OilerTitanHybrid Posted February 26, 2021 Report Share Posted February 26, 2021 3 minutes ago, 9 Nines said: Who thinks Bongo is part of the Q community? Qongo, good friend of Qahomes! Link to post Share on other sites More sharing options...
abenjami Posted February 26, 2021 Report Share Posted February 26, 2021 9 hours ago, Supdawg said: If you use BTC to buy coffee, that transaction is taxed based on the cost basis of BTC HIFO/FIFO. It's stupid to spend BTC for that, but more importantly why would you spend your BTC when on a year over year basis it goes up 200%. Yeah, I agree it would be stupid to buy coffee or anything else with bitcoin right now. But people do it. And of course, it's only taxed if you report it. Which at this point is 100% on the honesty system because bitcoin is untraceable. Link to post Share on other sites More sharing options...
Supdawg Posted February 26, 2021 Report Share Posted February 26, 2021 (edited) Bitcoin still feels weak. Swept previous lows of 45 overnight, but didn't get a strong response. I think people are still waiting on 42K range to buy big. Spot outflows on Coinbase are still large, which means institutional buys are still there buying now. Retail is spooked and the stock markets and treasury yields are fucking shit up. GBTC is discounted below NAV. Overall, still bullish but we may bounce around this range for a week or two. For what its worth I bought the dip this morning. Drop this nugget in here for some free alpha. Last time GBTC was trading below NAV was early 2017. Edited February 26, 2021 by Supdawg Link to post Share on other sites More sharing options...
Bongo59 Posted February 26, 2021 Report Share Posted February 26, 2021 21 hours ago, Supdawg said: If I am going to proselytize, it would only be for my fellow Titan fans. It's my equivalent of a PSA. Pretty clear they don't and wont get it. They will soon enough when the feel what the Fed has in store. Link to post Share on other sites More sharing options...
BobbyCoins Posted February 26, 2021 Report Share Posted February 26, 2021 (edited) 2 hours ago, Bongo59 said: Pretty clear they don't and wont get it. They will soon enough when the feel what the Fed has in store. Are you talking about the BTC they acquired from the Silk Road thing? That's about $3B worth, but aren't they obligated to sell that back?@Supdawg Edited February 27, 2021 by NashvilleNinja Link to post Share on other sites More sharing options...
Supdawg Posted February 27, 2021 Report Share Posted February 27, 2021 11 hours ago, NashvilleNinja said: Are you talking about the BTC they acquired from the Silk Road thing? That's about $3B worth, but aren't they obligated to sell that back?@Supdawg I don't think that's what he's talking about. If the FED was going to sell it's Bitcoin, it would auction it off OTC style. That's how Tim Draper got into BTC. He bought a shit ton from the government in 2016. I am not sure what Bongo is talking about. Maybe yield curve control? That should be rocket fuel for Bitcoin. General update on BTC. Still ranging, still feels like we're going to break down toward 42K. Could go as high as 50K too. Again, resistance is 51.5K and until we can clear that number I expect us to go down before going back up. The ranging is good for a bull market and we've only experienced ~25% draw down from 58K. Bull run is not over yet! Miners have slowed selling and institutional buying is still occurring. People selling today are either traders or have the weakest hands. Big money is BTFD. Link to post Share on other sites More sharing options...
titanruss Posted February 27, 2021 Report Share Posted February 27, 2021 10 hours ago, Supdawg said: I don't think that's what he's talking about. If the FED was going to sell it's Bitcoin, it would auction it off OTC style. That's how Tim Draper got into BTC. He bought a shit ton from the government in 2016. I am not sure what Bongo is talking about. Maybe yield curve control? That should be rocket fuel for Bitcoin. General update on BTC. Still ranging, still feels like we're going to break down toward 42K. Could go as high as 50K too. Again, resistance is 51.5K and until we can clear that number I expect us to go down before going back up. The ranging is good for a bull market and we've only experienced ~25% draw down from 58K. Bull run is not over yet! Miners have slowed selling and institutional buying is still occurring. People selling today are either traders or have the weakest hands. Big money is BTFD. He's not talking about shit. Just Bongo being bongo trying to act like he knows something when he's really 3 steps behind... Link to post Share on other sites More sharing options...
abenjami Posted February 28, 2021 Report Share Posted February 28, 2021 Crypto is down 25% since I entered the market last weekend. You all better get your money out now before the market anti-Christ doubles down. Supdawg, and OILERMAN 1 1 Link to post Share on other sites More sharing options...
Supdawg Posted February 28, 2021 Report Share Posted February 28, 2021 5 minutes ago, abenjami said: Crypto is down 25% since I entered the market last weekend. You all better get your money out now before the market anti-Christ doubles down. Worst case, you just become a community member for a couple of years . Many people who continued to buy and DCA when we went into the bear market in 2018 have literally retired on this bull run. I will continue to DCA plus scalp and swing trade every opportunity I have to acquire more BTC. I don't get mad at anyone who cashes out if they made life changing money. Link to post Share on other sites More sharing options...
abenjami Posted February 28, 2021 Report Share Posted February 28, 2021 19 minutes ago, Supdawg said: Worst case, you just become a community member for a couple of years . Many people who continued to buy and DCA when we went into the bear market in 2018 have literally retired on this bull run. I will continue to DCA plus scalp and swing trade every opportunity I have to acquire more BTC. I don't get mad at anyone who cashes out if they made life changing money. Why would they cash out into USD? Shouldn't they be keeping their money in bitcoin since it's the better store of value? Link to post Share on other sites More sharing options...
Supdawg Posted February 28, 2021 Report Share Posted February 28, 2021 (edited) 58 minutes ago, abenjami said: Why would they cash out into USD? Shouldn't they be keeping their money in bitcoin since it's the better store of value? Yes, but many people cash out to buy homes for themselves or their parents, start businesses or diversify into real-estate. Most Bitcoiners keep some Bitcoin, but cash a portion out of it materially affects their lifestyle. I believe that is what I will likely do unless borrowing against it becomes very low interest. Edited February 28, 2021 by Supdawg Link to post Share on other sites More sharing options...
BobbyCoins Posted February 28, 2021 Report Share Posted February 28, 2021 1 hour ago, abenjami said: Crypto is down 25% since I entered the market last weekend. You all better get your money out now before the market anti-Christ doubles down. Newbies just getting into crypto are probably hoping it goes back down. Going from $58k back down to $30k or even lower stacks a lot more sats. Of course, that's the rub. Old hats wind up crane kicking kids, grandparents, and kittens when they see the roller coaster going back down. Link to post Share on other sites More sharing options...
OILERMAN Posted February 28, 2021 Report Share Posted February 28, 2021 4 hours ago, Supdawg said: Yes, but many people cash out to buy homes for themselves or their parents, start businesses or diversify into real-estate. I'd guess this is a tiny fraction Link to post Share on other sites More sharing options...
abenjami Posted February 28, 2021 Report Share Posted February 28, 2021 I'm interested to see if TSLA tanks tomorrow. After all, if you invest in a company that invests its cash in bitcoin, theoretically your share price should fall when bitcoin falls. Link to post Share on other sites More sharing options...
abenjami Posted February 28, 2021 Report Share Posted February 28, 2021 One of my good friends was telling me on Thursday how he just bought a bunch of GBTC. I told him that was dumb. If you want to invest in bitcoin, buy actual bitcoin that you can trade 24/7. Don't invest in a fund where you can't get out during a weekend crash and have to pay a 2% management fee. Can't wait to talk to him tomorrow. LOL Link to post Share on other sites More sharing options...
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