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Bitcoin Chart Fractal. $5000?

Discussion in 'Digital Currencies' started by Nomis Elpmis, Feb 24, 2016.



  1. smilershouse

    smilershouse Gold Member Gold Chaser

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    I have not gone into it with as much zeal as yourself solarion. Instead, I look at the objective data. In 2009 hre in Au $250 would get u a shopping trolley full of food from the supermarket, and $250 worth of BTC would have been worthless as a medium of exchange for those same goods. Now, 8 years later with inflated goods/decreased value of fiat, the contents of that shopping trolley has decreased somewhat, however, that $250 worth of BTC bought in 2009, would now be worth a whopping $1.2million plus.

    Just observing the facts.

    SH
     
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  2. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    It's still relatively new and will take time before more people trust the blockchain.

    I have a friend(late 30's) who went through a divorce a few years back...cashed out his 401k, sold the house, the whole awful bit. Anyway he's sitting on the fraction of his assets he was graciously allowed to keep(50k) and trying to figure out what to do next rather than just leaving them on a bank statement. I told him to put 10% into btc, which was still well under $100 at the time. Of course he didn't because it was much too scary, but had he done so he'd have way more than made up for the divorce court raping. So now after watching this last run up, he's finally ready to get some skin in the game at much higher exchange rates. Better late than never I guess. The tech isn't going anywhere and will only improve over time. Plus the next leg up should be a sight to behold. lol
     
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  3. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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  4. smilershouse

    smilershouse Gold Member Gold Chaser

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    Proverb of the day..............always listen to the gut. I wish i would have done. Hindsight and foresight.............Both a blessing and a curse.

    SH
     
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  5. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    You can buy BTC at convenience stores in Miami. 20170901_122037.jpg 20170901_122027.jpg
     
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  6. goldielox1

    goldielox1 Silver Miner Seeker

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  7. Nomis Elpmis

    Nomis Elpmis Minimalist Silver Miner

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    I didn't post about it yet because I thought we only hit $4980. I was ready to post, but it pulled back and went into a correction. I was going to sell some at $5k. Has retraced around $400 per coin. Missed a op to sell and rebuy. Not gonna put fresh money in.
     
  8. Nomis Elpmis

    Nomis Elpmis Minimalist Silver Miner

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    Progress chart
    bcpr.jpg
     
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  9. Flight2gold

    Flight2gold Silver Member Silver Miner Site Supporter ++

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    Bitcoin, Sour Grapes and the Institutional Herd
    by Charles Hugh-Smith

    The point is institutional ownership of bitcoin is in the very early stages.

    If I had a bitcoin for every time some pundit declared bitcoin is a bubble, I’d be a billionaire. There are three problems with opining that bitcoin and cryptocurrencies are bubblicious:

    1. Everything is in a bubble now: stocks, bonds, housing, heck, even bat guano is bubblicious. Exactly what insight is being added by yet another guru repeating the BTC is a bubble meme?

    2. What’s the value proposition in declaring BTC is in a bubble? Spotting bubbles is like shooting fish in a barrel; the value proposition is in identifying the price/time tipping point at which bubbles pop.

    3. Declaring bitcoin is a bubble is starting to sound like sour grapes. Sour grapes defined: those who missed the 10-bagger (never mind the 100-bagger) feel better by dismissing the whole thing as a fad and a bubble, but as BTC continues marching higher, it looks like they missed the boat but are too proud to admit they didn’t grasp the significance of cryptocurrencies and BTC in particular.

    For those who don’t know what the fuss is about, here’s a one-year chart of bitcoin (BTC). Note the increase from $500 to $5,000 ($4.500 as I write this). Some initial coin offerings have made gains that make this mere 10-bagger look like small change.

    Read more:
    http://investmentwatchblog.com/bitcoin-sour-grapes-and-the-institutional-herd/
     
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  10. goldielox1

    goldielox1 Silver Miner Seeker

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    Perfect example of what a bubble looks like. At least most bubbles have an underlying real asset behind them. I'd feel much better owning a real asset in a bubble than a paper bag in a bubble. At least with a real asset, there is a price floor.

    I don't think anyone that isn't into this crypto thing is sour graping. I sleep just fine at night not having got in or being in it. Sure there are also penny stocks that go up 500X. But I'm not about to put real money at risk on some lottery ticket. Sure if I knew a year ago 100% what crypto would do in that year, I'd have gotten in on it. But I can say the same thing about penny stocks, and sports gambling, etc.

    Good luck.
     
  11. Bottom Feeder

    Bottom Feeder Hypophthalmichthys molitrix Gold Chaser Site Supporter

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    Pirate Bay uses visitors’ CPUs for mining digital currency

    Pirate Bay.jpg
    Visitors to The Pirate Bay recently discovered JavaScript code being used that revealed a cryptocurrency miner was in place on the torrent website. This code makes use of visitor’s processors to mine Monero digital coins. It’s not a constant occurrence on the website, but users began digging after they noticed significant spikes in CPU usage while on certain pages.

    https://www.slashgear.com/pirate-bay-uses-visitors-cpus-for-mining-digital-currency-17500365/

    Wonder how this is going to work out for everyone.
     
  12. the_shootist

    the_shootist The war is here on our doorstep! Midas Member Site Supporter ++

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    BTC is created quite literally from nothing. I'm happy I didn't get sucked in like a heroin addict!
     
  13. Nomis Elpmis

    Nomis Elpmis Minimalist Silver Miner

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    It's official, $5000+. It's not gonna stop. Next major correction between $6k-$7k? Current action is related to another 'fork' which will create 'Bitcoin Gold'. If you hold Bitcoin before the 'fork', you will automatically have an equal amount of 'Bitcoin Gold'. Similar to how 'Bitcoin Cash' was created.
    5000.jpg
     
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  14. Flight2gold

    Flight2gold Silver Member Silver Miner Site Supporter ++

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    If there is any type of stock correction or currency crisis Bitcoin will bust $10,000 without issue.
    Growing at .42% per day.
    Prediction:
    Bitcoin breaks through $10,000 March 2018
     
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  15. Joe King

    Joe King Gold Member Gold Chaser

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    Yep, $5364 right now.
    ...and here I thought I'd read that it had crashed. lol


    That's what I'm thinking too. Especially so if it's a currency crisis. It's the only thing that doesn't have its price controlled and/or manipulated by gov/banks/WallSt.
     
  16. Silver

    Silver Gold Member Gold Chaser

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    I wish I would have been "sucked in" to bitcoin when I started reading about it years ago - just didn't understand it and still don't.
     
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  17. #48Fan

    #48Fan Silver Member Silver Miner

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    Be weary of the BTC Gold fork. I've read in several places that it is not a fork at all, but an ICO. It's not to late to get into BTC, but I would definitely wait for a correction. I picked up a little more on the last dip. Thought I did good at $3500 only to watch it go down further to $2800 a few hours later, lol. I was happy to get more at $3500 so it wasn't that big of a deal. I wouldn't buy at an ATH.
     
  18. Nomis Elpmis

    Nomis Elpmis Minimalist Silver Miner

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    Wow. Moved another $1000 in 8 days. btc6000.jpg
     
    Last edited: Oct 20, 2017
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  19. smartypants

    smartypants Seeker

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    This has just started.
     
  20. Gun Ban Extremist

    Gun Ban Extremist Seeker Seeker

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    Famous last words. You might have just jinxed it.
     
  21. smartypants

    smartypants Seeker

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    Nah, maybe for a correction after the stupid hard fork drama, but then on to normal growth. I do have some more invested in Bitcoin Cash though. Pretty cheap now and the only true way to VISA level scaling. Maybe in 5-6 months it's Bitcoin Cash that pushes 10k. The great flippening. So if you feel you missed the bitcoin boat. Get some bitcoin cash just in case.
     
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  22. smilershouse

    smilershouse Gold Member Gold Chaser

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    BTC was created as an idea. The first of its kind. Like every idea, a people will invest or they don't. Satoshi - a mathematical genius created an idea whereby, its market would be decentralised and pose a serious challenge to CB's whom create digital money from nothing, only to pay off their loan to borrow more, and offer this line of credit to the tail enders like myself and others with good credit history, in the hope and promise to make a quick buck. A true pyramid scheme. Bitcoin eliminates this prejudice. There is no need to print money these days, its digital, just like the crypto's. The difference being is that BTC value is rising on the finite fundamentals of the maximum coins available, unlike fiat. Whilst the early investors lose faith in the purchasing power of the old system's money soon to come, as it is being inflated away with more of the same until it becomes nothing, I concede that people will chase the highest yields of the cryptos.

    As with the mighty USD of which has lost some 90% of its purchasing power over the last century. And all the time the CPI is fudged so that interest rates can remain at historically lows, whilst countries go further into debt. The derivative markets were also an idea, and to be frank, I wait keenly for the notional value of items such as the GLD/SLV to become what they are. Nothing. It is hoped that when the exchanges that advocate this HFTS go to the wall, PM's will have their day in the sunshine and find their true price mechanism. Such as found here.


    http://www.gold-eagle.com/article/days-wage-silver-dime-fact-or-fiction


    Yet PM's like cash are clumsy, they cannot be exported or imported easily. Scanners and xray at our "prevent terrorism" airports and other nosey custom officials make sure of this. All to do with the BTC is have a piece of paper with your private keys intact, making BTC the most outstanding offshore bank account ever created. A hardware wallet has metal, and can easily become an interest for authoritarian govt agencies.


    But getting back to BTC being created from nothing is quite true if observed from your standpoint. However, prepared, bought and I sat on PM's because like many here, it would have been the only thing left and would be a hedge for financial misdemeanours. . And YET, after 10 years............. YES 10 YEARS, it returned just 2% over that time. Pathetic. During that time, housing and rents have trebled, essential goods like power and food have at least gone up 100% and with our loyalty to the state believing if "you have nothing to hide you have nothing to worry about" adage, every conceivable aspect of our financial affairs are monitored in the name of protecting us from everything, except off cause, more govt oppression and for taxation purposes. Financial freedom these days is a freaking joke. And TPTB now has a real enemy on its doorstep. Hence the anti crypto rhetoric ramping up at the moment. Simply put, Govts and bankers have no idea to challenge or regulate it.


    So 1% of global transactions may, or may not be executed in the name of the 'dark web', for the rest of us, 99%, being coaxed into this ruse has permitted the lender of last resort (banks) and the spender of last resort (Govt) to squeeze as much as possible from our hard earned savings. Had I gone into BTC in 2009 with $20,000, that investment would now be worth a whopping $1.2 billion. Instead, such an investment into the PM's returned a lousy 2%. BTC is here to stay, it is the new money, like it or not. And the reason for its parabolic rise is that the blockchain tech is incorruptible, and the reasoning for its use is that its users have lost faith with govt-CB fiscal mismanagement. Govts are doing their hardest to bag BTC en masse throughout the media, and like the "war on terror" we can expect more of the same dirge as only 1% of the global economy invests in BTC, its propaganda assault toward the 99% living paycheck to paycheck, and others preoccupied with simple survival might be an easy one. However if the coup fails, it will give the rise of BTC all the clout it needs to deprive our social parasites of their free money that has become commonplace.



    Currently, banks are looking at ways to adopt the blockchain tech. Good luck with that considering the primary reason people went into block chain in the 1st place was because of the status quo. . The question remains as to what will happen when trillions of global wealth enters a market cap of the cryptos current $163 billion? And if the global economy shifts into the same markets, many will shiver and drool when considering the impact trillions will have on BTC market cap.


    Like many here, when I read about BTC being 40c in 2010 it was perceived as a geek thing. Or, a massive scam. Nothing to see here move along. In 2015 BTC was again in the limelight at $250 when I next looked into it. And like many here, I believed the sheep that all that bought into it were about to get burnt. I thought the same when it went to $500, then $1000 and up from here to the current price of $6000. It was at $4000 that I realised that I was in denial, especially when that price was more than ………………3 X more than Gold. It was myself that got burnt believing the narrative that gold and silver will shine. It did not, as Gold and Silver are off the old money. And as a consequence a lot of potential profits went out the window. Finally I woke up. Not too late though. This thing as smartypants has stated, has only just got started.



    SH
     
    Last edited: Oct 21, 2017
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  23. smartypants

    smartypants Seeker

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    @smilershouse Thanks for the credit.

    I've been on this forum and the former goldismoney.info for a long time. Even when Hypertiger was active :) I think bitcoin even breaks Hypertiger logic.

    This forum has influenced my world view and had influence on life decisions, but when I started to write about crypto currencies I got clubbed down. I felt it was strange since so many people here title them self as open minded.

    Anyway nice to see other making up their own mind about the idea and getting on board. There is no doubt in my mind that crypto currencies and all the technology it makes possible is the solution to the need to replace current world wide financial system. When the old system comes falling down, like the Twin Towers, there will be a new system in place to take over and it will not be based on any DB technology from Oracle, Postgres or MySQL, it will be based on blockchain and bitcoin as the ultimate reserve currency, with many other crypto currencies too. [xmr, eth, ltc, doge, xcp +++]

    Gold and silver will have its use in the new system, but more or less like it has in current system, IMO.

    Now I just wait for the The Duck to clubb me down.
     
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  24. smilershouse

    smilershouse Gold Member Gold Chaser

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    Hi smarty,

    Yes I remember the old GIM and Hyper kitty, and Gold321/123 whatever his name was and his TA charts resembling "Barts Head" LOL. I think he also moved on to another forum. As with the Duck, he will only be able to club you down from the Spiritual world as his body has left this mortal plane I have read.

    Anyways, I agree PM's will have their place, maybe soon as early next year when The Trump intervenes to try and reduce the numbers of US insane debt.?

    SH
     
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  25. madhu

    madhu Silver Member Silver Miner

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    Not clubbing down or any reality check! I am happy for all the cryptocurrency holders including a friend of mine who supposedly made more than 100 million us dollars in bitcoins. Have to agree with you that Bitcoin is the grand daddy of it all. The momentum is definitely on its side.

    However what is block chain technology. If we on this forum are not convinced by some promise stored in some computer server outside of this country to be a store of value? many of us here would not invest in paper gold nor store our assets in some Perth mint!

    Secondly, the promise that only a certain finite amount of bit coins will be produced and that it will be increasing hard to mine newer bit coins? The amount of bit coins is far less than the population demand for it to be a widely accepted currency, as an exchange medium. In other words unlike the debt bubble this one has no elasticity and how do you address that problem

    Third as long as the USA and China don't see eye to eye with each other, bit coin speculation will go on. One fine morning if all this G20 /IMF/BIS or whatever Cabal and their handlers like Jamie Dimon make cryptocurrency transaction illegal except the ones called blakes fine diamonds issued by Goldy Saky

    Full disclosure. Bought some lite coins in October 2017
     
    Last edited: Oct 23, 2017
  26. #48Fan

    #48Fan Silver Member Silver Miner

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    Good points. BTC does have several issues. Personally, I believe the value is in blockchain technology itself. I really do not know what will happen with BTC. I see one of two things happening. BTC continues to prove itself as a store of value and nothing else. I honestly do not see it as a usable currency as the supply and scalability issues will never be solved. The other path will be that BTC will lose value because of all the present and future forks. It could literally be forked to death. If this happens, something will take it's place. Right now, BTC enjoys it's "king" status because it is mainly used to access other blockchain technologies. Of course, Litecoin and Etherium are looking to dethrone the "king" in this area.

    Blockchains are still in their infancies. There are a lot of great technologies on the horizon and I believe this is where the value will be realized.
     
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  27. madhu

    madhu Silver Member Silver Miner

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    https://cointelegraph.com/news/clueless-central-bankers-regard-bitcoin-with-envy-hatred

    Read the comments section where the case is made for Hayecks principle. However the deflationary aspect of the Bitcoin will devastate us all? The author is a Brazilian who like Argentinians have been repeatedly swindled by IMF and TPtB, by runaway inflation of their currencies.

    Bit coin and proponents of sound money, responsible fiscal limited governments are pleasing to the savers. However they are outnumbered by ever increasing masses of frivolous spending debtors. With debt=money and money=debt, there is no money without debtors.

    This is the conundrum. There is no envy or hatred. Like the housing bubble that was made to extend all the way up and the "big short" wrote his famous novel and made money shorting all the way back to reality, I bet the big money is trying ways and means to short the newest craze all the way back. HT was correct in that all these speculative tulip manias will go for longer and when the cab driver starts talking about investing in bit coin, it's gameoverville

    Can you please share with us the other great technologies too
     
  28. #48Fan

    #48Fan Silver Member Silver Miner

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    The technologies are the "blockchainification", if you will, of just about every system currently in operation. There are cryptos for the financial sector, the internet sector, the trading sector, the precious metals sector, the energy sector, the agriculture sector, and even the firearm sector. The sky is the limit, in my opinion. Why will blockchain take over? Because it is (so far) more transparent, more secure, and is insusceptible to human fallacy, among others. Depending how this turns out it could become the iron fist of the NWO, or it could completely level the playing field for the world's population. Either way, there is a bat excrement ton of money to be made, imho.
     
  29. Joe King

    Joe King Gold Member Gold Chaser

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    Via deflation. A pizza used to cost thousands of bitcoins. Now you get thousands hundreds of pizzas for a bitcoin.
    Edited to add: ok, I did the actual math and unless you count the $2-$3 frozen pizzas at the store, it's only 100's of pizzas, but give it time and it'll eventually buy thousands of delivery pizzas.


    No. In fact, just the opposite. A deflationary currency is the tool that would allow for peoiple to save for their own retirements and healthcare costs.

    He's right.


    In this case, he's wrong. The difference between tulips and btc is that there is no limit to how many tulips can be grown. It fact, tulips themselves beget tulips until the World is saturated with tulips. That sounds to me a whole lot more like how debt money works. It begets itself via lending.
     
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  30. smilershouse

    smilershouse Gold Member Gold Chaser

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    And that statement sums up perfectly why the crypto and indeed PM's are a disciplinary factor preventing fraud. One day in the next few years, I forsee crypto holders diversifying into the PM's, and why not? In 2009 1 BTC would have bought a tiny grain of gold, or a lot more Ag, nowadays 1 BTC will buy roughly 4 oz. It is thus only a matter of time, before a rush into the PM's as people want to hold 'tangible and an alluring' assets in their portfolios.

    SH
     
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  31. Mr Paradise

    Mr Paradise Midas Member Midas Member

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    Dutch Tulips or Enron?

    A make believe currency for those that have lost faith in our make believe currency.

    Meanwhile gold & silver has been wealth for 5000 years.
     
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  32. goldielox1

    goldielox1 Silver Miner Seeker

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    Don't confuse the technology with the currency. The currency (btc) is intrinsically worthless. The technology will likely live on. There is already gold-based debit cards (Gold using modern banking technology). In a few years, gold could be exchanged from a central clearing house vault between accounts via blockchain technology. That would be the best of all worlds. Real money using state of the art technology for exchange for goods. btc will end up in the dust heap of currency history but gold will be money as long as humans exist.
     
  33. latemetal

    latemetal Platinum Bling Platinum Bling

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  34. Nomis Elpmis

    Nomis Elpmis Minimalist Silver Miner

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    Another $1000 in 12 days.
    btc7000.jpg
     
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  35. Flight2gold

    Flight2gold Silver Member Silver Miner Site Supporter ++

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    @Nomis Elpmis
    When do you see the profit taking pullback happening?
     
    Last edited: Nov 2, 2017
  36. Joe King

    Joe King Gold Member Gold Chaser

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    For one, he sold $55k worth which is bit over the $10k reporting limit, which he probably didn't do.

    Also, if the gov says bitcoin is not money, why should anyone need a "money transmitting license"? That'd be like requiring a drivers license just because you have the ability to get somewhere without a car.
    ...but if they keep illegally doing this stuff, people can just spend btc itself rather than converting to actual dollars. That's where the issues can start, with the US Dollar. That's the govs/feds money, not the peoples. BTC is the peoples "money".



    In case you hadn't noticed, everytime it's hit a new high there have been profit taking pullbacks. Granted, it recovers quicker than most are used to with regular financial markets, but that's because there's no gov/fed involvement that attempts to "save the day" for everyone else.


    $7194
     
  37. #48Fan

    #48Fan Silver Member Silver Miner

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    This time, the next correction is unknowable, at least to me. I figured it would happen at 7k and still might. But, with the upcoming 2x fork and CME futures trading on the horizon, 10k could be profit taking or anywhere in between, lmao. Wish I knew...
     
  38. Joe King

    Joe King Gold Member Gold Chaser

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    It's happening right now, but that's the same as what's happened at every big round number it's hit. Everyone one else will say "it's crashing it's crashing! get out now!" Hell, if I had a Nickel for every time I heard that, I'd have about $2 in Nickels by now. lol


    Cue the sour grapes to pop up any time now. lol lol lol
     
  39. Flight2gold

    Flight2gold Silver Member Silver Miner Site Supporter ++

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    Not worried about it crashing at all. :))
    I was in GBTC, Bitcoin Investment Trust, and got out about 6600 BTC.
    BTC is now looking like it may pull back and I was asking @Nomis Elpmis if a pullback number was speculated.
    I plan jumping right back into GBTC because I personally believe we'll see 10,000 BTC by March 2018 or sooner.
    I'm confident a pullback is on the way due to the amount of people selling other alt coins and piling into Bitcoin.
     
    Last edited: Nov 2, 2017
  40. Nomis Elpmis

    Nomis Elpmis Minimalist Silver Miner

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    I'm betting on a correction happening after the 'fork' on Nov 15th. I've been selling off bitcoins gradually since $5000 and have started accumulating ETH. My bet is money will 'slosh' out of bitcoin after the 'fork' and into other cryptos like ETH. My plan is to ride ETH up as BTC goes down to somewhere around $4200, sell out of ETH and buy back into BTC. Corrections have been very quick, so one has to watch things closely.
     
    Last edited: Nov 3, 2017
    Flight2gold likes this.

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