Crypto currency

[Hacky McAxe]

Bitcoin was 35k only few months ago now it’s around 105k.

Bitcoin is extremely volatile and has some major downturns which resulted in people losing their entire savings, homes, etc. But it does have a general upward trend.

The main issue with Bitcoin is that it heavily suffers from the Greater Fool Theory. You can find plenty of people that will buy your Bitcoin at $18k, but no one will buy it when it's at $105k. So while it may seem great, the price is generally useless unless you can find someone stupid enough to buy it at peak.

 

[Psycho Doggie]

Bitcoin was 35k only few months ago now it’s around 105k.

Mostly because it is coming up to another halving.

 

[CrittaMagic69]

I remember early after bitcoin started I guy I was working with purchased a bundle of it and asked if i wanted to get in on it, I turned him down..

If I spent $1000 back then.. hindsight.

I know a bloke that got into Crypto in 2021 and he's up millions. He now owns multiple properties, is heavily invested in AI and offers free (and paid) mentoring. Guess where I know him from? From playing FIFA together online. He fucking learnt to trade playing FIFA

 

[soc123_au]

Bitcoin is extremely volatile and has some major downturns which resulted in people losing their entire savings, homes, etc. But it does have a general upward trend.

The main issue with Bitcoin is that it heavily suffers from the Greater Fool Theory. You can find plenty of people that will buy your Bitcoin at $18k, but no one will buy it when it's at $105k. So while it may seem great, the price is generally useless unless you can find someone stupid enough to buy it at peak.

Anyone who lost their savings/house on Bitcoin has no business investing in anything. They were either leverage trading with money that they couldn't afford to lose or panic sold. In the history of bitcoin anyone that has held for three years is in front.

Plenty of people buy at it's peak. 32 billion was traded in the last 24 hrs & up 1.4%, more buyers than sellers.

Alt coins are more risky and then there is the real wild west of shit coins.

 

[Wahesh]

When you buy the coin does it mean that you agree to the eye scan thing or is that a seperate thing that they're doing? Seems weird.

I've never heard of that. The only thing I can possibly think of is that an app might use that as part of their unique verification process? Not something I've come across though.

 

[Wahesh]

And tomorrow it could be easily 0.1K...

Highly unlikely that such a dive will take place.

 

[Wahesh]

I remember early after bitcoin started I guy I was working with purchased a bundle of it and asked if i wanted to get in on it, I turned him down..

If I spent $1000 back then.. hindsight.

Don't worry, there's something waaay worse than that. Back when it was first a thing, a guy had 10,000 coins for Bitcoin. He traded them all... for 2 pizzas. The guy would've literally been a billionaire today. That's a real kick in the guts.

 

[Wahesh]

I know a bloke that got into Crypto in 2021 and he's up millions. He now owns multiple properties, is heavily invested in AI and offers free (and paid) mentoring. Guess where I know him from? From playing FIFA together online. He fucking learnt to trade playing FIFA

My cousin knows all about what to do. So the thing is when you sell here, you need to pay capital gains tax based on profit that you make. My cousin uses a black market app that trades crypto, but you don't use your name. You join and are simply a number. Then you can buy and sell as you wish without the ATO knowing about it. Then he uses his profits to buy Pokemon cards from the 90s which are worth a bucket now. The Pokemon card gets shipped here (his asset). Then he sells the Pokemon card on eBay or FB Marketplace and only pays the bare minimum to them. The ATO have no clue about the profits he's made and he doesn't pay any tax.

 

[Wahesh]

I would be very careful with Worldcoin. The company that started it is dodgy as. They steal biometric data and other data from people and sell it to foreign governments. The company has been raided by police in many countries and forced to stop operating in certain countries. Plus there's a lot of fraud with people selling fake Worldcoin.

It's mainly up but not something I'll hold onto long term.

There's a small bear expected to come in the next few weeks. A bull will then follow allow people to recovery, then a major bear crash will come afterwards, similar to the one of 2022. That's when you need to jump in.

 

[Grunthos]

Highly unlikely that such a dive will take place.

But the instability is the major concern and let's be serious instability is not the hallmark of a good investment, if it looks too good to be true it probably is.
A scam is still a scam and Crypto is a gold-plated scam.

 

[Wahesh]

But the instability is the major concern and let's be serious instability is not the hallmark of a good investment, if it looks too good to be true it probably is.
A scam is still a scam and Crypto is a gold-plated scam.

Even when the big bear crash comes in a year or so, it's unlikely BitCoin will dive into 4 figures.

 

[Freakzilla]

I've never heard of that. The only thing I can possibly think of is that an app might use that as part of their unique verification process? Not something I've come across though.

Nah it's different. Read up on it. Spain banned them because of it.

 

[Wahesh]

Nah it's different. Read up on it. Spain banned them because of it.

Oh you're talking about what the business actually does. Sorry that's not what I was referring to. I thought you meant a trading platform.

 

[Freakzilla]

Oh you're talking about what the business actually does. Sorry that's not what I was referring to. I thought you meant a trading platform.

They're giving free crypto coins to people who sign up to it. Didn't know if you buy the coins if that means you agree to do it also.

 

[soc123_au]

My cousin knows all about what to do. So the thing is when you sell here, you need to pay capital gains tax based on profit that you make. My cousin uses a black market app that trades crypto, but you don't use your name. You join and are simply a number. Then you can buy and sell as you wish without the ATO knowing about it. Then he uses his profits to buy Pokemon cards from the 90s which are worth a bucket now. The Pokemon card gets shipped here (his asset). Then he sells the Pokemon card on eBay or FB Marketplace and only pays the bare minimum to them. The ATO have no clue about the profits he's made and he doesn't pay any tax.

All exchanges where you can cash out require KYC. Trading out of a wallet like Metamask or Trust Wallet etc are anonymous, but anyone with half a clue can follow the trail from centralised exchange to wallet and track trades through the block chain. I'd say your cousin is using crypto to purchase the cards then selling them to cash out. It's easy enough to trace if you know what you are doing and know where to start the search. I doubt the ATO are that switched on or resourced to do much on that front now though.

If he is making the money trading on centralised exchanges and then transferring to a wallet might raise a few flags, but if he is just moving small amounts of eth or bnb and trading on decentralised exchanges then it's harder for the tax man. Centralised on/off ramping is always going to be an issue for full anonymity though.

 

[Grunthos]

Even when the big bear crash comes in a year or so, it's unlikely BitCoin will dive into 4 figures.

But it is still a scam so it doesn't matter.

 

[Wahesh]

But it is still a scam so it doesn't matter.

I don't see how it's a scam if you can make legitimate money off it. It's pretty much new-age shares. They are companies that do real things and profit, and choose crypt rather than cash currency. All the young guys are doing it. It's the 21st century.

 

[Grunthos]

I don't see how it's a scam if you can make legitimate money off it. It's pretty much new-age shares. They are companies that do real things and profit, and choose crypt rather than cash currency. All the young guys are doing it. It's the 21st century.

The problem is, it's very difficult to turn the crypto into real cash, the proponents often say they can but the reality is very few do.
If you were sitting on ten million in Crypto but find it hard to pay your rent, then how come they don't cash at least some of it in?
Take a look at this,

 

[Wahesh]

The problem is, it's very difficult to turn the crypto into real cash, the proponents often say they can but the reality is very few do.
If you were sitting on ten million in Crypto but find it hard to pay your rent, then how come they don't cash at least some of it in?
Take a look at this,

You see, conversion has it's limitations, but the asset remains. As I said, my cousin buys Pokemon cards for $5000+ using Crypto. They send him the asset, and bang, he sells it here for real cash.

It's not so much getting cash in hand when selling, because people will find a work around and use it to buy something that has that cash value to it. People have bought houses and what have you with it. You just need to be smart and play your cards right.

 

[Grunthos]

You see, conversion has it's limitations, but the asset remains. As I said, my cousin buys Pokemon cards for $5000+ using Crypto. They send him the asset, and bang, he sells it here for real cash.

It's not so much getting cash in hand when selling, because people will find a work around and use it to buy something that has that cash value to it. People have bought houses and what have you with it. You just need to be smart and play your cards right.

It's not exactly like going to the hole in the wall and taking out the cash you put in yesterday now is it...
I have been investing for the best part of 45 years and had a good look at Crypto when it first appeared, it didn't smell right then and it defiantly doesn't smell right now so as far as I'm concerned a scam is a scam is a scam and Cripoto is a gold-plated scam.