There are a lot of people selling to take profits in 2017

This is common investor behavior, it happens in every asset class. The Dow went down yesterday as well for the same reason. There are good tax reasons to sell some profits in 2017 and pay the estimated tax early – to avoid penalties. Especially with Bitcoin Cash and the uncertainty of how that will be taxed. There are also a lot of investors who are going to report and pay taxes on everything they bought and sold in the crypto world.

This isn't a "Crash" – this is normal investor behavior.

This is also just my opinion, but I have been investing in many things over the past 2 decades.

Happy New Year!

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Bitcoin – The Currency of the Internet

Day 2: I will repost this guide daily until available solutions like Segwit & order batching are adopted, the mempool is empty once again, and transaction fees are low. You can help. Take action today

Subhan Nadeem has pointed out that:

If every transaction in the Bitcoin network was a SegWit transaction today, blocks would contain up to 8,000 transactions, and the 138,000 unconfirmed transaction backlog would disappear instantly. Transaction fees would be almost non-existent once again.

A few thousand bitcoin users from /r/Bitcoin switching to making their next transactions Segwit transactions will help take pressure off the network now, and together we can encourage exchanges/wallets to rapidly deploy Segwit for everyone ASAP. Let's make it happen.

Exchanges: Find out if your exchange has deployed Segwit already. If not, politely request that they do so within 30-days or they will lose your business. Sign-up for an account with a Segwit deployed/ready exchange now

  • Bitfinex
  • Bitonic
  • Bitstamp (deployed)
  • Gemini
  • LocalBitcoins
  • Shapeshift
  • HitBTC

Full list:

Wallets: Make sure you have a Segwit capable wallet installed and ready to use for your next bitcoin transaction

Hardware Wallets:

  • Ledger Nano S

Desktop Wallets

  • Electrum
  • Armory

iOS Wallets:

  • Edge (AirBitz rebranded)
  • GreenAddress

Android Wallets

  • Samourai Wallet
  • GreenBits
  • Electrum


If I'm a HODLer, will it help to send my BTC to a Segwit address now?

  • No, just get ready now so that your NEXT transaction will be to a Segwit wallet.

Can you please tell me how to move my bitcoins to segwit address in Bitcoin core wallet? Does the sender or receiver matter?

  • The Bitcoin core wallet does not yet have a GUI for its Segwit functionality. Download Electrum v3.0.3 to generate a Segwit address.


    A transaction between two SegWit addresses is a SegWit transaction.

    A transaction sent from a SegWit address to a non-SegWit address is a SegWit transaction.

    A transaction sent from a non-SegWit address to a SegWit address is NOT a SegWit transaction. You can send a Segwit Tx if the sending address is a Segwit address.

Is there a hardware wallet that does segwit addresses?

  • Yes, Trezor supports Segwit by default. Ledger Nano also has support.

What wallet are you using to "batch your sends"? And how can I do that?

  • Using Electrum, the "Tools" menu option: "Pay to many".

    Just enter your receive addresses and the amounts for each, and you can send multiple transactions for nearly the price of one.

Segwit blog guides

Previous Day's Threads

Edit: added FAQ's to the list, corrections

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Bitcoin – The Currency of the Internet

HODLing since 2013. Sold 1/3rd of BTC today at $19.5k. Don’t be afraid to take gains. Thoughts and ramblings inside.

Throwaway account for obvious reasons. I am posting this for others who may be debating about what to do with their BTC gains.

First heard about Bitcoin in 2013. Ordered $ 8k worth of computer parts and took over the extra power in my house and built milk crate mining rigs. Kept them running, even as the price fell… As cards failed I didn't replace them. Long story short, I end up with ~80 BTC.

During the "down years" before things really picked up steam I played around mining some other things, so I have around 65 Litecoin and 70 Ethereum. I messed around and spent some BTC just because I could, a couple BTC on online poker/casino sites to see how it worked… And that ill fated 1 BTC porn video from a Redditor who is probably laughing her way to retirement by now…. 😉

Earlier this month I became a cryptomillionaire on December 10th. That was an awesome achievement. Luckily for me I've been involved in technology so I was already a millionaire in the traditional sense. Not anything too crazy… 4M net worth or so, but used to dealing with money and investments. My advice to others is based on 30 years in technology and being a high net worth individual since the early 2000's.

Today I passed 1.5M in crypto wealth and I cashed out a third of my holdings to pay off my mortgage. I did this for multiple reasons:

  1. I think we are in a speculative bubble. I believe in crypto and blockchain technology. It is going to change the world. But the utility is not fully there yet. The current price, in my opinion, is overinflated relative to what these things are really doing in the world. I think there will be a correction but eventually things will really take off, similar to the dot com bubble. Having worked in technology since 1997 this is just my opinion based on my gut reaction to everything going on.

  2. Traditional banking needs reformed/to die. Why should a big bank get to collect thousands in interest from me every year? I view selling some of my crypto and clearing a major debt as not only a personal gain but a vote against the system. I would encourage anyone who can clear debt against existing fiat to do so. I would rather put $ 1k back into crypto a month than be giving $ 1k in interest back to the banks.

  3. You are not investing if you are not ever willing to take gains, you are just gambling. I don't think anyone should ever sell 100% of their crypto, but you need to be able to part with some of your BTC at the time and choosing that makes the most sense for you and your goals.

As part of adjusting my crypto portfolio for the future today, I also converted all my Bitcoin Cash to BTC. I very much do not like what is coming out of the mouths of that group, and I believe there should only be one "Bitcoin." I am appreciative of the free money that landed in my lap from that fork, but too many options is going to confuse the general public. I encourage everyone to do the same.

As I write this, I am still a cryptomillionaire and am looking forward to the future. But I have future goals in mind where I may clear other debts or continue to diversify. Unless you have no debts at all and no plans in your life I think HODLing until death is a pretty silly idea. Everyone should have some goals in mind with any financial venture. Just make sure they are big enough checkboxes that you won't keep looking back.

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Bitcoin – The Currency of the Internet