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The Bitcoin (BTC) thread
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Pinocchio Online
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Post: #7801
RE: The Bitcoin (BTC) thread
In the UK you would need to spend more than £12k before paying tax, not sure what it is for EU but it's prob something similar. I think the card could be useful if you're actively trading and want to spend a bit profit.
04-11-2019 11:57 AM
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JayJuanGee Offline
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Post: #7802
RE: The Bitcoin (BTC) thread
(04-11-2019 11:57 AM)Pinocchio Wrote:  In the UK you would need to spend more than £12k before paying tax, not sure what it is for EU but it's prob something similar. I think the card could be useful if you're actively trading and want to spend a bit profit.


Thanks for pointing out that difference, Pinocchio.

I take it that you are saying up to £12k per year, not up to £12k per transaction?

I do agree that even an exemption of up to £12k per year is going to give a sufficiently decent amount of flexibility and convenience that spending BTC will not be as hindered by accounting and taxes as it is theoretically in the states.

Even accounting for your above caveat, there is still a bit of a disincentive to spend bitcoins based on Gresham's law, which is that a guy would want to spend his least appreciating assets before spending his assets that are likely to hold or to increase in value better (such as fiat based assets), and like you suggested, Pinocchio, spending from profits (suggesting that you are spending after the BTC price has gone up considerably) might become a bit more justifiable - rather than spending during dips or during flat price periods in which a guy might not be sure whether the BTC price might go shooting up at some uncertain point in the near future.
04-11-2019 02:05 PM
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JayJuanGee Offline
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Post: #7803
RE: The Bitcoin (BTC) thread
Here's a link to an article that reveals interesting comments from a chief IMF official about crypto currencies and bitcoin.

Bullish? Or just recognition of the power of an emerging phenomenon.

https://cointelegraph.com/news/imf-chief...the-system
04-11-2019 05:28 PM
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[email protected] Offline
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Post: #7804
RE: The Bitcoin (BTC) thread
I wouldn't put any weight to most articles out there. 99% of them make no difference to the price and are likely to make you perform bad decisions. I check out other people's TA but only because they give interesting projections.
04-11-2019 11:04 PM
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JayJuanGee Offline
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Post: #7805
RE: The Bitcoin (BTC) thread
(04-11-2019 11:04 PM)[email protected] Wrote:  I wouldn't put any weight to most articles out there. 99% of them make no difference to the price and are likely to make you perform bad decisions. I check out other people's TA but only because they give interesting projections.

I will agree with you that momentum tends to drive BTC price in ways that are much more straight-forward as compared with news events, and certainly, I don't change much if any of my buying/selling behavior/strategies based on either news or TA.. and in that regard, I continue to buy if the price goes down and sell as the price goes up. So no short-term timing or predicting is necessary.

You on the other hand, said that you had been considering selling at $5,300 ish, and seems that we visited $5,300 ish on 4 occasions in the past couple of weeks. My buy orders and sell orders are sufficiently widely spread out that I have only been seeing a trickling of mostly selling and not as much buying... although a couple of my buy orders did fill in the past 12 hours... and others were within dollars of filling... which they may or many not get another chance to revisit filling those ones before proceeding up.

I continue to attempt to stay somewhat neutral about the whole matter, even though "stacking sats" does make me feel a bit better when the price goes up.. .. and if you look at the $3,122 bottom from mid December, we currently are in a bit more than 60% profits while we are in $5,030 price arena, and we were approaching 75% profits when the price was up to $5,456, just around 36 hours ago.

NOT a bad place to be.. that's for sure.. even though I am not quite comfortable enough yet (in spite of a lot of bullish signs) to proclaim that the bear market is over (and that seems to be my lagging indicator inclinations..)..

Did you sell yet? are you banking on down or up? I am still thinking short-term UP before DOWN, but I don't really have strong feelings or senses for my slight inclinations... and I am not really going to be surprised either way... I continue to consider these price ranges to b good for buying on consolidation and "stacking sats" as on one the recent expressions of pro bitcoin folks suggest.
(This post was last modified: 04-11-2019 11:27 PM by JayJuanGee.)
04-11-2019 11:23 PM
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Post: #7806
RE: The Bitcoin (BTC) thread
Ended up naked shorting around 15% of my stack at 5230 and bought back in at just above 5k. Was it worth it? No. I think the next few months are ideal for dollar cost averaging in with the idea of holding for 2-2.5 years.
04-12-2019 12:51 AM
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Windom Earle Offline
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Post: #7807
RE: The Bitcoin (BTC) thread
Any of you guys have superannuation in crypto?

I have a meeting with an accounting firm that specialises in crypto to set up a Self Managed Super Fund (in Australia). SMSF’s do have high fees due to being heavily regulated, but the potential gains are worth it.

I think the next few months will be the ideal time to establish a position and ride the bull market until the likely top at approx mid 2021, if the speculated 4 year cycle is anything to go by.
04-12-2019 02:04 AM
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JayJuanGee Offline
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Post: #7808
RE: The Bitcoin (BTC) thread
(04-12-2019 12:51 AM)[email protected] Wrote:  Ended up naked shorting around 15% of my stack at 5230 and bought back in at just above 5k. Was it worth it? No. I think the next few months are ideal for dollar cost averaging in with the idea of holding for 2-2.5 years.

Sometimes it can be quite a bit stressful to both figure out if you are going to sell a bit (whether it is 10% or more), and attempting to ride out the wave, when the price moves against you... and then to figure out if you have enough confidence to wait for the price to come back down to a level of confidence.

I am too chicken shit for that, and I think that in the 30% rise from $4,200 to $5,456, I sold somewhere in the ballpark of less than 3% of my stash, and so far, I have bought back less than .5%.... So that money is just there, in case the price goes back down, but if the price does not go back down, that's o.k. too.

I would get way too stressed out if I sold more than a few percentage at any one time, but that is just me. If the price goes down, it feels good to have sold, but what are the chances currently? in the 50/50 arena?
04-12-2019 02:10 AM
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JayJuanGee Offline
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Post: #7809
RE: The Bitcoin (BTC) thread
(04-12-2019 02:04 AM)Windom Earle Wrote:  Any of you guys have superannuation in crypto?

I have a meeting with an accounting firm that specialises in crypto to set up a Self Managed Super Fund (in Australia). SMSF’s do have high fees due to being heavily regulated, but the potential gains are worth it.

I think the next few months will be the ideal time to establish a position and ride the bull market until the likely top at approx mid 2021, if the speculated 4 year cycle is anything to go by.

A decent amount of the power of bitcoin is to own it directly. If you are holding it through third parties, then that might be profitable, and it might be within your accepted tolerance of whatever limitations that they place on you. I would not mess with those third party funds beyond perhaps a few percentages of my stash or if there is some way that my 401k would be able to be utilized in that fund and does not allow me to own directly through that kind of institutional fund. Otherwise one of the significant powers of bitcoin is to figure out ways of individual ownership and individual custody without third partly limitations and risks (even if they are supposedly going to pay you.. but instead you seem to be describing a situation that you are paying them to manage your funds.. worth it? Maybe, maybe not.).
04-12-2019 02:15 AM
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Post: #7810
RE: The Bitcoin (BTC) thread
(04-12-2019 02:04 AM)Windom Earle Wrote:  Any of you guys have superannuation in crypto?

I have a meeting with an accounting firm that specialises in crypto to set up a Self Managed Super Fund (in Australia). SMSF’s do have high fees due to being heavily regulated, but the potential gains are worth it.

I think the next few months will be the ideal time to establish a position and ride the bull market until the likely top at approx mid 2021, if the speculated 4 year cycle is anything to go by.

I've been told by an accountant that if you have less than 200k in your super it isn't worth it because of fees. I only have only 50k in my super and wouldn't mind throwing all of it into BTC. I've been putting in money into my super for 7 years and the managing fund has done nothing but collect management fees and make me zero profit (I even asked to switch around investments to the more risky stuff).

If it goes well could you drop me their contact?
04-12-2019 02:37 AM
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Giacomo Casanova Offline
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Post: #7811
RE: The Bitcoin (BTC) thread
https://www.zerohedge.com/news/2019-04-1...lity-fears

Interesting correlation...I see increasingly bitcoin and crypto as a hedge against unresponsible behaviors from central banks and governments.
04-13-2019 01:16 PM
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Lampwick Offline
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Post: #7812
RE: The Bitcoin (BTC) thread
04-13-2019 10:16 PM
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JayJuanGee Offline
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Post: #7813
RE: The Bitcoin (BTC) thread
(04-13-2019 10:16 PM)Lampwick Wrote:  Volume plummeting again...

http://data.bitcoinity.org/markets/volum...inbase?t=b


Doesn't look like it is "plummeting" to me.

With trade volume you usually need to look beyond the daily candles and frequently weekly is even better than the three day candles, for measuring and trying to see a pattern. and usually you need to look at a few weeks and in context.

Furthermore, BTC trade goes in spurts, and of course, price came up to $5k within the last two weeks, so price consolidation is likely currently taking place along with smaller attempts to test whether the price is going up or down.

Weekends tend to be lower in trade volume, too.

Anynow, what you had shown, in terms of trade volume on the daily candles, is not really saying anything about where we are right now beyond perhaps that there might be a bit of consolidation going on, currently and such consolidation could last for a several days or even a couple of weeks before we see further action. I don't expect the price to stay here without some kind of additional test either up or down in the coming days.

But hey, who knows? If we see low volumes on the daily.. all week long, then I might be willing to agree with you.
(This post was last modified: 04-13-2019 10:30 PM by JayJuanGee.)
04-13-2019 10:27 PM
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Deepdiver Offline
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Post: #7814
RE: The Bitcoin (BTC) thread
(04-13-2019 01:16 PM)Giacomo Casanova Wrote:  https://www.zerohedge.com/news/2019-04-1...lity-fears

Interesting correlation...I see increasingly bitcoin and crypto as a hedge against unresponsible behaviors from central banks and governments.

A reason why I am keeping a moderate stash of diversified Cryptos in case the SHTF:

Jim Rickards Strategic Intelligence Report latest severe Gloom and Doom about the USA and De-dollarization:

The Takeaway the USA and our Trading Partners are about to become fully screwed by the end of 2019... Hope this is more FUD than Fact but as the old saying goes best to know about and plan for the worst when hoping for the best... The bad news is even worse than I thought.

https://pro.agorafinancial.com/p/AWN_bri...NV489/Full

An International Advantage America Has Held for 75 Years Will Start to Unravel... October 18, 2019

Deepdiver the OG Hunter-Killer ... NBF - Nuke Boats Forever!
"You do not have to be a perfect person to be a perfect PATRIOT!"

Official Whitehouse.gov President Donald John Trump's real achievements: https://www.whitehouse.gov/trump-adminis...lishments/

Communist Freaking Red China's Plan to Undermine the USA and the West:
https://www.whitehouse.gov/wp-content/up...18-PDF.pdf

The Naked Communists:
https://wrathoftheawakenedsaxon.wordpres...-download/
04-17-2019 11:11 PM
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Giacomo Casanova Offline
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Post: #7815
RE: The Bitcoin (BTC) thread
Yeah I agree nowadays it's risky to keep the savings in stocks but also in USD...there are tons of indicators pointing for a new recession or an extreme hyper inflation.
I advise about listening this brilliant podcast about bitcoin monetary policy and modeling pricing based on stock to flow. I learned a lot with this episode:
https://stephanlivera.com/episode/67
(This post was last modified: 04-18-2019 08:37 AM by Giacomo Casanova.)
04-18-2019 08:37 AM
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MrLemon Offline
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Post: #7816
RE: The Bitcoin (BTC) thread
Here's the way I see it.

At best, the stock market will get you 10% a year on average. You might lose 10%.

With Bitcoin, there's a good odds that it will return 2000%. (100k) in 6-10 years...my time horizon. In many ways, Bitcoin is designed to reach 100K. It's mathematically inevitable as John Macafee says. Downside is at most 50%.

So I'd be a idiot not to put 20% in.
(This post was last modified: 04-18-2019 07:18 PM by MrLemon.)
04-18-2019 07:17 PM
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Post: #7817
RE: The Bitcoin (BTC) thread
^^ that's my line of thought with crypto, 10000 dollars wont change my life really for better or worse but 100,000 or 1 million if my alts prosper the way some think they could would completely change my life.
04-18-2019 09:45 PM
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BBinger Offline
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Post: #7818
RE: The Bitcoin (BTC) thread
(04-18-2019 09:45 PM)AWright Wrote:  ^^ that's my line of thought with crypto, 10000 dollars wont change my life really for better or worse but 100,000 or 1 million if my alts prosper the way some think they could would completely change my life.

There's also the possibility in 10 years that 1 BTC trades for a million dollars while retaining the purchasing power of ~5000 of today's dollars.
04-19-2019 10:00 AM
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Post: #7819
RE: The Bitcoin (BTC) thread
(04-19-2019 10:00 AM)BBinger Wrote:  
(04-18-2019 09:45 PM)AWright Wrote:  ^^ that's my line of thought with crypto, 10000 dollars wont change my life really for better or worse but 100,000 or 1 million if my alts prosper the way some think they could would completely change my life.

There's also the possibility in 10 years that 1 BTC trades for a million dollars while retaining the purchasing power of ~5000 of today's dollars.

great point. The dollar could lose 95% of it's value. If that's the case, I should put 100% of my savings into bitcoin.
04-19-2019 03:56 PM
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Vincent Chase Offline
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Post: #7820
RE: The Bitcoin (BTC) thread
(04-11-2019 11:57 AM)Pinocchio Wrote:  In the UK you would need to spend more than £12k before paying tax, not sure what it is for EU but it's prob something similar. I think the card could be useful if you're actively trading and want to spend a bit profit.

Yes, unless you're non domicile and have an offshore account.
04-19-2019 04:12 PM
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Lampwick Offline
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Post: #7821
RE: The Bitcoin (BTC) thread
(04-19-2019 03:56 PM)MrLemon Wrote:  great point. The dollar could lose 95% of it's value. If that's the case, I should put 100% of my savings into bitcoin.

Well, one of these two things lost 75% of its value recently.
04-19-2019 05:34 PM
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Post: #7822
RE: The Bitcoin (BTC) thread
(04-19-2019 05:34 PM)Lampwick Wrote:  
(04-19-2019 03:56 PM)MrLemon Wrote:  great point. The dollar could lose 95% of it's value. If that's the case, I should put 100% of my savings into bitcoin.

Well, one of these two things lost 75% of its value recently.

Not for me. I bought at 2500 and 5000.

It doesn't "lose value" if you hold through the dips. You just ignore the short term gyrations. Investing basics.
04-20-2019 01:32 PM
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