Can Bitcoin Break Out Above $20,000?

KasinoKing

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Does anyone else here wish they had sold their Bitcoins on January 9th...?

BTC_Jan21.jpg


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KK
 

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slotplayer

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The market value I received. You can check the value of transaction at the time.

I think that's the correct way as if eventually someone would like to check that, he will get all that info from my wallet and it will match to the dollar. Otherwise in situation where for example you earned (and reported) $1k and received $1.2K - they might question the difference as why you haven't reported it correctly.

Thanks for your help.
 

edgarf76

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My thoughts are that you need to use the dot com boom and bust as a guide.

- Back in the late 1990's anything to do with the internet was hyped to succeed.
- Stocks surged for 18 months and then reality hit and most internet stocks dumped and bust.
- But the internet did arrive and the best ideas, like Amazon, ebay, apple and a few others thrived.

So it is with Crypto currency and blockchain. The idea is right - it's time will come but only a few coins have any purpose.
95% of the tokens are trash. Another 4% of the market will probably struggle as they lack users / money /innovation.

As an example here are coins that were in the top 30 in Dec 2017. Had promise but are now faded badly.
Source : https://coinmarketcap.com/historical/20171217/

#7 IOTA, #9 NEM, #13 EOS, #14 NEO, #16 TRON, #17 QTUM, #18 Bitconnect, #19 Populous, #20 OmiseGo, #21 Lisk, #23 Waves, #25 Stratis, #26 Bitshares, #27 Ardor, #28 Hypercash, #29 Bytecoin, #30 Nxt

Some of them are still here. But none of them are booming. And most are failed projects.

--------------

My specific thoughts - having spent 5-6 years in and around this space ...

BTC and ETH? Yes I think they survive and Thrive. First and still best used.
There are some others like ChainLink, PolkaDot and UniSwap that also seem like leaders in their associated fields.

LTC and BCash? No. Might survive - but they're copy tokens with no USP.
Cardano? XRP? Stellar? They need to grow or wither away like bad internet stocks.


I agree that most of the altcons will end up trash. I just watched cryptopia on Amazon Prime. If anyone hasn't watched that, its pretty decent. Ethereum and Bitcoin I think are here to stay. Recently, Blackrock said they are getting involved in a ETF. Many people think this ETF will get approved. So far, there are companies like Riot Blockchain ($RIOT) and Trusts like Greyscale Bitcoin and Ethereum Trusts (GTBC & ETHE). I except much more volatility (we just saw 10% yesterday) but Bitcoin really may make a run over 100K. Some investors are putting a 10K price tag on Ethereum.


The thing is (from a technical analysis) that Bitcoin has broke out and made a new high but Litecoin, Bitcoin Cash and Ethereum have not. They are looking like they are gaining momentum but in 2017 we saw much higher prices on those altcoins.
 

slotplayer

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Any other sites anyone can recommend that show BTC historical price besides coinmarketcap?

Another question, if I may. When you mix fractions of coins to form whole coins is there any way of telling which addresses the wallet used to form the whole coins.

Thanks all
 

ddm

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moooooon.jpg I think. next stop 49k imo.
 

eenzoo

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As I told a friend, I need to see 84k on 30th June to pay for our new home incl a 5ha olive grove in Tuscany in cash. So I'm sure that will be the June ATH.

On the other hand, Elon brought for 1.5 bn yesterday, other deep pockets will follow for sure. Maybe I should hodl my BTC until 500k in 4/5 years. :-D
 

AussieDave

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Elon brought for 1.5 bn yesterday, other deep pockets will follow for sure.

The massive spike, I figured someone(s) must have bought BIG. There's the proof, thanks eenzoo ;)
 

PROFRBcom

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Another question, if I may. When you mix fractions of coins to form whole coins is there any way of telling which addresses the wallet used to form the whole coins.

Thanks all
Fractions of a coin, whole coins, does not matter one bit. ALL blockchain transactions are public and can be traced. Bitcoin is pseudo-anonymous, in other words no one knows who owns what coins until you give up a piece of data linking you to a wallet, like say, using an exchange for fiat conversion, and then, your transactions can be traced (perhaps not to who they went to, or for what, but that you made them).
Btw, they bought in January, current spike is just for the news about it.
Yes. No one announces, HEY, I am going to buy 1.5 billion dollars of Bitcoin! Frontrun my transactions for profit!!

Most people don't realize this haha.

How much did the people in the know buy in their private accounts during this time, and sell during the announcement spike? Wish I would have known, I'd have gone all in, as Tesla buying BTC is HUGE publicity.
 

slotplayer

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Fractions of a coin, whole coins, does not matter one bit. ALL blockchain transactions are public and can be traced. Bitcoin is pseudo-anonymous, in other words no one knows who owns what coins until you give up a piece of data linking you to a wallet, like say, using an exchange for fiat conversion, and then, your transactions can be traced (perhaps not to who they went to, or for what, but that you made them).

Yes. No one announces, HEY, I am going to buy 1.5 billion dollars of Bitcoin! Frontrun my transactions for profit!!

Most people don't realize this haha.

How much did the people in the know buy in their private accounts during this time, and sell during the announcement spike? Wish I would have known, I'd have gone all in, as Tesla buying BTC is HUGE publicity.
Sorry, I didn't see your reply untill today.

The reason I asked about the fractions of coins has to do with capital gain taxes here in US. We have short and long term capital gain tax rates depending on how long the asset (btc in this case) was held.

I'm not sure which commissions (which are fractions of coins with different dates acquired) the wallet used to form whole coins when transferred to the exchange and were sold. (FIFO?). Does that make sense? If I knew which addresses the wallet used I would know the acquired date and cost basis.

This is an example of form 8949 US fills out for BTC. The Internal Revenue Service requires a trading breakdown like done in the image below.


1613331784402.png
 
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PROFRBcom

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^^ That seems like a nightmare.
 

KasinoKing

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Do you think we should change the thread title to "Can Bitcoin Break Out Above $50,000?" :cool:

It's been a crazy couple of weeks - my portfolio has gone up $10,000's in a matter of days!
But I'm sure there are others who are looking at + $1,000,000's...

KK
 
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