Bitcoin

[Bfishn]

My biggest question is say you are currently sitting on $1,000,000 worth of bitcoin, how fast can that be converted to USD and be in your normal bank account. Ive heard that 10k a day is the max but I'm not sure. Just curious how liquid it is.

 

[KDM]

When hookers and drug dealers start to take these bitcoins in exchange for their wares, I'll look into it. Until then, they will remain worthless to me and mean nothing. Good on those that invested in this idea, but I won't be one of them.

 

[Yoby]

Wasn't there just a major hack on Bitcoin?

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https://www.usatoday.com/story/tech...hash-reports-hack-theft-its-wallet/929809001/

 

[Allen]

Seems more like every other week. There have been several over the past year where millions of bitcoins have been swiped, electronically. This isn't for the faint of heart.

Wasn't there just a major hack on Bitcoin?

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https://www.usatoday.com/story/tech...hash-reports-hack-theft-its-wallet/929809001/

 

[Fishmission]

http://in.mobile.reuters.com/article/amp/idINKBN1E10J7

 

[DirtyMike]

I've paid attention to it for a few years. Wish I would have been more diligent when I had the time to really dig into it and get into mining. Maybe I take bitcoin for lures...

 

[remm]

The old fashioned stock market hasn't turned out too bad the past few years. Coulda invested some cash in it and pulled cash out of it at any point. I'm still not a believer in it, but good on those who fully understand it and can profit some from it.

Also, pretty sure if you invested X in bitcoin and then pulled out XY cash, the government would like to know about how much Y is and it would be subject to tax. Saying it's not taxable is laughable and not claiming it would most likely be illegal.

 

[Allen]

remm is correct, I saw an article a few days ago where the IRS was going after some bitcoin exchange in order to get the info needed to tax some 20,000 (?) people who were buying and selling through that particular exchange. It is absolutely taxable under current laws as far as I know.

 

[DirtyMike]

How are they taxing something that not technically something. Taxing it would validate its legitimacy as a currency.

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Not arguing, just asking.

 

[Marbleyes]

How are they taxing something that not technically something. Taxing it would validate its legitimacy as a currency.

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Not arguing, just asking.

I read a similar article to what Allen is talking about and from what I got out of it they are taxing the profit made (income) from people who sold bitcoins at a profit. If I remember right the irs is only looking into people who made over a specific amount (can’t remember the amount).

 

[Stan's Dad]

This balloon needs to pop. Fake money from providing no actual service. seems legit.

 

[LBrandt]

Unless I can fold it up and stuff it in a G-string on an exotic dancer I am out.

 

[Allen]

I read a similar article to what Allen is talking about and from what I got out of it they are taxing the profit made (income) from people who sold bitcoins at a profit. If I remember right the irs is only looking into people who made over a specific amount (can’t remember the amount).

I think it was $10,000.

 

[ndbwhunter]

Unless I can fold it up and stuff it in a G-string on an exotic dancer I am out.

You could print out some random binary code and tell them it's worth 0.01654875686 bitcoins....Then laugh when they get that "I'm a stupid stripper" look on their face. Be prepared to duck, as some of them like to throw bottles when they are not pleased with your offerings.

A buddy of mine was throwing coins at one in Canada when it was still cool to go up there at 18-20 years old. After the second or third coin she returned the favor with an empty bud bottle to the face. She was a nice lady....

 

[sweeney]

he wifed that bitch right

 

[guywhofishes]

 

[Account Deleted]

What I struggle with the most is why it has value.

 

[KDM]

What I struggle with the most is why it has value.

I don't understand it either. Why do diamonds have value?? They're just rocks. As are all precious gems.....they're just rocks. People give them value just like people give these bitcoins value. Like I said, I don't understand why.

 

[Account Deleted]

That’s precisely it too. All I can really find on it is that they are popular, thus have value. So....ok then? I mean, I know that a one dollar federal reserve note does not mean I’m entitled to one dollars worth of Fort Knox gold anymore but it is still backed by the United States Government. I guess if I a guy thinks of it as a stock that one must still turn into cash it starts to make a little more sense? Strangely enough the fact that it’s not centralized is appealing to me in some ways.

 

[NPO_Aaron]

I just spent the last 2 hours watching videos and learni ng about this. Crazy, ive never even heard of this before.