Let talk Crypto-currencies....again

[Stoney]

With Bitcoin and most other crypto currencies blowing up, it made me wonder what the benefit of owning them is? I thought it was meant to avoid taxes, but then I read this: https://www.cointracker.io/blog/how-the-irs-knows-you-owe-crypto-taxes

1099-Ks & 1099-Bs Report Crypto Transactions
If you receive a Form 1099-K or Form 1099-B from a crypto exchange, without any doubt, the IRS knows that you have reportable cryptocurrency transactions. This is thanks to the “matching” mechanism embedded in the IRS Information Reporting Program (IRP). Here is how it works. During any tax year, if you have more than $20,000 proceeds and 200 transactions in a crypto exchange, you will get a Form 1099-K indicating proceeds for each month.

So what is the point behind cryptos if the IRS knows about it? Doesn't sound very cryptic to me.

 

[Ron Burgundy]

It's still different money that doesn't come from a government.

 

[Steeler Pride]

https://www.cnbc.com/2019/03/22/majority-of-bitcoin-trading-is-a-hoax-new-study-finds.html
https://www.vox.com/2018/4/24/17275202/bitcoin-scam-cryptocurrency-mining-pump-dump-fraud-ico-value
https://www.forbes.com/sites/jayadkisson/2018/11/20/the-great-cryptocurrency-scam/?sh=eca812f359fe
https://www.thenews-messenger.com/story/news/2021/02/08/chris-hogan-should-you-invest-bitcoin-2021/4336828001/

The biggest issue that I have with Cryptocurrency is that first, most people will have no idea what they are buying or from whom, the whole system is rife for fraudulent transactions. There is no regulation of any kind and no way to know for certain if what you are buying has any value what so ever. If you buy fraudulent "Coins" and someone realizes they are fraudulent you have no recourse what so ever and they are now worthless.

 

[ZonaBurgh]

Elon Musk seems to be on board. Personally I just put all my cash in a coffee can.

 

[Steeltime]

Elon Musk seems to be on board. Personally I just put all my cash in a coffee can.

So, Zona, just hypothetically mind you, where might one store this coffee can?

 

[Badcat]

https://www.cnbc.com/2019/03/22/majority-of-bitcoin-trading-is-a-hoax-new-study-finds.html
https://www.vox.com/2018/4/24/17275202/bitcoin-scam-cryptocurrency-mining-pump-dump-fraud-ico-value
https://www.forbes.com/sites/jayadkisson/2018/11/20/the-great-cryptocurrency-scam/?sh=eca812f359fe
https://www.thenews-messenger.com/story/news/2021/02/08/chris-hogan-should-you-invest-bitcoin-2021/4336828001/

The biggest issue that I have with Cryptocurrency is that first, most people will have no idea what they are buying or from whom, the whole system is rife for fraudulent transactions. There is no regulation of any kind and no way to know for certain if what you are buying has any value what so ever. If you buy fraudulent "Coins" and someone realizes they are fraudulent you have no recourse what so ever and they are now worthless.

There are coins out there that match what you're saying, but the same can be said with Wall Street ICOs and penny stocks. I'm heavily involved in the crypto space and one of my favorites is Electronuem (ETN), which is an ERC token that uses KYC (Know Your Customer) verification to ensure transactions are not fraudulent. Their target market is the unbanked like South Africa. They even created their own cell phones which did mobile mining of Electroneum coins, and then use them to top off minutes for cellular use. Lastly, they created a system named AnyTask that allows you sell services in exchange for Electroneum, similar to the website Fiver.

As you can see, I only purchase crypto assets that I have researched and I believe in the project, Much like I do on Wallstreet. Now, if you're into shady **** then sure, go buy some DogeCoin or Ripple or build an account on some ****** exchange based in China who lock out American IP addresses who then lose all of their crypto like Binance. The crypto space is no different than Wallstreet in terms of security and fraud, what does differ is that the uber rich and powerful aren't manipulating the market...they're just now starting to get into it. Yay for me!

 

[ZonaBurgh]

So, Zona, just hypothetically mind you, where might one store this coffee can?

At my neighbors, under his ammo boxes.

 

[Steeltime]

At my neighbors, under his ammo boxes.

 

[BLITZ]

So, Zona, just hypothetically mind you, where might one store this coffee can?

Out by the Wholly swamp. better not go there at night.