Crypto $$$

[Trump]

I'm hearing a lot of stories of people that have been wiped out as a result of the recent BTC falls. I don't have an ounce of sympathy for them.

[Lunch]

I’m still seeing bitcoin above $19k

[CJR09]

I use EToro and have it at 14500 approx

[Mercury Bullet]

Coinbase has suspended trading.

Blamed on Bitcoins dramatic loss of value (their words)

As at 11:35 (us time) the company is still monitoring the problem.

Says Bitcoin is now trading at 12,874 with some exchanges as low as 11,000.

[Lunch]

Ouch, feel sorry for the people that bought in high
i use btcmarkets they have it at $19,560 aud and up 6.3% today

[Trump]

More exchanges have halted BTC trading.

[snap0964]

Originally Posted by Iggle Piggle

Do you have to pay tax on crypto earnings like you would on earnings from ASX?

Originally Posted by data_mine

the ATO website has guidance on it. best to speak to an accountant though.

A bit of light reading, just as a heads up for the Tax consideration.
https://www.ato.gov.au/General/Gen/T...cally-bitcoin/
https://community.ato.gov.au/t5/Gene...tcoin/td-p/980
Rough general rule of thumb is same for most investments, sell under 12 mths, declared as income after expenses taken out. Sell after 12 mths, classed as a capital gain, so you only have to declare half, after expenses taken out.
Interesting that after 01Jul17, no GST on crypto transactions - nice PITA to not deal with at the moment.

[Lukeyson]

Its xmas time. People are cashing in to buy presents to keep up appearances lol. New year will see a few cryptos breakaway and skyrocket

[GO FURTHER]

My thoughts on Ripple... And why it can only grow so much and won't see the same gains as Bitcoin.

The main problem with Ripple is that there will be too many "coins" in circulation.

Let's say there are around 35 Billion released out of a total of 100 Billion to be eventually released. (Some are being held back out, so its hard to estimate the exact figure out there already).

In contrast, Bitcoin is capped at a total of a mere 21 Million ever to be released.

Let's think about that for a moment...

If Ripple hit $220 that would make it worth $7.7 Trillion market cap.

Do you realize that the total value of all the world's coins and banknotes for all fiat currencies only totals $7.6 Trillion?

Similarly, all the world's above-ground gold reserves are estimated at 187,000 tonnes by the World Gold Council. That puts the total value at around $7.7 Trillion.

How could something overtake the value of almost all the fiat currencies or the even the all the gold reserves on the face of the Earth?

Let's go further...(No pun intended )

If Ripple at $1 was to one day hit $1,000, even at the current 35 Billion released, that would mean it would have a market capitalization of $35 Trillion!

The national US debt currently stands at $20 Trillion by comparison.

Does anyone really believe that Ripple would be worth nearly twice the current US debt level?

Some say that $1,000 is absurd and Ripple would never go that high....

But remember Bitcoin first traded in 2010 for $1 and went to over $20,000.... So why can't Ripple or any other Altcoin do the same?

Remember ALL Ripple has been "pre-mined" unlike Bitcoin.

Ripple has locked 55 billion (55% of the total possible supply) into a series of escrows. These escrows are on the ledger itself and the ledger mechanics, enforced by consensus, control the release of the XRP.

It will be released at one billion Ripple each month over the next 55 months.
So that's less than 5 years.

Let's say Ripple hit $1,000 on the total 100 Billion to be released....

That would give it a total market value of $100 Trillion!

$100 Trillion is more than the entirety of all the nominal value in earth's economy... This is simply not going to happen guys!

And don't forget, we have not yet taken into consideration the other 100 or so Cryptocurrencies and their total market capitalization into the equation based on growth.

The gains we are currently seeing with Altcoins is not physically possible nor sustainable in the future.

I'll admit I've made money investing in Altcoins, but I realize this unsustainable pyramid scheme cannot go on forever.

My advice is to make money while you can in the short term because it is not a long-term investment by any means.

If in the future the bulk of Cryptocurrencies crash leaving a few still standing, you will see a GFC a magnitude of times bigger than the Great Depression of 1929 - 1939 and will make grown men who drive Ford GT's cry and wish they were never born... Life will be so tough

[Trump]

Originally Posted by GO FURTHER

My thoughts on Ripple... And why it can only grow so much and won't see the same gains as Bitcoin.

The main problem with Ripple is that there will be too many "coins" in circulation.

Let's say there are around 35 Billion released out of a total of 100 Billion to be eventually released. (Some are being held back out, so its hard to estimate the exact figure out there already).

In contrast, Bitcoin is capped at a total of a mere 21 Million ever to be released.

Let's think about that for a moment...

If Ripple hit $220 that would make it worth $7.7 Trillion market cap.

Do you realize that the total value of all the world's coins and banknotes for all fiat currencies only totals $7.6 Trillion?

Similarly, all the world's above-ground gold reserves are estimated at 187,000 tonnes by the World Gold Council. That puts the total value at around $7.7 Trillion.

How could something overtake the value of almost all the fiat currencies or the even the all the gold reserves on the face of the Earth?

Let's go further...(No pun intended )

If Ripple at $1 was to one day hit $1,000, even at the current 35 Billion released, that would mean it would have a market capitalization of $35 Trillion!

The national US debt currently stands at $20 Trillion by comparison.

Does anyone really believe that Ripple would be worth nearly twice the current US debt level?

Some say that $1,000 is absurd and Ripple would never go that high....

But remember Bitcoin first traded in 2010 for $1 and went to over $20,000.... So why can't Ripple or any other Altcoin do the same?

Remember ALL Ripple has been "pre-mined" unlike Bitcoin.

Ripple has locked 55 billion (55% of the total possible supply) into a series of escrows. These escrows are on the ledger itself and the ledger mechanics, enforced by consensus, control the release of the XRP.

It will be released at one billion Ripple each month over the next 55 months.
So that's less than 5 years.

Let's say Ripple hit $1,000 on the total 100 Billion to be released....

That would give it a total market value of $100 Trillion!

$100 Trillion is more than the entirety of all the nominal value in earth's economy... This is simply not going to happen guys!

And don't forget, we have not yet taken into consideration the other 100 or so Cryptocurrencies and their total market capitalization into the equation based on growth.

The gains we are currently seeing with Altcoins is not physically possible nor sustainable in the future.

I'll admit I've made money investing in Altcoins, but I realize this unsustainable pyramid scheme cannot go on forever.

My advice is to make money while you can in the short term because it is not a long-term investment by any means.

If in the future the bulk of Cryptocurrencies crash leaving a few still standing, you will see a GFC a magnitude of times bigger than the Great Depression of 1929 - 1939 and will make grown men who drive Ford GT's cry and wish they were never born... Life will be so tough

You have just explained why any form of currency that isn't backed by anything tangible will revert to its intrinsic value, ZERO.

There are only two types of backing that will ensure a currency has real value and all of the other characteristics required of money:

- one that is backed by gold, silver or both.
- one that is backed by the value-added economic output of a country

[data_mine]

Originally Posted by Trump

You have just explained why any form of currency that isn't backed by anything tangible will revert to its intrinsic value, ZERO.

There are only two types of backing that will ensure a currency has real value and all of the other characteristics required of money:

- one that is backed by gold, silver or both.
- one that is backed by the value-added economic output of a country

No current currency is backed by gold any more. fractional reserve banking wouldn't work requiring actual gold (or insert shiny object here) per $ in the economy.

As for value added economic output, how is the work done by you or me digging **** outta the ground or turning an apple in to a pie (adding value) any different to the work input required to keep the blockchain networks running - this requires actual effort, electricity etc. Sure it's not as tangible, but many things we pay real money for aren't tangible these days, how many here have paid for music and didn't get a LP/tape/CD?, and even money isn't tangible anymore, with tap-n-go/paywave etc. your money is just a computer transfer of numbers - just like blockchain currencies?

[aussiblue]

No current currency is backed by gold any more. fractional reserve banking wouldn't work requiring actual gold (or insert shiny object here) per $ in the economy.

https://www.businessinsider.com.au/a...by-gold-2012-3

Lebanon is an exception. According to Banque du Liban statistics, the value of Lebanon’s gold holdings is equivalent to nearly 50% of the country’s money supply. To boot, Lebanese banks tend to have very high liquidity ratios and are willing to open accounts for most nationalities.

The problem with Lebanon is that the country is deep in debt– well over 100% of GDP.

[data_mine]

Originally Posted by aussiblue

https://www.businessinsider.com.au/a...by-gold-2012-3

so 5% doesn't count as being backed, yet 50% is backed?

I stand by my comment. it's not backed by gold if it's not 100%.

Anyway the point was the cash in your wallet and the number in a computer somewhere that is your bank account is just as worthless (intrinsically) as a <whatever>coin - it's only valuable as an exchange for something else.

A $ is only a $ because our government says you can pay your taxes with it. They don't want farmer joe coming in trying to do his tax returns in cows and wheat.

[fordomatic]

Originally Posted by GO FURTHER

My thoughts on Ripple... And why it can only grow so much and won't see the same gains as Bitcoin.

The main problem with Ripple is that there will be too many "coins" in circulation.

Let's say there are around 35 Billion released out of a total of 100 Billion to be eventually released. (Some are being held back out, so its hard to estimate the exact figure out there already).

In contrast, Bitcoin is capped at a total of a mere 21 Million ever to be released.

Let's think about that for a moment...

If Ripple hit $220 that would make it worth $7.7 Trillion market cap.

Do you realize that the total value of all the world's coins and banknotes for all fiat currencies only totals $7.6 Trillion?

Similarly, all the world's above-ground gold reserves are estimated at 187,000 tonnes by the World Gold Council. That puts the total value at around $7.7 Trillion.

How could something overtake the value of almost all the fiat currencies or the even the all the gold reserves on the face of the Earth?

Let's go further...(No pun intended )

If Ripple at $1 was to one day hit $1,000, even at the current 35 Billion released, that would mean it would have a market capitalization of $35 Trillion!

The national US debt currently stands at $20 Trillion by comparison.

Does anyone really believe that Ripple would be worth nearly twice the current US debt level?

Some say that $1,000 is absurd and Ripple would never go that high....

But remember Bitcoin first traded in 2010 for $1 and went to over $20,000.... So why can't Ripple or any other Altcoin do the same?

Remember ALL Ripple has been "pre-mined" unlike Bitcoin.

Ripple has locked 55 billion (55% of the total possible supply) into a series of escrows. These escrows are on the ledger itself and the ledger mechanics, enforced by consensus, control the release of the XRP.

It will be released at one billion Ripple each month over the next 55 months.
So that's less than 5 years.

Let's say Ripple hit $1,000 on the total 100 Billion to be released....

That would give it a total market value of $100 Trillion!

$100 Trillion is more than the entirety of all the nominal value in earth's economy... This is simply not going to happen guys!

And don't forget, we have not yet taken into consideration the other 100 or so Cryptocurrencies and their total market capitalization into the equation based on growth.

The gains we are currently seeing with Altcoins is not physically possible nor sustainable in the future.

I'll admit I've made money investing in Altcoins, but I realize this unsustainable pyramid scheme cannot go on forever.

My advice is to make money while you can in the short term because it is not a long-term investment by any means.

If in the future the bulk of Cryptocurrencies crash leaving a few still standing, you will see a GFC a magnitude of times bigger than the Great Depression of 1929 - 1939 and will make grown men who drive Ford GT's cry and wish they were never born... Life will be so tough

[Trump]

Originally Posted by data_mine

No current currency is backed by gold any more. fractional reserve banking wouldn't work requiring actual gold (or insert shiny object here) per $ in the economy.

You are correct, there is no currency backed by a precious metal. The advent of fractional reserve banking put an end to it. The banks will sing the virtues of it but it is the single most destructive financial instrument the world has ever seen.

Originally Posted by data_mine

As for value added economic output, how is the work done by you or me digging **** outta the ground or turning an apple in to a pie (adding value) any different to the work input required to keep the blockchain networks running - this requires actual effort, electricity etc. Sure it's not as tangible, but many things we pay real money for aren't tangible these days, how many here have paid for music and didn't get a LP/tape/CD?, and even money isn't tangible anymore, with tap-n-go/paywave etc. your money is just a computer transfer of numbers - just like blockchain currencies?

There is a massive difference between algorithmically rearranging electrons and adding tangible value by turning a raw material into something of usefulness via the input of intellectual or creative forces. In a nutshell, turning the intangible into something tangible is the only way to create true wealth and value.

I might sound like a Luddite, but the balance between tangible and intangible needs to be restored.

[GasoLane]

Originally Posted by Trump

The banks will sing the virtues of it but it is the single most destructive financial instrument the world has ever seen.

You haven't met my Wife !

[Mercury Bullet]

Hahaha, classic.

If she reads your posts I've got a spare bed mate.

10 points for guts though.

[CJR09]

Everything taking a big dump at the minute - crazy just how much can be made on the swings, climbed aboard the ripple train - saw 60%+ return over the week or so, nek minute 24hr later back to ground zero, crazy stuff!

[PHATAL]

From btc markets ripple looks pretty stable over the last 24 hours.

Heres hoping it moves up after the holiday season.

Sent from my SM-G935F using Tapatalk

[Lunch]

I like that it’s been steady for the past couple days, finally able to stop watching..

[PHATAL]

Yep still spewin I couldnt buy when I wanted to.

Sent from my SM-G935F using Tapatalk

[Outbackjack]

2018 will be ripple's year.....

[PHATAL]

Originally Posted by Outbackjack

2018 will be ripple's year.....

In my massive 1/52 years of experience in crypto I believe you are correct.

Sent from my SM-G935F using Tapatalk

[aussiblue]

You are correct, there is no currency backed by a precious metal.

What about onegram? https://onegram.org/ a gold backed crypto-currency.

[NTF6]

Originally Posted by aussiblue

What about onegram? https://onegram.org/ a gold backed crypto-currency.

I reckon if you invested in the your money would be gone forever. That team looks as dodgy as ****. That girl has been organising events for the past ten years. What a joke, she looks like one of the blokes girlfriends who wants a share of the pie when they rip everyone off. The money will probably go to fund Islamic extremists.


Sent from my iPad using Tapatalk

[aussiblue]

No; I not suggesting anyone should invest in Onegrams or bank with Banque du Liban but they are gold backed currencies.

[PHATAL]

Xmas must be over. Ripple is heading back up. $1.54 currently after being down around $1.36 last night.

Sent from my SM-G935F using Tapatalk

[Iggle Piggle]

After saying I would check in once a month I found myself checking the Ripple price daily, then thankfully got busy over the break so did not check over the last week.

Just looked now and found the price pretty much where I last saw it, but looking at the history there was a bit of a dip then it leveled out for a while, and has only just today risen. Did I miss something (other than an opportunity to buy more lol)?

EDIT: Looks like Phatal and I checked the price at the same time.

[PHATAL]

Originally Posted by Iggle Piggle

After saying I would check in once a month I found myself checking the Ripple price daily, then thankfully got busy over the break so did not check over the last week.

Just looked now and found the price pretty much where I last saw it, but looking at the history there was a bit of a dip then it leveled out for a while, and has only just today risen. Did I miss something (other than an opportunity to buy more lol)?

Not really mate. Lowest I have seen over the last few days is $1.35

Sent from my SM-G935F using Tapatalk

[Iggle Piggle]

On BTC Markets 'Home' view for Ripple...that Market Depth section at the bottom - so the red to the right of the price-point is orders to sell at those prices, and the green to the left are buy orders, yeah?

So the red line being steep is what they mean when they say resistance to increase - as the price tries to climb it triggers lots of selling which pushes the price back down?