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<p>[QUOTE="Lesbian Cow, post: 3070882, member: 74735"]Here is another physical bitcoin collectible I picked a while back (Kialara, Silver, #55 of 250:</p><p><br /></p><p><a href="https://imgur.com/71mLklK" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://imgur.com/71mLklK" rel="nofollow">https://imgur.com/71mLklK</a></p><p><br /></p><p><a href="https://imgur.com/LqZDt9h" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://imgur.com/LqZDt9h" rel="nofollow">https://imgur.com/LqZDt9h</a></p><p><br /></p><p>In order to access the private key you would destroy the piece.</p><p><br /></p><p>I understand the OP was an April Fools joke but has anyone done the maths for the OP? OP was April 1, 2013. BTC was approximately 100 usd / btc (<a href="https://www.forbes.com/sites/timothylee/2013/04/11/an-illustrated-history-of-bitcoin-crashes/#2a41cc6c4039" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://www.forbes.com/sites/timothylee/2013/04/11/an-illustrated-history-of-bitcoin-crashes/#2a41cc6c4039" rel="nofollow">https://www.forbes.com/sites/timothylee/2013/04/11/an-illustrated-history-of-bitcoin-crashes/#2a41cc6c4039</a>)</p><p><br /></p><p>Let's say the OP just dipped his toes into btc and sold one ounce of gold and put the proceeds in bitcoin. Spot gold was 1,380 USD per ounce, so spot for spot OP would have 1380/100 = 13.8 btc. Current value is 13.8 btc x 9000 usd = 124,000 USD. Now there was no guarantee that would work out, and there was definitely big risk he would lose his 1380 usd, and he could have panic sold 3 weeks later on the crash to 50. But if it was an amount he could afford to lose and he just tucked it away, oh my.</p><p><br /></p><p>I do agree that there are many shills around crypto trying pump and dump schemes but they are no longer around bitcoin as it is too big of a market for small time fraudsters to manipulate. These fraudsters make up new coins and have ICOs (initial coin offerings) They are preying on new people who missed out on bitcoin and want to get rich quick. Bitconnect was the most recent big one. It is sad to see. I find it both shocking and sad that people lose money to obvious con-artists like this one, but I am not a greedy person and don't feel like i need to be rich to be happy:</p><p><br /></p><p>[MEDIA=youtube]kNdp0I8AG40[/MEDIA]</p><p><br /></p><p><a href="https://hackernoon.com/bitconnect-anatomy-of-a-scam-61e9a395f9ed" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://hackernoon.com/bitconnect-anatomy-of-a-scam-61e9a395f9ed" rel="nofollow">https://hackernoon.com/bitconnect-anatomy-of-a-scam-61e9a395f9ed</a></p><p><br /></p><p>I did not invest in bitcoin back in 2013 to get rich, i just thought it was an investment that would complement the rest of my portfolio well. I studied, read, and learned about crypto for 6 months before being comfortable enough to put in t a real amount of money.</p><p><br /></p><p>HawkeEye, when you say " But Bitcoin seems to be somewhat flawed " i am curious what you see as the flaws. I have been pretty heavily involved for 5 years now and I am not seeing the flaws but perhaps I should.</p><p><br /></p><p>As far as the regulators, in most major countries bitcoin is regulated. Here in the US the exchanges are regulated. They are monitored by FINCEN, practice AML/KYC, and have to register as an MSB in every state they have customers (mine filed a 1099k with the IRS for me). Bitcoin gains/losses are reported on your Schudule D according to the IRS. Long term/short term gains are taxed as same rates as stock or commodities trading.</p><p><br /></p><p>I sold some for the fist time in late December 2017 as it had just become too much of my overall portfolio - my accountant had no problem sorting my return.[/QUOTE]</p><p><br /></p>
[QUOTE="Lesbian Cow, post: 3070882, member: 74735"]Here is another physical bitcoin collectible I picked a while back (Kialara, Silver, #55 of 250: [url]https://imgur.com/71mLklK[/url] [url]https://imgur.com/LqZDt9h[/url] In order to access the private key you would destroy the piece. I understand the OP was an April Fools joke but has anyone done the maths for the OP? OP was April 1, 2013. BTC was approximately 100 usd / btc ([url]https://www.forbes.com/sites/timothylee/2013/04/11/an-illustrated-history-of-bitcoin-crashes/#2a41cc6c4039[/url]) Let's say the OP just dipped his toes into btc and sold one ounce of gold and put the proceeds in bitcoin. Spot gold was 1,380 USD per ounce, so spot for spot OP would have 1380/100 = 13.8 btc. Current value is 13.8 btc x 9000 usd = 124,000 USD. Now there was no guarantee that would work out, and there was definitely big risk he would lose his 1380 usd, and he could have panic sold 3 weeks later on the crash to 50. But if it was an amount he could afford to lose and he just tucked it away, oh my. I do agree that there are many shills around crypto trying pump and dump schemes but they are no longer around bitcoin as it is too big of a market for small time fraudsters to manipulate. These fraudsters make up new coins and have ICOs (initial coin offerings) They are preying on new people who missed out on bitcoin and want to get rich quick. Bitconnect was the most recent big one. It is sad to see. I find it both shocking and sad that people lose money to obvious con-artists like this one, but I am not a greedy person and don't feel like i need to be rich to be happy: [MEDIA=youtube]kNdp0I8AG40[/MEDIA] [url]https://hackernoon.com/bitconnect-anatomy-of-a-scam-61e9a395f9ed[/url] I did not invest in bitcoin back in 2013 to get rich, i just thought it was an investment that would complement the rest of my portfolio well. I studied, read, and learned about crypto for 6 months before being comfortable enough to put in t a real amount of money. HawkeEye, when you say " But Bitcoin seems to be somewhat flawed " i am curious what you see as the flaws. I have been pretty heavily involved for 5 years now and I am not seeing the flaws but perhaps I should. As far as the regulators, in most major countries bitcoin is regulated. Here in the US the exchanges are regulated. They are monitored by FINCEN, practice AML/KYC, and have to register as an MSB in every state they have customers (mine filed a 1099k with the IRS for me). Bitcoin gains/losses are reported on your Schudule D according to the IRS. Long term/short term gains are taxed as same rates as stock or commodities trading. I sold some for the fist time in late December 2017 as it had just become too much of my overall portfolio - my accountant had no problem sorting my return.[/QUOTE]
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