Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[toknormal]

@toknormal: Will be interesting if this is the laboratory for a true fork of a sizable network. The only principled decision is to be firmly against the blacklisting and the bailout/reversal of TheDAO's failure. If PoS needs to get tabled for a while/indefinitely, maybe that's what happens.

That was my opinion as well, but the devs seem desperate to save the DAO funds. I wouldn't be so hasty - it's a massive precedent to set. I think they might be worried about that amount of coin ending up in one pair of hands, but - tough.

Doesn't matter. You win some, you lose some but you must be hedged. Thats essential.

Bitcoin has its own problems coming up - Lightning network. Thats gonna be a complete nightmare. Sidechains are also a total clusterf*ck that have nothing to do with good monetary properties.

So I just think people should not get too cocky when watching others slip into an unexpected pool of quicksand because there will be one waiting for them right around the corner.

[jojo69]

I can't even believe this thread is still going...lol

[Tzupy]

This strong rally has attracted only minor attention:

[JayJuanGee]

This strong rally has attracted only minor attention:

Why don't you identify about what the chart refers?

[rumpey]

This strong rally has attracted only minor attention:

Why don't you identify about what the chart refers?

It looks like the bitcoin days destroyed chart, but without a vertical axis scale I can't be sure.

This is the days destroyed chart from blockchain.info, it follows the same pattern as tzupy's but with more detail.

[jojo69]

google searches??

[yefi]

It would be highly surprising if we don't experience a bullish correction during this rally. I have the top at 789.78 on finex. We are hovering in the 750's.

I have bids at ~614 (50%) and ~572 (61.8%). They may not get hit which is fine. No one ever went bankrupt taking profit. Keeping a close eye in case i have to pile back in :-)

If you zoom the charts out, from the ATH to the post-bubble lows, we've now hit the 0.618 fib line on most exchanges. Definitely the potential for a reversal here, and I haven't thought that at any point previously in this rally. If we can break 800 we should be good though.

[rumpey]

google searches??

I tried that but the best google could do was link to tzupy's image and say the best guess is that it's a diagram.

[Ted E. Bare]

Bitcoin Block Reward Halving Countdown:
Only 20 more days!

Reward drop ETA: Sun, 10 Jul 2016 01:11:43 GMT

[yefi]

google searches??

I tried that but the best google could do was link to tzupy's image and say the best guess is that it's a diagram.

lol no, he means google trends dude.

[jojo69]

thanks yefi...yes

[dumbfbrankings]

$800 2nite?

Well, thanks for asking, dumbfbrankings.  I was able to sell several coins on the rise from around $670 to $778...

That's a tidy profit of several hundred dollars. Nice work JJG, keep it up, I'm proud of you. 

Well, my perspective is a bit different from that. 

We're all entitled to our own opinions, however wacky. It is how the IRS views it, tho.

[BlackSpidy]

So, I made it out of this rally with the same USD amount my stash was worth when this started... but I kept 45% of my btc stash. That was great.

Yea, right  

Bitcoin will never reach $700 again. This is why I have liquidated my position in Bitcoins. There is very little upside going forward. Block size limit is too low. No forward moves of late have any traction whatsoever and demand continues to lag. Way too little upside for such a risky proposition so my advice is to move into dollars.  Only a significant change in the economy could alter this forecast.

Urm... I did keep my BTC. That thread was a parody on this one (Bitcoin will never reach $20 again). Come on.

I call shenanigans.

Ding Ding Ding! Congratulations! You win a price, friend.

[...]
I think we might see it just barely touch $700 at the incoming pre-halving pump (which will be followed by a nasty, delicious-price-providing crash).
[...]

[ssmc2]

Reversal or fakeout? 

[BlackSpidy]

Reversal or fakeout?  

No way to tell, really. I've got a small margin short (base price $760) that I have small sell orders for, going all the way up to $900. I think we're over-bought, we can test the ATH, but not punch through it (for long?). Ether way, the top of this rally is soon approaching. The next test of support might go into even the low $600s, in the coming two months. Good luck, everyone.

[JayJuanGee]

$800 2nite?

Well, thanks for asking, dumbfbrankings.  I was able to sell several coins on the rise from around $670 to $778...

That's a tidy profit of several hundred dollars. Nice work JJG, keep it up, I'm proud of you. 

Well, my perspective is a bit different from that. 

We're all entitled to our own opinions, however wacky. It is how the IRS views it, tho.

Since when did you become a bitcoin tax consultant?    Bitcoin taxes vary based on jurisdiction, and there is some interpretation variance, too.

O.k.  Assuming the gain is in the united states, when is the investor going to realize a gain in terms of bitcoin as a capital gains? 

Not based on merely the fact that the trader is making trading profits, but instead based on when the trader actually cash out the gain and the gain is "realized."   

There may be some ambiguity also when the bitcoin trading is taking place across multiple exchanges, and thereby how records are kept and when a person actually cashes out versus moving money from one exchange to another.  These are not necessarily clear answers, but it still will be good for traders to have some perspective the way s/he is treating  and possibly reporting such activities, to the extent that they may be reportable. 

Furthermore, if we are talking completely about trading and profits on one exchange, and making bitcoin profits there, that profit is pretty clearly not "realized" under the US tax laws if the trader is not removing those funds in and out of the one exchange, so in the case of keeping funds on one exchange and not removing them, there is no taxable event to talk about, and I would not be planning to report any of that.. If others chose to report, then they are likely causing more work on themselves than necessary to report gains or losses that have not been "realized"...

Anyhow, you seem to be muddying the waters when you are now raising questions regarding tax implications, when that was not even part of any of the earlier points being raised by either you or me...  Earlier your point appeared to be to attempt to belittle some earnings taking place through trades, and then now, your point seems to distract by attempting to raise some kind of inference of legal/tax questions, which is merely a new topic.

[matt4054]

With almost 14M views, this topic will soon have more views than the number of BTC in circulation

[dumbfbrankings]

$800 2nite?

Well, thanks for asking, dumbfbrankings.  I was able to sell several coins on the rise from around $670 to $778...

That's a tidy profit of several hundred dollars. Nice work JJG, keep it up, I'm proud of you. 

Well, my perspective is a bit different from that. 

We're all entitled to our own opinions, however wacky. It is how the IRS views it, tho.

Since when did you become a bitcoin tax consultant?    Bitcoin taxes vary based on jurisdiction, and there is some interpretation variance, too.

O.k.  Assuming the gain is in the united states, when is the investor going to realize a gain in terms of bitcoin as a capital gains? 

Not based on merely the fact that the trader is making trading profits, but instead based on when the trader actually cash out the gain and the gain is "realized."   

There may be some ambiguity also when the bitcoin trading is taking place across multiple exchanges, and thereby how records are kept and when a person actually cashes out versus moving money from one exchange to another.  These are not necessarily clear answers, but it still will be good for traders to have some perspective the way s/he is treating  and possibly reporting such activities, to the extent that they may be reportable. 

Furthermore, if we are talking completely about trading and profits on one exchange, and making bitcoin profits there, that profit is pretty clearly not "realized" under the US tax laws if the trader is not removing those funds in and out of the one exchange, so in the case of keeping funds on one exchange and not removing them, there is no taxable event to talk about, and I would not be planning to report any of that.. If others chose to report, then they are likely causing more work on themselves than necessary to report gains or losses that have not been "realized"...

Anyhow, you seem to be muddying the waters when you are now raising questions regarding tax implications, when that was not even part of any of the earlier points being raised by either you or me...  Earlier your point appeared to be to attempt to belittle some earnings taking place through trades, and then now, your point seems to distract by attempting to raise some kind of inference of legal/tax questions, which is merely a new topic.

I'm not. Yes, treatment varies by jurisdiction. Assuming US tax law... I'm pretty sure everything you subsequently stated is bollocks, and you should be ashamed for possibly misleading unwitting readers. That's like saying my stock trades are only counted as gains/losses when I wire money out/in of/to my brokerage account.

You can choose to pay taxes or avoid them, that's a decision everyone has to weigh individually.

*Not tax professional. Consult your own counsel. Information provided without warranty or guarantee.*

[JayJuanGee]

$800 2nite?

Well, thanks for asking, dumbfbrankings.  I was able to sell several coins on the rise from around $670 to $778...

That's a tidy profit of several hundred dollars. Nice work JJG, keep it up, I'm proud of you. 

Well, my perspective is a bit different from that. 

We're all entitled to our own opinions, however wacky. It is how the IRS views it, tho.

Since when did you become a bitcoin tax consultant?    Bitcoin taxes vary based on jurisdiction, and there is some interpretation variance, too.

O.k.  Assuming the gain is in the united states, when is the investor going to realize a gain in terms of bitcoin as a capital gains? 

Not based on merely the fact that the trader is making trading profits, but instead based on when the trader actually cash out the gain and the gain is "realized."   

There may be some ambiguity also when the bitcoin trading is taking place across multiple exchanges, and thereby how records are kept and when a person actually cashes out versus moving money from one exchange to another.  These are not necessarily clear answers, but it still will be good for traders to have some perspective the way s/he is treating  and possibly reporting such activities, to the extent that they may be reportable. 

Furthermore, if we are talking completely about trading and profits on one exchange, and making bitcoin profits there, that profit is pretty clearly not "realized" under the US tax laws if the trader is not removing those funds in and out of the one exchange, so in the case of keeping funds on one exchange and not removing them, there is no taxable event to talk about, and I would not be planning to report any of that.. If others chose to report, then they are likely causing more work on themselves than necessary to report gains or losses that have not been "realized"...

Anyhow, you seem to be muddying the waters when you are now raising questions regarding tax implications, when that was not even part of any of the earlier points being raised by either you or me...  Earlier your point appeared to be to attempt to belittle some earnings taking place through trades, and then now, your point seems to distract by attempting to raise some kind of inference of legal/tax questions, which is merely a new topic.

I'm not. Yes, treatment varies by jurisdiction. Assuming US tax law... I'm pretty sure everything you subsequently stated is bollocks, and you should be ashamed for possibly misleading unwitting readers. That's like saying my stock trades are only counted as gains/losses when I wire money out/in of/to my brokerage account.

You can choose to pay taxes or avoid them, that's a decision everyone has to weigh individually.

*Not tax professional. Consult your own counsel. Information provided without warranty or guarantee.*

I'm not sure how you are suggesting that I am wrong about something, because in your subsequent post, aren't you saying the same thing as me, more or less?

[JimboToronto]

I don't know about the USA but here in Canada, profits from Bitcoin trading are considered capital gains, realized at the time of sale. If you mine them, they're taxable as income at the time of sale.

If you don't sell them, I guess you're on the honor system. Earnings received in barter are taxable, but just try to prove it when you spend them for goods or services..