Crypto currency

BMF

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Interesting read and discussion on philosophy regarding BC. Not sure I agree 100% as BC is down a little today but not as much as NASDAQ....I was told recently that by someone who was heavily into BC for several years and has now exited it altogher to get out by Sept...anyone else hearing this?
If Bitcoin Doesn’t Rally Soon The Selloff Will Be Devastating

This may be true w/ BTC, but most of the other "major" crypto's have just had a bull run; ETH hit an all-time high just a few days ago, LINK is up big, and so is LTC.
 

UFHealthGator

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Interesting read and discussion on philosophy regarding BC. Not sure I agree 100% as BC is down a little today but not as much as NASDAQ....I was told recently that by someone who was heavily into BC for several years and has now exited it altogher to get out by Sept...anyone else hearing this?
If Bitcoin Doesn’t Rally Soon The Selloff Will Be Devastating

Bitcoin has never plateaued after a new high like this.

Well that is a verifiably false statement. it plateaued 10s of times before after a high like this. It plateaued after an ATH from 1/2017-4/2017, and again in 8-10 2017. Heck it sometimes had nearly a year of sideways action.

Crypto bulls believe it implies a basing pattern before a big run, similar to late 2017; their expectations are extraordinarily high.

Actually most bulls I have been watching compare this cycle to 2013, not 2017. During that time they had a peak, then a major retracement / sideways action followed by a massive parabolic move having a double peak.

For articles like this and many many more, there are more than 412 obituaries for Bitcoin posted since 2010 on this website,

Bitcoin Obituaries - "Bitcoin is Dead" Declared 400+ Times

That being said a serious retracement is always in the cards in Crypto, and with all the ****coins being pumped, I can see a major correction being possible. Would be a great time to buy. Salivating at a sub $1 ada at the moment.
 
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Alumni Guy

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I did my taxes last night with TurboTax: one of the question was if I purchased cryptocurrency.

I’ve never had to disclose the purchase of stock before, why crypto? Is there a tax on buying it or is Uncle Sam not understanding that the purpose of crypto is to not let him know I own it?
 

bradgator2

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I did my taxes last night with TurboTax: one of the question was if I purchased cryptocurrency.

I’ve never had to disclose the purchase of stock before, why crypto? Is there a tax on buying it or is Uncle Sam not understanding that the purpose of crypto is to not let him know I own it?

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Alumni Guy

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Thanks for providing.

It’s just odd they are asking if I purchased Bitcoin. Buying a stock is not a taxable event, so neither should be buying Bitcoin. If I receive it as a gift or salary, then it’s a taxable event, but buying it is not.

Big Brother is watching.
 

Concrete Helmet

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Well that is a verifiably false statement. it plateaued 10s of times before after a high like this. It plateaued after an ATH from 1/2017-4/2017, and again in 8-10 2017. Heck it sometimes had nearly a year of sideways action.



Actually most bulls I have been watching compare this cycle to 2013, not 2017. During that time they had a peak, then a major retracement / sideways action followed by a massive parabolic move having a double peak.

For articles like this and many many more, there are more than 412 obituaries for Bitcoin posted since 2010 on this website,

Bitcoin Obituaries - "Bitcoin is Dead" Declared 400+ Times

That being said a serious retracement is always in the cards in Crypto, and with all the ****coins being pumped, I can see a major correction being possible. Would be a great time to buy. Salivating at a sub $1 ada at the moment.
I agree with your take as with any equity there are periods of consolidation. It is a bit interesting that the NASDAQ rebounded better yesterday after the morning and BC seemed to follow suit. I'm just a newbie trying to find some sort of pattern(buying signal vs selling signal) and what chart compares to BC doing so.
 

UFHealthGator

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Thanks for providing.

It’s just odd they are asking if I purchased Bitcoin. Buying a stock is not a taxable event, so neither should be buying Bitcoin. If I receive it as a gift or salary, then it’s a taxable event, but buying it is not.

Big Brother is watching.

You do not have to answer yes if all you did is buy with fiat and not sell. Go to question number 5.

Here is the answer from the horse's mouth.

Frequently Asked Questions on Virtual Currency Transactions | Internal Revenue Service
 

UFHealthGator

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I agree with your take as with any equity there are periods of consolidation. It is a bit interesting that the NASDAQ rebounded better yesterday after the morning and BC seemed to follow suit. I'm just a newbie trying to find some sort of pattern(buying signal vs selling signal) and what chart compares to BC doing so.

Honestly timing the market is impossible. If you believe that these assets are going to continue to gain in value for the coming decade, then I would just dollar cost average during the highs and lows and forget about it, and just use a small percentage of your net worth or monthly income (no more than 5% imo).

Now if you dont have a strong belief in the fundemental long term outlook of these assets, and you just want to swing trade it, then you probably need to ladder into the asset of it drops in price, and then exit out of the position as it goes up at fixed numbers that you have predetermined ahead of time, as long as you are willing to accept holding bags for a few years in the event of a major market crash.

Here is a good explanation for doing that.

 

UFHealthGator

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BTC is under $53k right now.....



Not sure what to make of this. Either way I put money I didn't want for 10 years so not selling any bitcoin. But this might trigger a bear market. We shall see.
 

no1g8r

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Not sure what to make of this. Either way I put money I didn't want for 10 years so not selling any bitcoin. But this might trigger a bear market. We shall see.


Nano, which bills itself as eco-friendly, spiked almost 70% on this news, before settling back down.
 

UFHealthGator

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I am not selling any BTC. But I am really looking for ADA to drop down some more. Ethereum also seems not to care and is still holding above 4k which is insanely bullish.
 

UFHealthGator

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Damn ADA is too strong. I caught the dip down to 1.6 but it already shot up back to 1.85. Insanely bullish.

Bitcoin is dancing just above its 20 week EMA. That typically has acted as support in bull markets. If it breaks down below 47k and closes there it would be concerning for this run. Would be careful.
 
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Swamp Donkey

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I'm right there with you dude. In fact, I still have my first computer, an Apple IIe with double 5.25 floppy drives.

It still works.
that's probably worth some serious money now
 

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