What are your thoughts on BitCoin?

[Hygro]

By the way, that "inflation is really low right now" might be as close to popping as people are saying that Bitcoin is. A deficit financed tax cut when unemployment is low is the number one recipe for creating inflation.

If the tax cut goes to savers, the inflation will be seen in asset prices rather than general prices. Hmm.

 

[Timsup2nothin]

What constitutes an affordable payment is different for everyone though. A grand a month may be too much for you, but may be well within my budget. And I think the max for VA home loans is like $450,000 or something like that. I'm pretty sure you can find a decent house anywhere in the country for that amount.

Not to mention, the housing market, while recovering, is still down and is still very much a buyer's market. The market is still flooded with foreclosures and house flippers who need to find buyers quick. That makes them very open to coming down quite a bit on their asking price. We talked our seller down about 10 grand initially and then got them to come down another grand after the home inspection found some things wrong with the house. Nothing serious, but we made a big enough stink about it to get the seller to come down even more.

Median home price in Los Angeles County is 575,000. Even with a reasonable rate if you put no money down that's about 2,800 a month.

 

[rah]

http://www.businessinsider.com/bitcoin-priced-apartment-in-miami-2017-12

If you have some bitcoins lying around.

For 33 bitcoins, this "spectacular" penthouse in Miami could be yours.

That was the equivalent of about $547,000 on Wednesday.

The one bedroom, 1.5 bathroom apartment is listed on a number of real estate portals including Redfin, Remax, and Coldwell Banker.

"PRICE? ONLY ACEPTING (sic.) BITCOIN," the listing said. Since Redfin doesn't yet list properties in bitcoin, the $33 listing price fell below its minimum-price threshold, and the apartment was not available for a tour.

According to public records on Redfin, it was last sold in January 2016 for $315,000 and gained 7.4% annually since then. Justino Ferret, the agent on the property, told Business Insider that this seller is only accepting bitcoin.

 

[Lexicus]

http://www.businessinsider.com/bitcoin-priced-apartment-in-miami-2017-12

If you have some bitcoins lying around.

Anyone want to bet a couple of bitcoins that the seller is the Russian mob?

 

[Commodore]

You know how to kill BitCoin? Get the IRS to reclassify it as a currency and start making people pay income tax on it. As of right now, it is only classified as an asset, which means it is only subject to taxation under certain circumstances.

 

[Hrothbern]

For me the simple questions to have an opinion on bitcoins is:

"Are bitcoins increasing inequality or not"
"Are bitcoins increasing the total pancake or not"
"And if they are increasing the total pancake, is it also increasing the piece of pancake for "the many".
"Is the existence of bitcoins adding to the risk of a financial bust affecting our normal economy and lifes"
"are bitcoins convenient for classic criminal mafias, tax avoiding by the rich, criminal/terrorist/international weapon trade & activities"

From what I understand so far.... life would be better and more stable without bitcoins
(at least in their current form)

 

[Tahuti]

"Are bitcoins increasing inequality or not"

They increase inequality between those who own bitcoins versus those who don't. Though they do seem to make the third-world wealthier as well. Free bitcoin providers (you can install bitcoin miners on your mobile phone) are popular among people from African countries and these provide relatively speaking quite a lot free wealth.

"Are bitcoins increasing the total pancake or not"

Not directly, though indirectly; perhaps.

"And if they are increasing the total pancake, is it also increasing the piece of pancake for "the many".

Not if there isn't some kind of peoples' bank that mines cryptocurrencies, then gives converted paycheck in national currency as privately provided welfare. Hmm...

"Is the existence of bitcoins adding to the risk of a financial bust affecting our normal economy and lifes"

Yes, though that's not necessarily a negative.

"are bitcoins convenient for classic criminal mafias, tax avoiding by the rich, criminal/terrorist/international weapon trade & activities"

Yes. They could also be convenient to finance anti-capitalist revolution.

 

[yung.carl.jung]

For me the simple questions to have an opinion on bitcoins is:

"Are bitcoins increasing inequality or not"
"Are bitcoins increasing the total pancake or not"
"And if they are increasing the total pancake, is it also increasing the piece of pancake for "the many".
"Is the existence of bitcoins adding to the risk of a financial bust affecting our normal economy and lifes"
"are bitcoins convenient for classic criminal mafias, tax avoiding by the rich, criminal/terrorist/international weapon trade & activities"

From what I understand so far.... life would be better and more stable without bitcoins
(at least in their current form)

Sadly technological development is not reversible, which makes our technocratic progress-obsessed ideology all the more dangerous. I am certain that we will, at some point, be dealing almost exclusively in cryptocurrency, but I have my doubts that It'll be Bitcoin. I also doubt, like you, that it will help battle inequality, tax evasion or abuse at the hand of criminals.

It took us almost 100 years to realize that CFCs (chlorofluorocarbon) are quite literally bringing us one step closer to an apocalypse of biblical proportions, the damage has already been done and cannot be reverted. I'm sure it'll be the same for many discoveries of our century and it'll be my generation and my kids' generation that'll have to deal with this ****. You can see I'm quite optimistic about the future

 

[innonimatu]

I don't think so, there is no practical advantage to "cryptocurrencies", and quite a few disadvantages compared to centralized "digital" currencies (the ones we actually use already). Scarcity, the one feature that the "crypto" think was necessary for, is an anti-feature for a currency.

 

[Tahuti]

I don't think so, there is no practical advantage to "cryptocurrencies", and quite a few disadvantages compared to centralized "digital" currencies (the ones we actually use already). Scarcity, the one feature that the "crypto" think was necessary for, is an anti-feature for a currency.

Unlike national currencies, cryptocurrencies are also commodities. They are currencies only by virtue that they allow to pay for stuff.

 

[Archbob]

So how are they taxed again? I don't really get it.

 

[Commodore]

So how are they taxed again? I don't really get it.

They really aren't taxed. There are only four scenarios in which BitCoins are subject to any kind of taxation:

1. BitCoins you mine yourself and sell to a third party
2. BitCoins you bought from someone else and then sell to another party.
3. Using BitCoins you mine yourself to purchase goods or services are subject to capital gains tax as well as sales tax.
4. Using BitCoins purchased from someone else that you use to purchase goods and services are subject to capital gains tax as well as sales tax.

Beyond those four scenarios, BitCoins are completely tax-free (at least in the US) because they are classified as an asset, not a currency. If they were classified as a currency (which they should be, get on it IRS), they would be subject to income tax just like more centralized currency.

 

[Narz]

Broke 19k and rising, I predict 20k before end of next week (probably by Wednesday or Thursday). Litecoins seem to have settled into a new normal in the 300s

 

[Commodore]

Broke 19k and rising, I predict 20k before end of next week (probably by Wednesday or Thursday). Litecoins seem to have settled into a new normal in the 300s

No one likes a braggart.

 

[Narz]

Just saying it's not too late to make some money (especially in lite/etherium/altcoins)

 

[Archbob]

Broke 19k and rising, I predict 20k before end of next week (probably by Wednesday or Thursday). Litecoins seem to have settled into a new normal in the 300s

I don't think LTC will settle for long, especially after the exchange open this weekend and monday. I'm waiting for coinbase to add ripple so I have more things to play with.

 

[Narz]

Broke 19k and rising, I predict 20k before end of next week

Or maybe by end of today!

 

[Cheetah]

the price has far outstripped the value of the actual product.

What value? How does one value this?

I'm heavily in the its-a-bubble group, but that is only because of its exponential rise. I have no idea how to value it, and thus can't suggest what a "natural" price point should be. As I've been think since 2009, it's inherently worthless...

 

[yung.carl.jung]

I mean, even if BitCoin is "just a bubble", if for example Narz were to just cash out today he's suddenly gained tens of thousands of USD with very little investment. It being a bubble is relevant to maybe long term investors, but not so much people trying to make a side hustle.

 

[Timsup2nothin]

I mean, even if BitCoin is "just a bubble", if for example Narz were to just cash out today he's suddenly gained tens of thousands of USD with very little investment. It being a bubble is relevant to maybe long term investors, but not so much people trying to make a side hustle.

Whether they are a long term or short term investor, the only people that "just a bubble" is going to matter to are the people who are holding when it collapses.