BITCON... WHY its totally FLAWED

pro$pector said:
RetardedMonkey said:
I'm happy enough cashing out around the $180~ mark.

Thanks to a lot of the massive movements in those horrible alternative virtual currencies, I've made more than my share of revenue just from leaving a computer (or 3) on for a few weeks.

edit: I tell myself I am happy because I don't want to get greedy :cool:
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I love alts still, I have a 25 BTC fund just for alt trading and spend any profit...usually make 3-5 BTC a week.
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Wow! I assume that is tax free?
 
col0016 said:
Wow! I assume that is tax free?
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If you cash out to AUD, then CGT applies.

Alt trading is easy money for anyone with the time - arbs and spread trading opportunities are abundant. I got 10 BTC worth of LTC for under 0.01 at mcxNOW this morning, sent straight to BTC-E and insta-dumped for 10% profit, only took as long as the 6 LTC confirms.
 
I meant since the government can't track it it's tax free lol.
How much time would you say you spend on it per day?

I've been looking at btc for a while but I think I've missed the boat and I got way too confused when trying to set myself up lol.
 
col0016 said:
I meant since the government can't track it it's tax free lol.
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You realise it's not tax free right? Just like cash payments aren't either? Except bitcoin is probably easier to track than cash because the standard bitcoin wallet contains a copy of every bitcoin transaction ever made.

Whether you submit a fraudulent tax return or not is up to you of course.
 
whitty said:
col0016 said:
I meant since the government can't track it it's tax free lol.
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You realise it's not tax free right? Just like cash payments aren't either? Except bitcoin is probably easier to track than cash because the standard bitcoin wallet contains a copy of every bitcoin transaction ever made.

Whether you submit a fraudulent tax return or not is up to you of course.
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Can you differentiate between illegal and immoral or do they mean the same thing to you?
Do you think something legally required of you can be wrong?
 
I'm torn between taking some profits or just holding them - the more I look into BTC, the more I see potential. Just this week I met a fellow who was doing due diligence on $20M+ worth of B2B transactions being conducted in bitcoin to simplify international money transfers (not bullion related).

When big business starts using BTC (think of the forex savings - IF it outweighs the volatility), there's huge upside.
 
goldpelican said:
I'm torn between taking some profits or just holding them
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I've cashed out about 40% of what I had.

Whilst I think it will gradually get higher, I have made some decent gains on BTC and I feel I will enjoy it more now that it's basically covered my 8 week trip to Europe.

Can't tie all my $$$ in investing this that or the other, got to have fun IMO :lol:
 
1for1 said:
LOL.. yep i got into BTC.. after i got a wallet then started mining i was hooked.

1for1
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Wow. Ok that's some rocking credibility there... I put much more stock in a repentant naysayer than a permanent fanboy anyday! Thanks!

Oh... question. Lots of websites suggest mining is dead unless you have a custom mining rig with lots of video cards. I wouldn't mind giving mining a shot, but I don't want it to use my computer all the time. Does it let you easily switch it off if you want to use your pc for other things?

One thing I am considering though, is that bitcoin mining may cost more in electricity than the current market value of the product. In such a case, it would be better for me to just pay cash for some BTC. I'd definitely like one or two at least. It just matters whether or not my additional electricity costs will be offset by its value.
 
Recon - you should get into a pool if you want to have a muck around with mining... going solo you would pretty much have next to no chance with a standard set up...
 
Recon said:
Wow. Ok that's some rocking credibility there... I put much more stock in a repentant naysayer than a permanent fanboy anyday! Thanks!

Oh... question. Lots of websites suggest mining is dead unless you have a custom mining rig with lots of video cards. I wouldn't mind giving mining a shot, but I don't want it to use my computer all the time. Does it let you easily switch it off if you want to use your pc for other things?

One thing I am considering though, is that bitcoin mining may cost more in electricity than the current market value of the product. In such a case, it would be better for me to just pay cash for some BTC. I'd definitely like one or two at least. It just matters whether or not my additional electricity costs will be offset by its value.
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Mining BTC is dead unless you have ASIC hardware, and even then profitability is questionable now.

If you have free power though, go nuts.

You can still mine some alt coins and use a few high end GPU's, some sites do auto-sell to BTC even - if you are paying power you should cover costs at least...
 
Looking at mining options... Not very impressed. From a practical standpoint it appears the best solution may be to just purchase BTC from somebody. If the currency has even a fair chance at becoming popular, I'd say its a pretty good investment at least on a small scale with 100% discretionary money.
 
Recon said:
Looking at mining options... Not very impressed. From a practical standpoint it appears the best solution may be to just purchase BTC from somebody. If the currency has even a fair chance at becoming popular, I'd say its a pretty good investment at least on a small scale with 100% discretionary money.
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cheapest option at mining and trading

https://cex.io/

i am not affiliated with this site, but may give it a try soon.
 
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