cryptocurrency forum (bitcoin and more)

[Dred Pirate]

At the advice of others - figured we would move this specific topic to another thread - please no bashing the process or saying it is stupid - we know your feelings - it is obviously a gamble.

I have a little bit of money is FUN, IOTA, XRP, NEO, TRX, in addition to the three big ones. My questions to start discussion - obviously not all of these will gain widespread adoption. I plan on hoping one will hit the exponential rise and then figure out when to sell.

Iota - anyone thing it hit its main peak? (shot up to $5 - likely slow going - or will hit the exponential rise?)

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[Seriously Serious]

Purchased some LTC yesterday, and it plummeted -15% over night... gambling does not course through these veins.

 

[bulldog1123]

XRP seems the most stable or primed for a jump, especially with AmEx joining the fold with them

 

[allantois]

Purchased some LTC yesterday, and it plummeted -15% over night... gambling does not course through these veins.

HODL

 

[imcallingcorp]

At the advice of my barber lol my ignorant self looked into xrp and decided to buy 1k at 0.25 im ok with losing it and think the upside is huge. if banks start using it should be great investment. likewise if it gets no traction then it will be worthless. only invest what you are ok with losing in this market type is my opinion

 

[WVUPharm2007]

I'm avoiding it all.

 

[PharmDBro2017]

Holding iota, XRP, btc, ltc, eth, and tokenpay.

Can’t wait to see what happens in 2018.


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[dblock05]

WHat is the easiest way to buy XRP? My account at bittrex is taking forever to get verified.

 

[PharmDBro2017]

WHat is the easiest way to buy XRP? My account at bittrex is taking forever to get verified.

Transfer btc or eth from coinbase to binance and buy it there. Binance had me verified and transfer done within 1-2hrs.


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[Dred Pirate]

Thought on litecoin? We are in from 95 and 180 so still a profit. Is this just a pullback today or do we think it will continue down?

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take your money and run - it more than doubled, book your profits - I think it is overpriced now

 

[Jaxey]

At the advice of my barber lol my ignorant self looked into xrp and decided to buy 1k at 0.25 im ok with losing it and think the upside is huge. if banks start using it should be great investment. likewise if it gets no traction then it will be worthless. only invest what you are ok with losing in this market type is my opinion

Yess!! I also bought XRP at 0.25, and woke up to nice surprise this morning $1.50/XRP.

 

[y0ssarian87]

While I was lucky enough to buy a nominal amount of LTC and BTC a few weeks ago, I’m still more interested in the applications of blockchain technology in supply chain integrity and other possible ledger-type applications in pharmacy. Though admittedly I don’t know enough to understand how well the technology scales up...

 

[Dred Pirate]

WHat is the easiest way to buy XRP? My account at bittrex is taking forever to get verified.

would hold off- i am in at .24 - trading at .88 now - wait until the consolidation

 

[PharmDBro2017]

take your money and run - it more than doubled, book your profits - I think it is overpriced now

It's much faster and cheaper transaction wise vs. Btc... I think it will go to $1,000 in time easily.

Just loaded up on more TRX, ADA, XVG, XRP, XLM.


edit:

 

[UGAZ]

I jumped in litecoin at 150 after listening to a friend about crypto....then I bought another 5 litecoin at 250 so my average is around 200 for 10 coins...Holding bag at this moment, but I am just gonna wait til it hit 1000 as some dude predicted...Wish me luck

 

[PharmDBro2017]

I jumped in litecoin at 150 after listening to a friend about crypto....then I bought another 5 litecoin at 250 so my average is around 200 for 10 coins...Holding bag at this moment, but I am just gonna wait til it hit 1000 as some dude predicted...Wish me luck

I'm def holding for a while. Why take it out and make a couple hundred bucks? It might be worth a few thousand in a year from now. That's well worth the risk for me.

Edit: Take a look at TokenPay ICO. The whitepaper is very interesting and sounds like massive potential for this company. Curious to hear your guys thoughts on it. I invested in the ICO and got the 100% bonus.

I also think IOTA still has a lot of room to grow. Market cap is massive. Once coinbase adds Ripple, Iota, and Cardano in 2018... we going to the moon guys.

 

[Seriously Serious]

I'm def holding for a while. Why take it out and make a couple hundred bucks? It might be worth a few thousand in a year from now. That's well worth the risk for me.

Edit: Take a look at TokenPay ICO. The whitepaper is very interesting and sounds like massive potential for this company. Curious to hear your guys thoughts on it. I invested in the ICO and got the 100% bonus.

I also think IOTA still has a lot of room to grow. Market cap is massive. Once coinbase adds Ripple, Iota, and Cardano in 2018... we going to the moon guys.

Have they announced adding those future currencies? Or just speculation.

 

[dblock05]

Also holding LTC for the long term, have a few of them at ~140. Picked up a share of Ether earilier today as well.

Really disappointed I missed out on the ripple train as its a PITA to get verified on these other sites besides coinbase. Has been 72 hours on bittex so far and 24 hours on binance.

 

[PharmDBro2017]

Have they announced adding those future currencies? Or just speculation.

Speculation on which specific coin, but coinbase has talked of adding any coin within top the 10 market cap from what I’ve seen. And if that happens to be the case and the general public has access to these smaller price coins... they will skyrocket.

I’m hopeful to say the least. What’s the risk in throwing $10-20 at these coins that cost <1.00 that are top 20 market cap? I’m willing to take that risk.


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[mursepharmd]

Def hold on to LTC. I bought 15 LTC when it was at $19 per coin and will ride it out. Though I know these can be worthless in a months time the upside can be huge

 

[allantois]

Yess!! I also bought XRP at 0.25, and woke up to nice surprise this morning $1.50/XRP.

Am I missing something I think it peaked at around .8?

It's much faster and cheaper transaction wise vs. Btc... I think it will go to $1,000 in time easily.

Just loaded up on more TRX, ADA, XVG, XRP, XLM.


edit:

From my understanding, one XPR is destroyed every time a transaction is made. The current problem with Bitcoin is high cost of transactions (along with the backlog). However, if XPR were to go significantly up in price, it would also increase the cost of transactions on the ripple network.

If it had the same market cap as Bitcoin as of today, an XPR coin would cost $8, so that would also be the cost of transacting, which is still less than that of Bitcoin.

I would be careful with trying to pick the best altcoin based on short-term trends. There’s a lot of pump and dump by speculators whenever there’s any “breaking” news related to any of the altcoins. Just this week we saw it with NEM and IOTA.

Also, my issue with XPR is that it is centralized and the supply can be altered by the creator company, thus it’s not a true decentralized currency in the way that Bitcoin is. I think that Bitcoin will continue to be the store of value crypto, not really meant for low-amount transactions, where some other alt coin would take on that role. Which altcoin that would be is anyone’s guess at this point.

 

[Jaxey]

Am I missing something I think it peaked at around .8?



From my understanding, one XPR is destroyed every time a transaction is made. The current problem with Bitcoin is high cost of transactions (along with the backlog). However, if XPR were to go significantly up in price, it would also increase the cost of transactions on the ripple network.

If it had the same market cap as Bitcoin as of today, an XPR coin would cost $8, so that would also be the cost of transacting, which is still less than that of Bitcoin.

I would be careful with trying to pick the best altcoin based on short-term trends. There’s a lot of pump and dump by speculators whenever there’s any “breaking” news related to any of the altcoins. Just this week we saw it with NEM and IOTA.

Also, my issue with XPR is that it is centralized and the supply can be altered by the creator company, thus it’s not a true decentralized currency in the way that Bitcoin is. I think that Bitcoin will continue to be the store of value crypto, not really meant for low-amount transactions, where some other alt coin would take on that role. Which altcoin that would be is anyone’s guess at this point.

On one of the exchanges I have XRP on it peaked at $1.50. It is now back to 0.81 just like everywhere else. I did manage to sell some at that price and now bought more at the lower price.

Also, correct me if I am wrong, but I thought that a fraction of XRP gets destroyed every time a transaction happens not a whole XRP

 

[Modest_anteater]

I bought into Lunyr (LUN) on Bittrex exchange. I like investing in small cap coins (less than 50 million USD market cap) bc while they are riskier they have much higher upside potential. Lunyr is a supplemental information source like Lexicomp or Quora.

Lunyr if anyone wants to check it out. I'm very bullish on it and think it has a lot of potential

 

[Whereismynorco]

here we go again...........ATH

 

[Acid11]

Anyone have input on the tax implications of these kind of "investments?" For instance, if they are subject to short vs. long term gains/losses, etc... And how they would be taxed from from GDAX/coinbase perspective (any foreign fees, etc..)?

 

[Dred Pirate]

Anyone have input on the tax implications of these kind of "investments?" For instance, if they are subject to short vs. long term gains/losses, etc... And how they would be taxed from from GDAX/coinbase perspective (any foreign fees, etc..)?

as of now I don't think there are any laws specifically addressing them. So it is a gray area. That being said the IRS subpoenaed coin base for all transactions over 10k. If you wanted to be 100% on the up and up - you would probably find a line on your 1040 as "other" or use gambling incomes and pay regular income tax - at some point you might be able to use capital gaines taxes on them once the IRS writes legislation.

 

[Momus]

as of now I don't think there are any laws specifically addressing them. So it is a gray area. That being said the IRS subpoenaed coin base for all transactions over 10k. If you wanted to be 100% on the up and up - you would probably find a line on your 1040 as "other" or use gambling incomes and pay regular income tax - at some point you might be able to use capital gaines taxes on them once the IRS writes legislation.

Actually, IRS is very clear on this issue. Virtual currency is treated as property. It's taxed as capital gain/loss. This isn't a gray area. They published a PDF how to treat crypto. Just Google it...

 

[Modest_anteater]

Actually, IRS is very clear on this issue. Virtual currency is treated as property. It's taxed as capital gain/loss. This isn't a gray area. They published a PDF how to treat crypto. Just Google it...

Well I think you could file a lawsuit against them saying that crytocoins are a currency and not property. If you are just exchanging currency i don't think that would count as capital gains. you don't report at the airport when you exchange fiat for different fiat if the price went up

 

[rxdawg21]

Well I think you could file a lawsuit against them saying that crytocoins are a currency and not property. If you are just exchanging currency i don't think that would count as capital gains. you don't report at the airport when you exchange fiat for different fiat if the price went up

So when you use forex and do this you don't owe taxes? I highly doubt that

 

[Momus]

Well I think you could file a lawsuit against them saying that crytocoins are a currency and not property. If you are just exchanging currency i don't think that would count as capital gains. you don't report at the airport when you exchange fiat for different fiat if the price went up

Sure, go ahead file lawsuit against the IRS.

 

[Jaxey]

Well I think you could file a lawsuit against them saying that crytocoins are a currency and not property. If you are just exchanging currency i don't think that would count as capital gains. you don't report at the airport when you exchange fiat for different fiat if the price went up

US government does not recognize cryptocurrency as actual currency, which is why it is subject to capital gains taxes. You can take the risk and not report the gains, but it is tax evasion and can result in felony.

 

[PharmDBro2017]

If you HODL you don’t have to pay taxes


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[Pharmacy Kid]

If you HODL you don’t have to pay taxes


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I'm pretty sure you still do. It's just if you hold >1 year and sell, it becomes long-term capital gains which is taxed at a lower rate than regular income.

 

[TheBlaah]

If only there were some way to use Bitcoin to, I don't know, buy things so you wouldn't have to sell and be taxed on it. If only...

 

[Jaxey]

Even if you pay with crypto you still have to pay taxes on capital gains once you use them.

 

[Lua]

WHat is the easiest way to buy XRP? My account at bittrex is taking forever to get verified.

I use Binance

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[Dred Pirate]

Actually, IRS is very clear on this issue. Virtual currency is treated as property. It's taxed as capital gain/loss. This isn't a gray area. They published a PDF how to treat crypto. Just Google it...

I guess what I meant by gray is that (as far as I know) there is no line that specifically mentions crytocurrencies, nor do companies like coinbase and binance send you any official form for you profits and loses. I have no problem paying my fair share of taxes, but when you trade from one currency to another on a foreign exchange - the math that sets up what your cost basis is, gets difficult. If you ever cash out into USD, it is easy to see what you put in vs what you took out - then pay tax on that.

 

[Swishers]

I'm up about 300% for 2017 after the latest bull run. My gains could pay off my student loans 7 years early right now. Instead, I'll continue investing and holding. Not stopping until I hit 7 figures.

 

[Dred Pirate]

I'm up about 300% for 2017 after the latest bull run. My gains could pay off my student loans 7 years early right now. Instead, I'll continue investing and holding. Not stopping until I hit 7 figures.

what was your initial investment?

 

[PharmDBro2017]

I'm pretty sure you still do. It's just if you hold >1 year and sell, it becomes long-term capital gains which is taxed at a lower rate than regular income.

I’m new to tax rules but I thought that if you didn’t profit >$600, you don’t owe anything? Just like with stocks, if you don’t sell, you don’t owe anything, right?

Correct me if I’m wrong, I am new to the investing world and tax rules surrounding it. Hard to find accurate info on the interwebz too, especially regarding crypto.

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[Dred Pirate]

I’m new to tax rules but I thought that if you didn’t profit >$600, you don’t owe anything? Just like with stocks, if you don’t sell, you don’t owe anything, right?

Correct me if I’m wrong, I am new to the investing world and tax rules surrounding it. Hard to find accurate info on the interwebz too, especially regarding crypto.

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you never owe until you realize your gains by selling - the thing is - I dont' see the IRS going after people who make small gains, a lot of work to track it down as of now. That is why they are only subpoenaing the transactions of 20k and more. That being said, if I do take money out - I will likely report it - as misc earnings or gambling earnings, simply to avoid any issues down the road and act in "good faith"

 

[Modest_anteater]

US government does not recognize cryptocurrency as actual currency, which is why it is subject to capital gains taxes. You can take the risk and not report the gains, but it is tax evasion and can result in felony.

well what i'm saying is that the argument could be made in the terms of a civil action against the federal government. But yes it would be high risk. Better just to pay taxes on any crypto gains IMO

 

[Albo]

I’m currently at 30K profit with litecoin. Invested when it was 40 bucks a coin. I don’t know if I should hold until next summer to make it a long term capital gain.

 

[wagrxm2000]

I’m currently at 30K profit with litecoin. Invested when it was 40 bucks a coin. I don’t know if I should hold until next summer to make it a long term capital gain.

Do you need it? Keep it in and set a stop loss.

 

[Jbrl]

I've been waiting, and waiting, and waiting, and waiting for another major correction to take the plunge. Still waiting...

Meanwhile a friend who got kicked out of pharmacy school a few years back has a multimillion portfolio just from gains this year. Talk about a success story. I'm still sitting here trying to build up an emergency fund.

Wondering how high it will all go. There's some reports of full-on FOMO, people taking out mortgages to get skin in the game. Bubble behavior? Who knows

 

[Swishers]

what was your initial investment?

About $15,000 gradually over the course of this year. I started with $500 worth of ethereum when it was worth $30 and expanded into other alt cryptocurrencies as I grew more confident.

 

[ldiot]

I remember years ago I played an online computer game. I traded in-game currency for some bitcoins. I think Bitcoins were only worth a few dollars at the time. I only had a few of them, I didn't know how to sell them and get the money in my bank so I just deleted the Bitcoin wallet and forgot about it since it wasn't worth much anyways. Wish I could recover it now, it'd be worth like 50k lol.

 

[Dred Pirate]

I remember years ago I played an online computer game. I traded in-game currency for some bitcoins. I think Bitcoins were only worth a few dollars at the time. I only had a few of them, I didn't know how to sell them and get the money in my bank so I just deleted the Bitcoin wallet and forgot about it since it wasn't worth much anyways. Wish I could recover it now, it'd be worth like 50k lol.

Ouch. Unfortunately that move makes you feel like your name. But I am sure there are hundreds of similiar stories out there.

 

[mentos]

I remember years ago I played an online computer game. I traded in-game currency for some bitcoins. I think Bitcoins were only worth a few dollars at the time. I only had a few of them, I didn't know how to sell them and get the money in my bank so I just deleted the Bitcoin wallet and forgot about it since it wasn't worth much anyways. Wish I could recover it now, it'd be worth like 50k lol.

Could have been worse.

Man unknowingly throws out Bitcoin hard drive now worth $4.8billion

Man wants to dig up landfill site after he ‘threw away’ bitcoin haul now worth over $80m

 

[Swishers]

Could have been worse.

Man unknowingly throws out Bitcoin hard drive now worth $4.8billion

Man wants to dig up landfill site after he ‘threw away’ bitcoin haul now worth over $80m

I spent about 3 btc on "stuff" over the course of several years while I was in pharmacy school. It's worth like $60k now but holding btc as investment never once crossed my mind back then. The change I lost on markets that got shut down over the years is probably worth thousands now.

This article has a great summary on how hard it would've been to buy and hold bitcoin since 2011.
If You Had Purchased $100 of Bitcoin in 2011