Author Topic: Bitcoin and Cryptocurrency Thread (Read 139843 times)

Atramental · « **Reply #960 on:** February 01, 2018, 07:27:21 AM »

I'm holding until this coming December. Fuck it.

shosta · « **Reply #961 on:** February 01, 2018, 07:37:36 AM »

I'm glad I could talk some sense into you.

zomgee · « **Reply #962 on:** February 01, 2018, 07:40:19 AM »

kingv · « **Reply #963 on:** February 01, 2018, 07:59:33 AM »

Quote from: Shostakovich on February 01, 2018, 07:21:08 AM

It's my hope that the following doesn't come off as too officious and that you'll read it with an open mind:
1. Hubris in not selling on a downward trajectory is just the irrational belief that it will be higher if you just hold out. You have no way of knowing that.
2. The illiquidity of an asset means you should act less recklessly with it, not more.
3. The phrase pumping and dumping comes from a fairly specific market manipulation tactic. Whenever I hear that a share price is being pumped, I am usually skeptical that there is really someone on the other end pumping it up and I usually consider it just a paranoid narration of any benign but random fluctuations.
4) Believing that anything will happen around Chinese New Year is really magical thinking.
You should get out now while the people still holding out in the bubble are supporting the price up. I want to see you roll around in those mad gains. Being able to participate in a bubble is usually a once in a lifetime opportunity for people, and most of them don't even profit.

Usually I would agree with 3, but I think crypto is a special case where the market cap, illiquidity, and asset concentration might sometimes actually be affected by intentional manipulation. Especially the alt coins.

Cerveza mas fina · « **Reply #964 on:** February 01, 2018, 08:18:51 AM »

How about you cash out your initial investment only, and ride the wave with any profit you have.

Huff · « **Reply #965 on:** February 01, 2018, 08:34:34 AM »

Hodl forever

Freyj · « **Reply #966 on:** February 01, 2018, 09:55:18 AM »

What do I know, but we’re getting closer and closer to equal market cap between ETH and BTC, wasn’t that always going to fuck with the market unless ETH was bullish for months on end?

headwalk · « **Reply #967 on:** February 01, 2018, 10:16:33 AM »

people attributing actual human values like courage to a market as broken and manipulated as crypto are the real marks. it's like playing russian roulette with a 20 something distinguished mentally-challenged fellow from 4chan who gets to choose whether to put a few more bullets in the chamber on your turn because he sat down first.

Atramental · « **Reply #968 on:** February 01, 2018, 02:27:44 PM »

Okay... I'm cashing out my initial investment w/ a tiny bit of profit. $:-\$

And I'm going to let the rest ride.

CatsCatsCats · « **Reply #969 on:** February 01, 2018, 03:07:57 PM »

Atramental · « **Reply #970 on:** February 01, 2018, 03:50:10 PM »

/biz/ at the moment:

Joe Molotov · « **Reply #971 on:** February 01, 2018, 03:54:19 PM »

It gets better.

Cerveza mas fina · « **Reply #972 on:** February 01, 2018, 04:08:51 PM »

Take that tiny bit of profit and do something nice

Good choice imho

Atramental · « **Reply #973 on:** February 01, 2018, 04:15:22 PM »

zomgee · « **Reply #974 on:** February 01, 2018, 04:43:44 PM »

Quote from: Atramental on February 01, 2018, 04:15:22 PM

Doing everything he can do to hit that ten minute mark.

Atramental · « **Reply #975 on:** February 01, 2018, 04:47:25 PM »

WELL.

I guess I can be content that I didn't loose any of my initial investment like some people have.

Coinbase will be depositing the money into my checking account on the 6th.

shosta · « **Reply #976 on:** February 01, 2018, 05:01:48 PM »

how much did you profit, in the end?

Atramental · « **Reply #977 on:** February 01, 2018, 05:06:46 PM »

Here's the remainder of my profits on Bittrex:

I also have a couple hundred floating around on Cryptopia as well but that's just for pure shit coin gambling so I don't care if I lose it all.

edit:
Some day in the future I'll get back to this again (Assuming we don't go through a multi-year long bear market)

:

shosta · « **Reply #978 on:** February 01, 2018, 05:38:55 PM »

Brooooo weren't you up at 200k

shosta · « **Reply #979 on:** February 01, 2018, 05:39:57 PM »

Quote from: Shostakovich on February 01, 2018, 05:38:55 PM

Brooooo weren't you up at 200k

Still, 16k is the dankness. Time to repair your car or buy a pangolin or something.

toku · « **Reply #980 on:** February 01, 2018, 05:43:22 PM »

all a learning experience, you did well atra and I'm sure you're gonna take w/e you learned here and use it in some other area of your life

*e-hug*

Atramental · « **Reply #981 on:** February 01, 2018, 05:44:33 PM »

Quote from: Shostakovich on February 01, 2018, 05:38:55 PM

Brooooo weren't you up at 200k

Goodness, no. $60K was probably the highest I've ever gotten.

Cointrack.io said I reached $70K but I'm not entirely sure how it arrived at that number.

shosta · « **Reply #982 on:** February 01, 2018, 05:53:27 PM »

Ok so I looked it up and you can get a live pangolin on the black market for as low as $1000. Now's the time!

Atramental · « **Reply #983 on:** February 01, 2018, 06:10:55 PM »

I don't think my brother or the HOA would allow it.

CatsCatsCats · « **Reply #984 on:** February 01, 2018, 06:35:31 PM »

16k in the black? Nothing to be ashamed of there! Take a trip out west, I’ll smoke you out and show you the dank macaroni and cheese / bbq spot on the mountain

Atramental · « **Reply #985 on:** February 01, 2018, 07:14:35 PM »

Not really. Seems like most of them were wise enough to sell their alts when they peaked (or before they slid down into hell) and weren't planning on holding anything long term.

Atramental · « **Reply #986 on:** February 01, 2018, 07:24:36 PM »

Assimilate · « **Reply #987 on:** February 01, 2018, 07:37:35 PM »

wtf is going on? i've lost 1,000 dollars.

should i just bail on this whole thing? or hold on tight?

fucking india

Atramental · « **Reply #988 on:** February 01, 2018, 07:54:15 PM »

BTC is still falling due to any & all FUD and it's dragging almost everything with it. That's what.

I see some technical analysis peeps saying it's going to hit $7K and perhaps even $5K before it bottoms out.

toku · « **Reply #989 on:** February 01, 2018, 08:25:48 PM »

heres what you do atra, buy an oz of weed and spend a weekend teaching yourself how to roll a zoot

Assimilate · « **Reply #990 on:** February 01, 2018, 08:28:23 PM »

Quote from: Atramental on February 01, 2018, 07:54:15 PM

BTC is still falling due to any & all FUD and it's dragging almost everything with it. That's what.

I see some technical analysis peeps saying it's going to hit $7K and perhaps even $5K before it bottoms out.

if it goes back up to 10-11k by tomorrow i'm pulling out and eating the $100 loss. Same with shitty ass litecoin. Ripple, how the fuck did that drop? i had all the confidence in the world in that one. It's costing me $500 right now.

Ether has made me money.

naff · « **Reply #991 on:** February 01, 2018, 08:33:13 PM »

sorry you've been reduced to only ~400% gains on your short term investment atra

Atramental · « **Reply #992 on:** February 01, 2018, 09:11:21 PM »

Quote from: Assimilate on February 01, 2018, 08:28:23 PM

Quote from: Atramental on February 01, 2018, 07:54:15 PM
BTC is still falling due to any & all FUD and it's dragging almost everything with it. That's what.

I see some technical analysis peeps saying it's going to hit $7K and perhaps even $5K before it bottoms out.
if it goes back up to 10-11k by tomorrow i'm pulling out and eating the $100 loss. Same with shitty ass litecoin. Ripple, how the fuck did that drop? i had all the confidence in the world in that one. It's costing me $500 right now.

Ether has made me money.

once or rather... IF BTC rebounds to $9,600 I'm going to sell most of my alts and probably just sit tight in tether (FUD or no FUD) and wait for BTC to go lower and lower before I buy back in.

Syph · « **Reply #993 on:** February 01, 2018, 11:03:13 PM »

Quote from: Freyj on February 01, 2018, 09:55:18 AM

What do I know, but we’re getting closer and closer to equal market cap between ETH and BTC, wasn’t that always going to fuck with the market unless ETH was bullish for months on end?

Atramental · « **Reply #994 on:** February 02, 2018, 06:01:17 AM »

Quote from: Atramental on February 01, 2018, 09:11:21 PM

Quote from: Assimilate on February 01, 2018, 08:28:23 PM
Quote from: Atramental on February 01, 2018, 07:54:15 PM
BTC is still falling due to any & all FUD and it's dragging almost everything with it. That's what.

I see some technical analysis peeps saying it's going to hit $7K and perhaps even $5K before it bottoms out.
if it goes back up to 10-11k by tomorrow i'm pulling out and eating the $100 loss. Same with shitty ass litecoin. Ripple, how the fuck did that drop? i had all the confidence in the world in that one. It's costing me $500 right now.

Ether has made me money.
once or rather... IF BTC rebounds to $9,600 I'm going to sell most of my alts and probably just sit tight in tether (FUD or no FUD) and wait for BTC to go lower and lower before I buy back in.

Just woke up... Jesus Fuck...

We'll be lucky if BTC hits 8500 at this point.

Atramental · « **Reply #995 on:** February 02, 2018, 06:56:41 AM »

Also, speaking of markets crashing:
https://www.cnbc.com/2018/02/01/some-investors-are-worried-low-volatility-might-be-the-start-of-a-market-crash-heres-why.html

Cerveza mas fina · « **Reply #996 on:** February 02, 2018, 08:01:39 AM »

Ill buy one at a 1000 and see what happens

Atramental · « **Reply #997 on:** February 02, 2018, 08:23:55 AM »

"This is good for crypto."

Huff · « **Reply #998 on:** February 02, 2018, 08:50:21 AM »

So when’s a good time to buy back in lulz

Atramental · « **Reply #999 on:** February 02, 2018, 08:55:39 AM »

Some say in the $7000 range.

Others are saying in the $5000 range.

And some folk are thinking it'll go down to $2000.

So...

Atramental · « **Reply #1000 on:** February 02, 2018, 09:44:33 AM »

https://twitter.com/galaxybtc/status/959403527595593728

I'm a Puppy! · « **Reply #1001 on:** February 02, 2018, 11:37:11 AM »

One thing I've learned about Crypto. You guys are god awful at visualization of data

HardcoreRetro · « **Reply #1002 on:** February 02, 2018, 12:20:08 PM »

Time to go back to the real cryptocurrency.

*Starts robbing graves*

Atramental · « **Reply #1003 on:** February 02, 2018, 01:14:01 PM »

Quote from: I'm a Puppy! on February 02, 2018, 11:37:11 AM

One thing I've learned about Crypto. You guys are god awful at visualization of data

The more I delve into the crypto space the more I realize that this picture is completely accurate for the community at large:

zomgee · « **Reply #1004 on:** February 02, 2018, 01:18:59 PM »

Place orders online
Never have to leave house
Claim superiority over normies
Opportunity to stay up late on a computer

Crypto was for neckbeards

In all seriousness one of my major turnoffs about this investment fad is the people who won't shut the living fuck up about it with such an air of superiority that they have it allllllll figured out.

"Oh you put your money in a BANK!? Pssssshht."

Atramental · « **Reply #1005 on:** February 02, 2018, 01:24:06 PM »

"Paying your taxes? *pssh* What a normie. Just launder your money through this sketchy Amazon gift card exchange."

kingv · « **Reply #1006 on:** February 02, 2018, 02:12:30 PM »

Quote from: Atramental on February 02, 2018, 01:24:06 PM

"Paying your taxes? *pssh* What a normie. Just launder your money through this sketchy Amazon gift card exchange."

Does schedule 501C apply to crypto? Like can you deduct losses? Because you theoretically have to report every trade even between currencies, right? You could end up with a substantial tax bill, even when losing money, especially if tge wash-sale rules apply.

Edit: you might end up ok at the very end if you take a big loss on your final trade, but theoretically you are realizing a gain or a loss every single trade. And then if you rebuy into that same asset less than 30 days later, you can’t actually deduct the losses...

Atramental · « **Reply #1007 on:** February 02, 2018, 02:29:13 PM »

Ugh...

I'm probably boned when it comes to taxes.

Eventually I need to get on bitcoin.tax to see how bad the damage is.

Syph · « **Reply #1008 on:** February 02, 2018, 02:29:43 PM »

Atra don't worry man. You can afford to HODL until it rebounds so just keep doing that. We all know it's going to eclipse $20k again at some point, it might just not be until late in the year.
Now I just need to dig up my post from months ago when I said I expect it to drop to 7k before rebounding again....

edit: also never forget my dream about ether hitting 6k....that still needs to happen lol
don't let your dreams be dreams

naff · « **Reply #1009 on:** February 02, 2018, 02:41:11 PM »

Fuck that tax situation sounds wild. You actually gonna report off chain trades?

Atramental · « **Reply #1010 on:** February 02, 2018, 02:53:50 PM »

yep... (at least, that's what I keep on hearing)

Uh oh.

Atramental · « **Reply #1011 on:** February 02, 2018, 03:18:04 PM »

https://www.reddit.com/r/Bitcoin/comments/1uccfz/i_am_a_tax_attorney_here_are_my_answers_to_the/

Quote

"#4: What if I exchange my bitcoins for altcoins? Is this a like-kind exchange?

This is a fair question and implicates what is known as a "like-kind exchange." Under Section 1031 of the tax code, exchanges of like-kind property do not trigger recognition of capital gains, and therefore are tax-free. Whether or not bitcoins/altoins are like-kind is uncertain to say the least. As intangible property, bitcoins/altcoins would qualify as like-kind only if they have the same rights, characteristics, and obligations. This is a very difficult test to apply to virtual currency."

So crypto-to-crypto trades are not taxable?

Fucking American tax laws are a muddled mess.

zomgee · « **Reply #1012 on:** February 02, 2018, 03:24:52 PM »

Yeah, I kinda thought like anything else that only realized gains are taxable. But what do I know.

I'm a Puppy! · « **Reply #1013 on:** February 02, 2018, 03:50:57 PM »

Quote from: Atramental on February 02, 2018, 03:18:04 PM

https://www.reddit.com/r/Bitcoin/comments/1uccfz/i_am_a_tax_attorney_here_are_my_answers_to_the/

Quote
"#4: What if I exchange my bitcoins for altcoins? Is this a like-kind exchange?

This is a fair question and implicates what is known as a "like-kind exchange." Under Section 1031 of the tax code, exchanges of like-kind property do not trigger recognition of capital gains, and therefore are tax-free. Whether or not bitcoins/altoins are like-kind is uncertain to say the least. As intangible property, bitcoins/altcoins would qualify as like-kind only if they have the same rights, characteristics, and obligations. This is a very difficult test to apply to virtual currency."

So crypto-to-crypto trades are not taxable?

Fucking American tax laws are a muddled mess.

I don't know about you, but I get ALL my tax advice from reddit.

Atramental · « **Reply #1014 on:** February 02, 2018, 04:01:24 PM »

The CFO at my company is a CPA who happens to be into crypto as well.

I could probably pick his brain about this.

toku · « **Reply #1015 on:** February 02, 2018, 04:07:15 PM »

u should

Atramental · « **Reply #1016 on:** February 02, 2018, 06:15:30 PM »

The ads I'm getting now.

thisismyusername · « **Reply #1017 on:** February 02, 2018, 06:19:04 PM »

Quote from: CatsCatsCats on February 01, 2018, 06:35:31 PM

Take a trip out west, I’ll smoke you out

#NoHomo

But for real, good that you got a profit Atra: But really, do the stock market instead of Buttcoins.

Atramental · « **Reply #1018 on:** February 02, 2018, 06:36:50 PM »

https://www.bloomberg.com/news/articles/2018-02-02/bofa-to-decline-all-cryptocurrency-transactions-on-credit-cards

Atramental · « **Reply #1019 on:** February 02, 2018, 09:01:06 PM »

My deposit from coinbase came early. I feel somewhat whole again.

News:

Author Topic: Bitcoin and Cryptocurrency Thread (Read 139843 times)