ExoDus84 Posted January 5, 2018 Share Posted January 5, 2018 On 12/31/2017 at 8:55 PM, Dr. Do Itch Big said: Where did yall buy ripple? Luckily, I already had a Coinbase account I made and had verified like 2 years ago when I dabbled a tad in BTC. I just used conibase, bought some LTC, and sent it to Kraken, which I used there to buy XRP. For new users, Binance would probably be the quickest route until coinbase / Gdax add it to their platform. Link to comment Share on other sites More sharing options...
Predicto Posted January 6, 2018 Share Posted January 6, 2018 On 12/30/2017 at 5:31 AM, Hersh said: I am doing this for fun. All those years I didn’t play the lottery is all I’m spending. Totally content if I lose it all and I have no interest in spending more. For the record, I have no problem with this. This IS a lottery. Or more specifically, a combo platter of a ponzi scheme and musical chairs. Just be sure to cash in before the music stops. On 12/30/2017 at 12:18 AM, Sacks 'n' Stuff said: I’m a stock market wizard... If you looked at my portfolio, you might think that anyway. I’ve done well but not because of any knowledge or skill. Just dumb luck. Everyone with substantial equity holdings has made out like a bandit for the past decade. Which is why we need our taxes cut. Link to comment Share on other sites More sharing options...
Sacks 'n' Stuff Posted January 6, 2018 Share Posted January 6, 2018 20 minutes ago, Predicto said: Everyone with substantial equity holdings has made out like a bandit for the past decade. I sold everything I owned in December of 2006 then got back in in 2009. Link to comment Share on other sites More sharing options...
tshile Posted January 16, 2018 Share Posted January 16, 2018 everything be crashin' Link to comment Share on other sites More sharing options...
Hersh Posted January 16, 2018 Share Posted January 16, 2018 8 minutes ago, tshile said: everything be crashin' Yes it is. Apparently this happened to some degree last January as well. Link to comment Share on other sites More sharing options...
Dr. Do Itch Big Posted January 16, 2018 Share Posted January 16, 2018 And the year before that. Link to comment Share on other sites More sharing options...
Springfield Posted January 17, 2018 Share Posted January 17, 2018 So apparently past performance is a good indicator of future success with... cryptocurrency??? Link to comment Share on other sites More sharing options...
tshile Posted January 17, 2018 Share Posted January 17, 2018 I suppose it's not because of South Korea but because it's january Link to comment Share on other sites More sharing options...
Hersh Posted January 17, 2018 Share Posted January 17, 2018 Who knows. It’s all speculative Link to comment Share on other sites More sharing options...
No Excuses Posted January 17, 2018 Author Share Posted January 17, 2018 Used today’s slump to buy Stellar. I am intrigued by their partnership with IMB to do cross border payments in the South Pacific. Has a lot of potential if it works smoothly. Link to comment Share on other sites More sharing options...
Bliz Posted January 17, 2018 Share Posted January 17, 2018 18 hours ago, tshile said: I suppose it's not because of South Korea but because it's january SK seems like an overreaction to an ambiguous comment without anything really behind it. People out there sure are jittery. Which is probably a sign they have too much money tied up in this. I gave about 30 seconds consideration to "buying the dip". But for me this is just for fun and to see what happens and I don't want to put more money into it. Sooner or later it changes from a fun gamble into an investment and then you become one of those jittery people. Link to comment Share on other sites More sharing options...
tshile Posted January 17, 2018 Share Posted January 17, 2018 2 hours ago, Bliz said: SK seems like an overreaction to an ambiguous comment without anything really behind it. People out there sure are jittery. Which is probably a sign they have too much money tied up in this. I gave about 30 seconds consideration to "buying the dip". But for me this is just for fun and to see what happens and I don't want to put more money into it. Sooner or later it changes from a fun gamble into an investment and then you become one of those jittery people. yeah the SK stuff seems exactly as you say, but still makes more sense than "it's january" but the cryptokiddies know all i suppose. they got a lot of graphs that look somewhat similar, i suppose. Link to comment Share on other sites More sharing options...
ExoDus84 Posted January 17, 2018 Share Posted January 17, 2018 I'm wondering if this annual January dip is caused by tax considerations. The new year rings in, cyrpto investors engage in mass selling thus realizing profits and deferring their tax liability a year. Or maybe it's just jittery investors selling off around this time of year because the same thing has happened the past few years. Link to comment Share on other sites More sharing options...
Springfield Posted January 17, 2018 Share Posted January 17, 2018 I bet that nobody on ES will lose money on cryptocurrencies, nary a soul... 39 minutes ago, ExoDus84 said: I'm wondering if this annual January dip is caused by tax considerations. The new year rings in, cyrpto investors engage in mass selling thus realizing profits and deferring their tax liability a year. Or maybe it's just jittery investors selling off around this time of year because the same thing has happened the past few years. You pay taxes on currency exchange? Serious question. Link to comment Share on other sites More sharing options...
ExoDus84 Posted January 17, 2018 Share Posted January 17, 2018 51 minutes ago, Springfield said: I bet that nobody on ES will lose money on cryptocurrencies, nary a soul... You pay taxes on currency exchange? Serious question. I think technically if you trade one crypto for another it's considered a like-kind exchange, and would then be a taxable event. However, I'm talking about people whose crypto investments appreciated, and thus will now have to pay capital gains tax. I'm assuming anybody who makes a tidy sum will end up paying taxes. Even if the market is unregulated at the moment, I wouldn't risk stiffing the government.The IRS is like the Iron Bank of Bravos..they will have their due. Link to comment Share on other sites More sharing options...
tshile Posted January 18, 2018 Share Posted January 18, 2018 Money made off it is income, is it not? I've only lost money so, I haven't looked also don't you only pay taxes on realized return? Trading coins around and not actually taking out USD shouldn't be taxable? I can't wait for TurboTax to ask me if I have cryptocurrencies Link to comment Share on other sites More sharing options...
Predicto Posted January 18, 2018 Share Posted January 18, 2018 2 hours ago, ExoDus84 said: I'm wondering if this annual January dip is caused by tax considerations. The new year rings in, cyrpto investors engage in mass selling thus realizing profits and deferring their tax liability a year. Or maybe it's just jittery investors selling off around this time of year because the same thing has happened the past few years. Hardly anyone ever actually sells. They get too greedy and think they are going to miss out on the next big jump. That's how the bubble keeps growing. Until suddenly one day a big player tries to cash in and people panic and everyone tries to sell at the same time but there is no one to buy, and the unregulated online brokerage sites become unresponsive. Link to comment Share on other sites More sharing options...
Springfield Posted January 18, 2018 Share Posted January 18, 2018 I read somewhere that basically one person ran up the price of bitcoin last year. Forget the source. here it is: https://www.finder.com.au/bitcoins-150-to-1000-price-rise-was-likely-caused-by-one-person It was 2013 and it was from $150 to $1000. One person. Link to comment Share on other sites More sharing options...
Predicto Posted January 18, 2018 Share Posted January 18, 2018 2 hours ago, Springfield said: I read somewhere that basically one person ran up the price of bitcoin last year. Forget the source. here it is: https://www.finder.com.au/bitcoins-150-to-1000-price-rise-was-likely-caused-by-one-person It was 2013 and it was from $150 to $1000. One person. And that undoubtedly will be the same person who gets out with his money before everyone else gets left holding the bag. Link to comment Share on other sites More sharing options...
techboy Posted January 28, 2018 Share Posted January 28, 2018 Link to comment Share on other sites More sharing options...
techboy Posted January 29, 2018 Share Posted January 29, 2018 In other news... https://www.cnbc.com/2018/01/25/if-you-own-bitcoin-heres-how-much-you-owe-in-taxes.html As far as Uncle Sam is concerned, bitcoin is not currency. It's property. That means whenever you buy something with bitcoin, it's two transactions, not one. What you're actually doing is selling a property (bitcoin) for a cash value and then using money from that sale to buy a product. So every single purchase you make with bitcoin has to be reported on your taxes. Link to comment Share on other sites More sharing options...
No Excuses Posted January 29, 2018 Author Share Posted January 29, 2018 I have pulled my money out from pretty much most of the crypto community. I have some small amounts left in Stellar, Ripple and VeChain, for the **** of it. In general, I was taking a skeptical approach to this entire industry but a few things have really changed my outlook: 1. USDT, or Tether, is basically a scam that is pumping the crypto market with counterfeit money. To me this will eventually be the downfall of this entire industry. The longer this scam runs, the harder people are going to be hit. 2. A friend invited me into a closed social media group, formed by some of the "big shots" in the crypto community. If people are a reflection of the product being sold, then yeah, **** these guys. Even the sleaziest wall street and real estate guys would blush in front of them. I was treating this entire thing as a glorified lottery ticket. If it worked out great, if it didn't not much to lose. And I still think blockchain technology will eventually go mainstream. The crypto market is badly in need of independent regulators to clean out the bull**** peddlers, of which there are way too many. But until that happens, I am staying far away. Link to comment Share on other sites More sharing options...
ExoDus84 Posted January 29, 2018 Share Posted January 29, 2018 3 hours ago, No Excuses said: 1. USDT, or Tether, is basically a scam that is pumping the crypto market with counterfeit money. To me this will eventually be the downfall of this entire industry. The longer this scam runs, the harder people are going to be hit. As far as Tether goes, it's only being utilized by a couple of exchanges, and is only "redeemable" for fiat on a very limited number of other exchanges. I think if it goes south, though it will have an impact, I don't think it would take down the entire industry. I don't think there's enough people buying tether to make a collapse of it take down the whole crypto scene. Bitfinex is the main exchange that would go tits up in that scenario. That being said, Tether is secretive about the banks it's using behind the scenes, and apparently just broke off business relations with their auditor. Doesn't sound good. Link to comment Share on other sites More sharing options...
No Excuses Posted January 30, 2018 Author Share Posted January 30, 2018 21 hours ago, ExoDus84 said: As far as Tether goes, it's only being utilized by a couple of exchanges, and is only "redeemable" for fiat on a very limited number of other exchanges. I think if it goes south, though it will have an impact, I don't think it would take down the entire industry. I don't think there's enough people buying tether to make a collapse of it take down the whole crypto scene. Bitfinex is the main exchange that would go tits up in that scenario. The issue with Tether is how much of counterfeit money it may have already pumped into the cryptomarket. It's on enough and fairly prominent exchanges, that when things go south, it will tank a lot of people's assets. Ultimately, if it is the scam that it is being speculated to be, then it will eventually result in a massive amount of people losing faith in this industry when **** goes south. Most of the big players and shareholders at exchanges will cash out, and the remaining middle to bottom feeders will be left holding their bags. The downstream effect of such a ponzi scheme will be really, really bad. Link to comment Share on other sites More sharing options...
Springfield Posted February 5, 2018 Share Posted February 5, 2018 Bitcoin ain’t doing so hot... Link to comment Share on other sites More sharing options...
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