Winklevoss Twins on Bitcoin

[FreeBirdTim]

Don't forget all the fees and capital gains tax. Those costs will eat into any profit. The cost to buy or sell Bitcoin is 1.49% per transaction. If you bought 9k worth, you would have paid $134.10 in fees. If you sell it at 11k (if it ever gets back to that price), you would pay $163.90 in fees. So for a 2k profit, you'd lose $298.00 of that to fees. Now you're down to $1,702.00 profit. Uncle Sam wants 22% of that, so kiss off another $374.44. That leaves you with an actual profit of $1,327.56. Not bad, but not enough for me to risk 9k in something that is backed by nothing and is being manipulated by the various companies who are invested in it...

 

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[etex]

I unloaded my tulips before the last frost

 

[FreeBirdTim]

I'm wondering why you have to pay a percentage instead of a flat rate fee. When you buy stocks, you pay a flat fee, usually around $7.00 or so. Seems kind of greedy to be charging 1.49% per transaction. And who gets to keep all these fees?

 

[1320]

I'm wondering why you have to pay a percentage instead of a flat rate fee. When you buy stocks, you pay a flat fee, usually around $7.00 or so. Seems kind of greedy to be charging 1.49% per transaction. And who gets to keep all these fees?

If you find the right exchange, you won't pay anything remotely close to those amounts. The Exchanges have to charge something to keep the shop running and the miners that mine the coins get a small fee so I have no problem paying to play. I wouldn't pay the fees that you mention though, those are very high.

If you're on the right exchange, Uncle Sam doesn't know you're playing.....

 

[Dave Rishar]

If you're on the right exchange, Uncle Sam doesn't know you're playing.....

Until you move it back into the US, anyway. But it's the same deal with stocks, so that just comes with the territory.

 

[KRIKITTS]

I unloaded my tulips before the last frost

Gonna buy some Derivatives from Greece or somewhere...

 

[Johnnybravo300]

Pretty much any investment in Greece is a fail proof plan. Especially their public funded pension plans. I hear they are swimming in wealth and would make the spartans proud!
If the 300 could see them now!

 

[FreeBirdTim]

Some anonymous person bought $400 million in Bitcoin stock and now it's trading for over 11 grand. Hard to imagine anyone having that kind of cash throwing it into Bitcoin. Seems shady to me. Watch out for a pump and dump coming your way!

https://www.investopedia.com/news/anonymous-cryptocurrency-enthusiast-bought-400-million-bitcoin/

 

[1320]

400 million barely moves the needle. Litecoin saw nearly one billion pumped in over a 24 hour span, the collective pump raised the price by a whopping $50 per coin. I would guess that a single buy of 400 million wasn’t a single whale, it’s likely a representation of a group buy

 

[Johnnybravo300]

Interesting times! I've never seen the markets this faked and pumped in some areas and so crushed in others.
2018 will be fun to watch if nothing else!

 

[etex]

I'm putting my tulip profits into Venezuela bitcoins, regular bitcoins are for chumps

 

[etex]

I'm All in

 

[1320]

Ponzi and Tulips, Ponzi and Tulips.....ah, just more bad news for us crypto guys......Ponzi and Tulips.....The Circle/Poloniex acquisition is rumored to have cost $400 million. Folks, this stuff is about to blow up, it's coming, it's real. Risk a hundred or two, buy yourself a good, low priced crypto and park it, see what happens. You do not have to buy a full coin if you want to play with the bigger coins, the same hundred or two will work just fine. You don't have to be computer smart either, it's a very simple process. It's conceivable that a one to two hundred dollar investment could turn you into a millionaire a few years down the road.

"Goldman Sachs-backed cryptocurrency startup Circle has acquired digital token exchange Poloniex, Circle said on Monday, as it aims to cement its position as one of the leading players in the booming market."

Russian President Vladimir Putin has stated that the country needs blockchain technology and emphasized that it is important that Russia does not fall behind in the development and adoption of the revolutionary technology

Bank of America has officially commented that it might not be able to compete with cryptocurrencies. This is the first time that an important bank recognizes problems to compete with virtual currencies.

Investment banking giant Goldman Sachs has cited its connection to cryptocurrencies and blockchain as a potential business risk, public records show. The company wrote:

"We may be, or may become, exposed to risks related to distributed ledger technology through our facilitation of clients' activities involving financial products linked to distributed ledger technology, such as blockchain or cryptocurrencies, our investments in companies that seek to develop platforms based on distributed ledger technology, and the use of distributed ledger technology by third-party vendors, clients, counterparties, clearing houses and other financial intermediaries."

 

[Madmox]

Bank of America has officially commented that it might not be able to compete with cryptocurrencies. This is the first time that an important bank recognizes problems to compete with virtual currencies.

Someone is going to want a bailout soon. 🧐[emoji849]

 

[FreeBirdTim]

Unfortunately, the crypto craze looks very similar to the dot com bubble. Just like the dot com craze, any fool can sell their cryptos online with nothing to back it up. So many of the dot com businesses failed because they had no real product to sell, no sustainable revenue and no chance for a long term profit. Hate to be negative, but there has to be some balance here...

https://en.wikipedia.org/wiki/Dot-com_bubble

 

[FreeBirdTim]

Bank of America has officially commented that it might not be able to compete with cryptocurrencies

How long do you think the government will put up with that? B of A can't compete because they're heavily regulated. Just a matter of time before the Feds regulate cryptos to death. No way will they sit on the sidelines and let their precious banks go belly up. What they did to save B of A (and other banks) ten years ago was a joke. They broke every law in the book to save them and they'll do it again to level the playing field for banks.

 

[Madmox]

Level the playing field? They gave them the mother of all sweetheart deals. I will say that I am inclined to agree that there will be a day of reckoning coming. Though the mechanism driving cryptos will make it beyond difficult to effectively regulate. There are definitely some exciting days coming.

 

[1320]

Love it when the critics have to eat crow. The awakening has begun....lol

JPMorgan Admits Cryptocurrencies Could Disrupt Banks
The firm made this admission in its annual report, which was dated Feb. 27 and filed with the US Securities and Exchange Commission (SEC).

Deep in the 301-page document, JPMorgan — which manages $2.53 trillion in assets according to recent estimates — listed cryptocurrencies and peer-to-peer technology as potential disruptors to financial institutions and payment processors.

“Furthermore, both financial institutions and their non-banking competitors face the risk that payment processing and other services could be disrupted by technologies, such as cryptocurrencies, that require no intermediation,” the bank wrote in the filing. “New technologies have required and could require JPMorgan Chase to spend more to modify or adapt its products to attract and retain clients and customers or to match products and services offered by its competitors, including technology companies.”

Notably, the report was signed by JPMorgan CEO Jamie Dimon, a noted Bitcoin skeptic who has repeatedly lambasted the flagship cryptocurrency as a “fraud” and once threatened to fire any employees caught trading cryptoassets, although he recently walked back some of these comments.

 

[Johnnybravo300]

It's been pretty stagnant since the dive in January. Hasn't done much to regain and now with the silver backed coins taking the spotlight I wonder what's next. Seems like the coins backed by precious metals are really gaining traction and much interest and I read there was a waiting list.
I think the coins backed by actual metals could be the nail in the coffin for the aircoins backed by nothing but we will see.

Interesting times!!

 

[1320]

Calm before the storm, the natives are getting restless.......

WesBanco: “Additionally, banks and other financial institutions may have products and services not offered by WesBanco such as new payment system technologies and cryptocurrency, which may cause current and potential customers to choose those institutions.”

JPMorgan, Bank of America, and Goldman Sachs — the first, second, and fifth-largest US banks — have all cited cryptocurrencies and blockchain technology as business risks.

South Korean ‘big five’ bank Woori has completed the second phase of an overseas remittance trial using San Francisco-based enterprise blockchain startup Ripple, a move that sees the commercialization of blockchain cross-border payments as early as this year, local business publication Chosun reports.