markyh Posted March 7, 2018 Share Posted March 7, 2018 13 minutes ago, narco said: I guess they can grind it out and hope for the best but I feel this is going to be a long drawn out process. Some of these Alts will go to zero and will end up being delisted from exchages. My feeling is the top market cap coins in the next bull run will probably contain very few traditional blockchains. Well as someone who was forced to quit mining in May 2014, and Hodl all his Crypto until 2016 to get back to the original £2000 cost invested, while having to pay off the credit card bills and 9 month 0% interest free buy now pay later deal (Scan.co.uk) from my pocket and not crypto profits, my heart bleeds for them. Anyone investing in Crypto and is not prepared to wait 2-3 years to get a good profit shouldn't invest in the first place. Quote Link to comment Share on other sites More sharing options...
evetsm Posted March 8, 2018 Share Posted March 8, 2018 The centralized exchanges are cancer. The sooner p2p decentralized exchanges overwhelmingly predominate, the better. That will have to happen. Can't have trustless money dealt only on centralized choke points. Hopefully the ongoing gox dump has been priced in. Remains to be seen Quote Link to comment Share on other sites More sharing options...
evetsm Posted March 8, 2018 Share Posted March 8, 2018 What is this gox guy's problem ?! Why doesn't he hold an auction like the FBI did with Silk Rd coins?! What an idiot ! He says he wanted the highest price but then dumps them on exchanges. To get the highest price on a large lot, hold an auction. Quote Link to comment Share on other sites More sharing options...
Errol Posted March 8, 2018 Share Posted March 8, 2018 Bitcoin falls after SEC warning that trading platforms could be ‘unlawful’ The price of bitcoin has fallen to a one-and-a-half-week low on Bitstamp, following a warning from the US Securities and Exchange Commission (SEC) that some cryptocurrency trading platforms are “potentially unlawful.” https://www.rt.com/business/420743-bitcoin-dip-sec-unlawful-warning/ Quote Link to comment Share on other sites More sharing options...
markyh Posted March 8, 2018 Share Posted March 8, 2018 4 minutes ago, Errol said: Bitcoin falls after SEC warning that trading platforms could be ‘unlawful’ The price of bitcoin has fallen to a one-and-a-half-week low on Bitstamp, following a warning from the US Securities and Exchange Commission (SEC) that some cryptocurrency trading platforms are “potentially unlawful.” https://www.rt.com/business/420743-bitcoin-dip-sec-unlawful-warning/ Then just rename them "Digital Marketplaces" or "Crypto interchanges" or "Crypto Swapshops" . A place where you buy and sell digital Assets for FIAT currency. Just avoid the word exchange. how can digital assets be considered "securities". That's the last thing I would call them with the price movements! Quote Link to comment Share on other sites More sharing options...
narco Posted March 8, 2018 Share Posted March 8, 2018 (edited) 27 minutes ago, markyh said: Then just rename them "Digital Marketplaces" or "Crypto interchanges" or "Crypto Swapshops" . A place where you buy and sell digital Assets for FIAT currency. Just avoid the word exchange. how can digital assets be considered "securities". That's the last thing I would call them with the price movements! I would suggest they consider them more like gambling sites and therefore exempt from CGT. I'm really not sure why we don't have more competition in the crypto exchange space. There's surely some serious demand for UK buyers who want to buy in GBP and not pay the ridiculously fees from coinbase. Seems like an opportunity that is ripe for the taking. Edited March 8, 2018 by narco Quote Link to comment Share on other sites More sharing options...
nickb1 Posted March 8, 2018 Share Posted March 8, 2018 20 hours ago, markyh said: They only realise those loses if they sell. They should Hodl for a recovery. You only realise gains if you sell too. And there's the rub. How many crypocurrency millionaires are there? There is no answer to this question, for the reason that if in a given market too many try to cash in at a point in time they are on the short side of the market and the price falls. Just like with housing, but with the difference that a cryptocurrency does not provide any benefits from holding other than speculation. Quote Link to comment Share on other sites More sharing options...
nickb1 Posted March 8, 2018 Share Posted March 8, 2018 1 minute ago, nickb1 said: You only realise gains if you sell too. And there's the rub. How many crypocurrency millionaires are there? There is no answer to this question, for the reason that if in a given market too many try to cash in at a point in time they are on the short side of the market and the price falls. Just like with housing, but with the difference that a cryptocurrency does not provide any benefits from holding other than speculation. I mean long side of the market obviously... Quote Link to comment Share on other sites More sharing options...
Craig_ Posted March 8, 2018 Share Posted March 8, 2018 57 minutes ago, nickb1 said: You only realise gains if you sell too. And there's the rub. How many crypocurrency millionaires are there? There is no answer to this question, for the reason that if in a given market too many try to cash in at a point in time they are on the short side of the market and the price falls. Just like with housing, but with the difference that a cryptocurrency does not provide any benefits from holding other than speculation. I guess it's the second rule of investing in crypto; you need to figure out an exit strategy. The first obviously being to not invest more than you can afford to lose. Quote Link to comment Share on other sites More sharing options...
narco Posted March 8, 2018 Share Posted March 8, 2018 This is the issue I have with these crypto millionaires. How excactly have they managed to cash out? Coinbase? How about the tax implications? It's just not a liquid market in terms of exiting in fiat. I would guess most people who have seen such paper profits have probably watched their digital gains evapourate by hodling to infinity. Most people who bought Bitcoin early are probably still praying for $1 million Bitcoin. How many others are currently sat on substantial losses? Quote Link to comment Share on other sites More sharing options...
leonardratso Posted March 8, 2018 Share Posted March 8, 2018 not so bubbly anymore. Quote Link to comment Share on other sites More sharing options...
markyh Posted March 8, 2018 Share Posted March 8, 2018 9 minutes ago, leonardratso said: not so bubbly anymore. Hmmm. When this thread was started I think bitcoin was under $500, even at current $9000 that's pretty bubbly to most folk. Will be interesting if we get to test $6k again. Quote Link to comment Share on other sites More sharing options...
Quicken Posted March 8, 2018 Share Posted March 8, 2018 53 minutes ago, narco said: This is the issue I have with these crypto millionaires. How excactly have they managed to cash out? Coinbase? How about the tax implications? It's just not a liquid market in terms of exiting in fiat. I would guess most people who have seen such paper profits have probably watched their digital gains evapourate by hodling to infinity. Most people who bought Bitcoin early are probably still praying for $1 million Bitcoin. How many others are currently sat on substantial losses? Sell gradually as the price rises. That's what I did. Started with half my savings in Monero. Kept the ratio roughly there as the price rose. Sales via bitcoin on Poloniex, and later Kraken direct to fiat. And yes, I am facing a 6 figure CGT bill for the current tax year, at a 20 percent rate. Plenty liquid enough and a bargain tax wise. Quote Link to comment Share on other sites More sharing options...
narco Posted March 8, 2018 Share Posted March 8, 2018 1 hour ago, markyh said: Hmmm. When this thread was started I think bitcoin was under $500, even at current $9000 that's pretty bubbly to most folk. Will be interesting if we get to test $6k again. It's really not looking good here. BTC failed miserably at resistance and support is a long long way down. $5k, 3k and the cleanest untested level at $1354. Quote Link to comment Share on other sites More sharing options...
leonardratso Posted March 8, 2018 Share Posted March 8, 2018 yeah, wouldnt buy it now, looks weak. pretty boring really. Quote Link to comment Share on other sites More sharing options...
dugsbody Posted March 8, 2018 Share Posted March 8, 2018 1 hour ago, narco said: It's really not looking good here. BTC failed miserably at resistance and support is a long long way down. $5k, 3k and the cleanest untested level at $1354. Yeah, it's totally not going to be a random walk and the price definitely won't be above 10k again in the next week. Sell everything. Quote Link to comment Share on other sites More sharing options...
scb Posted March 8, 2018 Share Posted March 8, 2018 A couple of days ago I decided bitcoin was going to take off or tank. I bought back in thinking it would take off. Now I'm thinking it'll tank. ARGH! C'est la vie. Quote Link to comment Share on other sites More sharing options...
leonardratso Posted March 8, 2018 Share Posted March 8, 2018 rangebound Quote Link to comment Share on other sites More sharing options...
narco Posted March 8, 2018 Share Posted March 8, 2018 (edited) It's looks like a traditional Burj Khalifa formation that could to go back to the origin of the move. Looking at the weekly view it's pretty horrendous viewing. I realise this will sound like FUD, but technically there's a chance of a 95% top to bottom collapse and a multi year bear market on this chart. Maybe fundamentals will prove otherwise. Edited March 8, 2018 by narco Quote Link to comment Share on other sites More sharing options...
jiltedjen Posted March 8, 2018 Share Posted March 8, 2018 I think that chart is pretty fair, but i see it traveling sideways and down for a long period before meeting its green trend line as shown. Bottom being around summer 2019. $6,200 will be tested again soon, thats where we see if we can get support or not. Quote Link to comment Share on other sites More sharing options...
narco Posted March 8, 2018 Share Posted March 8, 2018 (edited) 5 minutes ago, jiltedjen said: I think that chart is pretty fair, but i see it traveling sideways and down for a long period before meeting its green trend line as shown. Bottom being around summer 2019. $6,200 will be tested again soon, thats where we see if we can get support or not. Well there isn't any support at $6,200. That's been and gone. The next level is bang on $5k and that trendline would be spiked. Would have to see the price action when we get there. I don't think the long term bull is done but it could take years and we have a severe recession on the near horizon. Edited March 8, 2018 by narco Quote Link to comment Share on other sites More sharing options...
jiltedjen Posted March 8, 2018 Share Posted March 8, 2018 Either way where Bitcoin goes the whole crypto market follows (but deeper into the red for alts). Still at $9,360 but will see where the support level is soon enough. But for long term holders there will be real value in a year and a halfs time, that's how you do well in crypto buy bitcoin when everyone else has lost interest, not when the masses are driving up the price in a mania, not by buying punts on alts. Have a little faith. Quote Link to comment Share on other sites More sharing options...
narco Posted March 8, 2018 Share Posted March 8, 2018 (edited) Ripple should be renamed to RIP I can't see anything that can stop 0.39 and 0.30 being reached. Will see if this hold up. Edited March 8, 2018 by narco Quote Link to comment Share on other sites More sharing options...
jiltedjen Posted March 8, 2018 Share Posted March 8, 2018 that just looks like a classic pump and dump as do most alts. i cant even see why you can draw that green line, not enough data. Looks like it will head back to nothing soon enough. Quote Link to comment Share on other sites More sharing options...
narco Posted March 8, 2018 Share Posted March 8, 2018 2 minutes ago, jiltedjen said: that just looks like a classic pump and dump as do most alts. i cant even see why you can draw that green line, not enough data. Looks like it will head back to nothing soon enough. Well those who bought this pump will surely be out of crypto for good after this crash. There will need to be a whole bunch of fresh punters next time. Quote Link to comment Share on other sites More sharing options...
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