Welcome!

By registering with us, you'll be able to discuss, share and private message with other members of our community.

  1. Welcome to the 12ozProphet Forum...
    You are currently logged out and viewing our forum as a guest which only allows limited access to our discussions, photos and other forum features. If you are a 12ozProphet Member please login to get the full experience.

    If you are not a 12ozProphet Member, please take a moment to register to gain full access to our website and all of its features. As a 12ozProphet Member you will be able to post comments, start discussions, communicate privately with other members and access members-only content. Registration is fast, simple and free, so join today and be a part of the largest and longest running Graffiti, Art, Style & Culture forum online.

    Please note, if you are a 12ozProphet Member and are locked out of your account, you can recover your account using the 'lost password' link in the login form. If you no longer have access to the email you registered with, please email us at [email protected] and we'll help you recover your account. Welcome to the 12ozProphet Forum (and don't forget to follow @12ozprophet in Instagram)!

Cryptocurrency

Discussion in 'Channel Zero' started by JesusMachine, Dec 13, 2017.

  1. JesusMachine

    JesusMachine Elite Member

    Joined: Sep 3, 2002 Messages: 4,509 Likes Received: 207
    So I'm sure you all have seen the hype and recent gains from bitcoin and other alt coins.

    I was able to grab small amounts of bitcoin, litecoin and ethereum when the upswing was starting.

    I would like to purchase some Ripple/ XRP but buying it is cunty as fuck. I think the easiest way to purchase XRP is buying it with LTC. If anybody has insight in this please chime in.

    Also when buying alt coins with other alt coins does that become a tax event? It never changed to USD so my assumption is that it's not a tax event. Meaning, I don't want to get taxed capital gains.
     
    Last edited: Dec 13, 2017
  2. Mercer

    Mercer Moderator Crew

    Joined: May 2, 2007 Messages: 10,622 Likes Received: 1,040
    Suggest using the Exodus wallet, don't hold all of your investment on any exchange including coinbase.
    When signing up, make sure to WRITE DOWN your 16 word mnemonic passphrase.
    Don't print it, don't save it anywhere on your computer, and for sure as fuck don't save it online or in the cloud.
    Just write it down and practice memorizing it.

    Exodus has shapeshift built into it so you can change between cryptocurrencies very easily.

    Also, as a matter of opinion from a somewhat seasoned altcoin investor, I don't recommend buying into any altcoin that's had a huge runup recently which includes ripple.
     
  3. theprotester

    theprotester Moderator Crew

    Joined: Dec 8, 2006 Messages: 10,910 Likes Received: 862
    Crypto on the oontz

    The world I grewed up in is gone
     
  4. Mercer

    Mercer Moderator Crew

    Joined: May 2, 2007 Messages: 10,622 Likes Received: 1,040
    For anyone interested in extreme nerding, this videos is a good introduction to understand what cryptocurrencies are.

     
    NightmareOnElmStreet likes this.
  5. Mercer

    Mercer Moderator Crew

    Joined: May 2, 2007 Messages: 10,622 Likes Received: 1,040
    Funny thing is, I was introduced to bitcoin by Lord Casek way back in the day right here on the oontz. I can only assume he's a multimillionaire right now.
     
    psm026, misteraven and theprotester like this.
  6. theprotester

    theprotester Moderator Crew

    Joined: Dec 8, 2006 Messages: 10,910 Likes Received: 862
    Yeah I only started trading crypto after an OG prophet got me on it as well.

    12oz making power moves.
     
  7. theprotester

    theprotester Moderator Crew

    Joined: Dec 8, 2006 Messages: 10,910 Likes Received: 862
    Casek logged in not long ago
     
  8. theprotester

    theprotester Moderator Crew

    Joined: Dec 8, 2006 Messages: 10,910 Likes Received: 862
    Neo just paid for Christmas
     
  9. Telo

    Telo Elite Member

    Joined: Jun 3, 2003 Messages: 4,164 Likes Received: 37
    This will be the most monumental short play of all time..
     
  10. Mercer

    Mercer Moderator Crew

    Joined: May 2, 2007 Messages: 10,622 Likes Received: 1,040
    Yea, that's what they said when bitcoin was at $10, then when it was at $100, and then when it was at $1000, and then when it was at $10,000.

    It's hovering just under $20,000 right now.

    It's hard for even experts to predict the future value of a brand new asset class. The closest thing we have to compare is the dot com bubble that burst in 2000/2001. That said, that bubble burst at a $10 trillion dollar market cap and has since fully recovered. I'm not saying people don't value websites, but I do think most people value currency over websites. I'm so used to hearing bubble by now it's almost meaningless. Sure, it's volatile and I'm sure there's going to be some sharp declines in the future, but my best guess is that those drops will be dwarfed by the gains eventually.

    Think about it like this, do you think the United States currency is a safer bet. Keep in mind these facts:

    1. The US dollar is backed by absolutely nothing, just like bitcoin
    2. The US is currently Trillions in debt, and the most recent tax cut will put us trillions more in debt.
    3. As the rich cash out, most of the burden is being shifted to the middle class, which is becoming restless
    4. The middle class isn't prepared for the next wave of automation that's currently being deployed
    5. The only thing the people in charge learned from the last financial crisis was that they can get away with it

    I could go on and on, the Empire is crumbling, all the signs are right there in front of our faces. Without a complete reboot our society's current path is unsustainable. I'm heavily invested in cryptocurrencies, and I'm predicting by the time I'm ready to cash out, I won't need to.

    So yea, bubbles.....


    3n7uxp0coj401.jpg
     
  11. Mercer

    Mercer Moderator Crew

    Joined: May 2, 2007 Messages: 10,622 Likes Received: 1,040
    About to stock up on Cardano, ETH is my favorite right now but as a programmer, I see the shortfalls of solidity and don't see them being able to improve it without breaking the existing contracts. Not too bullish on NEO long term since China has banned ICOs, have a good bit of EOS though.
     
  12. Hua Guofang

    Hua Guofang Dirty Dozen Crew

    Joined: Oct 29, 2013 Messages: 1,796 Likes Received: 379
    That's not really true though. A unit of currency for each nation is essentialy a sharre in that nation, which includes everything from fixed/capital goods (infrastructure, defence forces, emergency services, etc) to population, regulatory systems, education system, etc., The potential of that nation to grow its value is quantified by international exchange rates, etc.

    One US Dollar is one share of the United States. It is backed by a whole nation and it can increase and decrease in value based on the economic viability of that nation. Simple and crude but that's what money is. It used to be backed by gold but apart from the industrial uses of gold it's value is based on a value that is aggregated from a large amount of subjective opinions. Intrinsically gold has no use to me at all. I'm not an industrialist and I don't wear it (I fail at hip hop...). So the value of gold to me is largely based on uncertain factors such as the will of others to possess, which is driven by the will of others to possess it.

    I'd say a national economy is a much more measurable and tangible backing than what we see for gold.


    Thanks for posting that vid on block chain, I'm starting to grasp it now.
     
  13. Mercer

    Mercer Moderator Crew

    Joined: May 2, 2007 Messages: 10,622 Likes Received: 1,040
    Agreed, there's much more infrastructure surrounding the USD. With that said, you can't trade in your dollar for any goods or services should the value of dollar tank. That was my point regarding one of the main arguments people have against cryptocurrencies. The only thing giving the USD an edge over the rest of the worlds currencies is the Saudis, which may or may not have reached peak oil production long ago and are in decline.

    I've been into programming and computer science for a long time, but understanding the fundamentals around how cryptography is integrated is what converted me into a believer. I've always hated math and thought it was boring as fuck until now. It gets real deep once you start understand how advanced currencies like Monero, Ethereum, and IOTA work.

    Modern computers were developed for cryptography originally, and have come full circle back to their origins. You'd never believe me if I told you how much computational power is spent just to mine bitcoin. Keep in mind that article I've linked is from 2013.

    Mathematics is the language in which god was written the universe. -Galileo

    Glad you liked the video, here's a good related video from the same guy:

     
  14. Dirty_habiT

    Dirty_habiT Administrator

    Joined: Mar 8, 2001 Messages: 18,121 Likes Received: 74
    I recently bought a litecoin a bit late in the growth. I have 1.08 LTC that I paid $340 for total. My friend got in a few weeks earlier, bought 3 LTC at $100 each. He's looking at over 200% profit right now if he cashes out.

    My advice to anyone is don't put money into this that you cannot afford to lose. There are no guarantees that you will ever get anything out of it including the money that you initially put into it. You could end up holding your dick at the end of the day.
     
  15. theprotester

    theprotester Moderator Crew

    Joined: Dec 8, 2006 Messages: 10,910 Likes Received: 862
    Rule one

    You've made nothing until you cash out

    Rule two

    Fifty percent is tax
     
Top