Cryptocurrency

[Cdub100 3,381]

10 hours ago, Cdub100 said:

I sold half at .05/.06 it ran up to .10 and is currently back down to .06. I'll buy more if it dips again. I think we can run this up to $1.50

[Cdub100 3,381]

43 minutes ago, Cdub100 said:

I sold half at .05/.06 it ran up to .10 and is currently back down to .06. I'll buy more if it dips again. I think we can run this up to $1.50

Looking at the chart I think .06 is a sell wall. So I bought back in.

For the record original buy in 2 SOL. I have pulled out 8 SOL. I bought back in for 2.5 SOL. Currently up 5.5 SOL.

[edjr 5,567]

On 3/26/2024 at 12:35 PM, edjr said:

sell  sell  sell  

told you. 

[jonmx 1,591]

13 minutes ago, edjr said:

told you. 

I generally buy on the pullbacks.  Just added to my position of ICP.  

The tax laws are going to bite people who day trade.  Every time they sell or convert crypto assets it is a taxable transaction and there will be hit with short term Capitol gains.  I want to hold on to anything at least 1 year.   Going after Crypto traders will probably be priority #1 for the 80,000 new gestopo IRS agents that the party of bootlickers just hired.  

[Alias Detective 1,179]

4 minutes ago, jonmx said:

I generally buy on the pullbacks.  Just added to my position of ICP.  

The tax laws are going to bite people who day trade.  Every time they sell or convert crypto assets it is a taxable transaction and there will be hit with short term Capitol gains.  I want to hold on to anything at least 1 year.   Going after Crypto traders will probably be priority #1 for the 80,000 new gestopo IRS agents that the party of bootlickers just hired.  

Day trading has always had tax implications.  It has nothing to do with crypto.

[jonmx 1,591]

6 minutes ago, Alias Detective said:

Day trading has always had tax implications.  It has nothing to do with crypto.

Yeah, but a lot of people playing around with crypto don't realize this.  

Of course you could set up a self-directed Roth IRA and then day trade to your hearts content without any tax consequences.   

[Alias Detective 1,179]

20 minutes ago, jonmx said:

Yeah, but a lot of people playing around with crypto don't realize this.  

Of course you could set up a self-directed Roth IRA and then day trade to your hearts content without any tax consequences.   

Oh really?  A lot of people trading stock on Robinhood don't either.  It's one of the many reasons why day trading is so difficult to be successful.  It's also a reason crypto gets my goat.  I feel it's a bunch of lazy Millenials who created something so they didn't have to do anything. 

[edjr 5,567]

4 minutes ago, Alias Detective said:

Oh really?  A lot of people trading stock on Robinhood don't either.  It's one of the many reasons why day trading is so difficult to be successful.  It's also a reason crypto gets my goat.  I feel it's a bunch of lazy Millenials who created something so they didn't have to do anything. 

I know at least 2 people that made over 10k on robinhood and never paid a cent in taxes. Did anyone pay taxes on robinhood or anywhere else?

[Alias Detective 1,179]

22 minutes ago, edjr said:

I know at least 2 people that made over 10k on robinhood and never paid a cent in taxes. Did anyone pay taxes on robinhood or anywhere else?

Not paying does not equal supposed to pay.

 

And yes, I get 1099's on investment accounts and bank accounts just like everyone else who has a pot to piss in.

[edjr 5,567]

4 minutes ago, Alias Detective said:

Not paying does not equal supposed to pay.

 

And yes, I get 1099's on investment accounts and bank accounts just like everyone else who has a pot to piss in.

I'm not sure in 2019 they had 1099s?  Not sure. my eyes were closed

[Cdub100 3,381]

38 minutes ago, edjr said:

I know at least 2 people that made over 10k on robinhood and never paid a cent in taxes. Did anyone pay taxes on robinhood or anywhere else?

I've paid taxes on my Robinhood and crypto gains.

[jonmx 1,591]

1 hour ago, Alias Detective said:

Oh really?  A lot of people trading stock on Robinhood don't either.  It's one of the many reasons why day trading is so difficult to be successful.  It's also a reason crypto gets my goat.  I feel it's a bunch of lazy Millenials who created something so they didn't have to do anything. 

If you think the 80,000 new IRS agents will be going after the rich, you are mistaken.  75,000 will be going over the crypto exchanges with a fine tooth comb. 

I just set up a Crypto Roth IRA using Alto Crypto IRA.  Almost non-existent setup fees with access to over 200 coins.   I think they hit you with a 1% fee on trades, but I buy and hold mostly.  But the money can grow legally without tax consequences and I can avoid future taxes if I withdraw correctly.  And if the market looks to tank I can move to the sidelines without a big tax hit. 

[Alias Detective 1,179]

28 minutes ago, jonmx said:

If you think the 80,000 new IRS agents will be going after the rich, you are mistaken.  75,000 will be going over the crypto exchanges with a fine tooth comb. 

I just set up a Crypto Roth IRA using Alto Crypto IRA.  Almost non-existent setup fees with access to over 200 coins.   I think they hit you with a 1% fee on trades, but I buy and hold mostly.  But the money can grow legally without tax consequences and I can avoid future taxes if I withdraw correctly.  And if the market looks to tank I can move to the sidelines without a big tax hit. 

A traditional Ira can provide the same tax deferred status along with a tax deduction.  If needed. Otherwise, a ROTH will handle the tax situation perfectly assuming you aren’t Geek club rich.  If you are, a backdoor Roth is the answer.

[jonmx 1,591]

1 hour ago, Alias Detective said:

A traditional Ira can provide the same tax deferred status along with a tax deduction.  If needed. Otherwise, a ROTH will handle the tax situation perfectly assuming you aren’t Geek club rich.  If you are, a backdoor Roth is the answer.

I already have quite a bit of tax-defferred money in a 401k, i wanted to build something I could get tax-free withdrawals from.   Gives me more flexibility to withdraw a good amount but keep my retirement tax rate low.  Pay now or pay later.  

[jonmx 1,591]

3 hours ago, Alias Detective said:

A traditional Ira can provide the same tax deferred status along with a tax deduction.  If needed. Otherwise, a ROTH will handle the tax situation perfectly assuming you aren’t Geek club rich.  If you are, a backdoor Roth is the answer.

Actually thanks.   I did not realize if I maxed out on my 401K that I am ineligible for a Roth, so I will have to back door it in.  

[WhiteWonder 2,172]

7 hours ago, jonmx said:

I generally buy on the pullbacks.  Just added to my position of ICP.  

The tax laws are going to bite people who day trade.  Every time they sell or convert crypto assets it is a taxable transaction and there will be hit with short term Capitol gains.  I want to hold on to anything at least 1 year.   Going after Crypto traders will probably be priority #1 for the 80,000 new gestopo IRS agents that the party of bootlickers just hired.  

people who day trade and know what they are doing won't get "bit" by tax laws. It's second nature for day or swing traders.   Personally, on the occasions where I got "stuck" and had to hold longer than anticipated (im not a day trader by definition), then the closer it gets to 1 year brings that decision into play. Finally showing a good profit after 10 months? might as well hold on.

I don't think a lack of knowledge in regards to short term capital gains tax has anything to do with crypto investors as much as it does the robinhood crowd... as Alias already mentioned. 

Although since crypto has a heavy amount of less educated fomo investors, might be a bit more of that.

[Cdub100 3,381]

Just been sitting here day trading meme coins. One project I really like and am holding long is NARP

https://www.narpworld.com/

[peenie 1,690]

What's this about Bitcoin halving? 

Quote

Cryptocurrencies: Bracing For The Halving

The bitcoin economy moves toward a process it calls "the halving," a 50% cut in the rewards paid to the blockchain processors known as miners. The change, intended the slow the roll out of the currency's capped supply, is expected April 18 to 21. It is likely to pressure the price of bitcoin higher, eventually. Meanwhile, it could cause a shakeout among miners.

 

[nobody 2,043]

Halving is when they cut the reward for mining in half.  

The prevailing thought appears to be that will slow down Bitcoin supply and thus drive prices higher.

As usual.  I and I alone have a different perspective in that the price should already reflect the theoretical maximum of 21M Bitcoin, so this should only discourage miners from operating.

Previous halvings have been followed by price increases, though, so maybe people are just dumb and don't know that Bitcoin supply is capped already?  

[nobody 2,043]

I guess if the perspective is miners introduce new Bitcoin and then immediately sell it on the market, the supply/demand thinking works, but I'd off that's not how markets work.  

The moment information is known it gets priced in.  It's called the efficient market hypothesis.

[jonmx 1,591]

5 minutes ago, nobody said:

Halving is when they cut the reward for mining in half.  

The prevailing thought appears to be that will slow down Bitcoin supply and thus drive prices higher.

As usual.  I and I alone have a different perspective in that the price should already reflect the theoretical maximum of 21M Bitcoin, so this should only discourage miners from operating.

Previous halvings have been followed by price increases, though, so maybe people are just dumb and don't know that Bitcoin supply is capped already?  

People are not being dumb.  A capped supply along with increasing demand will drive the price up.  Eventually that price increase will make mining profitable again. 

Crypto is the currency of the future, but there will be a ton of regulatory challenges to overcome, mainly from the all-powerful central banks and their reluctance to give up their printing presses and control of the economy.  It is this uncertainty that causes massive fluctuations in the market.  Crypto is hundreds of times more efficient than Fiat money and does not have the fatal flaw of relying on an endless growth in debt to maintain the system.  

[Cdub100 3,381]

Happy Bitcoin halving day. 

[Cdub100 3,381]

[Cdub100 3,381]

Awful quiet in here. I guess I'll see everyone when we dump 20% and then again when we pump to 100k.

[nobody 2,043]

On 4/15/2024 at 10:06 AM, jonmx said:

People are not being dumb.  A capped supply along with increasing demand will drive the price up.  Eventually that price increase will make mining profitable again. 

Crypto is the currency of the future, but there will be a ton of regulatory challenges to overcome, mainly from the all-powerful central banks and their reluctance to give up their printing presses and control of the economy.  It is this uncertainty that causes massive fluctuations in the market.  Crypto is hundreds of times more efficient than Fiat money and does not have the fatal flaw of relying on an endless growth in debt to maintain the system.  

So we didn't know the supply was capped before the halving?

[nobody 2,043]

By the way, the Bitcoin supply is decreasing in the long run.  People will lose their keys or people will die, and those Bitcoin will be lost forever.

[TimHauck 1,801]

On 4/2/2024 at 3:20 PM, jonmx said:

If you think the 80,000 new IRS agents will be going after the rich, you are mistaken.  75,000 will be going over the crypto exchanges with a fine tooth comb. 

Doesn’t “the rich” hold most of the crypto?

[jonmx 1,591]

1 hour ago, TimHauck said:

Doesn’t “the rich” hold most of the crypto?

More than 25 percent of Americans own some crypto.  The rich are capable of hiding it better.  The vast majority of IRS efforts will go after the low-hanging fruit.   There will be some targeted take downs of a few rich, ie. those wealthy one who are not part of the establishment.   Laws are only for those who are not playing the power game correctly.  

[TimHauck 1,801]

6 minutes ago, jonmx said:

More than 25 percent of Americans own some crypto.  

Thanks for proving my point dumbazz.   And many of those “some” own very little.

[jonmx 1,591]

1 hour ago, TimHauck said:

Thanks for proving my point dumbazz.   And many of those “some” own very little.

25 percent of Americans are rich?  Typical authoritarian bastard point.  We are only going after 25 percent of the population!  You bastards love your slavery. 

[TimHauck 1,801]

24 minutes ago, jonmx said:

25 percent of Americans are rich?  Typical authoritarian bastard point.  We are only going after 25 percent of the population!  You bastards love your slavery. 

Honestly 25% having ANY is less than I would have guessed. How many of that 25% has like $1000 or less of it?