/biz/ - Business & Finance

>>7363986
Crypto Extinction Event, complete and utter devastation

Sell now before it's too late

>>7363986
why didnt you cash out above 1m?

Wow you have 320k in meme money, I feel so sorry for your loss faggot.

Just wait it out like the rest of us, you know whats coming.

a mix of bubble popping + US interest rates likely to increase

>>7364085
I did. I've cashed out around 250k over the past 9 months, which is when I started in crypto.

My initial investment was 15k, so I'm still way up, but I really thought I wasn't going to need to work ever again... what is happening???

>>7364170
Just wait it out. I mean this happens every year with bitcoin.

based on what i see from prices past, cant you just save it all and wait another year or two for it to go back up? bitcoin seems to get popular in waves and such yesh?

>OP had 1 mil in crypto
>OP has no idea what's causing crash

Checks out.

>>7364270
Yeah wait it out for a few years ...

>>7363986
India banned crypto last week

>>7363986
lesson learned, you don't have anything until you're back into fiat

>>7363986
https://www.youtube.com/watch?v=XbZ8zDpX2Mg

>>7363986
EU and US banks banned CC transactions to crypto, so people wont be able to cash out to their Credit cards. Idiots.

>>7364170
If this isn't a larp I'm cashing out everything. I refuse to believe there's a chance for me when someone has this much money yet is STILL too greedy to cash out.

>>7363986
0x1dAAb60d9f8A7c5Cc4F242FbA27f3314f6eB7EcE

send me some pieces of an eth and ill bless you with a blessing that will get you to 2 million

>>7364085
>>7364782
Cash out fags need to off themselves

>>7363986
Shorters, we are dropping just for the sake of it. I am seeing drops now of 30 - 50% all across the board. Never seen such extreme drops before, it might be because the stock market is also crashing hard. If the FED announces they will not hike the current rate we might have another bullrun again. At this point i am wondering if the FED can ever raise them again without crashing the entire market. Or very, very gradually perhaps. We need to get rid of this uncertainty either way.

They will prob announce they won't to stimulate the market again, we might experience hyperinflation of the USD or something. it's a very tricky situation, we will probably manage to pull it of with Trump though.

Based China

http://fortune.com/2018/02/05/bitcoin-china-website-ico-block-ban-firewall/

>>7364680
CC money is borrowed dumb fuck. The banks don't want a bunch of people to cause them massive loses due to them maxing out their cards and defaulting. (Which is probably what is happening right now)

>>7364415
If only.
>>7364680
This guy gets it.
>>7363986
Also I bought the dip hard. Bought 5000 worth at 5950. I think now is the time to buy. Banks can't really FUD it any more than they already have. I mean can they? Banning purchases with their credit cards is pretty extreme. Is their anything else that they can do?

>>7364946
The chinks barely had any marketshare left, it's just random bad news with no actual impact.

>>7364398
I bought bitcoin in 2012, so im willing to wait another 5 years. Anyway, im expecting it to reach 20k again towards the end of the year.

>>7364862
>hurr durr i either make it or kms
How pathetic do you have to be to have this kind of mentality? OP is a pig and he got slaughtered.

>>7365046
True, bitcoin still has a presence in China thru Hong Kong and Taiwan, but its been barren in mainland China.

>>7364946
That seems more like an attack on ETH than Bitcoin. Eth usually plummets and rises after bitcoin. It recently went from 400 to 1200 and is now at 583. Good 1000+ ethereum is a pain in the ass for trading.

>>7364170
15k to 320k + whatever you've cashed out. Why the fuck you crying?

>>7363986

>>7365097
Kys already holy fuck

>>7363986
The legendary Sayori Crash is finally underway.

Literally going to kill myself tomorrow night if we go down any further.

>>7365394
Send me your bags first

>>7365394
What'd you buy in at?

>>7364415
india bans every escape vehicle they banned gold first then btc years ago didnt stop anyone there

>>7365552
India also banned the 500 and 1000 rupee notes, the streetshitters are beyond hope.

>>7365552
They're already walking back that announcement just saying that businesses will get a fee for accepting bitcoin because it hurts the value of the Rupee. His vague comments about banning crypto currency were probably just a poo in loo scam attempt to buy in cheap. I guess they took a note from China.

No one has posted a reason for this crash yet.

>>7366420
WE ARE/WERE IN A BUBBLE

>>7366420
Chinese New Year and a major correction for the rapid increase last year (plus the harder approach by India and China).

>>7364337
This, what the fuck OP :D
Also,
>anime

>>7366420
https://www.banking.senate.gov/public/index.cfm/2018/2/virtual-currencies-the-oversight-role-of-the-u-s-securities-and-exchange-commission-and-the-u-s-commodity-futures-trading-commission

Whales are crashing this market to get shit cheap before protections get put in. Easy money for those with liquid cash

>>7363986
China banned access to all exchanges
Major credit cards banned buying crypto
American TV spreading fud non stop

>>7366420
Bitcoin was stable when it was mostly white men mining and holding. But SJWs, roasties, and normies got into crypto with their soy hands. So guess what happened next

>>7366659
Sure it's not its retarded price

>>7364270
This is the second longest crash, though. Maybe we need a month or two.

>>7366580
Newfag normie detected

>>7364170
>he thinks he wouldn't need to ever work again with a mil or two
kek

>>7367135
If you live within your means, you certainly can
Just have to live like you are NEET

>>7364862
you retard
>start with 15k
>now above 1 mil
This is lambo tier, dream achieved, can avoid work for the rest of his life if smart. No reason NOT to cash the fuck out.

>>7363986
It's over, bitcoin is literally dying, cash out now before it's too late.

If you don't, enjoy having less than 100 to 50k left

>>7363986
$1.2M (14 Jan) -> $440k
I feel a bit sad.

>>7367135
well, I also inherited 6MM worth of real estate, but I cant touch the rent income until I'm 35, and that's only about 18k net income a month.

>>7363986
I heard a couple of weeks back that miners (s in industrial farms in China etc) were going to sell off everything to try and push the price of bitcoin down to $5000 and keep the bubble going as long as possible.

Started with 900$. Took out 2k. Now i am back at 900$. Thank you free money

>>7367234
>>7367221
>>7364782

You really need to take a clear look at the real world. $1M is definitely NOT enough to be financially independent.

Inflation is enormous. Reminder that real estate prices and rents aren't included in it! What happened is that it turned out most people already had as much food and basic goods as they needed, so mountains of empty money didn't change demand here. That's close to 90% of inflation index if all indirect effects are included (especially fuel prices impact literally everything).
All that empty money went into assets, which are coincidentally not counted into official inflation indexes.

$1M is enough to buy a house + live for 10-20 years. So unless you plan to die in 20 years $1M is not even close to enough.

>>7367799
Ok, but it's a 1M headstart these fuckers just didn't take.

That is stupid.

>>7367234
Yeah after taxes and a billion other expenses. It might be lambo tier in the 3rd world mr pajeet but it isnt here in the west

Whats the point of telling him to cash out now? Fucking hell

>>7367135
You won't if you play your cards right.

>>7367799
>$1M is enough to buy a house + live for 10-20 years

Or you could actually invest the money like a non-retard and be set for life.

>>7363986
1.4M is enough to live the NEET live forever. wtf bro.

>>7367799
You are retarded and have no place being here.
You can easily get $60K/y (in todays money, your dumb fuck) with $1M , while still increasing your stack above inflation. As long as you are not retarded enough to remain in the US, you can live in a hotel and fuck whores literally every day with that money.

>>7367870
Because if it goes up to $10M then that's indeed enough to be truly financially independent.
Unless you don't own a house or have some other investments cashing out at $1M isn't going to change your life significantly. Unless you just want to actually waste it on lambos and live like a trust fund kid for one year.

>>7367799
There's a million different ways to turn 1 million into much more. Crypto grew too quickly and OP expected it to just continue going until it hit his potential target, whatever that maybe. Unfortunately that's not how bubbles work. Instead of taking the gamble he could have cashed out and invested his million in a much more secure asset, making modest gains over the years.

All you had to do was just change your crypto to USDT.

Literally all you had to do.

>>7363986
>Can someone explain this shit to me?
yes
1. Crypto was an unsustainable bubble
2. Foolish you decided to jump aboard said bubble instead on showing any healthy skepticism
3. Foolish you put your 1.4mil eggs in one basket
4. Bubble popped and now you're fucked

>>7363986
Western banks banning purchases of crypto with credit cards and China's foreign exchange ban via their firewall.

Why can't you trade options on crypto'd yet?

>>7368116
>>7368050
Invest in what, stocks? Don't make me laugh. The entire western financial system is going to collapse from demographic pressures. Where are the returns supposed to come from? It's all going to go up in nominal terms perpetually but without a miracle like cheap fusion or human level ai real returns are going to be significantly negative over the next several decades.

Go, look at Italian and German population pyramids. Then look at forecasts of whites as percentage in America + look at the pyramid also. Realize the inevitable that's going to happen once current 40-50 year old retire. Or try to explain how it all magically fixes itself.

For a bonus feeling of impending collapse look up African and Nigerian population forecasts in particular. Hello there hundreds of millions of refugees going into Europe.

>>7368221
>There's a million different ways to turn 1 million into much more.

Yeah I'm sure there are but what are they? If you have a good investable idea you don't need $1M, it's easy to get that kind of outside investment today.

>>7363986

the world ran out of idiots that want to gamble their money on crypto

>>7364337
No one knows
Some say China, some say tether but in reality there's no reason for such a crash except for whales crashing it to accumulate

>>7368379
5. Wait to reach new ATH

>>7363986
Nice, you owe about 600k in taxes. Have fun.

>>7368440
>thinks that much is needed for 6% returns above inflation every year
Please, go, you have no place in this board.

>>7369098
lol, not how it works whatsoever brainlet

>>7364170
>>7365240
This
You still made bank
getting 200+k from 15k is insane even if you started years ago
you guys realize that normal investors are looking for shit like 20% grow over 5 years etc... right?

>>7369202
If he made trades in 2017 he owes 600k in taxes. And that's the end of the story, since the cutoff date is exactly the 1st of January. Nothing that happens after this matters for 2017.

>>7369270
If he withdrew the money.

>>7369306
He owes it either way. Crypto/crypto is taxed you faggots. Doesn't matter if you cash out or not. Do your fucking research.

>>7368440
What's your take on a rational response to this, to weather it out? Isn't buying a small plot of land and going off-grid a rational solution, based on what you've predicted?

>>7369153
You are going to work until you die you know that right?
There's a reason only bonds from countries that are on the brink of bankruptcy offer anything approaching 6% above inflation. -1% annually is a realistic assumption for the next 60 years.

Even Kazakhstan's 2024 bonds were basically ~0% after inflation in 2016. That should tell you something about actual returns available on the market now, and the future is only going to get worse.

https://www.forbes.com/sites/kenrapoza/2016/11/04/kazakhstan-bonds-are-better-than-u-s-treasurys

Don't forget taxes. $10M becomes ~$7M or even less depending on where you live.

>>7369484
Not sure what that would get you. Land and houses are probably going to get cheaper. Consumable things are going to be more expensive and assets are going to drop strongly relatively to them. Things like solar panels are one of the few things that are most likely going to be cheaper because of better technology.
Outside of a truly original investment idea there's no way to beat the crowd because you're a part of it. Just don't plan your life assuming absurd returns in the future.

>>7368379
5. Don't sell low
6. Laugh at those who did sell low once it reaches new ATH