Author Topic: Bitcoins - about to hit $5,000 per coin today! (Read 764966 times)

Soul Crusher · « **Reply #5250 on:** February 23, 2021, 08:43:21 AM »

Quote from: Grape Ape on February 23, 2021, 08:42:18 AM

Who provides the cash?

Good question. No clue.

Theoak* · « **Reply #5251 on:** February 23, 2021, 08:53:00 AM »

Quote from: Humble Narcissist on February 23, 2021, 07:29:36 AM

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

Well now you have.

Grape Ape · « **Reply #5252 on:** February 23, 2021, 08:53:59 AM »

Quote from: Theoak* on February 23, 2021, 08:53:00 AM

Well now you have.

Cool.

Can you explain the process of getting the cash?

Griffith · « **Reply #5253 on:** February 23, 2021, 09:20:00 AM »

Quote from: Thin Lizzy on February 23, 2021, 06:28:46 AM

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 · « **Reply #5254 on:** February 23, 2021, 09:39:17 AM »

Quote from: evacnam on February 23, 2021, 08:11:25 AM

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 · « **Reply #5255 on:** February 23, 2021, 11:00:19 AM »

Quote from: Grape Ape on February 23, 2021, 08:40:30 AM

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 · « **Reply #5256 on:** February 23, 2021, 11:12:23 AM »

Quote from: Humble Narcissist on February 23, 2021, 11:00:19 AM

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 · « **Reply #5257 on:** February 23, 2021, 11:30:51 AM »

Quote from: Humble Narcissist on February 23, 2021, 11:00:19 AM

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 · « **Reply #5258 on:** February 23, 2021, 11:41:08 AM »

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

a_pupil · « **Reply #5259 on:** February 23, 2021, 11:54:24 AM »

Quote from: Teutonic Knight on February 23, 2021, 11:41:08 AM

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 · « **Reply #5260 on:** February 23, 2021, 11:57:52 AM »

Any estimates where BTC and ETH will bottom out?

Bindare_Dundat · « **Reply #5261 on:** February 23, 2021, 12:01:16 PM »

Quote from: Griffith on February 23, 2021, 11:57:52 AM

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.

Mayday · « **Reply #5262 on:** February 23, 2021, 12:06:42 PM »

Quote from: Griffith on February 23, 2021, 11:57:52 AM

Any estimates where BTC and ETH will bottom out?

I posted targets for BTC on the other page somewhere.

44.7k - initial target. It tapped this today.
41.2k - secondary target but I think 43k is probably close to the actual bottom.

obsidian · « **Reply #5263 on:** February 23, 2021, 12:08:48 PM »

Quote from: evacnam on February 23, 2021, 11:12:23 AM

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.

And then once the IRS comes after you and you squeal like a pig. They could trace back where the Bitcoin came from that filled your pockets. Also if millions of dollars are involved you're not going to do that transaction at an ATM that has a $500 per day withdrawal limit lol!

Paying taxes is a way to get the government to accept cryptocurrencies. I'd rather pay the tax as a necessary evil. Even though I know the fucking politicians will not use that money in a proper and efficient way because they are cockroaches.

obsidian · « **Reply #5264 on:** February 23, 2021, 12:14:56 PM »

Quote from: Grape Ape on February 23, 2021, 08:42:18 AM

Who provides the cash?

If you have a Coinbase account then the cash would come from them. They have fiat in reserve like normal banks. I bought over $12,500 in cryptos back in 2018. The money was transferred from my checking account to my Coinbase account. I have not yet withdrawn any fiat since that initial investment because I am patient.

Coinbase is regulated so they will play by the rules and make sure they have fiat to cover normal transactions. A run on the banks will take down all banks. So they would limit withdrawal to prevent a situation like that. You're not going to be able to withdraw 10,000 BTC in one transaction. You could sell it to a stable coin or USD but will have to withdraw a million a day or whatever limit Coinbase has in place. But most people will not sell that many BTC unless they want a major correction in the price. Perhaps with the intent to buy more at a lower price.

obsidian · « **Reply #5265 on:** February 23, 2021, 12:17:07 PM »

Quote from: Bindare_Dundat on February 23, 2021, 12:01:16 PM

Around zero

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

Zero or go home! Buy high sell low! That's how we roll!

Bindare_Dundat · « **Reply #5266 on:** February 23, 2021, 12:24:15 PM »

Quote from: obsidian on February 23, 2021, 12:17:07 PM

Zero or go home! Buy high sell low! That's how we roll!

Lol nah I'm good. Didn't say I wouldn't jump back in, just not in the mood to tide it any lower than my set level.

Mayday · « **Reply #5267 on:** February 23, 2021, 12:48:50 PM »

Perhaps buying at peak could be an effective strategy?

You acknowledge up front you are buying for top dollar.

You know it will tank just after you buy because life gives us little funny moments to laugh about.

You then make such a huge loss your mindset becomes ‘fuck it’ because you are so screwed what’s the point in selling. Years later price blasts past your buy and you are profitable again!

OneMoreRep · « **Reply #5268 on:** February 23, 2021, 12:52:34 PM »

Hmmm...

BitCoin having a correction.

Binance coin in bear territory.

"1"

Griffith · « **Reply #5269 on:** February 23, 2021, 12:52:48 PM »

I’m tempted to buy more ETH.

Humble Narcissist · « **Reply #5270 on:** February 23, 2021, 01:00:36 PM »

Quote from: Grape Ape on February 23, 2021, 11:30:51 AM

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.

That's what I would fear. If nobody buys it you are stuck with depreciation to zero. This is why I keep looking for people who have actually cashed out large amounts of Bitcoin. Lots of investors think they are millionaires but no one seems to actually cash out to real money. Part of this could be because they want to stay hidden from the IRS.

Theoak* · « **Reply #5271 on:** February 23, 2021, 01:03:47 PM »

Quote from: Bindare_Dundat on February 23, 2021, 12:01:16 PM

Around zero

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

Im suprised you're able to punch the keys on the keyboard with such weak hands.

Mayday · « **Reply #5272 on:** February 23, 2021, 01:08:14 PM »

Quote from: Theoak* on February 23, 2021, 01:03:47 PM

Im suprised you're able to punch the keys on the keyboard with such weak hands.

Legit LOL

Griffith · « **Reply #5273 on:** February 23, 2021, 01:12:05 PM »

Quote from: Theoak* on February 23, 2021, 01:03:47 PM

Im suprised you're able to punch the keys on the keyboard with such weak hands.

OneMoreRep · « **Reply #5274 on:** February 23, 2021, 02:50:52 PM »

Quote from: Bindare_Dundat on February 23, 2021, 12:01:16 PM

Around zero

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

I can respect that. Not everyone can stomach these corrections and 20%+ drops.

That said, even I am starting to look into buying cryptos.

Off the top of my head, I am considering fractional shares in Bitcoin, a small position into ETH, large position in Binance Coin, Polkadot and Cardano.

Even with this risky endeavor, I would only invest 10% of my portfolio into cryptos, as I know it's volatility can fuck anyone up.

It's money that you have to be ready to part with. Set it and forget it kind of thing...

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