Author Topic: Bit Coin as an Investment?  (Read 33635 times)

GS

  • Sr. Member
  • ****
  • Posts: 413
    • View Profile
Re: Bit Coin as an Investment?
« Reply #60 on: February 25, 2014, 07:17:12 PM »
So, now that Mt. Gox has gone belly up and apparently decided to keep what they were holding, it seems that the best option for trading is a Chinese site ... yeah ...  good luck with that.  Maybe the Nigerians should jump in here to elevate the bit-coin cred.

mo

  • Full Member
  • ***
  • Posts: 158
    • View Profile
Re: Bit Coin as an Investment?
« Reply #61 on: March 02, 2014, 08:33:11 PM »
So, now that Mt. Gox has gone belly up and apparently decided to keep what they were holding, it seems that the best option for trading is a Chinese site ... yeah ...  good luck with that.  Maybe the Nigerians should jump in here to elevate the bit-coin cred.

No way.  If you are in the US and want to deal with a US based company there are several options...

 - Coinbase.com - they are more like a broker, you can't do real time trading but if you want to buy and sell Bitcoin they are very reputable and backed by reputable VC firms in Silicon valley.

 - CampBX - Have been around a while based in Georgia, I'd steer clear for the time being they recently got dumped by their bank and you can only transfer money to them via money order for the time being.

 - CoinSetter - Based in NewYork, If you want to day trade bitcoin these guys are meant to be like a FX pair trading type of service you can only deposit and withdraw in a single currency type though so you can't buy Bitcoins to use only to trade.

 - CoinMkt - Based in California, they are ok but there deposit methods aren't great and I don't care for some of their fees.  Their volume can also be very weak at time.

 - Buttercoin.com  - Back by Google, one of the Reddit founders and Ycombinator this exchange is close to launch it looks really promising.

 - Kraken - Based in SanFrancisco these guys look awsome but are only available in a couple states right now while they work through the regulatory paper work.  If you are in Europe you can use them now though.

 - BitStamp - Based in Europe but probably the largest and most reliable exchange in the world.  People have known Gox wasn't sound for the better part of the past year now and have been migrating en mass to bitstamp.  You have to get money in and out with international wire transfers though which can be a pain.

mo

  • Full Member
  • ***
  • Posts: 158
    • View Profile
Re: Bit Coin as an Investment?
« Reply #62 on: March 02, 2014, 08:35:44 PM »
I hate to say, "I already told you!"  But "popular bitcoin exchange Mt. Gox went blank Monday evening, with reports saying that trading was halted earlier and that the website may have been deleted."

http://www.marketwatch.com/story/mt-gox-bitcoin-site-disappears-2014-02-25?dist=lbeforebell

While it sucks for those people, they shouldn't have been using MtGox like a bank.  Sane people don't keep their bitcoin with obviously untrustworthy services.  People in the community have known Gox was in trouble for close to a year.  Gox has nothing more to do with the Bitcoin than Lehman Brothers or MF Global had to do with the US Dollar.
« Last Edit: March 03, 2014, 12:31:21 AM by mo »

Bohb Daishi

  • Sr. Member
  • ****
  • Posts: 481
  • I eat free lunches
    • View Profile
Re: Bit Coin as an Investment?
« Reply #63 on: March 03, 2014, 02:41:02 AM »
This all goes back to the point I made earlier. Are you better off "investing" in bitcoin, or simply buying gold in World of Warcraft? Because in all practicality, the only difference between the two is that the gold will always provide some level of benefit if you play the game.
There are three ways to make a living in this business: be first, be smarter, or cheat.

Randawl

  • Sr. Member
  • ****
  • Posts: 469
    • View Profile
Re: Bit Coin as an Investment?
« Reply #64 on: March 26, 2014, 02:59:15 PM »
Bitcoin to be treated as taxable by the IRS and will be given stocks and barter treatment:

http://www.bizjournals.com/sanfrancisco/morning_call/2014/03/bitcoin-is-property-irs-rules.html

Thought this may be interesting to some.

dontvote

  • Full Member
  • ***
  • Posts: 226
    • View Profile
    • Email
Re: Bit Coin as an Investment?
« Reply #65 on: April 03, 2014, 12:53:09 PM »
this is what I thought the default was. are currencies treated differently (i.e. are not considered property like usd would be)?

Bitcoin to be treated as taxable by the IRS and will be given stocks and barter treatment:

http://www.bizjournals.com/sanfrancisco/morning_call/2014/03/bitcoin-is-property-irs-rules.html

Thought this may be interesting to some.
dontvote

Interest Radar IRR: 46.11%
NSR ROI: 41.22%
Average Loan Age: Your Moms