A ton of what’s going on right now seems to be people flocking to coins hoping it’ll be the next bitcoin and they can make a forture. Simple greedy gambling.
What I’d recommend is finding 3-4 alts that you’ve done research on and believe are sound. Then just ignore any time “you could have made more” on some coin breakout that could have tripled your money.
A TON of this is resisting the urge to follow the trends when you see those massive returns, because they also have above average risk (that being said if you’re very risk tolerant feel free to go nuts).
What I’ve personally done is put about 80% of my investment into long term holds (like I outlined above) and I have ~20% floating for when a coin hits the market that I think will see a big spike.
For those of you trading alt-currencies in the US, does your trading platform provide you with a 1099 at the end of the year? How are you treating taxes (if at all…)?
I track my transactions on an excel sheet so I won’t need a 1099.
Taxes if you made low enough, you could probably completely ignore and never have to worry about it. When the dust settles around this stuff it’s going to be a looking forward approach unless you’re skipping out on a 6-7 figure tax bill.
Shenanigans! I call shenanigans on instagram babes issuing their own currency.
Actually, had a good and very educational talk with my bro the other night about junk coinage vs. good coin and the whatnot behind them. I’m still wrapping my head around it, but I’m slowly convincing myself that I can jump this canyon in a school bus.
Currently looking at 12+% gain on the afore mentioned company.
I have no idea. I was totally being facetious. I watched a couple of videos on youtube by the creator of ada too. The only thing I’m really becoming informed of is that there are a whole lot of people that know way more about this than me.
Actually, it finished the day at a 27.12% gain.Unbelievable. The mere mention of crypto just took some play-dough from beer money to house payment money.
So feel free to completely ignore me here. Here’s what I’d do knowing what I randomly think I know of you.
Withdraw your initial investment, every dollar it accumulates to is now raw profit. You’re playing with house money. Sit on it. Like for a while. I have a strong suspicion early adopters to weed/cryptos are going to be sitting VERY pretty once more recreational legalization starts rolling out.
Edit: Very good follow up could be to divert that profit/initial investment and set it aside for their ICO. Depending on the structure and volume, it could be a very good buy
Not being a dick (this is all in good humor), but I’d hate to break something apart that is working as it was designed to so well (not that I knew it was going to do this, but that it would potentially grow). With their per share price being so low and the share structure being what it is, I decided that volume would be the best mover (its value typically moves in the .000x range) so if I reduce volume, I’ll reduce the multiplier. Upside is that if it does truly go on a tear like Tesla or something, I actually will retire and go live on a mountain somewhere.
As luck would have it though, we just made our last car payment and the vehicle still runs (fingers crossed) so there is some wiggle room in the budget for some stuff like this. Talked it over with the wife a little and she’s almost on board, but decisions that will affect/effect our family have to be unanimous.
Ok, good. I don’t mean to be oblique, I just can’t look at the code that these things are written in and say “Oh, yeah thats good.” or “Nah. Thats junk and easy to break.”.
also- day 3 of ridiculous gains. I’m starting think I’m a genius. Or and idiot in waiting. Time will tell.
For wnyone interested Salt just launched their loan platforms.
Salt tokens have been trading a few months, basically its a loan company where you can use your cryptos as collateral for dollar loans.
The salt tokens can be used to repay interest and capital at a price of $27.5 per token. They have pushed since announcement but they are still at $15 on Binance so a serious discount.
“The recent rally in the price of XRP started after a group of Japanese and South Korean banks last week announced the launch of a pilot scheme to use Ripple’s technology for sending money between the two countries.”
Korea accounts for more than 50% of it’s trading volume.
