Cryptocoin Value and Market Trend Discussion

[sepheronx]

i guess that's nice. we do have lot's of incentives to do it, but not with crypto.

Crypto so far is just a stock market like gains. But we will see. The tax code here regarding it is stupid confusing and lots are worried.

 

[Bomby569]

Crypto so far is just a stock market like gains. But we will see. The tax code here regarding it is stupid confusing and lots are worried.

You can't honestly say it's fair to everything pay taxes including stocks but not crypto, it would make no sense. But there's way to use crypto without paying taxes, it just isn't legal.

 

[cvaldes]

Crypto so far is just a stock market like gains. But we will see. The tax code here regarding it is stupid confusing and lots are worried.

It's entirely dependent by legal jurisdiction and the situation changes.

Here in the USA, I believe the IRS currently treats crypto trading pretty much the same as basic gambling and taxed the same as ordinary wages. There is no capital gains tax discount. My state offers no preferential capital gains tax rate; all income is taxed equally.

If you are trading crypto, just take the attitude that your tax agency will eventually treat this like gambling earnings.

From an ROI standpoint, most of the discount stock brokerages in the USA have gotten rid of trade commissions (for normal stock transactions). However crypto transactions incur a 1.5-2.0% exchange fee so crypto isn't ideal for day trading or small percentage swing trading.

BTC and ETH have been pretty stagnant over the past couple of weeks so you really can't swing trade these cryptos because of the exchange fee overhead.

 

[sepheronx]

It's entirely dependent by legal jurisdiction and the situation changes.

Here in the USA, I believe the IRS currently treats crypto trading pretty much the same as basic gambling and taxed the same as ordinary wages. There is no capital gains tax discount. My state offers no preferential capital gains tax rate; all income is taxed equally.

If you are trading crypto, just take the attitude that your tax agency will eventually treat this like gambling earnings.

From an ROI standpoint, most of the discount stock brokerages in the USA have gotten rid of trade commissions (for normal stock transactions). However crypto transactions incur a 1.5-2.0% exchange fee so crypto isn't ideal for day trading or small percentage swing trading.

BTC and ETH have been pretty stagnant over the past couple of weeks so you really can't swing trade these cryptos because of the exchange fee overhead.

over here, its capital gains tax, but only on a certain conditions. It isn't quite clear cut.

 

[cvaldes]

Well, enjoy it while the Canadian tax authorities treat it as capital gains. Perhaps some day they won't but I admittedly don't know what the sentiments are with your country's tax authorities.

South of the border, capital gains tax rates and regulations change periodically. The previous administration simplified some of this; it was short of a true tax reform but it was a move in the right direction.

I expect taxation of cryptos to be a fluid situation for years to come.

One thing I am convinced about: cryptos aren't going away. Tax agencies will figure out a way to get their pound of flesh.

 

[trog100]

bitcoin down at 42K with eth at 3.3K.. how low will it go..

i think its following the stock markets which are all in the red.. how low will they go..

maybe the everything bubble is about to pop.. who knows..

my mining returns are looking pretty dismal..

trog

 

[nguyen]

bitcoin down at 42K with eth at 3.3K.. how low will it go..

i think its following the stock markets which are all in the red.. how low will they go..

maybe the everything bubble is about to pop.. who knows..

my mining returns are looking pretty dismal..

trog

Time to unload all your Ampere GPU then

 

[80-watt Hamster]

bitcoin down at 42K with eth at 3.3K.. how low will it go..

i think its following the stock markets which are all in the red.. how low will they go..

maybe the everything bubble is about to pop.. who knows..

my mining returns are looking pretty dismal..

trog

What was ATH for each? I'd look it up, but am lazy.

 

[LFaWolf]

There were many predictions but several predicted that $42k is another support line. One prediction was from $42k, it will go back up to $60k. Not sure about crypto but I think 3 straight days of losses for stocks, tmw will be an up day. Golden opportunity to buy stocks today, and I am going to buy some ETH this morning as well.

 

[R-T-B]

Time to unload all your Ampere GPU then

Mine game too, so nope.

 

[Bomby569]

bitcoin down at 42K with eth at 3.3K.. how low will it go..

i think its following the stock markets which are all in the red.. how low will they go..

maybe the everything bubble is about to pop.. who knows..

my mining returns are looking pretty dismal..

trog

so no more "buy the dip" then?

 

[R-T-B]

so no more "buy the dip" then?

I don't care what others do, but I've been buying.

 

[trog100]

so no more "buy the dip" then?

i think long term the way is up.. short term it may go down a bit more.. buy the dip is still the general thinking.. but the general thinking could be wrong.. he he

in truth its a bit of an unknown..

trog

 

[LFaWolf]

Yeah, I think long term, 1-3 years it should be up.

 

[Vya Domus]

There were many predictions but several predicted that $42k is another support line. One prediction was from $42k, it will go back up to $60k.

Technically analysis doesn't work, if it did, these wouldn't be predictions, they'd be certainties.

 

[LFaWolf]

Technically analysis doesn't work, if it did, these wouldn't be predictions, they'd be certainties.

I have been investing for over 20 years and to this date I still don’t use technical analysis unless I am day trading. However, I think those predictions were made in how they “feel” about the future.

 

[Vya Domus]

I still don’t use technical analysis unless I am day trading.

Day trading has been destroyed by trading bots, too much volume and frequency, impossible to try and predict anything short term. It's so bad that even hedge funds usually hold positions for 1-3 months.

 

[demirael]

I expect ETH to rise when mining becomes infeasible so I'm hodling whatever I can mine (on a single 5700XT, lol) until then. I agree about technical analysis, in crypto it's really nothing more than guesses esp. when people like Elon Musk can affect the market by tweeting something.

 

[Metroid]

It seems this is gameover however it will be a last bulltrap yet just like march 2018, so even if you trolls buy now will be a last opportunity to sell high before it crashes very hard to below 10k selling climax. I'm taking 69k as the top, for now I was wrong, I predicted at least 79 to 89k, unless the last bulltrap takes this very high and fast to my predicted levels and then crash very hard then my selling climax prediction will be around 15k, if eth is done with mining on july then people who have locked up their eth on beacon chain will get their coins back and then sell as soon as possible and eth might crash below 200 usd again. I dont see eth mining ending in july, neither people getting their coins back, so right now eth selling climax would be around 300 usd.

 

[R-T-B]

I too have a crystal ball, but I don't ever pretend x number is "gameover" because that's not how crypto works.

 

[KLiKzg]

It seems this is gameover however it will be a last bulltrap yet just like march 2018, so even if you trolls buy now will be a last opportunity to sell high before it crashes very hard to below 10k selling climax. I'm taking 69k as the top, for now I was wrong, I predicted at least 79 to 89k, unless the last bulltrap takes this very high and fast to my predicted levels and then crash very hard then my selling climax prediction will be around 15k, if eth is done with mining on july then people who have locked up their eth on beacon chain will get their coins back and then sell as soon as possible and eth might crash below 200 usd again. I dont see eth mining ending in july, neither people getting their coins back, so right now eth selling climax would be around 300 usd.

That would mean ETH will crash to 10% of its value (current 3.200€). Seriously doubt that will happen!

Maybe you wanted to put another 0 into the mix. On that, we can agree...ETH should not go below 2.000€.

 

[Metroid]

That would mean ETH will crash to 10% of its value (current 3.200€). Seriously doubt that will happen!

Maybe you wanted to put another 0 into the mix. On that, we can agree...ETH should not go below 2.000€.

That is what happens, I know is hard to accept, in 2018 eth crashed from 1440 to 80 usd, do the math and see for yourself.

I too have a crystal ball, but I don't ever pretend x number is "gameover" because that's not how crypto works.

Is so hard to accept that cryptomarket works in cycles?

 

[80-watt Hamster]

That is what happens, I know is hard to accept, in 2018 eth crashed from 1440 to 80 usd, do the math and see for yourself.


Is so hard to accept that cryptomarket works in cycles?

Most stuff goes in cycles, but markets are only predictable to a point. Crypto is a new market, and the dearth of historical data makes prognostication trickier than most established markets (IMO; not an expert by any means). Even traditional markets can catch experienced traders out with an unexpected spike or crash, which is why some wonks advise one to play the long game. RF and LC have overlaid some known patterns to crypto's trajectory at a couple of points, but I haven't been paying close enough attention to see if the trends suggested bore out. I too expect crypto to crash hard at some point, but am under no illusion that I have any idea at what point in time or at what value that will happen. Or what the max or min will be. No one really does; that's one reason the market is volatile.

Although if I'd trusted my gut (and had any money) when Google went public, I'd be sitting pretty right about now. But that's some pretty hardcore ex post facto reasoning.

 

[Vya Domus]

Is so hard to accept that cryptomarket works in cycles?

Of course the cycles are real, it's the same with every other market but this is true only in terms of directions the markets take not in terms of magnitude, you on the other hand are literally certain that these things will hit the exact same prices they once used to be at. That's insane, you need to find a better hobby dude.

Why not go the extra step and claim everything will go to zero ? As far as I can see that would be the perfect cycle for the crypto market, from 0 to 0. Makes sense ?

 

[dorsetknob]

"The cryptocurrency reached a high of just under £50k in November but has since been working its way downwards. This week a sharp dip from Wednesday took it even lower to now stand at just over £31k, its lowest level since September last year. A recent hit to Bitcoin has come from disruption to mining in Kazakhstan, which is the world's second-largest country for Bitcoin mining, contributing 18 percent of its computing power or hash rate. This week internet has been shut down in the country following protests over rises in fuel prices leading to a fall in the hash rate."

Cold weather and civil Disturbance go along way to explain the Current Crash

So called Source

MSN