Sold my XRP? And The One Crypto I'd Hold This Month| Q&A #13
In this week's Q&A, I'll be addressing the following questions:
Jonathan Mallett - Did you sell your XRP?
Jack K Wilson - If you need to make a payment and the receiver allowed you to use any crypto, what would you use?
Fitnesspoint2006 - If someone hacks your wallet and steals your coins, there's no central bank to call to help, they are gone. But if fraudulent purchases are made on your bank issued credit card, I have never had a problem with my money being returned. REPLY
Kelsey Brennan - Are you single and do you like long walks on beaches?
Bot Jeffy - You don't even need to sum up all the reasons why BTC is not the virtual gold and will replace gold. This one reason is enough: hard forks. Every time there's a hard fork it basically makes the "fact" that it's a limit amount obsolete. It's basic economics.
Cosmin Florin - When you think it's better to "think" in satoshi or USD? When you buy, do you look at USD price r do you want to get as much Bitcoin as possible, so you look at the price of Satoshi?
Whytebio - If you could hang on to Ethereum, IOTA or Litecoin this month, which would it be?
Simon Bohan - When do you think the housing market correction/crash will happen?
Iota is a brand new and novel micro-transaction cryptotoken optimized for the Internet-of-Things (IoT). Unlike the complex and heavy blockchains of Bitcoin and the like, which were designed with other uses in mind, Iota is created to be as lightweight as possible, hence the name "Iota" with emphasis on the ‘IoT’ part.
The number of connected devices that will permeate our modern landscape in the coming decade is estimated to be 50 billion(!) Each of these are designed to make the world a better and more seamless place for us. Tied to this fantastic promise are of course a ton of obstacles to be overcome, of which one major one is micro-transactions. These connected IoT devices must be able to automatically pay miniscule amounts to one another in a frictionless manner without having to compromise on product design by introducing additional hardware. This is why Iota was conceived.
While it was developed as a solution to scalability issues faced in IoT, the underlying protocol is agnostic and can be applied in any other use-cases that utilize micro-transactions.
In order to achieve these audacious goals Iota’s design diverged radically from blockchain cryptocurrencies. It still retains the core principle ideas of the distributed consensus blockchain, but in order to be able to scale to the size of the coming Internet-of-Things ecosystem with tens of billions of devices that are connected to each other, it needed to be very lightweight and efficient. This problem is solved by Iota’s core innovation: the tangle.
@lollobrown You might like this post https://goo.gl/E5kzXv
I really enjoyed your pregnant woman analogy! LOL For some reason, I found it lovely to hear that a woman's value as a human being isn't lessened by having given birth. I know that wasn't even the point of what you were saying, but you'd be surprised at the men who think it does lessen a woman's worth.
With regards to thinking in fiat or btc. I tend to think in terms of GBP as that is how I spend at present and I do not see it as a given that BTC will also be the ultimate store of value. Having said that the increased use of crypto credit/debit cards might change this in the future perhaps for some. Also all those noughts. Really! I would end up paying 100X what I thought I was paying.
We also need to be a little careful though not hedging into types of assets just in case there is a problem with internet or cryptos either legally or structurally. I would advocate that people use their full yearly shares ISA allowance where they can comfortably afford it and then use dividend compounding as in years to come the power of this is fantastic and also it will all be tax free and more importantly comparatively worry free. It also has long history of working (admittedly not as quickly as cryptos) and through many market crashes. If people start saving early enough then this method provides easily enough for their retirement plans without the gambling element of cryptos with the risk that that element could spill into other aspects of their lives. A brilliant tool to see the effect of compounding is https://www.dividendladder.com/tools/dividend-calculator/ . Plug your projected crypto profits into this and it is frightening.
Agree 100% with what you said about filling your yearly ISA allowance Dave! Will be making a video about this at some point before the end of the tax year.
Is this ISA allowance an European / Great Britain only? Thanks.
I think it is probably just GB but I have not looked into other countries' saving incentives. I am sure most countries probably have some form of tax free saving plan so maybe google that phrase with your home country. That is a part of the problem for people commenting on tax issues on forums as we are often all from different tax regimes but people might not take this into account when e.g. Louis or myself comment on crypto tax issues. It would be great for somebody with appropriate knowledge in each jurisdiction to set up a blog but I suspect that with 100 accountants you might still get 50 different answers especially with regards to crypto because it is so new and counter to general fiat methodologies. Caution is the best course at present I feel so perhaps have a ledger nano s with earmarked tax fund in relatively stable coin e.g. BTC/ETH/LTC which can be redeployed into "moon coins" if it turns out that you do not have to pay as much as you thought. Yes you might lose a little in the short term but you will still make far more than traditional savings or equities and also have the reassurance that you won't be caught out (so hopefully live longer to invest in crypto to compensate)
Funny that a lot of tax advice regarding crypto I have found is on steemit and bitcointalk. Not to say I fully follow those advice but crypto is so brand new that a typical tax accountant usually has no idea how to deal with cryptos. I hope this changes very soon. US is terrible now because the country just revised crypto investing that can not be deductible in 2018. That means every trade made if its a profit the profit will get taxed. Rough start to the new year for US crypto investors.
I sold my XRP when it was $0.25 :( :( :(
Ya- I did that months ago after buying at $0.15, then re-bought at $0.16 and still holding, while holding my nose! 😉
another great video indeed
keep up the great work!
how do you think or your prediction about bitcoin price in 2018 whether it will be increasing or going down.
I just want to survey some people's opinion
I think BTC will have some fairly big up and down moves this year, going from current price to ~40k, dipping back down to ~20k levels, and then shooting up to closer to 100k later in the year when Lightning Network is launched on it.
Should be interesting!
I m not sure if I agree that XRP is overpriced.
Whether you like it or not, but I see it as: "the crypto of bankers", and as we all know they have lots of muscle in this world (money).
Can you do review of supercomputer cryptos like Sonm and Golem? Thanks you!
jump on golem!
When do you think Lightning Network will be openly launched? It has been "hinted" that it will be taking place FAR sooner then most people think (weeks/months not years) and will be debuting on Litecoin a fair bit before being on Bitcoin. If I had to guess I would say LTC LN will likley be released some time between mid Feb and early April of this year, and BTC LN will likely be released some time closer to mid Aug or so.
I also think of my crypto currency investments in the terms of my local fiat. I find it easier to judge my profit/loss based on that instead of satoshis. I don't think in satoshis because with Bitcoin's price as volatile as it is the amount 1 satoshi represents is never stable. Makes it really hard to try and switch from thinking in fiat to bitcoin.
satoshis are a very abstract thing.
When I look at my crypto wallets, I indeed look at it in $.