Bitcoin On The Move Again

Discussion of the Gold portion of the Permanent Portfolio

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MachineGhost
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Bitcoin On The Move Again

Post by MachineGhost » Thu Nov 05, 2015 1:47 pm

Up 100% the past month and 50% in the past week.  Seems to be due to the EU's decision to tax it as a currency and not as a commodity (as the IRS does).  That means not VAT.

I bought in at a lucky time!  Hah.  Maybe I'll hold onto it this time.
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Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet.  I should not be considered as legally permitted to render such advice!
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MWKXJ
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Re: Bitcoin On The Move Again

Post by MWKXJ » Thu Nov 05, 2015 3:00 pm

MachineGhost wrote: I bought in at a lucky time!  Hah.  Maybe I'll hold onto it this time.
I bought ~32 bitcoin for $20 back in '10 or '11, but sold them when they were worth $700 total.  Regretted doing that, especially since the wife knew.  Now have 10 bitcoin after dollar cost averaging a small amount of cash each week throughout '14 and '15.  Should be fun to see where they go.
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bitcoininthevp
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Re: Bitcoin On The Move Again

Post by bitcoininthevp » Sat Nov 07, 2015 5:35 pm

What is the consensus on Bitcoin in these forums?

Been reading up here for the past many months but do not have a good gauge for Bitcoin's standing.
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l82start
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Re: Bitcoin On The Move Again

Post by l82start » Sat Nov 07, 2015 5:58 pm

not sure there is what you would call a consensus,
more than half think it is a scam, a rip off, a ridiculous form of speculation and not worth the bits and bites they are printed on...
the other half think a non government issued crypto currency is a very cool idea, probably the future of what money will be (but not necessarily bit coin itself but maybe some 2nd/3rd--- gen version) and possibly in keeping with libertarian and maybe even Anarchist-Statist-Technocrat Unity party ideals..

of the latter group a rather small minority dabble in owning and speculating with VP money

(just my impression of the groups opinion feel free to correct if i miss represent)
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bitcoininthevp
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Re: Bitcoin On The Move Again

Post by bitcoininthevp » Sat Nov 07, 2015 6:02 pm

Obviously it is volatile and highly speculative right now, no doubting that. Although I recall Harry said such things might be an ideal thing to be in the Variable Portfolio (if you wish to have one).

Would love to hear the concerns from those who think it is a scam or a rip off.
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Kriegsspiel
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Re: Bitcoin On The Move Again

Post by Kriegsspiel » Sat Nov 07, 2015 6:42 pm

Rules 2, 3, and 9. Fuck bitcoins.
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bitcoininthevp
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Re: Bitcoin On The Move Again

Post by bitcoininthevp » Sat Nov 07, 2015 6:59 pm

I am not talking about building an investment strategy. That is taken care of with the PP.

I am talking about Bitcoins with respect to Rule #12, speculation.

If you do not understand Bitcoin (#9) you should not invest absolutely. If you are curious, Id be happy to answer anything.

Do you have a Variable Portfolio, Kriegsspiel?
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Re: Bitcoin On The Move Again

Post by Kriegsspiel » Sat Nov 07, 2015 7:02 pm

Yea but I just put a fucking ton of stock in that thing. I think human's companies are going to be fucking sweet in the future. I mean, JTFC, bitcoins are just computergibberish! At least gold is humangibberish.
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Re: Bitcoin On The Move Again

Post by Pointedstick » Sat Nov 07, 2015 8:19 pm

I'm not 100% positive, but does JTFC mean "Jesus tap-dancing fucking Christ?" If so: lol. I had a friend in high school who was fond of saying that.
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Kriegsspiel
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Re: Bitcoin On The Move Again

Post by Kriegsspiel » Sat Nov 07, 2015 9:37 pm

It's a sexier version of that, yea.
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frugal
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Re: Bitcoin On The Move Again

Post by frugal » Mon Nov 09, 2015 2:31 am

Hi,

I think still have a part of a bitcoin that Mark gave to me.

What about the other members?
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Reub
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Re: Bitcoin On The Move Again

Post by Reub » Mon Nov 09, 2015 10:58 pm

I lost that key or code a long time ago to get to my account!  Send help!
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frugal
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Re: Bitcoin On The Move Again

Post by frugal » Tue Nov 10, 2015 2:09 am

Reub wrote: I lost that key or code a long time ago to get to my account!  Send help!
I probably have the printed QR Code.

Until I have 100 years, then it will be millions  ;D
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lordmetroid
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Re: Bitcoin On The Move Again

Post by lordmetroid » Wed Nov 11, 2015 6:23 pm

When the current fiat system collapses as all fiat systems inevitably do and if bitcoins have permeated throughout the society and is used by common people at such a time I believe crypto currency may very well be a candidate for the future of money.

I did own a few coins back in 2010 I got for free but I lost my wallet and keys almost immediately as I did not find it important to backup.

I do not speculate in bitcoin, I consider it way too risky with such a small user base, political climate and unkown future value.
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Re: Bitcoin On The Move Again

Post by sophie » Fri Jan 15, 2016 3:46 pm

Regarding whether bitcoins can replace gold in the PP:

YTD gold:  up 3%
YTD bitcoin:  down 14%

I had the same thought at one point, but this suggests that bitcoin is hardly a "safe haven" - not yet anyway.  People like to stick with the tried and true when it comes to their money. 
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Reub
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Re: Bitcoin On The Move Again

Post by Reub » Fri Jan 15, 2016 4:32 pm

Bitcoin is fairy dust. I don't trust it.
Libertarian666
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Re: Bitcoin On The Move Again

Post by Libertarian666 » Fri Jan 15, 2016 6:07 pm

I'm still waiting for Beanie Babies to come back. I'll be rich!

(Note:  :P)
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bitcoininthevp
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Re: Bitcoin On The Move Again

Post by bitcoininthevp » Tue Jan 26, 2016 6:03 pm

It definitely doesnt replace gold in the PP. Im a bitcoiner but that simply makes no sense right now.

But it is a candidate for the variable portfolio.
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frugal
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Re: Bitcoin On The Move Again

Post by frugal » Sun Feb 14, 2021 12:11 pm

Hello,

any friend here still have Mark's bitcoin donation?

^-^
pp4me
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Re: Bitcoin On The Move Again

Post by pp4me » Sun Feb 14, 2021 4:16 pm

See the thread I just started with the title "Crypto-Currencies and taxes".

Imagine if there was an item on your 1040 asking "Do you own any gold coins"?
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Re: Bitcoin On The Move Again

Post by whatchamacallit » Sun Feb 14, 2021 11:26 pm

After thinking about it. I figure it is mainly an announcement alerting the public that taxes do need to be paid on crypto gains. Lots of young kids probably honestly didn't know.

But second it will give reason to audit real quick if they see you were dishonest.



May be I am giving too much credit but I would think they have simple list of people that have amount banked with main exchanges. You answer no but are on that list with significant enough amount then it flags.


I would think more for other crime but probably some arm of the government can very easily see all the connections across the main crypto ledgers as well so they can follow the "money".
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