Bitcoin Price Thread

Jakobsberg said:
So you do not now know and just guessing like the rest of us. I think miners are just in it to make money nothing o do with their effort or true believers but I'm also just guessing with that.
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In the US you have to pay tax if you sell. Why not hodl? http://theminersunion.com/2017/09/11/what-you-need-to-know-about-bitcoin-mining-taxes/

They are avoiding tax by selling BTC for gold

"We noticed more miners converting to gold on vaultoro instead of fiat. They give bitcoin to another trader and that trader gives them allocated gold. They then trade that gold back for bitcoin when they need to pay bills. Interesting bank independent times."

https://www.reddit.com/r/path%3D%252Fr%252FBitcoin%252Fcomments%252F4g728z%252F

https://cryptopotato.com/miners-dilemma-sell-mined-tokens-fiat-invest/
 
Jakobsberg said:
Lots of cryptos collapse. Only a few will survive. Bitcoin is at the stage Facebook is at. It dominates the space and if new coins come up with some unique features it can just copy them.
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I disagree in 2 points:

1. Bitcoin is in the Myspace phase, other cryptos are taking over this year.
2. They couldn't even implement LN and Litecoin already has it. Bitcoin is very slow to change, and in several cases, because of the decentralization and different personal interests, change is impossible.

Point #2 is one of my major criticism against particular BTC, the infexibility clause: When a new idea/technology comes up, it is easier to start a new coin, instead of trying to come to a consensus among Bitcoin miners...
 
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just21 said:
In the US you have to pay tax if you sell.
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1. Most miners aren't in the US.
2. I bet lots of miners wouldn't pay taxes anyway, but try to get around it.
3. It is better to pay taxes on huge profits then to watch your paper profit evaporating when price collapses.
 
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Pekelo said:
I disagree in 2 points:

1. Bitcoin is in the Myspace phase, other cryptos are taking over this year.
2. They couldn't even implement LN and Litecoin already has it. Bitcoin is very slow to change, and in several cases, because of the decentralization and different personal interests, change is impossible.
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Maybe but Bitcoin and Ether are first to be quoted on the main exchanges so easier for 'traditional investors' and get most of the free media coverage. It all comes down to public acceptance and crowd behaviour at the end of the day. I use Facebook because everyone else does etc.

So do you own coins or not?
 
Pekelo said:
When Charlie Lee was on CNBC 4 days ago, LTC went up $50 that day, what was like a 20% increase. That just shows that most people still only know about Bitcoin. But with good PR and ads that can be changed very fast.

Yes, I own a Dogecoin. Did you miss my thread about it?

https://www.elitetrader.com/et/thre...d-bought-my-first-crypto.315985/#post-4563747
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If you are long stock in a margin account.
Take a margin loan.
Purchase crypto.
Sell options to pay off margin loan.
Result free crypto.

It is a modified Warren Buffett business model. He sells insurance/options and buys GARP stocks.
 
Pekelo said:
When Charlie Lee was on CNBC 4 days ago, LTC went up $50 that day, what was like a 20% increase. That just shows that most people still only know about Bitcoin. But with good PR and ads that can be changed very fast.

Yes, I own a Dogecoin. Did you miss my thread about it?

https://www.elitetrader.com/et/thre...d-bought-my-first-crypto.315985/#post-4563747
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Looks a fun coin :)
Bitcoin has a huge amount of free press I doubt any coin makers could match that in terms of PR spend. Even if they are technically better they have an uphill battle. Things can change but I have sold a few coins on way up so it is just fun now.
 
Jakobsberg said:
I doubt any coin makers could match that in terms of PR spend
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I think at the end of year there will be articles about YTD returns and people will get more exposure to better performing cryptos.

But PR goes both ways, the negative PR also mostly falls on Bitcoin. (like the woman financing ISIS with BTC)
 
Pekelo said:
He can't. I have been researching the net, but simply there is no way to tell how miners use the new coins, and big miners aren't talking.

It is probably a huge decision for them too, sell now or hold for more? Another big decision is, which crypto to mine?

If mining was already profitable a year ago at 1K BTC, we can bet it is still hugely profitable now, so the pressure of selling to cover expenses is probably less (for big mining farms). But the high price isn't guaranteed forever, maybe that is where the futures come in to lock in price...
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I sold enough to cover my original bitcoin investment just before the futures came out last weekend since I was worried about the futures being used to lock price and then a coin dump. Not happened yet, or if happened the little folks are sucking them up and wanting more. Hard to tell what is really happening.
 
Jakobsberg said:
Hard to tell what is really happening.
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Yeah, the effect of futures is still to be seen.First I thought miners will sell futures to lock in price. But then I thought, let's say, I am a big mining farm owner. I already have an established account at a broker where I can dump/sell coins on a regular base. So why would I need to get into the trouble setting up a futures account, be regulated and have the need to keep large amount of capital there to be able to sell futures?

So maybe a Chinese crypto farm owner isn't in a big hurry to open a futures account in America.
 
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