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Bitcoin Blog a1

Sunday, June 24, 2018

Mid-June Round up


Sometimes I start an article, but never finish it. Here are some of those articles!


It looks like John McAfee will really debate Jamie Dimon! That is crazy! And I mentioned this is what should happen in a reddit post.





I also recently watched a documentary on Netflix about John McAfee. I recommend watching it, it's called Gringo: The Dangerous Life of John McAfee. This is just one source of information, but it looks like John has a bit of a shady past. I mean, I had heard about some of this past, but watching the documentary makes it more clear. I don’t know what I will do if he gets the LP party nomination for 2020, but that is a story for my other blog.



Anyways, here are some links I have been looking at lately. Lots of interesting Crypto news and I can’t cover it all.

Somewhat recent links

Robert Shiller has been getting a lot of press attention regarding bitcoin. He actually has a pretty great finance course on COursera,








“Mining rigs”



Earning money


Paying taxes on what you have earned?



Big 4 accounting and Crypto auditing





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Thursday, June 7, 2018

Iconsumer


So I have a few shares I received for free from this company called Iconsumer. They are one of those cashback companies. You buy stuff online and they give you a small amount of cash back. One of the methods they pay you is via bitcoin, which is why this post is on this blog. They recently released financial statements and of course, as an accountant I had to look over these.The statements are quite telling. Let's look at Gross profit:



So the company gives out more money that it makes from its commissions. This seems like a really good product to use. This simply is not a sustainable business model, and I think the idea is to attract users and then lower the payback rate once they have more users. But that means the time to use this service is now when you will get the most of it! Check it out here!



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Friday, June 1, 2018

FUD


My posts are running a little bit late these days. Ok a lot late. It’s a little less impressive to post price predictions after than have already happened. Still, here it is and perhaps the trend hasn’t ended yet.

People in the bitcoin community like the acronym FUD, which stands for fear, uncertainty and doubt. Lots of people have doubts about bitcoin, particularly outside of the cryptocurrency community. So, the community often gets tired of the same points that are brought up by outsiders, that bitcoin doesn’t have intrinsic value (which is true, but fiat doesn’t either), that it’s a ponzi scheme (which isn’t true, but many scammers use btc to facilitate their scams), and others.

But I recently read an email this week that makes a compelling argument for a price decrease. Harry Dent the Founder of Dent Research, uses the following chart, showing some of the largest bubbles in history.

So it’s possible BTC may lose some value. In the short time after this email, btc has actually gone up. But by the time I actually publish, I expect a totally different story.

Here is another except from his email: “ But I don’t think this crash is done. I expect we’ll see bitcoin ultimately lose well over 90% of its value before rallying again longer term.

Then it’ll be the buy of the century just like the internet stocks were in late 2002 after a similar, dramatic 16-month bubble and then a 93% crash.”

Here is another chart shared on reddit recently


So maybe it is a good time to sell. Unfortunately, it looks like you can no longer buy Amazon gift cards with bitcoin anymore! The sites I used in the past like Egifter no longer sell Amazon gift cards for btc, or even for USD. So this is unfortunate. Perhaps I will have to use EBay instead (which if you haven’t used since the early 2000s, still has a lot of good things on it, particularly cables). Either way, I will have to figure something out, and I’ll post an update.


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