Living on Bitcoin

IDK. How much do they have?

I read one exchange was hacked and bled dry of $1,000,000 worth of bitcoin, $750,000 of it was others 'deposits'.
Again, a banks money is guaranteed to $250,000, if you're going to compare exchanges to banks..

Have you mined any for yourself or just for your clients?

 

I don't mine coins I'm a broker
Those sums you listed wouldn't be insured anyway and if you compare it to what banks have lost its pennies

 

Aren't you tempted to?

Those sums would be insured in a bank. It's $250,000 per account.

 

To mine? No that's not where my talents are or my interests. Let the miners mine. Truthfully I think it's how most people will earn money in the future though.

No those sums would not be insured by a bank because we don't know if its in multiple accounts. And truthfully I have never heard of anyone being reimbursed by fdic have you?
Hell if that were the case how did that not extend to home equities when banks went under in 08.

 

Are you referring to open home equity line loans by failed banks in 08? Not sure what you mean.

Interestingly though...

FDIC's Tab For Failed U.S. Banks Nears $9 Billion

2011

U.S. banking regulators have paid out nearly $9 billion to cover losses on loans and other assets at 165 failed institutions that were sold to stronger companies during the financial crisis.


The payments were made under loss-sharing agreements struck by the Federal Deposit Insurance Corp. that shield buyers from much of the risk associated with loans inherited from failed banks. The deals, covering everything from empty Las Vegas shopping centers to nearly worthless mortgages in Florida, are a reminder of the price tag attached to many government programs launched near the worst of the crisis.

As the number of bank failures surged, FDIC officials dangled loss-share arrangements as an incentive for banks to acquire institutions and then work to improve the value of their assets over time...

.....program helped the FDIC's deposit-insurance fund, drained by 350 failures since the start of 2007, avoid even worse calamity, he said. The fund had a balance of negative $7.4 billion as of Dec. 31, though that was an improvement from the $20 billion hole it was in at the end of 2009....

...The biggest stream of reimbursements, $1.21 billion in all, has gone to BankUnited Inc., of Miami Lakes, Fla. Its private-equity owners resurrected a similarly named savings institution that collapsed in 2009 under the weight of home loans made before the housing bust. The FDIC is on the hook to cover as much as 95% of losses on some loans at BankUnited, which went public in January..."

 

Yeah, it's just, for the time being, I'm only able to buy small bits of Bitcoin per month.

What books, blogs, videos, etc ... do you recommend to get reliable info from. Something easily digestible and relatively "hype" free.

 

Damn that's a good question because there is so much hype out there its cult like. Let me talk to some people and ill let you know fam

 

I've just never heard individuals say hey this happened but thank God for my FDIC insurance

 

Thats probably because the bank doesn't announce that when money is replaced.
Here's a good know-how of what happens when your money goes missing...( l never knew about the P.I)

Q: Does FDIC insure deposits that are stolen through "hacking" or only deposits when a bank fails? Is there any insurance for bank deposits against theft by hacking?

3 ANSWERS

Joseph Wang, Ex-VP Quant - Investment banking - Hong Kong
Answered Oct 21 2014
FDIC directly insures deposits only against bank failure.

Banks typically carry private insurance against hacking and robbery.
However, it doesn't matter if the bank is robbed or hacked, the bank still owes you the money in the account.

If a bank is robbed or hacked, they will not file a claim against FDIC, but rather to their private insurance company. In any event, it's not your problem.

FDIC only kicks in if the losses are so bad that the bank is likely to go under.

 

Ahem...l know you don't like our POTUS... But did you know...

'..The president also has some known bitcoin bulls in his administration.

His budget director, former US House member Mick Mulvaney, had been dubbed the "Bitcoin Congressman" by some of the currency's backers.

And vice president Mike Pence's chief economist Mark Calabria has given speeches in support of bitcoin as well. Calabria was formerly the director of financial regulation studies at the libertarian-leaning Cato Institute before joining the administration..'

Oh nooo.

 

And your point is? They like making money I'm shocked.
Oh another reminder educate yourselves
Its at 11k now. Not bad for fake internet money. If you guys had invested when I mentioned it it would have yielded over 20 times your money. Not 20 percent 20 times. That's straight up even better than cocaine margins. Educated yourselves it ain't too late

 

How's the research coming along ?

 

Lol.

Respect for calling that investment fam. Keep getting that money.

 

Get that money with me my dude
It ain't too late
#newblackwallst.

 

Started my research and talking about going partners with a friend of mine. Blockchain was trending on Twitter just 2 days ago

 

There are others besides Bitcoin but,the former is getting much popular and is blowing up like a big balloon.

 

The Winkleboss Twins claimed they sold most of their Bitcoins but,knowing them they kept most of them and purchased more since that Facebook thing.

 

Well we talk about Bitcoin as proxy for all cryptocurrency but yeah there are a lot more and to be honest the huge money maker that will make legit trillionaires ain't here yet or in its infancy. I'm searching for that opportunity. Like my client said I want to being having lunch and tell my friends I'll see you later at my space station

 

Yup focus on that blockchain its literally going to be the new internet

 

https://www.theverge.com/2017/11/29/16717416/us-coinbase-irs-records

Coinbase ordered to report 14,355 users to the IRS

Anyone moving more than $20,000 on the platform is subject to the new order

by Russell Brandom@russellbrandom Nov 29, 2017, 5:46pm EST

Today, Coinbase suffered a major defeat at the hands of the Internal Revenue Service, nearly a year after the case was initially filed. A California federal court has ordered Coinbase to turn over identifying records for all users who have bought, sold, sent, or received more than $20,000 through their accounts in a single year. Coinbase estimates that 14,355 users meet the government’s requirements. The full order is embedded below.

For each account, the company has been asked to provide the IRS with the user’s name, birth date, address, and taxpayer ID, along with records of all account activity and any associated account statements. The result is both a definitive link to the user’s identity and a comprehensive record of everything they’ve done with their Coinbase account, including other accounts to which they’ve sent money.

The order is significantly narrower than the IRS’s initial request, which asked for records on every single Coinbase user over the same period. That request would also have required all communications between Coinbase and the user, a measure the judge ultimately found unnecessarily comprehensive.

The government made no claim of suspicion against individual users, but instead argued that the order was justified based on the discrepancy between Coinbase users and US citizens reporting Bitcoin gains to the IRS. Coinbase boasts nearly 6 million customers, but according to a government filing, fewer than 1,000 US citizens have reported cryptocurrency holdings on their taxes.

The ruling has already proven controversial in the Bitcoin world. “We remain deeply unsatisfied with the lack of justification provided by the IRS,” Coin Center’s Peter Van Valkenburgh told The Verge. “Without better rationale for why these specific transactions were suspect, a similarly sweeping request could be made for customer data from any financial institution. It sets a bad precedent for financial privacy.”

Coinbase had vigorously opposed the order on similar grounds. “We were proud to appear in court today... to continue to fight against what we believe to be government overreach,” Coinbase’s David Farmer wrote after a hearing earlier this month. “In the future we hope to work with the IRS to establish a reasonable tax reporting method that makes sense for virtual currency service providers and consumers alike.”

Coinbase did not immediately respond to a request for comment.