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Bitcoins worth more than gold

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Re: Bitcoins worth more than gold

Postby tombraider » Thu Dec 07, 2017 5:07 pm

Slightly off the bitcoin subject, I recall about 20 months ago there was a big drive from the OnceCoin people coming over from Thailand, putting on a few seminars and events attended by very high profile Khmers and others from the business community. As it seemed at the time from someone I knew who got wrapped up in the excitement and promises of quick riches it seems it was just a ponzi scheme. I hadn't given it much thought until today but wondered what had happened with the scheme and to all intents and purposes from the info listed on Wiki is a lot of people probably got screwed here. I wonder how many in Cambodia bought and lost here.

https://en.wikipedia.org/wiki/OneCoin
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Re: Bitcoins worth more than gold

Postby sociopath » Thu Dec 07, 2017 5:17 pm

National Bank of Cambodia Bans Bitcoin

Published: 07/12/2017 10:36
Hits: 178

Phnom Penh (FN), Dec. 7 - The National Bank of Cambodia (NBC) on Thursday morning released a resolution to all banks and micro-finance institutions in Cambodia to ban the trading of Crypto currency such as Bitcoin.
http://en.freshnewsasia.com/index.php/6 ... inted.html
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Re: Bitcoins worth more than gold

Postby Gardiguy » Thu Dec 07, 2017 5:23 pm

batshitcrazyweirdo wrote:Consider it a commodity that is volatile right now. I sold mine.

It is decentralized and people are investing in bitcoin mining like crazy right now in many different countries.

Do not throw it aside like some fad. It is not.

Governments cannot control it, like most think. Just sayin.

Batman :eyes:
I thought most of the mining these days were in Chinese mining warehouses with gpu's? I was under the assumption thats the reason why China seems to somewhat legitimized bitcoin as opposed to other crypto's in the last few months. Maybe to try to bring it under control and try to regulate it.
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Re: Bitcoins worth more than gold

Postby batshitcrazyweirdo » Thu Dec 07, 2017 5:30 pm

Gardiguy wrote:
batshitcrazyweirdo wrote:Consider it a commodity that is volatile right now. I sold mine.

It is decentralized and people are investing in bitcoin mining like crazy right now in many different countries.

Do not throw it aside like some fad. It is not.

Governments cannot control it, like most think. Just sayin.

Batman :eyes:
I thought most of the mining these days were in Chinese mining warehouses with gpu's? I was under the assumption thats the reason why China seems to somewhat legitimized bitcoin as opposed to other crypto's in the last few months. Maybe to try to bring it under control and try to regulate it.


China is being clobbered and is now taking measures. Yer info is wrong. It's escalation may dominate the headlines now, but it is volatile. Be patient. Make yer decisions. I did. Kinda hurts its worth more.

http://money.cnn.com/2017/11/07/technol ... index.html
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Re: Bitcoins worth more than gold

Postby epidemiks » Thu Dec 07, 2017 6:14 pm

tombraider wrote:Slightly off the bitcoin subject, I recall about 20 months ago there was a big drive from the OnceCoin people coming over from Thailand, putting on a few seminars and events attended by very high profile Khmers and others from the business community. As it seemed at the time from someone I knew who got wrapped up in the excitement and promises of quick riches it seems it was just a ponzi scheme. I hadn't given it much thought until today but wondered what had happened with the scheme and to all intents and purposes from the info listed on Wiki is a lot of people probably got screwed here. I wonder how many in Cambodia bought and lost here.

https://en.wikipedia.org/wiki/OneCoin
I saw one of their "company cars" the other day in bkk3, so they might still be around. It was a tiny rusted out Nissan March or something equally crappy with a giant onecoin sticker down the side.
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Re: Bitcoins worth more than gold

Postby Edwardo » Thu Dec 07, 2017 9:29 pm

Bitcoin went from $12,000 to over $15,000 within 24 hours.
'Cuz some is rich, and some is poor, and that's the way the world is.
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Re: Bitcoins worth more than gold

Postby DetroitMuscle » Fri Dec 08, 2017 12:55 am

Starving Pelican wrote:What "wallets" do people use? The best advice seems to be to buy a USB-style thing, eg Treznor


Trezor or Ledger Nano S. They aren't wallets but you use them to access your coins wallet safely. They hold your private keys to your wallet. So even if your computer has malware, you are protected. Basics of it
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Re: Bitcoins worth more than gold

Postby DetroitMuscle » Fri Dec 08, 2017 12:56 am

gavinmac wrote:
DetroitMuscle wrote:Short term capital gains suck. I hope I can make it to this may so I can hit long term cap gains tax rates.

Fucking IRS.


I thought they were taxed at ordinary income rates. You have income?


Short term is taxed at normal income rates. Long term is not. Lol, I have income. My wife has income. Joint filing.

I actually got into the electrician's union.
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Re: Bitcoins worth more than gold

Postby gavinmac » Fri Dec 08, 2017 1:21 am

Correct me if I'm wrong I got a D- in Basic Income Taxation in law school (true story).

It looks to me that if your joint/combined adjusted gross income is under $75,900 per year then you're in the 15% tax bracket, which is what the tax on long term capital gains is. So it wouldn't matter if you sold it as a short term or long term gain.

Maybe your wife is good at business though. I'm not asking if you're in a higher bracket. I'm not crass like son of vladimir.
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Re: Bitcoins worth more than gold

Postby DetroitMuscle » Fri Dec 08, 2017 2:22 am

gavinmac wrote:Correct me if I'm wrong I got a D- in Basic Income Taxation in law school (true story).

It looks to me that if your joint/combined adjusted gross income is under $75,900 per year then you're in the 15% tax bracket, which is what the tax on long term capital gains is. So it wouldn't matter if you sold it as a short term or long term gain.

Maybe your wife is good at business though. I'm not asking if you're in a higher bracket. I'm not crass like son of vladimir.


I hope you are right. I didn't look up our tax brackets recently. I know trumps tax plan changes the brackets. This year I hope you are right.

Edit. I just looked it up. You are correct.
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Re: Bitcoins worth more than gold

Postby GB8 » Fri Dec 08, 2017 11:27 am

D+
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Re: Bitcoins worth more than gold

Postby JJones » Sat Dec 09, 2017 3:24 pm

I bought bitcoin from an exchange in Singapore. Everything was fine until the exchange cut their link to the banks. They now use some system that only residents of Singapore can use. I was given about ten days to get any cash out. I moved my coins to a Ledger Nano S.

I recently opened an account in Canada on an exchange. Today I looked and see they only deal in cash. So if I sell through them I have to go pick up the money and I am in Asia.

Does anyone know of a credible exchange in Asia in the event I want to cash out some of my investment? I would have to be able to link it up with a bank account. It seems this is getting more difficult as time goes by. I think the banks and governments want it that way.
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Re: Bitcoins worth more than gold

Postby Phuket2006 » Sat Dec 09, 2017 5:06 pm

"We are turning into a nation of whimpering slaves to Fear—fear of war, fear of poverty, fear of random terrorism, or suddenly getting locked up in a military detention camp on vague charges of being a Terrorist sympathizer." HST
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Re: Bitcoins worth more than gold

Postby DetroitMuscle » Sun Dec 10, 2017 2:09 am

JJones wrote:I bought bitcoin from an exchange in Singapore. Everything was fine until the exchange cut their link to the banks. They now use some system that only residents of Singapore can use. I was given about ten days to get any cash out. I moved my coins to a Ledger Nano S.

I recently opened an account in Canada on an exchange. Today I looked and see they only deal in cash. So if I sell through them I have to go pick up the money and I am in Asia.

Does anyone know of a credible exchange in Asia in the event I want to cash out some of my investment? I would have to be able to link it up with a bank account. It seems this is getting more difficult as time goes by. I think the banks and governments want it that way.


The only I know of are either South Korean or Japanese or they don't actually cash out to FIAT, just deal with crypto to crypto trades once you secure BTC or ETH from another exchange.

I don't know if the Korean or Japanese ones allow wire transfers from Bank accounts based in other parts of Asia. Look it up. Google South Korean crypto exchanges or Japan etc etc. I forgot their names as I just use GDAX >>Binance
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Re: Bitcoins worth more than gold

Postby amirite » Sun Dec 10, 2017 7:12 pm

gavinmac wrote:Correct me if I'm wrong I got a D- in Basic Income Taxation in law school (true story).

It looks to me that if your joint/combined adjusted gross income is under $75,900 per year then you're in the 15% tax bracket, which is what the tax on long term capital gains is. So it wouldn't matter if you sold it as a short term or long term gain.

Maybe your wife is good at business though. I'm not asking if you're in a higher bracket. I'm not crass like son of vladimir.


What do you call the guy who finishes last in his class at medical school?

Doctor.
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