When Everyone Jumps Off of A Bridge for Cryptocurrencies In a Fountain of Youth

Bad news for crypto currencies abound with the IRS court ruling on Wednesday that will mandate gains in cryptocurrencies being reported as capital gains.

In full disclosure, I am not an owner and never have been of cryptocurrencies, and am not a broker, dealer, or analyst.

This is strictly from an outsiders perspective.

It seems likely that Bitcoins volatility will continue, particularly now that it will be traded on the CME in $25 lots.

Knowing that the trading will be limited to 20% gains or losses in a single day, would not comfort me, but make me feel nauseous. An individual or entity will be limited to 1,000 contracts, to prevent market cornering, relying on the assumption that the individual is not in collusion over a $300 billion market cap takedown, is not very comforting either.

JPM has also stated that it is considering offering futures trading of Bitcoin for its clients, after Jamie Dimon stated that it was a Ponzi scheme, and that he would fire any JPM employee caught trading it.

Goldman Sachs has also been granted a patent for its own cryptocurrency, but it is much different from Bitcoin, and now that capital gains on cryptocurrencies must be reported to the IRS, it remains to be seen if it will garner any interest, no pun intended. Goldman Sachs intends to offer a crypto wallet, where people would purchase securities in Goldman Sachs cryptocurrencies. Sorry, but I am missing the point, other than total confusion.

Bank of America has also applied for Cryptocurrency patents.

Over 400 cryptocurrency patents have been applied for, 192 for Bitcoin alone, that has still not been awarded patents. Somehow Goldman Sachs had their patents approved first,  even though theirs were filed after Bitcoins. Perhaps because while Americans were occupying Wall Street, Goldman Sachs was occupying the White House.

Paris Hilton also started a cryptocurrency,  and as soon as I can figure out how to work my smartphone, I may start one too. Lol, not really,  I’ll never figure out how to work this thing.

The point of all of this being is that there will likely be an onslaught of me toos.  That is what Wall Street does.

There were 360 mutual funds in 1970. There are over 9,000 today.

There was one ETF in the 70’s, and there are over 4,000 today.

The thing is, that Wall Street is great at building trends and value, but lousy at maintaining value, in the long run, but we’re all dead in the long run anyways, right?

The thing that I love about Bitcoin is that it is proof that we could easily eliminate central banks and the IRS.

 

https://www.marketwatch.com/story/uncle-sam-is-coming-after-your-bitcoin-gains-2017-11-30?dist=markets

https://www.google.com/amp/s/amp.businessinsider.com/bitcoin-futures-cme-terms-2017-11

 
 
 
 
 
 
 
 
 
 
 Watch “TRAFFIC – THE LOW SPARK OF HIGH-HEELED BOYS – The Low Spark Of High-Heeled Boys (1971) :: SOTW #22” on YouTube
https://youtu.be/rEZH0t5Yozw
Peace,
Andrea Iravani

 

 

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