Re: Bitcoin [Re: pdx rick]
pdx rick Offline
Member
Carpal Tunnel

Registered: 05/09/05
Posts: 40730
Loc: Puget Sound, WA

The transactions only at Coinbase were stopped because the buy/sell transactions were too many for their system to handle.
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#304599 - 12/23/17 06:49 PM Re: Bitcoin [Re: pdx rick]
pdx rick Offline
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Registered: 05/09/05
Posts: 40730
Loc: Puget Sound, WA


The account is up $9 from the plunge. smile


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#304603 - 12/23/17 07:34 PM Re: Bitcoin [Re: pdx rick]
pondering_it_all Offline
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Registered: 02/27/06
Posts: 7265
Loc: North San Diego County
The reason for the plunge is unknown? Hogwash! Somebody just decided to sell a whole bunch and didn't realize the market was so fragile. Other people saw the prices falling, so they decided to sell too.

This is caused by speculators who don't know to unload large positions gradually. It is made worse because bitcoin has no underlying value, no dividend, no cash. Basically, all the things a normal stock does have. Just purely a reliance on "the bigger fool" to buy it.

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#304620 - 12/24/17 06:06 AM Re: Bitcoin [Re: logtroll]
Jeffery J. Haas Offline


Pooh-Bah

Registered: 08/03/04
Posts: 12889
Loc: Whittier, California
Originally Posted By: logtroll
At least carbon should become the basis for our currency. We can mine the atmosphere for it and put it to beneficial use...


I'd be willing to bet that mining the atmosphere for carbon would yield a bigger wealth return in terms of energy efficiency than Bitcoin.
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#304939 - 01/08/18 06:05 AM Re: Bitcoin [Re: pdx rick]
pdx rick Offline
Member
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Registered: 05/09/05
Posts: 40730
Loc: Puget Sound, WA


Hello, yeah it's been awhile. Not much how 'bout you?


I'm not sure why I called. Guess I really just wanted to talk to you.

laugh

On December 19th, 2017 was the most I had in the account. Then I moved $175.00 from Ethereum to Bitcoin because I took $175.00 from Bitcoin to start Ethereum, then the whole thing crashed. The lowest the account got was like $534.00

On December 28th, 2017, I cashed it all out, but left the monies in a "wallet" on the exchange. Then on Jan 2nd, 2018, I jumped back in with most money in Ethereum. Then purchased a $100.00 of Bitcoin a few days later.

Now, tonight, January 7th, 2018, I'm nearly back to the high that I was on December 19th, 2017:

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#304940 - 01/08/18 06:53 AM Re: Bitcoin [Re: pdx rick]
pondering_it_all Offline
veteran

Registered: 02/27/06
Posts: 7265
Loc: North San Diego County
Ripple is actually kind of interesting. Several banks worldwide are using it to transfer cash. It's controlled by one company so transfers take about 4 seconds instead of BitCoin's one day. The transaction fee is some fraction of a cent instead of BitCoin's $20 or so. The biggest difference is that transfers and ownership are not anonymous, so it's no good for buying drugs or kiddie porn.

When you transfer some, you let the controlling company know unlike BitCoin where every transfer is sent to every BitCoin holder in the world.

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#304973 - 01/10/18 01:35 AM Re: Bitcoin [Re: pdx rick]
pdx rick Offline
Member
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Registered: 05/09/05
Posts: 40730
Loc: Puget Sound, WA


The account is now worth more than it has ever been - and it's not because of Bitcoin. It's because of Ethereum.



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#304975 - 01/10/18 05:03 AM Re: Bitcoin [Re: pdx rick]
pdx rick Offline
Member
Carpal Tunnel

Registered: 05/09/05
Posts: 40730
Loc: Puget Sound, WA

The above was around 5:30pm PST. This is from 9:00pm PST.

OMG!!!! laugh

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#304991 - 01/11/18 03:48 AM Re: Bitcoin [Re: pdx rick]
pondering_it_all Offline
veteran

Registered: 02/27/06
Posts: 7265
Loc: North San Diego County
Don't forget to keep track of every purchase and sale of cryptocurrency. The IRS is going to see it as a capital gain. Each lot you sell has to be tracked back to a purchase price and date (or more than one purchase). This can be very confusing, especially when you buy and sell the same one repeatedly. Your sale lots end up having several different purchase dates and prices. First In First Out is the general rule, so when you sell you are selling in the order that you bought.

I think The Wash Sale rules will apply too, so selling and then buying again within 30 days is seen by the IRS as not selling, but rather buying at a lower price if you end up with cheaper coins.

Just keep written records of all buys and sales and your tax guy will figure it out. Not for free, though!

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