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

[obsidian]

When every crypto channel had more scam responses then legit people in the comments  by a factor of 10, you know its time to sell. Lol

They are just trying to scam people because the prices are high and they have something to gain. If the prices are low why bother.

In the past 30% corrections were common. We are not there yet though.

[Theoak*]

Cool. Did you do this with fiat from a bank account or you happened to have the funds in stable coins? I told myself to sell some ETH for stable coins when it hit $2k but was too lazy to move and don't want to complicate my taxes too much. Next time it pumps to 2.5k or 3k I might. You have to decide if it is worth the tax hassles. I am still getting a steady influx of ETH on a weekly basis via mining. I am getting ETH for under $300 because I am basically trading an electrical bill for ETH.

I dont hold stable coins, purchased  large chunk of that at 48kusd and small buy order at 51k

[Griffith]

You guys laughed at me when I said ethereum was sucking and look at it now. You could have saved yourself.from this dump instead of riding it all the way back down.

I like crypto, I like Bitcoin but sometimes you have to put all the hype videos down and.look at the charts. The volume was dropping, the RSI was showing waining momentum.and boom,  this is the result.

It doesn't help that Twitter addict Musk cant stop tweeting retarded shit. Honestly,think he does more harm than good with his posts.

Id love to see things explode upwards but I dont have a problem cashing out instead of blindly grabbing more and more while its tanking in this environment.

Things will probably rebound but people need to stop and breath once and while instead of listening to guys like bitboy who are obviously gambling degenerates.

Everything is down from 12% to over 25%.

ETH is now at over $1550 with a market cap of $220 billion.

[Griffith]

https://cointelegraph.com/news/5-64-billion-liquidated-in-24-hours-as-bitcoin-extends-losses-is-a-relief-rally-near

$5.64 billion liquidated in 24 hours as Bitcoin extends losses — Is a relief rally near?

A staggering $5.64 billion worth of futures positions was liquidated in the last 24 hours as the price of Bitcoin dropped 17%.

What triggered the mass Bitcoin liquidation fest?

If the Bitcoin futures market is highly overleveraged and overcrowded, a minor price movement can trigger mass liquidations.

According to analysts at Santiment, a data analytics firm, an address was responsible for the second-largest Bitcoin transaction of the year, as Cointelegraph reported.

More than 2,700 BTC were transferred right before the drop, which were bigger than the 2,000 BTC inflow seen before the March 2020 crash when Bitcoin dropped below $4,000.

The analysts said:

"As we noted yesterday, there was an 11x exchange inflow spike that initiated Bitcoin's price correction from its $58.3k ATH. Further data combing revealed that an address was responsible for the 2nd largest $BTC transaction of the year, an import of 2,700 tokens to the wallet before a quick sell-off.

This same address also made a 2,000 $BTC import last March right as the Black Thursday correction took place. In total, it's made 73 transactions in its one-year existence, for a total of 91,935 $BTC imported, with all tokens moving away within minutes after arrival."

[gib]

Again, it has no real value.

Good morning Humble Narcissist! You really might be beyond help, but I will not give up. To enable us to help you, can you explain why you think Bitcoin has "no real value"?

Let me help you along a little. Does a piece of paper with a number on it have "real value"? If so, why?

How about a naturally recurring yellow lump of metal, called gold? Real value"? If so, why?

How about your stocks or money in the bank, your rights to which are essentially represented by electronic blips. Real value"? If so, why?

*It is the duty of every Bitcoiner to help others understand. So we will be patient. Please let me help you on your journey to enlightenment.

[Thin Lizzy]

Fiat currencies are faith based. You have faith that the government isn’t going to collapse and that it will be efficient. Of course this never happens and that’s why they all eventually lose their value.

[Humble Narcissist]

Good morning Humble Narcissist! You really might be beyond help, but I will not give up. To enable us to help you, can you explain why you think Bitcoin has "no real value"?

Let me help you along a little. Does a piece of paper with a number on it have "real value"? If so, why?

How about a naturally recurring yellow lump of metal, called gold? Real value"? If so, why?

How about your stocks or money in the bank, your rights to which are essentially represented by electronic blips. Real value"? If so, why?

*It is the duty of every Bitcoiner to help others understand. So we will be patient. Please let me help you on your journey to enlightenment.

For the 10th time, fiat money is used to purchase goods and services.  The Federal Reserve prints it and it is accepted anywhere in the country.  You buy groceries, gas and pay bills with it.

Gold is a physical asset that can be traded for fiat currency.  Stocks, bonds and real estate are traded for fiat currency as well.  Fiat currency buys things.

Crypto currency is imaginary money.  When it first came out the purpose of it was to replace fiat currency online and allow people to use it to buy goods and services online just like they were using fiat currency.  People then decided to invest it as it's value grew because of popularity.  The thinking was that it was like investing in Forex.  As more people started using it the value would go up.

I mentioned before that I had a small amount at an online casino and used it to wager on sporting events.  The online casinos were really pushing it and you get take your winnings out almost immediately.  This sounded like a great idea until someone pointed out that if you wagered $100 worth of Bitcoin and lost you lost a lot more than $100.  In two weeks if Bitcoin doubled in value you would have actually lost $200 instead of $100.  Over the next year your $100 loss could turn into thousands of dollars.

 You would be much better off never spending it and just letting the value grow.  The problem is that everyone thinks this way and it is not getting spent to buy real materials online.  If everyone is just investing it to make money when it goes up in value, what is it's value?  The only value is the perceived value from other people who want to purchase it.  It is a new age tech version of a Ponzi Scheme.  As long as there are new investors willing to buy it at it's perceived value, it will go up in value, but there is no there there.  It is all an agreed upon value with no real value at all.

As I have said before, it is crazy to hoard Bitcoin.  In the future it will be worthless.  If you have a million dollars worth of Bitcoin I would be selling it and getting real fiat money from some stupid sucker willing to buy it at this price.  Cash in most of it and keep a little in for future growth.  I haven't heard of anyone who has actually cashed out and become rich from it.  I have heard of a lot of investors who think they are millionaires.  Pyramid Schemes work great for those who get in early but always have the same result.

[evacnam]

Again, it has no real value.

I dont own bitcoin, Im poor as stink,.....but,.....if  I held 3 bitcoins, and sold them on whatever that market is where you sell bitcoin, and the money I sold them for is now in my bank account, does that imply btc had no real value? In my eyes, at 50k per btc, that means btc held a whole pile of value.

you know its really ok to admit when you are wrong, hell, I do it all the time. Unless you have an ego like coach who would never admit he is wrong.

[Humble Narcissist]

I dont own bitcoin, Im poor as stink,.....but,.....if  I held 3 bitcoins, and sold them on whatever that market is where you sell bitcoin, and the money I sold them for is now in my bank account, does that imply btc had no real value? In my eyes, at 50k per btc, that means btc held a whole pile of value.

you know its really ok to admit when you are wrong, hell, I do it all the time. Unless you have an ego like coach who would never admit he is wrong.

That's what I said, sell it now.  It is a Ponzi Scheme.  The people that get in early can make money IF they cash out.  Every investor I have seen tells you to hold and never sell.

[evacnam]

That's what I said, sell it now.  It is a Ponzi Scheme.  The people that get in early can make money IF they cash out.  Every investor I have seen tells you to hold and never sell.

I personally think it will keep going up--its the future

[Grape Ape]

That's what I said, sell it now.  It is a Ponzi Scheme.  The people that get in early can make money IF they cash out.  Every investor I have seen tells you to hold and never sell.

I have a question - am a complete noob with this.

Say someone is sitting on a huge bitcoin wallet that netted them a shit ton of of profit - like 30-40 million.

How do they convert that to actual cash?  Who pays it, is the transaction tracked for tax purposes, etc?

I had read there were bitcoin atms at one point, but wondered about large scale.

Also, anytime someone gains in a market, someone loses.  Who loses when the bitcoin appreciates......in other words, if someone wants to cash in their bitcoin, there needs to be a buyer at that price, right?   I know the brokerage houses play this function in the real market...or something like that.

[Soul Crusher]

I have a question - am a complete noob with this.

Say someone is sitting on a huge bitcoin wallet that netted them a shit ton of of profit - like 30-40 million.

How do they convert that to actual cash?  Who pays it, it the transaction tracked for tax purposes, etc?

I had read there were bitcoin atms at one point, but wondered about large scale.

You owe the taxes on the gain as in any other asset. 

[Grape Ape]

You owe the taxes on the gain as in any other asset.

Who provides the cash?

[Soul Crusher]

Who provides the cash?

Good question.  No clue. 

[Theoak*]

  I haven't heard of anyone who has actually cashed out and become rich from it.

Well now you have.

[Grape Ape]

Well now you have.

Cool.

Can you explain the process of getting the cash?

[Griffith]

Fiat currencies are faith based. You have faith that the government isn’t going to collapse and that it will be efficient. Of course this never happens and that’s why they all eventually lose their value.

Currencies are backed by the national economy of a country: its factors of production, industries, exports, resources, stability and overall GDP.

People who say fiat money is 'backed by nothing' are being disingenuous. There's some 'faith', but the value of the currency is also backed by empirical evidence and tangible things, not only speculation.

For what it's worth, the Pound Sterling in paper money form has existed since 1694 and has survived countless wars, disasters, stock market crashes, currency crises, loss of reserve currency status, political and economic problems and has still not collapsed.

[polychronopolous]

I dont own bitcoin, Im poor as stink,.....but,.....if  I held 3 bitcoins, and sold them on whatever that market is where you sell bitcoin, and the money I sold them for is now in my bank account, does that imply btc had no real value? In my eyes, at 50k per btc, that means btc held a whole pile of value.

you know its really ok to admit when you are wrong, hell, I do it all the time. Unless you have an ego like coach who would never admit he is wrong.

Guys like that would have tried to convince you to sell your "Ponzi Scheme Fairy Dust Internet Money" at 5k and you would been a complete moron to have done so.

[Humble Narcissist]

I have a question - am a complete noob with this.

Say someone is sitting on a huge bitcoin wallet that netted them a shit ton of of profit - like 30-40 million.

How do they convert that to actual cash?  Who pays it, is the transaction tracked for tax purposes, etc?

I had read there were bitcoin atms at one point, but wondered about large scale.

Also, anytime someone gains in a market, someone loses.  Who loses when the bitcoin appreciates......in other words, if someone wants to cash in their bitcoin, there needs to be a buyer at that price, right?   I know the brokerage houses play this function in the real market...or something like that.

The Bitcoin appreciation doesn't matter until you sell it to someone else.  The person who made the money from selling it makes a profit, assuming they bought it at a lower price.  They also are required by law to pay a capitol gains tax on it but I doubt anyone does.  This creates another problem for a Bitcoin investor, the IRS.  If you pay taxes on Bitcoin the Feds know you have it.  If you don't pay taxes and get caught, you go to jail.

[evacnam]

The Bitcoin appreciation doesn't matter until you sell it to someone else.  The person who made the money from selling it makes a profit, assuming they bought it at a lower price.  They also are required by law to pay a capitol gains tax on it but I doubt anyone does.  This creates another problem for a Bitcoin investor, the IRS.  If you pay taxes on Bitcoin the Feds know you have it.  If you don't pay taxes and get caught, you go to jail.

hmmmm there could be a job for me. I dont care about going to jail. I could cut a deal where I cash out peoples bitcoins for a %, they get it from me, pay no taxes and they dont have to worry about getting charged with a crime. Granted, they should be right beside me when we do the transaction to assure they get paid.

[Grape Ape]

The Bitcoin appreciation doesn't matter until you sell it to someone else.  The person who made the money from selling it makes a profit, assuming they bought it at a lower price.  They also are required by law to pay a capitol gains tax on it but I doubt anyone does.  This creates another problem for a Bitcoin investor, the IRS.  If you pay taxes on Bitcoin the Feds know you have it.  If you don't pay taxes and get caught, you go to jail.

Thanks - so it's a finite supply and you net the $ directly from the next buyer.

So, in theory, it's not entirely fluid.  Meaning if you have 80 million in bitcoin you want to dump at a high price, it might not get purchased.

[Teutonic Knight]

Hey, WHATS happened to Vince G. (G. stands 4 gib) 'people on the ground'   

[a_pupil]

Hey, WHATS happened to Vince G. (G. stands 4 gib) 'people on the ground'   

See the post on the previous page about 1 account liquidating 2700 bitcoins

[Griffith]

Any estimates where BTC and ETH will bottom out?

[Bindare_Dundat]

Any estimates where BTC and ETH will bottom out?

Around zero   

Another 15% drop innmy portfolio at the low and I'm out. I'm not taking any chances.