patrick.net

Your losses??? What are you talking about? Bitcoin was at 1k beginning of 2017 and is now at 10k. Litecoin, ethereum made over 7,000 % in 2017.
As far as coinbase and the irs goes....I wish coinbase would have sent me the tax forms. I had to download my activity on the exchanges and import it to bitcoin.tax for my profit and loss and tax liability output. Took 30min that I don’t get back. Hopefully this will be easier in the future. I would live an import function on turbo tax so that it links with coinbase.

Oh well, crypto is still early stage. Now that Wall Street wants a piece of the pie. Crypto is going to explode in 2018. I loaded up on the last dip. Can’t wait for the next bull run!!

anon_3a1a3 says

Crypto is going to explode in 2018.

2020 for sure!
Why shouldn't a fiat bunch of bits not be worth more than all the silver in the world?
Buy now or be priced out F O R E V E R !

Nobody ever said buy now or be priced out forever with crypto. It does not make sense because you can always buy a satoshi (fraction of a bitcoin) and don’t need to buy a whole one to be able to participate/invest. Further more, ETFs will be a great way to start investing in the near future.

As far as backing of a fiat currency goes. The dollar is no longer backed by the gold standard. Central banks can print as much as they want.

anon_52590 says

Nobody ever said buy now or be priced out forever with crypto.

I did.
anon_52590 says

start investing

Invest in currency? Gamble is a better term.
anon_52590 says

As far as backing of a fiat currency goes. The dollar is no longer backed by the gold standard.

Central bank currencies are no longer backed by anything but the faith, good credit, and the militairy of the countries backing said fiat currencies. What backs crypto?

anon_52590 says

Central banks can print as much as they want.

But we're running out of bits to "mine"?

Yea, to me it’s not gambling. It made me a lot of money. Once the mainstream money comes in it will actually become big. As of now the marketcap is not even close to the stock market cap during the dot com bubble. This baby has legs. But, I am not here to convince anybody. If you don’t believe in the tech and rather invest in stocks that is totally fine. I am not a financial advisor. Just a happy crypto investor. It’s exciting and very profitable

anon_52590 says

It’s exciting and very profitable

It's NOT profitable, it's just digits on a screen.

Until you cash out, and have the cash firmly in your hand, all you got is promises and dreams.

Of course I cash out. So far every time one of my coins mooned I took profits. I am fine with 4-5x on my initial investment. Sure 10x would be better but it’s also riskier.

anon_52590 says

Yea, to me it’s not gambling. It made me a lot of money.

I'll disagree with the gambling part here. It truly is gambling. As I've always said, make money on this where you can. I don't begrudge anyone that can and does.

anon_52590 says

As of now the marketcap is not even close to the stock market cap during the dot com bubble. This baby has legs.

Not sure what the dot com bubble has to do with made up currencies. Make money, but when I hear "this baby has legs" I tend to run the other direction from the person that said this. It means nothing. It's made up jargon that people think makes them look smart about something they know nothing about. And this is 100% of people talking about crypto currencies. 100%. So I'm not talking about a user here.

anon_52590 says

If you don’t believe in the tech and rather invest in stocks that is totally fine. I am not a financial advisor. Just a happy crypto investor. It’s exciting and very profitable

This is one of the more candid cypto bull lines I've seen here at least. You've hit the nail on the head. It's exciting. And if you're happy congrats. You at least acknowledge that the market is totally hinged on excitement and that's really it. This is the case in many markets of course. Most have some other backing or support as to why someone would be excited about it though. New product. Increasing sales. Warren Buffet bought X number of shares.

You don't have to believe my patnet persona, but I will be retired by 48 with plenty of money without jumping into the crypto pool. 80-90% of people will fail if given or have invested and gained fuck you money through crypto. The money will gained will be lost. Isn't it funny that Harvard, Yale, etc are such great schools? Why don't we just send everyone there and everyone will just be smarter? We all know it doesn't work that way. You can shoot to the moon with crypto and you'll likely crash and burn shortly after. This is just the reality.

Have fun, but there's a reason certain people/families get rich and stay that way. Luck can be a part of it, but maintaining and increasing wealth once you have it isn't luck.

My prediction for the next years: I sell after parabolic run ups and wait for a correction/crash to buy back in. Each time it goes down the haters and perma bears come out in droves and scream I told you so. Bitcoin is dead. Slowly those voices fade as big daddy starts running up again. Then they tell you how successful they all are without crypto and how they all retire early. Same spiel over and over. Works for me.

anon_3a1a3 says

I sell after parabolic run ups and wait for a correction/crash to buy back in.

This sounds like a logical plan... for almost any stock. Why will there be continued parabolic run ups in crypto though? Is there any technical data or research to support that it will continue this way? Why do you assume you'll always be on the winning end of this massive volatility as well? If crypos gain popularity more and more, why would governments with their own currencies just let that happen? Essentially assisting in their own country's demise? How many coins are in circulation and aren't forever lost or stolen? What institutions are holding and how much?

I've got a laundry list of questions, almost all of which can't be answered by the crypto bulls. And please don't say "big daddy" either. This thread reeks of the content on a pinkie forum with some of the lingo being tossed about like it makes someone knowledgeable about something they're not. There's not one person on this planet that can predict what is going to happen with crypto unless it's someone in the US, Chinese or Japanese government for the most part.

Cause people like to invest in it. Why wouldn’t there be run ups. It comes down to Fomo and FUD.
It worked for me in the past. See no reason for it to stop.
The FUD about governments banning it will never get old. Good for me as I like to buy the dips.
US regulators like blockchain. The need for regulations will justify bigger budgets for their departments. Win-win. And The IRS likes the increase in tax revenues due to crypto. All these existing crypto projects/start ups create jobs.
2008: we have an app for it
2018: we have an ICO for it
The rest of your questions seem a bit useless. I don’t care what coins are stolen or lost. Lost coins are a bullish sign as these coins can’t be sold.
More and more institutional money will enter the space. ETFs will be huge for crypto. Imagine the crypto ETFs become part of the investing mix in the US. I think we have seen nothing yet.

anon_3a1a3 says

I think we have seen nothing yet.

You will. Give it time.

anon_3a1a3 says

The rest of your questions seem a bit useless.

Silly acronyms aside, you addressed none of the questions. So I suppose they were useless. Or couldn't be answered, as most crypto bulls can't.

IF cryptos are sooooo valuable, why does every single coin have a conversion to dollars? Hell, bitcoin is valued in dollars to Americans. I'll ask this of the gold and silver bugs too, what kind of society do you think we have where bitcoin, gold or silver would be a means to complete transactions? Unless you're uber wealthy (with dollars of course) or have a massive arsenal of weapons, you'd be dead. You do understand that we intentionally kill innocent people to keep the $ as the worlds reserve currency, right?

For some reason crypto currencies will be allowed to grow enough in popularity to knock off the dollar? As I've said in other comments, you're rooting for your own countries demise if you want cryptos to succeed. Most of these are coins started in Asia. You think they want to keep the status quo with USA being top dog? You don't think there are foreign government with their hands in these crptos already? As a citizen, I'm actually pissed more hasn't been done to knock the shit off. Obama and Trump have been asleep at the wheel on this in my opinion. And I could give zero shits about tax revenue. Crypto is a raindrop in the Pacific.

Also, lost coins can be found and sold. What would you do with 1M bitcoin right now if you were presented with a hard drive containing them? I'm sure you'd just hold onto them, wait for big daddy to get legs and sell them at $20k. Oh wait, did I just put a dollar sign in front, whoops. You see, there's ZERO value in bitcoin until you convert it to..... DOLLARS!

Everyone has to stop with the blockchain bit too. The analogy in this article is that it's basically a fucking google sheets document. This is somehow earth shattering tech? https://blockgeeks.com/guides/what-is-blockchain-technology/ The fact is, cryptos don't have to exist for the good 'ole USA to use blockchain. Certain people WANT them to exist and blockchain is the reason, I guess?

As usual with my comments, I have no problem with you trading (stop saying investing) and making money. You can harm society worse in other ways when compared to trading in bitcoin. So I don't have a problem with it. That said, cryptos honestly have a very cultish feel to them if that makes sense. Just remember that some people are able to get out of the cult, but a lot don't make it.

HYHFTB (Hope You Have Fun Trading Bitcoin) AMOLAK (And Make Out Like A King). Acronyms are cool! I know, I know, usually A doesn't get included in acronyms. This A had some serious FOMO so I figured I'd include him.

Lol, you really like to get into it. Sry I’m not your guy to go back and forth. Invest in it or don’t. Big daddy is going to rock this year :) my bet is it will reach 30k and we will see 1trillion market cap for crypto!

What's the only thing worse than buying Bitcoin with a credit card? How about selling Bitcoin to someone in a credit card transaction. Here's The Woz's tale of woe.
“Somebody bought them from me online through a credit card and they cancelled the credit card payment. It was that easy. And it was from a stolen credit card number so you can never get it back.”

That’s seems dumb. Why use credit cards? Just buy big daddy via bank transaction and sell it back once it pulls a 3-4x.

anon_d3fde says

Lol, you really like to get into it.

I do. Admittedly I'm long winded. Sorry.

anon_d3fde says

Sry I’m not your guy to go back and forth.

That's fine, the questions can go unanswered as they always do.

anon_d3fde says

my bet is it will reach 30k and we will see 1trillion market cap for crypto

My best wishes to you. Seriously. Some of my sarcasm above can be misinterpreted. If you can make a lot of money, fucking do it. As I've said, I don't begrudge anyone making money on crypto. Not my game to play. Nothing to hide on my end.

You know it likely, but I'll say it again, just be careful. No one is coming back here to preach about their losses or on any forum for that matter. I'm not a "I told you so" guy, so if this ends up in ashes, I hope you can get out in time. And if I'm wrong long term, feel free to come back here and beat me over the head with it. If I'm wrong, I don't run from it if it can be proven.

I know this isn't the typical crypto investor they're describing in the article. But the day of reckoning is coming. Be ready. 82% of people losing money is WORSE then gambling.

The products are high risk and the entire industry has come under increasing regulatory scrutiny across Europe over the past year. The UK's Financial Conduct Authority warned in November that cryptocurrency CFDs "are extremely high-risk, speculative products" that "place you at risk of suffering significant losses." The FCA found that 82% of people who use the products lose money, suggesting CFDs are more akin to gambling than investing.

http://www.businessinsider.com/google-bans-cryptocurrency-binary-option-ads-cracks-down-on-cfd-and-spread-bet-ads-2018-3

Is it time to eject yet????

It's a BUYING OPPORTUNITY!!!!

I made $40k on Litecoin, got out in January when things were insanely overheated. Taxes will knock that down to $20k. The hype is over, if you're mining or looking for a huge flip your wasting your time.

DASKAA says

It's a BUYING OPPORTUNITY!!!!

Still think so? Are you buying the dip?

What a difference a year makes. It was $17K this time a year ago.




Anyone still holding their BTC, hoping for miracles?

What goes up must wind up fucking you in the ass.

Ceffer says

What goes up must wind up fucking you in the ass.

Wait, is that a Dan reference?

MrMagic says

DASKAA says

It's a BUYING OPPORTUNITY!!!!

Still think so? Are you buying the dip?

No, I'm too dumb to understand the great technology.

For those who don’t know, the blockchain ledger is upheld and propagated by nodes, which are user machines that hold a copy of the current valid Bitcoin blockchain ledger. These nodes all work together to uphold the decentralized blockchain that we’ve come to love. Nodes receive new transactions from users’ wallets, have miners validate them, then receive mined blocks from miners to add to its ledger. The nodes then also immediately propagate these validated blocks out to other nodes across the Bitcoin network.

http://net-informations.com/q/mis/block.html

quincybatten says

For those who don’t know, the blockchain ledger is upheld and propagated by nodes, which are user machines that hold a copy of the current valid Bitcoin blockchain ledger. These nodes all work together to uphold the decentralized blockchain that we’ve come to love. Nodes receive new transactions from users’ wallets, have miners validate them, then receive mined blocks from miners to add to its ledger. The nodes then also immediately propagate these validated blocks out to other nodes across the Bitcoin network.

http://net-informations.com/q/mis/block.html

And this is what makes that shit so fucking slow.

Can anyone tell me what makes a unique string of zeros and ones intrinsically valuable? The only value left in US dollars is the faith and credit of the US government which is 20T in debt.

Bitcoin will go to infinity dollars when dollars go to zero. Until then let the fiat scam continue.

Hugolas_Madurez says

And this is what makes that shit so fucking slow.

Not so fast, I witnessed in real time how 600MD were transferred in 10 minutes.

Onvacation says

Can anyone tell me what makes a unique string of zeros and ones intrinsically valuable? The only value left in US dollars is the faith and credit of the US government which is 20T in debt.

Bitcoin will go to infinity dollars when dollars go to zero. Until then let the fiat scam continue.

Sure, what makes dollars valuable is that the US government demands that taxes be paid in dollars.

Dollars will never go to zero as long as men with guns can show up at your door if you fail to come up with enough dollars to pay your taxes.

There's a good anecdote about how the British had a hard time getting East African herders to obediently work for them until the British demanded that taxes be paid in British currency. The only way to get that was to work for British colonialists. Problem solved.

We are all the slaves of the Federal Reserve.

Sure, what makes dollars valuable is that the US government demands that taxes be paid in dollars.

Plus, government benefits and remits for goods and services are paid in dollars.

0ba4 says

Hugolas_Madurez says

And this is what makes that shit so fucking slow.

Not so fast, I witnessed in real time how 600MD were transferred in 10 minutes.

600 Macedonian Denars in 10 minutes? This is supposed to be impressive somehow?

3-5% of my portfolio will continue to be crypto.

Newbie123 says

That was an epic buying opportunity, no? Well, Yes.... for me :)

Yawn: there's always somebody coming out of the woodwork after shit goes up to claim he "loaded up" when the shit was down.

Eric Holder says

Newbie123 says

That was an epic buying opportunity, no? Well, Yes.... for me :)

Yawn: there's always somebody coming out of the woodwork after shit goes up to claim he "loaded up" when the shit was down.

Yup. And I'm sure he didn't buy any when it was $15k or higher either.... just non-stop great picks... never loses.

What I never get with the coin pumpers is, just show us your account or transactions you've made to show your track record. I thought one of the pros of bitcoin and others was the "safety" and "security" of it. There should be no way anyone could take it if you show us the account. I mean, I've never, ever heard of crypto coins ever being stolen...

spam

Newbie123 says

Big Daddy and the Alt's go parabolic.

Onvacation says

Can anyone tell me what makes a unique string of zeros and ones intrinsically valuable?

Anyone think it's going parabolic again? With BTC back at $8700, it could be ramping up to run again... or dump. Temping to buy a couple coins.

joshuatrio says

Anyone think it's going parabolic again? With BTC back at $8700, it could be ramping up to run again... or dump. Temping to buy a couple coins.

I don't claim to know it at all. And I'm cool with people that can make money off of it. If you can do it. There's not one person though that can give you actual advice that seriously knows what they're talking about. Play with fun money, but anyone telling you it's gonna do this or that is just throwing darts, blindfolded, trying to hit a dime from 30' away after spinning for 5 minutes.

Newbie123 says

Hell yes its going parabolic

Can you tell me why a string of zeros and ones has any intrinsic value?