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Message
re: Official CryptoTalk Thread
Posted on 9/20/24 at 6:11 pm to TigerTatorTots
Posted on 9/20/24 at 6:11 pm to TigerTatorTots
quote:
I'm going to lose so much money on BTC ETF options I know it
I was able to shake the gambling bug out of me after college but I am feeling a pull back in with these.
0
Posted on 9/20/24 at 7:50 pm to TigerTatorTots
Bitx options are very active, currently. I dabble.
2x leveraged BTC etf
2x leveraged BTC etf
Posted on 9/20/24 at 9:35 pm to LSUJuice
BITX is a 2x leveraged bull etf. So you’re doubling the ride up while riding 1x on the way down with BITO. Plus BITO pays a hefty monthly dividend
Posted on 9/20/24 at 11:07 pm to Ron Cheramie
quote:
Then come the memes. That’s when it’s time to get out
Well, I’ve got news for you. Memes have dominated this cycle.
Posted on 9/20/24 at 11:12 pm to TigerTatorTots
quote:
I'm going to lose so much money on BTC ETF options I know it
BlackRock: “Okay, hear me out. FTX, but this time WE do it.”
Credit
Posted on 9/21/24 at 6:58 pm to LSUJuice
quote:
Maybe I'm missing something, but why not just set a limit order for bitx rather than having to check btc all the time?
Also what's the advantage to running this strategy with bito and bitx rather than just directly with btc (again setting limit orders)? I guess the transaction fees are too much?
Sorry if all that was covered earlier.
To answer 1st question, I am pretty busy and not watching Bitcoin all the time. I wouldn't set a limit order on BITX because I might not be immediately available to notice and immediately issue the other order. If I set two limit orders (one for BITO and one for BITX) it would be bad if one order completed and the other didn't. The safest way for me to make simultaneously trades is to base my trades off the price of Bitcoin and log into Fidelity and make both trades back to back.
To your 2nd question, I currently don't want to ever sell my actual Bitcoin. I don't want to have a taxable event. Most of my BITO and BITX trades are in my Roth account. I am growing my Roth to avoid any taxes . I also make BITO and BITX trade sets in my traditional IRA and don't have to pay taxes until I actually withdraw money from that account
Posted on 9/21/24 at 9:01 pm to 98eagle
Thanks that makes sense. I was just thinking about short term capital gains on all those trades too.
Posted on 9/23/24 at 7:31 am to 98eagle
Your thinking is BTC leveled at $63K, and the bottom price alert currently is at $62K - $62.5K?
Posted on 9/24/24 at 1:35 pm to Iowa Golfer
quote:
Your thinking is BTC leveled at $63K, and the bottom price alert currently is at $62K - $62.5K?
Yes, currently any price below $62K is my trigger point. However, I'll probably miss it. Ive been very distracted looking at boats for the past several days. Just bought one today, a nice used jon boat. So now I am even more distracted.
Posted on 9/24/24 at 5:29 pm to 98eagle
Things feel combustible.
This post was edited on 9/24/24 at 5:30 pm
Posted on 9/24/24 at 5:44 pm to beaverfever
This china stimulus and then end of quarter flows could really get things going here. Not positive but seasonality wise, I believe October is a strong month.
Posted on 9/25/24 at 5:34 am to jefforize
I'd really like to see Mativ back around a dollar
Posted on 9/26/24 at 4:04 pm to Falco
No matter how bullish you are , you should be more.
SEC has now approved banks to custody Bitcoin.
What does this mean?
1. Coinbase is dead
2. Bitcoin loans from banks are coming
3. Institutions will come in harder
We are going much much higher.
SEC has now approved banks to custody Bitcoin.
What does this mean?
1. Coinbase is dead
2. Bitcoin loans from banks are coming
3. Institutions will come in harder
We are going much much higher.
Posted on 9/26/24 at 5:23 pm to I Love Bama
It seems like a huge change in positioning from the powers that be. If you’re Janet Yellen you have to either view Bitcoin as an existential threat or a friend. I don’t really see how anything in between works. The doors opening for banks to custody Bitcoin is massive. The fed and the treasury are effectively in bed with Bitcoin at that point.
This post was edited on 9/26/24 at 5:27 pm
Posted on 9/26/24 at 7:43 pm to I Love Bama
Closed over 65k today. Game on.
Posted on 9/28/24 at 3:46 pm to BottomlandBrew
I looked at some of my BTC cost basis this morning. As near as I can tell I’ve averaged up, which is painful for me, to $22,000. At one time my cost basis was under $1K. Cost basis per BTC not total cost basis.
I think I’ll probably quit when my average cost of entry is $30K and reassess.
I made the decision to convert ETH to BTC within the last year. Maybe I get back in ETH, not sure.
I’ve probably lost under $5K playing around with some other crypto.
I’ve done pretty well.
Recently have attempted to do @98Eagle volatility trade, but BTC keeps going up.
The other thing I’m considering is selling gold and silver and putting most of it into crypto.
I plan to keep trading oil, natty gas, and am starting to consider Rhodium due to its volatility.
Election night has proven to be a really, really good night for me trading oil and volatility. Plan to do that this year as well. Probably and hopefully short oil with leaps.
Going to Door County mid October. Big smallies come into shore. I like small mouth fishing for the fight, and they are definitely feeding and big on Lake Michigan in that area in October. Usually catch 40-50 per day between 1 1/2 to 4 lbs.
I think I’ll probably quit when my average cost of entry is $30K and reassess.
I made the decision to convert ETH to BTC within the last year. Maybe I get back in ETH, not sure.
I’ve probably lost under $5K playing around with some other crypto.
I’ve done pretty well.
Recently have attempted to do @98Eagle volatility trade, but BTC keeps going up.
The other thing I’m considering is selling gold and silver and putting most of it into crypto.
I plan to keep trading oil, natty gas, and am starting to consider Rhodium due to its volatility.
Election night has proven to be a really, really good night for me trading oil and volatility. Plan to do that this year as well. Probably and hopefully short oil with leaps.
Going to Door County mid October. Big smallies come into shore. I like small mouth fishing for the fight, and they are definitely feeding and big on Lake Michigan in that area in October. Usually catch 40-50 per day between 1 1/2 to 4 lbs.
This post was edited on 9/28/24 at 3:53 pm
Posted on 9/29/24 at 12:19 pm to Iowa Golfer
quote:
At one time my cost basis was under $1K. Cost basis per BTC not total cost basis.
I bought all of my actual Bitcoin in 2016 and the first half of 2017. I have a pretty low cost per BTC. However, even those buying today will look back when Bitcoin reaches $1M and say wow, glad I bought in at $65K.
I did buy GBTC between 2016 to 2020 so my cost basis per equivalent BTC is higher. I traded all of my GBTC to BITO, BITX, FBTC and IBIT early this year.
quote:
Recently have attempted to do @98Eagle volatility trade, but BTC keeps going up.
That's actually a good thing! You'll definitely get many opportunities in the future. I would be okay if Bitcoin went up in a straight line beyond $100K before it started it's volatility swings.
One thing I failed to probably mention about my strategy is that I only use it in my Roth and Traditional IRAs and my HSA so I don't have any current year tax impacts.
Beyond the tax implications of trades in a taxable brokerage account, even if you just hold BITO, it pays such a large dividend that it doesn't make sense to pay taxes on the dividends. If I used my strategy in a brokerage account, which I don't, I would trade between BITX and one of the Spot ETFs like FBTC or IBIT to avoid paying taxes on dividends.
Also, good to hear that you like to fish. I am still modifying my new used jon boat and also "MacGivering" my lake bank so that I can get my relatively heavy jon boat on and off the bank. I'm going to paint the hull with Gator Glide, install a "tree" winch system and even add some SeaMax flip up/flip down wheels on the transom. I can't wait to get all of that done. I can catch a lot more bass and crappie with a boat versus fishing from the bank.
Good luck with all of your trades.
This post was edited on 9/29/24 at 12:39 pm
Posted on 9/29/24 at 12:37 pm to 98eagle
Please post when you think BTC has settled in a trading range, and what your low target to buy BITX is. I have a root canal tomorrow, so might be out of commission for a bit.
You guys have large mouth down south. I don't think you have small mouth?
When I travel back and forth to Florida in the winter I make a detour to Ellijay, Georgia and fly fish for trout in the Appalachian foothills. When I'm in Florida I like to target peacock bass and sailfish.
When I'm in the Midwest I prefer small mouth, and occasionally if the timing works out and Iowa plays Michigan, Michigan State, etc. on the road, I try to get salmon running from Lake Michigan up the tributaries on a football road trip. I've never been to Door County, but I'm told October small mouth on Lake Michigan inshore is absolutely phenomenal.
I spend time in Pompano Beach, which is basically NYC. I'd have no issue spending time in the deep south though. Politically and financially the people of Iowa and the deep south are similar for the most part. College football and baseball are on a different level down there, but if you ever came to Kinnick Stadium I think you'd be impressed. Iowa has played LSU numerous tomes in football, and once that I recall in baseball. I've enjoyed my interactions. Same with South Carolina. One time we played Florida and that was a different experience. The other times times were fine. Kentucky fans were decent. Went to an Alabama game in Orlando one year.
I have no answer as to why Michigan, Pennsylvania, Minnesota and Wisconsin are the way they are. Ohio seems to have finally come around.
You guys have large mouth down south. I don't think you have small mouth?
When I travel back and forth to Florida in the winter I make a detour to Ellijay, Georgia and fly fish for trout in the Appalachian foothills. When I'm in Florida I like to target peacock bass and sailfish.
When I'm in the Midwest I prefer small mouth, and occasionally if the timing works out and Iowa plays Michigan, Michigan State, etc. on the road, I try to get salmon running from Lake Michigan up the tributaries on a football road trip. I've never been to Door County, but I'm told October small mouth on Lake Michigan inshore is absolutely phenomenal.
I spend time in Pompano Beach, which is basically NYC. I'd have no issue spending time in the deep south though. Politically and financially the people of Iowa and the deep south are similar for the most part. College football and baseball are on a different level down there, but if you ever came to Kinnick Stadium I think you'd be impressed. Iowa has played LSU numerous tomes in football, and once that I recall in baseball. I've enjoyed my interactions. Same with South Carolina. One time we played Florida and that was a different experience. The other times times were fine. Kentucky fans were decent. Went to an Alabama game in Orlando one year.
I have no answer as to why Michigan, Pennsylvania, Minnesota and Wisconsin are the way they are. Ohio seems to have finally come around.
This post was edited on 9/29/24 at 12:44 pm
Posted on 9/29/24 at 5:49 pm to Iowa Golfer
I'm so distracted now myself working on our house, and property, plus my boat and system of getting it on and off our bank into the lake. However, BITO's ex-dividend date is 10/1/24 (this Tuesday) so no way I am selling BITO for BITX until Tuesday at the earliest.
Right now I think Bitcoin would need to dip to $64.5K and then I would make a trade.
It's crazy how more frequent the volatility swings were earlier this month. Now Bitcoin is not pulling back quite enough to trigger me into trading. It's just been climbing as you noted and not pulling back quite enough. This happened before back in April and May when I was waiting on $5K pullbacks. Bitcoin was pulling back $1K to $4K and then recovering. I finally started lessening my pullback trigger points. I'm currently at $1K pullbacks but considering lessening them to $750 or $500 to start triggering more trades.
Right now I'm just not available nearly as much as I need to be. I'm just too busy, but hopefully when Bitcoin has a decent pullback I will notice it and be available to trade.
Also, we live in Alabama. Concerning bass, we have largemouth, smallmouth, spotted, striped and hybrid bass in the state. I mostly catch largemouth bass, black crappie, white crappie, and channel catfish.
Right now I think Bitcoin would need to dip to $64.5K and then I would make a trade.
It's crazy how more frequent the volatility swings were earlier this month. Now Bitcoin is not pulling back quite enough to trigger me into trading. It's just been climbing as you noted and not pulling back quite enough. This happened before back in April and May when I was waiting on $5K pullbacks. Bitcoin was pulling back $1K to $4K and then recovering. I finally started lessening my pullback trigger points. I'm currently at $1K pullbacks but considering lessening them to $750 or $500 to start triggering more trades.
Right now I'm just not available nearly as much as I need to be. I'm just too busy, but hopefully when Bitcoin has a decent pullback I will notice it and be available to trade.
Also, we live in Alabama. Concerning bass, we have largemouth, smallmouth, spotted, striped and hybrid bass in the state. I mostly catch largemouth bass, black crappie, white crappie, and channel catfish.
This post was edited on 9/29/24 at 5:53 pm
Posted on 9/30/24 at 8:51 am to I Love Bama
quote:
SEC has now approved banks to custody Bitcoin.
What does this mean?
1. Coinbase is dead
can you explain this to me? Are you saying that at some point down the road if I want to buy bitcoin I can just do it through Wells Fargo or someone similar? Or do they only act as a method of storage and not actual exchange?
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