An insight on Bitcoin

[Zan15]

And the first hammer swing comes down.

Treasury and irs now requiring 10k transactions require reporting.

RIP being anon. This will snowball to other requirements and across the world as countries push to get a hold of those missing taxes/gains.

[Grimbold21]

And the first hammer swing comes down.

Treasury and irs now requiring 10k transactions require reporting.

RIP being anon. This will snowball to other requirements and across the world as countries push to get a hold of those missing taxes/gains.

Come to Denmark, where your crypto gains are taxed nearly 50%

[Zan15]

Come to Denmark, where your crypto gains are taxed nearly 50%

good, helps pay for healthcare for everyone!

[Fluttershy]

Us brits dont pay for any profits on crypto till we break 19k dollars net profit.
10% for every dollar past that but below 75k.
And from 75k onwards, 20% of profits.

Sucks that americans have to use crypto to cheat their taxes LOL. The main issue for burgers is that crypto to crypto trade is taxable, so you could make 5 million on something, then get liquidated for dumbassery, end up bankrupt but still owe one million in taxes.

[ranzino]

Come to Denmark, where your crypto gains are taxed nearly 50%

come to germany where 1 year hold renders all gains tax free

[Zan15]

come to germany where 1 year hold renders all gains tax free

oh the stress of holding it for a year though after extreme gains.....

- - - Updated - - -

and ball #2 drops.

https://fortune.com/2021/05/21/china...bubble-crypto/
https://fortune.com/2021/05/20/china...ogecoin-price/

we will see if china actually goes through with enforcement.

Next up the EU is due for a major announcement not to be outdone by the US and China

[Gaidax]

There needs to be much more happening for it to truly drop and stay there, I'm pretty sure it will rebound back to 50k in a week or two, simply because it will be ballooned back by people rushing to buy cheap.

[Magical Mudcrab]

Cryptocurrency is the opposite of untraceable. Every single transaction is stored forever in the blockchain. The ransom was paid to a wallet and you can see which other wallet funds from it get transfered to. Keep track of that wallet too until somewhere down the line crypto is exchanged for real world currency/goods. If the criminals want to cash out you will find a human at some point of the chain. If this human doesn't want to tell you his transaction partner to backtrack just throw him in jail for the first crime of taking the nation hostage. Pretty sure all crypto exchanges will be helpful to law enforcement too even if they say "no logs".

Which is about as helpful in finding a person as having knives in your eyes would be helpful in playing hide-and-go-seek. Transactions are naturally confidential and knowing the wallet address is completely and utterly useless unless you can tangibly tie the address back to an individual which, in case this plot has been missed by anyone, would make crypto scams impossible to pull off if this could be reliably done. As it stands knowing the public key does not matter unless the owner is an idiot and, frankly, it's incredibly silly to assume that "cashing out" will be a valid way to catch an individual, almost as though the concept of money laundering is just a totally foreign thing that everyone seems to forget when talking about crypto. Moreover, it's only going to be come more difficult as many 3rd generation and onward currencies are looking to change that to anonymity and obfuscate transactions. An example of this is Monero which uses the RingCT protocol that relies on using ring signatures to provide a form of pseudo anonymity and hides transaction details from non-party users on the network.

- - - Updated - - -

There needs to be much more happening for it to truly drop and stay there, I'm pretty sure it will rebound back to 50k in a week or two, simply because it will be ballooned back by people rushing to buy cheap.

Yeah, the HODL is strong with BTC.

[Strawberry]

Pretty sure BTC will fall to around the $30-35.000 mark. It's the correction time and when you look at who the whales are, it's obvious this will keep happening and it will keep happening forever with the current crypto situation. It's a pump and dump manipulation and everyone is insane not to take advantage of it, regardless if you're a small or big fish.

2017: went up to $20.000, crashed to $3000.
2019: went up to $12.000, crashed to $6000.
2021: went up to $64.000, crashed to $30-35.000 (my prediction).
2023: wait for the bull run, trade your crypto for USDT 3 months after the bull run started.

2017 was the first major bull run for crypto, it was extreme and a lot of people suddenly saw their wallets become really, really, really fat and that's why there was such a huge dump.

Cryptocurrencies are used to hide money. Not Bitcoin mind you, Bitcoin is the father of all. But coins like Monero are used by criminals and people who want to paid dirty and untraceable.
Don't expect them to disappear.

[Grimbold21]

oh the stress of holding it for a year though after extreme gains.....

- - - Updated - - -

and ball #2 drops.

https://fortune.com/2021/05/21/china...bubble-crypto/
https://fortune.com/2021/05/20/china...ogecoin-price/

we will see if china actually goes through with enforcement.

Next up the EU is due for a major announcement not to be outdone by the US and China

I mean this isn't entirely surprising from China, and I'd doubt the whole "let's manage this angle" and favor the whole thing of an authoritarian state trying to monopolize what appears to be a profitable market.

What seems to be ignored is that these "crackdown" reports were preceded a few weeks ago by news of China issueing its own.... centralized/institutional whatever you wanna call it crypto currency.

[Fluttershy]

>unironically linking a paywall

[Acidbaron]

Recently there was some discussion about power consumption of bitcoin,

Found this an interesting article; https://www.visualcapitalist.com/vis...itcoin-mining/

[Calfredd]

>unironically linking a paywall

>unironically complaining about "big noses" and Illuminati.

[Acidbaron]

https://www.reuters.com/world/china/...es-2021-05-24/

Cryptocurrency miners, including HashCow and BTC.TOP, have halted all or part of their China operations after Beijing intensified a crackdown on bitcoin mining and trading, hammering digital currencies amid heightened global regulatory scrutiny.

A State Council committee led by Vice Premier Liu He announced the crackdown late on Friday as part of efforts to fend off financial risks. It was the first time China's cabinet has targeted virtual currency mining, a sizable business in the world's second-biggest economy that some estimates say accounts for as much as 70% of the global crypto supply.

-yikes-

[Forogil]

https://www.reuters.com/world/china/...es-2021-05-24/

Cryptocurrency miners, including HashCow and BTC.TOP, have halted all or part of their China operations after Beijing intensified a crackdown on bitcoin mining and trading, hammering digital currencies amid heightened global regulatory scrutiny.

A State Council committee led by Vice Premier Liu He announced the crackdown late on Friday as part of efforts to fend off financial risks. It was the first time China's cabinet has targeted virtual currency mining, a sizable business in the world's second-biggest economy that some estimates say accounts for as much as 70% of the global crypto supply.

-yikes-

Chinese crackdowns aren't known for their soft touch.

I wonder where they will move, perhaps Russia? (Due to large fossil fuel supply.) And how that will play out geo-politically.

[Strawberry]

So a few days after I made my post, Bitcoin dropped to $31k and now is at nearly $40k.

Expect it to grow higher. Elon is shilling it again, lol.
He will do so for another month. After that is hard to predict. But probably stagnate until the next major announcement.

Watch Elons Twitter. As soon as that man mentions something about Bitcoin or crypto, buy or sell.

[hellhamster]

Musk obviously FUDed bitcoin's environmental prospects to greenify the mining and sell his own """"""green energy"""""" technologies, look at his tweets.

Technically speaking, 100k BTC is still more than likely this year. It's been way too far ahead of schedule so far, hence the crash. We are seeing an intermediary top (not a blowoff top), a crash, a bearish downtrend due to FUD, rising inflation warnings and whale manipulation, an accumulation period proven by the Wyckoff distribution model which has played out exactly, and a bull run continuation probably a couple months later. This is supported by two things:

1.The DXY is taking a huge dump. The DXY is inversely correlated with bitcoin for those who don't know. The only thing that will be bad for bitcoin right now is if the DXY double bottoms and starts pumping hard, in that case bitcoin will plummet to the 20k range. Personally, I think that this is very likely. Bitcoin will recover pretty hardcore if that happens though. You can't have pumps without dumps.

2. BTC lengthening cycles and the stock to flow model. Though not a foolproof model, it's been very accurate in its 9 years of existing.

However, I am also seeing something pretty bad in the last couple of months, and that has to do with soaring inflation affecting interest rates. We are already seeing articles last week about inflation in the US reaching 4.5% already when the FED projected 2%. I made a thread about it a few months ago calling it exactly before most people realised what's happening. I was booed off the stage in that thread... Despite all that I honestly thought we had a few more years. Anyways, when the shit hits the fan, it will be absolutely catastrophic for all markets involved. Fear will be a very strong motivator to sell everything.

[Fluttershy]

So a few days after I made my post, Bitcoin dropped to $31k and now is at nearly $40k.

Expect it to grow higher. Elon is shilling it again, lol.
He will do so for another month. After that is hard to predict. But probably stagnate until the next major announcement.

Watch Elons Twitter. As soon as that man mentions something about Bitcoin or crypto, buy or sell.

Call me when it hits 65k again. Boomercoin is vaporware trash. the AOL of all DLTs.

[Magical Mudcrab]

Chinese crackdowns aren't known for their soft touch.

I wonder where they will move, perhaps Russia? (Due to large fossil fuel supply.) And how that will play out geo-politically.

To be honest, miners moving to Russia would be the funniest thing ever. After all the delusion about Crypto actually being good for the environment by incentivizing innovation, sucking up thousands upon thousands of fossil fuels to maintain hashrate would be hysterical.

> Guys, we really care about the environment, until it hurts the bottom line. Then fuck the environment, it's no longer a shield we can use to hide behind.

[Strawberry]

Musk obviously FUDed bitcoin's environmental prospects to greenify the mining and sell his own """"""green energy"""""" technologies, look at his tweets.

Technically speaking, 100k BTC is still more than likely this year. It's been way too far ahead of schedule so far, hence the crash. We are seeing an intermediary top (not a blowoff top), a crash, a bearish downtrend due to FUD, rising inflation warnings and whale manipulation, an accumulation period proven by the Wyckoff distribution model which has played out exactly, and a bull run continuation probably a couple months later. This is supported by two things:

1.The DXY is taking a huge dump. The DXY is inversely correlated with bitcoin for those who don't know. The only thing that will be bad for bitcoin right now is if the DXY double bottoms and starts pumping hard, in that case bitcoin will plummet to the 20k range. Personally, I think that this is very likely. Bitcoin will recover pretty hardcore if that happens though. You can't have pumps without dumps.

2. BTC lengthening cycles and the stock to flow model. Though not a foolproof model, it's been very accurate in its 9 years of existing.

However, I am also seeing something pretty bad in the last couple of months, and that has to do with soaring inflation affecting interest rates. We are already seeing articles last week about inflation in the US reaching 4.5% already when the FED projected 2%. I made a thread about it a few months ago calling it exactly before most people realised what's happening. I was booed off the stage in that thread... Despite all that I honestly thought we had a few more years. Anyways, when the shit hits the fan, it will be absolutely catastrophic for all markets involved. Fear will be a very strong motivator to sell everything.

Don't you think that's going to have a completely opposite reaction and boost crypto? Maybe not immediately but in the long run.
Crypto is universal across the world.
When your money loses worth and keeps going down, you don't buy more of it. I wouldn't