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The bitcoin thread.

Discussion in 'Off-Topic Discussion' started by jokerthief, Dec 26, 2016.

  1. jokerthief

    jokerthief No reason to get excited. Site Donor

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    P.A.R.A.B.O.L.I.C
     
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  2. Kevo

    Kevo SMOKE BOMB!

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    Might go over 13000 today.
     
  3. m1ckey kn0x

    m1ckey kn0x deranged derelict Site Donor

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  4. jokerthief

    jokerthief No reason to get excited. Site Donor

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    The world crypto network just put out their daily bitcoin news show and "Bitcoin to 12K" is in the headline. Nope. Make that 13K. It's crazy how fast things move in bitcoin.
     
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  5. Palma

    Palma I am chaos

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    To me, it's not even about making money off it. I was trying to explain to my parents not to focus on a coin as a single demonation like a dollar or a euro. That's just the name they gave to a single unit. They're appalled by the idea that a dollar can be worth over $10k.

    This is an ever changing world and I'm trying to stay in front of it by understanding the world of cryptocurencies. It's silly to me, to think this won't change the world in many different ways.

    I remember when the world wide web was launched and some people bought the domains: safeway.com, macdonalds.com, chevron.com, etc before the big companies thought of it and they had to buy them for millions of dollars after. There is money to be had for sure, but it's more important to understand the changing world imo.
     
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  6. m1ckey kn0x

    m1ckey kn0x deranged derelict Site Donor

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    Utterly insane. It is at $13350+ right now. Brought me another $5k gain since just a few nights ago and almost brings me back to a 100% gain on my total investment. It's gaining so much steam and it's just getting started.

    I feel very fortunate to have got in on this. I, too, am excited to see the changes it will make to the world.
     
    Last edited: Dec 6, 2017
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  7. Kevo

    Kevo SMOKE BOMB!

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    Yeah I'm gonna buy more I think
    --- Post Added -- Dec 6, 2017, ---
    @jokerthief is there any point in keeping ethereum or lite coin? Is there a chance it could spike upwards and I could cash out and make some money? Or should I just cash out everything right now, then use the profits I've made in btc to reinvest and buy more bitcoin?
     
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  8. jokerthief

    jokerthief No reason to get excited. Site Donor

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    I'd put it all into bitcoin. I don't believe in ethereum at all, and I think Litecoin is basically just a testbed for bitcoin, so I expect bitcoin to continue to outperform it.

    The real big problem with ethereum is that its main use-case is worthless. No one is using it for smart contracts. And why would they? Who the hell wants to "sign" a contract written in a language they can't read? Maybe this technology will become useful in 10 years, but RSK is set to launch soon, and that will give bitcoin the ability to write smart contracts in the same language as ethereum. So all the ethereum devs will be able to jump ship to RSK and write their smart contracts on the bitcoin network. Segwit allows for more innovation to be written upon the bitcoin blockchain too, so we may see something superior to RSK come along that has to do with smart contracts when and if they ever become viable.

    The only use case of ethereum right now is ICOs. And 99% of ICOs are straight up scams whose sole intention is to steal people's money. Do you want to invest in something that's only current use-case is fraud?

    I think it's possible that ethereum will have a massive crash once people start to realize that they've lost all their money on all these stupid ICOs. They'll have no more need for ether once they learn that lesson. I also think a lot of people in the ethereum development space will end up in prison for securities fraud. I don't know about you, but that's not the kind of thing I'd touch with a ten-foot pole.
     
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  9. Kevo

    Kevo SMOKE BOMB!

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    Makes sense. Thank you.

    I don't really have the capitol to keep buying more and more btc, but I can cash out completely and then use the profits to buy more. Do you have any idea what the tax implications are for that? Is that a dumb way to go about it, should I just suck it up and buy more as I go instead of cashing out?
     
  10. jokerthief

    jokerthief No reason to get excited. Site Donor

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    What are you cashing out? Bitcoin or ethereum?
     
  11. Kevo

    Kevo SMOKE BOMB!

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    I'm going to cash out ethereum and litcoin for sure, and convert that to bitcoin. What I'm wondering, is if I should then cash out ALL my bitcoin since I've made profit, and use that to buy more. Am I overthinking it?
     
  12. m1ckey kn0x

    m1ckey kn0x deranged derelict Site Donor

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    $13,900!

    This shit is about to break $14k
    --- Post Added -- Dec 6, 2017, ---
    That only works if the price goes back down enough for you to buy back in in order to benefit from it. Which in this case with Bitcoin is working out very well for a lot of people out there, but it is gambling. Otherwise you are just paying taxes and fees for no reason.

    You might as well just invest whatever you possibly can and sit on it. It is scary to really go in but I am already regretting the fact I didn't grab more at $10k, and I knew I would. It still has so much to gain even if you're only planning on making a short term trade.

    What I think I am going to try and do personally is put what bitcoin I can aside to hold onto for the long run and sell one at the the right time for a small fortune and to cover my investment.
     
    Last edited: Dec 6, 2017
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  13. jokerthief

    jokerthief No reason to get excited. Site Donor

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    I guess I don't follow you here. It sounds to me like you're saying you want to cash out bitcoin to buy bitcoin. You'd get less bitcoin if you were to do that. You'd have to repay exchange fees, you'd get a worse price in a rising market, and you'd create a taxable event (and worst of all, it would be a short-term capital gains taxable event, which is taxed at a higher rate than long-term capital gains.)
     
  14. Kevo

    Kevo SMOKE BOMB!

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    Awesome ok yea I'm an idiot. Thanks for the info. I'll sit tight, and see if I can buy more.
     
  15. m1ckey kn0x

    m1ckey kn0x deranged derelict Site Donor

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    We broke $14k. Currently $14151.

    Madness
     
  16. Tapout

    Tapout Bringing Sexy Back Site Donor

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    14.1k :popcorn:keep it going!
     
  17. jokerthief

    jokerthief No reason to get excited. Site Donor

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    It's interesting to note that bcash is down 6.3% today. Bcash has lost over half its value in terms of bitcoin since I made this post. I'm thinking we're seeing the Bitmex dump of bcash into bitcoin right now.
     
  18. m1ckey kn0x

    m1ckey kn0x deranged derelict Site Donor

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  19. jokerthief

    jokerthief No reason to get excited. Site Donor

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    Here's a great lecture on the antifragility of Bitcoin. You should all subscribe to Jimmy Song's channel btw. He's one of the best thinkers in the bitcoin space.




    --- Post Added -- Dec 6, 2017, ---
    Someone just sent Andreas Antonopolous 37 BTC ($520,000). If you don't know who Andreas is, you should google the fuck out of him. He's basically the Bitcoin Jesus. He's been on Rogan's podcast like 4 times. That's probably the best introduction to bitcoin one could get if you watched all four in order.



    No one deserves this more, save perhaps Satoshi Nakamoto (but he already has a million bitcoin).
    --- Post Added -- Dec 6, 2017, ---
    What a crazy fucking day in Bitcoin.
     
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  20. m1ckey kn0x

    m1ckey kn0x deranged derelict Site Donor

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    Holy fucking shit.

    Good morning, 15 and 16k.

    17k

    18 and 19k!

    Coinbase has currently disabled bitcoin purchases.
     
    Last edited: Dec 7, 2017 at 11:17 AM
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