Cryptocurrencies

Davita

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Arizona State (where I used to live) is passing a bill to allow the State to accept Bitcoins and other crypto's as payment for State taxes....The cryptocurrency must be converted to US$ within 24 hours to avoid volatility.
https://www.coindesk.com/arizona-senators-pass-bitcoin-tax-payments-bill/

This could be emulated here in Indonesia. I'm sure there are many wealthy Indonesians who indulge in cryptocurrencies and would like to sort their tax liability without the Gov't finding the source of where they've secreted their money. A perfect way to pay and a perfect way for the Gov't to increase its tax revenue.

I'm aware that Indonesia recently made Crypto payment transactions illegal but this could provide a loophole which could generate, for the Gov't, more income than their failed amnesty program.
 
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snpark

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Sssshhhh all the bitcoin fanatics went quiet when it dropped down to below $8000 again
 

Bad_azz

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Hehe... its all been quiet for a while, but the ride was fun- I haven't had time to follow it much recently.
I am still showing a + though as it was around $4500 when I bought in.
 

snpark

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Hehe... its all been quiet for a while, but the ride was fun- I haven't had time to follow it much recently.
I am still showing a + though as it was around $4500 when I bought in.
Only a + when you sell remember
 

Bad_azz

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Only a + when you sell remember
Not at all, I learnt a whole lot from the experience (which was why I went into it in the first place) & in my opinion learning has more value than $

:) Not everything of value has a $sign attached.
 

snpark

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Not at all, I learnt a whole lot from the experience (which was why I went into it in the first place) & in my opinion learning has more value than $

:) Not everything of value has a $sign attached.

everything is worthless until it is sold and money in the bank
case in point your bitcoin could be "worth" $8 or $8000 or $80000 but until you sell it and have the actual money "cash" in your hand then its futile

and don't split hairs about well cash in your hand is the same as bitcoin etc etc
cash is universally recognised and tangible and accepted
my house is "worth" $2m when the market is crazy but in a bear market or slump it is worth half that, so until it is sold and the money is actually physically there for me to be able to use then it is worthless

im talking accepted, so again please dont split hairs about bitcoin being accepted as a currency etc etc
 

snpark

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but yes I understand your point about education and knowledge having value

being street smart is worth more than any education at school, where all they do is teach you to pass a test
how many of us actually use the knowledge we got at school, the exams subjects we studied 40 years ago and the career we ended up in

or passing a driving test, did your instructor teach you about handbrake turns, wheelspins, donuts, or what to do when the oil pressure light comes on or when you get a blowout at 90kmh on the motorway or opposite lock drifting etc?

or just how to do a hill start and a 3 point turn in a quiet cul de sac

street smart is the best smart
that, and travel

instead of doing french german latin and greek at school i should have done arabic, spanish and mandarin
 

Bad_azz

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I think you misunderstood me, in light of all your reference to splitting hairs etc re BTC.

I started this thread because I knew nothing at all about cryptocurrencies/blockchain. Not just BTC.

I wanted to learn about them and I figured the best way to learn was practical experience of buying, selling and exchanging the CCs.
I got a crash course in it & it was great fun, especially in the run up to Christmmas last year.
I won't be selling them or my experiment would be a pathetic short term deal trying to make financial gain, & that wasn't quite what I had in mind- I hope to sit back and watch the show for a fair few years.
I do think CCs are the way all currencies are headed- Bitcoin is just the oldest & most famous one of many, it doesn't make it the best.
 

harryopal

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Some while ago I was prepared to put a bit of money into crypto currencies but it seemed whichever way I turned there were problems. Quite a few websites would not accept applications because their systems identified that I was responding from Indonesia. To get around that I signed up for a VPN but that still didn't work as to complete an application I had to post a mobile contact number and again that was not accepted being an Indonesian number.

There were other possible websites but it seemed whenever I did a search on their performances there were warnings about them begin scammers or crooks. I figured that the key to successful trading was to be able to buy or sell quickly and the plan was to buy when rising and sell when falling. I might have done reasonably well as I was interested in Ethereum but gave it up in exasperation with the difficuties in finding a reliable server.

I suppose with the benefit of hindsight and a bit of money in hand we could all be millionaires. In 1969 I could have bought a solid brick two storey building in the centre of the then almost ghost town of Quorn in South Australia for just $600 or so. But then I had neither $600 or the advantage of hindsight.
 

dafluff

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The Bank for International Settlements completely disagrees, and its reasoning is pretty sound. https://www.bloomberg.com/news/arti...reak-the-internet-central-banks-overseer-says

Actually, just glancing the article, just the first reasoning is already completely false:

In one of its most poignant findings, the BIS analyzed what it would take for the blockchain software underpinning Bitcoin to process the digital retail transactions currently handled by national payment systems. As the size of so many ledgers swell, the researchers found, it would eventually overwhelm everything from individual smartphones to servers.

“The associated communication volumes could bring the Internet to a halt,” the report said.

The truth is that the entire bitcoin ledger is about 180 GB in size (https://blockchain.info/charts/blocks-size) as of right now. In storage terms is nothing. My low end laptop has a 1 TB hard drive, it could fit 5 x the current bitcoin ledger. Yes, the ledger is growing everyday, but so are storage capacities. Further there maybe future updates where it's no longer necessary to store the entire ledger.

The bandwidth required for communicating a transaction block is about 2 MB, or the size of a somewhat large image file. A medium quality HD movie is about 10 GB or 5000x the size of a bitcoin block.

While I am not convinced that Bitcoin is the future (in fact if I doubt it will be), I dislike these misinformed articles. Unfortunately they are quite typical in the mainstream crytpocurrency reporting, as cryptos are clearly still not understood by most.
 

El_Goretto

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So... Time to pay attention to crypto again?

With Facebook's announcement of its Libra cryptocurrency and BTC passing through the $10,000 price mark again (from a low of just above $3,000 earlier this year), it seems like the cryptosphere is shaking up again.
 

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