volfanhill
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it's in 12 hoursSpeaking of bitcoin , has a definite date for the halfing been set? I’ve read around the
04/23 or so.
Near is one I wish I had picked up at the bottom of bear market, but I picked up a big bag of ICP instead. Holding ETH, ICP, LINK, AVAX, FET, MATIC, SOL, HBAR, ADA.I have SOL/AVAX (50%), then QANX (20%) , AIOZ (15%), NEAR (10%), others (<5%). Have been a crypto developer for 6 years and am excited for the future. Of course Israel wiped out 20% of my gains this past week but **** em, to the moon!!!!
We are still very early. We have yet to find out who will be the winners and losers in the space, but I agree, we won't need hundreds of different blockchainsSerious questions.
What is the utility of hundreds, if not thousands, of different coins?
The servers that are doing the mining and building ledgers all use energy to maintain and have other costs as well. So other than being propped up by speculators why aren’t CCs wasting assets?
Isn’t there a conversion cost of a percent or two (plus or minus) if using them for transactions?
We are still very early. We have yet to find out who will be the winners and losers in the space, but I agree, we won't need hundreds of different blockchains
My questions aren’t so much do we need hundreds of CCs but what justifies their valuations? CCs total value is about $2.5 trillion. Worldwide gold is worth about $7.5 trillion. The US has about $2-2.5 trillion of physical currency in circulation. Why is total crypto worth that much other than speculators driving up the valuations?
Is there any utility? As far as I know I can’t go to Home Depot and purchase a lawn mower with Bitcoin (or gold to be fair). I guess I might be able to get a credit card/PayPal/whatever that accepts Bitcoin for my payment, but won’t they charge a fee of 1 or 2%? Also, does the IRS only tax CC gains in trading accounts? If Bitcoin (or whatever) appreciates in a trading account that is set up for consumer purchases as well, won’t they take a cut?
Iran can sell oil to China and settle up with some type of CC. Is cutting out Wall Street banks a reason to inflate CC valuations?
Yes there's a spot on your return to say if you have digital assets. Then you have to report any earnings from sales.Digital Assets | Internal Revenue Service
You may have to report transactions involving digital assets such as cryptocurrency and NFTs on your tax return.www.irs.gov