Anyone else playing around with cryptocurrency?

Palmetto-Pride

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  • May 27, 2014
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    A buddy of mine and I were having a few beers a couple months ago and cryptocurrency was brought up I told him I remember when Bitcoin first came out and it was worth less than .1 I told him man can you imagine if you had just thrown $500 bucks at it damn hindsight is 20/20. He was telling me about Dogecoin and how he heard/thinks it might be what Bitcoin is in a few years. We both were like fuck it lets throw a few bucks($500-$1000) at it and see what happens in five to ten years.

    We both downloaded one of the many cryptocurrency investment apps, the first thing you have to do is "fund" your account before you can start buying/trading. Well to make a long story short we were both having trouble getting funds from our banks to the accounts of whatever app we were trying to use. Any debt/CC cards we tried to use were declining the transactions and even trying to link my bank account was becoming a PITA. I kind of just forgot about it and put it on the back burner. Well my buddy sends me a text a couple Fridays ago asking me if I ever bought any Dogecoin. I said no I got frustrated trying to "fund" the damn account and kind of forgot about it. He said he had finally found an app (Uphold) that he was able to get funds into and had bought about $1,500.00 worth which bought him about 10K coins at the time he did it. His $1,500.00 was now worth $4,400.00 in just a couple weeks. I downloaded the app (Uphold) and their process was a lot easier than the other apps I had tried I was able to get set up and I bought $500 worth when it went back down to .25 so I got about 2K coins. I don't plan on putting my life savings into it, but I figured what the hell I might throw few dollars at it and see what happens. It has been kind of fun watching the value go up and down so far I was about $200 up. My wife thinks I am an idiot, she said that's your money you are going to lose. I said ok fine it will also be my money when I turn 1K into 100K.......LOL

    Anyone else playing around with cryptocurrency?
     

    Palmetto-Pride

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  • May 27, 2014
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    I've been using Robinhood for Dogecoin. Bought 11k shares when it was .008 for $98 and as of right now I'm about $3k. Holding until it hits $1 and I'll cash out $11k
    Man I could kick myself for not buying it when it was that low......I know should've, could've, would've.
    Not that 11K isn't worth pulling out for, but if I was in your shoes I think I would have to ride it for at least 100K:)
     

    2aBaCa

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    Jan 27, 2019
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    The wife got into the Doge using robinhood app a few weeks ago at sub .10 and at one point we were up +30k. Stupid of us not to cash out because it slowly shrank to half that. Still tripled the initial investment but kicking ourselves.

    Right now its a love hate relationship.

    There are some others buzzing. BitTorrent, safemoon, tether, etc.
     

    Athos300

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    Nov 16, 2019
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    I’ve invested a bit in XRP, first 24 hours I was up 20%, now I’m down nearly 25%. I was gonna go for Doge but long term I think XRP is a safer bet. But then again I know absolutely nothing. It’s a months wages, worst case scenario, my investment is worth sweet FA. Best case, who knows! I’m gonna hold it for five years and see how it pans out.
     

    Palmetto-Pride

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  • May 27, 2014
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    Yeah my thought is hold onto it for a few years unless of course it goes to the moon overnight and its life changing money or I can get out of debt. I have definitely spent more on stupid shit that didn't pay out (like a trip to the casino a few weeks ago) :cry:
     
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    qtmac_mien

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    Man I could kick myself for not buying it when it was that low......I know should've, could've, would've.
    Not that 11K isn't worth pulling out for, but if I was in your shoes I think I would have to ride it for at least 100K:)
    Eveyone that's in dogecoin right now is all holding for that $1 mark and I have a feeling it will dump hard when it gets there.
     

    camocorvette

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    Bought a bunch of different ones when they were .04-.10
    Now they are tanking... hahaha I'm hoping they go to the moon but I've only got about 500 invested.
     

    Texasflyer

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    Mar 3, 2021
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    I think its a scam, they push a coin, in this case doge. Way low single cents elon musk started pushing it. To hype it, more buy and it goes up and up and up until elon cashes out at the high water mark. Its not a long game, unless you got in on bitcoin early lol.
     

    camocorvette

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  • Apr 1, 2010
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    I think its a scam, they push a coin, in this case doge. Way low single cents elon musk started pushing it. To hype it, more buy and it goes up and up and up until elon cashes out at the high water mark. Its not a long game, unless you got in on bitcoin early lol.
    I think that's exactly right. You are not gonna make money unless you get in early and drop 100k or more.
     
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    Genin

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    The get in early part is the most important. When it’s extremely cheap is when you are going to see the largest returns before the whales that have pumped do the inevitable dump. I will say that it is impressive how well Doge held after 4/20 did not go as planned. It seems much more stable than I thought it would be.

    Safemoon is another intriguing buy right now because you gain passive rewards and it’s so cheap right now that you can spend a couple hundred and get a good deal of coins. I’d recommend bitmart to purchase then shift to trust wallet to gain your passive coin rewards when others sell.
     
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    frankxtc

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    Bought some Bitcoin when it was $9k.
    Not sure what Bitcoin is actually good for, just letting the account sit there and do whatever.
     
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    Powder_Burns

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  • May 4, 2009
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    Only up 56% on my crypto investments this year so far. Bubble burst/bull run end is coming soon, bear market for next 4 years. Its cyclical.
     

    Nate60x

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    last 12 months

    bitcoin up 500%
    ethereum 1000%
    ada 2300%
    bnb 3000%
    xrp 400%
    Doge 11,000%

    you didnt need to invest in crypto 10 years ago to make money, you just needed to invest
     
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    Nate60x

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    Nate60x

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    DeRico

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  • Apr 3, 2014
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    I spent $70 at $.06 and got 1,150 shares. Now its worth $300. I turned a weekend shooting into a month of shooting. Hopefully it goes to $1 and it'll be a year of shooting.
     
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    rady

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    Sep 16, 2020
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    The article written by Charlie Gasparino is one of the warning signs to investors in crypto. I invested a few years back and it is not something that you just jump into. Be prepared to provide a lot of i.d. information, and if you are a first time investor, coinbase is probably the best way to get your feet wet.
    What I have been seeing more of is the government interference and regs to keep it from over taking fiat money. They hate not being able to get their fingers on it for now and have proposed their own government versions of bitcoin. If that doesn't work, then they will try to ban it, as Turkey recently did.
    I do see more and more businesses accepting it, so be prepped for a wild ride. Think of it as a highly risky investment with a lot of potential down the road.
     

    Genin

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    I’m with the poster above. I highly advise to not invest anything you aren’t willing to lose in crypto. Big risks, big rewards, but also chance for big losses.
     
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    8pointer

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  • Nov 20, 2018
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    A buddy of mine and I were having a few beers a couple months ago and cryptocurrency was brought up I told him I remember when Bitcoin first came out and it was worth less than .1 I told him man can you imagine if you had just thrown $500 bucks at it damn hindsight is 20/20. He was telling me about Dogecoin and how he heard/thinks it might be what Bitcoin is in a few years. We both were like fuck it lets throw a few bucks($500-$1000) at it and see what happens in five to ten years.

    We both downloaded one of the many cryptocurrency investment apps, the first thing you have to do is "fund" your account before you can start buying/trading. Well to make a long story short we were both having trouble getting funds from our banks to the accounts of whatever app we were trying to use. Any debt/CC cards we tried to use were declining the transactions and even trying to link my bank account was becoming a PITA. I kind of just forgot about it and put it on the back burner. Well my buddy sends me a text a couple Fridays ago asking me if I ever bought any Dogecoin. I said no I got frustrated trying to "fund" the damn account and kind of forgot about it. He said he had finally found an app (Uphold) that he was able to get funds into and had bought about $1,500.00 worth which bought him about 10K coins at the time he did it. His $1,500.00 was now worth $4,400.00 in just a couple weeks. I downloaded the app (Uphold) and their process was a lot easier than the other apps I had tried I was able to get set up and I bought $500 worth when it went back down to .25 so I got about 2K coins. I don't plan on putting my life savings into it, but I figured what the hell I might throw few dollars at it and see what happens. It has been kind of fun watching the value go up and down so far I was about $200 up. My wife thinks I am an idiot, she said that's your money you are going to lose. I said ok fine it will also be my money when I turn 1K into 100K.......LOL

    Anyone else playing around with cryptocurrency?
    Don't have a dime in crypto, but do have 2 friends who have dabbled since inception of Bitcoin. Made some and lost some will check with the 1 I know who is on the plus side for his return. There are so many other ways to get great yield with a fraction of the volatility I just seek life elsewhere, but always enjoy reading others experiences. As a spectator I'm interested to see the business uptake and if cultural hegemony brings the world to a cashless society.
     
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    Punkur67

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  • Oct 11, 2019
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    I tossed a few hundred in to DOGE a couple weeks ago. I got almost 1800 coins for $0.24. Not planning to get rich fast but hopefully it grows over time. I have lost more money than that in 20 minutes in a casino. This gamble has lasted much longer than that. I just wanted a peice of the pie in case it really went crazy. I wish I got in earlier. I want to jump in on some others earlier but need to keep up on the research

    A guy at work made $40k when DOGE blew up. And a woman from my wife's work almost paid her whole house off with her profits
     
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    ColinW

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    Make sure you set money aside for capital gains taxes.

    That was my next question!

    Does anyone know if you have to pay capitol gains taxes on crypto currencies? Or, are your gains "tracked" by the IRS if over a certain amount? Because I got shafted this year with a $10,000 capitol gains fee from the IRS from stock trading. Probably to go pay for some illegal fucking alien 🤬
     

    rady

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    That was my next question!

    Does anyone know if you have to pay capitol gains taxes on crypto currencies? Or, are your gains "tracked" by the IRS if over a certain amount? Because I got shafted this year with a $10,000 capitol gains fee from the IRS from stock trading. Probably to go pay for some illegal fucking alien 🤬
    You better believe it! Know of any government that doesn't allow you to take all the risk and NOT demand their "fair share" when you make a profit? Yellen (Fed bitch) has already floated the idea of an 80% tax on the profits...............Somebody gots to pay for all those f.i.a's and it might as well be you. Government doesn't like competition when it comes to fiat currency. Maybe you could put it in the Vatican Bank?

    I digress, sorry. There is a tutorial on the capital gain taxes on Coinbase. Like anything, you have to keep records of dates, amounts, ect.
     

    rady

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    True, but they aren’t adding just any crypto. That’s where people get fucked up.
    I'm not a financial whiz, but one of my concerns is when the financial houses figure out a way to manipulate crypto (if they already haven't) as the hedge funds have done with stocks. COIN stock ruffled a few feathers when they did not allow a traditional IPO. They went straight to the investor, which I thought was great.
     

    jhunter

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    I noticed last week that my PayPal app offers crypto. I purchased Bitcoin, Bitcoin Cash and Litecoin. Ethereum is also available. I have been watching Bitcoin steadily rise as of lately and couldn’t resist. I probably bought high but it was a small investment and now I’m following.
     

    Palmetto-Pride

    Breaking one law at a time!
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  • May 27, 2014
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    I'm not a financial whiz, but one of my concerns is when the financial houses figure out a way to manipulate crypto (if they already haven't) as the hedge funds have done with stocks. COIN stock ruffled a few feathers when they did not allow a traditional IPO. They went straight to the investor, which I thought was great.
    I think most people know that the big financial institutions are rigged so the common man gets fucked. Seems like with cryptocurrency the common man can tagalong for the ride if he can get in on the bottom.
     
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    DeRico

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  • Apr 3, 2014
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    Word on the forum skreets is no, no the feds don't know how much you're investing into crypto. Hence why in tax season they ask if you own any shares.

    Last I heard all crypto is anon and only way to tax it is find out whomst invested. They're trying to come up with a way to tax datass though.
     

    DeRico

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  • Apr 3, 2014
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    Those whomst've made more than $10k on Doge is screwed when they go to transfer it into your bank account. Bank snitches to big brother.
     

    W54/XM-388

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  • Oct 1, 2005
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    Word on the forum skreets is no, no the feds don't know how much you're investing into crypto. Hence why in tax season they ask if you own any shares.

    Last I heard all crypto is anon and only way to tax it is find out whomst invested. They're trying to come up with a way to tax datass though.

    It depends on the exact crypto currency and what you have done to get it / with it.

    Bitcoin for example has a record of every transaction ever done and you can work out what is held in each wallet and you can trace all the way back what wallet made what payments to what wallet.

    So if for example some agency got the records from some exchange as part of a Tax audit or such and they see that money came from xxx bank account or xxx credit card to purchase crypto that went to xxx wallet, they will start by assuming that it's the account holder's wallet and put the burden of proof on them.

    I would assume eventually the governments are going to demand any legit exchanges hand over account holder details for "tax avoidance purposes" and from there a quick bit of work nets them a bunch of easy pickings.
     

    W54/XM-388

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  • Oct 1, 2005
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    Those whomst've made more than $10k on Doge is screwed when they go to transfer it into your bank account. Bank snitches to big brother.

    If you are trying to make a profit / investment, you might as well just make it easy on yourself & plan to keep records & pay taxes on your profits, just as you would have to do with any other commodity and such.

    Generally speaking if you just buy and hold or mine and hold, you aren't going to have to worry about it for the most part till you go to sell or exchange.

    (That being said, if President House Plant's new wealth tax goes into practice, it will ratchet down ever tighter till some people might have to pay taxes just to keep their crypto currency if it's traceable to them).

    But just be aware that it's not just cashing out for cash that can trigger taxes, you may also trigger taxes when you sell one crypto to buy another.
    Best plan ahead and check with your tax professional and keep up with the changing laws.
     

    Bigfatcock

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    Taxes when you earn it at work, taxed on capital gains on the market, and taxed whenever you buy something. Your money gets taxed about 500,000,000 times.
     

    ColinW

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    You better believe it! Know of any government that doesn't allow you to take all the risk and NOT demand their "fair share" when you make a profit? Yellen (Fed bitch) has already floated the idea of an 80% tax on the profits...............Somebody gots to pay for all those f.i.a's and it might as well be you. Government doesn't like competition when it comes to fiat currency. Maybe you could put it in the Vatican Bank?

    I digress, sorry. There is a tutorial on the capital gain taxes on Coinbase. Like anything, you have to keep records of dates, amounts, ect.

    But from what (little) I know of cryptos is, it's not a "recognized"/official currency in the everyday U.S market. Therefore, I can't go into Starbucks or whatever business and exchange BTC or LTC crypto for a coffee or hamburger. I'm sure there's places that do that, but overall, it's not happening at large, yet. Correct? So....Provided I don't transfer $10,000.00 into my checking account from a crypto profit, with a major bank to make it pop up with the IRS, why would you have to pay capitol gains taxes on a crypto currency that isn't nationally registered and traceable? Assuming you don't transfer more than 10 grand of crypto profit to your bank at a time.....

    Or....Am I way off course? I do long and short options and mutual fund stocks via E*Trade, so this crypto shit is a little out of my realm. It is appealing though.
     
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    Thunderchud

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    Safemoon is another intriguing buy right now because you gain passive rewards and it’s so cheap right now that you can spend a couple hundred and get a good deal of coins. I’d recommend bitmart to purchase then shift to trust wallet to gain your passive coin rewards when others sell.
    Safemoon is another meme coin. It's a fucking scam. Don't invest in meme coins. The whales pump the stock and will leave you holding the bags after they cash out and tank the value.

    [youtube]

    I have money in BTC, XRP, LTC, ETH, ALGO, XLM, and LINK. I go through Coinbase. I do some day trading here and there and make a little bit of a return. It's nothing astronomical. A gain is better than nothing! I won't quit my real world job any time soon. Coinbase and my bank are kosher with one another. I can make purchases without any issues.

    I think Beijing Biden's capital gains tax is a means to keep the plebs where they belong. Too many people made money on GME in the stonk market and some even made money in crypto with DOGE. The elites and chosen generational trust fund babies cannot have everyday citizens getting ahead in life. It's bad for their bottom line.
     
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    Straw Hat

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  • Sep 4, 2020
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    And why is BTC not on your list ? I am looking to invest some money in Crypto and need all the help i can get. Ethereum seems really popular and i have little or no information about it, what's it's different from btc ?
     

    Thunderchud

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    And why is BTC not on your list ? I am looking to invest some money in Crypto and need all the help i can get. Ethereum seems really popular and i have little or no information about it, what's it's different from btc ?
    An answer to your inquiry. Investopedia is a wonderful site to learn some stuff about investing in the stonks and crypto. It also has a "game" that allows you to play with fake money and see how your investments will do over time, if you're not quite comfortable playing with real money at the time being.​
     
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