I got it biz
It's so easy.. or is it?
All you have to do is invest 300 dollars and try and make 1% profit every day for 3 years and you will be a millionaire.
Just 1% guys
Surely if you were to control your greed and just set a sell order at a measly 1% increase in price, and change crypto every now and then to make sure you stay in healthy coins, then it would work. But do it every day for 3 years.
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>implying the market can absorb $10k+ without having a drastic effect
The bigger coins can, they have a volume of tens of millions to hundreds of millions per day.
Wish someone would create chart with this stuff
Could easily try it
ok
>have 10 accounts with 500 capital in each
>do this 1% rule for one year with each account
>at the end of the year each account has about $17,000 meaning you have about $170,000 altogether
I'm just trying to think of strategies, hows that one?
2 years and 87 days by the way
Not 3 years
1 year and 169 days
What does separating it into different accounts do? I'm saying the markets don't have enough volume for you to make giants trades everyday.
1% compounded? You realize that becomes increasingly difficult right?
It clearly doesnt work like that
How do you know which ones are going to go up that day?
Sure, a 1% increase is nothing for a crypto, but nor is a 50% reduction in one day
So let's say you manage to make 1% a day for 10 days straight. It only takes one error to wipe out all those gains
Cryptos are going up, but the only sane way to profit is to buy and hold. It will be far more profitable on pretty much any timescale longer than a month
Do you guys know how this would work tax-wise? Do I pay taxes on the profits? Wouldn't that destroy the profit?
You don't pay tax on crypto
What are trade fees?
You'd need more than 1%
You don't pay taxes on crypto.
With regular stocks, yes this would ruin your profits.
MiloCoin about to get acknowledged by Milo himself, just a headsup lads
Yes, you do have to pay taxes on crypto.
A law which is not enforceable has no power.
People who say you do are in denial about this.
Have fun not paying capital gains and getting fucked when your exchange (especially Coinbase, Polo, and anything that recorded your picture + ID) regularly turns your information over to the IRS.
>what are fees
Apparently you become eligible for taxes if the crypto is converted into fiat. As you now have "hands" on it at that point. While its a crypto its not taxable but you can't convert fiat into crypto to avoid taxes. t. My autismo crypto friend
This really.
That's how most investments work-- you pay when you realize your gains (or adjust for your realized losses).
Not only do you pay taxes on fiat exchange, but exchanging crypto to crypto is also a 'taxable' event.
Fuck.
Source:
bitcoin.tax
good luck trying to tax monero or any privatized decentralized cryptocurrency. imo if government try to ban any of these cryptocurrencies the price will go up more in long term
If you trade on an exchange, it doesn't matter what the crypto is. Its reported to the IRS.
you can send to wallet and then sell for cash in a person to person transaction and that wouldn't be reported and if they questioned you you could say you lost it or are still holding, thus not realizing the profits yet.
and im sure people smarter than me can figure out something even better.
Congratulations on learning how to use a calculator. I'm sure no one has though about this before.