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My bitcoin is worth 550K.....

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  • I would. In June you had 550k. Why not do that for 11 days and you have your balance from June in cash. Then if this bubble pops you still made unbelievable profit. If it doesn' pop for a bit you can keep withdrawing until you have 550k after taxes. If it keeps going up, you will keep making money even with the withdraws. If it crashes you have a very Merry Christmas

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    • Originally posted by snufy View Post
      3.4MM today.

      Getting nervous.

      most exchanges cap and withdrawals at 50K a day. So would need to do that for the next number of months.

      Need to discuss some things with some people.

      the dilemma is that sure it might fall to 5-6K again, but that will just be a blip on the radar and as long as thing economically and politically continue to decline and the middle class keeps getting squeezed, bitcoin will rise. There’s lots of hype now too.

      Interesting
      This is absolutely crazy. Bitcoin is poised to move over $17K US.

      Are people trying to purchase this in an auction setting driving up the price?

      What is funny that the Blockchain companies that are mining for Bitcoins is that their trading prices are down or flat this week.

      Listening how the Chicago exchange is going to start trading futures on Sunday night and now big players on Wall Street starting to get really nervous about opening this up. These brokers want to create something that they can short the hell out of Bitcoin as a way to make money.

      Supply and demand, there are 21 million of these coins and less than 5 million of them remain to be mined, could that be what is causing the sudden increase.

      Last edited by Magnum; 12-07-2017, 11:43 AM.

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      • Originally posted by snufy View Post
        3.4MM today.

        Getting nervous.

        most exchanges cap and withdrawals at 50K a day. So would need to do that for the next number of months.

        Need to discuss some things with some people.

        the dilemma is that sure it might fall to 5-6K again, but that will just be a blip on the radar and as long as thing economically and politically continue to decline and the middle class keeps getting squeezed, bitcoin will rise. There’s lots of hype now too.

        Interesting
        Good luck implementing your exit strategy. I'm assuming you're not going to try to sell it all, but even cashing out 1/3 or 1/2 of that sets you up extremely well for the rest of your life and allows you to add some missing diversification to your investments. If it's a bubble, hopefully you stay ahead of it and if it's not you'll still have a huge nest egg in bitcoin.

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        • Originally posted by Magnum View Post

          This is absolutely crazy. Bitcoin is poised to move over $17K US.

          Are people trying to purchase this in an auction setting driving up the price?

          What is funny that the Blockchain companies that are mining for Bitcoins is that their trading prices are down or flat this week.

          Listening how the Chicago exchange is going to start trading futures on Sunday night and now big players on Wall Street starting to get really nervous about opening this up. These brokers want to create something that they can short the hell out of Bitcoin as a way to make money.

          Supply and demand, there are 21 million of these coins and less than 5 million of them remain to be mined, could that be what is causing the sudden increase.
          I read one article stating the bitcoin is basically a failure as a currency as intended, but has become this, for lack of a better term, global poker chip that gets traded to try to get a "win" and nothing else. Few are in bitcoin for its intended purpose anymore.

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          • Originally posted by squish View Post

            I read one article stating the bitcoin is basically a failure as a currency as intended, but has become this, for lack of a better term, global poker chip that gets traded to try to get a "win" and nothing else. Few are in bitcoin for its intended purpose anymore.
            I dont disagree that it has turned into something it wasnt meant to be but that has happened before.

            Since there is a limit on them, I can see this as a fad and the price going down at some point.

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            • When this ends there will be a limited number of people who did extremely well off Bitcoin and many who will have lost. Hopefully Snufy will get out clean and we will have the pleasure of pointing to almost knowing someone who won the race.

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              • Originally posted by Magnum View Post

                This is absolutely crazy. Bitcoin is poised to move over $17K US.

                Are people trying to purchase this in an auction setting driving up the price?

                What is funny that the Blockchain companies that are mining for Bitcoins is that their trading prices are down or flat this week.

                Listening how the Chicago exchange is going to start trading futures on Sunday night and now big players on Wall Street starting to get really nervous about opening this up. These brokers want to create something that they can short the hell out of Bitcoin as a way to make money.

                Supply and demand, there are 21 million of these coins and less than 5 million of them remain to be mined, could that be what is causing the sudden increase.
                Yup.

                But in the first few pages of this thread, this was a major concern of mine. If I can actively trade this on a proper platform, where I can have stop-limits, go short, and swap to a standard currency with next to no limits .. could get real interesting.

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                • Originally posted by imschatz View Post

                  Yup.
                  I dont know the rules on shorting stock and stuff like that, but there has to be a time limit you can hold the short position before you have to pay it back.

                  Bitcoin is something that brokers and market managers cant control and we might see a few people think that they are smarter than everyone else looking for millions.

                  We have seen in the past big institutions left holding the bag after after a burst but the opposite could happen here. There could be massive shorts but the price of Bitcoin could continue from places like Asia.

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                  • What gets people in the end is greed. Don't be a greedy person. How much do you really need? Personally, I have never aspired to riches but to just being comfortable and able to live my life on my modest terms.

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                    • Then I think people should have enough that they quite bitching.

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                      • I can't really comment on bitcoin itself, not having done the research, but would be very leary if it is not based on an actual physical asset.
                        Last edited by Sprout; 12-07-2017, 09:54 PM.

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                        • Originally posted by ROFLMAO View Post
                          Then I think people should have enough that they quite bitching.
                          People that bitch do it regardless of their wealth. A miserable broke son of a bitch becomes a miserable rich son of a bitch.

                          Material wealth does not make people happier...but it does make certain aspects of your life easier and lessens a few worries.

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                          • Some people are so invested in bitcoin as a concept that they'll refuse to start cashing out even when it is prudent to do so. They'll hold on until the bubble bursts and end up with a lot less than people who are starting to divest now.

                            It happens in a lot of investment spaces. The true believers who think it'll go up indefinitely end up holding the bag when it collapses.

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                            • Dumb question, but why are there only 21 million coins? Did someone arbitrarily decide that when they created it?

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                              • Originally posted by gilligan View Post
                                Some people are so invested in bitcoin as a concept that they'll refuse to start cashing out even when it is prudent to do so. They'll hold on until the bubble bursts and end up with a lot less than people who are starting to divest now.

                                It happens in a lot of investment spaces. The true believers who think it'll go up indefinitely end up holding the bag when it collapses.
                                I worry about people who cant afford it and dumping their savings and legit investments to get into this thing that will be left holding the bag.

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