Cryptocurrency Master Thread

[wetwillie]

What a strange statement

[catastrophe]

I mean the only way to do that today is to pay cash for everything and commit state and federal tax fraud.

[steve dave]

Part of me says but btc since it's in low 40s.

yeah, this is also probably a good entry with more upside for ETH or LUNA as well

https://twitter.com/allstarcharts/status/1481407320110346246

[KITNfury]

If you’re fundamentally against a ledger recording your significant transactions you don’t belong in a developed country.

Most people of all developed countries don't know what a ledger is, let alone how it works. Some people will be push back against tracked exchanges is all I'm saying

[Phil Titola]

regarding taxes - there is no way to summarize gains/losses on one line correct?  Have to enter each transaction on the tax form?

[steve dave]

regarding taxes - there is no way to summarize gains/losses on one line correct?  Have to enter each transaction on the tax form?

My CPA, who I love dearly like a mother, is extremely excited that do my taxes this year

[Phil Titola]

regarding taxes - there is no way to summarize gains/losses on one line correct?  Have to enter each transaction on the tax form?

My CPA, who I love dearly like a mother, is extremely excited that do my taxes this year

luckily looks like turbotax taps into coinbase which is where I've done 99% of my exchanges.  In the past I just used  summary report from cointracking.info that also had each detail below it. 

[Stupid Fitz]

regarding taxes - there is no way to summarize gains/losses on one line correct?  Have to enter each transaction on the tax form?

This is part of the reason I never sell any crypto.

[catastrophe]

Same 100p

[Katpappy]

I kind of mystified on what and how crypto works.  My daughter and her husband are into this and I hope they are making money. 

[Spracne]

I kind of mystified on what and how crypto works.  My daughter and her husband are into this and I hope they are making money.

Oh no. They are losing their entire asses.

[steve dave]

I kind of mystified on what and how crypto works.  My daughter and her husband are into this and I hope they are making money.

Oh no. They are losing their entire asses.

But they are in really extraordinary company. So cheers to them.

[steve dave]

a thing about cryptobros that keep it from being taken too seriously is the incredibly overwhelming number of them who are just absolute morons

https://twitter.com/garybrannan/status/1482866885989478411

[Stupid Fitz]

a thing about cryptobros that keep it from being taken too seriously is the incredibly overwhelming number of them who are just absolute morons

https://twitter.com/garybrannan/status/1482866885989478411

yeah, I had a friend call me just last week about something like this. His friends son sold some NFT and made like 5 grand and he was like, "its just a shitty picture someone made, my kid could do that". I just told him that his kid couldn't sell it for 5 grand and to not worry about the dumb stuff you constantly hear about. I gave him a quick use case scenario for NFTs and he said that I made sense, but he was still pissed about a monkey picture selling for 5k so he said it was all stupid.

[Pete]

The first time I saw an iPhone, I thought it was dumb because it didn’t have buttons like a blackberry or palm. I didn’t know it had apps that would make a shotgun sound or look like a cigarette lighter.  Some of this crypto stuff is like that.  There’s crap happening that defies older sensibilities. 

[Pete]

My father in law told me that Bitcoins (which he uses as a place holder name for all crypto currency) was just made up money with nothing backing it.  My response was “duh,” and “that basically describes every currency on the planet.” Of course, nukes back up ours and several others, which is nice.

[catastrophe]

The first time I saw an iPhone, I thought it was dumb because it didn’t have buttons like a blackberry or palm. I didn’t know it had apps that would make a shotgun sound or look like a cigarette lighter.  Some of this crypto stuff is like that.  There’s crap happening that defies older sensibilities.

I like this analogy, because so much of what people saw/thought of the first iPhone or iPad were based on gimmicky apps with like no practical purpose (which some people loved). I think a lot of NFTs right now are similar. Most are more a proof of concept rather than having inherent value.

[Stupid Fitz]

The first time I saw an iPhone, I thought it was dumb because it didn’t have buttons like a blackberry or palm. I didn’t know it had apps that would make a shotgun sound or look like a cigarette lighter.  Some of this crypto stuff is like that.  There’s crap happening that defies older sensibilities.

This pretty good Pete, I like it. You can really do this with a lot things. In hindsight, people said some really dumb crap about the internet when it first started.

[kim carnes]

Guys, iPhones became very popular and widely adopted for personal use almost immediately.  Like, shockingly fast.

[Rage Against the McKee]

Yeah, it took me some time to come around on iphones being worth the money, but I never questioned whether or not they would be useful in the way that I question the value of a pixelated monkey that a kid could have drawn. I certainly never mocked an iphone owner in the same way that I would mock someone who paid $5k for a random NFT.

[catastrophe]

I think you guys are missing the point of the analogy. Crypto and NFTs have also had a pretty meteoric rise over the past couple years. Even though we’ve barely tapped their actual functionality.

If anything it’s their popularity that draws the criticism. You don’t sell monkey pictures for $5k without there being a pretty interested market behind it.

[Rage Against the McKee]

Why go to an art exhibit and buy an original painting that you actually own and can resell when you can buy an NFT of an online image that you have zero ownership of and everyone else can see for free? It's basically a certificate to let other people know that you are a certified dumbass.

[Spracne]

Why go to an art exhibit and buy an original painting that you actually own and can resell when you can buy an NFT of an online image that you have zero ownership of and everyone else can see for free? It's basically a certificate to let other people know that you are a certified dumbass.

I know people who have made an absolute killing in this market. I also read an interesting white paper from a few years ago about the economics behind digital scarcity. I'll see if I can dig it up, if you're willing to be open minded.

[Rage Against the McKee]

Why go to an art exhibit and buy an original painting that you actually own and can resell when you can buy an NFT of an online image that you have zero ownership of and everyone else can see for free? It's basically a certificate to let other people know that you are a certified dumbass.

I know people who have made an absolute killing in this market. I also read an interesting white paper from a few years ago about the economics behind digital scarcity. I'll see if I can dig it up, if you're willing to be open minded.

Are the people you know people who are creating NFTs or people who are buying NFTs? I see the appeal of spending an afternoon making an NFT to be sold for thousands. I don't understand the purchasers.

[wetwillie]

I know several people who have turned 5k into 100k plus buying and selling 3D NFT’s on the VEVE platform