Bitcoins - about to hit $5,000 per coin today!

[gib]

Maybe Ethereum can come up with something cool vis-ŕ-vis all those eggheads working together but a better 'store of value' in comparison to bitcoin?

Bitcoin is a decentralized algorithm whose production is cut in half every 4 years. Nobody can stop it. It can't be fucked with.

Ethereum is a centralized project headed by a group of guys. These guys can change the rules at their own whim. There is a door to knock on if governments want to shut the entire thing down.

I think some of you people need to step away from the youtube videos promising SICK 12,682% life changing gainzzzzz and really take a deep hard look into where you are putting your money into.

Fully agree.

[SOMEPARTS]

Both my mother and my weed addled contractor asked me about cryptocurrency this week.

That's either good news for crypto or the equivalent of the shoeshine boy giving stock tips. 

[gib]

Both my mother and my weed addled contractor asked me about cryptocurrency this week.

That's either good news for crypto or the equivalent of the shoeshine boy giving stock tips. 

Well thing is that unlike other types of bubbles (stock being the perfect example), its impossible to create more Bitcoin than there are. With stocks, and the tech bubble, more and more ".coms" were being created. Eventually it had to pop. Bitcoin is different in that there is no extra supply that can ever be created beyond what the algorithm allows. (And this of course why we see scammers and shysters coming along creating and promoting "alts"). So long as they buy Bitcoin, everyone benefits. Its vital you educate them on the difference between Bitcoin, and alts.

[Griffith]

https://www.ambcrypto.com/one-eth-is-worth-more-than-one-ounce-of-gold-heres-what-this-means/amp/

One ETH is worth more than one ounce of gold

The cost of 1-ounce of gold in USD is $1824, at the moment and the price of 1 ETH is $1871. This means that if you had bought one ounce of gold a year ago, you would have an unrealized profit of 15.84 percent on your investment currently.

However, if you had bought ETH, a year ago when one ounce of gold was worth $1575.10, you would be in possession of 5.76 ETH and the same is the equivalent of $10776.96 – a 584 percent return on investment.

Interestingly, Ethereum’s correlation with Bitcoin is at 0.85, and though there are talks of Bitcoin flipping Gold, Ethereum is emerging as a competitor having crossed the price of 1-ounce of gold, in less than a decade of its existence.

This is a bullish sign in the long-term as more institutional investment is targeting Bitcoin, and Ethereum may benefit from the spillover.

Ethereum stands out as an enabler of a majority of alts and the DeFi ecosystem and a price correction in the short-term is only indicative of upcoming growth.

[Bindare_Dundat]

The same people that are pumping NFT's on the youtubs, are bullish on ETH. What are NFTs ? I'm not sure,  all I known is billionaires use them for collecting Pokémon cards and digital art. These are the same guys telling us ETH is  a great investment.

Im not gifted in TA but no one has mentioned the low volume lately, except for when the price got hammered down. Anyone else concerned about that? Just seems like ETH has lost alot of wind from its sails recently. 

[Mayday]

The same people that are pumping NFT's on the youtubs, are bullish on ETH. What are NFTs ? I'm not sure,  all I known is billionaires use them for collecting Pokémon cards and digital art. These are the same guys telling us ETH is  a great investment.

Im not gifted in TA but no one has mentioned the low volume lately, except for when the price got hammered down. Anyone else concerned about that? Just seems like ETH has lost alot of wind from its sails recently.

ETH gains 20% in 2 weeks and you believe it’s lost wind from it’s sails?

What gains were you expecting?

[Bindare_Dundat]

ETH gains 20% in 2 weeks and you believe it’s lost wind from it’s sails?

What gains were you expecting?

Honestly,  with all the fomo that's been going around i thought it would at least break 2000. Volume is low. That's what I meant.

[obsidian]

ETH gains 20% in 2 weeks and you believe it’s lost wind from it’s sails?

What gains were you expecting?

LOL exactly! I held Ethereum in 2018 all the way from $1350 down to $85. Never sold any. I have diamond hands. lmao! Yes I should have sold at the top. Only I never did. Lesson learned. I was tempted to sell some when it hit $1870 recently. But I figured it was going to make a run for $2000-$2500. Going to wait a bit because it is trending up. If you look back in time cryptos had mini dumps in bull runs. I still think this bull run has a way to go. Many alts have not even hit their ATHs yet. What are you going to do with you dollars? Let it sit somewhere so it can depreciate? Fuck that! And I know I am not the only one thinking this.

[Bindare_Dundat]

LOL exactly! I held Ethereum in 2018 all the way from $1350 down to $85. Never sold any. I have diamond hands. lmao! Yes I should have sold at the top. Only I never did. Lesson learned. I was tempted to sell some when it hit $1870 recently. But I figured it was going to make a run for $2000-$2500. Going to wait a bit because it is trending up. If you look back in time cryptos had mini dumps in bull runs. I still think this bull run has a way to go. Many alts have not even hit their ATHs yet. What are you going to do with you dollars? Let it sit somewhere so it can depreciate? Fuck that! And I know I am not the only one thinking this.

I like your posts but if you think I'm going to hang on to coins while they drop to almost zero and wait  3  years for a top...just so I can say I have diamond hands on a forum....No thanks.

[obsidian]

I like your posts but if you think I'm going to hang on to coins while they drop to almost zero and wait  3  years for a top...just so I can say I have diamond hands on a forum....No thanks.

Yeah I agree. This time around I won't. Let me ask you do you sell your coins straight to dollars or to a stable coin like USDT or Tether? Are there tax advantages? The moment you convert to dollars it becomes a taxable event. But what if you then sell all the dollars for cryptos a day later. Now you have no dollars in your account. Will the IRS still expect to see tax payments on these unrealized capital gains? They were realized capital gains for a day but then were invested back in the market one day later.

[Bindare_Dundat]

Yeah I agree. This time around I won't. Let me ask you do you sell your coins straight to dollars or to a stable coin like USDT or Tether? Are there tax advantages? The moment you convert to dollars it becomes a taxable event. But what if you then sell all the dollars for cryptos a day later. Now you have no dollars in your account. Will the IRS still expect to see tax payments on these unrealized capital gains? They were realized capital gains for a day but then were invested back in the market one day later.

Does it matter? If it goes down,  its considered a loss, if it goes up ,ill have to pay taxes on the gains. Whether I stall on paying taxes or not by going into stable coins is irrelevant,  no? if you make money you'll eventually pay taxes. I've tried to find ways to lower the burden but haven't found anything to date.

Do you just plan on going from one coin to another? Aren't you planning on selling for dollars at some point?

Of course, I'm not an expert in this field so if anyone knows better I'm all ears.

Omemorerep would be good for this one I think.

[Griffith]

The same people that are pumping NFT's on the youtubs, are bullish on ETH. What are NFTs ? I'm not sure,  all I known is billionaires use them for collecting Pokémon cards and digital art. These are the same guys telling us ETH is  a great investment.

Im not gifted in TA but no one has mentioned the low volume lately, except for when the price got hammered down. Anyone else concerned about that? Just seems like ETH has lost alot of wind from its sails recently.

ETH is currently at $1810, not far from its ATH.

The Winklevoss brothers are bullish on Ethereum and so is Raoul Pal, who is increasing the percentage of ETH he owns compared to BTC.

The volume is a bit down and there may be a correction, we don't really know at what stage we are in this bull cycle.

[Griffith]

https://decrypt.co/57720/ethereum-nft-market-primed-for-explosive-growth-in-2021

Ethereum NFT Market Primed for Explosive Growth in 2021

From virtual land to digital art, a comprehensive, new study delves into the booming market for non-fungible tokens.

A new report on the exploding market for non-fungible tokens (NFTs) reveals that transactions tripled in 2020, reaching more than $250 million in total.

Known as NFTs, these unique digital assets, which exist on the Ethereum blockchain, can be anything from BBC-branded Dr Who trading cards and Ubisoft Raving Rabbids tokens to luxury art pieces.

The biggest sale to date is a set of plots of virtual land, which went for $1.5 million on blockchain game Axie Infinity last week.

The market saw astonishing growth last year, with use cases expanding, buyers vastly exceeding sellers, and plenty of traders making six-digit profits, according to the report, which was released today by leading NFT analysis firm NonFungible.com and foresight business, L’Atelier.

According to the data, the total value of all NFT transactions (which includes sales and all other transactions, such as “breeding” Cryptokitties, “minting” tokens, and renting virtual space) increased from over $62 million in 2019 to in excess of $250 million in 2020.

In 2020, NFT art sales alone grew by 2,800%, per the report, and big brands like Turner Sports and watchmaker Breitling have jumped aboard, making the asset class firmly mainstream.

“Traditional brands like Nike, Louis Vuitton, and Formula 1 are already spearheading the first generation of commercial uses for NFTs,” Nadya Ivanova, chief operating officer at L’Atelier, told Decrypt.

“We expect to see more brands entering and investing more resources in this space as they find new ways to engage virtually, and profitably, with their customers via NFTs,” she added.

The new report finds that NFTs are “primed to become a leading emerging asset class for the Virtual Economy in the years ahead, both in terms of their financial value and their practical uses, and a major driver of economic activity in virtual worlds.”

And major financial players are quickly moving in on this trend and  “seizing the opportunity to capitalize on a broader shift to virtual finance already evident in the rise of cryptocurrencies and decentralized finance,” according to Ivanova.

[Thin Lizzy]

Both my mother and my weed addled contractor asked me about cryptocurrency this week.

That's either good news for crypto or the equivalent of the shoeshine boy giving stock tips. 

This reminds me of when silver  was having a run. As I passed by a church, two old ladies were coming out and one said to the other that silver was $50. I knew then that it was at the top.😂

[Griffith]

lol that Mark Cuban really is a buffoon. He's already a joke among the silicon valley tech community, but seems to appeal to the "average American", perhaps because he bought a sports team? Also always easy for him to give "sound bites" to dumbed down mainstream media, including on matters of "business and finance".

To call Eth (essentially computer code enabling smart contracts - an experimental concept which will of course be duplicated and made entirely free once perfected), with BTC (first layer money) is ludacris.

it's very obvious what happened in his little bird-brained mind. Something like this...

"Hmm, I missed out on Bitcoin. (I know I was wrong, and I wished I hadn't been). Dohhhh, I know what? I'll buy some Eth because it looks "cheaper". Then, after I've done that, I'll then go out pretend I know a little about "smart contracts" and then somehow mix that concept with Eth being "even better money than Bitcoin". I'll get some publicly as mainstream media know me as a "tech innovator".

Lol - good luck with that, genius Cuban. Not quite as easy as that, and you just lost all crypto cred (not that you actually had any in the first place)...

In the interview, Mark Cuban said he'd be 'in the whale listings' for each of the cryptocurrencies he owns, except Litecoin.

He says he owns more in dollars of Bitcoin than he does Ethereum 'but that's changing' as he's buying more ETH in the pullbacks, but nothing more of BTC even when it reached 30K.

[Thin Lizzy]

Both my mother and my weed addled contractor asked me about cryptocurrency this week.

That's either good news for crypto or the equivalent of the shoeshine boy giving stock tips. 

This reminds me of when silver  was having a run. As I passed by a church, two old ladies were coming out and one said to the other that silver was $50. I knew then that it was near the top.😂

[Bindare_Dundat]

https://decrypt.co/57720/ethereum-nft-market-primed-for-explosive-growth-in-2021

Ethereum NFT Market Primed for Explosive Growth in 2021

From virtual land to digital art, a comprehensive, new study delves into the booming market for non-fungible tokens.

A new report on the exploding market for non-fungible tokens (NFTs) reveals that transactions tripled in 2020, reaching more than $250 million in total.

Known as NFTs, these unique digital assets, which exist on the Ethereum blockchain, can be anything from BBC-branded Dr Who trading cards and Ubisoft Raving Rabbids tokens to luxury art pieces.

The biggest sale to date is a set of plots of virtual land, which went for $1.5 million on blockchain game Axie Infinity last week.

The market saw astonishing growth last year, with use cases expanding, buyers vastly exceeding sellers, and plenty of traders making six-digit profits, according to the report, which was released today by leading NFT analysis firm NonFungible.com and foresight business, L’Atelier.

According to the data, the total value of all NFT transactions (which includes sales and all other transactions, such as “breeding” Cryptokitties, “minting” tokens, and renting virtual space) increased from over $62 million in 2019 to in excess of $250 million in 2020.

In 2020, NFT art sales alone grew by 2,800%, per the report, and big brands like Turner Sports and watchmaker Breitling have jumped aboard, making the asset class firmly mainstream.

“Traditional brands like Nike, Louis Vuitton, and Formula 1 are already spearheading the first generation of commercial uses for NFTs,” Nadya Ivanova, chief operating officer at L’Atelier, told Decrypt.

“We expect to see more brands entering and investing more resources in this space as they find new ways to engage virtually, and profitably, with their customers via NFTs,” she added.

The new report finds that NFTs are “primed to become a leading emerging asset class for the Virtual Economy in the years ahead, both in terms of their financial value and their practical uses, and a major driver of economic activity in virtual worlds.”

And major financial players are quickly moving in on this trend and  “seizing the opportunity to capitalize on a broader shift to virtual finance already evident in the rise of cryptocurrencies and decentralized finance,” according to Ivanova.

I just don't get it. 1.5 million for virtual land? Wtf? Some people have way too much money.  As a matter of fact I think if you spend that kind of money on Pokémon cards and similar stuff as an adult, you should be forced to give away the same amount to some shelter or some shit.

Billionaire child mentalities. Go figure.

[SOMEPARTS]

This reminds me of when silver  was having a run. As I passed by a church, two old ladies were coming out and one said to the other that silver was $50. I knew then that it was near the top.😂

The whole gamestop/robinhood situation should be instructive for those that think they are "winning" against the house.

There is a reason that crypto is being allowed to exist by those that control the money supply. They have gone to war in the past over competition...real war. You have to ask yourself why is everything in finances fake right now...reset, ban cash, beta run for fedcoin, etc.

Several pages back I asked if the code for a certain crypto could be blocked at a high level of internet...ISPs etc. I researched that....it's port based so it can be. One law passed by govt and it's game over. I think that level of counterparty risk should be known, but tulipmania continues.

[Griffith]

https://cryptonews.com/news/eth-insanely-cheap-defi-to-rally-btc-dominance-to-drop-pante-9197.htm

ETH 'Insanely Cheap,' DeFi To Rally, BTC Dominance to Drop - Pantera Capital CIO

Even after its recent strong rally, the second-largest cryptoasset by market capitalization, Ethereum (ETH) is "insanely cheap" and can still rally 5-10x, while bitcoin (BTC) dominance willl go down due to ETH and DeFi assets, according to Joey Krug, Co-chief Investment Officer (CIO) at US-based major crypto investment company Pantera Capital.

"It’s an insanely cheap asset compared to anything else in the public markets with that kind of growth relative to its revenue multiple. It’s not entirely crazy to see Ethereum being able to 5–10x from here, especially when compared to traditional equities markets."

"We think that similar to the last cycle, Bitcoin dominance (BTC’s percent of overall market cap in the space) will eventually go down into the forties again. In our view, the primary beneficiaries are likely to be Ethereum and Ethereum based decentralized finance assets, as well as eventually DeFi assets on other chains like Polkadot later in the year."

The CIO said that DeFi assets are "only *4%* of the total cryptocurrency market cap."

"By the end of this cycle, we think they could potentially be 20%, or a relative outperformance of 5x," he added.

Also, he estimates that as the market gains confidence that DeFi is here to stay and isn’t a fad, multiples will go up too, and things will begin to be valued by price/revenue/growth in DeFi.

"I think multiples could expand 4–5x across the board from here. As the protocols get more liquidity and their valuations go up, they also become more useful," Krug said, adding that Pantera believes that DeFi "is the best opportunity in the crypto space since Bitcoin and Ether themselves."

[Mayday]

Does it matter? If it goes down,  its considered a loss, if it goes up ,ill have to pay taxes on the gains. Whether I stall on paying taxes or not by going into stable coins is irrelevant,  no? if you make money you'll eventually pay taxes. I've tried to find ways to lower the burden but haven't found anything to date.

Do you just plan on going from one coin to another? Aren't you planning on selling for dollars at some point?

Of course, I'm not an expert in this field so if anyone knows better I'm all ears.

Omemorerep would be good for this one I think.

A taxable transaction is an entry and an exit. A buy and a sell. It doesn’t matter if you sell ETH for BTC or XRP or USDT, a sell is a sell.

Once you sell, tax is due at the end of that financial year.

The only way to avoid tax on crypto is to send your coin from an exchange to a wallet and then sell to some random person for cash or product. Or use exchanges based in another country but that may still have challenges when you try to convert back to dollars and you will get flagged anyway.

Move to the Cayman Islands or Monaco?

Or do what I am doing which is to delay doing my tax return while I leave the tax payment in an offset account which will let me have zero interest loans.

[Bindare_Dundat]

A taxable transaction is an entry and an exit. A buy and a sell. It doesn’t matter if you sell ETH for BTC or XRP or USDT, a sell is a sell.

Once you sell, tax is due at the end of that financial year.

The only way to avoid tax on crypto is to send your coin from an exchange to a wallet and then sell to some random person for cash or product. Or use exchanges based in another country but that may still have challenges when you try to convert back to dollars and you will get flagged anyway.

Move to the Cayman Islands or Monaco?

Or do what I am doing which is to delay doing my tax return while I leave the tax payment in an offset account which will let me have zero interest loans.

Can you please go into more detail on this?

[loco]

[obsidian]

https://cryptonews.com/news/eth-insanely-cheap-defi-to-rally-btc-dominance-to-drop-pante-9197.htm

ETH 'Insanely Cheap,' DeFi To Rally, BTC Dominance to Drop - Pantera Capital CIO

Even after its recent strong rally, the second-largest cryptoasset by market capitalization, Ethereum (ETH) is "insanely cheap" and can still rally 5-10x, while bitcoin (BTC) dominance willl go down due to ETH and DeFi assets, according to Joey Krug, Co-chief Investment Officer (CIO) at US-based major crypto investment company Pantera Capital.

"It’s an insanely cheap asset compared to anything else in the public markets with that kind of growth relative to its revenue multiple. It’s not entirely crazy to see Ethereum being able to 5–10x from here, especially when compared to traditional equities markets."

"We think that similar to the last cycle, Bitcoin dominance (BTC’s percent of overall market cap in the space) will eventually go down into the forties again. In our view, the primary beneficiaries are likely to be Ethereum and Ethereum based decentralized finance assets, as well as eventually DeFi assets on other chains like Polkadot later in the year."

The CIO said that DeFi assets are "only *4%* of the total cryptocurrency market cap."

"By the end of this cycle, we think they could potentially be 20%, or a relative outperformance of 5x," he added.

Also, he estimates that as the market gains confidence that DeFi is here to stay and isn’t a fad, multiples will go up too, and things will begin to be valued by price/revenue/growth in DeFi.

"I think multiples could expand 4–5x across the board from here. As the protocols get more liquidity and their valuations go up, they also become more useful," Krug said, adding that Pantera believes that DeFi "is the best opportunity in the crypto space since Bitcoin and Ether themselves."

I am very positive about Ethereum. There are a lot of developers working on it. Yes they have a lot of issues to resolve and are working on getting it done. Cardano also has huge potential. I have both in my portfolio. I plan to branch out into a few other DEFI tokens. And eventually Bitcoin - when Ethereum makes up real ground with Bitcoin. Bitcoin is a store of value I agree. I should have loaded up on Bitcoin when Ethereum peaked at 15% of Bitcoin. I think it could go back to 10% at some point. 3.75% is a great opportunity.

[obsidian]

Can you please go into more detail on this?

X2

[Mayday]

It’s nothing fancy.

In my country we have to lodge our tax return. I can delay my lodgement for say 1-2yrs without any issue.

let’s say I owe $1M from an asset sale. Instead of lodging on time I delay that for 1yr. I take out a loan which has an offset account attached (money in the offset deducts the interest eg 100k in offset subtracts 100k from the principle therefore I get 100k with no interest attached) and then I use money elsewhere for what is effectively an interest free loan. Do that for 1-2yrs without any major
Problems. If you start to go over that the tax office will charge interest which is generally at a market rate.

In saying that you still need to be careful what you do with the tax money so you don’t lose it.


Some people in 2017 sold their BTC into ripple or something else thinking they avoided tax. Next thing they get a 5M tax bill from the tax authorities who have their sale details from the regulated exchange. To make it worse some of them were in coins that crashed and the tax year refreshed so they couldn’t declare their losses against the 5M so they wound up having a paltry amount instead of the 5M.

If you have small tiny amounts it probably isn’t a problem. 5k they may not look into. The risk is if they do flag you then you repay the tax PLUS a fine which might be larger than the tax.