Bitcoin price fall

Trollslayer

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It seems bitcoins are falling in price:
Bitcoin and cryptocurrency plunge 80% in value | Daily Mail Online

NASDAQ chart:
501ED8B100000578-6163075-The_findings_come_from_the_MVIS_CryptoCompare_Digital_Assets_10_-a-16_1536831726188.jpg
 
Just thought, are bitcoins a way of avoiding tax on profits?
 
Just thought, are bitcoins a way of avoiding tax on profits?

Don't you have to MAKE a profit first for it to be taxable?

Seriously though, BTC seems to have found a floor around $6400, however the lack of transparency and the conflicted interests of some of the mining hardware manufacturers who are also big holders means you can never be sure where the floor really is.

I think I read somewhere that the total market value of either Bitcoin or it might have been all the virtual currencies is about $220bn, that's about 1/5 of the amount bet on the Asian gambling markets in a 'normal' week.....in other words far too easy to move the whole market if you assume that maybe 20-40% of the total market value is liquid.
 
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Good, hope all the farmers go bankrupt.

Caused too much of a disruption to supply and cost of GPU's
 
Nvidia will survive.
 
Don't you have to MAKE a profit first for it to be taxable?

Seriously though, BTC seems to have found a floor around $6400, however the lack of transparency and the conflicted interests of some of the mining hardware manufacturers who are also big holders means you can never be sure where the floor really is.

I think I read somewhere that the total market value of either Bitcoin or it might have been all the virtual currencies is about $220bn, that's about 1/5 of the amount bet on the Asian gambling markets in a 'normal' week.....in other words far too easy to move the whole market if you assume that maybe 20-40% of the total market value is liquid.
If interested then you may find this site useful...

Bitcoin (BTC) price, charts, market cap, and other metrics | CoinMarketCap
 
Yep, rather than pay 20% tax on profits, lose 80% of the value instead :laugh:

This time last year the BTC price was $3,653 :smashin:

In June 2016 (when I was telling people here to buy BTC) the price was $453. :mad:


You're right about one thing though, I haven't paid 20% tax on the profits. :devil:
 
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Bitcoin only came to my attention when my brother's work PC was hacked and he had to pay a ransom.
That was about 3 yrs ago and since then it appears many scammers/hackers will only accept Bitcoin now. It possibly has legitimate uses, but I'm not aware of those yet.
 
many scammers/hackers will only accept Bitcoin
That's because it's untraceable. How many scammers/hackers are there actually using it? I'd like to see some figures before accepting it's predominantly used for nefarious purposes :)
 
But that suggests 44% so I retract the word ‘predominently’.
Thanks, we have a very active BitCoin Thread in P&E and I would have been disappointed to find out that they were predominantly criminals :D
 
Is the all aren't individually predominantly criminal or that a predominant number of individuals were fully criminal?
Yes, spot the test engineer :p
 
Thanks, we have a very active BitCoin Thread in P&E and I would have been disappointed to find out that they were predominantly criminals :D

I imagine they represent a fraction of 1% of bitcoin transactions so won’t sway the statistics either way.

Cheers,

Nigel
 
I would say that the predominant purchaser of bitcoins are investors these days. As for users hmmmm who knows? How can you do research on something that’s untraceable?
 
Do people think their value will continue to fall or will it rise again I never the future?
 
My humble opinion only but if they do become regulated the value will drop further. I am not saying it’s predominantly criminals that used them but one of the attractions was that they are untraceable and once that is removed what’s the point? Just transfer money around?
 
The cost of transfers are much less, the speed of transfer is much faster, the transfer is immutable, no need for banks, etc.

From an “untraceable” perspective; does anyone here routinely share their bank statements with their neighbours or total strangers or people on here? Just think about what a blockchain does. If I weren’t to use a one off address anyone here can see how much money I have, who I transacted with and purchases I made. Why would I want that to be in the public domain? Does that make me a criminal? I don’t think so.
 
If I weren’t to use a one off address anyone here can see how much money I have, who I transacted with and purchases I made.

How do you mean anyone can see your balance?
 

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