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Cryptocurrency - Fad or Future?

 
Old 05-13-2019, 09:28 PM
  #2501  
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Default Re: Cryptocurrency - Fad or Future?

I bought on the way down ... and it kept falling. I almost bought a few times when it was super low but couldn't pull the trigger. Ended up buying some more NEO since I was down the most in it, but should have got LTC.

I'm not going to buy any more though. I'll try and ride this wave and set stop losses accordingly. I'll be happy just to pull out at break even but wouldn't be mad at gains. When I pulled out, will take everything and put it in equities.

I'm down pretty big in GBTC. It was up 20% today, and should be up big tomorrow.
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Old 05-15-2019, 12:53 PM
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Old 05-15-2019, 01:26 PM
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27 doll hairs! Take this to the flaunt thread
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Old 05-15-2019, 01:41 PM
  #2504  
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Default Re: Cryptocurrency - Fad or Future?

IS there any catalyst for crypto going up? at all?
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Old 05-15-2019, 01:57 PM
  #2505  
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Facebook announced they’re working on their own.

Fidelity has launched Digital Asset Services.

A handful of retailers, like Amazon-owner Whole Foods, have announced they’ll start accepting BTC.

It’s held some key levels of support, which some feel triggered some algo trading.

Seems like a lot of little things.

What’s really needed is some positive sentiment from the SEC.


Or .... it’s all pure manipulation. Who knows.

Coinbase has over $1b under management though. Crazy.
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Old 05-15-2019, 05:52 PM
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Default Re: Cryptocurrency - Fad or Future?

I think i'm going to dip my toes into some etherium classic.
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Old 05-16-2019, 07:02 AM
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Been trading LTC in Robinhood for the past 12 hours. I'm up $40 so far today. In the past, I day traded to increase volume, but this time around I'm holding profits and keeping it simple with 1 LTC per trade. If I triple my money, I'll buy a second share.

Also, just a heads up in case you didn't know, but Robinhood charges a fee for crypto trades and the fee is higher than regular crypto exchanges. It's only around 2 cents per transaction, but if it ends up being like a year ago where I was making 300 trades a day; that insignificant amount ends up being significant.
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Old 05-16-2019, 07:44 AM
  #2508  
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Default Re: Cryptocurrency - Fad or Future?

Originally Posted by slomofo View Post
Been trading LTC in Robinhood for the past 12 hours. I'm up $40 so far today. In the past, I day traded to increase volume, but this time around I'm holding profits and keeping it simple with 1 LTC per trade. If I triple my money, I'll buy a second share.

Also, just a heads up in case you didn't know, but Robinhood charges a fee for crypto trades and the fee is higher than regular crypto exchanges. It's only around 2 cents per transaction, but if it ends up being like a year ago where I was making 300 trades a day; that insignificant amount ends up being significant.
Good to know, I bought 784 Dogecoin because I had $2.59 left in my Robinhood account after buying a few stocks. Wouldn't want .02 taken out of my .11 profit! HAHA
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Old 05-16-2019, 07:52 AM
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finally got a help ticket on coinbase to turn off authentication so I can log in and get it set up properly. Only have to wait 2 to 5 days.
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Old 05-16-2019, 08:23 AM
  #2510  
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BTC fighting to break out of $8,000 (and LTC $100). Hopefully it can consolidate here before taking off again.
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Old 05-16-2019, 08:29 AM
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i think i just have BTC and LTC. no way to look at the moment but I think I'm into LTC at $100 or $120 and BTC @ $7k. I bought BTC on the way up in Nov 2017 and never bought more...then I started buying LTC on the way down in early 2018.
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Old 05-16-2019, 08:47 AM
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Don't want to brag but the last crypto I have is up over 50%. $10 in XLM now at $15.14 ballin
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Old 05-17-2019, 04:31 AM
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Oh the roller coaster, I almost forgot about the wild swings. My $47 may turn into a loss by the end of the day.
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Old 05-17-2019, 08:43 AM
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Default Re: Cryptocurrency - Fad or Future?

Originally Posted by slomofo View Post
Oh the roller coaster, I almost forgot about the wild swings. My $47 may turn into a loss by the end of the day.
just hold and wait. Funny thing is, I was about to buy when it was headed up. Which of course I should do the opposite.
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Old 05-17-2019, 09:00 AM
  #2515  
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I soooooo can't wait to get out of this lol. And when I do, it'll all go straight in Facebook, Amazon, and Visa for the long term.

And when I do .... no clue what I'll do for taxes. Regardless of a profit or loss, there's no way I can track what I did, especially when considering I'd buy 1 coin and move it to another exchange and then sell it to buy another coin, I just won't be able to piece together what I did. I guess I'll use a number that seems reasonable for the overall profit or loss and hope for the best.
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Old 05-17-2019, 09:10 AM
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There's website that track all your moves. Unfortunately I deleted them, so I can't send you links
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Old 05-17-2019, 09:11 AM
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if you break even, you likely wouldn't owe any taxes on it.
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Old 05-17-2019, 09:17 AM
  #2518  
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Default Re: Cryptocurrency - Fad or Future?

Originally Posted by kidcool1977 View Post
There's website that track all your moves. Unfortunately I deleted them, so I can't send you links
I'm too far gone at this point.

Originally Posted by Tim2179 View Post
if you break even, you likely wouldn't owe any taxes on it.
True, but Coinbase does (or has) report to IRS as they're larger and one of the most legit. Would hate to pull out the $30k I have now, or should there be another sizable rally, have a big withdrawal trigger something. No way I'd be able to document everything if asked. Oh well.
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Old 05-17-2019, 09:19 AM
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Doesn't coinbase have tax documents by year like a brokerage would? I never bothered reporting my stuff since I only sold off a very small portion as it was. Can't login anyway if I wanted to.
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Old 05-17-2019, 09:47 AM
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I made some solid gains back when this was hot through Coinbase and didn't bother reporting a single penny I made. I figure with the drama they had this year around the government shut down and being super far behind on refunds they'll never catch it. #thuglife
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Old 05-17-2019, 10:15 AM
  #2521  
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I could be wrong but don't the tax implications follow the same thing as regular investments? < 12 months oridinary income, >12 months preferential rates?
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Old 05-17-2019, 10:27 AM
  #2522  
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Originally Posted by vLad11591 View Post
I could be wrong but don't the tax implications follow the same thing as regular investments? < 12 months oridinary income, >12 months preferential rates?
Short term capital gains vs long term, yes.

But things to consider, if you buy something with BTC, that's a taxable event. etc
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Old 05-17-2019, 10:48 AM
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Originally Posted by Odiedogcx View Post
Short term capital gains vs long term, yes.

But things to consider, if you buy something with BTC, that's a taxable event. etc

hmm I did not know that... So if you use BTC as a form of currency that triggers a taxable event? Does that mean you're getting double taxed?

Taxed on gains, as well as using the BTC as form of currency.
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Old 05-17-2019, 11:35 AM
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Binance had spreadsheets that would purge themselves monthly. I took three months worth of spreadsheets (guessing 10,000+ trades) into H&R Block and said here, do my taxes.

All they did was take the dollar amount I pulled out of coinbsase and subtracted the amount I deposited, calculated tax off of that, and charged me a $400 fee.
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Old 05-17-2019, 11:37 AM
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Originally Posted by vLad11591 View Post
hmm I did not know that... So if you use BTC as a form of currency that triggers a taxable event? Does that mean you're getting double taxed?

Taxed on gains, as well as using the BTC as form of currency.
Yes, that's a big issue with it being used as a currency.

If you use BTC to buy a different type of crypto, that's a taxable event.

If you use BTC to buy a pizza or a car, that's a taxable event.

Not sure on double taxation element.
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