Bitcoin: It's over 9000!!! (Edit: Now it's over 20,000!)

[TheRandomness]

Wow
Bitcoin is crashing hard.

[Dissitesuxba11s]

9 minutes ago, Taf the Ghost said:

Depending on the exchange, we've either dropped into the 11k or 10k range. So, now stories about updates are interesting.

My theory is that people, at least in the US, are trying to get out in fear of the new tax bill that makes cryptocurrency as taxable income.

 

https://www.ethnews.com/tax-cut-bill-to-require-taxation-of-cryptocurrency-trades-in-us

 

Quote

Under current law, parties selling cryptocurrency that they acquired in exchange for other digital assets would owe (capital gains taxes) CGTs at a rate of up to 37 percent. The maximum rate would drop to 23.8 percent for tokens they had been holding for at least a year.

 

I was going make this a separate thread but was too lazy.

[imreloadin]

inb4 we start getting stories of people who offed themselves because they were dumb enough to take a second morgatge on their house to buy one of the previous peaks a couple of weeks ago...

[crystal6tak]

If anyone's interested, now might be a good time to grab some crypto (be it BTC, LTC, ETH, BCH). I feel like they have hit bottom and is now crawling it's way back up. (disclaimer, invest at your own risk)

[bcredeur97]

1 hour ago, crystal6tak said:

If anyone's interested, now might be a good time to grab some crypto (be it BTC, LTC, ETH, BCH). I feel like they have hit bottom and is now crawling it's way back up. (disclaimer, invest at your own risk)

could be the bull trap within the blow off phase.

 

we had a lot of media attention up till the little correction at 20k. then everything kinda went quiet about bitcoin itself, alts rose.. but that's about it. now everything is falling. showing signs of a little recovery now...

 

so it just makes /sense/ to be the bull trap part of the blow-off phase, and the bubble coming to an end soon.

 

 

so i wouldn't be at all surprised if we see a climb back up to ~$16-17k ish then maybe a little bit of a short quiet stability period then afterwards is when things get real scary for some people... that would be what's typical. hard to estimate crypto markets but we'll see.

 

[mr moose]

5 hours ago, Dissitesuxba11s said:

My theory is that people, at least in the US, are trying to get out in fear of the new tax bill that makes cryptocurrency as taxable income.

 

https://www.ethnews.com/tax-cut-bill-to-require-taxation-of-cryptocurrency-trades-in-us

 

 

I was going make this a separate thread but was too lazy.

Any money you make from crypto is already taxable, that bill is concerned with CGT.  The difference between BTC and the US$ is that BTC is currently an asset, therefore until you liquidate it (sell it) it is not an income (which is why it is subject to CGT). So it's not likely people selling it due to tax reform.

 

 

 

[Taf the Ghost]

32 minutes ago, mr moose said:

Any money you make from crypto is already taxable, that bill is concerned with CGT.  The difference between BTC and the US$ is that BTC is currently an asset, therefore until you liquidate it (sell it) it is not an income (which is why it is subject to CGT). So it's not likely people selling it due to tax reform.

BTC is going down because whoever wanted it up at that high valuation to start the Futures contract completed what they were up to and unloaded some amount of their coins. Right now is just the pillaging stage until it settles back in at whatever the larger players think is actually the value.

[ItsMitch]

6 hours ago, TheRandomness said:

Wow
Bitcoin is crashing hard.

relevent tweet rn

[mr moose]

6 minutes ago, Taf the Ghost said:

BTC is going down because whoever wanted it up at that high valuation to start the Futures contract completed what they were up to and unloaded some amount of their coins. Right now is just the pillaging stage until it settles back in at whatever the larger players think is actually the value.

I'm not normally one for speculation and talking like it is a fact, but in this case it certainly smells like the fat boys in wall street are playing with it right now.

[Taf the Ghost]

Just now, mr moose said:

I'm not normally one for speculation and talking like it is a fact, but in this case it certainly smells like the fat boys in wall street are playing with it right now.

It happens in all products, to an extent, but if you deep-dive into the rules around Commodities, you'll find they have counter-measures for most of the classic tricks. However, those are central exchange traded Futures for important Commodities. The further you get from "important for a functioning economy", the less scrutiny will be applied to actions within the space.

 

Crypto has the added issue of being not just Over-The-Counter traded but traded across a nearly unending amount of products. Any one of which is also OTC. This makes it quite easy (and quite cheap) to manipulate the price of any Crypto. Since you can pull this off from any country without strict enforcement, you can pretty much do this scot-free in a lot of places right now.

 

You can also do some of this completely legally, but you need some deep pockets and patience. It's not the run-up from 5k that's the manipulate. It's the run-up from 500. Crypto isn't my space, generally, but the "games" are classic. You can read up on a lot of them from the 1910-1930s.