Cryptocurrency

[scooterscot]

The level of interest in Bitcoin adoption at the minute is comparable to the early days of Facebook.

As institutional money pours in, BTC will be become relatively stable in price.

[BrilloPad]

The level of interest in Bitcoin adoption at the minute is comparable to the early days of Facebook.

As institutional money pours in, BTC will be become relatively stable in price.

The greater fool theory.

[Hobosapien]

The level of interest in Bitcoin adoption at the minute is comparable to the early days of Facebook.

As institutional money pours in, BTC will be become relatively stable in price.

Facebook's own Libra crypto threatens to make Bitcoin unfashionable. Bitcoin remains very non user-friendly in regards Jo Public, and the slow take-up means its best chance is to move to a background 'digital gold' used by a relatively small audience. So yes there may be some long term investment potential but also the potential for it to be ditched for a new shinier coin that feels more comfortable from a traditional currency and investment point of view. Especially if all the partners getting behind Libra promote it as the only accepted option for the majority of scenarios.

Is there any sign of institutional money pouring into Bitcoin or is it wishful thinking? Seems to be taking a long time if it is such a no-brainer, especially if Bitcoin is perceived to be cheap at this early stage of its life cycle. Makes me think the institutions are looking to do something else.

[scooterscot]

Let's unpack that.

Facebook's own Libra crypto threatens to make Bitcoin unfashionable..

Network effects were won by BTC long ago. BTC is decentralised. If the US wanted, they could shutdown Facebook. Why would anyone take that risk? Besides I make the point of network effects again cause it's so important. BTC is now known throughout the globe. There are those that refuse to use Facebook due to trust issues or just principle. BTC has none of those restrictions.

Is there any sign of institutional money pouring into Bitcoin or is it wishful thinking? Seems to be taking a long time if it is such a no-brainer, especially if Bitcoin is perceived to be cheap at this early stage of its life cycle. Makes me think the institutions are looking to do something else.

A think tank I'm subscribed with is actively tracking institutional money. In the words of one pension provider (A US one) 'our smallest trade is $150m, there's no possible entry into this market at these levels'.

So what the group is tracking is money flow in the form of deposits with new crypto custodians. And my, deposits are flowing in.. and the volume tracked so far is several x of the current crypto market. That's insane. BAKT (due to open its doors next month, but we've heard that before), will be a significant event when it comes online. It'll be an easy exit for holders of overvalued stocks on the NYSE to dump into BTC.

On a smaller scale: Coinbase Custody receiving $200-400M per week in new crypto deposits from institutions, says Armstrong
What's amusing is the UK's only bank working with Coinbase, Barclays, is cutting off deposits.... guess why? Brexit. Got to laugh, just when the market is likely to explode UK residents have feck all way to enter a new bull market.

Barclays Cuts Off Coinbase As U.K. Prepares To Cut Off Europe



Anyway, you'll have Corbyn. So all's good.

[BR14]

BLAH BLAH BLAH



A think tank I'm subscribed with .

aye, - right.

and it's subscribed TO, not WITH

[AtW]

Oh dear - alleged tulipcoin tax fraudsters might be in trouble...

“Updated, 8/19/19, 7:20am PT: CoinDesk reported that cryptocurrency traders have received letters from the IRS saying they misreported their revenues on previous tax filings. The agency seems to have shifted its tone from "you may have misreported your earnings," which encourages crypto owners to double-check their statements, to the definitive "you misreported your earnings." That means the agency is confident enough to tell people exactly how much they owe from previous tax years--and to charge interest on those unpaid taxes”

Got Crypto? IRS Warns Cryptocurrency Owners About Possible Tax Violations

[scooterscot]

brought to you by cUSA

[scooterscot]

Sweet music to my ears. Private central banks use Fiat to rob wealth from the poor. Well no more.

BTC world reserve currency here we come.


Mark Carney: dollar is too dominant and could be replaced by digital currency

The Bank of England governor, Mark Carney, has challenged the dollar’s position as the world’s reserve currency, arguing that it could be replaced by a global digital alternative to end a savings glut that resulted in 10 years of low inflation and ultra-low interest rates.


Likening the move to the end of sterling’s command of international money markets 100 years ago, Carney said the dollar had reached a level of dominance that meant it was a barrier to a sustainable recovery.

[AtW]

Oh dear -

“The 2018 guidance now specifically states “HMRC does not consider the buying and selling of cryptoassets to be the same as gambling”. While this has been seen in some quarters as a change in policy, it isn’t seen that way by HMRC.

In a recent webinar, the HMRC speaker said that HMRC had never declared cryptoasset trading to be gambling and had always taken the view that the position was fact-specific. In fact, the 2018 guidance implies that the majority of cryptoasset investors are expected to fall into the CGT regime.”

Clients caught in a cryptoasset conundrum | AccountingWEB

Mor On in trouble?

[AtW]

Oh dear -

“The 2018 guidance now specifically states “HMRC does not consider the buying and selling of cryptoassets to be the same as gambling”. While this has been seen in some quarters as a change in policy, it isn’t seen that way by HMRC.

In a recent webinar, the HMRC speaker said that HMRC had never declared cryptoasset trading to be gambling and had always taken the view that the position was fact-specific. In fact, the 2018 guidance implies that the majority of cryptoasset investors are expected to fall into the CGT regime.”

Clients caught in a cryptoasset conundrum | AccountingWEB

Mor On in trouble?