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Poll: Bitcoin Reaches $10,000 or $100 first?

Discussion in 'Topical Discussions (In Depth)' started by goldielox1, Nov 11, 2017.



?

Does Bitcoin Move To $10,000 or $100 Next?

  1. $10,000

    82.9%
  2. $100

    17.1%
  1. Joe King

    Joe King Gold Member Gold Chaser

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    Go re-read the title of this thread. Or in other words, go read your own words.

    Goldie wrote: Poll: Bitcoin Reaches $10,000 or $100 first?

    See that last word? The one spelled f i r s t? By including that, you exclude any price over $10k. Now you say it could go to a million dollars "first" before going to zero. Which is it? I thought it was $0 first?


    You thought it'd be quicker going to $0 than it going to $10k. That happened in less than a Months time. Now you want to say 3 years? Where's it go during those 3 years, and if it's not $0 in 3 years, will you then buy some? How many times would one need to be wrong before finally coming around?
     
    andial likes this.
  2. goldielox1

    goldielox1 Silver Miner Seeker

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    You're silly. I am 100% sure it will go to zero. As to what it will ultimately peak at, I didn't and don't have a good guess (might have already seen it). Hence my post that it could go to a million first. As to the poll, that was just a guess as to which it would hit first. Just like if I asked you would the coin flip be heads or tails. No one knows for sure but it could be fun to guess. But saying btc will go to zero is like me saying if you flip the coin 100,000 times, will a heads come up? It's a pretty certain actuality.
     
  3. Someone_else

    Someone_else Gold Member Gold Chaser

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    To me, the volatility is a bad sign. Bitcoin is a payment method. It is NOT an investment! If the merchants and customers could agree on some specific value per gold, silver, or dollar, I would support Bitcoin. But I don't see that right now.
     
  4. Joe King

    Joe King Gold Member Gold Chaser

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    Maybe, but I'm not as silly as someone who doesn't seem to understand what the word "first" means.


    ...and you voted in the poll that it would go there before it would hit $10k.

    Exactly. You thought it would hit $100 first. As in prior to it hitting $10k.

    Now it's down to a 50/50 thing? Wow. It appears you're slowly comin' around goldie. It used to be a certainty it would go to zero I thought? You didn't sneak out and buy $20 worth of bitcoin this weekend, did ya? lol


    It's even funner when ya have a lil' bit of it.
     
  5. keef

    keef Пальто Crude Platinum Bling

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    I'll bet the value of your soul has already gone to ZERO
     
  6. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    Nice.
     
  7. andial

    andial Sir Midas Member Site Supporter ++

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    Entire crypto currency complex moving higher today including Orichalc coin and Soul coin.
     
  8. goldielox1

    goldielox1 Silver Miner Seeker

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    How long until the next patron steps out of the stall and flushes the bitcoin toilet again?
     
  9. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    Start a new poll. "Bitcoin closes above 20k or closes below 10k first".

    It's a heads I win tails you lose. You can make a mint...gambling.
     
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  10. andial

    andial Sir Midas Member Site Supporter ++

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    wut did bitcoin "close" at today?
     
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  11. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    Not sure, get back to me in about a century or so.

    Looks like it's running about 16,280 fiats atm though.
     
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  12. goldielox1

    goldielox1 Silver Miner Seeker

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    Nice head and shoulders forming.
     
  13. TRYNEIN

    TRYNEIN Gold Member Gold Chaser

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    Brace Yourselves Cryptocurrency Investors; Taxes are Coming


    [​IMG]

    Investors in Bitcoin and other cryptocurrencies should be celebrating their gains now because in just a matter of days the 1031 tax loophole that’s been a financial benefit for many will be gone under the new tax law. The Tax Reform bill which passed both houses of Congress and was signed into law by President Trump last week . The removal of the loophole coupled with the IRS’ increased desire to find and prosecute those with unreported digital assets means not everyone in the cryptocurrency world will be celebrating a happy New Year when the clock strikes midnight on December 31st, and every single cryptocurrency exchange becomes instantaneously taxable.

    Up until now, many Bitcoin and cryptocurrency investors have avoided paying taxes on cryptocurrency exchanges through an interpretation of an exemption in the tax code called the “like-kind” exemption.The exemption allows for the exchange of “property” without creating a taxable event. Historically, the loophole has been used by traders to exchange items such as real estate and art without having to pay taxes on the transaction. At the time of the exemption’s drafting, cryptocurrency had not come to fruition, and thus cryptocurrency was not listed with items such as stocks and bonds that were not allowable under the exemption. However, in 2014 the IRS did release guidance stating that Bitcoin and cryptocurrencies were considered “property” and not “currency.”

    Numerous cryptocurrency investors and their lawyers have interpreted the exemption to allow for the exchange of one cryptocurrency for another without an immediate tax obligation because the IRS considers cryptocurrency as “property.” Under this interpretation, an investor could exchange Bitcoin for Litecoin without the duty of paying taxes on the transaction. Most cryptocurrencies do not allow for direct purchasing via U.S. dollars. They require another type of cryptocurrency which makes this provision extremely relevant to the cryptocurrency investing world. The IRS was asked for guidance on how Bitcoin and cryptocurrency relate to the “like-kind” exemption by many groups including the American Institute of Certified Public Accountants (AICPA) but has yet to answer publicly.

    Although cryptocurrency investors may not have been subject to taxes when exchanging one cryptocurrency for another, they were subject to income and capital gains taxes according to the IRS. Coins held less than a year are taxed as regular income and taxed at a rate based on the investor’s income which could vary from 10-37%. Conversely, coins held longer than a year are taxed as capital gains and are subject to rates as high as 25%.

    Even though the IRS has been quite clear regarding the taxation rules surrounding Bitcoin and cryptocurrencies, many cryptocurrency investors failed to report their gains and losses on their tax return in previous years. Specifically, only 802 of an estimated 480,000 investors who utilized a website called Coinbase for cryptocurrency investing reported their gains or losses to the IRS between 2013-2015. The lack of reporting caused the IRS to seek a court order to force Coinbase to relinquish the records of investors from 2013-2015. Coinbase fought the request but ultimately had to give the IRS records of over 14,000 investors who purchased or sold cryptocurrency on their platform from 2013-2015.

    In anticipation of cryptocurrency investors continuing to fail to report their gains and losses, the IRS has been employing various means to pragmatically identify Bitcoin investors including licensing a software called Chainanalysis since 2015. In the contract between the IRS and Chainanalysis obtained through a Freedom of Information Act request by the Daily Beast, it states that the purpose of the partnership is to help “trace the movement of money through the Bitcoin economy” and find those who “may be trying to conceal income.”

    Contrary to popular belief, Bitcoin is not truly anonymous like many other cryptocurrencies; it’s pseudonymous which allows Chainanalysis to identity investors. Just like an author’s penname or a personal cell phone number, a Bitcoin address is only as anonymous as one allows it to be. Once a party receives an address with a personal identifier, the address can be linked to an investor and the address may be searched and tracked on the Bitcoin blockchain. The Chainanalysis software deploys millions of tags to help trace and identify Bitcoin transactions between wallets and on exchanges. Chainanalysis’ website boasts that they have checked over $15 Billion worth of Bitcoin transactions on behalf of their customers and according to the co-founder, the company has information on 25% of all Bitcoin addresses.

    Although being taxed at the time of exchanging one cryptocurrency for another may seem trivial to the outsider looking in, it has substantial financial implications for those who have a diversified portfolio which is a majority of the cryptocurrency investing community. With the skyrocketing increases in the value of many cryptocurrencies including Bitcoin, the change will be hard to ignore. Now investors not only face high transaction fees, income taxes, and capital gains taxes but taxes when they exchange one cryptocurrency for another. Given the current cryptocurrency landscape in which most cryptocurrencies cannot be purchased directly with U.S. dollars and require a two-step exchange, the altering of the “like-kind” exchange provision will dramatically affect the bottom line for many cryptocurrency investors. With the IRS spending more and more resources on legal battles and technology to identify Bitcoin and cryptocurrency users, the effect will be the crypto world responding with what they do best: cryptography. The Tax Reform Act of 2017 may inadvertently make 2018 the year of the truly anonymous cryptocurrency.




    https://townhall.com/columnists/lin...ocurrency-investors-taxes-are-coming-n2428153
     
    Last edited: Dec 29, 2017
  14. keef

    keef Пальто Crude Platinum Bling

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    The IRS man cometh? Buh Bye bit buddies

    [​IMG]
    I'd expect some extremely Volatile market swings...
     
  15. Joe King

    Joe King Gold Member Gold Chaser

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    Yep. All this means is that privacy coins and decentralized exchanges should do well.
    ....and the way things are going, more and more services online will become decentralized as a way to become immune to such draconian tactics as those spoken of in the article.

    Crack down too much and the crypto community will make it to where nothing can be tracked and have no central place that can be shut down to kill it. Kinda like how file sharing morphed from easily attacked entities into widespread networks that are impossible to shut down and have more stuff being shared than ever before.
     
  16. keef

    keef Пальто Crude Platinum Bling

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    Sure! Anonymous Money? TPTB never saw that coming!!! hahahahhahahaha...

    Man, I needed that laugh. Thanks guys :)

    {Meanwhile, they pull the fuggin plug on the Internet and you sit at your computer with jack fuggin squat.. hahahahahaha} It's like watching kids play with fire. hahahahha

    Damn. I wish I was running this Casino right now. Like catching flounder.
     
    Last edited: Dec 29, 2017
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  17. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    Wow that's surprising. Who could possibly have predicted the IRS would try to steal private property. <yawn>
     
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  18. TRYNEIN

    TRYNEIN Gold Member Gold Chaser

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    Here is the problem as I see it...

    When you read these 2 paragraphs, they already have thousands of people identified and targeted for prosecution of tax evasion....

    And damn near every one of them will consent to the charges.....unknowingly obviously


    In anticipation of cryptocurrency investors continuing to fail to report their gains and losses, the IRS has been employing various means to pragmatically identify Bitcoin investors including licensing a software called Chainanalysis since 2015. In the contract between the IRS and Chainanalysis obtained through a Freedom of Information Act request by the Daily Beast, it states that the purpose of the partnership is to help “trace the movement of money through the Bitcoin economy” and find those who “may be trying to conceal income.”

    Contrary to popular belief, Bitcoin is not truly anonymous like many other cryptocurrencies; it’s pseudonymous which allows Chainanalysis to identity investors. Just like an author’s penname or a personal cell phone number, a Bitcoin address is only as anonymous as one allows it to be. Once a party receives an address with a personal identifier, the address can be linked to an investor and the address may be searched and tracked on the Bitcoin blockchain
    . The Chainanalysis software deploys millions of tags to help trace and identify Bitcoin transactions between wallets and on exchanges. Chainanalysis’ website boasts that they have checked over $15 Billion worth of Bitcoin transactions on behalf of their customers and according to the co-founder, the company has information on 25% of all Bitcoin addresses.
     
  19. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    People that know a lot of cryptos have been considering the IRS attacks for years, these people are not dummies. For instance, exchanges tend to be off blockchain, so simply sending a crypto, say bitcoin, to an exchange, converting it to other cryptos and then moving it elsewhere makes following the "money" a virtual nightmare(pardon my pun).

    If the IRS goobers are really going to sit around trying to chase down guys transferring cryptos all over creation so that they can rob them, they'd better get a metric effton moar IRS terrists.
     
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  20. andial

    andial Sir Midas Member Site Supporter ++

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    Well at the very least Bitcoiners are keeping IRS scum busy chasing their records instead of someone else’s. For that I thank them.
     
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  21. goldielox1

    goldielox1 Silver Miner Seeker

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    As opposed to...?
     
  22. TAEZZAR

    TAEZZAR LADY JUSTICE ISNT BLIND, SHES JUST AFRAID TO WATCH Midas Member Site Supporter

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    BITCOIN explained:

    The question is: Has the merchant already gone home?


    *BITCOIN Pyramid


    A lot of monkeys lived near a village.

    One day a merchant came to the village to buy these monkeys!

    He announced that he will buy the monkeys @ $100 each.

    The villagers thought that this man is mad.

    They thought how can somebody buy stray monkeys at $100 each?

    Still, some people caught some monkeys and sold them to this merchant and he
    gave $100 for each monkey.

    This news spread like wildfire and people caught monkeys and sold them to the
    merchant.

    After a few days, the merchant announced that he will buy monkeys @ $200
    each.

    The lazy villagers all ran around to catch the remaining monkeys!

    They sold the remaining monkeys @ $200 each.

    Then the merchant announced that he will buy monkeys @ 500 each!

    The villagers start to lose sleep! ... They caught six or seven monkeys,
    which was all that was left and got $500 each.

    The villagers waited anxiously for the next announcement.

    Then the merchant announced that he is going home for a week. And when he
    returns, he will buy monkeys @ $1000 each!

    He asked his employee to take care of the monkeys he bought. He was alone
    taking care of all the monkeys in a cage.

    The merchant went home.

    The villagers were very sad as there were no more monkeys left for them to
    sell it at $1000 each.☹️

    Then the employee told them that he will sell some monkeys @ $700 each
    secretly.

    This news spread like fire. Since the merchant buys monkey @ $1000 each,
    there is a $300 profit for each monkey.

    The next day, the villagers made a queue near the monkey cage.

    The employee sold all the monkeys at $700 each. The rich bought monkeys in
    big lots. The poor borrowed money from money lenders and also bought
    monkeys!

    The villagers took care of their monkeys & waited for the merchant to return.

    But nobody came! ... Then they ran to the employee...

    But he has already left too !

    The villagers then realised that they have bought the useless stray monkeys
    @ $700 each and were unable to sell them!

    Will Bitcoin be the next monkey business ?

    This"monkey business" will make a lot of people bankrupt and a few people filthy rich.

    That's how it will work
     
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  23. goldielox1

    goldielox1 Silver Miner Seeker

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    Looks like the right shoulder is fully formed and we're falling down the right arm now.
     
  24. Joseph

    Joseph Gold Member Gold Chaser Site Supporter ++

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    Maybe, maybe not ....

    Bitcoin now accepted by 100,000 merchants worldwide [InternationalBusinessTimes]
    http://www.indiabitcoin.com/bitcoin...rchants-worldwide-internationalbusinesstimes/


    Bitcoin to Be Accepted at 260,000 Stores in Japan by This Summer

    https://news.bitcoin.com/bitcoin-accepted-260000-stores-summer/

    https://99bitcoins.com/who-accepts-bitcoins-payment-companies-stores-take-bitcoins/


    @TAEZZAR This"monkey business" will make a lot of people bankrupt and a few people filthy rich.

    When has it ever NOT been this way
     
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