Mtgox bitcoin prices going to zero..what should i do | Hacker News Reader

Mtgox bitcoin prices going to zero..what should i do

8 pointslosingisall11 comments

I've held 30 bitcoins in the mtgox exchange for almost a year. I never withdrew them because the verification process would have taken too long and just kept procrastinating it. With the prices going to zero what should I do. Also can i write off these losses for tax purposes against other gains should mtgox btcoins become worthless?

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Don't panic. This is how the game is played, last year around march prices hit $265 and the mayor players sold a BTC in big chunks and made a lot of money, then there was a DDos attack on mt.gox price went down to around $75. This year new game that mt.gox announced that there is a problem in BTC transactional system. Prices starts to drop down, people in panicking sell low, BTC "whales" buy cheap, after that every thing is ok, BTC prices doing up and the process continues.

So the best thing to do is nothing, watch and enjoy the game and see how BTC will hit $2000 by august-2014.

Best wishes

I think we all already know to wary of taking advice from newly created accounts (this is newphoenix1's first post also), but it's especially important to remember to be wary of taking advice from someone who feels like he/she knows what will happen to an open market. Naivete and hubris are not necessarily the characteristics you want to see in someone offering you financial advice...

We will wait and see if my advice is worth something, and it is called an advice take it or leave it is up to the reader.

It's interesting that the prices are going down on Mtgox but on other exchanges they have experienced just a minor drop. I would expect people to be selling BTCs in all places at once.

Does this happen with other currencies in the physical world too? I've no idea.

Give this site a last chance effort: https://www.bitcoinbuilder.com/

Can you not just wait and transfer your coins to your own private wallet and then sell them on another exchange?

No, if your Mt Gox account isn't verified and your coins were sent to your Mt Gox wallet, they freeze transfers out and you can only trade within their system.

Your statement reiterates "strong buy" for bitcoin.

I'm not a tax lawyer, or an accountant, but I'm willing to bet that writing off Bitcoin volatility as a loss on your taxes will get you on the Shinkansen to Auditsville.

If you buy bitcoins at $10 and sell them at $100, you should be recording a capital gain. If you buy at $100 and sell at $10, record a capital loss. The losses can absolutely offset those gains. Generally speaking your tax agency cares much more about how much money you make than how you make that money. Unless buying/selling bitcoins is expressly illegal, treat it just like you would any other collectible (like baseball cards, sports memorabilia, etc.). This is well understood by accountants in the area.

If you mine them, the price balloons to $1000, then evaporates to $0...that's another story.

Bull market bro, buy more bitcoins.

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