Sold of My Entire Bullion Collection In Order To Purchase BitCoins

My point wasn't the size of their economy. One of my points was bitcoin is now a foreign currency, does this mean US citizens won’t have to pay taxes over their btc gains? As foreign currencies are not taxed....

Also, many here in the US send remittances to their families in El Salvador, in fact I believe it's north of 25% of their GDP there. If they start asking for this in BTC, that could have more interesting impacts.

 

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Last week I read if BTC is sold in the US it's taxable.

 

All true but still a nit in relation to the whole. I believe a G7 country would have to make that move and it is unlikely since it is all about power and control. I think national digital currencies are more likely with fixed exchange rates and controls that make them more like currencies.

Many South and Central American countries teeter on the brink of financial collapse and maybe one of the cryptos offers them a more stable option. El Salvador has a shrinking GDP, moderate interest rates, and a population of only about 6 million. On the other hand, Venezuela might have to endorse cryptos because of their failing currency, shrinking GDP, massive government debt, hyperinflation at 2,940%, and interest rates at 58%. Consumers will migrate to more stable stores of value and in either of these countries any crypto is more stable than their local currency.

It will be fun to watch unfold, but I plan to sit this one out.

 

In Nazi Germany, if the government didn't like you, they'd do charming things like confiscating your bank account, therefore limiting your cash supply to whatever you could find in your mattress or sewed up in the lining of your wife's coat. If you wished to leave all of that behind, and take a portion of your assets with you to start a new life, you'd have to take it with you in the form of diamonds squirreled away in the heels of your shoes and hope that your luck would hold.
I've heard that the plan here in the U.S. for the future is a thing called the "Great Reset". This is where Bill Gates and all of his tech giant buddies, having all of our lawmakers in a state of subservience to them, get to make laws that give them an iron grip on lawmaking, law enforcement, healthcare choices, control of money and finance, what we have now, only worse!...I could go on, and here, below, do.
One of the things that the "Great Reset" is expected to feature is widespread, compulsory compliance (on the parts of us peons) with healthcare mandates handed down by the all-seeing state. Another prediction is that all currency will be made digital. No one will be able sell you a porkchop or a dozen eggs, even if you waved a fistful of cash at them, or tried to use your Chase Metamorphosed Limestone Card.
The only thing that would work is the digital money credited to your payroll account from your job or from whatever faceless social welfare program that holds you in thrall with your standard, measly, monthly stipend (Social Security has been done away with and also all so-called entitlement programs, including what were private, determined benefit retirement funds, in a massive downsizing, streamlining and consolidation). You either work, or you're on the dole and by law, the government knows, to the last integer; the last screw, nut and washer, your net worth.
If you screw up in some way, your kids don't show up to get their scheduled vaccinations or maybe someone complains often enough about you not leashing your dog, Social Conduct Points will be deducted from your (virtual) Account, and if your Social Conduct Score gets too low, the state is legally authorized to make life for you and your family less pleasant by legally-mandated degrees: compulsory behaviour evaluations and classes; licenses revoked, job demotions, other privileges suspended. In certain drastic legal remedies, you and the family may be asked to report to a much crappier, less desirable part of the country to enroll for your weekly/monthly digital benefits, with the option of you declining to go, only to find out that there are now no records of your eligibility for benefits and your account is closed, here in your hometown. What then, will you and your family do for support and sustenance?
This is the tightly-controlled world that Charles Koch, Jeff Bezos, Bill Gates and other giants of tech and finance, see their heirs inheriting; dominance and control over our grandchildren or great-grandchildren. Hell, they'd be tickled pink if they could pull it off after the 2022 elections! Some of them, at this writing, do in fact presently have several backwards and a few not-so-backwards countries by their proverbial short hairs.
The more I'm hearing about BitCoin, though, the more I'm encouraged to think that it may be possible for people who invest to retain a degree of independence in life choices, if at least a portion of what we think of as our assets (money) can be maintained away from the aegis of those who may wish, in good time, by patient purchase of patents and lawmakers, to assume control over all of the decisions that we now take for granted as nobody's business but our own.
That is my two cent piece for tonight. I hope I didn't bum anyone out with this, but this is the buzz I'm hearing and it would be interesting and valuable to learn what other guys are hearing and thinking. This isn't about coins, per se, but about money and control of our lives. Someday, down the line, it could become possible, with a stroke of a pen, to make money as we know it now, extinct and replaced, with a digital demesne over which we have little or no control, and others, all control.
Good night, yes, from a guy who usually doesn't say very much. If I've said too much, I apologize in advance.

 

I am amazed at the legs fiat currency has enjoyed whether it be Government currency or block chain/crypto currency.

The pyramid schemes just don't appear to ever reach bottom. This leads more and more faith in a belief they never will.

My only advice with risky investments is to take a profit large enough to cover your investment and gamble with "House Money."

I accidentally did something. with Cool. I'd love to do it intentionally.

edit - The cool didn't show up in the post. The typing jumped down half a line in the middle of my paragraph while I was typing, but did not in my post.

 

no risk no reward !

 

Only for the unwashed masses.

 

Yes, this has been true, and the IRS has been cracking down more on people who don't report this - there is a question on this year's tax forms if you made any digital currency transactions.

The important impact of the El Salvador law is that there is a US Law that says that foreign currencies aren't taxable in the same way, and with El Salvador making BTC legal tender, that could change BTC's status from an asset to a "foreign currency" in regard to how it is treated by the IRS. They'll probably fight it, but I imagine it'll end up in the courts sooner rather than later.

 

While I can agree with your directional thinking, recent attempts in Europe to go all digital seem to be met with widespread "NO." sentiment. As societies go more electronic/digital and at the same time trend toward socialism means of bypassing the system become more important. If not paper money, then bartering would seem to be the preferred method of transmitting value. As stores of value diamonds, metals, real estate, and other tangible things seem to rise in importance.

But one thing for sure is that economic changes are coming if we cannot bring some order to Washington and restore some independence within the FED. However, history has shown us that Washington politicians and sound fiscal moves are incompatible. The last President to achieve this was George Washington, so I am hoping for the best and preparing for the worst.

 

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I haven’t taken a shower in over a week, I guess that makes me a candidate...LOL

 

It spiked to over 60k. I remember when I graduated HS it was 50 cents for a bitcoin.

 

Back over 40K just made another 10K

 

Good for you. Are you taking some profits or letting ride? And if you lose half the current value, is it a loss or just a smaller gain? These are decisions you will live with.

I can't afford to take that kind of risk. Glad you can.

I put my high risk (expect to lose) dollars into a couple of ELIO reservations. It's likely lost money, but I knew that going in and do not consider it a scam. Many people want the reward of risk without taking it.

 

I am doing both, just taking some foam off
the top, made 16k last month and have been
playing with there money fir almost a year
been buying heavily on the dips, I think it’s
still undervalued, as long as I am making
money I am in

 

If you sit on it, it's not a loss until you sell it at a loss. Those who truly want to make it in investing don't really flip it right after buying.

I currently don't own any, should have bought some years ago. lol

 

That's a great way to manage high risk investments. Congratulations.

 

There's tax loss and then emotional loss. I'm more familiar with retirement accounts which were artificially high and when they corrected, all I heard was about were losses. But it's not actually a gain or loss until you sell it for more or less than you paid.

But the heart and the head view it differently.

 

Allot of people hate crypto on this site but I
think that’s more of not understanding it
then anything else.

 

There is an entire industry built on short term day trading. But I'm with you about typical investment strategy.