cryptocurrency forum (bitcoin and more)

[Standutd]

Good luck to everyone investing.

My path took me to primarily to the healthcare coin Patientory. They've run into issues related to updates but I think their operation is solid and their goals are attainable, lots of activity coming up for them in 2018. I had tried to limit my investing decisions to coins that I actually want to be a part of. That way if it tanks I can still feel I supported something worthwhile. A few examples are Einsteinium and Humaniq. The former helps to fund scientific endeavors ranging from science projects to cancer research, the latter seeks to give "bank" access to those in areas previously remote to those services. Thankfully this method has resulted in fruitful gains monetarily (dollar not necessarily BTC) but there are more aggressive and financially savvy techniques if the sole goal is to maximize profits.

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[Standutd]

Hoe many of these coins tha are associated with business have actual use/value? Meaning being used today, not just an idea for the future? Bnb is. any others? If so, what is their actual use. Not just theoretical use/value.

Humaniq. Bread. Einsteinium (I don't know if its 100% up and running though)

 

[Dred Pirate]

Humaniq. Bread. Einsteinium (I don't know if its 100% up and running though)

Is bread? I have invested in them and know the original business is running, but can you actually do anything on their platform with their coins?

 

[Dred Pirate]

what % is everyone up? what % of your asset are you putting into this?

Up 80% in 3 weeks. Putting in about 1% of assets right now. Just playing

 

[Standutd]

Is bread? I have invested in them and know the original business is running, but can you actually do anything on their platform with their coins?

I know the app is downloadable (iOS) and has the option to buy bitcoin (its meant to compete with coinbase) and to transfer bread coins in and out. I assume other coins will be available later.

 

[PharmDBro2017]

XRP booming, loving it.


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[Pharmacy Kid]

I feel nauseous right now.

 

[PharmDBro2017]

I feel nauseous right now.

Why?

Just calculated my gains, wish I had put more initially but I was being cautious and just played around with a few hundred bucks over several different alt coins. Have made 8x fold the amount that I initially invested on ripple alone... Going to keep holding until for 2018. Hopefully LTC shoots up tooz


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[CetiAlphaFive]

XRP booming, loving it.
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SHEEEEIT.

I never completed my registration for binance.

I was gonna put $1k into xrp.

Think it's too late?

 

[MDSlacker]

Ahh still waiting for my verification to pass and for me to get my bitcoin before I could buy XRP. Hopefully I didn't miss the biggest jump and it still goes up. Won't get my bitcoin until January 8th....

 

[PharmDBro2017]

SHEEEEIT.

I never completed my registration for binance.

I was gonna put $1k into xrp.

Think it's too late?

Who knows man. My speculation is no... it’s now at #2 market cap of all coins, replacing ETH. If coinbase adds... this **** is going to the moon. On payday I’m going to add some more to my portfolio.


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[CetiAlphaFive]

Who knows man. My speculation is no... it’s now at #2 market cap of all coins, replacing ETH. If coinbase adds... this **** is going to the moon. On payday I’m going to add some more to my portfolio.


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I'm buying some as soon as binance verifies me. Lol

 

[PharmDBro2017]

I'm buying some as soon as binance verifies me. Lol

Only took a few hours for my verification. Have to have eth or btc and exchange for XRP, you know?


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[Pharmacy Kid]

Binance took me a couple days to get verified. This was over the Thanksgiving weekend.

 

[nLua]

For all on here: take a look at Alan Masters on the website TradingView. He has great analysis for many different coins, buy in and sell targets, and chart information.

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Like the user name. Your not a long lost relative are you? Lol!

Thanks for the tip though. I'll check it out.

To everyone though: anyone heard of GatCoin? It would be my first time looking into ICOs (been following news of cryptocurrency but just recently invested - day before the crashes ) but the idea behind it seems promising. Any feedback would be appreciated.

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[PharmDBro2017]

Anyone in here investing in marijuana stocks? The new MJX ETF caught my eye, picked up some shares recently. Should be a good long term investment.


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[Lua]

Anyone in here investing in marijuana stocks? The new MJX ETF caught my eye, picked up some shares recently. Should be a good long term investment.


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I have POT coin

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[lord999]

Hoe many of these coins tha are associated with business have actual use/value? Meaning being used today, not just an idea for the future? Bnb is. any others? If so, what is their actual use. Not just theoretical use/value.

Illegal drugs, child porn, and laundering money if you're into those things and with proof on each of them. Supposedly redeemable for some other good and services not in the phone book that is not proven yet. In the case of child porn, it's good enough business that transaction identification (bitcoin is not anonymous by design) is something that law enforcement is actually dealing with. The problem is complicated with intelligent use of VPNs outside of the five eyes (US, CA, UK, AU, NZ), but if you do something that gets anyone in five eyes interested enough to issue a warrant or one of their notices, it becomes reasonable to trace as you have to start from some ISP somewhere. The frenzy and speculation lately though has put a bunch of noise to blockchain analysis, but it's still manageable.

 

[Dred Pirate]

Illegal drugs, child porn, and laundering money if you're into those things and with proof on each of them. Supposedly redeemable for some other good and services not in the phone book that is not proven yet. In the case of child porn, it's good enough business that transaction identification (bitcoin is not anonymous by design) is something that law enforcement is actually dealing with. The problem is complicated with intelligent use of VPNs outside of the five eyes (US, CA, UK, AU, NZ), but if you do something that gets anyone in five eyes interested enough to issue a warrant or one of their notices, it becomes reasonable to trace as you have to start from some ISP somewhere. The frenzy and speculation lately though has put a bunch of noise to blockchain analysis, but it's still manageable.

Me thinks you didn't understand the question. About bread thou. Do you use bread tokens on their site?

 

[lord999]

Me thinks you didn't understand the question. About bread thou. Do you use bread tokens on their site?

Sorry, I read it as "what can you use bitcoin for". Oh no, because there isn't a cost advantage over cash yet. I suppose I could use it for tax evasion, but there aren't enough merchants at a pricepoint to use them right now (and then there's the problem of change).

 

[Pharmacy Kid]

What would you guys do if you made enough to pay off your student loans in one fell swoop?

 

[PharmDBro2017]

When you sell ripple the day before it goes up 80% to lock in some profits.. #facepalm.

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2018 is just the beginning... holding till EOY or 2019.


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[Lua]

What would you guys do if you made enough to pay off your student loans in one fell swoop?

I million will be earned in 2018, maybe more.

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[Dred Pirate]

What would you guys do if you made enough to pay off your student loans in one fell swoop?

Pay them off.

 

[PharmDBro2017]

Pay them off.

I'd pay off the house first, and invest more into stocks/roth ira/savings. Still hopeful for PSLF > paying them off.

 

[Lua]

Do you hold or trade daily??

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I am doing both. But will mostly do short term trades. I have been following a trader named Alan Masters on TradingView. He is a great resource. And doing a lot of reading, and using youtube to learn about crypto currencies and chart reading. My goal is to make enough to quit my full time job, go back to school, and do the day trading as a primary income stream.

Also, the tech behind bitcoin and other coins is amazing to me even though I am not involved in computer science. I recommend reading The Internet of Money.

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[Pharmacy Kid]

I know you should only invest what you can afford to lose, but how much is too much? $5000, $10000, $20000, $50000??

 

[PharmDBro2017]

I know you should only invest what you can afford to lose, but how much is too much? $5000, $10000, $20000, $50000??

Depends on your personal risk tolerance. It takes money to make money.


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[KimChiSlap]

How does tax work with this?
what about trading alt coins?

 

[PharmDBro2017]

How does tax work with this?
what about trading alt coins?

If you sell and make gains, you pay taxes on em


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[Dred Pirate]

I'd pay off the house first, and invest more into stocks/roth ira/savings. Still hopeful for PSLF > paying them off.

Not doing PSLF (too old and interest rates <1.8%) - but ya, get that-

 

[Dred Pirate]

If you sell and make gains, you pay taxes on em


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exactly - coinbase will allow you to download a estimated income statement (using FIFO accounting). But that doesn't do anything for the coins traded on binance. My suggestion, make your best estimate and pay your taxes - keep good records, for those of us with relatively low amounts (under 10k as of now) the IRS doesn't have the resources to investigate if we don't do it perfect- if you are doing big bucks - better have your ducks in a row

 

[Pharmacy Kid]

exactly - coinbase will allow you to download a estimated income statement (using FIFO accounting). But that doesn't do anything for the coins traded on binance. My suggestion, make your best estimate and pay your taxes - keep good records, for those of us with relatively low amounts (under 10k as of now) the IRS doesn't have the resources to investigate if we don't do it perfect- if you are doing big bucks - better have your ducks in a row

Do you think IRS will look at how much you convert from crypto to dollars in Coinbase or how much you withdraw to your bank account?

 

[CetiAlphaFive]

I couldn't sworn i posted this:


I'm seeing a lot of chatter about XRP actually being a conspiracy by "Big Banks" to gain control of all of the BTC.

What do you guys think?

 

[Dred Pirate]

Do you think IRS will look at how much you convert from crypto to dollars in Coinbase or how much you withdraw to your bank account?

they have all the records of transactions over 20k, regardless of if they were cashed out or not - don't play with fire - even if you are lower, (which most are) - pay your fair share or risk condequences

 

[Pharmacy Kid]

they have all the records of transactions over 20k, regardless of if they were cashed out or not - don't play with fire - even if you are lower, (which most are) - pay your fair share or risk condequences

You might not know the answer, but let's say I put in $100 into five different cryptos for a total $500. Crypto A jumps to $1000 while all other cryptos stay at $100. So total so far I have $1400. If I withdraw $500 from crypto A, is that considered a profit of $400 ($500-100 initial for crypto A) or $0 profit since I invested a total of $500 into all cryptos

 

[Dred Pirate]

You might not know the answer, but let's say I put in $100 into five different cryptos for a total $500. Crypto A jumps to $1000 while all other cryptos stay at $100. So total so far I have $1400. If I withdraw $500 from crypto A, is that considered a profit of $400 ($500-100 initial for crypto A) or $0 profit since I invested a total of $500 into all cryptos

you only count profit or loss when you sell (aka "realize") profit or loss- until you make that transaction - all profits are un-realized. In your case - you sold $500 or 50% of the one that made money. Using first in first out accounting (or even average cost basis as you only have one purchase transaction) you originally paid $50 for the cyptos that you sold for $500 - thus you have $450 of realized profit to pay taxes on - you still have $450 of unrealized gains in crytpo A and $450 of original money still invested amoung all cyrptos

 

[PharmDBro2017]

I couldn't sworn i posted this:


I'm seeing a lot of chatter about XRP actually being a conspiracy by "Big Banks" to gain control of all of the BTC.

What do you guys think?

Sounds like the tin foil wearing antivax type people. I’ve seen people discussing that too though. As long as it makes me some $, I don’t care one way or another tbh (but I don’t believe it).


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[psurocks]

can you buy these altcoints on sites like bittrex with USD, or do you have to get bitcoin in Coinbase and transfer that over and use bitcoin to buy the other coins?

 

[PharmDBro2017]

On 30 Dec 2017, the market capitalization of XRP was $110 billion, putting it second in Cryptocurrency Market Cap Ranking

I invite you to the faucet ... code every hour and affect. Payment from 1 XRP
bit.ly/2CvMpf5

?


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[allantois]

can you buy these altcoints on sites like bittrex with USD, or do you have to get bitcoin in Coinbase and transfer that over and use bitcoin to buy the other coins?

Gotta get BTC or ETH first

 

[Schwimmy]

Ok, I'll get in on some of this fun with the Binance and throw in some disposable income on Binance, but I'm a little confused. Should I put into Bitcoin on Coinbase or Litecoin?

 

[PossibleTallgrass]

New to this and don't know much about taxes...Please correct me if I'm wrong! So I bought ETH off of Coinbase a while back and am planning on holding. From my understanding, I don't have to report taxes on this until I sell, right?

I also bought more ETH and transferred it to Binance to buy IOTA (which I'm also going to hold). Because I transferred the ETH to IOTA, am I supposed to report taxes on this transaction even if I'm holding? From what I've researched, it seems like I do. I just want to make sure.

 

[BenJammin]

I just made $12k by buying Cardano at 30 cents. Now it's up to $1.25. None of these coins have real value but it sure is fun to gamble and win.

 

[Swishers]

I'm in the process of cashing out $80k in pure gains to pay off my student loans. I'll worry about the taxes next year.

 

[k12balla]

I sure hope y'all bought some XRP.

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[Gombrich12]

I'm in the process of cashing out $80k in pure gains to pay off my student loans. I'll worry about the taxes next year.

That's awesome man, glad to see people taking hard cold cash out and getting real results in their lives.

 

[gwarm01]

I'm in the process of cashing out $80k in pure gains to pay off my student loans. I'll worry about the taxes next year.

Okay, now you are making me want to buy some of this stuff.

 

[PharmDBro2017]

Which is annoying. I just sent 5K last Friday to just coinbase wallet that I was planning on plumping in XRP and Stellar which both exploded the past few days. Major bummer.

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You can always use a credit card, and it is instantaneous.... just pay off your card lol.


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[MDSlacker]

Purchased Bitcoin and Litecoin on coinbase about a week ago but still waiting for the purchase to go through. Was planning to transfer that and purchase XRP and some others.....too late to buy XRP or you guys think it will continue to go up?

Wish these transactions happened faster so I could have cashed in on the huge gain.