BitCoin

Is it time to buy?

Is it time to buy?

Nope. But soon.

Quote: rxwine

Is it time to buy?
link to original post

On past form, my decision to sell usually marks the low point
$:o(

I see Bitcoin is down 48% since 11/8/21. No particular question. I've been predicting Bitcoin would pop since it was around $2,000 and stand by that. No, my window on Wizcoin is still closed.

Quote: Wizard

I see Bitcoin is down 48% since 11/8/21. No particular question. I've been predicting Bitcoin would pop since it was around $2,000 and stand by that. No, my window on Wizcoin is still closed.
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So what? Bitcoin hit 65k and then in May dropped to 28k, this time it hit 69k and dropped to 34k. The floor gets higher every time, nobody is claiming there isn't volatility in the investment.

Quote: PokerGrinder

Quote: Wizard

I see Bitcoin is down 48% since 11/8/21. No particular question. I've been predicting Bitcoin would pop since it was around $2,000 and stand by that. No, my window on Wizcoin is still closed.
link to original post

So what? Bitcoin hit 65k and then in May dropped to 28k, this time it hit 69k and dropped to 34k. The floor gets higher every time, nobody is claiming there isn't volatility in the investment.
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Close, but many would say there is no investment in it's volatility. Speculation is not investing.

Quote: billryan

Quote: PokerGrinder

Quote: Wizard

I see Bitcoin is down 48% since 11/8/21. No particular question. I've been predicting Bitcoin would pop since it was around $2,000 and stand by that. No, my window on Wizcoin is still closed.
link to original post

So what? Bitcoin hit 65k and then in May dropped to 28k, this time it hit 69k and dropped to 34k. The floor gets higher every time, nobody is claiming there isn't volatility in the investment.
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Close, but many would say there is no investment in it's volatility. Speculation is not investing.
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That’s the opinion of one anti-btc person. How crazy is it that we are talking about how horrible it is that Bitcoin is down to $35k usd lol? If you told people any time before last year that btc would be down to 35k they would celebrate.

OBJ converted his $750,000 salary into bitcoin on a day when it was about $64,000. As of today, his 750K is worth a little under $400K, but he owes taxes on his whole $750,000. salary.

Is Bitcoin part of your credit report that the IRS now wants if you file online with the selfie ID?

Quote: ChumpChange

Is Bitcoin part of your credit report that the IRS now wants if you file online with the selfie ID?
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Crypto would have nothing to do with a credit report.

El Salvador was just denied a much needed 1.3 billion dollar loan by the IMF ,in large part because of the chaos brought on by its reserves declining due to their investments in bitcoin.
As people's savings have been evaporated, calls to impeach the President are growing.

Quote: billryan

El Salvador was just denied a much needed 1.3 billion dollar loan by the IMF ,in large part because of the chaos brought on by its reserves declining due to their investments in bitcoin.
As people's savings have been evaporated, calls to impeach the President are growing.
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They just purchased more Bitcoin.

https://www.google.com/amp/s/finance.yahoo.com/amphtml/news/el-salvador-bought-15-million-122655748.html

If people savings have evaporated as Bitcoin went down then those same savings will mushroom when it goes up.

Of course, you will probably not post in this thread when that happens. You only appear on bad news (however fleeting) to mock other people's choices

I'm in the dance band on the Titanic, singing nearer my God to thee
The icebergs on the starboard bow, wouldn't you dance with me?

Quote: darkoz

Quote: billryan

El Salvador was just denied a much needed 1.3 billion dollar loan by the IMF ,in large part because of the chaos brought on by its reserves declining due to their investments in bitcoin.
As people's savings have been evaporated, calls to impeach the President are growing.
link to original post

They just purchased more Bitcoin.

https://www.google.com/amp/s/finance.yahoo.com/amphtml/news/el-salvador-bought-15-million-122655748.html

If people savings have evaporated as Bitcoin went down then those same savings will mushroom when it goes up.

Of course, you will probably not post in this thread when that happens. You only appear on bad news (however fleeting) to mock other people's choices
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Do you even bother to read the stuff you link?

I think the words catastrophic margin calls come to mind, but military coups are in vogue now.

bitcoin is the best advance in human civilization since sliced beer.

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many Crypto exchanges will be sending out tax documents this year - the famous 1099

the largest exchange Coinbase is sending them and they will report what they send any trader to the IRS

however, the majority of exchanges will not issue a formal IRS tax form

of course this only applies if you were an active trader and had capital gains and losses

exchanges that don't send out tax documents will have the info available for downloading

this is the first year Coinbase sent me an email re tax documents - although I did no trading so it doesn't apply to me

I am surprised that the IRS has not required all exchanges to send out 1099s - I think that is likely to happen in future years



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https://www.marketwatch.com/story/the-irs-will-ask-every-taxpayer-about-crypto-transactions-this-tax-season-heres-how-to-report-them-11642021045

the article below is from last year but I believe it still pretty much applies:

https://www.forbes.com/sites/shehanchandrasekera/2021/01/25/expect-these-irs-tax-forms-from-crypto-exchanges-before-january-31/?sh=70b704cc4c9e


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Paypal, Venmo and the rest are now sending out notices for $600 in transactions, down from $20,000 for 2020/21.

Quote: billryan

Paypal, Venmo and the rest are now sending out notices for $600 in transactions, down from $20,000 for 2020/21.
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I would think it should only be if you received $600 or more from the same person.

Quote: DRich

Quote: billryan

Paypal, Venmo and the rest are now sending out notices for $600 in transactions, down from $20,000 for 2020/21.
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I would think it should only be if you received $600 or more from the same person.
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It's not. You don't necessarily have to pay income tax on it, but it will be reported to the IRS.

https://www.nbcnews.com/news/venmo-paypal-zelle-must-report-600-transactions-irs-rcna11260

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a NY couple was arrested - in 2016 they hacked the exchange Bitfinex and stole 3.6 billion worth of crypto
that's a lot of moolah - - you can definitely get some pootang with a wallet like that tied to the blockchain______________(-:\

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https://www.npr.org/2022/02/08/1079220600/doj-arrests-new-york-couple-and-seizes-3-6-billion-in-bitcoin-related-to-2016-ha



in other BTC news - enter a contest during Super Bowl to win free Bitcoin form the exchange FTX

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https://news.bitcoin.com/bitcoin-giveaway-crypto-exchange-ftx-giving-away-btc-during-super-bowl/


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Quote: lilredrooster

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a NY couple was arrested - in 2016 they hacked the exchange Bitfinex and stole 3.6 billion worth of crypto
that's a lot of moolah - - you can definitely get some pootang with a wallet like that tied to the blockchain______________(-:\

.
https://www.npr.org/2022/02/08/1079220600/doj-arrests-new-york-couple-and-seizes-3-6-billion-in-bitcoin-related-to-2016-ha



in other BTC news - enter a contest during Super Bowl to win free Bitcoin form the exchange FTX

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https://news.bitcoin.com/bitcoin-giveaway-crypto-exchange-ftx-giving-away-btc-during-super-bowl/


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Idiots. When you make a boost like that you get out of town. And when you are gone you stay gone.

Inflation is high, and Europe is at war. Gold is on the rise and is approaching its all-time high. Meanwhile, bitcoin is down for the week, down for the year and 44% off its high.
If bitcoin doesn't serve as a hedge against inflation, and people prefer gold to it in times of trouble, just what use does it have?

Quote: billryan

Inflation is high, and Europe is at war. Gold is on the rise and is approaching its all-time high. Meanwhile, bitcoin is down for the week, down for the year and 44% off its high.
If bitcoin doesn't serve as a hedge against inflation, and people prefer gold to it in times of trouble, just what use does it have?
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In times of war having funds isn't necessarily the issue. It's traveling with them.

Try running from a war zone across a border with a pile of gold.

Bitcoin would seem easier to "transport" for obvious reasons.

PS. Bitcoin is $8,000 higher than when you were badmouthing it at $30,000

Wow. I suppose you think when you buy shares of stock you have to carry them around with you.
It's strange that you couldn't bother to respond to the pm I sent you about the vintage pinball auction but if I mention bitcoin you are there to spew all sorts of nonsense.
I'd ask you where I badmouthed bitcoin when it was $30,000 but we both know you won't find it.
As the only time bitcoin was around $30,000 was last July, it should be easy.

Quote: billryan

Wow. I suppose you think when you buy shares of stock you have to carry them around with you.
It's strange that you couldn't bother to respond to the pm I sent you about the vintage pinball auction but if I mention bitcoin you are there to spew all sorts of nonsense.
I'd ask you where I badmouthed bitcoin when it was $30,000 but we both know you won't find it.
As the only time bitcoin was around $30,000 was last July, it should be easy.
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Ahhh, you mean investing in gold stocks, not buying gold as an investment.

Sorry that wasn't clear to me but usually your posts aren't clear.

I'm sure everyone who has followed this thread will remember you as badmouthing Bitcoin when it was at $30,000. Don't know why you would deny that.

As for answering your PM, that's private. But since you have chosen to violate the rules of the forum by bringing up PM's, you just didn't rate an answer.

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hackers hit a popular video game and stole more than $600 million worth of crypto

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https://www.washingtonpost.com/technology/2022/03/29/axie-infinity-cryptocurrency-hack/


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great story about how a trader got screwed and lost everything on Binance - the biggest crypto exchange

he shorted something and the market fell and he was way up

tried to get out and take his profits but couldn't - the app wasn't responding - he had 2 backup computers where the app didn't work also

then the market went against him and he lost everything

similar stuff has happened to other traders and they're forming some kind of group to try to get their money back

Binance has offered some tiny compensation to some - but it's not enough

Binance is totally unregulated - plenty of chance for disasters to happen to traders there


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https://www.washingtonpost.com/outlook/2022/04/01/binance-may-19-lawsuit-cryptocurrency/?itid=hp_opinions


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Surely you aren't suggesting that cryptocurrency is like the Wild West and that there are snakes in the grass? Big money and no regulations. What could possibly go wrong? No one would think of frontrunning it, that would be immoral.

Quote: billryan

Surely you aren't suggesting that cryptocurrency is like the Wild West and that there are snakes in the grass? Big money and no regulations. What could possibly go wrong? No one would think of frontrunning it, that would be immoral.
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good post but I don't understand what you mean by "frontrunning"

please explain - thanks

when there is something I don't understand I always try to find out what I'm missing


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Frontrunning is using your more sophisticated computer programing to get in front of the list of buyers for bitcoin.
Let's say Axel had a great weekend and wanted to buy $1,000,000 dollars worth of crypto and puts in his buy order. It's a market order so it will be filled with the first million dollars worth of crypto. I spend all day staring at the screens looking for such an order, or rather my robot trading program does. It sees Axel's order for the coins and gets in front of him.
Let us say when Axels order was placed, he was 27th in line for the next transaction. I, use my computer program to see he is 27th in line and use it to cut ahead of him. I buy the coins he was scheduled to buy and when his turn to buy comes, the cheaper coins I just bought are not available to him at the price I paid, but I'm willing to sell them at a fraction of a cent more than I paid. Axels computer programs recognize when their turn to buy comes and it duly buys the million dollars worth of coin from me, not realizing my cutting the line cost him a thousand dollars. The sliver of profit I made from cutting ahead is so small it is hardly noticed but my sophisticated programs let me do hundreds of such deals per hour. At the end of the day, my computer has bought and sold billions of crypto and kept none. All it has done is jump the line on buyers who actually wanted the stock and bitten off a chunk of profit that would have been yours in a fair deal.
Imagine shoppers waiting for a midnight sale on televisions. They waited all night to get in on the sale to get a 75 inch set for $199.
At the last minute, someone cuts the line , buys all the TVs and announces they now cost $200. Very few people quibble over the dollar so the store is happy they sold out their inventory, and most buyers got their set for $200 and think they got a bargain, but the blood sucker who front ran the promotion walked away with a small profit for doing nothing but cutting the line.

In the stock market, frontrunning is illegal and will result in severe penalties if you are caught. In Crypto, it is almost an expected behavior as there is no regulatory body to tell you not to do. The end result is small retail investors get screwed by larger,well financed ones. These transactions are done in seconds, and unless you are looking for it, you will never know that I jumped in, bought the shares that should have been yours and then sold them to you. All in a nano-second, and for a sliver more than you'd have paid if I didn't cut in front of you. Without access to everyone's records, it's almost impossible to detect, and in the case of crypto, there is no one to enforce it or prevent it.
As best as I can tell, no one has a fiduciary duty when it comes to buying or selling crypto, so you are mixing a buyer beware situation with an awful lot of unsophisticated investors who don't know any better and you end up with a bunch of sharps soaking a bunch of marks.

That is a ten-second explanation. Google "frontrunning " for a better explanation.

Kinda seems like the same risks with unregulated gaming.

Quote: rxwine

Kinda seems like the same risks with unregulated gaming.
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Or swimming in shark-infested waters, but all the kool kids are doing it, so jump right in.

Bitcoin seems to have found it's new support levels, in the sub-40,000 range. A year ago, it cracked $60,000 and proponents were talking about $100,000 or more. A year later, an investment in bitcoin would mean you lost 33% of your capital.
For those of you who believe in it, a 33% off sale is a good opportunity.

Quote: billryan

Bitcoin seems to have found it's new support levels, in the sub-40,000 range. A year ago, it cracked $60,000 and proponents were talking about $100,000 or more. A year later, an investment in bitcoin would mean you lost 33% of your capital.
For those of you who believe in it, a 33% off sale is a good opportunity.
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And those that bought two years ago are still up $30,000 per Bitcoin

Quote: DRich

Quote: billryan

Bitcoin seems to have found it's new support levels, in the sub-40,000 range. A year ago, it cracked $60,000 and proponents were talking about $100,000 or more. A year later, an investment in bitcoin would mean you lost 33% of your capital.
For those of you who believe in it, a 33% off sale is a good opportunity.
link to original post

And those that bought two years ago are still up $30,000 per Bitcoin
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What have you done for me lately? A trader who lost 33% of his portfolio in last year's market would be looking for a new career.
A rising tide may lift all boats, but it can also wreak havoc on beachfront properties.
Someone who last year had $60,000 now has less than $40,000. They can fantasize about past profits most people didn't see or deal with today's reality. If I were buying crypto-currency, I'd put $1,000 into thirty-eight currencies than buy bitcoin. Others' opinions may vary.
It would be nice to be able to multi-card the new savings bonds with their 9%+ interest rates.

Quote: billryan

What have you done for me lately? A trader who lost 33% of his portfolio in last year's market would be looking for a new career.

A trader yes, an investor no.

30,621.60 Looks more like Lead coin.

Quote: DRich

Quote: billryan

What have you done for me lately? A trader who lost 33% of his portfolio in last year's market would be looking for a new career.

A trader yes, an investor no.
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I lost more dollars in my S&P500 tracking mutual fund today than I lost in my BitCoin holdings.

Hopefully, BitCoin is just one (of many) investment you choose.

Quote: rxwine

30,621.60 Looks more like Lead coin.
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Down 55% since Nov 9. Is it just me or does anyone else see the emperor has no clothes?

Quote: Wizard

Quote: rxwine

30,621.60 Looks more like Lead coin.
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Down 55% since Nov 9. Is it just me or does anyone else see the emperor has no clothes?
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There is no emperor.

One of the biggest holders has been buying more using the existing ones as collateral. If bitcoin falls to $21,000, the margin comes due and they will owe billions.

I never understood cryptocurrency. But while 40% of crypto owners are now underwater, 60% still have profits.

Pretty soon, all the bitcoin monkeys will be underwater.

Quote: AlanMendelson

I never understood cryptocurrency. But while 40% of crypto owners are now underwater, 60% still have profits.
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That's not what the articles are saying. 28K and sinking like rock. If it hits 21,000 this month, watch out for jumpers.

It’s funny I sold all btc back in January anticipating this fall. I’m currently buying more. If I liked btc at 50k and I loved it at 30k then I’ll fucking cream my pants for it at 20k. This doesn’t change my long term views of btc so I am thrilled with the price action. Also for me to be underwater on my investment btc would have to hit 10k which seems very unlikely lol.

By sold I just mean into stable coins not cashing out.

Bitcoin is a solution looking for a problem.

Quote: PokerGrinder

It’s funny I sold all btc back in January anticipating this fall. I’m currently buying more. If I liked btc at 50k and I loved it at 30k then I’ll fucking cream my pants for it at 20k. This doesn’t change my long term views of btc so I am thrilled with the price action. Also for me to be underwater on my investment btc would have to hit 10k which seems very unlikely lol.

By sold I just mean into stable coins not cashing out.
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I thought stable coins were somehow tied to the dollar but that doesn't seem to be true.

Quote: PokerGrinder

It’s funny I sold all btc back in January anticipating this fall. I’m currently buying more. If I liked btc at 50k and I loved it at 30k then I’ll fucking cream my pants for it at 20k. This doesn’t change my long term views of btc so I am thrilled with the price action. Also for me to be underwater on my investment btc would have to hit 10k which seems very unlikely lol.

By sold I just mean into stable coins not cashing out.
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And how do you evaluate those prices? Does BC have earnings? What's its price/earnings ratio?

BC is similar to gold only much worse. It's "value" is just based on hype and what the next sucker will pay