Bitcoin [pros](/r/CryptoCurrency/comments/vf0npl/bitcoin_breaks_down_20k_now_below_2017s_previous/ict5f7g/) & [cons](/r/CryptoCurrency/comments/vf0npl/bitcoin_breaks_down_20k_now_below_2017s_previous/ict5fgu/) and related info are in the collapsed comments below. Pros and cons will change for every new post.

On the bright side I think the taxman owes me money at this point.

Cap on net capital loss deduction for given year is like $3k I believe.

It is $3k but say you lose $60k in one year well congratulations you get to use that deduction for 20 years. This is a deduction a lot more people than you think still use from the 2009 recession, y'all should be careful so you don't wind up using that shit a decade from now and giving your cpa another story to tell.

It took me 17 years to exhaust my capital loss from the dot com crash.

People get this wrong all the time. You can deduct more than 3k/yr if you have more gains!! Say you lose 30k in one year. You do not have to wait 10 years to claim it all. If the next year you make 30k back then your cap gains will be $0 because you can claim UP TO a 3k/yr loss in a year. NOT 3k in just losses.

Can you go back and change your 2020 tax returns to negate the gains you made then with the massive losses you've had this year? Asking for a friend...

No, the loss is incurred the year you sell the asset,

I know, I was just making a joke but thank you for the actual answer lol

I feel it man. Last year was bananas. Paid sooo much taxes. On the other hand, this year has been 💩

Haha gains?

You’re allowed to completely offset gains, deduct an additional 3k in losses, and carry forward the rest to future years if there’s more left over after all of that.

Gains lol

Ya seriously. On the bright side a lot of people are going to scapegoat crypto taxes because of all this, claiming all those losses of course.

You guys are paying taxes???

No

r/usernamechecksout

Invested in crypto for the first time in 2017. Held ever since. I'm officially in the red again lol.

You merely adopted the red. I was born in it.

Ahh a fellow millennial

Ahh my brothers who went in to multiply their money but had it divided instead.

still multiplied! Just, by a fraction.

Molded by it (started crypto late last year)

Red - “I’m not in here with you, you’re in here with ME!”

Lol yep, why didn't I take profits? Ffs I'm an idiot. No worries just hold it another 4 years.

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Lmao Safemoon. At least you’re better than my coworker who put around $20k near the peak

I got a buddy on some shit stocks (that eventually turned a profit) and he told me about Safemoon. I felt a bit bad for him so I put in some money in March 2021. It shot up, I sold near the ATH and kept my initial investment in. Best shit ever.

Jesus Christ y’all stop listening to the people that call you paper hands. You’d literally be set for this recession if you had taken profits.

It's amazing people buy all of that obvious propaganda meant to pump everybody else's investments. Like .. you see why they're doing that, right? It's like people can't think for themselves.

It's been an honor gambling with you guys 🏅

Time to put on my knife catching gloves!

Gloves? I need a full body suit for what’s coming.

Crypto giveth and crypto taketh.

Crypto is a great servant but a cruel master

I like bad boys

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Seeing how apparently I don’t have money anymore I’ve decided that I too am in it for the tech.

Me too, just ignore my flair I changed it during the bull run last year.

This guy is clearly here for the tech 

Don't just puke on yourself, now's the time to shit your pants as well!

Finally something I am good at

Shit in someone else's pants*

Wear that medal proudly my brother, this is only the beginning :)

My pleasure bro, my pleasure Down 60%

Down 60% __so far__

Been an honor,chief 

We gambled good

I got the winning ticket to suicide squad movie me and the boys

Nothing left but to drink away our sorrows now.

Some of us can't even afford that any more.


We who are about to file for bankruptcy salute you 

“Plays the violin while on the titanic”

Here 

I'm gonna have to take up busking to buy crypto soon

Gonna be a bad week for stablecoins and degenerates who like leverage.

As long as stablecoins are backed, they'll stick around. Time to find out what's truly backed and what isn't.

not if they're backed by loans they will have to repay

I like leveraged shorting.

So we are back to we are early right?

We're early in the recession 😂

Yay! I'm finally early to something

we are back to "in it for the tech"

Waiting for a hot “this is actually good for crypto” post

I'm at least interested to see where crypto goes from here. I don't think this is necessarily *good* for crypto, but if a rebound happens down the line and crypto weathers the storm then it will be good for it in hindsight by proving it can handle an actual economic recession. The thing is...it needs to do that. If it doesn't, well...fuck.

Not until Tether collapses

I guess the whole "never goes below a previous cycle ath" thing is done. Who woulda thought, 2 data points weren't enough.

The problem is btc is entering new territory. Btc/crypto been alive during easy money times not hard money times

This checks out. Feds started QE in 2008. Bitcoin network started on 3 January 2009.

It was born out of hard money times. Let's see if survives it.

1 BTC was worth 5c during hard money times.

Don't tempt me

Luckily we're all in for the tech, right? RIGHT?

The tech that none of us use because we're hodling? Absolutely!

I was in it because a pornstar asked me to buy

She said bye, not buy

Or maybe she said bi 🌝

I was in it because a taxi driver asked me to buy

Of course we're in it for the ~~money~~ tech.

Finally we’re getting some 2018 vibes. Now it gets interesting.

Its even better. There was no recession during 2018

A recession that hasn't been officially announced.

Only two weeks left. If it happens crypto will dump further.

What happens in 2 weeks?

We enter an actual recession assuming the course doesn't change which looks like that isn't going to happen.

Also this is the first time its gone below a previous bull runs peak. Exciting times.

It’s happening

What are the procedures??Everybody stay fucking calm. 

You know whats crazy, people still believed it wont dip below 20k, even though stock market has so much room to get down.

Well and now it’s looking like it could dip below 18k very soon…as ETH dips below 1k.

You cant repeat often enough. WE ARE IN UNCHARTED TERRITORY! Crypto has no experience with **stock bear market**. Yet people still keep ignoring it and live on hopium that the current situation is like last crypto winter. Edit: Added "stock" as people seem to missunderstand what i mean.

We're not even in crypto worst bear yet. We went from20k to 3k that's %85. That's the last 5 years we even saw a %90 drop. This is not uncharted. ATH is about 69k , 7k would still be something that happened before a %90 drop.

Real bear market not crypto prices. Like the REAL world (ie stocks) has a besr market. That is uncharted territory for crypto.

Honestly I have got to agree. So let's see we have full blown bear market in the stock market a potential recession looming on the horizon and inflation hitting 40 year highs its definitely got a lot of room to fall it could potentially go lower than 2018 levels if we do enter a recession with high interest rates and high inflation. As far as I know crypto hasn't really experienced bear market in the stock market or a recession or high inflation so this could definitely get a lot worse imo.

And it just happened right now! 18k territory!

Yep. The floor's broken, and there's *nothing* happening to bring it back up. It's going down.

I'm yelling timmmmmmbeeer

There's a massive amount of fraud going on to prop it up and it still isn't able to defend the price point.

See you all in the next BTC halving.

so at 10k? Or do you mean the other halving? 😂

The other at $5k ?

Yes

Time to put on my knife catching gloves!

100k EoY 2021!

100 billion market cap EOY!

Next stop: 13,602$ (Celsius liquidation price)

What does liquidation price mean?

The price at which their leveraged margin position is deleted and they thus lose both their potential profit and the money they risked to have the potential

Can someone ELI5 this? What is a leveraged margin position, the money risking for potential and, well, basically all of this comment? :o

Celsius borrowed a bunch of money to buy bitcoin. To convince people to lend them money, they put other assets up as collateral. This means if Celsius doesn’t pay back the loan, the creditors get to keep the collateral. Imagine taking out a second mortgage on your house to buy a classic car you think will increase in value. If the lenders think the car is sufficiently worthless you can’t pay off the loan (the price of the car went down), the lenders will take and keep your collateral, and the car. If bitcoin price gets too low, lenders will want their money back, and will take both the bitcoin and any collateral. Sometimes the collateralisation is the asset bought, so Celsius may have used crypto as collateral which may exacerbate this (since the value of the collateral has gone down)

Huh. What a mess.

This can't be true. Because I heard we should never invest what we can't afford to lose...

Companies are encouraged by policy to get in debt most of the time. A “good” ratio is around 2/3 of your cash flow in debt

Yeah welcome to finances man.. i swear that even with education its still confusing

You can borrow money to make trades. Say you have $1000 and you borrow 10x that, so instead of 0.01 BTC you can now buy 0.1 BTC. But if the BTC price goes down too much, your lenders will immediately want their money back, so you will have to sell all the BTC you bought (including the amount you bought with your own money) to pay your debts. If you trade with leverage (borrowed money) then market fluctuations have a much greater impact on your trade. For example, instead of being able to survive a 50% drop, you will only be able to survive a 5% drop because your lenders know that if it drops any more you won't be able to give them their money back so they liquidate you (they force you to sell and they get their money back). This is leverage trading or margin trading. Someone correct me if I'm wrong because I'm pretty new to all this as well.

It means they'll lose a ton of money and become bankrupt and will be forced to dump what they have left and spend it on class law suits from people who were naive enough to buy into the 18% APY dream. STETH will probably depeg from ETH and become absolutely worthless.

If that's happens, which is looking increasingly likely, I really do believe we could be hitting hard re-set on all crypto. Loads of coins effectively wiped out, Tether de-pegs, NFT's (always loathed them) worthless and BTC to sub 3k ETH to sub 100

I’m buying at 15 K. 14 K would be the same percentage drop that we saw in 2018, but I’m not trying to time the bottom I’m just trying to get close to it

The worst part of 2018 was a year of sideways above 6k before nov 50% breakdown

yeah the crabbing is the worst part. we spend 6 months within x threshold? boring. we go plus or minus 50% in two weeks? now that's exciting.

This is why I love crypto. The chaos makes it fun.

Yeah. I bet the farm (not everything I had, but a good chunk) that we would redo 2018 ie. crab along at around 30K for months before a big drop. I fucked around and found out.

If the ECB raises the interest rate next month (as they said they would) and the inflation rate is still +8% you won't be getting close to the bottom with that entry..

Pray for El Salvador 😭

Bitcoin has never gone below the previous ATH from 2 cycles ago. Hold the line at $1,242 folks!

This is so exciting

Mama, there goes ~~that man~~ BTC!📉🏂

MARKET WAY DOWN - BANG! BANG!💥OH WHAT A SHOT FROM USDT! 💯

Hand down, btc down!

that’s a grown man loss!

This guy Cryptos

So one less "never" we've got to read about on here daily. I wonder how many people went all in cuz, "BTC never drops below previous ath". I've only experienced this kind of economic hardship through my parents point of view, it's weird seeing this shit play out when I actually understand it.

Eh, goalposts just move: "We've never *closed the ~~day~~, ~~week~~, month* below the prior all time high "

I wouldn't be surprised if it gets down to $10k

Agreed. I have a feeling every weekend will be another, "oh shit, here we go", for a while.

Hello darkness my old friend... I'm going to remortgage again... One last gamble and I'm done for goooood.... I just wish I could leave the hoooood....

Wild watching this live. It's been an honoring sharing this experience with you degenerates o7

Is this a bear market? /s

Another myth busted

I **LOVE** how just in the earlier thread about "Shit getting real when BTC drops below 20k" you had people still claiming it wasn't going to do that. Literally just hours ago. Absolutely hilarious. New comers really getting schooled on these silly 'bear market rules' they believed.

If I’ve learned one thing, it’s that crypto will take pleasure in ass blasting you while it does the exact opposite of what you want it to do.

Probably gonna drop to 10,420.69 before it rebounds

I want to see it go to 420.69 just we se can ride the memes all the way back up. The memes from 2017 were the best. Can we get Vegeta back?

I want back the "yall got any more of that sub 300$ eth?" Meme

This really is new territory. Goodbye to all historical analysis.

About time! So sick with this "it's never happened before which means it can't ever happen" narrative.... its like mate, crypto has been around for like 2 minutes, so any historical analysis doesn't even make any sense

Along with the “it’s definitely going to new ATHs because it did before”.

And Ethereum just went under $1000

I can finally buy multiple ETH . I'm stoked for 2025.

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And their will to live

There will literally be comments like this until the true bottom. Not everyone becomes a pessimistic wreck with market swings.

I'm doubling down on ETH + BTC, with 15% for alts. Now is the time to make money in 2025 and beyond.

Should’ve crashed below this in 2020, but the money printer helped keep it afloat. Suspect it will now be worse. Buy target is probably 5-10k

it went below $4k in 2020

5K would be a sweet buy in price. Can’t imagine getting that lucky

Patience

This should’ve been predicted long ago tbh. I mean it’s common sense when the economy is shit and people can’t even afford gas they aren’t going to gamble on volatile assets like they could in 2020/2021

btc was supposed to be a hedge against the economy according to this sub lol

Hows the TA looking now lol, move some lines and its fine. Just total nonsense

What a Time to be alive Edit. Oh damn! My time has finally come! “Thank you for the ⭐️ and ⚜️ kind stranger”



"Alive"

DOOOO IT KILLLL MEEEE!! DOOOO ITT..... KILL ME!!! \*\*\*Scene from Predator\*\*\*

COME ONNNN!!! WHAT ARE YOU WAITING FOR!!! KILL MEEEEEE!!!!!!

It is now unprofitable for most miners to mine

I wonder how many will keep going at a loss and for how long?

My sympathies to people who bought it at 30k thinking that was the dip.

The thousands of posts saying "wE wIlL nEvEr SeE 30K AgAiN, sEe YoU aT 100K" probably don’t help

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See you all in 4 years in the next bull market!

Anyone check up on Michael Saylor?

He’s still sucking on the tits of the goddess of wisdom while riding on cyber hornets

I thought I was the only degen that was so leveraged in borrowed funds. Turns out, the supposed smart money are even bigger degen apes. Who would have thought institutional support would be what sinks us for a while.

Crypto Twitter busy as fuck putting arrows and boxes on their shitty graphs Those guys are TradingView gotta be loaded with all those bozos paying for the subscription in order to keep losing money

12k as predicted by Jim Cramer - Let's go! :(

Is the opposite of 12K bigger or smaller?

Yes.

Isn't this the moment this whole sub has been waiting for to buy?

$18k on the way up, not down

[BTC went from 20300 to 19300 in **FIVE MINUTES.**](https://imgur.com/a/l9h6lKa)

Pretty much. Did you think it would take 5 months? Crypto is fast as fuck boi

I just tried to make a discussion about this but fuck typing 500 characters. What yall feel about this? Not a good sign for monday if it finally breaks 20k during low volume on the weekend. Usually low volume sustained trend during legacy market closure indicates a massive volume trend in that direction upon market open. My gut says if btc is still under 20k when US markets open monday, we see a massive selloff. Edit: Was not aware markets are closed this monday, I don’t fux with stocks much(or holidays in general lol), just set n forget my 401k. Same would all really apply on a Tuesday open.

Tuesday might be even worse if market opens and its red as well. Could potentially pull crypto down even more.

Yeah thats what I’m thinking. It seems recently btc weekend action has been a pretty decent leading indicator for what the US market might do on open. Most of the days ive woken up to btc down 5-10 and alts 15+, were the days SP slashed 100 points. Id imagine futures info shows same over night, but i cba to research that much. Im a simple set and forget man for stonks.

It's under 18k. We crashing hard fam.

wow, we all not gonna make it

What I want to know is, when do people start to accept the truth, ie, that Bitcoin was a test, a very successful one, and it's time for crypto to step up to the next level? Either prove real world value or die as a meme with the beanie babies and tulips. Personally I'm all for trading in my BTC to buy ETH, can't lose value if you never convert to fiat - if BTC is the alpha than ETH is the beta. There will be a few more rides after this one.

Crypto will only take off when people see it less as an investment and more as a stable currency. And everyone's attitudes here about Line Goes Up indicates almost everyone here views it as an investment, despite the currency having no inherent value.

Im fine

Sure is making it easier to get closer and closer to owning an entire BTC! 🎉

Let it burn. I want my GPU stock back at reasonable prices.

Oh oh, now lets wait and see what MicroStrategy is going to do Edit: Typo

They're down $1.5 billion on their investment jfc