€100 of Bitcoin in 2010 = €70m today

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ovalball
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Re: €100 of Bitcoin in 2010 = €70m today

Post by ovalball »

So, who or what, actually issues these crypto currencies.

Have to say, it all sounds like a giant, virtual reality, Ponzi scheme.
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englishchief
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Re: €100 of Bitcoin in 2010 = €70m today

Post by englishchief »

PSA

Unless you live in the USA, it is much easier to buy bitcoins first, then transfer those bitcoins to a non-fiat based exchange such as bittrex or poloniex.

Bitcoins can be expensive if you buy them from abroad as you will often needed to do a wire transfer which banks usually charge extra for. The simplest way to buy bitcoin is to buy it from someone in your own country, because then you can do an internal bank transfer.

I'd recommend using bittylicious, although I'm not too sure how it works for people who don't live in the UK. Another site is local bitcoins.

Basically, do your research on safe places to buy bitcoin in your country. Once you've bought your bitcoin, if it's your first time I'd recommend sending it to your wallet address (you could send it straight to the exchange address to skip out mining (transaction) fees).
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englishchief
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Re: €100 of Bitcoin in 2010 = €70m today

Post by englishchief »

ovalball wrote:So, who or what, actually issues these crypto currencies.

Have to say, it all sounds like a giant, virtual reality, Ponzi scheme.
It's the future. It's intrinsic value is that it is very safe, money-saving and effectively anonymous and free from government control.

With coins such as ethereum, the blockchain technology is also very valuable.
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TheBouncer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by TheBouncer »

ovalball wrote:So, who or what, actually issues these crypto currencies.

Have to say, it all sounds like a giant, virtual reality, Ponzi scheme.

Issuance depends on the currency and the blockchain underlying it. In ethereum, for instance, new coins are issued for the miners (computers) who validate transactions and keep the network safe and so inflation occurs. Ether, the currency, is necessary to pay for transactions on the blockchain.

I don’t think anyone questions the potential value of blockchain and public blockchains can not function without some economic incentive within.

There are many coins/tokens where the use case and inherent value is not all that clear and these obviously must be avoided. Could this application function without a token is the first question I’ll ask of any project.
ovalball
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Re: €100 of Bitcoin in 2010 = €70m today

Post by ovalball »

TheBouncer wrote:
ovalball wrote:So, who or what, actually issues these crypto currencies.

Have to say, it all sounds like a giant, virtual reality, Ponzi scheme.

Issuance depends on the currency and the blockchain underlying it. In ethereum, for instance, new coins are issued for the miners (computers) who validate transactions and keep the network safe and so inflation occurs. Ether, the currency, is necessary to pay for transactions on the blockchain.

I don’t think anyone questions the potential value of blockchain and public blockchains can not function without some economic incentive within.

There are many coins/tokens where the use case and inherent value is not all that clear and these obviously must be avoided. Could this application function without a token is the first question I’ll ask of any project.
Thanks

So, when people use suitable hardware/software to 'mine' crypto currencies - they effectively earn 'coin'. Who pays them? Is it the many people making the transactions, from their own 'coin' stock, or is there some new 'coin' being created. If so, where does the new 'coin' come from - is the total 'coin' not limited. (I understood that Bitcoin, for example, is limited to 21M.
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sewa
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sewa »

englishchief wrote:
ovalball wrote:So, who or what, actually issues these crypto currencies.

Have to say, it all sounds like a giant, virtual reality, Ponzi scheme.
It's the future. It's intrinsic value is that it is very safe, money-saving and effectively anonymous and free from government control.

With coins such as ethereum, the blockchain technology is also very valuable.
Can I use it to pay for my diesel, get a BJ down the RLD and do my weekly shop? Until you can its all a con / pyramid scheme.
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sorCrer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

sewa wrote:
englishchief wrote:
ovalball wrote:So, who or what, actually issues these crypto currencies.

Have to say, it all sounds like a giant, virtual reality, Ponzi scheme.
It's the future. It's intrinsic value is that it is very safe, money-saving and effectively anonymous and free from government control.

With coins such as ethereum, the blockchain technology is also very valuable.
Can I use it to pay for my diesel, get a BJ down the RLD and do my weekly shop? Until you can its all a con / pyramid scheme.
And legal tender in Japan...
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TheBouncer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by TheBouncer »

ovalball wrote:
TheBouncer wrote:
ovalball wrote:So, who or what, actually issues these crypto currencies.

Have to say, it all sounds like a giant, virtual reality, Ponzi scheme.

Issuance depends on the currency and the blockchain underlying it. In ethereum, for instance, new coins are issued for the miners (computers) who validate transactions and keep the network safe and so inflation occurs. Ether, the currency, is necessary to pay for transactions on the blockchain.

I don’t think anyone questions the potential value of blockchain and public blockchains can not function without some economic incentive within.

There are many coins/tokens where the use case and inherent value is not all that clear and these obviously must be avoided. Could this application function without a token is the first question I’ll ask of any project.
Thanks

So, when people use suitable hardware/software to 'mine' crypto currencies - they effectively earn 'coin'. Who pays them? Is it the many people making the transactions, from their own 'coin' stock, or is there some new 'coin' being created. If so, where does the new 'coin' come from - is the total 'coin' not limited. (I understood that Bitcoin, for example, is limited to 21M.
In Ethereum 5 eth are awarded to a miner for every block mined, this is embedded in the protocol. Miners earn a living from this block reward and transaction fees on the network.

Under its current method of issuance Ether’s supply line is infinite. You’re right, Bitcoin’s is finite and the removal of mining rewards means the miners will be reliant on small transaction fees alone (removing many of the existing miners from the ecosystem I suspect). Improvements in computing power can help negate those losses.

Now it’s important to explain the different methods of block validation and chain security. The ones described above are Proof of Work where computational power secures the network. This is tremendously wasteful (electricity costs of securing ethereum are equivalent to a small country’s). Ethereum will switch to a Proof of Scale model where instead of those holding the computing power securing the network it will be those holding the coins themselves. This success of this switch is absolutely imperative in the ethereum roadmap.
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englishchief
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Re: €100 of Bitcoin in 2010 = €70m today

Post by englishchief »

sewa wrote:
englishchief wrote:
ovalball wrote:So, who or what, actually issues these crypto currencies.

Have to say, it all sounds like a giant, virtual reality, Ponzi scheme.
It's the future. It's intrinsic value is that it is very safe, money-saving and effectively anonymous and free from government control.

With coins such as ethereum, the blockchain technology is also very valuable.
Can I use it to pay for my diesel, get a BJ down the RLD and do my weekly shop? Until you can its all a con / pyramid scheme.
Yes you can in some places. The fact that you currently may not be able to buy diesel at your local Spar with cryptocurrency doesn't mean it is a con- most people would not have been able to run/use Google when it was first listed on the stock exchange.
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Cartman
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Cartman »

sorCrer wrote:
Cartman wrote:Source, as a saffer where do you buy xrp and xlm?
Been waiting more than a week and counting to get verified on kraken
f**k that place
Buy BTC on Luno and transfer to Kraken. I prefer Bitstamp for XRP but they don't trade XLM.
Thanks :thumbup:
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mr bungle
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Re: €100 of Bitcoin in 2010 = €70m today

Post by mr bungle »

Ethereum tracking nicely, up to US$345.
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TheBouncer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by TheBouncer »

mr bungle wrote:Ethereum tracking nicely, up to US$345.
I'm not confident it takes number 1 soon but there is no question the BTC scaling debate is giving bitcoin holders shaky hands.


One of those where you can only do yourself harm really, hope to god Japan offer much more.
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kiwinoz
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Re: €100 of Bitcoin in 2010 = €70m today

Post by kiwinoz »

Showed my wife one of my ETH accounts. Less than $800 in (March to now) and now up $4k. She knows SFA about these so of course its a big con and I have "lost $800". I would consider her attitude to be typical of most.
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TheBouncer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by TheBouncer »

kiwinoz wrote:Showed my wife one of my ETH accounts. Less than $800 in (March to now) and now up $4k. She knows SFA about these so of course its a big con and I have "lost $800". I would consider her attitude to be typical of most.
Was chattin to a guy last night out. Big finance guy who swore I was selling snake oil. Was adamant I wouldn't be able to pull the fiat back on an exchange.

Come back to us lads
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sorCrer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

TheBouncer wrote:
kiwinoz wrote:Showed my wife one of my ETH accounts. Less than $800 in (March to now) and now up $4k. She knows SFA about these so of course its a big con and I have "lost $800". I would consider her attitude to be typical of most.
Was chattin to a guy last night out. Big finance guy who swore I was selling snake oil. Was adamant I wouldn't be able to pull the fiat back on an exchange.

Come back to us lads
In 2014 I was trading R500k's worth a month.
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Anonymous 1
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Anonymous 1 »

kiwinoz wrote:Showed my wife one of my ETH accounts. Less than $800 in (March to now) and now up $4k. She knows SFA about these so of course its a big con and I have "lost $800". I would consider her attitude to be typical of most.
Is it possible for someone to hack into these and create more ETH or bitcoin. With shares when the individual price goes so high it effects liquidity they just split them. Can't see bitcoin ever being someone people use as a currency unless it splits and if that can be done then shirley it can be multiplied and it's value watered down.
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sorCrer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

Anonymous. wrote:
kiwinoz wrote:Showed my wife one of my ETH accounts. Less than $800 in (March to now) and now up $4k. She knows SFA about these so of course its a big con and I have "lost $800". I would consider her attitude to be typical of most.
Is it possible for someone to hack into these and create more ETH or bitcoin. With shares when the individual price goes so high it effects liquidity they just split them. Can't see bitcoin ever being someone people use as a currency unless it splits and if that can be done then shirley it can be multiplied and it's value watered down.
You cannot create more ETH or Bitcoin from existing coins.
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TheBouncer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by TheBouncer »

Anyone any thoughts on the indexing power of eth.

I've been holding several erc20 tokens for some time and gains have been steady (dwarfed by eth) but I'm now coming round to the idea that choosing the killer app is a crapshoot and the benefit to the ecosystem of that app will only push eth anyway. And so maybe the basket of augur, melon, golem etc is really just an inefficient means of holding eth.

This is just coins on the application layer of course, other cryptos I think are worth holding and do offer legitimate diversification.
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RuggaBugga
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Re: €100 of Bitcoin in 2010 = €70m today

Post by RuggaBugga »

TheBouncer wrote:As I understand it NZD is a disaster for eth... either pay a premium or buy bitcoin and exchange that for eth on shapeshift, poloniex or another token transfer site. Note, the sites that avoid fiat like those I've mentioned are very user-friendly, no arduous verification process.

DO NOT LEAVE substantial amounts on these exchanges. If anyone needs help with cold storage post here.

TheBouncer wrote:
Crash_12 wrote:Would 100 gbp on Ethereum right here and now be a solid bet?
Yes

Has anyone any factom? Will research this week but looks very interesting.
Since this post last night factom is up 50%

:lol: :lol:

#cryptolife
How bout this site? Look ok?

https://www.independentreserve.com
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kiwinoz
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Re: €100 of Bitcoin in 2010 = €70m today

Post by kiwinoz »

Anyone take advantage of the "sale" yesterday? Got in but now when I wanted to Coinbase down again!! :x :x
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TheBouncer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by TheBouncer »

kiwinoz wrote:Anyone take advantage of the "sale" yesterday? Got in but now when I wanted to Coinbase down again!! :x :x
I bottled it.
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w0rdtothe3rd
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Re: €100 of Bitcoin in 2010 = €70m today

Post by w0rdtothe3rd »

Image
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Ewinkum
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Ewinkum »

Finally got set up on Kraken yesterday. Coinbase didn't work for me.
This time next year I'll be a millionaire so I will.
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kiwinoz
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Re: €100 of Bitcoin in 2010 = €70m today

Post by kiwinoz »

Ewinkum wrote:Finally got set up on Kraken yesterday. Coinbase didn't work for me.
This time next year I'll be a millionaire so I will.
Meh the average Zimbabwean was a millionaire and said it was over rated.

The volatility of cryptos is one of the biggest issues they face. Cant use it transactionally if its going up and down 10 - 15% in a week
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He Man Rugger Pints
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Re: €100 of Bitcoin in 2010 = €70m today

Post by He Man Rugger Pints »

Coinbase generally a big pile of shit? Keep getting "user is unable to buy" message despite having verified my account with ID etc.

Any other sites people in the know would recommend? Thanks.
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sorCrer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by sorCrer »

He Man Rugger Pints wrote:Coinbase generally a big pile of shit? Keep getting "user is unable to buy" message despite having verified my account with ID etc.

Any other sites people in the know would recommend? Thanks.
I only trust Bitstamp after being with them for several years now. They are quite sticky with KYC etc but much better to deal with.
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He Man Rugger Pints
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Re: €100 of Bitcoin in 2010 = €70m today

Post by He Man Rugger Pints »

Can you buy etherum with that or just bitcoin? Thanks for the reply!
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Zakar
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Zakar »

So etherium seems in the midst of a correction. What is interesting about it is the fact that it seems quite out of cycle with the other cryptos. Does anyone have any light to shed on why? I've been looking at a good entry point, and it's looking more and more appealing.
bimboman
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Re: €100 of Bitcoin in 2010 = €70m today

Post by bimboman »

sorCrer wrote:
sewa wrote:
englishchief wrote:
ovalball wrote:So, who or what, actually issues these crypto currencies.

Have to say, it all sounds like a giant, virtual reality, Ponzi scheme.
It's the future. It's intrinsic value is that it is very safe, money-saving and effectively anonymous and free from government control.

With coins such as ethereum, the blockchain technology is also very valuable.
Can I use it to pay for my diesel, get a BJ down the RLD and do my weekly shop? Until you can its all a con / pyramid scheme.
And legal tender in Japan...

That's a stretch.
bimboman
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Re: €100 of Bitcoin in 2010 = €70m today

Post by bimboman »

Also to all you bit coin traders why on earth aren't you millionaires many times over ? You know How, you believe in them and yet you haven't all invested every penny at every opportunity, why not ?
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Zakar
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Zakar »

bimboman wrote:Also to all you bit coin traders why on earth aren't you millionaires many times over ? You know How, you believe in them and yet you haven't all invested every penny at every opportunity, why not ?
Are you criticising people for having a diverse portfolio?
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TheBouncer
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Re: €100 of Bitcoin in 2010 = €70m today

Post by TheBouncer »

bimboman wrote:Also to all you bit coin traders why on earth aren't you millionaires many times over ? You know How, you believe in them and yet you haven't all invested every penny at every opportunity, why not ?

What
bimboman
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Re: €100 of Bitcoin in 2010 = €70m today

Post by bimboman »

Zakar wrote:
bimboman wrote:Also to all you bit coin traders why on earth aren't you millionaires many times over ? You know How, you believe in them and yet you haven't all invested every penny at every opportunity, why not ?
Are you criticising people for having a diverse portfolio?

Well if crypto currencies are a sure thing I'm amazed some of you guys aren't really all in.
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tiddle
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Re: €100 of Bitcoin in 2010 = €70m today

Post by tiddle »

Most posters here who are invested in them, have stated the value can be volatile so it would be silly to put all your eggs in one basket.
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Zakar
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Zakar »

bimboman wrote:
Zakar wrote:
bimboman wrote:Also to all you bit coin traders why on earth aren't you millionaires many times over ? You know How, you believe in them and yet you haven't all invested every penny at every opportunity, why not ?
Are you criticising people for having a diverse portfolio?

Well if crypto currencies are a sure thing I'm amazed some of you guys aren't really all in.
It's an alternative investment and it's inteligent to treat them as such. I've got 0 in FWIW, just researching at this stage.

That being said, some peple did put everything in bitcoin and made squillions as a result.
bimboman
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Re: €100 of Bitcoin in 2010 = €70m today

Post by bimboman »

tiddle wrote:Most posters here who are invested in them, have stated the value can be volatile so it would be silly to put all your eggs in one basket.

But they're all so bullish.
bimboman
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Re: €100 of Bitcoin in 2010 = €70m today

Post by bimboman »

Zakar wrote:
bimboman wrote:
Zakar wrote:
bimboman wrote:Also to all you bit coin traders why on earth aren't you millionaires many times over ? You know How, you believe in them and yet you haven't all invested every penny at every opportunity, why not ?
Are you criticising people for having a diverse portfolio?

Well if crypto currencies are a sure thing I'm amazed some of you guys aren't really all in.
It's an alternative investment and it's inteligent to treat them as such. I've got 0 in FWIW, just researching at this stage.

That being said, some peple did put everything in bitcoin and made squillions as a result.

But €100 euro is now worthy 70 million, there should be 100's if not 1,000's of massively wealthy people, I'm amazed they've all been so discreet that we don't know where they are.

Quick question , what is the tax status on the profits ?
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Zakar
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Zakar »

bimboman wrote:
tiddle wrote:Most posters here who are invested in them, have stated the value can be volatile so it would be silly to put all your eggs in one basket.

But they're all so bullish.
Yeah! Why aren't these posters running their comments past their compliance department for an appropriate disclaimer?

The value of Cryptocurrencies may go rapidly down as well as up. Your capital is at risk. All PR posts by Zakar are for general information purposes only and should not be construed as financial advice.
bimboman
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Re: €100 of Bitcoin in 2010 = €70m today

Post by bimboman »

Zakar wrote:
bimboman wrote:
tiddle wrote:Most posters here who are invested in them, have stated the value can be volatile so it would be silly to put all your eggs in one basket.

But they're all so bullish.
Yeah! Why aren't these posters running their comments past their compliance department for an appropriate disclaimer?

The value of Cryptocurrencies may go rapidly down as well as up. Your capital is at risk. All PR posts by Zakar are for general information purposes only and should not be construed as financial advice.

Immsre that sounded really clever when you typed it in, however how small is your portfolio if diversification means 1,000's of people haven't invested at least 100 euro's ?
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Zakar
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Re: €100 of Bitcoin in 2010 = €70m today

Post by Zakar »

bimboman wrote:
Zakar wrote:
bimboman wrote:
Zakar wrote:
bimboman wrote:Also to all you bit coin traders why on earth aren't you millionaires many times over ? You know How, you believe in them and yet you haven't all invested every penny at every opportunity, why not ?
Are you criticising people for having a diverse portfolio?

Well if crypto currencies are a sure thing I'm amazed some of you guys aren't really all in.
It's an alternative investment and it's inteligent to treat them as such. I've got 0 in FWIW, just researching at this stage.

That being said, some peple did put everything in bitcoin and made squillions as a result.

But €100 euro is now worthy 70 million, there should be 100's if not 1,000's of massively wealthy people, I'm amazed they've all been so discreet that we don't know where they are.

Quick question , what is the tax status on the profits ?
I'm ignoring your first paragraph as youre smart enough to know why that's obtuse.

Absolutely it's a capital gain and is taxable. However as the bitcoin exchanges didn't have any kyc for a long time, ive no doubt that plenty evaded tax on them.

The value of Cryptocurrencies may go rapidly down as well as up. Your capital is at risk. All PR posts by Zakar are for general information purposes only and should not be construed as financial advice.
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