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Dec 30th, 2023
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 What is bitcoin?
#13868006
01/31/21 05:21 AM
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Joined: Sep 2006
Posts: 10,055
Spiderman
OP
TFF Guru
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OP
TFF Guru
Joined: Sep 2006
Posts: 10,055 |
This will give you a basic knowledge of it. https://m.youtube.com/watch?v=41JCpzvnn_0I don't think Bitcoin is the answer. But his description of our currency's history and today is pretty accurate. You can see the problems with inflation ahead in the future.
The Truth is six of the seven Dwarfs are not Happy!
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Re: What is bitcoin?
[Re: Spiderman]
#13868013
01/31/21 05:35 AM
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Joined: Apr 2006
Posts: 24,930
outfishdya
TFF Guru
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TFF Guru
Joined: Apr 2006
Posts: 24,930 |
As long as you can purchase things directly with bitcoin, it will be a player. As the dollar depreciates, which is a given, bitcoin will become harder to get and will,continue to rise. I wish I had gotten in last year.
Woke up this morning
Got yourself a gun....
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Re: What is bitcoin?
[Re: Spiderman]
#13868016
01/31/21 05:41 AM
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Joined: Aug 2010
Posts: 620
FlyFX
Pro Angler
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Pro Angler
Joined: Aug 2010
Posts: 620 |
I was looking into some precious metals today and noticed my vendor is accepting bitcoin payments.
Most people double haul so they can throw their mistakes further - Bernard "Lefty" Kreh - R.I.P.
Glass rod, click & pawl, ugly flies
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Re: What is bitcoin?
[Re: Spiderman]
#13868023
01/31/21 06:34 AM
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Joined: Sep 2005
Posts: 27,593
Uncle Zeek
aka "Dad"
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aka "Dad"
Joined: Sep 2005
Posts: 27,593 |
Just saw something about India moving to ban all private crypto "currency" (don't ask me how that would be enforced, as I have no clue).
If other nations follow suit and require government-sponsored crypto...well, that could get interesting.
"Decency is not news; it is buried in the obituaries --but it is a force stronger than crime" ~ Robert A. Heinlein
Artim Law Firm, PLLC
Estate planning & tax attorney
2250 Morriss Road, Suite 205, Flower Mound, Texas 75028
972-746-0758 mobile
zac@artimlegal.com
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Re: What is bitcoin?
[Re: Spiderman]
#13868158
01/31/21 01:53 PM
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Joined: Feb 2018
Posts: 702
Donpilot
Pro Angler
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Pro Angler
Joined: Feb 2018
Posts: 702 |
It's a ponzi scheme. Be very careful.
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Re: What is bitcoin?
[Re: Spiderman]
#13868295
01/31/21 03:19 PM
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Joined: Feb 2003
Posts: 55,365
SkeeterRonnie
Super Freak
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Super Freak
Joined: Feb 2003
Posts: 55,365 |
dogecoin was jumping around last week with the BS that was going on in the market. I don't get the crypto stuff. who backs it?
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Re: What is bitcoin?
[Re: SkeeterRonnie]
#13868346
01/31/21 03:58 PM
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Joined: Feb 2015
Posts: 4,724
Flippin-Out
TFF Team Angler
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TFF Team Angler
Joined: Feb 2015
Posts: 4,724 |
dogecoin was jumping around last week with the BS that was going on in the market. I don't get the crypto stuff. who backs it? No single entity backs it. Any "fiat currency" is one where the users agree that it has value, so they all treat it as valuable. Anyone who treats it as not valuable will loose all the value he/she/zhe have invested in it, so there is natural pressure of self-preservation to never change their mind on its perceived value.
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Re: What is bitcoin?
[Re: Spiderman]
#13868369
01/31/21 04:17 PM
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Joined: Mar 2020
Posts: 534
1956Zebco
Pro Angler
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Pro Angler
Joined: Mar 2020
Posts: 534 |
Bitcoin was created by Satoshi Nakamoto, (almost certainly) a pseudonym, that no one has been able to conclusively connect to an actual person or group of people to this day. Nakamoto vanished from the internet in 2011, leaving few clues as to who they might be. Satoshi NakamotoThe only question in my mind is: when will the music stop?
Last edited by 1956Zebco; 01/31/21 04:19 PM.
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Re: What is bitcoin?
[Re: Spiderman]
#13868461
01/31/21 05:29 PM
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Joined: Apr 2006
Posts: 24,930
outfishdya
TFF Guru
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TFF Guru
Joined: Apr 2006
Posts: 24,930 |
Bitcoin will be over 200000 in 2026.
The real question is what will 200000 dollars be worth
Woke up this morning
Got yourself a gun....
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Re: What is bitcoin?
[Re: Spiderman]
#13868469
01/31/21 05:34 PM
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Joined: Nov 2014
Posts: 1,880
stuntmandave
Extreme Angler
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Extreme Angler
Joined: Nov 2014
Posts: 1,880 |
When I was working as a broker one of the advisers I worked with had thrown 30k into bitcoin. It eventually got up to 70k, then someone hacked his account and took it. Can't tax deduct it, can't do anything about it. Out his basis and the 40k in gains. Also talked to a kid one day that was in college, opened a ton of credit cards and maxed them out on bitcoin (back when you could buy on credit) this was when bitcoin had hit an all time high I think around 17k or so. a month or two later it was down to like 6 or 7k. Hopefully he rode it out but a lot of people panic sale... I don't mess with crypto, I'd rather buy a lottery ticket than mess with it honestly... To each their own.
Challenge Accepted. 1st ID 1/26 Infantry OEF XI ![[Linked Image]](http://i1171.photobucket.com/albums/r557/stuntmandave126/1-26_zpsz9yswmb5.gif)
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Re: What is bitcoin?
[Re: Spiderman]
#13868479
01/31/21 05:45 PM
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Joined: Apr 2006
Posts: 24,930
outfishdya
TFF Guru
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TFF Guru
Joined: Apr 2006
Posts: 24,930 |
30k in bitcoin should be safely stored in a wallet. Without the encryption key it is impossible to hack. Most of he people who warn you not to et into it, don't know much about it. China has tried to stop it and can not. It actually increases value when governments try to manipulate it
Woke up this morning
Got yourself a gun....
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Re: What is bitcoin?
[Re: outfishdya]
#13868539
01/31/21 06:42 PM
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Joined: May 2007
Posts: 40,584
WAWI
TFF Guru
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TFF Guru
Joined: May 2007
Posts: 40,584 |
Bitcoin will be over 200000 in 2026.
The real question is what will 200000 dollars be worth 200000 dollars......
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Re: What is bitcoin?
[Re: stuntmandave]
#13868775
01/31/21 10:41 PM
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Joined: Aug 2002
Posts: 2,607
pacertom
Extreme Angler
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Extreme Angler
Joined: Aug 2002
Posts: 2,607 |
When I was working as a broker one of the advisers I worked with had thrown 30k into bitcoin. It eventually got up to 70k, then someone hacked his account and took it. Can't tax deduct it, can't do anything about it. Out his basis and the 40k in gains. Also talked to a kid one day that was in college, opened a ton of credit cards and maxed them out on bitcoin (back when you could buy on credit) this was when bitcoin had hit an all time high I think around 17k or so. a month or two later it was down to like 6 or 7k. Hopefully he rode it out but a lot of people panic sale... I don't mess with crypto, I'd rather buy a lottery ticket than mess with it honestly... To each their own. I think this story is missing a lot of pieces or you were fed a line of BS, Bitcoin cannot be "hacked" and if he had his private keys stored on the same computer as his wallet, then that's just dumb. Same as leaving your safe unlocked or open. And even if someone "took it" there is a record of the wallet it was transferred to, its very easy to find out where it went as every transaction is logged on the public ledger from sending to receiving wallet. Ask him where the $70k went, very curious to the real story cause the above isn't accurate, no way it can be.
A MAN WILL NEVER GO TO HIS GRAVE WISHING HE'D FISHED LESS!!
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Re: What is bitcoin?
[Re: Spiderman]
#13868777
01/31/21 10:42 PM
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Joined: Feb 2014
Posts: 8,640
Smurfs
TFF Celebrity
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TFF Celebrity
Joined: Feb 2014
Posts: 8,640 |
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Re: What is bitcoin?
[Re: Spiderman]
#13868780
01/31/21 10:45 PM
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Joined: Apr 2006
Posts: 24,930
outfishdya
TFF Guru
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TFF Guru
Joined: Apr 2006
Posts: 24,930 |
When people claim the lost bitcoin, they are usually evading the gains tax. There is no gains tax if it is never transfered back to dollars.
Woke up this morning
Got yourself a gun....
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