PayPal increases weekly cryptocurrency purchase limit to $100K, eliminates annual buying...

kiwigraeme

Posts: 548   +423
Cheers for link - quite interesting - of the say 98% remaining - (in the paper given -it was mainly assoc, with the crime - 2nd link didn't work ) I would like to think it represents actually purchases and not just the buying and selling of bitcoin - as that would skew the results a lot .
I do see websites taking bitcoin -and it probably is some tax evasion - like cash in the hand jobs . If you cash out you will may have to declare income - but buying anon. online - would be hard for govt to pickup . But TBH that is not my issue with bitcoin
 

wiyosaya

Posts: 6,523   +4,909
There is always risk but... ask yourself why those accepting it are betting on it increasing... maybe they know something you don’t?
Its a bet. Why do people bet? It still does not guarantee that they will win the bet. I highly doubt that they "know" anything with regards to their bet on it. If they did, why would they "play crapto" instead of something like the lottery or go to casinos? I would say that they believe the risks are worth the possible returns; however, that does not imply knowledge that to them means that they will, without doubt, profit from the venture.

Your argument, as I see it, is simple whataboutism.
My apologies for presenting you with the truth.

Back in the dot com boom, I made a bet on a mutual fund that showed an equally promising return - such that the return would have made me a billionaire at some point if it had continued. Needless to day, I am not a billionaire. The fund was Dreyfus Technology Growth. Someone made a comment about getting out to me, which I ignored, and I wish that I had not. The long story short - the fund failed, and Dreyfus as an investment firm has been absorbed by Mellon Bank.

This is not to say that the same thing will happen, however, there is still that chance. As I see it, crapto cannot be viewed as anything other than a risky investment.

Speaking for myself, I wish crapto were a "get rich quick scheme" that I was able to count on. I would not hesitate to invest in it if it were.

In the investment world, it is illegal for any investment advisor to promise future returns based on past performance.
 
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NightAntilli

Posts: 774   +973
My apologies for presenting you with the truth.
Lol I simply think you didn't get the point. Those two quotes, they are pretty much contradictory. Why? Because you say that past performance does not indicate future results, and yet you use that as an argument as to why the US dollar will not fail, because people have said multiple times that it will crash and it hasn't.

Back in the dot com boom, I made a bet on a mutual fund that showed an equally promising return - such that the return would have made me a billionaire at some point if it had continued. Needless to day, I am not a billionaire. The fund was Dreyfus Technology Growth. Someone made a comment about getting out to me, which I ignored, and I wish that I had not. The long story short - the fund failed, and Dreyfus as an investment firm has been absorbed by Mellon Bank.

This is not to say that the same thing will happen, however, there is still that chance. As I see it, crapto cannot be viewed as anything other than a risky investment.

Speaking for myself, I wish crapto were a "get rich quick scheme" that I was able to count on. I would not hesitate to invest in it if it were.

In the investment world, it is illegal for any investment advisor to promise future returns based on past performance.
Well, I can sympathize with what happened to you. And I can also understand why you urge others to be cautious, especially in an asset class as risky as crypto.

The main difference between a mutual fund and crypto is that with mutual funds someone else has to manage the assets of the fund, while with crypto, although you can let someone else manage it, you are empowered to do it yourself, without needing a broker or middle-man. That, has never really existed before.

It's new tech, and one worth investing it. Betting against crypto is like betting against the internet. Sure. The majority of companies trying to build on the internet might not have survived, and the majority of crypto coins/tokens likely won't survive either. But that doesn't mean that there aren't good opportunities out there in the crypto space.
 

wiyosaya

Posts: 6,523   +4,909
Lol I simply think you didn't get the point. Those two quotes, they are pretty much contradictory. Why? Because you say that past performance does not indicate future results, and yet you use that as an argument as to why the US dollar will not fail, because people have said multiple times that it will crash and it hasn't.
:facepalm: Lol. I simply don't think you get the point. The US Dollar has been stable and will remain so. It is not an investment. Crapto is. And even more LOL $100 billion in gains from the crapto market erased - https://www.forbes.com/sites/robert...es-amid-delta-variant-spread/?sh=144da1295765
I don't think you understand that the US Government backs the US dollar. Nothing backs crapto except the whims of investors. If you want to put your trust in the whims of investors, by all means, do so. But don't come crying to us saying you lost your a$$ because you placed your "faith" in a worthless authority. The US government - the backing agency for the US dollar is not going anywhere. Crapto investors, OTOH, are jumping ship.

Bitcoin $100K by the end of the year? What a bunch of :poop:
 

NightAntilli

Posts: 774   +973
:facepalm: Lol. I simply don't think you get the point. The US Dollar has been stable and will remain so. It is not an investment. Crapto is.
It might not be an investment, but it's still a financial position.

And even more LOL $100 billion in gains from the crapto market erased - https://www.forbes.com/sites/robert...es-amid-delta-variant-spread/?sh=144da1295765
Par for the course. It's not the first time, and will not be the last time. You can freely look how many billions have been gained over the past year.

I don't think you understand that the US Government backs the US dollar.
Oh I definitely understand that. But that's kind of backwards to use that as some sort of safety argument, when the debt to GDP ratio is over 120%. The US Government is not too big to fail, any more than Rome was too big to fail. Here you are, talking about 100 billion dollars value lost in the crypto market, while the US debt is almost 30 Trillion, and is projected to reach almost 90 Trillion by 2029.


Nothing backs crapto except the whims of investors. If you want to put your trust in the whims of investors, by all means, do so.
You keep repeating this, but there is actual computer hardware behind every crypto, including people maintaining the network, developing new features etc. etc.

But don't come crying to us saying you lost your a$$ because you placed your "faith" in a worthless authority. The US government - the backing agency for the US dollar is not going anywhere. Crapto investors, OTOH, are jumping ship.
Don't come crying when hyperinflation hits the US dollar.
Crypto does not need any single authority. That is its strength.

Bitcoin $100K by the end of the year? What a bunch of :poop:
It's still not outside the realm of possibilities. But whether it reaches it this year or not is irrelevant. It will inevitably reach it within the upcoming decade, and I bet will reach even $1 million per Bitcoin.
Yeah. Laugh it out. We'll see in 2030.