bigedole
Member
How can you not have the money to pay short term gains on your profits? You'll have 90k, of which you'll owe 20-25k in tax, so you'll have 65-70k left...
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Bitcoin, Cryptocurrency, Blockchain, and You: Navigating the Future of Tech (a NeoGAF discussion thread)
How can you not have the money to pay short term gains on your profits? You'll have 90k, of which you'll owe 20-25k in tax, so you'll have 65-70k left...
NiiloPielinen
Member
What did you invest in?
Speaking of which, what are some of the most promising alt-coins currently?
TBiddy
Member
Depends what you're looking for. If the prospect of doubling your investment in a short time is what you're looking for, you could take a look at some of the penny coins. But be aware, though, that this is not much better than gambling. If you're looking for something more long-term, you could take a look at AMB, MOD, VEN, WTC, ICX or some of the other established coins. NEO, XLM and XRB are also getting hyped.
As always, do your own research. Find a project that has a product, that you think has potential and decide if you want to invest in it.
Personally I'm bullish on CND, since they have an actual working product, coupled with apps for iOS and Android and a lot of potential to grow.
To be honest, I think wallets are overrated, unless you're investing large sums. Sure, it'd suck if someone hacked your exchange of choice and ran away with your coins, but still.
Yeah, I should clarify. I owe a little over that much in student + auto loans so if I cash out at the short term gains rate, I don't actually "make" any money. I want to sell at a decently positive net-worth; enough to maybe put a decent downpayment on property I can rent out or something. Idk wtf I'm doing honestly.
I "invested" about 10k in ripple at ~0.25 cents and sold when it was ~$1. Then bought roughly 40k worth of raiblocks with the profits at $3. Raiblocks blew up into a bull run. I was literally shitting my pants everyday at the thought of losing all that money in a potential crash. I couldn't take it anymore and sold at about $10. Raiblocks eventually ended up at like $30 before crashing to $15. Got pissed that I sold too early, so bought back and spread it all out into XLM, XRP, XRB, ARK, ICX, REQ and ETH. Bought pretty much all of those at new ATHs so I got heavily burned. Now I'm hovering in the high 90s. Hopefully I'll break into the 100s again soon.
Lol it's funny you say this when someone stole like half a billion dollars from an exchange last week. This is terrible advice regardless of how much you have. Get a wallet and get your shit off the exchanges.
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Renoir
Member
so about these taxes.. Im really curious on how this work. Like do I add this to my income on my 10-40, even if I dont have it in my bank account? When to claim these monies? When does it even matter to put it on the forms?
If I put in the market $100 and it bumped up to $700. What would the process be?
TBiddy
Member
Yes, and the other day someone was forced to transfer bitcoins from his wallet. Get your shit of the wallets! Unless we're talking large sums (like yours), wallets are more or less pointless.
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oxrock
Gravity is a myth, the Earth SUCKS!
Wallets are a much safer option than exchanges. Some people need to have all their crypto stolen before they realize this simple truth. Be smart enough to forgo that painful lesson.
People can be forced to do anything under duress. So while being mugged it makes little difference if your funds are in a wallet or on an exchange, but most stolen crypto doesn't happen in person. It's someone sitting in front of a computer on the other side of the world making a living off of idiots who think it won't ever happen to them. Don't keep a balance on an exchange that you're not prepared to lose.
TBiddy
Member
I was merely pointing out, that nowhere is safe. I've seen people recommend Wallet-apps, so you can carry it around on your phone.. which seems silly, to be quite honest.
If you're investing 500$, I'd say that the hassle of acquiring a wallet, transferring the coins (keep in mind, that there's a fee to withdraw your coins in most cases) and keeping the wallet safe is too much work. But each to his own, of course.
^^
Annnnnnnnnd here we go (links care of /r/Cryptocurrency):
"U.S. Regulators Subpoena Crypto Exchange Bitfinex, Tether" - Bloomberg
"Bitfinex and Tether said to be subpoenaed by CFTC" - ForexLive
"Cryptocurrency exchange Bitfinex reportedly subpoenaed by top regulator" - Business Insider
"Bitcoin crashes anew as Bitfinex, Tether probed" - Macro Business
"Regulators subpoena Tether and Bitfinex" - Mashable
"Report: CFTC Sends Subpoenas to Bitfinex, Tether" - CoinDesk
"Why Tether's Collapse Would Be Bad for Cryptocurrencies" - WIRED
"Financial regulators subpoena major bitcoin exchange: report" - The Hill
"Bitfinex, Tether Get Subpoenas From US Regulators" - CoinTelegraph
"Tether and Bitfinex Crypto Companies Subpoenaed by U.S. Regulators" - Investopedia
"CFTC Looking Into Bitfinex and Tether As Digital Tokens Face Scrutiny" - NASDAQ
"Tether Reportedly Subpoenaed by CFTC" - ETH News
HagglesworthMD
Member
So.. How about that Tether huh?
Also Bitgrail, what a joke.
Also Bitgrail, what a joke.
HagglesworthMD
Member
Yeah I seen that, wonder why its surfacing now.. Maybe something came of it?
ipukespiders
Member
Is there anything worthwhile I could mine on a gtx 770 assuming I have access to free electricity and 24/7 operation? Worthwhile to me is $100 a year in this scenario.
HagglesworthMD
Member
Heres a calculator, with free electricity anything you mine will essentially be worthwhile I guess..
https://www.cryptocompare.com/minin...onsumption=200&CostPerkWh=0.4&MiningPoolFee=1
KyanMehwulfe
Member
It's new news because I don't believe it was known before... Generally, I think in the US subpoenas from courts are public record, and you can find them digitally or at least through a courthouse request. But, ... and I'm not American and my law is mostly just supplementary commercial (civil) law, so I'm not too sure ... but I think that because the subpoena was a discovery subpoena rather than a trial subpoena, and especially because it was from a regulator rather than a judge, then it's not made private and sent only from the regulatory to the discovery party.
So it's new now because someone leaked it. I think it was Bloomberg that broke the news and it had an 'unnamed source familiar with the matter.' Coincidentally, the day before the parties also broke off with their auditor. So, the plausible leak source could be an insider (either within the parties or maybe with the frustrated auditor?) that, upon seeing the audit end, decided to leak the subpoena to Bloomberg. I guess...
Could just be coincidence but since it was a leak you gotta assume some timely intention.
SuicideUZI
Member
it could go down further, but as much as everything has already gone down today chances are you could buy just about anything and a few months from now you will have made a profit, as long as it isn't some scam that completely dies like bitconnect. as of this post the total market cap is 489 billion, it has reached over 800 billion and I expect at some point in 2018 it will hit a trillion. I think once people start putting new money into the market from Robinhood we could see the market take a jump back up. The crazy thing is even when we have days like this where the market tanks there is always some random stupid coin that no one would have ever thought to invest in that would have more than doubled your money. Like right now almost everything is red but there is some coin called "bunnycoin" that has gone up over 200% in the past 24 hours
NiiloPielinen
Member
Yeah, I've previously invested into some of the penny coins and have had success with them. Since they are a lot like gambling, I didn't invest in them heavily and thus the returns are small.
CND seems a good candidate for what I'm looking for: a working product that has a potential.
Any other similar alt-coins with hype surrounding them?
bigedole
Member
This is going to sound unreasonable but can we please not have posts like this in this discussion? I love the cryptocurrency subreddit but there is SO much shilling that goes on there, and if someone wanders into this topic just hoping to learn about crypto or read discussion among GAF members on their thoughts regarding the space and different coins, I really don't want them to come across these "This one is going to go up 10x!" type of posts. If you had just left out the last half sentence, I would've gone on my merry way, but it definitely triggered me 
Maybe we can nip it in the bud quickly. I'm happy to discuss performance of coins and speculation, but this is just straight shilling.
EDIT: Removed my quote of the original post as it looks like it was removed.
Maybe we can nip it in the bud quickly. I'm happy to discuss performance of coins and speculation, but this is just straight shilling.EDIT: Removed my quote of the original post as it looks like it was removed.
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This is going to sound unreasonable but can we please not have posts like this in this discussion? I love the cryptocurrency subreddit but there is SO much shilling that goes on there, and if someone wanders into this topic just hoping to learn about crypto or read discussion among GAF members on their thoughts regarding the space and different coins, I really don't want them to come across these "This one is going to go up 10x!" type of posts. If you had just left out the last half sentence, I would've gone on my merry way, but it definitely triggered me
Agreed.
HagglesworthMD
Member
Everyone's thoughts on the Raiblocks 'Nano' re-brand, the new website is quite slick:
http://nano.org/en
http://nano.org/en
shpankey
not an idiot
Thanks! Yeah I didn’t invest much but wow at my take home by comparison. I honestly couldn’t be happier really.Congrats on your gains
But I do expect and big surge soon so would have liked to have caught that.
prag16
Banned
Man, I'd be wary of this stuff. All speculation driven, and no intrinsic value. And not always easy to convert to actual currency. Just don't see how any of these coins will ever truly become a viable medium of exchange. And if they don't, they'll all return eventually to their intrinsic value: Zero.
Right now they're only a real medium of exchange to any significant degree among criminals. Regulators are already getting involved in some countries. The SEC and / or CFTC won't sleep on these forever.
Whole thing is kind of baffling to me. Exhibits many qualities of a pyramid scheme. In order for anyone to cash out and take profits, it always requires a steady stream of new investors coming in willing to pay more and more for the coins. Lots of red flags. It'll be interesting to see how this all plays out over the coming months/years.
Right now they're only a real medium of exchange to any significant degree among criminals. Regulators are already getting involved in some countries. The SEC and / or CFTC won't sleep on these forever.
Whole thing is kind of baffling to me. Exhibits many qualities of a pyramid scheme. In order for anyone to cash out and take profits, it always requires a steady stream of new investors coming in willing to pay more and more for the coins. Lots of red flags. It'll be interesting to see how this all plays out over the coming months/years.
KyanMehwulfe
Member
A crypto become a viable means of exchange I think, if it's possible in the short run, assumes piggybacking off a current one. Sort of the way Acxsys Corporation operates Interac e-transfers in Canada, or if if one major processor such as Visa or PayPal or Apple Pay came together with Amazon -- either on their own blockchain or their own exchange. Personally, it's why I don't expect any current decentralized CC to become a virtual-FIAT, and why they won't use a centralized one when they can just create their own and control the supply/volatility.
It's also just an infrastructure challenge, and consider how long it's taking the different forks and parties involved in Bitcoin to get where it's at. It would take years and years for others to catch up, and even Bitcoin or Cash are nowhere near it. So instead of one of them successfully getting their payment processing and adoption to that point, I think that's why instead of a blockchain coin catching up its payment systems, it'll be a payments systems institution that just adopts blockchain to it -- much lower barrier of resistance.
Is why I sort of expect that if a crypto becomes a more common form of payment it'll be a new centralized one in partnership between a major institution like that; and, any of the original decentralized cryptos will remain in virtual-asset (rather than fiat) territory. One of them could become more accepted as payment much later, piggybacking off the first centralized one, but I think it'll be a centralized one with controlled volatility that does it first because the thing that interests institutions the most about cryptocurrencies for payments and transfers, is not the decentralized nature, but just the blockchain ledger, and the way it allows them to evolve past current payment or transfer interbank networks like Interac or SWIFT.
It's also just an infrastructure challenge, and consider how long it's taking the different forks and parties involved in Bitcoin to get where it's at. It would take years and years for others to catch up, and even Bitcoin or Cash are nowhere near it. So instead of one of them successfully getting their payment processing and adoption to that point, I think that's why instead of a blockchain coin catching up its payment systems, it'll be a payments systems institution that just adopts blockchain to it -- much lower barrier of resistance.
Is why I sort of expect that if a crypto becomes a more common form of payment it'll be a new centralized one in partnership between a major institution like that; and, any of the original decentralized cryptos will remain in virtual-asset (rather than fiat) territory. One of them could become more accepted as payment much later, piggybacking off the first centralized one, but I think it'll be a centralized one with controlled volatility that does it first because the thing that interests institutions the most about cryptocurrencies for payments and transfers, is not the decentralized nature, but just the blockchain ledger, and the way it allows them to evolve past current payment or transfer interbank networks like Interac or SWIFT.
PSYGN
Member
Yeah, I've already taken out my initial "investment". The rest is funny money to me, 1000% return in 6 months? lol. I put most of it into Ethereum and NEO early to mid last year. I guess I got lucky, but I researched them before I went in. I do think there are awesome ideas and technologies behind ETH and NEO, and obviously the blockchain idea in general, but whether it gets adopted and used is the big question. All spec driven. As other users have mentioned companies will likely take the good parts of the blockchain idea and roll their own flavor. I'm going to HODL until next year, and if it doesn't crash by then I will be delighted for money I don't really feel I deserve; if it crashes hard before then I will see it as entertainment because I didn't lose any money.
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Corrik
Member
I don't know much but couldn't you put it into bonds and slowly withdraw it over time?
KyanMehwulfe
Member
^I'm not American so maybe my tax understanding is off, but I think the IRS considers any trade a taxable event as of this year. So, selling BTC into USD to buy bonds, you'd have to pay capital gains on the BTC. Then, as of this year (and this is where the US is different than Canada or a lot of Europe, I think), even if you trade (not sell) the BTC to buy, say, ETH, you still need pay the capital gains on the BTC. The IRS decided any crypto sale or trade is a taxable event.
ThatStupidLion
Member
*sigh* made $150 this week on crypto... wtf is going on. It's so easy, no wonder so many people are doing it. It's literally point and click free money printing. Remember as a kid, seeing those little "magical money printer" scams, then paying the $5 for the magical money printer, but it turned out to be a little roller thing that you had to put money in to fake print money out with? That's crypto. Only instead of fake money it prints out real litecoin or bitcoin which you can exchange for real money.
Graphics cards are fucked. We're all fucked. And I gurantee you a few years from now when some crazy journalist figures it all out, we're all simply laundering money for some big wig. It's the only way I think this whole thing could possibly make sense. There's no way. No fucking way I am contributing to any sort of economic activity otherwise.
Graphics cards are fucked. We're all fucked. And I gurantee you a few years from now when some crazy journalist figures it all out, we're all simply laundering money for some big wig. It's the only way I think this whole thing could possibly make sense. There's no way. No fucking way I am contributing to any sort of economic activity otherwise.
Nikodemos
Member
Which currencies are linked to actual products/software applications?
Somebody mentioned Cindicator (CND) earlier in the thread, and I think Ripple (XRP) also has some sort of actual software. Then there's stuff like PotCoin (POT) but I don't know how viable it is.
TBiddy
Member
I think most (if not all) have some form of use-case. How many that are actually ready for use, I can't tell you. Modum, Ambrosus, ICON, IOTA and others are almost ready to launch, as far as I know. There's also some listed here:
But that said, there's no doubt in my mind, that a bunch of the coins/token will crash and burn in the near future, when people start to realise, that there's no actual value behind it.
bigedole
Member
It's all a big hope right now. It's just like the dotcom bubble. Lots of new startups with big ideas, but no one can really predict which ones will pan out so they invest in everything. Lots of money is pumped into the market, lots of newly formed companies with no working product bloat in value from these investments. Eventually, a significant number of the companies fail to deliver in any meaningful way, FUD causes investors to sell sell sell and the bubble bursts causing the market to collapse in a spectacular crash.
Now replace startups with blockchains and it's the exact same thing. Anyone saying there's no intrinsic value isn't really making an honest effort to understand what's going on. Just like google and amazon survived the dotcom bubble, some awesome ideas are going to survive the blockchain bubble. There absolutely is real value in blockchain technology and I don't know why anyone would say otherwise. Like the poster said above me, a lot are going to crash and burn, but some are going to survive and if you happened to invest early in those, then welcome to the gravy train
Now replace startups with blockchains and it's the exact same thing. Anyone saying there's no intrinsic value isn't really making an honest effort to understand what's going on. Just like google and amazon survived the dotcom bubble, some awesome ideas are going to survive the blockchain bubble. There absolutely is real value in blockchain technology and I don't know why anyone would say otherwise. Like the poster said above me, a lot are going to crash and burn, but some are going to survive and if you happened to invest early in those, then welcome to the gravy train
prag16
Banned
I assume you're talking about some of the alt coins which are actually thinly veiled startups posing (in a sense) as coins so that they can raise capital for their "companies" without having to go through the trouble of going to VCs or listing publicly, etc etc, or even incorporating as a company or an LLC... Are regulators going to let that continue?
As for block chain technology, of course there will be great applications that come out of this. When I say "no intrinsic value" I'm talking about the "coins" as a prospective medium of exchange. That's not going to happen on any significant scale. Certainly not in their current form and/or any time soon. It's purely a speculative bubble, just like .com. Doesn't mean great stuff didn't rise from those ashes; that can happen here too with block chain. But before that happens a lot of people are going to lose their shirts.
As for block chain technology, of course there will be great applications that come out of this. When I say "no intrinsic value" I'm talking about the "coins" as a prospective medium of exchange. That's not going to happen on any significant scale. Certainly not in their current form and/or any time soon. It's purely a speculative bubble, just like .com. Doesn't mean great stuff didn't rise from those ashes; that can happen here too with block chain. But before that happens a lot of people are going to lose their shirts.
HagglesworthMD
Member
Yep.. 250th time and counting
interactivemonodrama
Banned
I have been reading about exchanging sites. all of them have people who lost their money due to hacks, or investors got their accounts closed, frozen (Coindesk) without proper explanations, usually exchange sites let them deposit money, but they don't let them withdraw their money.
Kraken(some review sites list this is as one of the best exchange site, what a joke) is also a shit hole, the same thing, money and coins missing, buggy laggy website, no customer support.
How do you make money of cryptocurrency when the exchange sites are predators to hunt people's money? Decentralized trade sites maybe? If I read positive reviews about these centralized exchange sites , they doesn't seem genuine at all, most of the time, it looks like someone ordered them from Fiverr. Binance, Bitfinex with the Tether fiasco, Coinmama.... All of them looks like scummy attempt to get your money.
Kraken(some review sites list this is as one of the best exchange site, what a joke) is also a shit hole, the same thing, money and coins missing, buggy laggy website, no customer support.
How do you make money of cryptocurrency when the exchange sites are predators to hunt people's money? Decentralized trade sites maybe? If I read positive reviews about these centralized exchange sites , they doesn't seem genuine at all, most of the time, it looks like someone ordered them from Fiverr. Binance, Bitfinex with the Tether fiasco, Coinmama.... All of them looks like scummy attempt to get your money.
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bigedole
Member
I definitely feel bad for anyone who bought BTC at 19k because I get the feeling the community is moving away from BTC and towards ETH, but BTC will always have the recognition of being first so it's not impossible it can keep going up, but I'm certainly not one of those people who see it going to 100k. The real opportunity is trying to figure out what will be this year's Ethereum. I think Ethereum will be like BTC last year and have substantial growth (and I do believe the flippening is upon us within the next 2-3 months), but there will be something else that grows much more and challenge's Eth's position by the end of the year.