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Probably good news for investors long term. Bitcoin again continues to grow up and be treated as an equal to bonds, stocks, etc. If you are a holder, or HODL

Probably good news for investors long term. Bitcoin again continues to grow up and be treated as an equal to bonds, stocks, etc. If you are a holder, or HODL as the kids say, then you get the benefit of long term rates, if you are a short term trader then you pay the short term capital gains rates, just like any other currency/commodity. trade. Concrete rules will bring in more conservative money. This was the last loop hole that some people were concerned about wrt to taxes and virtual currency trading.

nerdwaller 9y ago
It’s a double edge sword I guess, because if these are treated as securities - many exchanges will need to subscribe to a lot more regulation and start providing tax paperwork (1099s included) - requiring them to have an SSN on file, removing loads of the anonymity people may be fond of.
matchcohnn 9y ago
without wash trades to pump up its value, what good is bitcoin for?? - bitcoin isn't usable as a transactional currency. it costs $30-40 per transaction. Plus other currencies are gaining steam, and offering other choices for people to transact - bitcoin isn't rare to be a store of value.....everyday there's a new viable cryptocurrency springing up - bitcoin isn't safer than dollar.....it can drop 90% in any day; no official entity is going to prop it up and make sure it doesn't crash. it can be banned by countries (and has been by a few) - bitcoin isn't easy than square cash or visa or wires.....it can take several weeks to send money. plus the transaction fees are high
- chollida1 9y ago
  > without wash trades to pump up its value, what good is bitcoin for?? Can you please explain in clear terms how a wash trade pushes up the value of bitcoin? I can see it increasing the volume but not the value.
  - sremani 9y ago
    I do not think bitcoin has this problem because of the volume, but "painting the tape" is done to a lot of alt-coins by shark-pools.
- deleted 9y ago
  [deleted]
- cgmg 9y ago
  > bitcoin isn't rare to be a store of value.....everyday there's a new viable cryptocurrency springing up What makes bitcoin 'rare' isn't the fact that it's a cryptocurrency, just like what makes a dollar 'rare' isn't the fact that it's a piece of paper. It's the network (i.e. hash power) behind it.

nerdwaller 9y ago

It’s a double edge sword I guess, because if these are treated as securities - many exchanges will need to subscribe to a lot more regulation and start providing tax paperwork (1099s included) - requiring them to have an SSN on file, removing loads of the anonymity people may be fond of.

matchcohnn 9y ago

without wash trades to pump up its value, what good is bitcoin for?? - bitcoin isn't usable as a transactional currency. it costs $30-40 per transaction. Plus other currencies are gaining steam, and offering other choices for people to transact - bitcoin isn't rare to be a store of value.....everyday there's a new viable cryptocurrency springing up - bitcoin isn't safer than dollar.....it can drop 90% in any day; no official entity is going to prop it up and make sure it doesn't crash. it can be banned by countries (and has been by a few) - bitcoin isn't easy than square cash or visa or wires.....it can take several weeks to send money. plus the transaction fees are high

chollida1 9y ago
> without wash trades to pump up its value, what good is bitcoin for?? Can you please explain in clear terms how a wash trade pushes up the value of bitcoin? I can see it increasing the volume but not the value.
- sremani 9y ago
  I do not think bitcoin has this problem because of the volume, but "painting the tape" is done to a lot of alt-coins by shark-pools.
deleted 9y ago
[deleted]
cgmg 9y ago
> bitcoin isn't rare to be a store of value.....everyday there's a new viable cryptocurrency springing up What makes bitcoin 'rare' isn't the fact that it's a cryptocurrency, just like what makes a dollar 'rare' isn't the fact that it's a piece of paper. It's the network (i.e. hash power) behind it.