Anyone Invested in crypto?

[Kutnupe14]

I case you guys don't know, Bitcoin is in a correction. This is the time, that I personally, would buy.

BTC price at time of posting: $14521.00

 

[ArcadiaGP]

 

[CHCRandy]

I don't mean to be Debby Downer but I have a pretty respected on line friend who is a big time MACD chart guy.....he is seeing a selloff to $5000 or less. He thinks with futures trading coming the actual coins will become worth less and less.....his thinking is people wont want the coins when they can own the options for a fraction of the risk. I kind of understand what he is saying. If it takes me $10,000 to own a stock or $400 to own the option to own that stock at a predetermined price.....why spend the extra $9600 and not be insured against theft? What says ye guys?

I think this goes under $10K in the next couple of days......just my guess.

 

[Kutnupe14]

I don't mean to be Debby Downer but I have a pretty respected on line friend who is a big time MACD chart guy.....he is seeing a selloff to $5000 or less. He thinks with futures trading coming the actual coins will become worth less and less.....his thinking is people wont want the coins when they can own the options for a fraction of the risk. I kind of understand what he is saying. If it takes me $10,000 to own a stock or $400 to own the option to own that stock at a predetermined price.....why spend the extra $9600 and not be insured against theft? What says ye guys?

I think this goes under $10K in the next couple of days......just my guess.

I could see it at $8K, with a LOT of FUD selloff, and then a MASSIVE rally to $25K+

 

[snapping turtle]

Got out over 15k. The other 2.5 I am just going to let ride.

 

[hoosierdoc]

Interesting how .gov is passing a law to make hidden ownership illegal. How are they going to do that? What other investment is illegal to own without .gov knowing?

i only tell them when I sell a stock or fund, not when I buy, and not what I own. Screw that mentality.

 

[snapping turtle]

The good thing about laws is they take forever to make. Currently there is a bill. Not a law.
The laws catch up and the market changes again. The government not liking currency the fed's have no control of. They always want a piece of the pie. The old "Silk Road" time period gave bitcoin a little bad boy rep. They will use that to make things hard on crypto.

Buying and paying bills and expenses with bitcoin will become easier. Heck craigs
list now allows you to say you take bitcoin payments.

Even if if not a business buying a gun for 400 and selling it for 800 is a capitol gain. Buying a gun for bitcoin and selling for bitcoin is not a capitol gain until it is converted to USD.

It is still very early in the crypto game. With 2.5 left in wallet even if they dropped all the way to 800-1500 each I am still in the good with over 4x gains. (I think newly mined bitcoins cost about that to mine so that would be the floor for a
market collapse)

 

[OutdoorDad]

Interesting how .gov is passing a law to make hidden ownership illegal. How are they going to do that? What other investment is illegal to own without .gov knowing?

i only tell them when I sell a stock or fund, not when I buy, and not what I own. Screw that mentality.

In reality, they know when and what you buy. Have for years. Your cost basis is transferred from brokerage firm to brokerage firm.
And you aren’t telling them when you sell something. You are declaring your cost basis strategy.

If you don’t believe me, leave a sale off your schedule d this year.

See if they don’t already know.

 

[ArcadiaGP]

People are taking out mortgages to buy bitcoin, says securities regulator

 

[Phase2]

Obviously, not everyone believes in "buy only as much as you can afford to lose".

------

This sounds promising: Bipartisan 'Cryptocurrency Fairness Act' Moves to Congress | Zero Hedge

This would make it much easier to use cryptos for day-to-day purchases and to understand tax reporting requirements.

Under the bill, any transaction under $600 would be completely exempt, so you’d neither have to worry about keeping track of gains on all the little purchases you make, nor would you owe taxes on those small gains. This mirrors the same kind of exemption that foreign currency enjoys today and we think it’s a simple and fair way to avoid discouraging the use of cryptocurrency.

Now, there are many other transactions above $600, such as getting in and out of investment positions, on which capital gains tax will be owed.
...
The other thing the Cryptocurrency Tax Fairness Act would do is require the Treasury Department to issue guidelines for informational reporting on digital currency transactions for which capital gains is due.

 

[JettaKnight]

Interesting how .gov is passing a law to make hidden ownership illegal. How are they going to do that? What other investment is illegal to own without .gov knowing?

i only tell them when I sell a stock or fund, not when I buy, and not what I own. Screw that mentality.

But what does your broker tell them?

 

[JettaKnight]

People are taking out mortgages to buy bitcoin, says securities regulator

So this is what's precipitating the next market crash...


Of course, that story had no data whatsoever, so it could just be one person.

 

[Phase2]

Yeah, that article didn't mention any specifics. Here are two:

Bitcoin or Broke: Dutch Man Sells House in Hope of Cryptocurrency Boom
Auckland Man Sells House To Build Bitcoin Mining Rig | Zero Hedge

Stories like this mean that we are definitely in bubble territory. Doesn't mean it won't go up more, but it will pop. This is not investing. It is not understanding what you are getting into. It is full-on gambling.

FOMO (Fear of missing out) is moving these buys.

 

[ArcadiaGP]

$200+

 

[dave29]

I sold all of my LTC for BTC a while back. Even with the big LTC run up, my money is still worth more in the BTC. I do feel like LTC should run up even more, to about .0095 the price of BTC, at where it usually hovers. At the price right now, that would put it at $153.

What a dumbass this guy is!

 

[Kutnupe14]

$200+

Crazy, isn't it? The amount of market cap its taken the past few days is crazy!!

 

[Kutnupe14]

So this is what's precipitating the next market crash...


Of course, that story had no data whatsoever, so it could just be one person.

Nope, cryptos are a very small % of global financial market cap.... BUT, there has been a site created for the opening of futures, that's recording how much money people are losing trying to short BTC. Some guy lost $2.8M trying to short. That's pure lunacy.

 

[ArcadiaGP]

It's so easy to think, "Man, if I'd just invested *this much* yesterday, I'd be rich!"... just the same thought that people have with Apple stock. It's a mindset that you can't get into, else you'll just **** yourself off.

But it's intriguing to think that the $16k BTC today could be seen the same as the $700 last year as a "low", and grow to whatever it is a year from now.

 

[GlockRock]

How safe is Coinbase? To verify my ID I need to upload my drivers license to use PayPal? Is this what everyone else is doing? I’m new to all this and don’t want to spend the rest of my life fixing an identity theft.

 

[ArcadiaGP]

How safe is Coinbase? To verify my ID I need to upload my drivers license to use PayPal? Is this what everyone else is doing? I’m new to all this and don’t want to spend the rest of my life fixing an identity theft.

That sounds odd. I didn't have to do anything like that...