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

[mb300sd]

If this means what I think it means... Have to consult a tax attorney.

Cash out enough bitcoins to become an accredited investor, place in IRA, put back into bitcoin, and keep taxable income under 100k...

[adamstgBit]

My question:
Aaaaaaaaaaaanyway, I had a simple question for the experts here, and I apologise in advance if this is already covered in another thread... When you all mention 'whales dumping', is this essentially the scenario you are talking about?
-- Say a whale has 20,000 BTC and decides to sell at a high of $1000 (in a few smaller dumps, but still within a concentrated period of time)... Since that would account for approximately 0.2% of the total coins currently in circulation, I would imagine that his dump could make a big enough dent in the current price. This dent can then be misconstrued as a crash and a bunch of 'noobs' panic sell, causing the price to plummet further (to say $880 like last night). Then the big whale comes along and buys back his 20,000 BTC for a now discounted price, pocketing $2.4 mil in fiat in the process. --

Is this what is happening? How long can this cycle continue?

(Note: I know that this is essentially what many of you are doing with regards to day trading bitcoin (i.e. buy low, sell high, rinse, repeat), but the key difference here is that these whales seem to be able to manipulate the price to their will (i.e. essentially have a crystal ball), in comparison to the 'average' day-trader who has to make strategic guesses as to what are highs and lows.)

your guess is as good as mine buddy.

i like to think the market is more then 2 big fat whales playing with themselfs.

[mb300sd]

If this means what I think it means... Have to consult a tax attorney.

Cash out enough bitcoins to become an accredited investor, place in IRA, put back into bitcoin, and keep taxable income under 100k...

the problem with this is, you dont get to hold your btc...

you have to trust someone else to manage it for you.

Its only a portion of my BTC, and having provable assets that could be used to back loans, etc, might be worth the costs. Have to look into it more, but its an option.

[CoinTraderPro]

http://www.oldbritishnews.com/ww1/wp-content/uploads/2013/07/sturmpanzerwagen-a7v.jpg


All aboard the STURMPANZERWAGEN!  

[Vycid]

If this means what I think it means... Have to consult a tax attorney.

Cash out enough bitcoins to become an accredited investor, place in IRA, put back into bitcoin, and keep taxable income under 100k...

the problem with this is, you dont get to hold your btc...

you have to trust someone else to manage it for you.

Its only a portion of my BTC, and having provable assets that could be used to back loans, etc, might be worth the costs. Have to look into it more, but its an option.

It's a good strategy for those with more than a couple million in BTC. Otherwise you will get the shit audited out of you if you cash out to any significant degree (or make big purchases).

[adamstgBit]

i'm going to do my Xmas shopping in bitcoin.

because i believe bitcoin is a self fulfilling prophecy, and i want to fulfill it!

[pdawg]

Lambo just bought from that dealer in newport (second car from them).

https://blockchain.info/address/1MVvYHYJxYCiP8xguQo6obqZGpxLkgTLTv

http://www.reddit.com/r/Bitcoin/comments/1sn0gi/someone_on_4chan_actually_bought_a_lamborghini/

yeah... that was me.

For you or your girlfriend?    I guess she gets to ride in it regardless though!  So happy for you!!

Honestly my wife bought it with her bitcoin. It is in her name.

I bought an XL 500 (not paid for with btc sadly) about 4 hours before. Was a long day.


And yes, once the Lambo gets here there will be all sorts of pics and what not. Hope to get the media on this and boost BTC. Once people know BTC can be used to buy things like Lambo's they might get a bit more interested in it.

COngrats!

[kjj]

Has this been mentioned yet?

Fidelity now allows clients to put bitcoins in IRAs

http://blogs.marketwatch.com/thetell/2013/12/11/fidelity-now-allows-clients-to-put-bitcoins-in-iras/

Very interesting.  I wonder if that is only for IRAs.  I'd love to get my HSA invested into bitcoins, and Fidelity does offer HSA investing...

[hmmmstrange]

If this means what I think it means... Have to consult a tax attorney.

Cash out enough bitcoins to become an accredited investor, place in IRA, put back into bitcoin, and keep taxable income under 100k...

the problem with this is, you dont get to hold your btc...

you have to trust someone else to manage it for you.

I have a couple of IRAs that I cannot touch for decades without huge fines. If I can move some into BIT through fidelity, without claiming "accredited investor" status, I will.

[JulieFig]

Yes, any big movement of coins is considered a whale moving.

EDIT: And your big long post woke gox up from its fugly army vehicle induced rising trance and its going down again

Sorry! I am cursed!

[prof7bit]

git pull

./goxtool.py --protocol=pubnub

experimental, coded in a hurry (emergency because of my bot) but seems to work ok already

[neutrinox]

JulieFig nice post, welcome to the forums!

[Vycid]

Stamp/Gox gap closing, historically that means we're going to see some movement.

Situation is unclear but my bet is on 'up'.

[JulieFig]

JulieFig nice post, welcome to the forums!

I've been reading for a while, but quite frankly, have been too intimidated by you big guns to post before. So thanks for the welcome - it is nice of you .

I think my Dad is in a pretty good situation - he has his 3000+ BTC which I know he would be tempted to cash out to get a nice tidy fiat sum. (Despite being a bitcoin believer, I think the lure of instantaneous gains is pretty strong.) But he physically can't touch it for another 8 years - it's all in his super account. I suspect he will be very thankful that the decision was out of this hands when the time comes to access it.

[Davyd05]

Stamp/Gox gap closing, historically that means we're going to see some movement.

Situation is unclear but my bet is on 'up'.

I hope everyone is trying to fact check all the news...some big upwards trends can begin once it all gets verified...bails in on the horizon, IRAs, Ebay listing a virtual currency section

[Dragonkiller]

JulieFig nice post, welcome to the forums!

I've been reading for a while, but quite frankly, have been too intimidated by you big guns to post before. So thanks for the welcome - it is nice of you .

I think my Dad is in a pretty good situation - he has his 3000+ BTC which I know he would be tempted to cash out to get a nice tidy fiat sum. (Despite being a bitcoin believer, I think the lure of instantaneous gains is pretty strong.) But he physically can't touch it for another 8 years - it's all in his super account. I suspect he will be very thankful that the decision was out of this hands when the time comes to access it.

What's a super account?

[Sitarow]

Hi all,

Big noob here...

Please tell me that you've done at least a few hours worth of research on wallet security!

If not, here are some keywords.

Offline wallet. Cold wallet. Offline storage. Paper wallet. Armory.

"delete all Bitcoin apps (bar the wallet) from my phone"

Thats a big no no.

Please use Armory at least for a copy of your wallet.

use a safe and "offline" Asus netbook or something.
https://bitcoinarmory.com/
https://bitcointalk.org/index.php?topic=56424.0

Ask your papi what he did to secure his wallet. Maybe you can take a page out of his book.

[ChartBuddy]

[BitChick]

JulieFig nice post, welcome to the forums!

Yes, welcome JulieFig.  We girls are a bit outnumbered on this board.

My husband is just about as obsessed as I am.  Give yours some time.  If the price hits about US $10,000 next year he might become an even bigger fan!  

We bought into the April spike in price and we were a bit underwater for a bit, which was disheartening.  However, a little patience is a great thing when it comes to BTC.  Just hold and wait for a few months.  Chances are very good you will not regret it and your small stash is more than most people have in the world.  Most have none!  

[Sitarow]