Cryptocurrencies. What say you?

Nobody knows yet. I can assure you, not one IRS agent can answer that. Or if you ask all IRS agents, each one will give you a different answer based on stupidity, ignorance, theft, and government thinking.

 

Yikes

 

true story:
I had never gambled prior to this...
on a Norwegian cruise, i put $5 in a slot machine and on my first couple plays/ random buttons and won $285. Cashed out and never did it again.

 

My portfolio fluctuates thousands sometimes ten of thousands a day. Crypto is a scam tho lol you know its time to get out when you hear stories of 10 year olds telling the story that they made 100's of thousands in crypto and now the parents are not sending them to college.

 

glad my $1500 dollar investment in ETH & BTC was made this summer. The latest fluctuations haven't really mattered to me since I'm in for the long haul. When I bought that $1500 I just considered it gone.

Those who got in recently (Nov. and on) are dealing with some sheet.

 

Re: Taxation

I'm curious to see how the IRS can attach a USD value to something that is so volatile.

 

You true believers all piling into BTC now that the value imploded? Or are you getting in beanie babies now?

https://lifehacker.com/tether-how-a-cryptocurrency-you-ve-never-heard-of-coul-1822752339

 

Wow, sounds like a massive Millennial Ponzi Scheme.

No thanks, I'll stick with throwing my money away the good old fashioned way...the stock market and Vegas.

 

If you got in in June, you still made bank. If you aren't a chicken shit put some in now.

 

My thought is since it isn't an actually a "currency" you won't get taxed until you convert it to USD. It's not really a profit or a loss until you "trade it" back to US Dollahs...

 

This morning was a score! Long peeling crypto barrels in trunks, with no one out.

 

Oh damn. I do make all my financial decisions based on not being 'chicken' so I guess I'll buy in!

At this point, there's no compelling argument for any specific crypto over another which kind of devalues them all and there's lot of sketchy stuff around many (aka RTFA)

Did you sell prior to the recent collapse? If not, then you're the one missing out really.

 

If you do some research I'm sure you'll find that is most definitely not the case. You're watching a monumental change in the way most of the world works. It doesn't take much effort to weed out the "sketchy stuff" from genuine companies doing insanely good things for the world.

 

Has anybody coined the term Cryptokook yet? If not I got dibs.

 

Just read a story on a bunch of Silicon Valley billionaires setting up shop in PR to make cyber currencies and pay no taxes. You in on this O Barry?

My dad used to say, when the little guy gets in, it's time to get out.

 

Too bad Stank isn't around anymore, he had a good grip on this subject and I would've liked to hear his opinion.

 

It is going to have swings until it finds true value. Play the swings (looks like its going up some now). Holding is a true gamble.

Profit is profit - take it. You can always re-enter.

 

Smart man, as soon as I saw how hyped this crypto stuff became (esp around xmas - it was literally promoted everywhere) I knew big money was looking for an exit.

 

Got very little in right now. Didn't put anything in yesterday because I was chicken shit. But If I had dropped a grand in LiteCoin I would have made $427 in 24 hours.

 

PS. Chicken Shits make very little money in any market. They are part of the 46% population that have nothing in any exchange and will work until they die... because they have to... Or they are the ones who sold everything Monday when the stock market "collapsed"...