Bitcoin price suddenly surges to 3-year high

[SirEpicWin]

So some dude with a Coin exchange firm ran away with $2B worth of coins, and now a lot of coins are red.

 

[mtcn77]

Ah, so that is what the Turkish investor/coin trader thing was all about.

You make a company name like the Mishima Clan and I run away to a safe distance without further introductions.

So some dude with a Coin exchange firm ran away with $2B worth of coins

He actually claims he has the exchange value stored in national currency. He claims the exchange was robbed the day it was opened and he was struggling to make payments, but the currency spike ruined his plans. Can you believe the drama of his guy!
PS: 24th of April update - we have another exchange down.

 

[P4-630]

 

[R-T-B]

I've put my old rtx 2080 super in the mines. It was going to just sit as my "backup" card but I couldn't justify it anymore just sitting.

The ecolology part of crypto has always bugged me, so I am primariily mining ethereum at highest possible energy efficiency. At least they have a plan to end mining by ~2022 or so.

 

[sepheronx]

I've put my old rtx 2080 super in the mines. It was going to just sit as my "backup" card but I couldn't justify it anymore just sitting.

The ecolology part of crypto has always bugged me, so I am primariily mining ethereum at highest possible energy efficiency. At least they have a plan to end mining by ~2022 or so.

How many MHs you getting with that card?

After ETH can't be mined, other coins will take off - Conflux, ETC, Ravencoin, etc. You may see multiple coins start to become profitable and worth mining.

The system may diversify a bit.

 

[R-T-B]

I get 42MH. Nothing special but it's a shit ocer anyways so mostly power optimized.

You may see multiple coins start to become profitable and worth mining.

I am anticipating (hoping really) by then we either solve the energy crisis or pass legislation to curb that. We need one or the other or the path gets ugly. I'm pro-nuclear to solve this but don't see it happening unfortunately.

 

[sepheronx]

I get 42MH. Nothing special but it's a shit ocer anyways so mostly power optimized.


I am anticipating (hoping really) by then we either solve the energy crisis or pass legislation to curb that. We need one or the other or the path gets ugly. I'm pro-nuclear to solve this but don't see it happening unfortunately.

I'm against preventing of mining. We waste energy on lots of stuff. But I do promote trying to push for energy efficiency in components.

I've also learned passing legislation does squat to preventing mining. And as I have pointed out earlier, governments and institutions and rich are involved in mining industry too. Too many big players will prevent it from dying

I am all for nuclear energy. There aren't many players left in the field (China and Russia) with Westinghouse gone. So I don't really think it's going to take off either.

 

[R-T-B]

I'm against preventing of mining. We waste energy on lots of stuff. But I do promote trying to push for energy efficiency in components.

I've also learned passing legislation does squat to preventing mining. And as I have pointed out earlier, governments and institutions and rich are involved in mining industry too. Too many big players will prevent it from dying

I am all for nuclear energy. There aren't many players left in the field (China and Russia) with Westinghouse gone. So I don't really think it's going to take off either.

I'm not exactly for legislation but between legislation and building up the grid with fossil fuels I'd have to go with legislation.

Mind you there are other ways. Whether we take them is anyones guess.

 

[RandallFlagg]

It's like that in most markets. Most buyers buy when the price is already too high. Warren Buffett had this to say about investing:

"We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful."

Exactly. Emotion and herd behavior are ultimately punished in the market.

Looks to me like BTC has lost its momentum. That cross and downwards slope on MACD is predictive.

These are momentum indicators but all 3 of the ones on this chart are going bearish. Below this is the same chart, for 2018, for comparison. This is a weekly chart but my guess is, in 4-12 weeks BTC will be getting trashed. Since there's nothing fundamental behind BTC, it's all herd behavior driven, which these kinds of charts are very good at.

Maybe in 6 months, we'll be able to buy GPUs again.

Same thing happened in 2018 :

 

[sepheronx]

I'm not exactly for legislation but between legislation and building up the grid with fossil fuels I'd have to go with legislation.

Mind you there are other ways. Whether we take them is anyones guess.

I'm all for tidal power, windmills and geothermal power plants.

Exactly. Emotion and herd behavior are ultimately punished in the market.

Looks to me like BTC has lost its momentum. That cross and downwards slope on MACD is predictive.

These are momentum indicators but all 3 of the ones on this chart are going bearish. Below this is the same chart, for 2018, for comparison. This is a weekly chart but my guess is, in 4-12 weeks BTC will be getting trashed. Since there's nothing fundamental behind BTC, it's all herd behavior driven, which these kinds of charts are very good at.

Maybe in 6 months, we'll be able to buy GPUs again.


View attachment 197904

Same thing happened in 2018 :

View attachment 197905

It got hit because people are selling to prevent their gains from getting heavily taxed now. They will buy again

 

[Space Lynx]

It got hit because people are selling to prevent their gains from getting heavily taxed now. They will buy again

why would they buy again, unless the law on capital gains tax changes?

 

[sepheronx]

why would they buy again, unless the law on capital gains tax changes?

Because as long as there is profit to be made, they will. There is two bonus to what they did. They made money by selling, and they don't pay the surge in taxes. They will buy again while low and let it grow. They will pay the taxes then. They just saved themselves this time on paying the hiked 40%.

Unless you are one of those who believe they will sit on their money and not let it grow in either stocks or bitcoins, because they will pay a tax for that profit? This doesn't just affect crypto. It affects those who also have stock investments.

 

[Space Lynx]

Because as long as there is profit to be made, they will. There is two bonus to what they did. They made money by selling, and they don't pay the surge in taxes. They will buy again while low and let it grow. They will pay the taxes then. They just saved themselves this time on paying the hiked 40%.

Unless you are one of those who believe they will sit on their money and not let it grow in either stocks or bitcoins, because they will pay a tax for that profit?

Do you even know where the big selloffs were from this time? How do you know they were not China wallets like the last selloff? Cause if they were China wallets, the USA capital gains tax doesn't apply to them. Or you just like theorizing for the fun of it cause it makes you feel nice and warm at night having all the answers?

 

[sepheronx]

Do you even know where the big selloffs were from this time? How do you know they were not China wallets like the last selloff? Cause if they were China wallets, the USA capital gains tax doesn't apply to them. Or you just like theorizing for the fun of it cause it makes you feel nice and warm at night having all the answers?

It's the news

Bitcoin drops below $50,000 over tax hike scare

Bitcoin and other cryptocurrencies were deep in the red early Friday, selling off over worries that the US government will hike taxes in the near future.

www.google.com

Cryptocurrencies fall on possible Biden capital gains tax hike. Cramer, Draper and others react

With reports of Biden's plans to raise capital gains taxes shaving billions off the cryptocurrency market, market analysts evaluate the move's impact.

www.google.com

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.coindesk.com/bitcoin-dip-biden-tax-hike-capital-gains%3Famp%3D1&ved=2ahUKEwjf9Ja_rpfwAhUzzjgGHZOaCm4QFjAOegQIKBAC&usg=AOvVaw0WdgAg2EnYVJxJgWpSoWw2&ampcf=1

https://www.google.com/url?sa=t&source=web&rct=j&url=https://amp.usatoday.com/amp/7347445002&ved=2ahUKEwjf9Ja_rpfwAhUzzjgGHZOaCm4QFjAYegQIOBAC&usg=AOvVaw3U0e4D9Hg7uqDBY60qaomv&ampcf=1

So either that or the media is lying. Choose your pick.

Also the stocks did get hit too. But recovering

 

[Space Lynx]

It's the news

Bitcoin drops below $50,000 over tax hike scare

Bitcoin and other cryptocurrencies were deep in the red early Friday, selling off over worries that the US government will hike taxes in the near future.

www.google.com

Cryptocurrencies fall on possible Biden capital gains tax hike. Cramer, Draper and others react

With reports of Biden's plans to raise capital gains taxes shaving billions off the cryptocurrency market, market analysts evaluate the move's impact.

www.google.com

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.coindesk.com/bitcoin-dip-biden-tax-hike-capital-gains%3Famp%3D1&ved=2ahUKEwjf9Ja_rpfwAhUzzjgGHZOaCm4QFjAOegQIKBAC&usg=AOvVaw0WdgAg2EnYVJxJgWpSoWw2&ampcf=1

https://www.google.com/url?sa=t&source=web&rct=j&url=https://amp.usatoday.com/amp/7347445002&ved=2ahUKEwjf9Ja_rpfwAhUzzjgGHZOaCm4QFjAYegQIOBAC&usg=AOvVaw3U0e4D9Hg7uqDBY60qaomv&ampcf=1

So either that or the media is lying. Choose your pick.

Also the stocks did get hit too. But recovering

@trog100 last time you had a source I assume, when you knew the last crash mainly came from China wallets dumping in mass.

So use that same source, and let us know where the biggest three dumps from wallets originated from.

then we don't have to trust the news at all

 

[sepheronx]

@trog100 last time you had a source I assume, when you knew the last crash mainly came from China wallets dumping in mass.

So use that same source, and let us know where the biggest three dumps from wallets originated from.

then we don't have to trust the news at all

Trusting the news is hard to come by. Due to my actual history with family and how US media lied outright lied about family affairs, I will never trust US media again. But as the saying goes, a broken clock is right twice a day. Sometimes they may be correct.

RT source, regardless how many may feel, also states somewhat the same. But it also actually adds in the Turkish coin trader that fled with $2B to also be responsible for this drop. And then a second Turkish coin trader went belly up as well.

Bitcoin leads massive cryptocurrency market sell-off

The cryptocurrency market fell sharply on Friday amid concerns over new taxes that could be unveiled by US President Joe Biden, and after one of Turkey’s largest crypto exchanges went bust.

www.rt.com

Turkey’s crypto mayhem: Vebitcoin exchange faces probe, becomes 2nd platform to go down in days

In the second big crypto scandal emerging in Turkey this week, the financial watchdog has blocked all onshore bank accounts and arrested staff of Vebitcoin, after opening an investigation into yet another exchange.

www.rt.com

 

[Space Lynx]

Trusting the news is hard to come by. Due to my actual history with family and how US media lied outright lied about family affairs, I will never trust US media again. But as the saying goes, a broken clock is right twice a day. Sometimes they may be correct.

RT source, regardless how many may feel, also states somewhat the same. But it also actually adds in the Turkish coin trader that fled with $2B to also be responsible for this drop. And then a second Turkish coin trader went belly up as well.

Bitcoin leads massive cryptocurrency market sell-off

The cryptocurrency market fell sharply on Friday amid concerns over new taxes that could be unveiled by US President Joe Biden, and after one of Turkey’s largest crypto exchanges went bust.

www.rt.com

Turkey’s crypto mayhem: Vebitcoin exchange faces probe, becomes 2nd platform to go down in days

In the second big crypto scandal emerging in Turkey this week, the financial watchdog has blocked all onshore bank accounts and arrested staff of Vebitcoin, after opening an investigation into yet another exchange.

www.rt.com

well you just proved my point, it's not just the capital gains tax... as you originally claimed. -that being said, it probably was a mixture of all 3, the Turkey stuff, China pump and dump to take advantage of the capital gains scare, and so on and so forth.

it's all useless. im glad y'all getting rich, but I want no part of it.

 

[sepheronx]

well you just proved my point, it's not just the capital gains tax... as you originally claimed. -that being said, it probably was a mixture of all 3, the Turkey stuff, China pump and dump to take advantage of the capital gains scare, and so on and so forth.

it's all useless. im glad y'all getting rich, but I want no part of it.

Nothing wrong with that. Capital gains tax may be the biggest factor that has led to the sale off and as you say, the Chinese whales taking advantage of it.

Not wanting part of it is also perfectly fine and a rather commendable way of sticking to your guns.

 

[Space Lynx]

and a rather commendable way of sticking to your guns.

or very foolish of me, as inflation is occurring at a higher and higher frequency. lol

eh, been poor my whole life. it's not so bad. (american poor is different than other countries poor, so no need to correct me, I know being poor here is still privileged lol)

 

[R-T-B]

Looks to me like BTC has lost its momentum. That cross and downwards slope on MACD is predictive.

I hope so. I feel like buying some to sit on but right now that'd be insane.

 

[64K]

I hope so. I feel like buying some to sit on but right now that'd be insane.

It's just gambling really. I've always seen the Stock Market as a casino as well. Most people lose money in the markets because they see the Market going up and up and think that it will keep going up forever.

 

[R-T-B]

It's just gambling really. I've always seen the Stock Market as a casino as well. Most people lose money in the markets because they see the Market going up and up and think that it will keep going up forever.

Not much different. Profesional gamblers read the room, pro stock/crypto traders read the markets. The analogy isn't far off.

 

[trog100]

short term bitcoin is a gamble long term it isnt.. it may have its short term highs and lows but the long term trend is up..

i am not a gambler and never have been.. but i am hanging on to my crypto..

trog

 

[Space Lynx]

short term bitcoin is a gamble a long term it isnt.. it may have its short term highs and lows but the long term trend is up..

i am not a gambler and never have been.. but i am hanging on to my crypto..

trog

that's fair. also we have seen two world governments fall, Venezuela and I forget which other one, and guess what currency the people started using... when their fiat became worthless... crypto.

so... I mean no world government is immune from this risk. America thinks it is, but it isn't. it's amazing to me how dumb the people in power can be on both sides of the aisle sometimes to boot... so yes it probably will happen eventually. and Bitcoin is a slave to no single nation, which is what gives it its true power.

i regret not mining in 2012 when I started looking into it. I had a 7990 back then too. but i know my personality... i would have sold it when it hit $200 for the first time thinking i was rich as crap. lol eh.

 

[RandallFlagg]

It got hit because people are selling to prevent their gains from getting heavily taxed now. They will buy again

You think so?

I think If that story from the NYT had not come out, the markets most likely would have gone down anyway. The pundits would have stated a different reason, because they have to give a reason, it's their job. Reality: They don't know.

As far as bitcoin... Let me show you how ridiculous what you just said really is.

The story about Biden's tax plan came out on April 22nd, and hit about mid - day.

Here is where April 22 is on that Bitcoin chart :