Re:South Korea considers cryptocurrency tax
by deweller on Wednesday December 13, 2017 @12:52PM
(#15915916)
I call FUD on the reports of people going into deep debt to buy bitcoin.
Sure there will always be some people that do this. And it makes for a good story, so the media reports it. But I don't think this is something that is happening in significant numbers.
Re:South Korea considers cryptocurrency tax
by dhruvrrp on Wednesday December 13, 2017 @08:32PM
(#15919297)
I don't know about deep debt, but I've had multiple people whose are basically technically illiterate ask me about bitcoin and how to buy them. One of them even asked me which bank they could drive to open an account and buy bitcoin!
There is a new wave of people who've read the 10,000% return articles on fb or whatever who now wanna invest every penny that they have into bitcoin
"a period of civil disorder in Albania in 1997, sparked by Ponzi scheme failures. The government was toppled and more than 2,000 people were killed" .. "By January 1997, Albanian citizens, who had lost a total of $1.2 billion—the population being only three million—took their protest to the streets"
There are now reports of people taking out mortgages or HELOCs to buy bitcoin. That is a disaster waiting to happen - it was bad enough when the mortgages were underwater because they'd been invested in houses which lost value, but bitcoins can potentially fall a lot further. Or be easily lost entirely.