While it's true that the IRS of the United States declared cryptocurrencies as an asset rather than a currency, I think it's safe to say that certain aspects can certainly qualify it as a asset and not only that, but an income producing asset. With the trend going towards 'proof of stake' rather than 'proof of work', we could be entering into a situation where owning a cryptocurrency would be akin to owning digital real estate on the 'block' (yeah sorry, couldn't help myself).
For those who may not be familiar with proof of stake (if you are skip the paragraph, or read it to make sure I got my shiz straight) basicly instead of running a mining rig, which would be proof of work, you would buy the currency on and store it on a piece of hardware left on. The more you have, the more chances you have of being selected. If selected your hardware will compute the transaction, transaction goes through common blockchain mechanics and once it's done you get a reward (some being 1% interest on total amount of currency (Which sounds like garbage but it incentivises you to buy and hold large amounts. If you had 100 Ether and you won this, you would be awarded 1 ether which is like $350. Yes please!))
A heads up, I heard some rumors flying around that ethereum is running the switch over to proof of stake on November 1st of this year, so this probably isn't a good buying sign for mining hardware, but a potentially profitable buy sign for the currency itself if it's received well.
How do you guys view it? Am I just crazy or am I really on to something here? (Plz let me be on to somethin!) Show some love if with upvotes and a follow if this is your first time here (I follow back! You guys rock!) And if you didn't like it... Well... Click off? I dunno. Have a nice night/morning/afternoon/and otherwise.
Is Ethereum taking over...wtf! Everything lately is about the Ethereum blockchain.
Good article!
Proof of Stake coins make my balls tingle a bit..not gonna lie.
Im gonna go ahead and follow the sh*t out of you now! ha
If you're interested in trading, check out my blog...
Looking forward to reading more of your stuff!
Oh I thought it was just me, you have that going on too? Lmao
Everything just keeps getting better with crypto. Kinda overwhelming the amount of info to take in, considering how fast its expanding.
But yes, to get back on topic...balls feel like they are made of "pop rocks"...those stupid fizzy candies..ha
Lmao XD
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nice posts my friend
Thanks my dude!