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<p>[QUOTE=&quot;Publius2, post: 6539897, member: 105571&quot;]I think I read in the WSJ the other day that the IRS is treating cryptocurrencies as an investment for tax purposes.&nbsp; I didn&#039;t really pay that much attention to the article so I might have the details wrong.</p><p><br /></p><p>Bitcoin is not any sort of a Ponzi scheme.&nbsp; It was started as an alterative currency method that would use block chain technology (don&#039;t ask me to explain that, I don&#039;t know) for security&nbsp; and that would provide for secure person-to-person or business-to-business financial transactions without the carrying costs, delays, government intrusion, etc. of other means. </p><p><br /></p><p>The way new Bitcoin is created is by solving highly complex mathematical algorithms that require lots and lots of server time and consumes a ton of electricity.&nbsp; Ironically, some of those young risk takers doing this are the kind of environmentalists screaming about climate change and economic inequity.</p><p><br /></p><p>For those participating in Bitcoin and other cryptocurrencies, it can accomplish the original goals but the primary obstacle to acceptance as a currency is that it is basically impossible to determine any kind of reasonably stable value over time since it is basically a highly volatile investment vehicle.&nbsp; Musk&#039;s injection of cash and influence into the market is his attempt to move the thing into the realm of valid currency per his own statements.&nbsp; Who knows what ulterior motives he might have, if any.</p><p><br /></p><p>If you are going to invest in bitcoin or any other cryptocurrency now, you&#039;d better do so only with your gambling money.&nbsp; Otherwise, you&#039;d better be willing to live on the razor&#039;s edge of risk and frankly most of us on this Forum are at an age where we cannot afford to risk our capital to that degree.[/QUOTE]</p><p><br /></p>

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