How soon until Bitcoin crashes?

Peter Thiel, or Brad Sherman....hmm, tough pick  ;D

Good overall interview...not just about BTChttps://www.youtube.com/watch?v=tyOblv9qJoQ

Also, I posted the lucky buying opportunity for Irvine residents $8,880...you could of sold at 12K, and made a greater return than you have in the last year in the grand casino stock market.

Could go down further...but when it goes back up, you'll be kicking yourself for not buying

Is it the biggest bubble of all time?http://www.visualcapitalist.com/worlds-money-markets-one-visualization-2017/

 
Everyone is expecting BTC to test the 6K low again, but seems to be a lot of buyers not trying to time the bottom this time around.

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In February, everyone was expecting 5K, but was bought up by a mystery buyer who went on a spending spree, scooping up 400 million more worth of BTC at 6K (you will never be able to time the bottom).
http://queenwiki.com/blog/2018/02/mystery-billionaire-whale-buys-1billion-dollars-bitcoins/

Just today, BTC was about at the death cross, with 50 MDA crossing below the 200 MDA....until another mystery buyer shot up the price.

so1r0p.jpg


A lot of big money in crypto, but I guess Brad Sherman believes it's all a bunch of millennials in their pajamas
 
Liar Loan said:
aquabliss said:
Buy at $8.5k, sell at $11k.  Rinse, Wash, Repeat.
Click to expand...

Now's your chance.. The greatest bubble of all time just dropped below $8,500 on news that Google will no longer allow advertising of cryptocurrencies.  There is also rumor of more Chinese regulation coming down the pipe.

760xchart-bitcoin.jpg
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Cryptocurrency trading has been banned in China since September 17'...which was the main conduit for laundering money out of China. Be careful what you root for fellow Irvine residents  ;)

Now you might think China hates blockchain and cryptocurrency, but the opposite is true. They are very proud of the blockchain and cryptocurrency teams innovating in their country, and even awarded Achain founder Tony Cui the top award for "Innovation and Growth in Technology" last year....which is a very big deal if you are wondering.

34obnn7.jpg

https://twitter.com/achainofficial?lang=en

Another of my favorite Chinese cryptocurrencies is NEO, which again is backed by the Chinese government and held up on a pedestalhttps://twitter.com/neo_blockchain?lang=en

China only banned cryptocurrency trading for it's citizens (for the time being) to close down the money laundering game. Word is China is working with a number of crypto trading exchanges to allow trading in China only for it's citizens (closed door system).
 
Kings said:
The IRS is going to have a field day with crypto traders that think they can get away with making 5-6 figure sums and not giving Uncle Sam his share.
Click to expand...

What if I traded on an exchange outside the US jurisdiction (Asia) and have not given up any personal information to that exchange? How would they tax that? And what if I told you the exchange is the largest in the world, and could care less about the IRS or their tax policies?

Also, the post above about a reddit trader losing money overall but thinks he has to pay taxes on 50k is wrong. Capital gains and taxes work both ways....he will be able to write off the losses (capital loss deduction)  ;D
 
Halos said:
Kings said:
The IRS is going to have a field day with crypto traders that think they can get away with making 5-6 figure sums and not giving Uncle Sam his share.
Click to expand...

What if I traded on an exchange outside the US jurisdiction (Asia) and have not given up any personal information to that exchange? How would they tax that? And what if I told you the exchange is the largest in the world, and could care less about the IRS or their tax policies?

Also, the post above about a reddit trader losing money overall but thinks he has to pay taxes on 50k is wrong. Capital gains and taxes work both ways....he will be able to write off the losses (capital loss deduction)  ;D
Click to expand...

I would say best of luck to you and cross your fingers that your exchange doesn't change their tune on reporting to the IRS retroactively and/or you never get audited  ;)
 
Halos said:
Kings said:
The IRS is going to have a field day with crypto traders that think they can get away with making 5-6 figure sums and not giving Uncle Sam his share.
Click to expand...

What if I traded on an exchange outside the US jurisdiction (Asia) and have not given up any personal information to that exchange? How would they tax that? And what if I told you the exchange is the largest in the world, and could care less about the IRS or their tax policies?

Also, the post above about a reddit trader losing money overall but thinks he has to pay taxes on 50k is wrong. Capital gains and taxes work both ways....he will be able to write off the losses (capital loss deduction)  ;D
Click to expand...

No its right.  He spans the fiscal year so he has a large cap gain in 2017 that he has to pay for now and a pending large loss to claim in 2018 if he has future gains to cancel otherwise he will claim it in $3k chunks (or whatever the loss carry limit is now)
 
Kings said:
Halos said:
Kings said:
The IRS is going to have a field day with crypto traders that think they can get away with making 5-6 figure sums and not giving Uncle Sam his share.
Click to expand...

What if I traded on an exchange outside the US jurisdiction (Asia) and have not given up any personal information to that exchange? How would they tax that? And what if I told you the exchange is the largest in the world, and could care less about the IRS or their tax policies?

Also, the post above about a reddit trader losing money overall but thinks he has to pay taxes on 50k is wrong. Capital gains and taxes work both ways....he will be able to write off the losses (capital loss deduction)  ;D
Click to expand...

I would say best of luck to you and cross your fingers that your exchange doesn't change their tune on reporting to the IRS retroactively and/or you never get audited  ;)
Click to expand...

The exchange doesn't have any of my personal information. Not my phone number, not my country of origin...not even my name. Nothing. How would they send any information to the IRS? And why would a foreign company send their customers information to the US IRS? They would lose their competitive edge, and at that point I might as well just trade on a US exchange.
 
nosuchreality said:
Halos said:
Kings said:
The IRS is going to have a field day with crypto traders that think they can get away with making 5-6 figure sums and not giving Uncle Sam his share.
Click to expand...

What if I traded on an exchange outside the US jurisdiction (Asia) and have not given up any personal information to that exchange? How would they tax that? And what if I told you the exchange is the largest in the world, and could care less about the IRS or their tax policies?

Also, the post above about a reddit trader losing money overall but thinks he has to pay taxes on 50k is wrong. Capital gains and taxes work both ways....he will be able to write off the losses (capital loss deduction)  ;D
Click to expand...

No its right.  He spans the fiscal year so he has a large cap gain in 2017 that he has to pay for now and a pending large loss to claim in 2018 if he has future gains to cancel otherwise he will claim it in $3k chunks (or whatever the loss carry limit is now)
Click to expand...

Ok you might be right, but if the trend continues downward, he'll definitely make it up next year with capital loss deduction. Makes sense given that 2017 was pretty much all upwards trend.
 
@halos - the irs made a Swiss bank hand over records, I think it was credit suisse, can?t remember. I don?t know much about crypto, but I?m assuming some employees sit somewhere. The US govt could apply pressure to whatever country where the employees sit and force them to provide reporting to the irs (except maybe China and Russia).

What the US wants, it generally gets.
 
qwerty said:
@halos - the irs made a Swiss bank hand over records, I think it was credit suisse, can?t remember. I don?t know much about crypto, but I?m assuming some employees sit somewhere. The US govt could apply pressure to whatever country where the employees sit and force them to provide reporting to the irs (except maybe China and Russia).

What the US wants, it generally gets.
Click to expand...

I don't think you can do that with blockchain. That's why it's trusted, it verifies that you are the owner of the transaction but also keeps you anonymous.
 
irvinehomeowner said:
qwerty said:
@halos - the irs made a Swiss bank hand over records, I think it was credit suisse, can?t remember. I don?t know much about crypto, but I?m assuming some employees sit somewhere. The US govt could apply pressure to whatever country where the employees sit and force them to provide reporting to the irs (except maybe China and Russia).

What the US wants, it generally gets.
Click to expand...

I don't think you can do that with blockchain. That's why it's trusted, it verifies that you are the owner of the transaction but also keeps you anonymous.
Click to expand...

"The illusion of bitcoin anonymity will lead to its undoing."
- Mahatma Gandhi
 
irvinehomeowner said:
qwerty said:
@halos - the irs made a Swiss bank hand over records, I think it was credit suisse, can?t remember. I don?t know much about crypto, but I?m assuming some employees sit somewhere. The US govt could apply pressure to whatever country where the employees sit and force them to provide reporting to the irs (except maybe China and Russia).

What the US wants, it generally gets.
Click to expand...

I don't think you can do that with blockchain. That's why it's trusted, it verifies that you are the owner of the transaction but also keeps you anonymous.
Click to expand...

From what I know, if you keep everything in bitcoin / blockchain it is fine from an anonymous angle - but you lose it at the point of conversion into real world $$ and vice versa . 
 
I?m gonna go out on a limb here and say, POP!!

Bitcoin is on track for its worst first quarter ever with over $114 billion wiped off its value

The price of bitcoin is on track for its worst first quarter performance ever.
The price of the cryptocurrency has fallen from $13,412.44 on January 1 to $7,266.07 on March 30, marking a more than 45 percent decline.
So far this quarter, $114.9 billion of market capitalization or value has been wiped off of bitcoin.

https://www.cnbc.com/2018/03/30/bitcoin-price-is-on-track-for-its-worst-first-quarter-ever.html
 
I sure hope nobody bought because of the triple 8's in the price...

Even the slow pokes at BofA/ML are starting to get it:

Bitcoin, the Biggest Bubble in History, Is Popping
The greatest bubble in history is popping, according to Bank of America Corp.

The cryptocurrency is tracking the downfalls of the other massive asset-price bubbles in history less than one year out from its record, analysts lead by Chief Investment Strategist Michael Hartnett wrote in a note Sunday.

The cryptocurrency has fallen more than 65 percent since peaking in December at $19,511. Bitcoin rose 2.2 percent to $6,750 on Monday.
Click to expand...

800x-1.png

https://www.bloomberg.com/news/arti...een-popping-like-the-greatest-bubbles-by-bofa
 
no bitcoin bulls left on this thread ?  whatever happened to "expanding your horizons" beyond the stock and fixed income markets ?

 
Here is the message about bitcoin coming from the "Woodstock of Capitalism":

Warren Buffett:  Bitcoin is "rat poison".  He likens bitcoin demand to the tulip bulb mania in 17th century Holland.  The mystique behind the cryptocurrency has caused its price to surge.https://www.reuters.com/article/uk-...ving-on-mystique-favours-stocks-idUSKBN1I813N

Charlie Munger:  "To me, it's just dementia. It's like somebody else is trading turds and you decide you can't be left out."  (LL Note: LOL!)  Munger has also referred to bitcoin as "poison" and has called it "noxious".http://money.cnn.com/2018/05/07/investing/warren-buffett-bitcoin/index.html

Bill Gates (BRK Board Member):  "I would short bitcoin if I could"https://www.cnbc.com/2018/05/07/bill-gates-i-would-short-bitcoin-if-i-could.html

 
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