Hey Individual,
With profits like this, probably plenty.
I'm sure that if you move a million dollars to your everyday account and withdraw on it, the tax mans going to pay you a visit.
I expect it would be like Capital Gains Tax or something, maybe 20% or something though I'm not sure on the exact specifics.

I've never withdrawn any profits, only ever deposited funds.

I've deposited around AUD$6000, in smaller deposits (couple hundred on average) over the last 8 - 10 months or so which is now about US$14000.
Would've been more like US$18,000 If I didn't mess things up the other day.
It looks good on paper, but I've actually done pretty badly, I've made many trading mistakes, and I should have made a lot more.

- I also spent about AUD$6000 on computer equipment and monitors during the same period, mostly thanks to Afterpay.
I have 4 computers with 18 monitors in my loungeroom, besides my 55" Smart TV which now sees little use.
But as far as the computers go, they've all paid for themselves in profits already, though I've had some problems getting them to work reliably without any issues, and this has cost me a bit over the period as well.

10K in each of these coins a month ago, would've given you enough money to buy a house outright.
We all talk about stuff like 'Not being the opportunities there were back in the old days'
Well, I'm telling you no-one ever had an opportunity to get rich so easily as they do now.

If you put a few hundred thousand into crypto a year ago, you'd be buying Dunk Island with your own landing strip now, and still have money left over.

That's Life Changing Money, me well I'm still playing with a pittance.
But I've got coins that have gone up 5, 10 20 X in value.
If only I had've been able to buy more.

Some people are getting out of bed and making 100K before lunch.

http://www.abc.net.au/news/2020-11-12/dunk-island-for-sale-again-at-a-discount/12875542

Armchair Critic,
Ok, let me re-phrase, is crypto currency beneficial for society or does it add to society becoming even more greedy ?

Hey Individual,
I think you might be asking the wrong question.
If cryptocurrencies are the implementation of different use cases of blockchain technology;
Then the correct question probably is

"Is blockchain technology beneficial for society?"

The answer to that question I suppose is that there's pro's and con's.
Blockchain technology without a doubt allows us the potential to do things we could never do before.

Take something really simple for example:
Say that all the people who applied for public housing and were on a waiting list.
Having the data recorded on the blockchain would mean that no-one could hack the or change the data, and no-one can jump the queue.
You could even add in the ability for the computer itself to only offer that person at the top of the queue the lease contract.
- So no-one could cheat anything, and you wouldn't even need people presiding over who gives what to who.
The computer program would have fairness built in, and it's unchangable.

But the ideas behind these things are dangerous in a different way.
The implementation of blockchain technology also has the potential to enslave all of us, and most likely that's what will happen, in the end.

As for being greedy in regards to financial opportunities, well I suppose everyone wants to better their lot;
People are people after all and will take advantage of anything that benefits them.
That's probably just human nature.

Armchair Critic,
Thank you. I'm actually for anything that is not detrimental to anyone & provides employment for a fair wage.
What I am against is huge money being made for no other reason than making huge money with only one benefactor who does not employ people with some of that money.

Hey Individual,
I see your point of view, hopefully those who do make money from cryptocurrency put their wealth to use within the community.

- But I also thought about your question from another point of view.

Whether cryptocurrencies are a good thing or not:

What happens if one nation tells its people to learn about and invest in cryptocurrencies and others don't?

In essence if our citizens are making money on cryptocurrency doesn't that bring wealth into the country?

The alternative is this:
- Going back to my earlier joking comment about the Chinese buying that Rhinehart Cattle business with money they made from mining bitcoin.
- That cashed up foreigners who did make heaps off cryptocurrency get to come in and buy up all our wealth cheap.

I think if Australians are bringing wealth into the country from cryptocurrency - then on face value its a good thing because it's stopping other foreigners getting a bigger piece of the pie themselves which they can use to buy our nation out.

It is certainly better though if those Aussies who have wealth put it to good use within the country.

But what good is any of it if the government has poor policies?

I told you all my ideas ages ago.
Give everyone the opportunity to have the 'job you have when you don't have a job'
- Double dole for full time work doing things to help the government save money.
- And training credits for participation, to use to upgrade your work skills.

Stop people going into downward spirals in their lives when things go bad and save a fortune on dealing with social problems, build a better system.

In essence if our citizens are making money on cryptocurrency doesn't that bring wealth into the country,

Armchair Critic,
Not if they import whatever they buy !