Your Favorite Crypto Exchange?

[Zed]

China is months away from their own digital cashless official adoption. Russia and others developing their own sovereign digital currency. US senate bill ( SB 3571) now in committee for same ....point is, NO government with their own official, operating digital currency system will tolerate competition. "Private" digital currency will eventually be banned in the countries that have their own sovereign digital currency.

This is my key concern... exactly how do they come to terms with it.

 

[917601]

I'm terrified of becoming an irrelevant old dude by the time my kids hit their 20's! My 11 year old deals with token currencies inside the games he plays, some of those tokens (they tell me) have become currency outside the game! It blows my mind that by the time they are 20 odd they will be TOTALLY comfortable with digital currencies! It's happening regardless of what anyone here thinks, the only question is what wins?

I used to think that China would end this gold bull market with a set of moves that would consolidate it as a reserve currency at some distant point in the future. I can see now how that will probably never happen... BUT... I can see how it might be the crypto space that eventually puts this gold bull to bed. When we hit the point that the economy can support real returns again and we are using more digital currencies I can see that there may well be a digital reserve asset that it makes more sense to own than gold. There are already systems for returning interest on crypto and when it is perceived as secure with no debasement etc it destroy's the reason's to own gold. BTC is already being described in the financial world as the only pristine asset, more so than gold!

The idea excites and terrifies me all at once... but I am convinced it is coming. Crypto will end this gold bull market at some point... might be a decade or more in it but it is coming!

Crypto is flourishing as is gold, the way our IRS currently handles both is a glimpse into the future. The fact our IRS has prosecuted Bitcoin users and is stepping up their prosecutions says much. Both gold and crypto " safe" for now, best to keep your eyes on how China is currently using their sovereign crypto...seven countries are using/ developing crypto, and the list is getting longer. Crypto users must ask themselves do you think any country will allow non sovereign crypto when a nation's crypto is up and running?

 

[dpong]

The IRS Is Setting a Trap for Cryptocurrency Tax Dodgers

https://www.economicpolicyjournal.com/2020/09/the-irs-is-setting-trap-for.html

 

[917601]

Not quite...

https://99bitcoins.com/buy-bitcoin/china/

They basically just made it impossible to get large amounts of yuan into crypto as a way of end running capital controls. It isn't illegal but it is restricted.

Don't kid yourself, even your article states a great disdain from authorities, plus your references are outdated.
"China does not recognize cryptocurrencies as legal tender and the banking system is not accepting cryptocurrencies or providing relevant services. The government has taken a series of regulatory measures to crack down on activities related to cryptocurrencies for purposes of investor protection and financial risk prevention. Those measures include announcing that initial coin offerings are illegal, restricting the primary business of cryptocurrency trading platforms, and discouraging Bitcoin mining. In the meantime, China’s central bank is reportedly considering issuing its own digital curren..."
Fact is China's sovereign crypto is currently in use and being tested across China, full roll out expected in less than a year. In addition,It is rumored it will be backed by some amounts of non redeemable gold, to further enhance its " value". The other interesting note is China actively encourages its citizens to buy gold, gold can be purchased and sold in it's banks, been that way for years now. The door for private crypto is fast closing across the globe.

 

[917601]

The IRS Is Setting a Trap for Cryptocurrency Tax Dodgers

https://www.economicpolicyjournal.com/2020/09/the-irs-is-setting-trap-for.html

"
Cryptocurrency holders, beware: A surprising change to your 2020 tax form is about to strip away excuses for ignoring the tax rules on bitcoin, ether or other digital currencies, reports Laura Saunders at The Wall Street Journal.
The Internal Revenue Service plans to alter the standard 1040 form by putting this question on the front page: At any time during 2020, did you sell, receive, send, exchange or otherwise acquire any financial interest in any virtual currency? The taxpayer must check the box “Yes” or “No.”
The crypto question first appeared on the 2019 tax form, but on a part of the return that not all filers had to answer. Now it’s moving to the 1040’s most prominent spot, just below the taxpayer’s name and address."
Good find, clues to the US's move to a sovereign crypto are starting to crop up everywhere, from the Senate bill 3571 ( now in commitee) to New IRS regulations. I wonder how long the same question about gold will be included on their tax return forms?

 

[917601]

Another thought, both Armstrong and Sinclair have both stated the US will lose it's reserve currency status, (2030-2032), and the currency of choice moves to China. It does not take a genius to figure out how this can happen. With China backing its sovereign crypto in gold, while also allowing its citizens to buy gold and hold gold is a winning combination.
I fully expect the west to ramp up it's gold persecution, along with non sovereign crypto attacks.

 

[917601]

Looks like I spoke to soon.

https://gsiexchange.com/chinese-banks-curbing-domestic-metals-trading/

"Industrial and Commercial Bank of China (ICBC), the country’s largest bank said on Wednesday it would bar its clients from opening new trading positions for platinum, palladium and index products linked to precious metal from Friday. That directive, according to the lender’s customer service department, was in response to “violent price volatility” and "the need to control risks...."

Very uncertain times we are entering, desperate moves are being made. No doubt " the great reset" is coming into play. Expect the unexpected....silver comes to mind....

 

[Zed]

Don't kid yourself, even your article states a great disdain from authorities, plus your references are outdated.

I'm not.. I'm staying factual.

Fact is China's sovereign crypto is currently in use and being tested across China, full roll out expected in less than a year. In addition,It is rumored it will be backed by some amounts of non redeemable gold, to further enhance its " value". The other interesting note is China actively encourages its citizens to buy gold, gold can be purchased and sold in it's banks, been that way for years now. The door for private crypto is fast closing across the globe.

Yes... I've talked about it for years now.

They where only concerned about capital flight not BTC directly, basically the Chinese drove the first 20K+ push in BTC and the government aided the crash with their restrictions.

 

[Zed]

Looks like I spoke to soon.

https://gsiexchange.com/chinese-banks-curbing-domestic-metals-trading/

"Industrial and Commercial Bank of China (ICBC), the country’s largest bank said on Wednesday it would bar its clients from opening new trading positions for platinum, palladium and index products linked to precious metal from Friday. That directive, according to the lender’s customer service department, was in response to “violent price volatility” and "the need to control risks...."

Very uncertain times we are entering, desperate moves are being made. No doubt " the great reset" is coming into play. Expect the unexpected....silver comes to mind....

That sounds like they are managing their risk exposure. i.e. They are not willing to offer essentially unbacked positions anymore... aka short the metals. Not about the metal directly... might be a flag that a devaluation is coming.

 

[Zed]

Another thought, both Armstrong and Sinclair have both stated the US will lose it's reserve currency status, (2030-2032), and the currency of choice moves to China. It does not take a genius to figure out how this can happen. With China backing its sovereign crypto in gold, while also allowing its citizens to buy gold and hold gold is a winning combination.
I fully expect the west to ramp up it's gold persecution, along with non sovereign crypto attacks.

... but the trust isn't there for China and their financial system just can't manage the volume so it will not happen. The West will concoct something else before they let that one go East. The USA might slip but the USA market still dwarfs the others, it will take a lot of time to change that and the change over period could be around major events such as serious war.

 

[Zed]

Crypto is flourishing as is gold, the way our IRS currently handles both is a glimpse into the future. The fact our IRS has prosecuted Bitcoin users and is stepping up their prosecutions says much. Both gold and crypto " safe" for now, best to keep your eyes on how China is currently using their sovereign crypto...seven countries are using/ developing crypto, and the list is getting longer. Crypto users must ask themselves do you think any country will allow non sovereign crypto when a nation's crypto is up and running?

They could well allow things like BTC while decreeing that things like trade must be in US crypto and BTC must be trade transparently (to them) aka via exchanges. Sort of like gold is now... they like to know you have it but you can have it.

It's the structure of gov crytpo that will be interesting, the scope is huge so what will it be?

 

[Zed]

Found this...

 

[917601]

You can post and research all you will, but the increasing trend from ALL nations is opposition/ condemnation to any crypto currency other than sovereign crypto. Perhaps the best indicator of private crypto's future will be what China does to totally "eliminate" all crypto other than their own sovereign crypto. Unfortunately, Bitcoin, and all the other crypto's invented have been " useful idiots". China has studied Bitcoin very carefully before presenting their own version and the Fed has already acknowledged they are "watching" how China's crypto implementation is working out. Our ( US) sovereign crypto will not have all the first run pitfalls/ setbacks / bugs that the Chinese, Russian, and other nations will be intially plagued with...my advice, monitor 1) the Chinese sovereign crypto when fully instated for the " final rules". 2) the crypto Senate bill 3571 very carefully, once it is passed, you will have little time to dump your Bitcoin or any other competing crypto.
Good Luck.

 

[#48Fan]

"
Cryptocurrency holders, beware: A surprising change to your 2020 tax form is about to strip away excuses for ignoring the tax rules on bitcoin, ether or other digital currencies, reports Laura Saunders at The Wall Street Journal.
The Internal Revenue Service plans to alter the standard 1040 form by putting this question on the front page: At any time during 2020, did you sell, receive, send, exchange or otherwise acquire any financial interest in any virtual currency? The taxpayer must check the box “Yes” or “No.”
The crypto question first appeared on the 2019 tax form, but on a part of the return that not all filers had to answer. Now it’s moving to the 1040’s most prominent spot, just below the taxpayer’s name and address."
Good find, clues to the US's move to a sovereign crypto are starting to crop up everywhere, from the Senate bill 3571 ( now in commitee) to New IRS regulations. I wonder how long the same question about gold will be included on their tax return forms?

Why is the word "buy" mysteriously missing from that question?

 

[Zed]

You can post and research all you will, but the increasing trend from ALL nations is opposition/ condemnation to any crypto currency other than sovereign crypto. Perhaps the best indicator of private crypto's future will be what China does to totally "eliminate" all crypto other than their own sovereign crypto. Unfortunately, Bitcoin, and all the other crypto's invented have been " useful idiots". China has studied Bitcoin very carefully before presenting their own version and the Fed has already acknowledged they are "watching" how China's crypto implementation is working out. Our ( US) sovereign crypto will not have all the first run pitfalls/ setbacks / bugs that the Chinese, Russian, and other nations will be intially plagued with...my advice, monitor 1) the Chinese sovereign crypto when fully instated for the " final rules". 2) the crypto Senate bill 3571 very carefully, once it is passed, you will have little time to dump your Bitcoin or any other competing crypto.
Good Luck.

You made a statement that was factually incorrect at the point in time you made it that isn't the same thing as speculation on the future direction that governments will take when it comes to crypto. You are essentially arguing against a position I never took, if you read the thread you will see where my concerns lie.

 

[Lancers32]

My favorite crypto site. Get hooked up with this one your life would never be boring. Wonder if she can play the guitar.

 

[Zed]

My favorite crypto site. Get hooked up with this one your life would never be boring. Wonder if she can play the guitar.

Yeah, I'm a subscriber.

 

[EO 11110]

banged a crypto chick one drunken night. she clawed the hell out of my back

swore off of crypto after that

 

[Lancers32]

Millenial hippie.

 

[Zed]

Millenial hippie.

Is that a hipster?

 

[dpong]

Britain's Financial Conduct Authority Bans Products That Track Cryptocurrency Prices

https://www.zerohedge.com/crypto/br...ity-bans-products-track-cryptocurrency-prices

 

[Lancers32]

Death knell for GBTC?

 

[dpong]

They have the means, motive, and opportunity.