Did you know 90% of the bills in your pocket will test positive for cocaine?

http://www.cnn.com/2009/HEALTH/08/14/cocaine.traces.money/

Does this generate a taxable event? Will I get a 1099?

Who is that issued from? I'm serious BTW. Is there an agency reporting this to the US treasury? If it is an investment there must be the whole W4-W2 thing right?

Actually the employee was investigating a bug in their company's wallet system that allowed a $32M theft. He accidentally took control of wallets of owners totaling $300M. When he panicked and tried to return the wallets to the owners he encrypted them.

All gone.

Edit: I think it was Ether.

As soon as someone detects a sell off of the original coins there are going to be questions and worry if it is huge. And with the open ledger everyone will know.

While it does have a future it has many pitfall to overcome. Now people want in on the ground floor so new systems are being created. But the systems require miners to sustain them. These have been hobbyist but as others said there could be a take over by an nefarious entity.

The funny thing is people have been ignoring theft, destructions, key loss and other major issues. I don't know if they think it happens only to others only and gold fever has taken over. Where did your digital wallet come from and is there a back door?

What happens when they near the end of 21M Bitcoins mined? Will there be a panicked sell off and it does collapse like a Ponsie scheme? If there is a failure in one currency will it cause distrust and instability in other currencies?

I find the whole thing incredibly interesting.

So when you cash in whose giving you the money if there is no bank? Do these "exchanges" cover a Billion Dollar transaction? In order to sell a Bitcoin there has to be someone willing to buy it at the current price, correct? An exchange would make a small transaction fee for facilitating the transaction. Unless it is a single peer to peer. But you need buyers and sellers. You can't always have equal amounts so the exchange must be buffering this right? Either that or there are people waiting for someone else to sell them a coin or people trying to sell looking for buyers.

So if the original guy wants to sell his 1 Million coins for a current rate of $9K each who is putting $9B into his account?

Oh, and there are law enforcement agencies meeting world wide discussing these issues. They are saying in the future sudden undocumented wealth will be illegal. It is like a Max Headroom future.

My big question is about fluidity of investing and cashing in. And in an environment not prone to hacking and identity theft. If I do my securities and investments though a "regular" bank can I include these? Can I just say put $5K into Xcoin an pull when it hits "x" or on this date?

I don't have CrapCoin cash machines or want to sit there every day watching. I guess the speculation stuff is coming up soon and people like me can suck the life out investing that way (sorry).

Please don't derail a non-pinball thread.

I would dabble in the crypto, but I don't see a way to get in that I like. If my local bank/broker acted like a casino and said they would process my transactions as they do my securities I would. I want to walk up and say here is $5K, put it on Ether. Cash it in when either on this date, when it hits this price or when I call you. And at the end of year send me a 1099.

As a hobbyist I would love to throw a couple bills into a machine and watch the little transactions add up. And if it didn't cover or by much shrug my shoulders and walk. But where is it going and how do I cash out? I would not trust giving my personal information and a bank account number to a "Group on the web" with no support, accountability or recourse.

I guess that is part of the trust and globalization of the system and the value. And I just feel without punitive controls people inherently are greedy to the point of being [dare I say it], unscrupulous.

Yes, this is great and I would indulge also if it was easier.

I compare it to the way I play lottery. I rarely do a scratch-off because even though the risk is small so is the reward. But I'll get a Lotto or Powerball because even though the odds are astronomically against winning the reward can be a life changing event. So why not throw a few bucks at it?

Back to my first sentence, if it was easier - If I had an ATM to withdraw or a bar that I could run a Crypro-Tab I would be in. Maybe even a small mining rig. But contacting "who" and proving with my identification "where" to let them take my money and hope I can get it back does not set right. I feel the Bitcoin "lock out" from a lot of places during the recent waves can be part of a scam.

They report to no one. So who knows how many people were told your "sell" transaction didn't go through until it was lower than you thought" and "buy" happened at the high point? These are computer people. Shaving even a small amount off each transaction can add up for them and never be accountable to anyone.

You want to bring it to that level. Here you go. (Mostly normal thread still has to go off the rails)

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