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Thread: Bitcoin keeps on going ! $16k plus. Doubled this year

  1. #21
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    Cotton1's Avatar Senior Member
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    The fact that the public is still trying to understand btc as something that is tangible or is valued like most investments is why there has been so much cash on the sidelines to sponsor this rally. Hedge funds started snapping it up big time when it broke out over $10k.

    As for me? I am not even thinking about trying to pick the top price.

    "Bottom fishers and top pickers soon become cotton pickers"

    I saw more clients lose or miss out on an opportunity trying to pick bottoms and tops. Thats just stupid. Plenty of meat in the middle for everyone.
    I'm yo.
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    Red Lily (11-14-2020)

  3. #22
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    Cotton1's Avatar Senior Member
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    Admit it Cotton.

    Pure luck wasnt it?


    Damn right.
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  4. #23
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    Quote Originally Posted by Lummy View Post
    Is this part of the "reset"?
    I wanted to get back to this question. I believe it may have a lot to do with the potential "reset". There are mountains of cash flowing into it. In the 5 days since I started this thread it has went up almost $2k per BTC to around $18k.

    This is more than rampant spec buying. This is serious accumulation.
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  5. #24
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    Quote Originally Posted by Cotton1 View Post
    Technically its a full blown fibonacci 2 breakout. Im almost embarrassed how well I have done on this. Im also a bit surprised. I almost backed out of buying it when I did because it looked to easy. Ive never been in a trade that was this obvious. I decided a couple of years ago i was going to throw down X amount of money to see what was on the other side of the crypto hill.

    My final reasoning was since most investors / public were not in it because they keep trying to compare it to typical investments it would mean what it usually does. The money would remain on the sideline until the "FOMO" (Fear Of Missing Out) crowd plowed into it.

    Supply limited at 21 million btc
    An asset class of its own " cryptocurrency"
    Bearish public .

    Whats not to like ?

    I decided I couldnt afford not to buy it. In tennis its called an "egg".
    When will you sell? Or is it a long term investment?
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    Cotton1 (11-18-2020)

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    Quote Originally Posted by Casey Jones View Post
    Don't forget: There's Capital Gains taxes on that.

    The exchange, I believe, has to report sales. I don't know the mechanics of it; but back during the last Bitcoin bubble, three years ago, a lot of Millennials didn't see their heavy CapGains taxes coming.

    I believe it's 39 percent now...done to you by DemocRat politicians, quietly, in Hussein's last year.
    Short term capital gains are taxed as ordinary income.

    Long term capital gains are taxed at a rate depending on your annual income at either 0%, 15%, or 20%.
    ΜOΛΩΝ ΛΑΒΕ


  8. #26
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    Quote Originally Posted by Peter1469 View Post
    When will you sell? Or is it a long term investment?
    I sold enough on the way up to get my original investment out. Right now the BTC's I have are all profit.

    I originally bought it as an all or nothing play. But I still wanted to play it smart is why I took the original outlay out.

    This run in a few months from $10k per btc to $18k caught me by surprise. I expected more of a nip and tuck type price action. Instead it has been an exponential price spike. That being said it could do a Fibonacci 1 retrace down to about $15k or an F2 to about $13k on a whim.

    Im thinking of selling 1/3 of it which means I have my original capital out X 2. Thats the smart play regardless of where it goes.

    At that point I'll hold the remainder no matter what.

    I have no interest in selling all of it because I do not believe there is a better place for the money considering my current standing on the trade, my original objective, my risk tolerance etc.

    I bought it thinking it had the potential to run to $50k + in 5-10 years.

    One more thing. I am not going to live forever! I have no use for it if I am DOA.

    Why eat at McDonalds when I can do lunch at Burger King, eh?
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    Peter1469 (11-18-2020)

  10. #27
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    $19,223.
    I'm yo.
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  11. #28
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    Quote Originally Posted by Peter1469 View Post
    When will you sell? Or is it a long term investment?
    One question I have asked myself repeatedly is "can I afford to sell it"?


    What then? More stocks in an already bloated stock market? Back in BTC?
    CD's at what amounts to a sure loser since the returns are outpaced by inflation?
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    It's predicted by some , that it be $100,000 .00 plus , by the end of 2021. It's a good investment , but it's true worth will be as the global reserve currency.......it's inevitable.........although , the accepted concept of world reserve currency status, will be made obsolete by BitCoin - it will become the global standard by virtue of what it is , and the global acceptance of it , without needing to be designated by any formal financial regulatory institution ........bye bye FED , bye bye global reserve banking system......hello people power.
    Last edited by PJL; 11-25-2020 at 07:39 AM.

  14. #30
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    Quote Originally Posted by PJL View Post
    It's predicted by some , that it be $100,000 .00 plus , by the end of 2021. It's a good investment , but it's true worth will be as the global reserve currency.......it's inevitable.
    The available supply is getting depleted. There are a lot of whales that are dug in for the long haul on this.

    Paypal has started accepting it also. Paypal has also been buying huge lots of it. You can actually buy Bitcoin, Ethereum and LiteCoin straight out of a paypal account.

    There is another crypto I have a long position in but its not a huge position. I dont want to name it because its very risky and I wouldnt want someone following my lead that didnt understand it.

    My personal moral code is first and foremost "do no harm"

    Its a crpt that is used to facilitate transactions between financial institutions. Its 100 times faster than BTC. It can process 1500 transactions per second.

    It smells like a dog. It looks like a dog. It is a "dog" and priced as such too. Thats why I bought it

    However..crypto runs in packs. As goes King BTC, the others tend to follow.
    I'm yo.
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