GOLD vs BITCOIN

Discussion of all things crypto and blockchain.
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SilverDoge
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Re: GOLD vs BITCOIN

Postby SilverDoge » Mon Jan 29, 2018

Long John wrote:So Clif High sees $23K Bitcoin in 2018... and also gold at 25% of Bitcoin in 2018. I'm assuming he does not mean $5,750 gold this year, so is he forecasting Bitcoin will see both extreme highs in the spring and extreme lows at a different point?

Also, you said "other crazy stuff." Which of the highlights mentioned is considered crazy? I hope not the rosy Bitcoin predictions.


You really have to give it a full listen. In regards to the gold pricing, he didn't seem as confident but said the "value" is there even though the "price" isn't - or something along those lines based on his linguistics. I'd have to listen a second time to dig into it exactly.

He also spoke about conspiracies about Antarctica, free energy, some carbon edible thing, additional uses for silver, etc.
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Long John
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Re: GOLD vs BITCOIN

Postby Long John » Mon Jan 29, 2018

SilverDoge wrote:You really have to give it a full listen.

You spoiled me with highlights ... the, uh, Clif Notes, so to speak. Perfectly reasonable to say "If this needs further explanation, listen yourself."

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Re: GOLD vs BITCOIN

Postby Silversummit » Mon Jan 29, 2018

Long John wrote:
SilverDoge wrote:You really have to give it a full listen.

You spoiled me with highlights ... the, uh, Clif Notes, so to speak. Perfectly reasonable to say "If this needs further explanation, listen yourself."

Here is an interview with Cliff from last night.

https://m.youtube.com/watch?v=C7nrLkUEhPI

And here is the 3 amigos live feed from Saturday

https://m.youtube.com/watch?v=VJqfGGk468c
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SilverDoge
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Re: GOLD vs BITCOIN

Postby SilverDoge » Sat Mar 03, 2018

SilverDoge wrote:
Recluse wrote:
SilverDoge wrote:Another positive point, when you pay in bitcoin with APMEX they ship next day.


Regarding payment with bitcoin, do you suppose it is considered a "cash equivalent" and subject to Apmex filing Form 8300 for transactions over $10000? Of course I am not suggesting that someone might forget to report a windfall from bitcoin :D


I have no clue how APMEX is handling it. The IRS has deemed bitcoin property (commodity) so I don't know how they could call that a "cash equivalent" when they won't deem it a "real" currency. Would buying gold with fine art be considered a cash equivalent?

This was my largest single purchase of PMs. I have an accountant who will do my taxes for me as well.


Quick follow-up. APMEX did not send me a Form 8300 for this purchase.
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Recluse
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Re: GOLD vs BITCOIN

Postby Recluse » Sat Mar 03, 2018

SilverDoge wrote:
SilverDoge wrote:
Recluse wrote:
SilverDoge wrote:Another positive point, when you pay in bitcoin with APMEX they ship next day.


Regarding payment with bitcoin, do you suppose it is considered a "cash equivalent" and subject to Apmex filing Form 8300 for transactions over $10000? Of course I am not suggesting that someone might forget to report a windfall from bitcoin :D


I have no clue how APMEX is handling it. The IRS has deemed bitcoin property (commodity) so I don't know how they could call that a "cash equivalent" when they won't deem it a "real" currency. Would buying gold with fine art be considered a cash equivalent?

This was my largest single purchase of PMs. I have an accountant who will do my taxes for me as well.


Quick follow-up. APMEX did not send me a Form 8300 for this purchase.


They wouldn't send it to you. They would file it with the IRS. I think Apmex would let you know if they did.
https://www.irs.gov/businesses/small-bu ... over-10000
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Long John
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Re: GOLD vs BITCOIN

Postby Long John » Sat Mar 03, 2018

SilverDoge wrote:Quick follow-up. APMEX did not send me a Form 8300 for this purchase.

Ditto. But in my case it was sent from an IRS-reporting source (Coinbase) and was recorded as a taxable event on that end. If it had been sent from a private wallet or a foreign exchange, it wouldn't have.

Edit: I was wrong, my BTC was sent to Provident from Bittrex, not Coinbase. Bittrex has not sent me anything at all regarding my extensive activities there in 2017.

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Re: GOLD vs BITCOIN

Postby Recluse » Sat Mar 03, 2018

Long John wrote:
SilverDoge wrote:Quick follow-up. APMEX did not send me a Form 8300 for this purchase.

Ditto. But in my case it was sent from an IRS-reporting source (Coinbase) and was recorded as a taxable event on that end. If it had been sent from a private wallet or a foreign exchange, it wouldn't have.

Edit: I was wrong, my BTC was sent to Provident from Bittrex, not Coinbase. Bittrex has not sent me anything at all regarding my extensive activities there in 2017.


Form 8300 is something that the irs requires a business to file when someone makes a purchase using 10,000 or more in cash or cash equivalent. I was questioning if bitcoin is considered as a cash equivalent that would result in form 8300 being filed to the irs. Check the link below for more information.
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joefro
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Re: GOLD vs BITCOIN

Postby joefro » Sat Mar 03, 2018

I believe the IRS stated that cryptocurrencies are NOT cash equivalents and are instead considered property.


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