Cryptocurrency

[Cdub100 3,908]

Just now, edjr said:

everything is in coinbase

Okay, you're good they just said they would support after the community pressured them.

I recommend moving out of coinbase.

[tanatastic 2,062]

4 hours ago, GutterBoy said:

I'm still waiting for this giant ponzi scheme to collapse.  I cannot bring myself to buy something whose sole value is the interest of someone else to buy it.  Once that interest disappears, boom.

It already collapsed Christmas 2017. Now it’s gone on a bit of a rally lately to get people back in then the small number of those controlling it will tank it again when need be.

[edjr 6,590]

1 minute ago, Cdub100 said:

Okay, you're good they just said they would support after the community pressured them.

I recommend moving out of coinbase.

Appreciate you looking out.  Really.

Why do you recommend getting out.

What is this "airdrop"

[GutterBoy 2,899]

2 minutes ago, tanatastic said:

It already collapsed Christmas 2017. Now it’s gone on a bit of a rally lately to get people back in then the small number of those controlling it will tank it again when need be.

Usually in these types of deals the retail investors get focked.  In 10 years, this could make for an amazing documentary.  Or all these tools could become filthy rich.

[edjr 6,590]

Just now, GutterBoy said:

Usually in these types of deals the retail investors get focked.  In 10 years, this could make for an amazing documentary.  Or all these tools could become filthy rich.

When bitcoin was at 10 cents and people bought 10s of thousands of them and BC went to 10k, A LOT of people got rich. it has already happened,. but i think that cat left the barn

[tanatastic 2,062]

Just now, edjr said:

When bitcoin was at 10 cents and people bought 10s of thousands of them and BC went to 10k, A LOT of people got rich. it has already happened,. but i think that cat left the barn

Imagine how many of them sold when it got reasonably high like 20 bucks. 100 bucks, 500, 100, at those points it becomes really hard to ignore the gains not knowing you could have been rich if you held on longer.

[edjr 6,590]

3 minutes ago, tanatastic said:

Imagine how many of them sold when it got reasonably high like 20 bucks. 100 bucks, 500, 100, at those points it becomes really hard to ignore the gains not knowing you could have been rich if you held on longer.

Right? Once you have 100x your investment, seems like a good time to sell. lol

[Cdub100 3,908]

8 minutes ago, edjr said:

Appreciate you looking out.  Really.

Why do you recommend getting out.

What is this "airdrop"

Coinbase doesn't care about small customers like us. They are more focused on large investors like grayscale. Coinbase has also been accused of shady sh1t. Their network always seems to go down when the market is seeing a lot of volatility. So when the next crash hits you may not be able to sell when you want to. They also purchase bitcoin for those large investors off the market. Which is keeping bitcoin lower than it should be.

If you want a recommendation of what I use I'm happy to share.

The flare airdrop is expanding the XRP network to bring smart contracts to the network.

https://dailyhodl.com/2020/11/20/xrp-utility-fork-incoming-heres-how-to-prepare-for-the-highly-anticipated-flare-airdrop/

[Cdub100 3,908]

3 minutes ago, tanatastic said:

Imagine how many of them sold when it got reasonably high like 20 bucks. 100 bucks, 500, 100, at those points it becomes really hard to ignore the gains not knowing you could have been rich if you held on longer.

May 22nd is Bitcoin Pizza Day

On that day in 2010 a miner spent 10,000 bitcoin to buy 2 large pizzas

[edjr 6,590]

3 minutes ago, Cdub100 said:

Coinbase doesn't care about small customers like us. They are more focused on large investors like grayscale. Coinbase has also been accused of shady sh1t. Their network always seems to go down when the market is seeing a lot of volatility. So when the next crash hits you may not be able to sell when you want to. They also purchase bitcoin for those large investors off the market. Which is keeping bitcoin lower than it should be.

If you want a recommendation of what I use I'm happy to share.

The flare airdrop is expanding the XRP network to bring smart contracts to the network.

https://dailyhodl.com/2020/11/20/xrp-utility-fork-incoming-heres-how-to-prepare-for-the-highly-anticipated-flare-airdrop/

My account was at 15k 2 days ago, it is at 13,900 right now. if it gets to 13500, I am out.

[edjr 6,590]

2 minutes ago, Cdub100 said:

May 22nd is Bitcoin Pizza Day

On that day in 2010 a miner spent 10,000 bitcoin to buy 2 large pizzas

Damn

[Cdub100 3,908]

Just now, edjr said:

My account was at 15k 2 days ago, it is at 13,900 right now. if it gets to 13500, I am out.

Why not keep it in Celcius network and earn interst? 

[GutterBoy 2,899]

9 minutes ago, edjr said:

Right? Once you have 100x your investment, seems like a good time to sell. lol

I usually take gains at anything more than 20%

[Cdub100 3,908]

4 minutes ago, edjr said:

My account was at 15k 2 days ago, it is at 13,900 right now. if it gets to 13500, I am out.

I've tried day trading and swing trading. It's just not for me. I still do it from time to time. But I found the best thing for me and my assets is to buy and hold. I buy when the market is high I buy when the market is low. I just keep buying and holding.

[edjr 6,590]

1 minute ago, Cdub100 said:

I've tried day trading and swing trading. It's just not for me. I still do it from time to time. But I found the best thing for me and my assets is to buy and hold. I buy when the market is high I buy when the market is low. I just keep buying and holding.

both times I bought at the peak, so it seems. sucker

 

[Cdub100 3,908]

1 minute ago, edjr said:

both times I bought at the peak, so it seems. sucker

 

This peaks become lows if you just hold.

[tanatastic 2,062]

11 minutes ago, Cdub100 said:

May 22nd is Bitcoin Pizza Day

On that day in 2010 a miner spent 10,000 bitcoin to buy 2 large pizzas

This is it right here. When people invested 20 bucks and suddenly had 2 grand it takes an iron will not to cash out. It’s the people who invested then forgot about it who got rich. 

[Cdub100 3,908]

Just now, tanatastic said:

This is it right here. When people invested 20 bucks and suddenly had 2 grand it takes an iron will not to cash out. It’s the people who invested then forgot about it who got rich. 

I knew about it in 2014. I would have been mining it if I was at my old job. It never occurred to me to mine at home.

My luck I would have mined thousands and lost it all due to a corrupt file.

[vuduchile 1,945]

1 hour ago, Cdub100 said:

Coinbase doesn't care about small customers like us. They are more focused on large investors like grayscale. Coinbase has also been accused of shady sh1t. Their network always seems to go down when the market is seeing a lot of volatility. So when the next crash hits you may not be able to sell when you want to. They also purchase bitcoin for those large investors off the market. Which is keeping bitcoin lower than it should be.

If you want a recommendation of what I use I'm happy to share.

The flare airdrop is expanding the XRP network to bring smart contracts to the network.

https://dailyhodl.com/2020/11/20/xrp-utility-fork-incoming-heres-how-to-prepare-for-the-highly-anticipated-flare-airdrop/

I forgot my stupid pw for coinbase, so I've gone thru their process of resetting it.  Their system has told me twice now that they would send me an email to reset it.  Nothing.  I have money in ETH and Litecoin there.  I have no idea how much now, or how to get at it.  My BTC is with Binance. 

[Cdub100 3,908]

2 minutes ago, vuduchile said:

I forgot my stupid pw for coinbase, so I've gone thru their process of resetting it.  Their system has told me twice now that they would send me an email to reset it.  Nothing.  I have money in ETH and Litecoin there.  I have no idea how much now, or how to get at it.  My BTC is with Binance. 

Good luck their customer service is the worst. 

[edjr 6,590]

1 hour ago, Cdub100 said:

Why not keep it in Celcius network and earn interst? 

Never heard of it. i am very much a noob at this

[GutterBoy 2,899]

5 minutes ago, edjr said:

Never heard of it. i am very much a noob at this

You should try keeping it in Takedees.

[edjr 6,590]

1 minute ago, GutterBoy said:

You should try keeping it in Takedees.

[edjr 6,590]

1 minute ago, GutterBoy said:

You should try keeping it in Takedees.

Do they sell nutz? 

[GutterBoy 2,899]

On 12/8/2020 at 2:33 PM, edjr said:

My account was at 15k 2 days ago, it is at 13,900 right now. if it gets to 13500, I am out.

Sorry bro

[edjr 6,590]

13 minutes ago, GutterBoy said:

Sorry bro

it's only money.

[Cdub100 3,908]

4 hours ago, edjr said:

it's only money. Fake internet coins

FTFY

[edjr 6,590]

Just now, Cdub100 said:

FTFY

It still cost money to buy them, fake or not

[Cdub100 3,908]

1 minute ago, edjr said:

It still cost money to buy them, fake or not

Just HODL

[edjr 6,590]

Just now, Cdub100 said:

Just HODL

I am HODLING!  This time.

[Cdub100 3,908]

Just now, edjr said:

I am HODLING!  This time.

See it's fun to say while you lose thousands.

[edjr 6,590]

2 minutes ago, Cdub100 said:

See it's fun to say while you lose thousands.

[edjr 6,590]

XRP is the only thing green today.

[tanatastic 2,062]

My plan is to cash out when the amount I owe matches what I have left. Then I wash my hands of this and cry in 5 years when “I would have been rich if I just held on.”.

[edjr 6,590]

4 minutes ago, tanatastic said:

My plan is to cash out when the amount I owe matches what I have left. Then I wash my hands of this and cry in 5 years when “I would have been rich if I just held on.”.

What is the spark sh1t I am hearing about? is is a new token?

[edjr 6,590]

Spark token airdrop comes with an unintended tax bill that recipients need to be aware of. People who hold XRP on certain exchanges as of December 12, 2020 are receiving an equivalent amount of Spark token via an airdrop. Spark is the native token of the Flare network.

Spark Airdrop Taxes

According to the IRS Rev. Rul. 2019-24, air dropped tokens are taxed as ordinary income when you gain dominion and control over it. In simple terms, this means at the time you receive them and you have the ability to transfer, exchange or sell the coin. The amount of ordinary income to be reported is the fair market value at the time you gain dominion and control. This amount would be subject to ordinary income taxes based on your income tax bracket. 

For example, say you received 1 Spark token on December 12, 2020. On this day it's worth $1. However, you don't get any control over the coin until January 1, 2021. On this date, 1 Spark token is worth $3. 

January 1st is the day you gain dominion and control of the asset. Therefore, you would have to report $3 of ordinary income in 2021 taxes. If you were to sell this in February for $5, you would have a capital gain of $2 ($5 - $3)

[tubby_mcgee 701]

Crypto currency prices can continue to roll, as long as you have a fresh group of people willing to buy into the craze. 
 

 

[Cdub100 3,908]

2 hours ago, tubby_mcgee said:

Crypto currency prices can continue to roll, as long as you have a fresh group of people willing to buy into the craze. 
 

 

It seems like you guys think crypto is some under ground thing. It's not. Major financial companies are building their position. Some openly, others quietly...

I still think there is time to get in on the ground floor. Once you can buy on the traditional markets it's going to be even more expensive.

[Cdub100 3,908]

2 hours ago, edjr said:

Spark token airdrop comes with an unintended tax bill that recipients need to be aware of. People who hold XRP on certain exchanges as of December 12, 2020 are receiving an equivalent amount of Spark token via an airdrop. Spark is the native token of the Flare network.

Spark Airdrop Taxes

According to the IRS Rev. Rul. 2019-24, air dropped tokens are taxed as ordinary income when you gain dominion and control over it. In simple terms, this means at the time you receive them and you have the ability to transfer, exchange or sell the coin. The amount of ordinary income to be reported is the fair market value at the time you gain dominion and control. This amount would be subject to ordinary income taxes based on your income tax bracket. 

For example, say you received 1 Spark token on December 12, 2020. On this day it's worth $1. However, you don't get any control over the coin until January 1, 2021. On this date, 1 Spark token is worth $3. 

January 1st is the day you gain dominion and control of the asset. Therefore, you would have to report $3 of ordinary income in 2021 taxes. If you were to sell this in February for $5, you would have a capital gain of $2 ($5 - $3)

What wallet should I send uncle sam's crypto? 

[tubby_mcgee 701]

15 hours ago, Cdub100 said:

It seems like you guys think crypto is some under ground thing. It's not. Major financial companies are building their position. Some openly, others quietly...

I still think there is time to get in on the ground floor. Once you can buy on the traditional markets it's going to be even more expensive.

I don't think it's underground. I don't get it. Here is what I don't get and/or why I won't invest.

1.) What is the end product -- like what drives my money up.
With stocks, dividends or the stock itself going up because the COMPANY behind it is moving forward and making gains with sales of their product.
2.) If it is the future of money, why is every single crypto referred to in terms of US Dollars?
3.) If it is the same or as good or better than dollars-well... I mean.. the value of my dollar fluctuates somewhat of course --but cryptos--one day you have enough to buy a house, the next day you have enough to buy lunch because of its fluctuation.  That's gonna be the norm?
4.) There are a gazillion cryptos. Which to buy?  Sure there are a gazillion stocks also, but anything I choose, has a product or a service with intrinsic value

What is the benefit of a crypto vs a dollar? Cliff notes, like one sentence, please.