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The bitcoin thread.

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

  1. Palma

    Palma I am chaos

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    Hit $19,304 at 11:28am est. Now back to $16k
     
  2. Kevo

    Kevo SMOKE BOMB!

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    I guess that's because folks sold high when it got to 19?
     
  3. jokerthief

    jokerthief No reason to get excited. Site Donor

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  4. Kevo

    Kevo SMOKE BOMB!

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    I'm in it for the long hall. Unless there is some sort of calamity and I need the money, my shit is staying put
     
    m1ckey kn0x, Palma and jokerthief like this.
  5. Tapout

    Tapout Bringing Sexy Back Site Donor

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    Same, unless all shit hits the fan. It’s staying. I have 1.1 bitcoins, 300% on investment right now
     
  6. m1ckey kn0x

    m1ckey kn0x deranged derelict Site Donor

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    Insane today. Talk about a power surge, no pun intended. Jumping back and forth between 15 and 19. Good to see the new threshold is at 19. Can't wait to see it get back there and beyond. Who would have thought that by the end of this year it could hit 20k?

    Some articles I've read had people predicting it would hit 25k at the end of next year.
     
    Kevo likes this.
  7. jokerthief

    jokerthief No reason to get excited. Site Donor

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    Richard Heart.


    We could easily hit 100K next year. Tone Vays has a trendline from 2011 that points to 100K in Dec 2018. But you never know, a bear market could hit next year too. My prediction is that we'll definitely hit 100K before 2021. I just can't imagine it not being that high six months after the next halving in 2020. The supply will be so fucking thin then. If the institutional money does start to come in 2018, then 100K is not even a problem. In fact, I wouldn't be surprised if we shot up to 200k before crashing back down to 100K some time in 2018.

    Remember, this is the birth of a major asset class. We're nowhere near the price needed to be considered a major asset class. Bitcoin is not like a single stock, it's like the entire stock market. This will be a multi-trillion dollar asset class. It's going to cannibalize value from gold, stocks, global currency, bonds, and real estate IMO.
     
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  8. jokerthief

    jokerthief No reason to get excited. Site Donor

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    I just realized that I never made the post I promised about the scaling debate. Is anyone concerned about this debate? The debate is pretty much over now, but I can address it if anyone still cares.
     
  9. Palma

    Palma I am chaos

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    No, but i don't quite understand that last split? The bitcoin platinum?
     
  10. jokerthief

    jokerthief No reason to get excited. Site Donor

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    I haven't heard anything about it. You have to be careful with all these forks, though. Many of them are just scams to steal your bitcoin. Bitcoin gold published a malware wallet and I've been hearing the same problem for bitcoin diamond. Never spit your coins unless you're damn sure the splitting process is safe. It's always a good idea to wait at least a week after you're sure the process is safe, just to see if anything comes up.
    --- Post Added -- Dec 11, 2017 at 9:01 AM, ---


    For those of you who don't know, Hal Finney was the second Bitcoin miner ever. Second only to Satoshi Nakamoto himself. He died a few years ago and had himself cryogenically frozen.
     
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  11. m1ckey kn0x

    m1ckey kn0x deranged derelict Site Donor

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    I'm always open ears to anything that should be noted when it comes to anything to do with this subject.

    Litecoin has really surged this week. I may be interested in making some short term trades with it. Maybe dump the profit into bitcoin. Given the recent gains, what do you think @jokerthief ?

    Legally, can you buy bitcoin with litecoin itself that you made gains on, and then take your money back out of litecoin without having to pay taxes since you dumped the would be profit right back into crypto through another crypto?

    And what does it really take to set up a mining rig? I'll do research but I like to hear your opinion.
     
    Last edited: Dec 12, 2017 at 8:05 PM
  12. jokerthief

    jokerthief No reason to get excited. Site Donor

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    I think now is about the worst time in history to buy litecoin. Unless you have a sophisticated knowledge of technical analysis and finance, you'll get rekt if you try to trade. The real traders will eat you alive. Just buy and hold.

    You're wrong about the taxes. If you realize a gain in litecoin and you sell it for bitcoin, you owe the IRS taxes.
     
  13. m1ckey kn0x

    m1ckey kn0x deranged derelict Site Donor

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    Copy that

    That applies if you use actual litecoin to buy bitcoin without selling it? Or is that even possible?

    Trying to think of ways to accumulate bitcoin without buying it straight out.
     
  14. jokerthief

    jokerthief No reason to get excited. Site Donor

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    Yes. Even if you bought dinner with litecoin, you would owe the IRS money if the price of litecoin had gone up. The IRS has classified cryptocurrencies as assets, not as currencies. So they are going to go after capital gains like crazy. I'm actually currently teaching myself Spanish because if you become a resident of Puerto Rico, you don't have to pay any Federal taxes and Puerto Rico doesn't have a capital gains tax. To be a resident of Puerto Rico you have to spend 6 months and a day there. There are a lot of nice gated-communities where rich continental-Americans have moved. I don't know what's going on with the Hurricane damage, but I'm hoping they sort that out before I want to move down there. I'll probably start thinking about moving down there once bitcoin goes to six figures. You know, Puerto Rico is America. You don't need a visa to go there. To move there is like moving to any other state. It's something to think about if you get crypto-rich.
    --- Post Added -- Dec 12, 2017 at 9:25 PM, ---
     
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