$ (BTC) The Bitcoin Thread - NO SHITCOINERS ALLOWED

Sithis said:
Expect some big btc price fluctuations in coming days following the glowniggers' announcement today from the IRS that they are launching an anti-crypto operation called "Operation Hidden Treasure" (seriously only someone working for Biden could come up with that type of gay name) whereby they will begin to "aggressively" work to link crypto transactions to owners accounts so they can tax them, including crypto -> crypto transactions as taxable events. So naturally a lot of my fellow burgers will likely be selling off in coming days to avoid being in the crosshairs down the road.

Myself? I'm loading the fuck up on XMR, if nothing else then for the mooning its about to experience as the smart people throw a finger to the IRS and just switch to a crypto they can't break yet.
Click to expand...
The big problem with XMR is because the tax man cannot get at it. The fact that the IRS is confident it can find a way to tax cryptos like BTC and ETH is precisely why they are gaining insitutional support. If the Government can tax it, they wont smash it. A crypto that cannot be taxed on the other hand will get squashed flat. You might make some short term on XMR but it's long term valuation is close to zero due to the inevitability of a crackdown on it by the authorities if it becomes a big enough target
 
  • Informative
  • Like
Reactions: 419, IAmNotAlpharius and melty
mindlessobserver said:
The big problem with XMR is because the tax man cannot get at it. The fact that the IRS is confident it can find a way to tax cryptos like BTC and ETH is precisely why they are gaining insitutional support. If the Government can tax it, they wont smash it. A crypto that cannot be taxed on the other hand will get squashed flat. You might make some short term on XMR but it's long term valuation is close to zero due to the inevitability of a crackdown on it by the authorities if it becomes a big enough target
Click to expand...

i dont really see how the legality of an anonymous privacy coin like XMR impacts it in any way shape or form
 
  • Informative
  • Lunacy
Reactions: Vexillology and IAmNotAlpharius
world of shit said:
IMO, the dip was last week at 42k, and was a good thing because it created a firm level of support.
Even though March is a bloody month for crypto historically, I believe we're going to see major upwards movement this week.
Click to expand...
Reposting for posterity

cantankerous jackalope said:
i dont really see how the legality of an anonymous privacy coin like XMR impacts it in any way shape or form
Click to expand...
I know a shady as fuck guy that owns a bunch of pawn shops. He deals a lot in XMR and is sitting on a pile, and right now he's trying to figure out a way to convert without gov oversight and literally cannot find an avenue without getting fucked.

This guy is as jewish as they come. He knows a bunch of hasids he works with for jewelry transfer, and if Shlomo there with his network of financial pipul cannot make it work, I don't think there's much chance for the average anarcho capitalist.

You can do XMR to BTC or whatever transfers in person to keep it off exchanges, but as soon as it gets converted to usd, sauron's eye gets on it.
 
Last edited by a moderator:
  • Informative
Reactions: Merrick, 419, Tookie and 1 other person
world of shit said:
I know a shady as fuck guy that owns a bunch of pawn shops. He deals a lot in XMR and is sitting on a pile, and right now he's trying to figure out a way to convert without gov oversight and literally cannot find an avenue without getting fucked.
Click to expand...
He probably shouldn't directly convert. He already has a business that sells stuff of often shady origin. Just buy merchandise on crypto auction sites and sell it through the shops he already has. And just cope with paying taxes on it. Warning, the feds are saying they intend to start trying to impose capital gains taxes on exchange of one currency for another, which sounds like bullshit to me.

If you want to reduce capital gains, hold onto it for longer than a year, then you pay the lower long-term capital gains rate rather than the exorbitant short-terms capital gains which are why most day traders lose their shirts.
 
  • Agree
Reactions: Merrick, Picklechu and melty
world of shit said:
I know a shady as fuck guy that owns a bunch of pawn shops. He deals a lot in XMR and is sitting on a pile, and right now he's trying to figure out a way to convert without gov oversight and literally cannot find an avenue without getting fucked.
Click to expand...
Why doesn't he get into face-to-face crypto exchanging? I mean, he's already got a pawn shop so he's used to dealing with shady characters who may or may not be there to jack the place up. Seems like it would be a natural thing to get into.
 
Kosher Dill said:
Why doesn't he get into face-to-face crypto exchanging? I mean, he's already got a pawn shop so he's used to dealing with shady characters who may or may not be there to jack the place up. Seems like it would be a natural thing to get into.
Click to expand...
Increasingly, some of those guys are going to be worse than robbers, they'll be federal informants.
 
  • Agree
  • Like
Reactions: Merrick, Spergerella and mindlessobserver
1615766928239.png
 
AnOminous said:
Increasingly, some of those guys are going to be worse than robbers, they'll be federal informants.
Click to expand...
This. The government has tolerated crypto because for awhile it was small scale, was not hurting anybody, was not upsetting any applecarts and even better, they could tax it. What's not to love. This is now no longer the case. There are Ethereum tokens with billion dollar market valuations now. The entire industry has exploded with more and more being added to the market. all governments are going to want two things. Some measure of control, and the ability to take their cut of the action.

Monero denies them both of these things, and even worse it specifically advertises itself as existing solely to deny the government its divine privileges. Whether you agree it has such privliges or not, rest assured it does have tools to enforce them. I expect Monero wont go away, in the same way fentanyl laced meth wont go away. But god help you if the cops find out you have some, or worse, are dealing in it.
 
  • Thunk-Provoking
  • Like
Reactions: Merrick and Particle Bored
BTC is going to the moon. There might be another crash if someone finds an old wallet key and cashes out but it will be temporary. Make sure you know how to invest without being bombarded by fees. Make the investment for a hardware wallet. If you do use a shit exchange like Coinbase, never send a wire transfer or your funds will be held in limbo.
 
  • Informative
Reactions: Merrick
BTC is doing well and posed to possibly hit another ATH this weekend, but I don't think we'll see major upward movement for a while.
I have a hunch that price is being artificially suppressed in the short term to allow time for intuitions to accumulate.
Then, when the SEC planned decision on BTC ETFs happen in ~45 days, and they agree to it, the price will skyrocket.
My advice to everyone is the same as it was in 2015. Buy BTC and don't look at it for 5 years.
 
  • Informative
  • Agree
Reactions: Merrick, Marchesa of the Vast, 419 and 2 others
world of shit said:
BTC is doing well and posed to possibly hit another ATH this weekend, but I don't think we'll see major upward movement for a while.
I have a hunch that price is being artificially suppressed in the short term to allow time for intuitions to accumulate.
Then, when the SEC planned decision on BTC ETFs happen in ~45 days, and they agree to it, the price will skyrocket.
My advice to everyone is the same as it was in 2015. Buy BTC and don't look at it for 5 years.
Click to expand...

Best thing you could do, as well as buying precious metals and other hedges against hyperinflation.
Long term = Best.
Don't worry if there is a crash, it's shaping up to be a legitimate form of currency in the coming years. Really, anything to get your money doing something. Minus an emergency fund, you shouldn't have cash sitting around.

Whats your take on Ethereum? I got a couple coins back in the beginning of last year but was looking to purchase more. Unfortunately I failed to take advantage of the Bitcoin dip and have fairly little.
 
  • Like
Reactions: world of shit and american_amadan
CharlesFosterOffdensen said:
Best thing you could do, as well as buying precious metals and other hedges against hyperinflation.
Long term = Best.
Don't worry if there is a crash, it's shaping up to be a legitimate form of currency in the coming years. Really, anything to get your money doing something. Minus an emergency fund, you shouldn't have cash sitting around.

Whats your take on Ethereum? I got a couple coins back in the beginning of last year but was looking to purchase more. Unfortunately I failed to take advantage of the Bitcoin dip and have fairly little.
Click to expand...
I'm Bullish on Eth. I put this in the ETH thread, but worth mentioning it here:

world of shit said:
I still kick myself for not buying ETH at $80 and instead chasing shitcoin pumps.

IMO, Eth is going to have a good year. Maybe a better roi than btc this year.
Everything fucking uses ETH even BNB uses the virtual machine (EVM), so dapps on bnb still use it.
Been grabbing it at every major fud dip and stacked. ETH possible 10x this year.

Meitu bought $22M of eth for their treasury, Grayscale's ETH trust size just went up, and I think many others will follow.
ETH 2.0 making it PoS, sharding, etc. Beacon chain is locked. ETH staking popping up everywhere. EIP 1159 using gas fees for token burn.
Companies are starting to fomo into crypto.
Click to expand...
 
  • Like
Reactions: american_amadan
CharlesFosterOffdensen said:
Best thing you could do, as well as buying precious metals and other hedges against hyperinflation.
Long term = Best.
Don't worry if there is a crash, it's shaping up to be a legitimate form of currency in the coming years. Really, anything to get your money doing something. Minus an emergency fund, you shouldn't have cash sitting around.

Whats your take on Ethereum? I got a couple coins back in the beginning of last year but was looking to purchase more. Unfortunately I failed to take advantage of the Bitcoin dip and have fairly little.
Click to expand...
I keep buying ETH whenever I have the money for it. I usually wait for a dip though. In a general sense I think ETH is the more practical version of BTC.
 
  • Like
Reactions: world of shit
CharlesFosterOffdensen said:
Whats your take on Ethereum? I got a couple coins back in the beginning of last year but was looking to purchase more. Unfortunately I failed to take advantage of the Bitcoin dip and have fairly little.
Click to expand...
The network seems like it's heavily prone to congestion since everyone started using it for tokens of a zillion different kinds. I hear this is something that can and will be fixed and is somewhat mitigated by doing off-chain transactions with the actual blockchain transactions on a deferred basis. I'm pretty sure these issues will be resolved considering its high level of popularity with developers.
 
You must log in or register to reply here.
Back