LiteCoin

Altima
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Re: LiteCoin

Postby Altima » Sun Apr 09, 2017

Bucketeer wrote:Like I said earlier, I had a tight stop. I lost $70 on LiteCoin. The hashing fight will be resolved, I'm looking for a re-entry point, but I don't think it is going down to $4 again.

Hilmi - what crowd-sale are you talking about?


Ah I didn't want to post anything non-LTC here, but it's the Blockchain Capital BCAP tokens crowdsale I talked about in another sub-thread. It will be launched tomorrow.
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Bucketeer
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Re: LiteCoin

Postby Bucketeer » Sun Apr 09, 2017

Altima wrote:
Bucketeer wrote:That said, I deserved the loss and re-enforces rule #1:

1) Never sell Bitcoin.


Not true. You can sell bitcoin when you want to take profit.


OK, go take your profit. Nonetheless, I respectfully disagree.

I've personally spoken with a man who sold his Bitcoin because he said his profits paid for his new home in The Villages (FL). The price of the home was $225,000.

He also said with quite of bit of regret that if he had waited awhile, he could have bought 10 homes with the profits.

I can only think of a few assets I might sell mine for:

1) Midwestern farmland.
2) An on-going profitable business with a minimum 10 year history (however, I'm too old to run it, so that is out).
3) To pay-off the mortgage on my residence (thankfully, I don't have that).

I wouldn't sell for:

1) Cash
2) Precious metals

I'm a bitcoin hodler. Good luck with your next trade!
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Bucketeer
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Re: LiteCoin

Postby Bucketeer » Sun Apr 09, 2017

Altima wrote:
Bucketeer wrote:Like I said earlier, I had a tight stop. I lost $70 on LiteCoin. The hashing fight will be resolved, I'm looking for a re-entry point, but I don't think it is going down to $4 again.

Hilmi - what crowd-sale are you talking about?


Ah I didn't want to post anything non-LTC here, but it's the Blockchain Capital BCAP tokens crowdsale I talked about in another sub-thread. It will be launched tomorrow.


I think you are getting into a good one with them. They turned me down because I'm in the US and don't qualify for income. Damn SEC.
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Re: LiteCoin

Postby Altima » Wed Apr 12, 2017

Bucketeer, you're probably chuckling now seeing how Litecoin bounced back up nicely.
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dbm300
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Re: LiteCoin

Postby dbm300 » Wed Apr 12, 2017

So for someone who is ignorant can you explain what it is you are doing (use small words)

Are you buying bitcoins and Litecoins etc like a stock and hoping they go up?
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SilverDoge
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Re: LiteCoin

Postby SilverDoge » Wed Apr 12, 2017

dbm300 wrote:So for someone who is ignorant can you explain what it is you are doing (use small words)

Are you buying bitcoins and Litecoins etc like a stock and hoping they go up?


Oh man I could go on a serious tangent on this one. Luckily dbm300 wasn't asking me.... so... definitely, maybe?
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Re: LiteCoin

Postby dbm300 » Wed Apr 12, 2017

SilverDoge wrote:
dbm300 wrote:So for someone who is ignorant can you explain what it is you are doing (use small words)

Are you buying bitcoins and Litecoins etc like a stock and hoping they go up?


Oh man I could go on a serious tangent on this one. Luckily dbm300 wasn't asking me.... so... definitely, maybe?


Well go on a serious tangent in a PM
I'm listening
:shock:
Someone tell me what's going on. I don't want to be ignorant
... and Bob's your uncle.

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Bucketeer
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Re: LiteCoin

Postby Bucketeer » Thu Apr 13, 2017

C'mon Trav, hit it. After I "backed-out" of PIVX, I went long on LTC. What are your thoughts?
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SilverDoge
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Re: LiteCoin

Postby SilverDoge » Thu Apr 13, 2017

dbm300 wrote:
SilverDoge wrote:
dbm300 wrote:So for someone who is ignorant can you explain what it is you are doing (use small words)

Are you buying bitcoins and Litecoins etc like a stock and hoping they go up?


Oh man I could go on a serious tangent on this one. Luckily dbm300 wasn't asking me.... so... definitely, maybe?


Well go on a serious tangent in a PM
I'm listening
:shock:
Someone tell me what's going on. I don't want to be ignorant


Ok, I'll bite. The true answer is it depends on several factors, but really two important questions: when, and how, did one come to crypto (like bitcoin and litecoin)? Anyone who was into bitcoin before that first big spike up, was most likely into it because they saw the disruptive breakthrough technology of blockchain, understood the ramifications of verified transactions without the necessity of a "trusted" (aka controlling banks and payment processors) third party to facilitate those transactions, and wanted to be a part of the movement that could leave modern banking in the dust. Being a precious metal holder already helps in that mindset because there is already a healthy skepticism of government, banks, elites, etc. But we are also paranoid to an extent (if you don't hold it you don't own it), and anything resembling a currency that isn't backed by a physical asset is almost immediately shunned. I was of this mindset too for some time. As I like to say, every person who is a crypto believer, was at first a crypto skeptic.

The biggest problem for some was the anonymity of Satoshi Nakamoto. Who was the inventor of bitcoin? I used to follow Chris Duane, who helped me get into silver. He was rabidly against bitcoin even though I thought it made sense. Now in retrospect, he was trying to pimp his own coins and didn't want his followers diverting their money into some new unverified tech that is "almost guaranteed to be created by the CIA" as he would say. So I held off but continued monitoring bitcoin in the background. The whole invented by the CIA trope didn't add up logically to me. Why would the CIA create a competing currency to the US dollar, especially when they can't control the price? Just doesn't add up. Even if the CIA had created it, they would no longer have control anymore.

There are definitely a fair number of people into crypto who want to speculate, make as much money as possible, and cash out. These people aren't really in bitcoin, they are into the alt-coin market. Bitcoin is too large to be controlled now and a whale buying a big lot isn't going to move the market like he used to be able to. Plus there are OTC (off exchange) deals where whales don't even place an order on an exchange because they don't want to change the price. So the real speculation occurs in the alt-coins. The lower the trading volume and market capitalization, the easier the coin is to manipulate from a high net worth individual's perspective. Now most of your rich Wall St types likely aren't trading crypto....yet. It is a bit of the wild west where trading is concerned. I could theoretically create an alt-coin out of nothing, market the hell out of it, convince some exchange to list it, pump the price and walk with profits. That does happen, so one needs to tread carefully. I chose PIVX when it had just barely breached the top 20 coins in market cap. The top 10 are probably your safest coins.

Personally, I was able to get into crypto because I already owned PMs. For a newbie starting out, I always advise stacking gold and silver first. But if you have a stack that you are comfortable with, then why not branch out a bit and diversify?

I can envision a world where you walk into a store like JC Penny or Sears (or even better just buy online). You go to check out (or online cart). The clerk (or robot) asks you how you'd like to pay. You say crypto. You are then able to pay in one of any hundreds of cryptos you have on your mobile wallet on your phone or on your computer. The store receives your crypto (be it bitcoin, litecoin, PIVX, dogecoin) etc. The store can then immediately converts your crypto into bitcoin (this happens automatically), and if it desires, convert that amount into USD every hour, or every day, week, etc. A savvy business owner might also set aside a certain percentage of his sales in crypto and NOT immediately convert to USD and accept a bit of currency risk to give himself potential for crypto profit (better than depreciating dollars).

Does this sound far fetched? Guess what, it already exists. It just hasn't reached mass adoption yet but the question is why wouldn't it? If enough consumers determine that crypto has value, that we don't want to empower the banks who screw us whenever they get the chance (or get fat bailouts while we get nothing), we don't want eBay or PayPal dictating our limits or telling us who we can and can't do business with, and that crypto actually has the ability to make them a bit of money while also being used as a convenient payment method - then why not use it? Of course there are a million objections. There were also a million objections to the invention of the automobile, modern electricity in houses, the computer, the internet, and on and on. We forget about all these initial objections after the fact, once some technology has become convenient enough, and has been actually adopted, we wonder how we did without it. This website already offers the exact service I just described and it is fairly easy for a business to install this on their website right now: https://www.coinpayments.net/

TL:DR - yes we would like the price of crypto to increase, but for many that was not the initial reason we got into it. We won't object to the price increasing, but we also understand that for a mass adoption of a crypto with a limited supply, economics dictate that the price must increase relative to the overall demand of that good. For some people, yes they just want to speculate and make money - but that happens in every market ever invented.
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mnymgr1
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Re: LiteCoin

Postby mnymgr1 » Thu Apr 13, 2017

I pretty much missed this whole alt-coin universe from the get go.
Guys here on BS and elsewhere told me about it very early on, just had no money to throw into btc at $10-15 each :oops:

That being said, I still think a crackdown of sorts is coming along by the governments.
Why? BTC has a market value of what, $15 billion plus ?????
And in the US, only 800 or so people last year claimed gains/losses from btc on their taxes.
That just isn't going to work if alt-coins gain market value vs. the USD, with the US government and many state governments totally bankrupt (except for their ability to borrow, they really would be bankrupt imo).

So sometime down the road, governments are going to close in, somehow and get their share of the pie, or make it impossible to use in everyday life. I do want to see cryptos succeed, just think there are a whole lot more rocky trips ahead for them all.
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SilverDoge
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Re: LiteCoin

Postby SilverDoge » Thu Apr 13, 2017

mnymgr1 wrote:That being said, I still think a crackdown of sorts is coming along by the governments.
Why? BTC has a market value of what, $15 billion plus ?????
And in the US, only 800 or so people last year claimed gains/losses from btc on their taxes.
That just isn't going to work if alt-coins gain market value vs. the USD, with the US government and many state governments totally bankrupt (except for their ability to borrow, they really would be bankrupt imo).

So sometime down the road, governments are going to close in, somehow and get their share of the pie, or make it impossible to use in everyday life. I do want to see cryptos succeed, just think there are a whole lot more rocky trips ahead for them all.


Bitcoin is $19 billion. Only 800 people claimed cap gains? Maybe because only 800 people sold bitcoin ;)

I'm not selling bitcoins outside of the crypto world (for other alt-coins). Perhaps the collection of taxes is because not enough corporations and businesses are accepting crypto yet. Overstock.com is a major company that accepts bitcoin. I guarantee you they are counting all bitcoin income as income on their balance sheets. Does the IRS crack down on yard sales too? Because there is probably $20 billion annually in that as well. When two private individuals choose to transact fiat to PM, fiat to bitcoin, etc this may go unreported. But the IRS doesn't have the time or resources (and the ROI isn't there either) to go after this small peanuts stuff.

Also, the more government crackdown occurs on crypto, the closer we are to the end of the great fiat experiment. To crack down is to expose their own CON game. Countries that choose to make crypto illegal will be left behind on the global playing field of technology and will suffer in the long run. Mark my words.
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Re: LiteCoin

Postby jcz1 » Thu Apr 13, 2017

That's an interesting question about no one selling. What about spending, does that count?

Provident accepts bitcoin, so if someone buys a 1-oz AU coin and pays with bitcoin which he bought at $15, is that a sale of bitcoin? If not, does the cost basis for that coin use the bitcoin basis, so it is as if the buyer paid $15 for the coin?
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SilverDoge
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Re: LiteCoin

Postby SilverDoge » Thu Apr 13, 2017

jcz1 wrote:That's an interesting question about no one selling. What about spending, does that count?

Provident accepts bitcoin, so if someone buys a 1-oz AU coin and pays with bitcoin which he bought at $15, is that a sale of bitcoin? If not, does the cost basis for that coin use the bitcoin basis, so it is as if the buyer paid $15 for the coin?


The IRS most likely looks at your "gains" and calls that a profit when you "liquidate" your bitcoin for goods and services. Now the argument potentially gets hairy when you say I'm switching from one form of a currency, bitcoin, to another (like kind exchange) currency gold. Of course, according to the IRS gold isn't a currency any longer.... unless you buy gold eagles that have a face value? Hmmmm.

Hire a tax professional.
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SilverDoge
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Re: LiteCoin

Postby SilverDoge » Mon Apr 24, 2017

Litecoin making a move upward lately.
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Bucketeer
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Re: LiteCoin

Postby Bucketeer » Mon Apr 24, 2017

SilverDoge wrote:
jcz1 wrote:That's an interesting question about no one selling. What about spending, does that count?

Provident accepts bitcoin, so if someone buys a 1-oz AU coin and pays with bitcoin which he bought at $15, is that a sale of bitcoin? If not, does the cost basis for that coin use the bitcoin basis, so it is as if the buyer paid $15 for the coin?


The IRS most likely looks at your "gains" and calls that a profit when you "liquidate" your bitcoin for goods and services. Now the argument potentially gets hairy when you say I'm switching from one form of a currency, bitcoin, to another (like kind exchange) currency gold. Of course, according to the IRS gold isn't a currency any longer.... unless you buy gold eagles that have a face value? Hmmmm.

Hire a tax professional.


You're not swapping coins. You are selling a coin, and buying another coin with the proceeds.

If the sale generated a gain or loss, you complete an IRS Form 8949, and record that information on a Schedule D.

To the best of my knowledge, Swaps are only recognized in 3-way transactions for real estate.

I'm not your accountant :lol:
Last edited by Bucketeer on Mon Apr 24, 2017, edited 2 times in total.
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HustliN
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Re: LiteCoin

Postby HustliN » Mon Apr 24, 2017

Nice thread!

Do wish I got on the boat for bitcoin back in the day. But I just started out in Gold and Silver back than and it was all new to me! I did have some extra change and I did wish I would of put just a little in this new fiat like currency.

Just a question. This litecoin seems pretty interesting. Where can I start to buy some??

Also how easy it is to sell and trade??

Thank you.

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Bucketeer
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Re: LiteCoin

Postby Bucketeer » Mon Apr 24, 2017

You'll need to open an account at Coinbase. It will be listed there soon, however you can purchase Litecoin on GDAX, their exchange.
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Bucketeer
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Re: LiteCoin

Postby Bucketeer » Tue Apr 25, 2017

Still waiting on an ATH to be credited to Coinbase. I transferred my money on Saturday, CB said 2 business days to credit funds.

Completely missed out on re-entering Litecoin unless it drops in the next day or two, but I think it is going run higher from here.

I should have left the funds on Coin Base. My mistake.
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Long John
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Re: LiteCoin

Postby Long John » Wed May 03, 2017

LiteCoin is added to Coinbase. About $1.50 higher than Bittrex, plus fee.

silverpv
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Re: LiteCoin

Postby silverpv » Wed May 03, 2017

i picked up a few to hold on to.


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