January 17, 20187 yr ^Over half of what he put in if he did a lump sum "investment" on Jan. 4th. Mark Cuban announced the Mavericks (Dallas) will accept crypto next season - possibly Bitcoin and Ethereum. I cashed out my ETH holdings last week - I had some FOMO and put $250 in, hoping to exchange it for XRP. But it was too volatile for me and broke one of my cardinal rules - at least somewhat understand what I'm putting my money in. I took my ~40% profit (all of $91 or so) and left the crypto game for now. Very Stable Genius
January 17, 20187 yr Yeah I sold Ethereum at $1,000, unfortunately a bit below the high. It's down to $700 now. Everything is in free-fall right now. This is more than a flash crash.
January 17, 20187 yr I haven't lost any money because I haven't sold anything. In fact, I've bought more at bargain prices. If you panic over money, then investing in cryptocurrencies (especially with a short-term mindset) is not for you. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 17, 20187 yr It's no different than any other investment. Do your research, invest your own money and then check back in a month or two, and make adjustments as additional research warrants. Unlike other investments, the fact that regulation has yet to catch up with the crypto world means it is an especially brutal business. That only means you need to be more disciplined and stand pat if you have invested in something that your research says is worthwhile. Most new cryptos take several years for them to mature into higher-utility, higher-revenue product. It's no different...except that if I decide to cash out of XYZ stock for $500,000, I get my money when the transaction clears. Is this even possible in crytpo-world? I was told you have to cash out at less than $10,000 per transaction, sometimes even less??? When I sold my Bitcoin, for some reason I was limited to withdrawal of $15,000 at a time. I just waited a week, then took out the rest.
January 17, 20187 yr On one exchange, I can sell up to $100,000 worth of coins per week. On another, I can sell up to 100 Bitcoins per day. I just have to transfer the amount from an alt-coin to a Bitcoin and then to a fiat currency. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 17, 20187 yr BTW, apparently Cleveland is a decent-sized Bitcoin market, large enough for several ATMs.... https://www.bitcoindepot.com/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 17, 20187 yr It's no different than any other investment. Do your research, invest your own money and then check back in a month or two, and make adjustments as additional research warrants. Unlike other investments, the fact that regulation has yet to catch up with the crypto world means it is an especially brutal business. That only means you need to be more disciplined and stand pat if you have invested in something that your research says is worthwhile. Most new cryptos take several years for them to mature into higher-utility, higher-revenue product. It's no different...except that if I decide to cash out of XYZ stock for $500,000, I get my money when the transaction clears. Is this even possible in crytpo-world? I was told you have to cash out at less than $10,000 per transaction, sometimes even less??? When I sold my Bitcoin, for some reason I was limited to withdrawal of $15,000 at a time. I just waited a week, then took out the rest. This could be hugely problematic in the event of a huge crash. This might be a feature rather than a bug.
January 17, 20187 yr It is a feature. In the absence of FDIC insurance, it prevents or slows a run on the "bank." Cryptocurrency exchanges, like banks, don't keep on hand in cash all of their depositors money. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 17, 20187 yr It is a feature. In the absence of FDIC insurance, it prevents or slows a run on the "bank." Cryptocurrency exchanges, like banks, don't keep on hand in cash all of their depositors money. I wonder how long it's going to be before there is a run on the "bank". At that point the failure to pay out in a timely fashion would even further depress the value of this so called "currency". "Someone is sitting in the shade today because someone planted a tree a long time ago." - Warren Buffett
January 18, 20187 yr You can't simply flip a crashing cryptocurrency into another because they all tend to go down simultaneously. The settlement period for crypto-U.S. Dollar transactions is pretty long, like 3-4 business days. So if you decide to sell and take the cash, you can't get right back in, just like with stocks, except with stocks the settlement period is due to SEC regulation. With crypto it's simply the primitive character of the exchanges and their integration with real checking accounts. Just think how much brighter the sun will shine when Ripple, et al., solve this "problem".
January 18, 20187 yr The NYSE still shuts down when too many people are selling. It hasn't happened in a while since between around 2008 and until these digital currencies gained popularity there hadn't been any place to put your money besides equities that offered actual return.
January 18, 20187 yr You can't simply flip a crashing cryptocurrency into another because they all tend to go down simultaneously. The settlement period for crypto-U.S. Dollar transactions is pretty long, like 3-4 business days. So if you decide to sell and take the cash, you can't get right back in, just like with stocks, except with stocks the settlement period is due to SEC regulation. With crypto it's simply the primitive character of the exchanges and their integration with real checking accounts. Just think how much brighter the sun will shine when Ripple, et al., solve this "problem". You must use a crappy exchange or you haven't gotten verified at a very high level. I'm able to convert any alt-coin to a Bitcoin or Ethereum instantly, sell my Bitcoins/Ether instantly and receive US cash instantly. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 18, 20187 yr You must use a crappy exchange or you haven't gotten verified at a very high level. I'm able to convert any alt-coin to a Bitcoin or Ethereum instantly, sell my Bitcoins/Ether instantly and receive US cash instantly. Good luck rapidly exchanging your penny stocks in 2019.
January 18, 20187 yr It prevents a run on the bank while your "asset" value declines to 0. This is exactly why I'm not going in with large positions, and I'm advising my friends to not wage their retirement on crypto (as some are). Until I can sell with the click of a mouse and get my $$$, I'm simply experimenting...
January 18, 20187 yr Good luck rapidly exchanging your penny stocks in 2019. Thanks. I know how concerned you are. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 19, 20187 yr I'll bet they bought back in after prices started heading back up from the bottom two days ago... South Korean Officials Caught Trading On Insider Knowledge of Crypto Regulations https://news.bitcoin.com/south-korean-officials-caught-trading-on-insider-knowledge-of-crypto-regulations/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 25, 20187 yr Have we jumped the shark yet? 8.32pm: Arsenal jump on the cryptocurrency bandwagon Arsenal Football Club is entering the cryptocurrency world after signing a deal to promote new digital tokens being sold by an American gaming software company. California-based CashBet said on Wednesday the Premier League club had agreed to become its "exclusive and official Blockchain Partner" ahead of the upcoming "initial coin offering" (ICO) of its new cryptocurrency, "CashBet Coin". The partnership makes Arsenal "the first major team in world football to officially partner with a cryptocurrency", CashBet said in a statement. Arsenal's Chief Commercial Officer, Vinai Venkatesham, said the North London club was "looking forward to working with CashBet Coin as they launch their new cryptocurrency".
January 26, 20187 yr 50 Cent accidentally made $8 million in bitcoin ‘Ima keep it real, I forgot I did that s*** lol’
January 27, 20187 yr A half-billion-dollar heist. Wow. That's why you keep your coins off-line.... Kevin Landers @Kevin10TV 7m7 minutes ago Japanese cryptocurrency exchange Coincheck says Friday that around 523 million of the exchange's NEM coins were sent to another account around 3 a.m. local time. The stolen coins were worth about 58 billion yen at the time of detection, or roughly $534.8 million "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
January 31, 20187 yr Count Paul Krugman a skeptic https://www.nytimes.com/2018/01/29/opinion/bitcoin-bubble-fraud.html
January 31, 20187 yr Facebook bans Bitcoin/crypto advertising: https://www.usatoday.com/story/tech/talkingtech/2018/01/31/facebook-says-no-cryptocurrency-ads-citing-misleading-and-deceptive-practices/1082117001/
February 5, 20187 yr Mega-crash underway as we speak... Right now: bitcoin - $6,800 bitcoin cash - $885 ethereum - $668 litecoin - $123 ripple - 69 cents
February 5, 20187 yr Thank goodness I own only a little of XRP and none of the majors. Several of my coins are up today. I lost more value in stocks today but I would have lost more if I hadn't sold off several of my dogs last week. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
February 6, 20187 yr I'm aware of the past. We'll see who is aware of the future. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
February 6, 20187 yr Not good. Speculation grows that what amounts to a bot is responsible for Bitcoin's surge in 2017: https://qz.com/1196866/bitcoin-prices-could-be-40-lower-because-tether-propped-it-up/ If a similar bot is behind the other coins, then look the hell out.
February 6, 20187 yr Up at midnight EDT watching the Asians wake up and sell, sell, sell . Mega-crash underway as we speak... Right now: bitcoin - $6,800 bitcoin cash - $885 ethereum - $668 litecoin - $123 ripple - 69 cents Bitcoin under $5,900 Ethereum under $550 Ripple at 59 cents It's as if Nov-Dec 2017 didn't happen.
February 6, 20187 yr I'm aware of the past. We'll see who is aware of the future. My point was that regardless of what cryptos you own, you've lost significant value since Jan. 1 if you've held on to them until now. Very Stable Genius
February 6, 20187 yr Wow... 18% of cryptocurrency was being bought with credit cards. I expected that number to be higher. Most people I know dabbling into this are not wanting to give the exchanges any bank checking info.
February 6, 20187 yr Up at midnight EDT watching the Asians wake up and sell, sell, sell . Midnight EST is 2 p.m. in Seoul. It's as if Nov-Dec 2017 didn't happen. Unless you sold in November/December. Or the token in which you've invested heavily was launched in December... ;) "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
February 9, 20187 yr https://finance.yahoo.com/news/ripple-ceo-dont-call-cryptocurrency-185814347.html Ripple CEO: Don't call it cryptocurrency “I don’t call this cryptocurrency,” he said. “It’s not currency. I can’t go to Starbucks or Amazon and use—and you know, somebody inevitably will be like, Well, I have one example where I bought something with a bitcoin.’ And then I usually say, ‘Well, did you do a second transaction?’ It’s not actually a currency. These are digital assets. If the asset solves a real problem for a real customer, then there’ll be value in the asset.” Very Stable Genius
February 12, 20187 yr So, I made a withdrawal from Coinbase last week (Thursday) and it says the withdrawal is completed, with a reference to my Keybank account. Yet, no funds show up in my Keybank account and there are no pending transactions listed. HALP plz
February 12, 20187 yr Worry on Wednesday. Banks are slow about non-cash deposits then weekends throw them into jail for four days.
February 12, 20187 yr So, I made a withdrawal from Coinbase last week (Thursday) and it says the withdrawal is completed, with a reference to my Keybank account. Yet, no funds show up in my Keybank account and there are no pending transactions listed. HALP plz Mine went through quickly (a day) to a Chase bank account. Very Stable Genius
February 12, 20187 yr ^Rub it in DarkandStormy[/member] I sold my ETH holdings at "the top" so far? Lol Very Stable Genius
February 13, 20187 yr The creator of Litecoin has warned that the upcoming Litecoin Cash "fork" is a scam. Litecoin Cash has absolutely nothing to do with Litecoin, apparently, so they're going to try to get people to enter their private keys in order to get free Litecoin Cash tokens. Then the shadowy creators of Litecoin Cash will sneak into your digital wallet and take everything you have.
February 19, 20187 yr XRP Ledger Payment Volume $162 Billion dollars Today In 24HR SBI, New Exchange ??? Coinbase.............. That's a huge increase. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
March 15, 20187 yr Huge crash underway for all coins, everything back to levels they were at in October and November.
March 15, 20187 yr It's almost like...wait for it...they aren't currencies. Or a good investment. Very Stable Genius
March 22, 20187 yr Walter said she had seen clients with cryptocurrency gains as large as $400,000 who did not withhold taxes during the year and subsequently lost money trading. “Now they’re stuck with these huge tax bills, and they don’t have the capital to pay it.” https://www.bizjournals.com/cincinnati/news/2018/03/22/think-cryptocurrency-is-confusing-try-paying-taxes.html Again, it is a short-term capital gain if you sell within a year, which means the tax implications are huge. You will be taxed at roughly 40%.
March 22, 20187 yr Walter said she had seen clients with cryptocurrency gains as large as $400,000 who did not withhold taxes during the year and subsequently lost money trading. “Now they’re stuck with these huge tax bills, and they don’t have the capital to pay it.” https://www.bizjournals.com/cincinnati/news/2018/03/22/think-cryptocurrency-is-confusing-try-paying-taxes.html Again, it is a short-term capital gain if you sell within a year, which means the tax implications are huge. You will be taxed at roughly 40%. Short-term cap gains are taxed at your marginal tax rate ("tax bracket" if you prefer). Very Stable Genius
March 22, 20187 yr Walter said she had seen clients with cryptocurrency gains as large as $400,000 who did not withhold taxes during the year and subsequently lost money trading. Now theyre stuck with these huge tax bills, and they dont have the capital to pay it. https://www.bizjournals.com/cincinnati/news/2018/03/22/think-cryptocurrency-is-confusing-try-paying-taxes.html Again, it is a short-term capital gain if you sell within a year, which means the tax implications are huge. You will be taxed at roughly 40%. Short-term cap gains are taxed at your marginal tax rate ("tax bracket" if you prefer). Yeah, if you pocketed $400k you're in the top bracket since your earned income likely pushes you to $450k or $500k. So you're going to be taxed close to 40% on most of that windfall. I recently bought a $100 raffle ticket to win a new house valued at $450,000. Who the hell has $150k in cash sitting around to pay the tax bill on that thing?
March 23, 20187 yr Couldn't you get a HELOC to pay the tax bill? Yeah but that would be a lot higher than a 30-year mortgage.
April 2, 20187 yr Is it all over? All crypto is down massively since January. We're not hearing about it anymore in the regular news. Litecoin down from $340 to $110. Bitcoin down from $19,000 to $6,900. Bitcoin Cash down from $3,400 to $666. Ethereum down from $1,330 to $380. Ripple down from $3 to 48 cents.
Create an account or sign in to comment