Tell me about crypto currency…. Please

[LuvOrlando]

^^ That tends to be how all pyramid/ponzi schemes work. Those who jumped in early make their money from those who join later. It all starts to fall apart like a house of cards when the flow of new money dries up and those who haven't cashed out are left holding the bag. Their 'investment' is worth -0- or a fraction of what they put into it. That is why pyramid/ponzi schemes are illegal. The crypto world can use all the fancy terms they want but it is still a smoke/mirrors operation that has managed to fool a lot of people.

Exactly! It is all wealth on paper, it is only real when you cash out and most people let stuff sit like it is safely in a FDIC insured bank, it is not a bank & it is not safe.

 

[LuvOrlando]

https://www.irs.gov/newsroom/understanding-digital-asset-reporting-and-tax-requirements

https://www.irs.gov/newsroom/treasu...elp-taxpayers-aid-high-income-compliance-work

https://www.irs.gov/businesses/small-businesses-self-employed/digital-assets

Whole bunch of notices and such in this link that I expect will be retroactive & remember ignorance of the law is not a defense against breaking it.

Things are about to get very complicated, the requirement to show transfers as gifts is going to put a ton of people in jail who think/thought their illegal transactions were in the clear, "Big mistake, big, huge." - Pretty Woman

Like I said, stuff in the US is fine, until it isn't, be careful people and line up a CPA to help you sort it all out before they come a knockin.

 

[Lord Manhammer]

Ask what Sam Bankman-Fried's opinion of crypto is.

 

[Dan Murphy]

Ask what Sam Bankman-Fried's opinion of crypto is.

He's not taking calls.

 

[Cannot_Wait_4Disney]

^^ That tends to be how all pyramid/ponzi schemes work. Those who jumped in early make their money from those who join later. It all starts to fall apart like a house of cards when the flow of new money dries up and those who haven't cashed out are left holding the bag. Their 'investment' is worth -0- or a fraction of what they put into it. That is why pyramid/ponzi schemes are illegal. The crypto world can use all the fancy terms they want but it is still a smoke/mirrors operation that has managed to fool a lot of people.

Crypto is like beanie babies. But at least with the latter, when people lost big, they had a $3 toy to play with afterwards.

 

[ford family]

He's not taking calls.

Doesn't he have a cell phone?!

ford family

 

[Lord Manhammer]

Doesn't he have a cell phone?!

ford family

In his current state, he has no access to a cell.

 

[_19disnA]

Crypto is like beanie babies. But at least with the latter, when people lost big, they had a $3 toy to play with afterwards.

Or tulip bulbs...........at least those bloom in the spring !!!

 

[Titanium]

No investment manager I know or have dealt with has recommended crypto. Ever.

That Sam Bankman-Fried paid gazillions to spokespeople like Tom Brady, Steph Curry, David Ortiz, Naomi Osaka, Shohei Ohtani, Shaquille O’Neal, Udonis Haslem & Trevor Lawrence is telling.

If I wanted to play arbitrage I'd do it with DVC contracts. You'll have way more fun and something to show for it in the end.

 

[_19disnA]

FTX operated as a complete fraud and basically used customers deposits as their personal piggy bank to fund a lavish lifestyle along with paying HUGE amounts to various celebrities. They were NEVER that profitable to afford such expenses so it should have been obvious they were running an elaborate scam. Their 'investment' arm became a house of cards once they started losing money and the rate of return wasn't able to keep up with their excessive spending. Never mind the fact that diverting customer funds to underwrite risky investments was illegal. ALL of their top people had to know what was going on and for some to now act like they didn't is a flimsy excuse. Probably one reason they never had an accounting/compliance department and operated out of the Bahamas which is known for having lax investment regulations.

 

[Jangles]

I ‘play’with Crypto using a Revolut account. My rules are… Only buy what you can afford to lose and sell any profit, if and when the currency doubles in profit. Then you are only paying with free money. Revolut also allows me to buy portions of US shares, which is a fun way to dabble in US funds. I am in the U.K.

 

[Titanium]

FTX operated as a complete fraud and basically used customers deposits as their personal piggy bank to fund a lavish lifestyle along with paying HUGE amounts to various celebrities. They were NEVER that profitable to afford such expenses so it should have been obvious they were running an elaborate scam. Their 'investment' arm became a house of cards once they started losing money and the rate of return wasn't able to keep up with their excessive spending. Never mind the fact that diverting customer funds to underwrite risky investments was illegal. ALL of their top people had to know what was going on and for some to now act like they didn't is a flimsy excuse. Probably one reason they never had an accounting/compliance department and operated out of the Bahamas which is known for having lax investment regulations.

It was/is astonishing. Bankman-Fried didn't even know the names of his Board members which implies he had zero interaction with the board, which means there was less than zero due diligence from the folk supposedly directing the CEO. But Tom Brady said it was OK.

My favorite celebrity non-endorsement was from Taylor Swift -- she realized point blank what FTX was.

Purportedly pointed out that investing in FTX was investing in unregulated securities and left Sammie's $$$ on the table.

 

[Cannot_Wait_4Disney]

In his current state, he has no access to a cell.

I wouldn't exactly say he lacks access to a "cell" In fact, unless he croaked while I wasn't paying attention, I think he's going to have access to one for quite some time.

 

[Powerline13]

Blackrock filed for approval from the SEC for a BTC (Bitcoin) ETF on June 15th. Blackrock has 8.6 trillion AUM. Blackrock has a 575-1 record of having ETFs approved. For reference, when the first US gold ETF was approved in 2004, gold increased almost 350%.

 

[Lord Manhammer]

I wouldn't exactly say he lacks access to a "cell" In fact, unless he croaked while I wasn't paying attention, I think he's going to have access to one for quite some time.

DOH! Ya got me on that one.

I would agree with you. I should've said he has no (or likely has no) access to a mobile telephone. Then again, Martin Shkreli was, for a time, running his company from inside prison with an illegal phone, so it wouldn't surprise me if SBF is keeping occupied.

 

[_19disnA]

Blackrock filed for approval from the SEC for a BTC (Bitcoin) ETF on June 15th. Blackrock has 8.6 trillion AUM. Blackrock has a 575-1 record of having ETFs approved. For reference, when the first US gold ETF was approved in 2004, gold increased almost 350%.

Past performance of other investment securities is no guarantee of the future for other ETF's. Gold is actually a real thing, we mine out of the ground and is used for jewelry, coins as well as a number of industrial applications. Bitcoin was made up out of thin air, isn't a company or business, generates no revenue/income/profits like other real companies and is poorly regulated. The only 'value' bitcoin has is the result of finding someone else who wants to pay more for it then you did. Somewhat like musical chairs. When the music stops...............don't be left holding that bag of nothing.

 

[Cannot_Wait_4Disney]

Past performance of other investment securities is no guarantee of the future for other ETF's. Gold is actually a real thing, we mine out of the ground and is used for jewelry, coins as well as a number of industrial applications. Bitcoin was made up out of thin air, isn't a company or business, generates no revenue/income/profits like other real companies and is poorly regulated. The only 'value' bitcoin has is the result of finding someone else who wants to pay more for it then you did. Somewhat like musical chairs. When the music stops...............don't be left holding that bag of nothing.

It's more like old maid.

 

[Powerline13]

Past performance of other investment securities is no guarantee of the future for other ETF's. Gold is actually a real thing, we mine out of the ground and is used for jewelry, coins as well as a number of industrial applications. Bitcoin was made up out of thin air, isn't a company or business, generates no revenue/income/profits like other real companies and is poorly regulated. The only 'value' bitcoin has is the result of finding someone else who wants to pay more for it then you did. Somewhat like musical chairs. When the music stops...............don't be left holding that bag of nothing.

Bitcoin is up over 4k in the past 24 hours. Interesting timing on your ill informed opinion though!

 

[_19disnA]

Pyramid schemes always look a "can't miss" place to put your money if you get in early. I still wouldn't put a dime of my money in bitcoin.

 

[Powerline13]

Pyramid schemes always look a "can't miss" place to put your money if you get in early. I still wouldn't put a dime of my money in bitcoin.

I'm sure you know better than Blackrock and their 8 trillion AUM. Please check back on this thread in a year.