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Question: Next Bubble Top (resulting in a new ATH):
Will never reach a new ATH - 7 (7.7%)
$20,000-$49,999 - 18 (19.8%)
$50,000-$99,999 - 23 (25.3%)
$100,000-$149,999 - 19 (20.9%)
$150,000-$199,999 - 7 (7.7%)
$200,000-$249,999 - 5 (5.5%)
$250,000-$299,999 - 1 (1.1%)
$300,000-$350,000 - 1 (1.1%)
>$350,000 - 10 (11%)
Total Voters: 91

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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 21501378 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (138 posts by 32 users deleted.)
Dabs
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June 16, 2017, 01:01:23 PM

If you claim that the latest bitcoins you bought are the ones you sold (and either claim a loss or a small profit).... How do you plan to declare the previously bought bitcoins if you ever need to sell them for banking fiat in the future?

I mean, if you do that you are basically claiming the latest bitcoins you bought are the first/only ones you got. You could have a hard time later proving you had some more when you yourself declared you don't.

Or maybe canadian law is different in this specifics.

Uh.... he's got lots of paper wallets. Pick the oldest one, then sweep some or all of it to a new paper wallet 1 to 2 weeks before you actually need to exchange it. When you finally exchange it, it's only 1 week old, declare capital gains or losses as appropriate.

A good idea in this scenario is to constantly move your paper wallets to new paper wallets every month.
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BlindMayorBitcorn
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June 16, 2017, 01:18:50 PM

I should think if he ever wants to cash out to buy property he'll likely want a record of when the coins were purchased. Just showing up with hundreds of thousands in Bitcoins raises those sorts of questions.
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June 16, 2017, 01:21:05 PM

I should think if he ever wants to cash out to buy property he'll likely need a record of when the coins were purchased. Just showing up with hundreds of thousands in Bitcoins raises those sorts of questions.
He "purchased" them 2 months ago. It says right here on the block explorer. "Value at time of transaction."
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June 16, 2017, 01:22:37 PM

I should think if he ever wants to cash out to buy property he'll likely need a record of when the coins were purchased. Just showing up with hundreds of thousands in Bitcoins raises those sorts of questions.
He "purchased" them 2 months ago. It says right here on the block explorer. "Value at time of transaction."

Ok, where did he get hundreds of thousands of dollars 2 months ago? Drugs? (It was probably drugs.)

Hold please..
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June 16, 2017, 01:38:23 PM

I should think if he ever wants to cash out to buy property he'll likely need a record of when the coins were purchased. Just showing up with hundreds of thousands in Bitcoins raises those sorts of questions.
He "purchased" them 2 months ago. It says right here on the block explorer. "Value at time of transaction."

Ok, where did he get hundreds of thousands of dollars 2 months ago? Drugs? (It was probably drugs.)

Hold please..

It's turtles all the way down ...

I'm sure he can think of something. This part is best left to your imagination. The drug guys and organized crime have been doing it for years. Or you could mix it up and use your crypto to buy PMs (like gold or silver) from a reputable site then sell those to a PM dealer local to you. (Big transactions will get recorded.)
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June 16, 2017, 01:48:20 PM

I should think if he ever wants to cash out to buy property he'll likely need a record of when the coins were purchased. Just showing up with hundreds of thousands in Bitcoins raises those sorts of questions.
He "purchased" them 2 months ago. It says right here on the block explorer. "Value at time of transaction."

Ok, where did he get hundreds of thousands of dollars 2 months ago? Drugs? (It was probably drugs.)

Hold please..

It's turtles all the way down ...

I'm sure he can think of something. This part is best left to your imagination. The drug guys and organized crime have been doing it for years. Or you could mix it up and use your crypto to buy PMs (like gold or silver) from a reputable site then sell those to a PM dealer local to you. (Big transactions will get recorded.)

It's certainly turtles.

It's becoming common in Silicon Valley, for example, to make large purchases like property with Bitcoin. If you can prove you bought early and hodl'd them it makes it easier. Paper wallets make excellent records.
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June 16, 2017, 02:04:39 PM

I'm sure he can think of something. This part is best left to your imagination. The drug guys and organized crime have been doing it for years. Or you could mix it up and use your crypto to buy PMs (like gold or silver) from a reputable site then sell those to a PM dealer local to you. (Big transactions will get recorded.)

Or, you know, you could always just say that you got your bitcoin from Mt. Gox. Or from Cryptsy. Or from [insert any other exchange that disappeared here]. How would they know otherwise?
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June 16, 2017, 02:15:18 PM

And I just remembered that JimboToronto is in Canada, where I have it from reliable sources that in a nation with hundreds of thousands of immigrants annually, some of them, with no credit history or record at all, buy properties in the millions of dollars, in cash. Because they can't get a mortgage or a home loan.

The realtors don't ask questions, after all, they have already landed. (In fact, even non residents can own property, as long as they pay.)

I heard a story about this wealthy Chinese, moved to Canada, bought a large plot of land with a house in it (even though he did not like the house), demolished the house, and put up a new one that looks the way he wants it to look (like a Chinese temple or something, all bright red and that, yes, it's the stereotype too.) Cash.

When I say cash, I actually mean guaranteed funds, bank wire, bank draft, certified cheque, or the equivalent of a giant money order.

The Big Five in Canada, they don't ask questions when you open a brand new account with them, use your passport as identification and deposit a few million dollars.

I think Jimbo's problem is, he doesn't like using the banking system there, so he probably literally has to have the cash. And he's been there for awhile ...
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June 16, 2017, 02:26:07 PM

The realtors don't ask questions, after all, they have already landed. (In fact, even non residents can own property, as long as they pay.)

I heard a story about this wealthy Chinese, moved to Canada, bought a large plot of land with a house in it (even though he did not like the house), demolished the house, and put up a new one that looks the way he wants it to look (like a Chinese temple or something, all bright red and that, yes, it's the stereotype too.) Cash.

So much for China's yearly capital controls, har har. Of course the wealthy always know a way to grease the wheels.
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June 16, 2017, 02:29:46 PM

The realtors don't ask questions, after all, they have already landed. (In fact, even non residents can own property, as long as they pay.)

I heard a story about this wealthy Chinese, moved to Canada, bought a large plot of land with a house in it (even though he did not like the house), demolished the house, and put up a new one that looks the way he wants it to look (like a Chinese temple or something, all bright red and that, yes, it's the stereotype too.) Cash.

So much for China's yearly capital controls, har har. Of course the wealthy always know a way to grease the wheels.

Enter Bitcoin stage left.
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June 16, 2017, 02:41:32 PM

I'm sure he can think of something. This part is best left to your imagination. The drug guys and organized crime have been doing it for years. Or you could mix it up and use your crypto to buy PMs (like gold or silver) from a reputable site then sell those to a PM dealer local to you. (Big transactions will get recorded.)

Or, you know, you could always just say that you got your bitcoin from Mt. Gox. Or from Cryptsy. Or from [insert any other exchange that disappeared here]. How would they know otherwise?

If they are tech savvy they would use a site like this one that uses taint analysis to calculate where coins came from. This is the free version, but there's a better paid version that exchanges probably use.

https://www.walletexplorer.com/

That's probably how coinbase knows if your coins break its rules by being associated with a gambling site.
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June 16, 2017, 03:09:41 PM

I'm sure he can think of something. This part is best left to your imagination. The drug guys and organized crime have been doing it for years. Or you could mix it up and use your crypto to buy PMs (like gold or silver) from a reputable site then sell those to a PM dealer local to you. (Big transactions will get recorded.)

Or, you know, you could always just say that you got your bitcoin from Mt. Gox. Or from Cryptsy. Or from [insert any other exchange that disappeared here]. How would they know otherwise?

But they don't work like that, the just put a hold on your money and say prove what you say is true.
You effectively need to prove your innocence.
I have already pulled together a bunch of historic records from all the places I bought bitcoins from back in the day.
Plus having some old private keys of where your coin used to be will help, as you can sign a message saying that this address belongs to me.  So you can show a trail.
(I think for most people this is only important for property purchases)


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June 16, 2017, 03:16:21 PM

Day trader extraordinaire Greg Mannarino chimes in on the Bitcoin shakeout:

https://www.youtube.com/watch?v=QM7d1orIEvo

Really sharp guy, good advice

Interesting. I checked it out and I see his point, it definitely makes some sense.

But one thing I don't understand: how can the Powers That Be (central banks, GSachs etc) keep the price low if they have to continually buy? Dump, dump dump... what do they do when the ammo's over? Buy again at a presumably higher price? Every single btc that gets bought by someone else at those lower prices will eventually push the actual rebuying price higher. Or is something escaping me?
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June 16, 2017, 03:33:18 PM

Dump, dump dump... what do they do when the ammo's over?

Two options:
- Rob an exchange or other bitcoin business that hold customer bitcoins.
- With margin trading you can sell bitcoins without having a single bitcoin.
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June 16, 2017, 03:37:42 PM

SegWit arguement has be quashed ===> FLORINS(FLO) is going to be our guinea pig *

https://poloniex.com/exchange#btc_flo

 Cool

~ see how easy that was? = Bitcoin just needs BIGGER 2MB blocks for now NOT EXPERIMENTAL HF!! lol
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June 16, 2017, 03:48:30 PM




guys, we are getting segwit!  

are we rich yet??  Huh

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June 16, 2017, 03:50:05 PM

SegWit arguement has be quashed ===> FLORINS(FLO) is going to be our guinea pig *

https://poloniex.com/exchange#btc_flo

 Cool

~ see how easy that was? = Bitcoin just needs BIGGER 2MB blocks for now NOT EXPERIMENTAL HF!! lol
Litecoin implemented segwit some weeks ago, its the best reference
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June 16, 2017, 04:20:09 PM

Good morning Bitcoinland.

It's starting to look like yesterday's HF panic was the bottom. It's already back up battling for $2500... currently $2485USD (Bitcoinaverage) after briefly hitting $2525.

Without the Bitmain horseshit, $2500 probably would have been the bottom. Instead we got an extra good buying opportunity

Hopefully the slow grind back up will continue.
____ 

I see there's a little discussion about my plans for the inevitable taxes on my Bitcoin earnings, but I have to rush out to an appointment. I'll comment later.
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June 16, 2017, 04:30:58 PM

I see there's a little discussion about my plans for the inevitable taxes on my Bitcoin earnings, but I have to rush out to an appointment. I'll comment later.
Where do you live?
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June 16, 2017, 04:33:54 PM

A must watch about Bitcoin manipulation by central banks!

The timing of all of this BTC turmoil is highly suspicious and I agree with this video 100%

https://www.youtube.com/watch?v=QM7d1orIEvo
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