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

[Mayday]

I have price targets as 44.9k then 41.2k.

Jan price assault saw day 2 as brutal then the lowest days coming in at 12-13 then 18-19.

Motor is fucked and that particular car isn’t a cheap one.

[obsidian]

Blood in the water now. All coins  getting destroyed. Therses probably more mass panic selling today.  Wonder if people are still putting lasers in their eyes after this kick in that balls to the price?

Im still holding bitcoin  but don't think this one is stopping anytime soon. Probably headong below yesterday's lowest wick. everyone is going to run stories of how shit cryto is and you'll.lose all your money, etc...

What is wrong with yoir car for a bill that high?

It's ok don't panic. Worse than can happen is you can lose your entire investment lol! Only invest what you are willing to lose.

Best thing that can happen is you can make great money. Crypto is a different beast. The price drops will fuck with you and if you sell on the way down someone else will snap it up and then before you wipe your eyes out the price shot up past the point you sold and now you end up with less crypto. Safest time to sell is when everything has been going up like a rocket and you want to take a little profit to spend.

I've been watching Ethereum on Binance and Coinbase. The price went below $1,400 and now it has shot back up to over $1,500. It might yoyo a few times.

Realize these are growing pains for the crypto market. Let some people take profits now. They might be the ones ending up with less crypto when all is said and done.

If you have a car to fix then yes sell and use the money.

All those saying the gas fees will kill Ethereum. Well people might just decide Ethereum is a store of value so Cardano, Polkadot and Binance can do smart contracts. Perhaps Ethereum goes the way of Bitcoin and is just a store of value.

Ethereum not having a finite supply might help it in the long run - whether it is proof of stake or proof of work. Because those staking or mining would have an incentive as new ETH is slowly minted - and thereby securing the network. With Bitcoin why would miners keep securing the network if they are not getting any BTC payments as reward once all BTC has been mined? Some say they would be paid in fees. From where would this money coming from? The fees would have to be high enough to keep enough miners in the game to provide great security.

[obsidian]

[Bindare_Dundat]

It's ok don't panic. Worse than can happen is you can lose your entire investment lol! Only invest what you are willing to lose.

Best thing that can happen is you can make great money. Crypto is a different beast. The price drops will fuck with you and if you sell on the way down someone else will snap it up and then before you wipe your eyes out the price shot up past the point you sold and now you end up with less crypto. Safest time to sell is when everything has been going up like a rocket and you want to take a little profit to spend.

I've been watching Ethereum on Binance and Coinbase. The price went below $1,400 and now it has shot back up to over $1,500. It might yoyo a few times.

Realize these are growing pains for the crypto market. Let some people take profits now. They might be the ones ending up with less crypto when all is said and done.

If you have a car to fix then yes sell and use the money.

All those saying the gas fees will kill Ethereum. Well people might just decide Ethereum is a store of value so Cardano, Polkadot and Binance can do smart contracts. Perhaps Ethereum goes the way of Bitcoin and is just a store of value.

Ethereum not having a finite supply might help it in the long run - whether it is proof of stake or proof of work. Because those staking or mining would have an incentive as new ETH is slowly minted - and thereby securing the network. With Bitcoin why would miners keep securing the network if they are not getting any BTC payments as reward once all BTC has been mined? Some say they would be paid in fees. From where would this money coming from? The fees would have to be high enough to keep enough miners in the game to provide great security.

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.

[Humble Narcissist]

Leaving BTC for your kids is provably one of the best things a parent could leave. If you have kids or loved ones, I think it would be essential to leave them Bitcoin. Not only because of the huge increases in value over time, but also for the immediate access and transferability anywhere globally, immediate divisibility, avoiding the hassle of estate wind-up, taxes, etc.

What is vital though is that create a mechanism to give each intended recipient a safe way to access and retrieve the coins.

You could also set up a smart contract structure that vests the coins on a certain date, or drip-feeds value over time.

Imagine immediately becoming a wholecoiner or even a quartercoiner overnight. You would be set up for life in the future. A wonderful way to pass on generational value.

Again, it has no real value.

[Mayday]

Dude, a few of us here don’t exit due to tax implications.

We still piss and moan because it gives us something to do but the reality is it doesn’t matter until exit time.

ETH doesn’t suck. You do realise the heavy hitters are 20%-35% ETH allocation yeah? What the big boys do is all that matters.

[obsidian]

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.

LOL take a deep breath. We have "been there done that"!  It's kind of cute to see your frustration!

Musk tweeted last year that Tesla stock was overpriced and boom it shoots to the moon. He probably wanted the BTC and ETH prices to drop so he could buy the dip. That's why he responded to Peter Schiff's tweet saying BTC and ETH is kinda high lol! The SEC can also not fault him because he is not hyping up the price. He is saying hey cool it down it is too expensive.

ETH is doing what it has always done. Go look at the 2017 charts. Bitcoin dropped close to $11,000 from it's highs. Watch the video I just posted. The guy makes a lot of sense. Cryptos are going to pump because governments all over the world are printing money left and right. For all we know Ethereum might very well pump to 10k and beyond this bull run.

The fiat money is losing value. What are people going to do with it? Get a scarce asset or buy more TVs? We all have enough TVs right now. You can't save the fiat because the banks don't offer good interest rates and you know it is just losing value as it sits in a bank account.

[obsidian]

Again, it has no real value.

Why not?

[Bindare_Dundat]

LOL take a deep breath. We have "been there done that"!  It's kind of cute to see your frustration!

Musk tweeted last year that Tesla stock was overpriced and boom it shoots to the moon. He probably wanted the BTC and ETH prices to drop so he could buy the dip. That's why he responded to Peter Schiff's tweet saying BTC and ETH is kinda high lol! The SEC can also not fault him because he is not hyping up the price. He is saying hey cool it down it is too expensive.

ETH is doing what it has always done. Go look at the 2017 charts. Bitcoin dropped close to $11,000 from it's highs. Watch the video I just posted. The guy makes a lot of sense. Cryptos are going to pump because governments all over the world are printing money left and right. For all we know Ethereum might very well pump to 10k and beyond this bull run.

The fiat money is losing value. What are people going to do with it? Get a scarce asset or buy more TVs? We all have enough TVs right now. You can't save the fiat because the banks don't offer good interest rates and you know it is just losing value as it sits in a bank account.

Lol what frustration?  I sold 80% of my eth when it was alot higher than it is today. No regrets. I have plenty of time to buy back in if it goes to where you think it will.

Youre the one enjoying the current losses, not me. Why in the hell would I ride bitcoin down to 11 thousand? Makes zero sense.

Feel free.to gamble away. Ill stick to being more.conservative.

[obsidian]

Lol what frustration?  I sold 80% of my eth when it was alot higher than it is today. No regrets. I have plenty of time to buy back in if it goes to where you think it will.

Youre the one enjoying the current losses, not me.

Feel free.to gamble away. Ill stick to being more.conservative.

Just remember your tax rate is higher if you do day trading and hold stocks or cryptos short term. But good for you if you sold some higher up. I probably will cash out some ETH (15-20) at some point before the end of the year but that money will exit the crypto market because I want to cover some initial expenses. Of course if the market takes a complete shit then I won't cash out.

[obsidian]

Then there is this lol!

https://www.coindesk.com/flash-crash-ether-traded-for-half-price-to-700-on-kraken-during-mondays-sell-off

Ether (ETH, -20.32%), the second biggest cryptocurrency by market capitalization, at one point traded near $700 on cryptocurrency exchange Kraken during Monday’s massive sell-off.

Amid the market melee that pummeled crypto assets across the board, ether’s prices went as low as $1,546.53, according to CoinDesk 20. However, that number was a staggeringly low $700 on Kraken.

In a one-minute time span, the ETH/USD pair on Kraken dropped to $700 at UTC 14:20 Monday from $1628,82 just approximately three minutes prior.

The breathtaking drop wasn’t relegated to ether. Trading of cardano (ADA, -10.93%) (ADA)  suffered a similar fate on Kraken, with the ADA/USD pair slumping to $0.156 at 14:23 UTC from $0.842 three minutes prior. During the same hour, the lowest price of cardano recorded on CoinDesk 20 was at $0.835.

“We saw the price of some digital assets such as ether and ada have a sharp downward movement this morning on multiple trading venues just after 14:00 UTC,” a spokesperson from Kraken told CoinDesk in response to the abnormally low prices of ether and ada on the exchange. “Kraken also saw a surge in sell orders around this time.”

“We’re communicating directly with clients and ask that anyone with questions about their account please open a ticket,” the spokesperson said, declining to comment further on the issue.

This is not the first time this type of “flash crash” occurred on Kraken, according to Trustnodes, which noted the problem on Kraken back in 2018. The report indicated that such incidents usually occur when a trader accidentally entered a wrong number during trading, a behavior nicknamed “fat finger error.”

Ether’s trading volume on Kraken logged more than $888 million on Monday alone, more than double that of Friday’s figure.

At press time, ether is trading at $1,749.94, down 8.92% in the past 24 hours, according to CoinDesk 20. On Kraken, it’s at $1777.02, down 8.19%.

[Bindare_Dundat]

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

[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?