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Author Topic: Blockchains and Cryptocurriences  (Read 13286 times)

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Offline jmecklenborg

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Re: Blockchains and Cryptocurriences
« Reply #240 on: February 13, 2018, 12:19:36 PM »
The creator of Litecoin has warned that the upcoming Litecoin Cash "fork" is a scam.  Litecoin Cash has absolutely nothing to do with Litecoin, apparently, so they're going to try to get people to enter their private keys in order to get free Litecoin Cash tokens.  Then the shadowy creators of Litecoin Cash will sneak into your digital wallet and take everything you have. 

Offline KJP

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Re: Blockchains and Cryptocurriences
« Reply #241 on: February 19, 2018, 12:20:45 AM »
XRP Ledger Payment Volume

$162 Billion dollars Today In 24HR

SBI, New Exchange ??? Coinbase..............

That's a huge increase.

https://twitter.com/BankXRP/status/965356089175957504
"Many Americans are willing to die for their country. But pay taxes for it? No way." -- Me.

Offline jmecklenborg

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Re: Blockchains and Cryptocurriences
« Reply #242 on: March 14, 2018, 10:54:51 PM »
Huge crash underway for all coins, everything back to levels they were at in October and November.



Offline DarkandStormy

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Re: Blockchains and Cryptocurriences
« Reply #243 on: March 15, 2018, 08:36:14 AM »
It's almost like...wait for it...they aren't currencies.  Or a good investment.

Offline jmecklenborg

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Re: Blockchains and Cryptocurriences
« Reply #244 on: March 22, 2018, 02:15:23 PM »
Walter said she had seen clients with cryptocurrency gains as large as $400,000 who did not withhold taxes during the year and subsequently lost money trading. “Now they’re stuck with these huge tax bills, and they don’t have the capital to pay it.”

https://www.bizjournals.com/cincinnati/news/2018/03/22/think-cryptocurrency-is-confusing-try-paying-taxes.html


Again, it is a short-term capital gain if you sell within a year, which means the tax implications are huge.  You will be taxed at roughly 40%. 

Offline DarkandStormy

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Re: Blockchains and Cryptocurriences
« Reply #245 on: March 22, 2018, 02:16:49 PM »
Walter said she had seen clients with cryptocurrency gains as large as $400,000 who did not withhold taxes during the year and subsequently lost money trading. “Now they’re stuck with these huge tax bills, and they don’t have the capital to pay it.”

https://www.bizjournals.com/cincinnati/news/2018/03/22/think-cryptocurrency-is-confusing-try-paying-taxes.html


Again, it is a short-term capital gain if you sell within a year, which means the tax implications are huge.  You will be taxed at roughly 40%. 

Short-term cap gains are taxed at your marginal tax rate ("tax bracket" if you prefer).

Offline jmecklenborg

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Re: Blockchains and Cryptocurriences
« Reply #246 on: March 22, 2018, 02:25:48 PM »
Walter said she had seen clients with cryptocurrency gains as large as $400,000 who did not withhold taxes during the year and subsequently lost money trading. “Now they’re stuck with these huge tax bills, and they don’t have the capital to pay it.”

https://www.bizjournals.com/cincinnati/news/2018/03/22/think-cryptocurrency-is-confusing-try-paying-taxes.html


Again, it is a short-term capital gain if you sell within a year, which means the tax implications are huge.  You will be taxed at roughly 40%. 

Short-term cap gains are taxed at your marginal tax rate ("tax bracket" if you prefer).

Yeah, if you pocketed $400k you're in the top bracket since your earned income likely pushes you to $450k or $500k. So you're going to be taxed close to 40% on most of that windfall. 

I recently bought a $100 raffle ticket to win a new house valued at $450,000.  Who the hell has $150k in cash sitting around to pay the tax bill on that thing?


Offline taestell

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Re: Blockchains and Cryptocurriences
« Reply #247 on: March 23, 2018, 12:19:17 AM »
Couldn't you get a HELOC to pay the tax bill?

Offline jmecklenborg

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Re: Blockchains and Cryptocurriences
« Reply #248 on: March 23, 2018, 12:47:55 AM »
Couldn't you get a HELOC to pay the tax bill?

Yeah but that would be a lot higher than a 30-year mortgage. 

Offline jmecklenborg

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Re: Blockchains and Cryptocurriences
« Reply #249 on: April 02, 2018, 03:39:24 PM »
Is it all over?  All crypto is down massively since January.  We're not hearing about it anymore in the regular news. 

Litecoin down from $340 to $110. 

Bitcoin down from $19,000 to $6,900. 

Bitcoin Cash down from $3,400 to $666. 

Ethereum down from $1,330 to $380. 

Ripple down from $3 to 48 cents. 



Offline jmecklenborg

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Re: Blockchains and Cryptocurriences
« Reply #250 on: April 17, 2018, 11:10:14 AM »
Ripple billionaire overdoses at rehab:
http://www.dailymail.co.uk/news/article-5623773/Billionaire-Matthew-Mellon-dies-rehab-Mexico-aged-53.html

I used to work for a company that bought oil that this guy brokered.  He entertained the execs at his inherited house on Fifth Ave. 

Offline KJP

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Re: Blockchains and Cryptocurriences
« Reply #251 on: April 17, 2018, 11:28:33 AM »
Is it all over?  All crypto is down massively since January.  We're not hearing about it anymore in the regular news. 

Litecoin down from $340 to $110. 

Bitcoin down from $19,000 to $6,900. 

Bitcoin Cash down from $3,400 to $666. 

Ethereum down from $1,330 to $380. 

Ripple down from $3 to 48 cents. 




Up and down, but almost always trending upward if you measure it over 10-year horizons. Pretty awful last four months however. Don't know what the future holds. No one else does either.
"Many Americans are willing to die for their country. But pay taxes for it? No way." -- Me.

Offline DarkandStormy

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Re: Blockchains and Cryptocurriences
« Reply #252 on: April 17, 2018, 11:45:09 AM »
Up and down, but almost always trending upward if you measure it over 10-year horizons. Pretty awful last four months however. Don't know what the future holds. No one else does either.

Cryptos aren't normal investments, so the ten-year thing might not hold true.

Offline KJP

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Re: Blockchains and Cryptocurriences
« Reply #253 on: April 17, 2018, 11:56:12 AM »
Up and down, but almost always trending upward if you measure it over 10-year horizons. Pretty awful last four months however. Don't know what the future holds. No one else does either.

Cryptos aren't normal investments, so the ten-year thing might not hold true.

I'm not referring to normal investment horizons. I'm saying -- look at the rise and fall of the value of a given crypto over 10 years (or 5 if they haven't been around that long). They have generally trended upward but with some really exceptional price spikes mixed in every few years.
"Many Americans are willing to die for their country. But pay taxes for it? No way." -- Me.

Offline YABO713

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Re: Blockchains and Cryptocurriences
« Reply #254 on: April 17, 2018, 11:58:54 AM »
I'm not investing in the currency, I'm investing in blockchain

Offline DarkandStormy

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Re: Blockchains and Cryptocurriences
« Reply #255 on: April 17, 2018, 12:12:23 PM »
Up and down, but almost always trending upward if you measure it over 10-year horizons. Pretty awful last four months however. Don't know what the future holds. No one else does either.

Cryptos aren't normal investments, so the ten-year thing might not hold true.

I'm not referring to normal investment horizons. I'm saying -- look at the rise and fall of the value of a given crypto over 10 years (or 5 if they haven't been around that long). They have generally trended upward but with some really exceptional price spikes mixed in every few years.

The oldest cryptocurrency was launched in 2009...so precisely zero cryptos have a ten-year history.

Offline KJP

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Re: Blockchains and Cryptocurriences
« Reply #256 on: April 17, 2018, 04:29:25 PM »
OK Mr. Literal.
"Many Americans are willing to die for their country. But pay taxes for it? No way." -- Me.

Offline DarkandStormy

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Re: Blockchains and Cryptocurriences
« Reply #257 on: April 17, 2018, 04:38:24 PM »
OK Mr. Literal.

It brings me back to my main point - there's such a limited history that to say "look at the general trend" and "they're usually fine over 10 years" is completely naive.

Offline KJP

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Re: Blockchains and Cryptocurriences
« Reply #258 on: April 18, 2018, 09:27:02 AM »
I didn't say they were fine. I said the trend has been upward. Never mind. Have a great day.
"Many Americans are willing to die for their country. But pay taxes for it? No way." -- Me.

Offline GCrites80s

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Re: Blockchains and Cryptocurriences
« Reply #259 on: April 18, 2018, 10:27:47 AM »
5 Reasons Cryptocurrency Is Way Dumber Than You Thought


http://www.cracked.com/blog/5-reasons-cryptocurrency-way-dumber-than-you-thought/

Offline jmecklenborg

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Re: Blockchains and Cryptocurriences
« Reply #260 on: April 27, 2018, 10:49:31 AM »
I talked to an estate planner this morning.  She said that estates are typically not able to access cryptocurrency at this time.  So whatever sum you have in your account will just sit there indefinitely, even if you have a will. 

Offline KJP

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Re: Blockchains and Cryptocurriences
« Reply #261 on: April 30, 2018, 02:51:50 PM »
Post-mortem, my wife could log into my crypto account, change the account preferences, confirm them on my cell, and then deposit the money into her own account. I'm not deceased until my account holders are notified.
"Many Americans are willing to die for their country. But pay taxes for it? No way." -- Me.