Posted on 02/01/2018 10:46:38 PM PST by DoughtyOne
For those who are interested in the BitCoin phenomenon, it has been dropping considerably tonight.
It has been as low as 8314, but is now rebounding in the mid 8400 range.
I have provided a link to the ticker.
+1344 in less than four hours.
Someone is eventually going to take a keen interest in who's behind the program trading ...
“And just like that, back to 9000.
+1344 in less than four hours.
Someone is eventually going to take a keen interest in who’s behind the program trading ...”
I think what’s been happening is mainly Chinese and Indian interests cashing out their BTC due to their government’s actions, which naturally happens while most Americans are asleep. Now that it’s daytime in the US, the market’s turned bullish again.
This kind of price movement is a trader’s dream. Congratulations to those in this thread who’ve turned a nice profit in the last several hours.
One of the great things about BTC is its decentralization, thus lack of a national controlling interest. There’s something very pure about it. I do think it’s interesting how all the other cryptocurrencies follow BTC price movement...
‘Maybe the price of graphics cards will go back to a market “normal”.’
Bitcoin mining doesn’t involve graphics cards. Other cryptocurrencies like Ethereum and Monero do...
I see no reason for Monero in particular to be affected by BTC issues. The more privacy oriented cryptocurrencies will flourish.
“Yup, one of the key definitions of a currency is a stable value of wealth. Bitcoin is anything but stable.”
Sure, just ask the Venezuelans about their “stable” currency.
The dollar’s had a fairly good run, but has inflated a tremendous amount. There’s no telling how it’ll do going forward given our enormous national debt.
BTC and the rest are in their infancy. We’ll know a lot more about cryptocurrency stability in twenty years...
The dollar barely moves 0.5% in one day on a WILD day. 1.5% is the most it ever changes in a single day. The worst inflation in US history was around 15%. BTC moves more than 15% in one day. Conflating the two is ridiculous. And I don’t think anyone would actually call the Venezuelan money currency right now which is why everyone is trying to get dollars, food, cigarettes, gold, etc to trade with down there.
“:^)
I think you’re right.
Thanks for the mention. I enjoyed watching it tumble last night. As you state, it rebounded though.
I’m not sure of the connection.
LOL
It is impressive, worthless to $8,000.00.
Some folks here are buying and selling. They should know if you can actually get the prevailing price.
Thank you for the link. I’ll check it out.
Good for you. Good luck.
And if they are buying and selling, might be wise to report the transactions...
Cap gain, collectible, short term trading...?
Oh, you’re all so clever, you’re just not going to bother with that old IRS are you.... uh huh....?
I’m in finance. You’d be surprised how many people get little letters several years later by the IRS asking for $$$$$
This bitcoin thing will all end very badly for some people. Wall Street loves the idea, because if you know for 100% sure that something is going to zero, you can short it and make bank. Money is more sure and faster on the short side.
Bitcoin is backed by blue sky, the dollar is backed by nukes. Don’t forget that...
Perhaps so. I’m not of a mind to think there is manipulation.
There is money to be made, and that attracts players on all levels.
Can’t rule it out, but then I can’t rule out manipulation in the stock markets either. I thought the government was influencing things heavily, and didn’t like it.
There is the bid, and there is the ask on items for sale. The highest offer to buy, and the lowest offer to sell. In items on the NYSE those margins these days are pennies. On something like bitcoin, it could be a hundred dollars or more at this price. The “spread” here is where many are making money, playing both sides of the ponzi scheme.
Trouble is, the volume on this stuff isn’t disclosed, so nobody knows what is fact or fiction, nor is it regulated. Zero transparency.
Yeah, cut me in on that action...LOL...
I know what you say there makes a lot of sense. It’s true.
I won over $1000 on the election of Donald Trump at PredictIt.com.
Last year I declared it. I paid a little bit of tax on it, but I won’t have any surprises down the road.
Over the years, plenty of folks transferred significant sums of money from one bank or broker to another with their IRA funds.
Trouble is, the recieveing institution never coded the deposit as a 60 day rollover. Well, nothing happened....until 3 yrs later when the IRS finally got their act together and sent the client a letter saying that they owed the IRS $35,679.07 in back taxes (having moved 100k).
You should see the look in their faces! Then, me, I explain that all they need to do is send back a note and a receipt and the trouble will go away..... I usually am a hero for life then...
If a person makes 50k in gains one year, then the next year they lose 50k. In year one, you owe short term cap gains for ALL of it. When you lose 50k in one year, you can only declare 3k of losses until you’ve exhausted the balance of losses.
Short term trading is a fools game.
Yea, these sky is falling types make me laugh. I took my family to Disney World on bitcoin profits last year.
I am still so far ahead of what I spent that I am not worried. It has gone down a lot before in the past then roared back.
Last year it was $1600, now it has crashed below $8000. That’s still more than 400% better than last year.
Thanks for the mention. I think I followed you pretty well there.
I understand where you are coming from.
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