Bitcoin

[Kurtr]

So (you) have turned bit coin into cash or gold??

I turned it into cash sold what I had on Robinhood and put cash in my account

 

[Colt45]

I turned it into cash sold what I had on Robinhood and put cash in my account

This is solid advice IMHO

 

[Kurtr]

This is solid advice IMHO

I don’t know if it is I really don’t understand how it all works and as I understand it I really didn’t even own it by buying it on Robinhood. [MENTION=6150]wjschmaltz[/MENTION] is the guy when it comes to crypto.

 

[Migrator Man]

Only thing your missing is that it's all made up and the largest ponzy scheme in existence. Lol

Seriously what stops a guy from making up his own new crypto currency? Not many are backed by anything other than air. If you look at who owns a majority of the bitcoin by only a few people you can’t tell me that doesn’t sound fishy.

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I don’t know if it is I really don’t understand how it all works and as I understand it I really didn’t even own it by buying it on Robinhood. [MENTION=6150]wjschmaltz[/MENTION] is the guy when it comes to crypto.

If I got in cheap on bitcoin and I could sell it for a profit I would be cashing it out anyway I could. Bitcoin will be worthless when the new world order takes over……Does Ranger boats accept crypto?

 

[riverview]

I don’t know if it is I really don’t understand how it all works and as I understand it I really didn’t even own it by buying it on Robinhood. @wjschmaltz is the guy when it comes to crypto.

now im even more confused you said you sold it for cash and now you didn't even own it? ive yet to talk to somebody that actually bought it made money then sold it and paid taxes.

 

[Kurtr]

now im even more confused you said you sold it for cash and now you didn't even own it? ive yet to talk to somebody that actually bought it made money then sold it and paid taxes.

i bought 40 dollars worth sold it for 60 dollars. Like I said I don’t really know that much other than I made twenty bucks and ain’t worried if the tax man comes for those capital gains.

 

[buckhunter24_7]

Someone off the old site was big into Bitcoin at the very beginning. He better be in Florida on a fishing boat filled with women the last few years or I fell bad for him ha!

 

[snow1]

No dog in this...news this morning said "bit coin is in the shitter,down 70%.

 

[eyexer]

now im even more confused you said you sold it for cash and now you didn't even own it? ive yet to talk to somebody that actually bought it made money then sold it and paid taxes.

at this point paying taxes on it is totally optional. It’s strictly on the honor system. That’s one of the regulations kicking around DC. How to tax it

 

[Maddog]

You all best be googling taxes due on the sale of bitcoin.

The IRS has published rules.

 

[Rowdie]

You all best be googling taxes due on the sale of bitcoin.

The IRS has published rules.

And if you sold them at a loss can you write it off your taxes?

 

[WormWiggler]

is it time to buy yet

 

[guywhofishes]

I have a cool $200k ready and waiting - please give me the high sign when it’s time to put my sweat equity to work - I’m looking for 20% APR minimum. Thanks!

 

[Captain Ahab]

Bought some the end of 2020 and sold in 2021 and few bucks. Bought some the end of 2021 and sold Jan 2022 and lost a few bucks. I did it mainly to educate myself on the stuff. I bought through PayPal by moving money from my bank account and buying using PayPal as the custodian. I sold and moved all the money back to my bank account. The volatility risk on the stuff is one thing. Trying to own it without getting it jacked is biggest worry I have. There is no SIPC to cover anything crypto if you get hacked or bamboozled.

 

[Wall-eyes]

Bought some the end of 2020 and sold in 2021 and few bucks. Bought some the end of 2021 and sold Jan 2022 and lost a few bucks. I did it mainly to educate myself on the stuff. I bought through PayPal by moving money from my bank account and buying using PayPal as the custodian. I sold and moved all the money back to my bank account. The volatility risk on the stuff is one thing. Trying to own it without getting it jacked is biggest worry I have. There is no SIPC to cover anything crypto if you get hacked or bamboozled.

Bingo well said, I work to damn hard to spin wheel or speed time to really figure it all out. I hope you that have a lot of money do good. Like mentioned above it is tanking bad.

 

[Up Y'oars]

And if you sold them at a loss can you write it off your taxes?

Yes, you can. However, to claim those losses you cannot but back into the position for 31 calendar days, otherwise it becomes a "wash sale" and the loss is wiped out. So, if you buy $1,000 worth of Bitcoin on June 1st and sell it for $800 August 1st you can claim $200 of losses on that year's taxes IF you do not buy Bitcoin again until on/after September 2nd (August 1st cannot count in the number of days after the transaction).

 

[wjschmaltz]

I saw I was tagged here and haven't been on the site for a couple of weeks. Crypto is not dead. There are a lot of crypto projects that are. Probably over half of them as a matter of fact. Shit coins like Shibi Inu or Doge Coin that I've been screaming at people to avoid are pretty much done. Bitcoin is following it's historical cycle. The push down being driven by economics and scared money along with historical BTC cycle. I switched everything to UDSC and USDT to peg the dollar when ETH couldn't get back above 3,800 a couple months ago and the economics were pointing towards recession. I think the lowest I got out was $3,000. So I had very good gains. My average position on ETH was at around $500 and the 25 I swapped over will be 75-100 here very soon when I buy back in. I would like $500-$900 to switch back into ETH. Hopefully it comes lower than that even! If it hits $200, I will be buying at least one a week for the next couple of years.

Below is the weekly Bitcoin chart on a log scale. The BTC halvening, which is the mining reward that keeps Bitcoin deflationary (which makes BTC the ONLY asset that has a cap on the number that will ever exist, which is important to understand why it has value), happens approximately every 4 years. It's extrememly important to understand the halvening cycle before even having baseline crypto conversations. After the halvening, BTC is bought up because it becomes more scarce. Simple supply and demand. It typically tops our around 1-1.5 years after the halvening and then hits full retracement about 2-2.5 years after. And then it does pretty much nothing for two years. With the economics being much different this go around, it could easily go down much more or rebound from here and stable off higher. Who knows. I do know I will be accumulating more BTC, ETH, and LINK over the next two years and we can check back in summer 2024 after the next halvening. Actually summer 2025 is when we will really know. If it fails to come up after that, I will give ear to the sky is falling crowd. But not until then unless someone can provide legit reasoning and not speculative reasoning to why they believe that.

The red line on the chart is the halvening date. Notice how after each halvening it goes balls to the walls. The green line is two years after each halvening. Typically very near the bottom for the cycle (between red lines). May 2020 was the last halvening. We are at exactly two years right now. Again, I'm not saying it won't go lower because of that, matter of fact I expect it to. I have no interest in talking people into BTC or ETH at this point. That's the data. Things could change. If I buy back in and it goes to zero, I've prepped myself mentally for that. I don't play with retirement or bill money, its all excess set aside for investing like this. Best of luck everyone. Also, your crypto can't be stolen if you put it where it should be - hard wallets.



We’re a little lower than 38%, but I think you get the point

 

[guywhofishes]

I should have taken some finance classes.

 

[Captain Ahab]

I should have taken some finance classes.

Classes aren’t going to teach you jack shit about crypto. It seems the rule of thumb gets rewritten often. BTC and ETH are the two that don’t seem like total pie in the sky. They at least have some structure and acceptance of scale.

 

[guywhofishes]

lol - yeah I know

I still should have taken a few.