Haha, love that movie. Instant classic. Propelled ramen to new heights for me.

Don’t watch it hungry.

Right now, the price seems more determined by news and perceived deadlines, like tax filing dates and Mt Gox liquidations.

The volume is so low, a single whale could probable write his mama's name on the price charts. TA feels rather useless at the moment.

May 13, 2018 please  

thanks mic

Fair enough. But Bitcoin is more than just market sentiment and price speculation.  It is fundamentally an emerging technology, first and foremost.

Times likes these when speculators take a major dump on the market is when developers tend to be heard and technical improvements made. And on that front, there is a lot of good news:

- Exchanges are bundling transactions leading to a major reduction in fees, a major issue that contributed to the price decline in the battle between Segwit/Legacy and Core/BCash.
- Segwit adoption is also increasing exponentially, further reducing fees and transactions times.
- The lightning network has been released to mainnet in Beta. There are already thousands of nodes. Onlines stores and microtransactions sites are beginning to appear.
- Sidechains, smart contracts and other layer 2/layer 3 improvements are being developed, competing directly with shitcoin features likely making many of them irrelevant.

On the financial front:
- The SEC is reevaluating Bitcoin's suitability as an asset class for ETP/ETF consideration.
- Shady exchanges are getting stricter regulations and in Japan, one of them is even being acquired by an established market trading leader.
- Banks and institutional investors are signaling entry into the Bitcoin market, in large part due to the price correction allowing a window of opportunity
- G20 summit has declared Bitcoin is not currently a threat and is recommending minimal interference and regulation at this time.

Bears cannot continue to suppress the price against all these good news items. The major FUD these days is centered around:

- Taxes. The deadline for US taxes will pass in another week or two, so this is a recurring, transient, explainable reason for a market correction this time of year.
- Mt Gox liquidation. The trustee has already liquidated all that is needed to pay back creditors. The remainder may be liquidated or dispersed in Q3 this year via civil rehabilitation. I have a feeling a lot of these creditors may just decide to invest their settlements right back into Bitcoin while the price is down, effectively counteracting at least a portion of the price decline due to liquidation over time.
- Country-wide bans. These come and go with the wind and previous bans have been shown to little lasting effect. Any country that attempts to ban an emerging technology will fall behind and be forced to join the circus late in the game to their own detriment.

These are all short term concerns that will expire with time. There is really no serious, lasting FUD affecting Bitcoin's fundamentals at this time. It all centered around speculative woes, which come and go with the wind.

Sadly, it’s hard to argue with this. This is what has drawn so many of us to Bitcoin in the first place and why I HODL for the most part, giving directly to charities and family to reduce the tax bill.

But for all y’all weak-handed speculators who drove the price down in the first place, pay your fucking taxes or they may even take Bitcoin from us.

Our day will come.

It's already taken a giant shit. It doesn't have another $12,000 shit to give, frankly. The best it could do is maybe another $2000 or $3000 shit. That's baby shit.

People have been latching onto one thing to another for the last 8 years, but that hasn't stopped it yet. It only needs nine good days on average each year to continue exponential/hyperbolic growth. Who gives a shit the other 356 days?

Have you even looked at a long term chart? Bitcoin is up 600%, more than $5000, from a year ago this time. Bitcoin has doubled in price 11 times since 2012!

Bitcoin breached $6000 on Feb 5. It's come close, but it has not dropped any lower since then.

Every single person who has bought and held Bitcoin anytime in the last 8 years up until last October has made a profit. That even includes everyone who bought at the peak in 2013 for $1100, only to watch the price plummet more than 90% to $150. Yes, even those fools are still up 600%.

Corrections are an integral part of price discovery for a new asset class. They allow new investors an entry point and build confidence by establishing floors.

I was being somewhat facetious regarding exchanges; they are a necessary evil for what is supposed to be a decentralized peer-to-peer asset. The order books are so thin right now, selling anything substantial would only drive the price down further. OTC or P2P would avoid slippage on such thin books.

If Bitcoin can't evolve to cope with regulation, taxation, futures, bankruptcies, scaling, etc., then it isn't fit to survive. To go mainstream, truly mainstream, it has to learn to play nice with the big boys too.

I have every confidence it can and will, lending it even more legitimacy and further building investor confidence. The only beggars being born are those who SODL out.

Bitcoin remains one of the largest transfers of wealth from the impatient to the patient.

Touche.

However, does this justify removing one's nose to spite the face?

Just because I find war abhorrent, doesn't mean I also find diplomacy, education, research, infrastructure, healthcare, etc. abhorrent.

I vote my conscience and try to inform others on issues important to me. Society is ultimately responsible for who we allow to lead, whether that is who directs our wars or who regulates our financial systems.

Bitcoin will not succeed without society's backing. That means paying your taxes fairly and avoiding criminality. For some, this might require renouncing citizenship and moving to a more tolerable jurisdiction. So be it.

Bitcorn price Q1:



Bitcoin price Q2+:

That may be true, but as long as people's perceptions hold, the outcome is the same. Potential tax obligations are yet another piece of over-inflated FUD suppressing the market price.

The true test is whether his prediction comes true: will price suppression ease off late April?

The IRS relies on self reporting for the most part. But large fiat withdrawals and deposits will likely get reported to IRS, triggering a possible audit.

There is no statute of limitations for false returns, evasion, or failing to file. If you knowingly do not report and the IRS happens to get smarter in the future with regard to crypto (remember, the Blockchain is immutable), then you're just postponing the pain and fear and penalty.

The penalties are not simply civil. We're talking criminal prosecution, prison time and asset seizure, depending on the scale.

So pay your taxes, people. Bitcoin was not born in a vacuum; society contributed and taxes benefit society, like it or not.

Certainly not ALL three months, but definitely some:


Taxes. Taxes are good reasons. $25 Billion owed for 2017 in just the USA.

Cryptocurrencies Could Be 20% of Capital Gains Tax Payments This Year

The IRS has upped its ante with its Coinbase aggression. Misleading or ignoring the IRS is a whole hornet's nest of trouble. Bitcoin's history is rife with prosecutions and asset seizures for those who did not pay their taxes. Often, taxes gets them in more trouble than the illegal goods and services they might have been trading in the first place.

Anyone who thought BCash was just free money? Well, guess what, taxes. Every fork claimed in 2017 is taxable income, whether you sold it or not. If it was worth more than $1000, you need to pay taxes in the quarter you claimed it. Otherwise, guess what? Even more penalties and interest owed on top of your taxes.

Already spent your windfall during Christmas/New Year? Well time to unspend it.

So what we have here is a bunch of people owing taxes and back taxes and penalties/interest on taxes owed for maybe more than just 2017 and a whole bunch more people just waiting for them to further liquidate to pay their taxes. So the price will continue to drop, and all the smart traders and whales and investors and institutions are just twiddling their thumbs, waiting, accumulating on the dips, waiting.

Patiently.

Just like every Q1.

Do not underestimate the power of a sovereign nation to duly collect their taxes and to instill enough fear into motivating people to pay their taxes.

The very foundations of sovereignty rests upon the ability of a nation to collect taxes. And inflict punishment on those who do not.

Taxes. Taxes are good reasons. $25 Billion owed for 2017 in just the USA.

Cryptocurrencies Could Be 20% of Capital Gains Tax Payments This Year

The IRS has upped its ante with its Coinbase aggression. Misleading or ignoring the IRS is a whole hornet's nest of trouble. Bitcoin's history is rife with prosecutions and asset seizures for those who did not pay their taxes. Often, taxes gets them in more trouble than the illegal goods and services they might have been trading in the first place.

Anyone who thought BCash was just free money? Well, guess what, taxes. Every fork claimed in 2017 is taxable income, whether you sold it or not. If it was worth more than $1000, you need to pay taxes in the quarter you claimed it. Otherwise, guess what? Even more penalties and interest owed on top of your taxes.

Already spent your windfall during Christmas/New Year? Well time to unspend it.

So what we have here is a bunch of people owing taxes and back taxes and penalties/interest on taxes owed for maybe more than just 2017 and a whole bunch more people just waiting for them to further liquidate to pay their taxes. So the price will continue to drop, and all the smart traders and whales and investors and institutions are just twiddling their thumbs, waiting, accumulating on the dips, waiting.

Patiently.

Just like every Q1.

Do not underestimate the power of a sovereign nation to duly collect their taxes and to instill enough fear into motivating people to pay their taxes.

The very foundations of sovereignty rests upon the ability of a nation to collect taxes. And inflict punishment on those who do not.

Where were you on Feb 5?

Exactly this. We sliced through $5000 like a hot knife through butter and never tested again. Every other psychological barrier we've tested numerous times. I've been waiting for it ever since.


If this doesn't get the flailing newpaper media drooling, I don't know what will. The promise of easy, cheap, fast microtransactions is major game changer for newspapers, gamers, musicians, bloggers, digital artists... basically THIS is the promise that propelled Bitcoin in the early days, starting with two pizzas but somehow ending up with futures markets and gold parity.

With microtransactions, you can lease software applications by the minute, pay only for the streaming content you like, circumvent advertisers; the possibilities are limitless.

With microtransactions, you can effectively vote with your dollars and cents.

Once this goes mainstream, it's THIS that will propel the next bull cycle forward.

All you content providers, get chopping.

Sorry, Rosey, I know the misery bubbling from your well runs deep.

But look at the bright side: it can't possibly drop another $12,000! 

Congratulations, Ladies and Gents:

We have achieved PEAK MISERY! We're talking UNPARALLELED MISERY, not seen since Sept 2011. People actually had a valid reasons to be miserable then. Their Bitcorn only worth two dollar.

Now, we're just a bunch of whiny instabears worried about such terribly frightening issues as futures, taxation, regulation, hacks, bankruptcy settlements, and for fuck's sake, the tanking stock market?

Seriously people, if you can't see these issues are all GOOD NEWS for Bitcoin going forward, then GTFO. Sell your coins to someone worthy of sweetly CODLing them, for years to come if they have to. (OTC or P2P, of course. Don't you dare touch the Cartel's manipulated exchanges.)

This is the moment of truth. This is when baby lambonaires are born.

The last four of Bitcoin's MOST MISERABLE MOMENTS showed positive returns after 1, 3, 6, and 12 months. Even Sept 2011's bag-holders showed 20% returns after one year!

I know none of us have any capital left. But think of all your easily manipulated grandmamas, parents, teachers, aunts and uncles! You've likely already hacked into their accounts anyway, so get in there and BTFD on their behalf so that they, too, can share in this glorious MISERY!





The Bitcoin Misery Index, BMI, Is Flashing A Buy Signal

Congratulations, Ladies and Gents:

We have achieved PEAK MISERY! We're talking UNPARALLELED MISERY, not seen since Sept 2011. People actually had a valid reasons to be miserable then. Their Bitcorn only worth two dollar.

Now, we're just a bunch of whiny instabears worried about such terribly frightening issues as futures, taxation, regulation, hacks, bankruptcy settlements, and for fuck's sake, the tanking stock market?

Seriously people, if you can't see these issues are all GOOD NEWS for Bitcoin going forward, then GTFO. Sell your coins to someone worthy of sweetly CODLing them, for years to come if they have to. (OTC or P2P, of course. Don't you dare touch the Cartel's manipulated exchanges.)

This is the moment of truth. This is when baby lambonaires are born.

The last four of Bitcoin's MOST MISERABLE MOMENTS showed positive returns after 1, 3, 6, and 12 months. Even Sept 2011's bag-holders showed 20% returns after one year!

I know none of us have any capital left. But think of all your easily manipulated grandmamas, parents, teachers, aunts and uncles! You've likely already hacked into their accounts anyway, so get in there and BTFD on their behalf so that they, too, can share in this glorious MISERY!





The Bitcoin Misery Index, BMI, Is Flashing A Buy Signal

Finally some sense.

Establishing bottoms are a critical part of establishing price discovery and investor confidence.

Bottoms are where the biggest gains are to be found.

Bottoms attract new investors.

Unfortunately bottoms come laden with FUD. Smart money is immune to FUD.

BUY FEAR, SELL GREED.

Well, OP, I think it's safe to say it won't drop another $12,000. 

Maybe it can drop another 70%, but even at $2000, I suspect you would be asking the exact same questions.

So here's an idea: buy into every 10% drop until the end of the year. Or buy every Monday. Just portion out your gambling capital to dollar cost average your way in. Make a plan and stick to it.

If you plan on trading or holding for less than a year, don't even bother. I wouldn't even think about selling until 2021, one year after the next halvening.

Be prepared to lose everything. Easy come, easy go, after all.

But be forewarned: Amateur instabears may be fleeing but institutions are flocking.

That should tell you something about the future.

This is a HOLDers game.