Was anyone else long on Bitcoin Cash before today?

My boy Tom cashed out for 250 mil and walked away. Zuck is married to the game and ain't worth shit until he cashes out always in the public eye, etc. my boy Tom is off doing anything and everything he wants.

 

that's so sick. good for him. we know a dude that worked for FB from the beginning and cashed out after the IPO (or shortly after). he's not richy rich, but has his nice house and some porsches and takes cool trips with his lady all the time while not having to work. that's the life.

 

People are betting really, really long. Some of the biggest BTC wallets haven't moved coins in a very long time. On guy bought 78,000 @93cents and never sold one. If you "cash out" you can crash the BTC/USD system. most people of the whales are waiting for BTC to become a mainstream currency that is accepted most anywhere, thereby avoiding the tax man and other things. They can pay for most of their things in BTC and avoid the whole government structure.

Personally, if I had thousands upon thousands of coins, I'd cash out slowly into a foreign currency, then convert the currency to whatever I needed. For the guys with 50,000+ there's no real way for them to walk away without paying the man.

 

He's probably sitting in front of his computer in full rigor after a massive heart attack.

 

He's got 79,957 BTC ($1,365,688,913 USD)

Not bad for a $75,000 investment 6 years ago.

 

you gotta figure at the volumes we're currently seeing... he could at least dump off a couple hundred a day without moving the needle too too much? maybe? that'd still take a while, but hell, i'd be starting right now. i wonder what the actual count is of individual coin holders, i was thinking about that the other day. there's definitely more than a few people with sizable chunks. if my holdings had a market value of anything more than $6m right now, i'd be making my escape. everyone's different though.

 

Until he cashes out he has the "promise" of that number.

 

That's the beauty of crypto, the blockchain is what validates the currency, the blockchain is public and you can view every single transaction ever made.

The problem with moving even one a day right now is that's $17K you're gonna raise eyebrows with the bank, if you don't care about the tax man go ahead and move a few hundred a day. Now what will happen is if you have all the coins in one wallet that doesn't move much, and you move a sizeable amount everyday someone will take notice that the whales are moving, that in itself might cause an issue if others then try to exit.

People were also telling themselves they'd cash out when it it $100, 500, 1,000 2,500, etc. the price has moved from 5,000 to 17,000+ in less than a month , people are going to try and ride the train till the end. What is really hard to do is link those people who have dozens of wallets, if you have 10 wallets with 1,000 btc and you dump one, no one cares. if you have one wallet with 10K and you dump 1K people notice. It's an investing game and it's not supposed to be, its supposed to be used as a currency. Yes there are currency traders but not like this.

 

Only a few hundred million worth of examples here, and there are more.

http://amp.timeinc.net/fortune/2016/08/03/bitcoin-stolen-bitfinex-hack-hong-kong

https://www.pcworld.com/article/230377/worlds_first_virtual_heist_bitcoin_user_loses_500000.amp.html

https://www.wired.com/2014/03/bitcoin-exchange/amp

https://amp.theguardian.com/technology/2016/aug/03/bitcoin-stolen-bitfinex-exchange-hong-kong

 

Those are wallet hacks, not the ledger.

 

Oh thank god. I was worried we were going to get wrapped up in semantics.

 

Someone stole your wallet Vs. the history of your wallet ever existing is erased from the earth.

Call your bank because your money is stolen vs calling the bank and the money, your account, and you do not even exist, nor ever have

 

you know when you have professional level trading platforms you can see who and how much are doing puts/calls on futures and who's selling off stock too by name. only average joe doesn't get that info. same affect. but if volume is like 290k a day or something and you're dumping 1000... i dunno that people would care. there's probably thousands of new people a day considering a purchase at this point with all the attention its getting.

why doesn't your buddy just open a foreign bank account and then route it thru there instead of his US bank? that would seem to avoid the tax man as long as you keep it offshore. honestly if i was looking to make $100m, at that point, i'd just pay the damn taxes haha... or carry it over into like a differed interest/cap gains kinda thing and just wait a year and then pay the lower rate at least. i'd prolly settle for that. what is it now, 12%? 14%?

riding the train til the end of the line... not wanting to pay even minimal taxes... those are cases of your convictions getting in the way of logic and reasonableness. if you're trying to be on the billionaires list, more power to you, but at some point, enough would be enough if i stumbled ass backwards into millions on a whim/bet.

 

At a capital gains tax of 15% I'd just pay the taxman and be done with it, not worth losing millions and possibly everything over that.

 

what's the holding period to convert short term cap gains to long term... 12 months or 18 months? yea dude... no brainer. unless you're so far down the fuckin' libertarian rabbit hole that the mere thought of giving the government anything makes your anus explode... its really a no brainer.

 

Lol exactly! As I was reading these comments before I kept thinking "taxes?? that's the concern now? Who gives a fuck? If I put in $75,000 and I have the potential of making hundreds of millions (after tax), then by all mean IRS...take my money!" lol...I'd happily pay like 40% taxes on a billion dollars and be all legal than try to do some shady shit and try to stick it to the man all so that I can have the full 1 billion, at the risk of losing it all and possibly my freedom too! lol

 

Either you don't understand this stuff as well as you think, or you make the worst analogies ever.

 

You can't change the blockchain ledger, you can certainly hack into someones wallet.

 

Not necessarily true. See this link about the fork in 2010. - #9 on the list.


https://www.coindesk.com/9-biggest-screwups-bitcoin-history/

 

You'd likely be far above that for the short term capital gains. Likely at 25% or more.