Maybe this thread will go down in infamy like all the others and be bumped in a few months maybe not. But it seems like a correction is coming (not necessarily an epic crash, but a correction nonetheless). The media hype has died down, volume is down (even in USD), the price spiked at $266 and I don't think we are going anywhere past that. The millionaires are cashing out (big sells today)... this rocket has reached its apex, now it's time for gravity to kick in. This isn't a bad thing, the price will drop and then stabilize and Bitcoin will finally actually be used for its intended purpose, as a currency at online stores. That will make the Bitcoin protocol as a whole more valuable.
Wow... in the time it took me to write this post, the price has already dropped $10. Glad I cashed out when I did.
Have fun with your dollars. |
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Some cheap coins up for the taking if you can get in there.
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I guess you missed the point of the question on the Bitcoins forum. How is buying something with Bitcoins which have increased in value different from buying something with Euros after going up in value? I keep hearing about capital gains for spending your currency but have never heard of this when it comes to other currencies. |
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It's the weekly exhaustion.
$260 was much too high, I was surprised when I woke up this morning to see it had risen that far. Panic buying I presume.
Back to $190 or thereabouts, possibly.
Then next week we go up again.
With that said, I didn't sell and I don't think this is even close to topping out.
It is the Gox lag. Price falls more the longer the lag time. When the lag clears up the price jumps up. I would write a trading bot to trade based upon lag time but they will be clearing that up in a day or so. |
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Thats the stupidest tax advice I ever heard anywhere: Spending Bitcoin on goods is as taxable as spending it on $$. You have to pay Capital gains tax on the price of the good you buy!!!!!!!!!!!!
Nice try, bumping you store buy turning you potential customers into believing that they can avoid having to pay tax!!
The only tax free Bitcoins you can spend are the ones bought with taxed $$, the ones coming out of your own pocket!!
Not my store, I just like the concept. If you go to Europe and exchange your dollars for Euros and the price of Euros goes up, you do not have to pay Capital gains tax on the products you buy with your Euro. The only Bitcoins I own are the ones bought with taxed $$. |
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Interesting, I do not see why they would not do it. All they do is take your order and pay cash for whatever you purchase. |
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It appears to have gone under the radar but, http://www.bitspend.net allows you to purchase anything on the Internet using Bitcoins. So...if you ever plan on buying anything on the Internet in the future, you may as well keep your BTC instead of losing a chunk of it in taxes. |
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How does one predict the trend of some millionaire in China picking up a newspaper and reading about Bitcoin for the first time and having it "click"?
Same thing in any other part of the world.
There is nothing to predict when someone with a lot of money may start moving money today or wait until returning from a business trip next week.
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I believe we are getting an inside peek at the mindset of the "weak hands".
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Will you declare the watch to customs when you re-enter? (I believe it's under the threshold?)
Also, i think capital gains etc would only apply if you sold the watch, and purchased it for that reason. For a thousand bucks i wouldn't even worry about it.
I guess I could declare it. Or just give it away. Either way. So, what if I went to a store in the United States that took Euros and purchased the watch there? Same amount as in Europe. And what if it was a really nice $10,000 watch? |
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When the bubble bubble pops THEN we'll know we're in a bubble. When bears turn into bulls just because they are envious of your gains, it's about to blow off (+ a few weeks because people can't just call their broker to buy).
I have a software program tracking proudon. If he ever turns into a bull I have it set to sell everything and then short Bitcoin, taking a loan out on my house to short on every exchange that allows it. |
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Say I am going on a trip to Europe. I convert $1,000 to 800 Euros (assume 1.25Euro/dollar).
A week into my trip the price of Euros jumps against the dollar. Euro jumps from 1.25/dollar to 2.50/dollar.
I go to the store and purchase a watch that in the United States costs $1,000 but I only pay 400 Euro. I also spend the rest of my Euro on some great meals and entertainment.
Do I need to pay Capital gains tax on the rise in value of the Euro vs the dollar ($1,000)?
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With the increased usage of the word "bubble" in Keynesian media stories and bear posts we are reaching the point of full saturation of bubble posts and articles.
Some articles are even increasing the usage of the word "bubble" within the article to increase its usage. If this trend continues, every Kenesian news story and bear post will consist of well over 90% using just the word "bubble".
It is my theory that by the time this reaches 100%, there will be no room left for the word "Bitcoin". Even the most hard core liberal will not be able to read a news story consisting only of the word "bubble" and will not be willing to read it. Governments will prop up the news articles with bail outs but it will be at that point that the bubble bubble will burst and the news stories will go back to only 90% bubble talk.
I have done much research on this and even include a chart:
^
/ \_^__ 90%
/
/
_/
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Ahh, here is an example:  |
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BORING... we need increase now  I do not know charts very well but looking at the current price pattern I would say that it is one of those converging triangle things where once the lines meet anything can happen... I am sure someone else can probably explain it better. |
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New bie question What's this queue ? It's how many people are waiting in line to use MtGox. To be clearer, it is the number of people who want to move >$5k per day into gox or >100 BTC per day out of it including ALL new SEPA depositors, +/- all the fuzzy exceptions which gox only knows the full extent of. My buddy just signed up for a MtGox account. He was put in the queue just to get a verified account. |
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Such as?
Btw. I have a lot of people on ignore.
Hm must be thinking of someone else. Looked through some of your post history and closest I've seen to not comparing to previous bubble is insinuation this isn't a bubble. This is not a bubble. But even if it were. We would only lose a couple of days from the price. I believe the bubble talk is in a bubble though. The amount of times the word bubble is mentioned cannot be maintained. |
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I believe all of us here at Bitcoin would agree that if the Federal Reserve were to pump Bitcoin up to $1 trillion per bitcoin, we would all be very pissed and stop doing Bitcoin stuff.
Hopefully nobody from the Fed is on here right now spying and finding out our secret weakness. They would be hailed heros when they implement their plan and destroy Bitcoin.
I hope that never happens.
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Why do you disregard comparisons to the first bubble when it's inconvenient to your argument
Such as? Btw. I have a lot of people on ignore. |
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