T O P
CointestAdmin

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.


Innit4tech

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


1e6throw

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


NoPajamasNoService

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.


Rokey76

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


dave32891

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.


SinCityNinja

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...


dudearino78

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


SinCityNinja

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


ArmadaOfWaffles

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


quiteCryptic

Haha gains?


Chucktownbadger

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.


Affectionate-Time646

Gains lol


Flineki

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.


Theweebsgod

You guys are paying taxes???


tax-this-dick

No


Theweebsgod

r/usernamechecksout


MasterColemanTrebor

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


reddittookmyuser

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


Accomplished-Design7

Ahh a fellow millennial


Ayanakouji___T_REX

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


Beneficial_Quarter_4

still multiplied! Just, by a fraction.


meggydon

Molded by it (started crypto late last year)


GettinWiggyWiddit

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


uchoom

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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mitchpleasebass

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


-sinQ-

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.


EpicRedditor34

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.


ILikeFishDisc

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.


meeleen223

It's been an honor gambling with you guys 🏅


DBRiMatt

Time to put on my knife catching gloves!


surrender_the_juice

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


StreetsAhead123

Crypto giveth and crypto taketh.


meeleen223

Crypto is a great servant but a cruel master


Gatherun

I like bad boys


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StreetsAhead123

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


frstrtd_ndrd_dvlpr

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


TheTrueBlueTJ

This guy is clearly here for the tech ![gif](emote|emo_pack_1|dyor)


BakedPotato840

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


meeleen223

Finally something I am good at


Warriorsfan99

Shit in someone else's pants*


JeffyJackson101

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


jirachang2

My pleasure bro, my pleasure Down 60%


cc-d

Down 60% __so far__


Theweebsgod

Been an honor,chief ![gif](giphy|fwoOoDZpEpdQewQdRR)


H_rama

We gambled good


bny192677

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


Bucksaway03

Nothing left but to drink away our sorrows now.


The_Nothing00

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


d_d0g

![gif](giphy|Oc01BsHs0vNR52jx3X|downsized)


StreetsAhead123

We who are about to file for bankruptcy salute you ![gif](giphy|l0ExbnGIX9sMFS7PG)


TheKrnJesus

“Plays the violin while on the titanic”


Theweebsgod

Here ![gif](giphy|9XT8muriMhmQo|downsized)


Laughingboy14

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


Logical_Albatross_19

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


MaximumSandwich5

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


majorlop

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


newfagotry

I like leveraged shorting.


kirtash93

So we are back to we are early right?


iftttTestAcct

We're early in the recession 😂


BakedPotato840

Yay! I'm finally early to something


red_dildo_queen

we are back to "in it for the tech"


StreetsAhead123

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


HaroldSax

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.


Explodicle

Not until Tether collapses


rageak49

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


nathanielx9

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


VeganPizzaPie

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


Ohlav

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


[deleted]

1 BTC was worth 5c during hard money times.


Ohlav

Don't tempt me


[deleted]

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


Kapple123

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


Ebisure

I was in it because a pornstar asked me to buy


shagtownboi69

She said bye, not buy


perpetualbass

Or maybe she said bi 🌝


ProcessMeMrHinkie

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


Theweebsgod

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


BelgianPolitics

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


Thelostbit

Its even better. There was no recession during 2018


TarpFailedMe

A recession that hasn't been officially announced.


Redac07

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


TaintedSquirrel

What happens in 2 weeks?


brokeassretard

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


spritefire

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


ZakLex

It’s happening


Theweebsgod

What are the procedures??Everybody stay fucking calm. ![gif](giphy|MZocLC5dJprPTcrm65)


Omgbrainerror

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


ZakLex

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


Omgbrainerror

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.


aahosb

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.


Ornery_Soft_3915

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


Vagrant0012

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.


ZakLex

And it just happened right now! 18k territory!


Stone-D

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


locolv

I'm yelling timmmmmmbeeer


TitaniumDragon

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


jzhen94

See you all in the next BTC halving.


frstrtd_ndrd_dvlpr

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


spritefire

The other at $5k ?


capit180

Yes


DBRiMatt

Time to put on my knife catching gloves!


slykethephoxenix

100k EoY 2021!


Nrgte

100 billion market cap EOY!


Fer4yn

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


Elocorem

What does liquidation price mean?


BitsAndBobs304

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


Aharra

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


cucumberbob2

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)


Aharra

Huh. What a mess.


DM_Deltara

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


cucumberbob2

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


I_Don-t_Care

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


everyday-everybody

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.


Fer4yn

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.


fractals83

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


MeepJingles

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


buzzbooz

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


LeapYearFriend

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.


ApocalypseMoment

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


ReverendBlue

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.


Mathiasdk2

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..


Bomgui

Pray for El Salvador 😭


SoftPenguins

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


scubeY13

This is so exciting


meeleen223

Mama, there goes ~~that man~~ BTC!📉🏂


Komiwarrior

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


a-kid-from-africa

Hand down, btc down!


BlackberryCheese

that’s a grown man loss!


cryotosensei

This guy Cryptos


chargingrhino21

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.


namesardum

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


isaksvorten

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


chargingrhino21

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


IIMonuII

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....


NotRyanPoles

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


CryptoSnake98

Is this a bear market? /s


wirexyz

Another myth busted


TripTryad

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.


tall__guy

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.


Pink3y3

Probably gonna drop to 10,420.69 before it rebounds


BroMatterhorn

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?


BitsAndBobs304

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


gnarley_quinn

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


Too_kewl_for_my_mule

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


Level_Forger

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


gnarley_quinn

And Ethereum just went under $1000


TheWillOfFiree

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


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Alaric-

And their will to live


Sylentwolf8

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


Moikee

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


HiIAmFromTheInternet

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


SHA256dynasty

it went below $4k in 2020


VengenaceIsMyName

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


HiIAmFromTheInternet

Patience


xijingping-

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


majorlop

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


eskimo9

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


capit180

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


Dwaas_Bjaas

![gif](giphy|QMHoU66sBXqqLqYvGO)


d_d0g

![gif](giphy|VGiMAZBqHpBkPBWEgP|downsized)


LightninHooker

"Alive"


josered1254

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


cobalt_blue_22

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


Bet-Scary

It is now unprofitable for most miners to mine


jujumber

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


Wolviam

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


xijingping-

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


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SomethingCoolTitan

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


fourfloorsup

Anyone check up on Michael Saylor?


Ebisure

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


NexusKnights

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.


LightninHooker

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


Ok_Significance_4008

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


coniferhead

Is the opposite of 12K bigger or smaller?


kurtman

Yes.


devouur

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


Alaric-

$18k on the way up, not down


Harucifer

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


BroMatterhorn

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


lurkinsheep

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.


rocko430

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


lurkinsheep

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.


Jeromechillin

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


Educational_Rope_703

wow, we all not gonna make it


xor_nor

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.


PoissonsRevenge

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.


chrissalak

Im fine


austininlaw

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


Salmonfish23

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


Skilldigga

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


Simple_Yam

They're down $1.5 billion on their investment jfc