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I honestly think people think this is tied to ethereum when it's really attached to "ethereum classic". I wonder how many folks are trading like this?
If you were around gbtc in the beginning the stock was up and down all the time. I wouldn't worry about the premiums here. It will eventually stabilize and correct itself so to speak. This is going crazy due to very very very thin trading. Gbtc trades more in 10-15 min that this does all day. Make your money while you can. It will settle down and then be more predictable.
Smart move. Look into ethereum vs ethereum classic. Ethereum is been on the move after dropping from a high of $1500. Every forecast I've seen has predicted ethereum will be back up to $1500 or more this year.
Possible wild swings. If this traded like GBTC did when it debuted be ready for some wild swings in price that won't track to ethereum classic. Patience is the key until the stock finds its legs.
Let's rock and roll!
1 in 5 financial am institutions getting ready to trade crypto.
https://www.google.com/amp/s/qz.com/1259661/one-in-five-big-financial-institutions-are-getting-ready-to-trade-crypto/amp/
Minimum bitcoin trade size doubles at Goldman Sachs
http://bitcoinist.com/minimum-bitcoin-trade-sizes-doubles-at-goldman-sachs-backed-otc-trading-desk/
Crypto creeping up tonight. Ethereum looking strong as is litecoin. Bitcoin trying to breach 8400/8500.
Lol. Very well could happen. It may just be more movement sideways. That's the thing with crypto. You never know how it's going to move. I'll be happy with slow steady growth.
Gonna be a bumpy ride. Some say it will be better now that tax season is over but who knows. I do think momentum is building. Seeing more positive articles. Thing is I tell people bitcoin goes up when bitcoin goes up. When it starts to move it seems to roll but it needs that initial burst.
This reminds me of when I first started following bitcoin. It was all over the place before it started its mad meteoric rise last year. It's hard for folks who were around for the crazy ride but I do believe it will happen again. Too much going on with technology for it not to.
Squidster: Could go sideways. Lol. I don't have private email ability here.
$9k would be great $10k would be a sure sign to BTC is long and strong.
Expecting a price drops of BTC over the weekend. Sunday night will be telling as to whether or not BTC is returning to its old ways. If if opens at $8k+. Things could be back to its old ways
Definitely squeeze took place. What's more curious is just what caused the price to move upwards enough to cause the squeeze? If we knew that it would be very telling. Some suggest end is tax selling, others suggest Russia and China secretly buying up bitcoins due to conflicts in Syria and possible repercussions and us tariffs in china.
Who knows????
Good question. Maybe use the amount on the exchange you use to trade???? I don't think crypto is on the front burner of the government yet due to all the other stuff happening
Lots of mystery and confusion. It will get cleared up at some point but not in 2018 IMO. The government has to be clear about crypto and the infrastructure has to be place. Your experience sounds manageable for a few coins exchanged but what happens when you have a couple of hundred or thousand coins and no system in place to track and designate lot order of sales like you can with stock? Lots of improvement needed.
The government wants its money and they will figure out s way to explain it and have us understand and follow rules at some point.
It's estimated that taxes on crypto gains is in the neighborhood of $28 Billion this year.
Actually soon as I pressed enter I realized that's what you likely meant.
That sort of makes sense but to me if you can specifically track/designate which coins are being exchange etc like you can with stocks.
The part that is confusing to me relates to how the government is going about explaining or creating the exemption. If it's party to party they say it's comparable a like kind exchange but the presence of the intermediary like coinbase somehow violates the like kind principle.
In any event that's not my primary concern these days.
Glad you figured it out and explained it. Thanks! Better safe than sorry when it comes to taxes.
Yes that part is understandable. I think we all get that.
The question brought up, however, was a in coin for coin exchange, how to determine the capital Gain. The IRS suggests coin for coin transactions are taxable.
For example: If you buy bitcoin for $8100(today's price) and use bitcoin to buy ethereum priced at $520, what is the capital Gain?
The IRS is stating that coin for coin exchanges like this don't fall under the 1031 exception like in real estate. That's the point of confusion for many.
Coin for coin interpretation is not clear in my opinion.
https://www.google.com/amp/s/www.forbes.com/sites/greatspeculations/2018/01/09/cryptocurrency-traders-owe-massive-taxes-on-fat-gains-in-2017/amp/
https://www.google.com/amp/s/www.forbes.com/sites/robertwood/2017/12/28/loophole-allows-tax-free-bitcoin-exchanges-into-2018/amp/
No one seems be able to show an example of how to determine your basis in a coin for coin swap. To me it's just the government wanting to tax something they say is a not real currency so they call it property. Just not clear how I determine a capital fail if I exchange bitcoin trading at $7000 for ethereum trading at $450. What's the amount of the gain.
I've not heard of that rule before. Please illuminate that one to me(seriously). What I know is any capital gain is taxable regardless of if you reinvest it. Only exception is for real estate of insurance (1031/1035 exemption). Stocks don't receive that benefit. Other exemption is if it's in an IRA TYPE FUND . If you know is something Else please post - my taxes are a beast this year! LoL ??
Also know that whales purchasing bitcoin and either can know take place on Gemini. This we shouldn't see big fluctuations due to their transactions anymore. Part of the bump up was due to shorts being squeezed. Just what Drive up bitcoin prices initially to trigger squirt is somewhat a mystery(end of tax related sales, oversold, etc).
Just remember to account for taxes (depending on your tax bracket).
Who knows. Could very well be that, or the tax scenario that kept prices down (I know I sold a bit for taxes). Hard to say. Ethereum and litecoin moved up before bitcoin so hard to say why things do what they do. I don't doubt your hypothesis however. Likely a combination of things.
Japanese company offers bitcoin payroll.
https://www.newsbtc.com/2018/04/12/gmo-internet-group-prepares-to-launch-its-bitcoin-payroll-option/
Reports are that there was a squeeze after price jumped up. The bigger more important question is what caused the price to go up. The squeeze was a result not the cause.
Wonder if the start of block trading by Gemini has anything to do with it?
Good to see the major cryptos doing well today.
Asia looks to be waking up. It will be interesting to see how things go after taxes are filed. Read today 2nd qtr is historically good for BTC.
Gemini rolls out block trading for Bitcoin and Ether
https://www.google.com/amp/s/www.coindesk.com/crypto-exchange-gemini-roll-bitcoin-ether-block-trading/amp/#scso=uid_34HMWoSnF8e3jwSBoor4AQ_0:0
As it becomes more mainstream it maybe more tired to the general investment community. Question is where does the money go when it's not going to stocks or crypto or bonds????? Under the mattress perhaps? ??
Gundlach: BTC tied to stock market moves more than thought. If this proves to be the case this is very interesting. Could be perceived as legitimizing BTC even more.
http://www.businessinsider.com/gundlach-bitcoin-leads-stock-market-movements-2018-4?r=UK&IR=T
BTC trying to hold corrective rally
https://www.google.com/amp/s/www.coindesk.com/bitcoin-bulls-need-to-defend-7k-as-corrective-rally-stalls/amp/
Next resistance level is $14k.
Keep in mind monitoring daily premiums is a useless exercise more or less. Gbtc is designed provide the same return as bitcoin over time. Daily fluctuations don't mean much. It's the average over the long run that matters.
Maybe. Maybe. The resistance level for bitcoin (if you're into that type of thing) is at $11k and then $14k.
For me hitting $11k is key.
Litepay a game changer. Get em while they're hot!
http://bitcoinist.com/let-lite-litecoin-game-changer-litepay-released-february-26/
https://www.thebalance.com/what-is-the-history-of-the-gold-standard-3306136
The whole point is that it can't be manipulated or controlled. Do you really think the price of gold is driven by supply and demand or it is kept in sync with the money supply?
If you don't like bitcoin or gbtc don't invest but pic arguments with folks you don't know. My problem is about banks and their fake concern. If you believe the Banks's are legit in their concern. Great tell us and stand by your word. I'm not here to convince anyone to invest in gbtc or bitcoin. I try to offer my option and links to news stories etc.
Disclosure: I am long in gbtc, bitcoin, litecoin, ethereum, etc.
Yes the magical question is how much trauma and their expectations for the future.
It is still very small which is also why their "concern" doesn't make sense.
Also the percentage of people that actually used CC to buy bitcoins and is under water is 4% of users. It was a knee jerk reaction and "piling on" by banks.
It's fake concern by banks. People should ask themselves why the bank is so concerned for their customers well being when investing in crypto because it's "so volatile" but that same bank will happily loan you $80k for a navigator or escalade that will drop significantly the second you drive It off the lot?
They don't want people investing in crypto as ever dollar invested in crypto is a dollar not in your savings or checking account that provides the bank with capital to loan out (for that escalade). Banks need deposits to loan out to make money. Crypto isn't on their best interest. Plus basks want you in debt. People investing in crypto wasn't to use the gains to pay off loans. That's not in the banks best interest. Banking 101. Don't fall for the hype.
I have no idea. I wouldn't count on it. Bitcoin needs to stabilize and then go under a lot for that to happen. This is a security tied to an asset. Typically otc has subpennies tied to ideas and hype and thus move up rapidly. This won't be like that. Even when this stock started up it took a while to breach $100.