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Bitcoin-Explain to me how to buy these things


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11 hours ago, cubd8 said:

What's the current temperature on Bitcoin with the flash drop this past weekend? It's recovered a bit, but reading some speculating that it could still drop a bit more still, but who knows.....

Bullish? 

Bearish?

Of course, why?

In 2017 BTC dipped under the 50 day moving average 6 times.  4 of those drops lasted on average 12 days. 

This weekend was the first time it dipped below the 50 day moving average this run. 

Bullish. 

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Added some GBTC To DCA down one account. 
 

how are we feeling about ETHE? Hard to buy here? Considering adding 

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On 4/21/2021 at 9:29 AM, jb1020 said:

In 2017 BTC dipped under the 50 day moving average 6 times.  4 of those drops lasted on average 12 days. 

This weekend was the first time it dipped below the 50 day moving average this run. 

Bullish. 

Thanks for the explanation!

What do others think?

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Per @General Malaise, strong rumblings across trading desks that Yellen set to propose a ####ing 80% tax on crypto gains... which will effectively kill it in the US. 

Hence the dip today. :unsure:  

 

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3 hours ago, [icon] said:

Per @General Malaise, strong rumblings across trading desks that Yellen set to propose a ####ing 80% tax on crypto gains... which will effectively kill it in the US. 

Hence the dip today. :unsure:  

 

Last weekend it dropped because of rumors about banks being accused of money laundering, a blackout in China, an overheated Market, etc. 

Do we expect a strong rebound or a further dip? Will a dip cause a panic?

 

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80% taxes - I assume that would be for 2022 moving forward so after a date certain;

I am pretty sure that is not constitutional to do that retroactively, and if it is they can come find me.  Given that banks have bought in, they can't piss off those players so ...........

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14 hours ago, [icon] said:

Per @General Malaise, strong rumblings across trading desks that Yellen set to propose a ####ing 80% tax on crypto gains... which will effectively kill it in the US. 

Hence the dip today. :unsure:  

 

This would be terrible politically for Biden.  The millennials would revolt if you took their Doge away.  

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44 minutes ago, Capella said:

The 80% thing hasn’t been substantiated anywhere. Just a rumor. 

Correct... GM stated it was chatter on trade desks, I stated it was rumblings.... definitely nothing concrete. If it came across as otherwise my apologies. 

But it bears mention giving the dip... as it is likely playing a role. 

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I believe in the S2FX model for btc and despite the short term highs and lows we seem to be staying pretty much on track. Still holding (or hodling as the cool kids say).

It's funny that BlockFi (I have an account there) just announced a promo for the next couple months which ups their interest on stable coins to 10% from 8.6%. With this dip, if I had extra cash I'd just buy more btc.

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35 minutes ago, brun said:

I believe in the S2FX model for btc and despite the short term highs and lows we seem to be staying pretty much on track. Still holding (or hodling as the cool kids say).

It's funny that BlockFi (I have an account there) just announced a promo for the next couple months which ups their interest on stable coins to 10% from 8.6%. With this dip, if I had extra cash I'd just buy more btc.

This actually worried me that BlockFi may be struggling and in need of liquidity.  Made me less likely to put more money there rather than more likely.

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8 minutes ago, FreeBaGeL said:

This actually worried me that BlockFi may be struggling and in need of liquidity.  Made me less likely to put more money there rather than more likely.

Good point. 8% is already a crazy rate of return. Why would they even need to raise it? What income providing vehicle (dividend stocks, bonds, CDs, money markets) provides anywhere close to that 8%? It’s like you are bidding against yourself so maybe that is a flare going up.

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3 hours ago, Angry Beavers said:

80% taxes - I assume that would be for 2022 moving forward so after a date certain;

I am pretty sure that is not constitutional to do that retroactively, and if it is they can come find me.  Given that banks have bought in, they can't piss off those players so ...........

:lmao:

When Clinton was elected president, he retroactively changed tax laws that affected the year before he was president. There's nothing stopping Biden from enacting a law that applies to 2020, and really nothing that would stop him from enacting a change that goes into effect Jan 1 2021 and would capture all trades made this year when filing your 2021 taxes next year.

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3 hours ago, stbugs said:

Good point. 8% is already a crazy rate of return. Why would they even need to raise it? What income providing vehicle (dividend stocks, bonds, CDs, money markets) provides anywhere close to that 8%? It’s like you are bidding against yourself so maybe that is a flare going up.

That's why it always seemed like a scam to me. 

Too good to be true right?

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1 hour ago, Charlie Harper said:

That's why it always seemed like a scam to me. 

Too good to be true right?

Seems that way. Your almost have to wonder how they’d make money outside of them basically giving away money hoping to attract customers that will stay and use other services. Unfortunately, people willing to move things for an interest rate that are tech savvy enough to move it out when they drop the rates. They don’t seem like the sticky people who will go to their banks to refinance instead of saving a ton through a broker.

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6 hours ago, stbugs said:

Seems that way. Your almost have to wonder how they’d make money outside of them basically giving away money hoping to attract customers that will stay and use other services. Unfortunately, people willing to move things for an interest rate that are tech savvy enough to move it out when they drop the rates. They don’t seem like the sticky people who will go to their banks to refinance instead of saving a ton through a broker.

The idea is they are turning around and lending the money back out on loans with a higher interest rate paid back to them, using people's crypto balance as collateral.

I guess the idea is something like this...

StBugs transfers $50k out of savings and into stablecoin and gets paid 10% interest by BlockFi.

FreeBaGeL wants to build a pool but doesn't want to sell his crypto to do it, so he borrows $50k from BlockFi at 15% interest.

BlockFi holds FreeBaGeL's $50k in crypto sitting in his BlockFi account as collateral against that loan.

Of course I don't know if they actually require you to have enough crypto assets to cover the full value of the loan in the case of a default or just a part of it.  I suppose the boost in interest rate to 10% could just as likely be because they are getting tons of takers on those 15% loans and they need more capital to lend it out, but my spidey senses worry that is not why they need the cash.

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On 4/12/2021 at 4:08 PM, jb1020 said:

I've taken positions in REN, ATOM, MATIC and DNT recently.    They haven't moved much yet, but they look like they could have a breakout soon.  

I hold BTC and ETH and a little LTC.  Not sure what it would take to ever sell those, but I'm wide open for anything else.  I'm trying to play the game now.  It might work, it might not?  If any of these alt coins go up 25-30% I'll sell half and convert into something else.  

Most of these took a dive on the flashcrash last week, but Matic has rallied.  Just unloaded half my position on it.  Bout at .41 and it just hit .69.  Going to ride the rest out a little more.  

Ren, Atom and DNT have recovered nicely, but still have some work to do.  

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On 4/23/2021 at 8:09 AM, stbugs said:

Good point. 8% is already a crazy rate of return. Why would they even need to raise it? What income providing vehicle (dividend stocks, bonds, CDs, money markets) provides anywhere close to that 8%? It’s like you are bidding against yourself so maybe that is a flare going up.

I think they are competing now with other platforms like Voyager for a place to park money or coins with interest rates higher than anywhere else.

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2 hours ago, Andy Dufresne said:

I'm sure it's been mentioned a dozen times in here but without having to wade through the whole thread - what platform is the best/easiest to use for buying/selling?

I usually suggest Coinbase (very easy to use) or Coinbase Pro (lower fees) for those getting into the space. 

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2 hours ago, Andy Dufresne said:

I'm sure it's been mentioned a dozen times in here but without having to wade through the whole thread - what platform is the best/easiest to use for buying/selling?

You can also use PayPal but it is more limited in what you can do.  I'm sure the crypto guys in this thread can can give a list of cons for PayPal, but it was super easy to purchase BTC and ETH from my existing account.

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3 hours ago, Andy Dufresne said:

I'm sure it's been mentioned a dozen times in here but without having to wade through the whole thread - what platform is the best/easiest to use for buying/selling?

Coinbase is by far the easiest.  

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2 hours ago, Steeler said:

You can also use PayPal but it is more limited in what you can do.  I'm sure the crypto guys in this thread can can give a list of cons for PayPal, but it was super easy to purchase BTC and ETH from my existing account.

I buy some through PayPal and the biggest con, imo, is that you can't transfer your coins to another wallet or exchange. You pretty much have to sell them (convert to cash) or use with a PayPal approved merchant. 

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Has anyone done the ETH staking on coinbase yet?  I have a little on there, but the majority of mine in on Blockfi.  

Unfortunately, Blockfi just lowered their rates where you only get 4.5% on your Eth.   Coinbase offers 6%, but once you stake it you can't get it back until ETH2 is operational.  

I like the better return, obviously, but having it truly locked up worries me.  I certainly don't intend to use any ETH, but iif it runs up to $10k or higher I might be temped.  

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1 hour ago, ex-ghost said:

What does this mean?

Lot of 2-4% daily swings to trade.... and in a retirement account the short/long term capital gains penalty isn't a thing 

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1 hour ago, jb1020 said:

Has anyone done the ETH staking on coinbase yet?  I have a little on there, but the majority of mine in on Blockfi.  

Unfortunately, Blockfi just lowered their rates where you only get 4.5% on your Eth.   Coinbase offers 6%, but once you stake it you can't get it back until ETH2 is operational.  

I like the better return, obviously, but having it truly locked up worries me.  I certainly don't intend to use any ETH, but iif it runs up to $10k or higher I might be temped.  

I've been on the waiting list forever it feels like.

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18 hours ago, [icon] said:

Man GBTC in a Retirement / non-taxed accounts is built to trade.... 

Annnnnnd Up 5% again today. Yo yo yo yo yo 

Sold a chunk at 46.02... will buy it back at 42-43ish

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3 hours ago, [icon] said:

Annnnnnd Up 5% again today. Yo yo yo yo yo 

Sold a chunk at 46.02... will buy it back at 42-43ish

Perhaps I’m wrong but I don’t think you will.  At least not anytime soon.

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1 hour ago, The Ref said:

Perhaps I’m wrong but I don’t think you will.  At least not anytime soon.

We shall see. Had hit that ballpark 5 times since early feb, including twice in the last week or so,

I still have a bunch in it, so I gone you're wrong... but I would be surprised if so. 

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23 hours ago, jb1020 said:

Has anyone done the ETH staking on coinbase yet?  I have a little on there, but the majority of mine in on Blockfi.  

Unfortunately, Blockfi just lowered their rates where you only get 4.5% on your Eth.   Coinbase offers 6%, but once you stake it you can't get it back until ETH2 is operational.  

I like the better return, obviously, but having it truly locked up worries me.  I certainly don't intend to use any ETH, but iif it runs up to $10k or higher I might be temped.  

 

22 hours ago, tonydead said:

I've been on the waiting list forever it feels like.

And just like that my wait is over. Now staking. 

They also said you would have the ability to trade it (not sell it) later this year sometime  before ETH2. 

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1 hour ago, tonydead said:

 

And just like that my wait is over. Now staking. 

They also said you would have the ability to trade it (not sell it) later this year sometime  before ETH2. 

Damn, still waiting on the list. Hoping to get moving soon!

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On 4/3/2021 at 4:27 PM, CR69 said:

Loving this ETH pop and think it continues in the long run. I'm 50/50 BTC/ETH which is probably more aggressive than most would recommend but I'm a believer. 

 

Well that was fast. No longer 50/50 lol. I want to rebalance but don't want to pay taxes lol. Hmmmm....

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