Bitcoin currency of the future?

[CauseImbetta]

I just bought my first Litecoin last night. When am I rich?

Never. You'll have to do more than that.

Diversity with crytocurrency. Get bitcoin, Etherium, and a mixture of top altcoin. Its a gamble none-the less.

Also get traditional blue-chip stock, TSX. Gold. Real estate.

Then MAYBE you will be well off.

 

[Der Eisbär]

I just bought my first Litecoin last night. When am I rich?

Don't think about it, check it later this year

 

[Hoof Hearted]

I like your analysis. But I'm still all in: read this:


Ripple Price Outperforms the Index!!

Ripple, meanwhile, outperformed the index for the second consecutive day. Since briefly falling below $0.90 on Wednesday, the ripple price has increased by nearly 100 percent.

Ripple’s strong showing is likely connected to investor optimism over the increasing number of financial institutions who are adopting Ripple’s blockchain technology. While only one major firm — MoneyGram — has implemented the XRP token itself, investors appear willing to bet that others will integrate it in the future.

https://www.ccn.com/ripple-price-continues-outperform-index-market-recovers/

The guy that founded Ripple now has an estimated $60 billion (tied up in XRP, would be difficult to cash out), making him one of the richest people in the world. Well actually that was when XRP was around $3.8 earlier this month, it's now $1.59.

 

[SuwoopBangin]

Anybody cashed out without paying large amounts of taxes? Is there a way to avoid that? Is it legal? Still fairly new to crypto.

 

[CerebralKnievel]

Anybody cashed out without paying large amounts of taxes? Is there a way to avoid that? Is it legal? Still fairly new to crypto.

Hell yeah. $350. I'm now retired.

 

[Hoof Hearted]

Anybody cashed out without paying large amounts of taxes? Is there a way to avoid that? Is it legal? Still fairly new to crypto.

I'd suggest you research capital gains tax. If your gains are higher than the minimum threshold (in the UK it's about £11k), then legally you need to declare it and pay the taxes.

 

[therealdope]

Anybody cashed out without paying large amounts of taxes? Is there a way to avoid that? Is it legal? Still fairly new to crypto.

I don't see how it's possible if you deposit in your US bank account. You're supposed to report all balances in all accounts (in and out of the US) on your tax return. I assume the IRS knows what your US accounts are and has some sort of trip wire if you've never had two nickles in your bank account and then suddenly you have $250k.

 

[liljoe]

Nobel prize winning economist destroys the Bitcoin myth.

 

[CerebralKnievel]

Nobel prize winning economist destroys the Bitcoin myth.

Don't know why, but I can never see twitter stuff. Just a blank space which says "loading tweet."

 

[RagingBeringola]

Don't know why, but I can never see twitter stuff. Just a blank space which says "loading tweet."

Same, I have to right-click and ask for it to open in another page so i can see what it is

 

[CerebralKnievel]

Same, I have to right-click and ask for it to open in another page so i can see what it is

Hm.. I'm always on my phone, so I just ignore them.

 

[Reyesnuthugr]

Don't know why, but I can never see twitter stuff. Just a blank space which says "loading tweet."

Same, it's probably the anti-PopUp extensions / software you're using

 

[SwamiLeoni]

XRB looking to compete with BTC as a currency. Instant and feeless. Only sitting on 3 exchanges that I can see. Total Supply a little over 133M. ATH looks to be a little over $33. Currently at sub $15. It’s only January. If you can’t read between the lines on this one, I can’t help you.

 

[CerebralKnievel]

XRB looking to compete with BTC as a currency. Instant and feeless. Only sitting on 3 exchanges that I can see. Total Supply a little over 133M. ATH looks to be a little over $33. Currently at sub $15. It’s only January. If you can’t read between the lines on this one, I can’t help you.

XRB just plummeted today. Looks like it was nearly at $30 at one point (according to the virtually unreadable coinmarketcap chart). Sitting around $14 now.

Side note: when everything was in decline yesterday, vechain moved against the grain and shot above $8.

 

[SwamiLeoni]

XRB just plummeted today. Looks like it was nearly at $30 at one point (according to the virtually unreadable coinmarketcap chart). Sitting around $14 now.

Side note: when everything was in decline yesterday, vechain moved against the grain and shot above $8.

Yea it did, looks like we’re entering a little bear market. But it’s only on 3 exchanges at the moment, so the volume is going to be fairly low. The fact it hit $30 on 3 exchanges it pretty awesome. When it hits other exchanges, I have no doubt it’ll jump. I’ve read that people want to use it to move between exchanges. Still, at 133M coins a $100 XRB would bring the market cap to $11.3B. We already have 3 currencies in the Top 10. XRB beating out LTC isn’t out of the realm or possibilities IMO.

 

[JonesBones]

I think it is about to pop.

Stripe — an Internet payment service startup that processes billions of dollars a year — has become the third high-profile company to stop accepting bitcoin as a means of payment.

https://www.inverse.com/article/40471-bitcoin-cryptocurrency-stripe-payments-service

Following other tech giants like Valve and Microsoft, the web service company stated that a large portion of its customers are no longer interested in accepting bitcoin because of its volatility, soaring prices, and high transaction fees.

 

[xcvbn]

Nobel prize winning economist destroys the Bitcoin myth.

He destroys nothing. He can't even acknowledge what the primary underlying technology to bitcoin is. All he does is regurgitate the same shit "experts" have been saying for years.

 

[xcvbn]

Anybody cashed out without paying large amounts of taxes? Is there a way to avoid that? Is it legal? Still fairly new to crypto.

Every single crypto to crypto and crypto to cash transaction must be reported in your IRS filings. And you pay tax on any gains, just like all assets. The rate depends on how long you held the coins and how much profit you've made.

 

[liljoe]

He destroys nothing. He can't even acknowledge what the primary underlying technology to bitcoin is. All he does is regurgitate the same shit "experts" have been saying for years.

Why don't you enlighten me. Btw, do you have a Phd from MIT in Economics and teach at Princeton? Like Krugman has?

 

[DrVanNostrand]

Every single crypto to crypto and crypto to cash transaction must be reported in your IRS filings. And you pay tax on any gains, just like all assets. The rate depends on how long you held the coins and how much profit you've made.

Likewise everyone that lost buying in at 20k can offset income wooooooo