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royco

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don't even have to read it - the truncated URL link says "bubble burst" and that could either be already or sometime (no offense)

 

meantime, other weaknesses emerge (if you want to have access to anything other than notional wealth)

In crypto-land, ownership of an asset is defined by possession of the private keys.

 

And if you're buying and selling cryptocurrency and spending a lot of time on an exchange, maybe take a moment and check where your keys are. Exchanges are one of the few centralised points in a world where decentralisation reigns supreme. And to transact, they need your keys.

 

... [the risk is, if trust goes,] people whose money is in the exchange are unlikely to see it returned to them for a very long time, if ever. Very few exchanges ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ if any ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ have enough capital to absorb these losses the way a traditional bank could. A recent study showed that between bitcoin's creation in 2009 and March 2015, 33 per cent of all bitcoin exchanges handling transactions were hacked.

 

The risk to the investor is: ownership in blockchain is defined by possession of private keys. And in order to swap your Australian dollars for bitcoin you have to forfeit your keys to the exchange (for a time) so it can complete the transaction.

 

But exchanges are also run on centralised servers which leave them as delicious honeypots for hackers. These cyber criminals are constantly peppering exchanges with attacks hoping to scoop up the lists of private keys. And once they've got them, there's very little anybody can do about it. They have the keys? They have the bitcoin.

 

Of course, the solution is to invent a decentralised exchange but that's some way off, given the need for fiat currency to have an on-ramp and off-ramp point. And contrary to what some bulls may think, we are not at the stage where bitcoin is the world's only currency.

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Who's going to be stuck when the big crunch comes ?

 

 

Not the Trader, most likely the small players buying .3 of a Bitcoin out of curiosity.

 

Forex forums are all about cryptocurrencies at the moment. Interesting to watch the not so lucky who are trying to fight

 

the bulls. No TA reason to think it will pull back, but if it does 13600 would be a level to watch. Futures trading starts on Sunday

 

so it will be interestng to see the direction.

 

 

 

 

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Not the Trader, most likely the small players buying .3 of a Bitcoin out of curiosity.

================

 

read somewhere that BTC has 1000 major holder whom controlled 40% of stake, if one or two of them decide to sell then price will crash

at moment there just no real seller. once it on the x-change so people can easily short it, we might see even weird picture for the charts.

won't touch this crazy thing. to me, a currency has to be backed by something , but i don't see BTC has it. :thumbdown:

 

 

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Can you pass on your cryptocurrency stash to your kids after death? The short answer is yes ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâہ¡ÃƒÆ’‚ it just requires some planning .. http://www.abc.net.au/news/science/2017-12...you-die/9231584

 

Once your inheritors have your bitcoin, will they be stuck with the tax bill? The first thing to know is that Australia has no inheritance tax, but that does not mean you can take the bitcoin and run. According to Professor Miranda Stewart, director of the Tax and Transfer Policy Institute at the Australian National University, inheriting bitcoin is like inheriting shares.

 

Tax treatment of crypto-currencies in Australia ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ specifically bitcoin : https://www.ato.gov.au/General/Gen/Tax-trea...ically-bitcoin/

 

Self-managed funds move into bitcoin ... under Tax Office rules, they are allowed to do so. But, warns an ATO spokesperson: "The nature of Bitcoin or other cryptocurrencies may mean that compliance with the regulatory rules and restrictions that apply to all self-managed fund investments is more complex or difficult."

 

... the requirement for self-managed funds to be audited annually might encourage some investors to buy Bitcoins in their personal name. For those who want to go the SMSF route, check that the fund's trust deed enables such investments, while the fund's investment strategy should be updated to specifically include the asset class. Then there is the issue of ownership and valuation. All investments in a SMSF scheme must be held in the fund's name and not an investor's personal name, which in the case of Bitcoin is easier said than done.

 

funds will need to prove to their auditor that they have clear legal ownership of Bitcoin or any other cryptocurrency - in a market where the assets are held anonymously. In order to verify ownership definitively, the auditor will need access to blockchain and understand how to audit blockchain-based assets. Such auditors are few and far between (Deloitte is one). There is a high likelihood that auditors who do not have this expertise will only issue a qualified report.

Read more: http://www.afr.com/markets/currencies/self...f#ixzz50kRMq6Kf

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