Author Topic: Blockchains and Cryptocurriences  (Read 16134 times)

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Offline jmecklenborg

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Re: Blockchains and Cryptocurriences
« Reply #240 on: February 13, 2018, 01:25:36 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, 01:26:45 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
"Treat this (November 2018) election as if it's the last election in which you can fully exercise your democratic rights. Because it just might be." -- Margy Waller.

Offline jmecklenborg

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Re: Blockchains and Cryptocurriences
« Reply #242 on: March 15, 2018, 12:00:51 AM »
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, 09:42:14 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, 03:21:23 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, 03:22:49 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, 03:31:48 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?


Online taestell

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Re: Blockchains and Cryptocurriences
« Reply #247 on: March 23, 2018, 01:25:17 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, 01:53:55 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, 04:45:24 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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« Last Edit: August 14, 2018, 07:15:22 PM by jmecklenborg »

Offline KJP

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Re: Blockchains and Cryptocurriences
« Reply #251 on: April 17, 2018, 12:34:33 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. 




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.
"Treat this (November 2018) election as if it's the last election in which you can fully exercise your democratic rights. Because it just might be." -- Margy Waller.

Offline DarkandStormy

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Re: Blockchains and Cryptocurriences
« Reply #252 on: April 17, 2018, 12:51:09 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.

Offline KJP

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Re: Blockchains and Cryptocurriences
« Reply #253 on: April 17, 2018, 01:02:12 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.
"Treat this (November 2018) election as if it's the last election in which you can fully exercise your democratic rights. Because it just might be." -- Margy Waller.

Offline YABO713

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Re: Blockchains and Cryptocurriences
« Reply #254 on: April 17, 2018, 01:04:54 PM »
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, 01:18:23 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, 05:35:25 PM »
OK Mr. Literal.
"Treat this (November 2018) election as if it's the last election in which you can fully exercise your democratic rights. Because it just might be." -- Margy Waller.

Offline DarkandStormy

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Re: Blockchains and Cryptocurriences
« Reply #257 on: April 17, 2018, 05:44:24 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, 10:33:02 AM »
I didn't say they were fine. I said the trend has been upward. Never mind. Have a great day.
"Treat this (November 2018) election as if it's the last election in which you can fully exercise your democratic rights. Because it just might be." -- Margy Waller.

Offline GCrites80s

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Re: Blockchains and Cryptocurriences
« Reply #259 on: April 18, 2018, 11:33:47 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, 11:55:31 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, 03:57:50 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.
"Treat this (November 2018) election as if it's the last election in which you can fully exercise your democratic rights. Because it just might be." -- Margy Waller.

Offline Oldmanladyluck

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Re: Blockchains and Cryptocurriences
« Reply #262 on: June 06, 2018, 03:53:53 PM »
Good story...

Car dealer Bernie Moreno has a big idea to transform Cleveland into U.S. blockchain leader
By Andrew J. Tobias, cleveland.com | Posted June 06, 2018 at 03:16 PM | Updated June 06, 2018 at 03:19 PM

CLEVELAND, Ohio -- Bernie Moreno has an idea, and he wants you to hear him out.

Blockland.

Moreno, the high-octane luxury car dealer and influential Cleveland civic leader, wants to make Northeast Ohio a national epicenter of all things blockchain, the digital ledger technology best known as driving Bitcoin and other cryptocurrencies. However, Moreno’s pitch intentionally steers clear of cryptocurrency, which is only a portion of what blockchain can do, and instead focuses on broader applications for business and government.

His vision is in the early stages. But it includes organizing a blockchain industry conference here sometime this year, encouraging employers like the Cleveland Clinic, KeyBank and Progressive Insurance to research putting the technology to use, and finding funding for local universities to tailor their curriculum around blockchain research and training future experts in the field.

More at:  https://www.cleveland.com/expo/news/erry-2018/06/7b603efd1d3850/car_dealer_bernie_moreno_has_a.html#incart_m-rpt-1

Offline E Rocc

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Re: Blockchains and Cryptocurriences
« Reply #263 on: June 08, 2018, 09:22:46 AM »
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.


Bingeaux.   When Holly passed away, there was a balance on the prepaid card I would load up for her from time to time.  All I needed was the password.

Offline jmecklenborg

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Re: Blockchains and Cryptocurriences
« Reply #264 on: August 02, 2018, 01:24:17 AM »
Crazy...now people are investing speculating in real estate companies that raise their money with their own crypto tokens rather than traditional contracts, lawyers, and certified checks. 
https://www.tennessean.com/story/money/2018/08/01/nashville-real-estate-cryptocurrency-crowdfunded-ventures/764705002/

This is potentially really bad news for "hot" markets...it could make the bubbles inflate more than they would have otherwise. 
« Last Edit: August 02, 2018, 10:56:43 AM by jmecklenborg »

Offline GCrites80s

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Re: Blockchains and Cryptocurriences
« Reply #265 on: August 02, 2018, 10:26:25 AM »
As long as people continue to give all their money to the internet rather than spend it in their communities there's not much that can be done to stem the real estate bloodbath in tech cities.

Offline Brutus_buckeye

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Re: Blockchains and Cryptocurriences
« Reply #266 on: August 02, 2018, 11:44:52 AM »
https://www.law360.com/articles/1066924

Interesting article on the IRS cracking down on Coinbase and going after their subscribers for tax evasion and failing to properly report their gains.

There is a lot of gray area out there but many crypto investors treat it like currency instead of property and may run afoul with the tax laws for doing so.

Offline DarkandStormy

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Re: Blockchains and Cryptocurriences
« Reply #267 on: August 02, 2018, 12:22:03 PM »
Since no one is posting about cryptos much this year, I assume they aren't exploding by 5,000% in 2018?

Offline jmecklenborg

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Re: Blockchains and Cryptocurriences
« Reply #268 on: August 14, 2018, 07:12:59 PM »
Since no one is posting about cryptos much this year, I assume they aren't exploding by 5,000% in 2018?

Cryptos in free-fall this week. 

Bitcoin: $6,000
ETH: $250
Litecoin: $50
Ripple: 25 cents

Offline jmecklenborg

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Re: Blockchains and Cryptocurriences
« Reply #269 on: August 15, 2018, 01:15:52 AM »
Watch the 16th minute.  Because Bryant Gumball and Katy Couric didn't know what the internet was in 1994, Bitcoin is going to take over:


I knew we were in a wild bubble back in December.  I didn't pull the trigger and sell right then and waited until Jan 15, which ended up costing me about $1,000. 

And look at all of those commenters telling Joe Rogen how stupid he is.  All of those dudes lost big money just a few weeks later.