Anyone here day trade Cryptocurrency?

Fair enough. I'm sure their invoicing and tax returns are entirely above board :embarrassed:

Funny thing; the Federal Govt still expects you to pay taxes on your income, even if it is illegally derived. Al Capone found out the hard way.
 
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welp, when the discussion is why it isn't currently widely adopted for commercial transactions right now, it's more than kinda relevant. Don't get me wrong, I'm not saying that it will never happen but I'm explaining why many businesses are not going to be eager to accept cryptocurrencies as a primary form of payment at this moment.

How many homes had the internet in the early 90s?

How many people had mobiles on the late 80s?

How many people went foreign holidays in the 60s?

How many gas stations existed in 1910?
 
How many homes had the internet in the early 90s?

How many people had mobiles on the late 80s?

How many people went foreign holidays in the 60s?

How many gas stations existed in 1910?

again, I'm not and have never suggested it's not going to happen....I'm not sure why this isn't registering that I'm simply pointing out the current issues that need to be addressed to get to a different state of acceptance.
 
again, I'm not and have never suggested it's not going to happen....I'm not sure why this isn't registering that I'm simply pointing out the current issues that need to be addressed to get to a different state of acceptance.

Things are evolving all the time. Just now the barrier to entry is knowledge on how to access and use it but that will pass.

My 90 year old gran isn't interested. My dad is but it being complicated puts him off. Guys my age are happy enough to dip our toes in. Once the young team get on board it'll be full steam ahead.
 
Things are evolving all the time. Just now the barrier to entry is knowledge on how to access and use it but that will pass.

My 90 year old gran isn't interested. My dad is but it being complicated puts him off. Guys my age are happy enough to dip our toes in. Once the young team get on board it'll be full steam ahead.

not sure how that relates but ok.
 
You're talking about how it's not widely used.

It will be, it's just not filtered down to the people who will use it yet.

No I'm talking about why it's not widely accepted by businesses as a common currency. Not why joe consumer isn't using it.

Edit: and I'm also not talking about business like the bakery on your town main street. I'm talking about retail at scale. But, many of those same considerations would exist for small scale retailer if they were to have cryptocurrency as a primary/significant form of customer payment.
 
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No I'm talking about why it's not widely accepted by businesses as a common currency. Not why joe consumer isn't using it.

Edit: and I'm also not talking about business like the bakery on your town main street. I'm talking about retail at scale. But, many of those same considerations would exist for small scale retailer if they were to have cryptocurrency as a primary/significant form of customer payment.

-Visa has entered into a project.
-Elon has already stated that Bitcoin would be taken for Tesla sales (and then pulled that back based upon who knows what...perhaps political, perhaps related to how many 'green credits' he is getting, perhaps so he could assist in dumping the price so that he could buy more, etc.).
-eBay has stated that they are looking at how they can work crypto in as an option for buyers.
-Apple has stated pretty well what eBay said.

Those are just 4 'little ones' from 2021 off of the top of my head.
A quick Google will tell you that Microsoft, Home Depot, Starbucks, Overstock.com, Whole Foods, among others already do.

Nobody has stated that it's widely viable yet so I don't really get your point. Unless you are trying to say that as it scales, retail at scale will also scale(?). But we know that. It's on the cusp of exploding.

You know what...who is really going to carry a $500 phone around with them, all of the time? This sounds like a question from the 1980s and if someone was telling me about it then, I'd say "not many people". And I would have been big time wrong. Then later on in the 1990s when the first person who I knew had a cell phone, there weren't that many towers...I still thought that it was ridiculous..."oh, you can call if you are in that area but as soon as you leave that area the thing doesn't work". Now there is coverage everywhere.

Major correlation between these 2 technologies and how people accept/understand them.
 
How many homes had the internet in the early 90s?

How many people had mobiles on the late 80s?

How many people went foreign holidays in the 60s?

How many gas stations existed in 1910?
How many people had Betamax in the 1970's
How many people had waterbeds in the 1980's
How many people had cb radios in the 70's
How many people had hula hoops in the 1960's
 
I'm simply pointing out where cryptocurrencies are today vs how they need to evolve to become a significant factor in commerce. Any business can accept a form(s) of cryptocurrency today because it amounts to an insignificant portion of their revenue with little financial impact compared to their fiat currency revenue. I would break this down in more depth but we're still not on the same page at all... this has become like dealing with a religious cult that can't see past their dogma.
 
I'm simply pointing out where cryptocurrencies are today vs how they need to evolve to become a significant factor in commerce. Any business can accept a form(s) of cryptocurrency today because it amounts to an insignificant portion of their revenue with little financial impact compared to their fiat currency revenue. I would break this down in more depth but we're still not on the same page at all... this has become like dealing with a religious cult that can't see past their dogma.

In my posts I am always talking about it being in infancy...it's a technology of potential...of the future.

Right now there are maybe less than 4% of the people in the world who are involved with it so just imagine what it will be like when 40% of the people in the world are involved in it.

Blockchain is the underlying technology that cryptocurrencies are based upon and it will soon be what everything runs on (probably including the internet). If people don't get some crypto holdings into their portfolios (sounds fancy) now or soon, they will look back years from now and be very sorry.

Because its widespread adoption is only just beginning,

That is indicative of how much more valuable it will be in the future, than it is today, because all kinds of companies and businesses are going to adopt cryptocurrencies.

Can you correlate that? To simplify: It's worth close to $60G and nobody accepts it. Imagine what it will be worth when it is broadly adopted.

...and those are just from the first 3 pages. It's ALL about future. This is like Amazon when they just sold books online...only probably bigger.
 
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How many people had Betamax in the 1970's
How many people had waterbeds in the 1980's
How many people had cb radios in the 70's
How many people had hula hoops in the 1960's

Again it's a calculated risk that it will take off. If you bought vhs stocks in the 80s you'd be laughing.
 
This one is an interesting one. The company called Ripple has a long history for a crypto company. Its coin or currency is XRP. Do a little reading about it and maybe watch a video or three...DON'T pay attention to any of the people saying that it will go to $10,000. There are 100 Billion XRP in existence. In order to go to $10G the market cap would reach $1 quadrillion. Just not possible. Anyway, to the pertinent stuff.

The Securities Exchange Commission has had a case against them for quite some time now and it seems to be getting closer to being settled. Many feel like Ripple will win but they also feel that XRP's appreciation has been stifled/muted/killed for a very long time because of this case hanging over the company so if the case goes in favor of Ripple, the price could take a major jump.

Don't buy based on just what I have said here, this is just scratching the surface. It would be great if you read a little about it and decided from that. Informed people think that if they win the case it could jump to $12 or so...maybe $20 if it goes crazy. Idiots on YouTube seem to think $10G and $100G are possible but I think that thy are just people who like to get views on their videos by saying outrageous things.

Full disclosure: I bought some XRP for $0.44 Canadian back when I first bought Bitcoin. I picked up a little more recently because I had some $ in an exchange account.
 
Another aspect that is important to keep in mind IMO is that investments now are likely to be a slow burn.

Many 'experts' think that this bull run isn't over but I am inclined to think that we're going into crypto nuclear winter which will have crypto people waiting for some broader assimilation and/or the next market cycle.
 
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Another aspect that is important to keep in mind IMO is that investments now are likely to be a slow burn.

Many 'experts' think that this bull run isn't over but I am inclined to think that we're going into crypto nuclear winter which will have crypto people waiting for some broader assimilation and/or the next market cycle.

I can't a speak for anyone else but that's my gameplan.

If it skyrockets short term then cool but really I just got sick of my bank saying "you could do more with your savings, it's sitting there doing nothing" their suggestion was buying into stocks and shares ISAs that would hold my dough up for 2-5 years or longer and I wouldn't be in control of what my money was invested in.
 
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