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

[Drabla]

LTC @ BFX  .oO

[seleme]

I wish it was a simple crash though, those are not making people to scream "Bitcoin is dead" like it is now the case.

Why? The crashes that make people scream "Bitcoin is dead" are the best crashes. More people screams "Bitcoin is dead", the bigger is the buying opportunity.

I hope the US follows China and "ban" bitcoin soon. I'm one of those who thinks that its pretty much unavoidable at some point, and in fact I'm surprised that it hasn't happened yet.

This game is played in the long run. Anxious to be a multi-millionaire? Then probably you will sell too soon. Ask yourself if you are into this only for the fiat profits - if the answer is yes probably you are into a game that is too risky. If the answer is no, the ban on Bitcoin is just a step needed for it to demonstrate that it is really the resilient, de-centralized currency that will change the world.

If you have been in the game for a few months, I hope you already secured some profits by selling a few coins at a rationally-decided target. If you just entered the game, just hold - we will see where we are in a couple of years.

Grabbing popcorn. Sending fiat to exchanges. Enjoy, gents.
            

Well, I wouldn't like US to ban Bitcoin tbh.

I'm too old to think about changing the world tbh, that's like 15 years ago, I'm here about making the money and that would be shit.

[virtualfaqs]

If you buy 100k USD in BTC, and by next April 15 these are worth 1 million USD, will you have to pay ~300k USD to the IRS?

Does it matter whether the IRS considers Bitcoin a "stock" or a "foreign currency"?

This is not legal advice so I'm not held liable if you screw anything up on your taxes.

Most people consider BTC capital assets. You only pay taxes if you sell. So if you sell at 1 million USD and buy back at 1 million USD. Then price drops to $500USD/BTC now. You'll be in big trouble because you'll still have to pay taxes on 1 million USD unless you sell again.

[seriouscoin]

This is just how I see it.  I could and I probably am wrong, but this is what I have in my mind, for the short term future.

Agreed.  We are about to move back down.  I expect a new low.

lol, new low is correct. but rather a new low of your btc holdings.

(those of you who did sell above 900  )

I hope you sold finally

$350 is the bottom, chart seems correct,
$375 on CNY already, other exchanges to follow soon
The biggest BTC exchange got closed, that means something.

Did the charts tell you about China's ban?    Right i guess so

[Searing]

BTCChina CEO saying that no deposits is not official stand but third payment one's.

http://video.cnbc.com/gallery/?video=3000229171&__source=yahoo

yeah.........they are just allowing folks to get their cash out before they close down the exchanges imho

just doing this in stages imho

[crazy_rabbit]

Why does the price of LTC/BTC also tank during this? Is it because if you lose faith in BTC (with the BTC/USD price crashing) you loose even more faith in alts?

LTC is tied with BTC pretty much always since March (bar a short period of 2-3 weeks below it's huge rise recently).

Most coins are now tied with BTC unfortunately, and that's something new. They were usually going in opposite direction of btc and that's where big money could be made.

Yeah, an unfortunate trend.  I was hoping the alt coins could be used as a hedge against BTC :/

They still could but not on the range they used to be.

Actually I'm moving over to LTC. People are panicking more in LTC then elsewhere. Means they will freak out more then elsewhere on the way back up.

[rpietila]

I don't think it will go much lower anymore in the short term. Even if they sell it to zero in China does not mean that the west would not have competition on who would get the cheap coins. Short term we are very oversold and it is only a liquidity/waking hours issue to go back up. The fact that there is a huge arbitrage coin influx from China dampens it a "little bit", though, but this is already in prices in the west.

The exponential trend (now at $437) was touched, which means that longer term bitcoin is no more overvalued. I regard this as a good entry point and have bought thousands of bitcoins yesterday and today, closing all speculative short positions at a nice profit and gone speculative long with funds I need in 1-2 months.

My last bid in Bidstamp is sitting at 421.42, please somebody sell into it!

[ChefBorjan]

Why does the price of LTC/BTC also tank during this? Is it because if you lose faith in BTC (with the BTC/USD price crashing) you loose even more faith in alts?

LTC is tied with BTC pretty much always since March (bar a short period of 2-3 weeks below it's huge rise recently).

Most coins are now tied with BTC unfortunately, and that's something new. They were usually going in opposite direction of btc and that's where big money could be made.

Sorry I still don't quite understand. What do you exactly mean by tied?

I get that LTC/USD drops as well, since people think LTC is only worth a fraction of BTC (which in my mind means 'tied').

But I don't understand why LTC is now thought to be worth less BTC than a few days ago.

[seleme]

LTC @ BFX  .oO

it was 48 or so once. It got a huge hit.

[traderCJ]

BTCChina CEO saying that no deposits is not official stand but third payment one's.

http://video.cnbc.com/gallery/?video=3000229171&__source=yahoo

yeah.........they are just allowing folks to get their cash out before they close down the exchanges imho

just doing this in stages imho

I think that's the reason they started charging fees.  Make some money before closing up shop.  Also notice that he didn't deny that banks would be severed from exchanges, only that there hasn't been an official statement to that effect yet.  

[mmitech]

Why does the price of LTC/BTC also tank during this? Is it because if you lose faith in BTC (with the BTC/USD price crashing) you loose even more faith in alts?

LTC is tied with BTC pretty much always since March (bar a short period of 2-3 weeks below it's huge rise recently).

Most coins are now tied with BTC unfortunately, and that's something new. They were usually going in opposite direction of btc and that's where big money could be made.

Yeah, an unfortunate trend.  I was hoping the alt coins could be used as a hedge against BTC :/

They still could but not on the range they used to be.

Actually I'm moving over to LTC. People are panicking more in LTC then elsewhere. Means they will freak out more then elsewhere on the way back up.

I was thinking about the same, but the thing with LTC is you never know how long it will takes for it to recover, it can drop coordinately with BTC but it doesn't mean that it will do the same when BTC start rising and you will be stuck for sometime there (I was there many times)

[I_bitcoin]

I don't think it will go much lower anymore in the short term. Even if they sell it to zero in China does not mean that the west would not have competition on who would get the cheap coins. Short term we are very oversold and it is only a liquidity/waking hours issue to go back up. The fact that there is a huge arbitrage coin influx from China dampens it a "little bit", though, but this is already in prices in the west.

The exponential trend (now at $437) was touched, which means that longer term bitcoin is no more overvalued. I regard this as a good entry point and have bought thousands of bitcoins yesterday and today, closing all speculative short positions at a nice profit and gone speculative long with funds I need in 1-2 months.

My last bid in Bidstamp is sitting at 421.42, please somebody sell into it!

Welcome back Risto!

[macsga]

I don't think it will go much lower anymore in the short term. Even if they sell it to zero in China does not mean that the west would not have competition on who would get the cheap coins. Short term we are very oversold and it is only a liquidity/waking hours issue to go back up. The fact that there is a huge arbitrage coin influx from China dampens it a "little bit", though, but this is already in prices in the west.

The exponential trend (now at $437) was touched, which means that longer term bitcoin is no more overvalued. I regard this as a good entry point and have bought thousands of bitcoins yesterday and today, closing all speculative short positions at a nice profit and gone speculative long with funds I need in 1-2 months.

My last bid in Bidstamp is sitting at 421.42, please somebody sell into it!

THERE HE IS!!!!

WELCOME BAAAAAAAACK!!!!!!

[pickard]

This is just how I see it.  I could and I probably am wrong, but this is what I have in my mind, for the short term future.

Agreed.  We are about to move back down.  I expect a new low.

lol, new low is correct. but rather a new low of your btc holdings.

(those of you who did sell above 900  )

I hope you sold finally

$350 is the bottom, chart seems correct,
$375 on CNY already, other exchanges to follow soon
The biggest BTC exchange got closed, that means something.

Did the charts tell you about China's ban?    Right i guess so

Yes..  The ban in China happened before.  

[JorgeStolfi]

If you buy 100k USD in BTC, and by next April 15 these are worth 1 million USD, will you have to pay ~300k USD to the IRS?

Does it matter whether the IRS considers Bitcoin a "stock" or a "foreign currency"?

This is not legal advice so I'm not held liable if you screw anything up on your taxes.

Most people consider BTC capital assets. You only pay taxes if you sell. So if you sell at 1 million USD and buy back at 1 million USD. Then price drops to $500USD/BTC now. You'll be in big trouble because you'll still have to pay taxes on 1 million USD unless you sell again.

Thanks, but that seems a question people should worry about: "will the IRS (or your nation's equivalent) consider BTC capital or cash?"

[seriouscoin]

Fck,..... mtGox makes a killing for the past 2 days!


DAMN .... that fat fuck will have an orgy with Jap chicks this weekend.

[Sitarow]

[crazy_rabbit]

I don't think it will go much lower anymore in the short term. Even if they sell it to zero in China does not mean that the west would not have competition on who would get the cheap coins. Short term we are very oversold and it is only a liquidity/waking hours issue to go back up. The fact that there is a huge arbitrage coin influx from China dampens it a "little bit", though, but this is already in prices in the west.

The exponential trend (now at $437) was touched, which means that longer term bitcoin is no more overvalued. I regard this as a good entry point and have bought thousands of bitcoins yesterday and today, closing all speculative short positions at a nice profit and gone speculative long with funds I need in 1-2 months.

My last bid in Bidstamp is sitting at 421.42, please somebody sell into it!

Welcome back!

[spike420211]

fucking bottom out already... jfc

[macsga]

And, now that Risto's here again...

UP WE GO!!!!