CRYPTO IS THE NEXT BUBBLE

Some are bound to crash and burn. You deal with it. The ones that succeed will more than supplement any losses. This is why you diversify.

It's so hard to imagine the world changing to crypto, but then again when Bitcoin is fucking over 1800 idk what to think.

eth will likely replace btc.I havent really seen anything else as promising.

I actually tried to do that, and thats why my pretty smart friends adviced me agaisnt ethereum. I bought a buch of maidsafe little by little because i care about mainstream adoption but the project got delayed several times and it hasnt gone up in btc terms much. I guess they were wrong about ethereum.

>And when every talking head on TV is bloviating about how great crypto investments are - GET OUT.

When your Walmart cashier is talking about how they sold their car to buy more crypto, get the FUCK OUT

The world will not "change over to crypto". It's too complex for the average person to utilize. Grandma is not going to buy groceries with bitcoin.

The layperson will treat cryptos like a stock or other similar investment.

ETH's "ooops we coded everything wrong so we've decided to roll back who owns what coin" really turned me off.

Monero, I think has a lot of potential. Governments are already moving to monitor Bitcoin transactions, something truly anonymous will be huge.

^^This

But what about the tax consequences of daytrading.

Get a coinbase account. Get verified. Buy ETH or LTC (forget BTC the transfers are too goddamn slow). Transfer to an exchange, sell for BTC, and buy coins with solid fundamentals.

>RDD

well it can work just like paypal. current services show you your address and make you type it into things, but that's not necessary

>GET OUT

you idiot...mainstream adoption doesn't mean you take your gains and put it into cuckbucks. It means you will be able to directly spend and earn in cryptos.

I would sell ETH before tomorrow morning. Probably XEM too. XRP has stopped pumping so you can probably hold and wait for the next pump to make another .10 cents per coin or more.
grab some of the tiny coins that are just now getting their feet. they cost nearly nothing and because of it they spike fast and then find a floor just a couple sats under the spike.

Coins I actually think have long term potential:
XRP
- banks want to use it to save themselves money. dont think for a second banks will let it fail. Ton of banks already adopting it
XBY
- fresh coin with a HUGE community behind it and a great idea. Has all the making or something big one day (still a gamble)
RDD
- I can shit into the exchange and have enough to purchase 10k or more RDD. The tech has been in the works for years and their whole business plan since 2014 is coming to fruition this year when they launch the transaction extension. check their site if you are nervous about it.
ETH
- bitcoin may be like the gold you store under your mattress one day, and just like it, you will use it to hold money not to move it around. BTC is slow as balls and the transactions times arent going to get better when its even slightly more well known. ETH has a huge backing with businesses too and has everything it needs to take out the giant. At this point I feel as if its too big to fail.

Golem and Lumens.
Profit off of ETH and XRP respectively.
both are too incorporate in real world business now to ever fail.

good luck bizbros.

See you on the lake.

you have to get a cpa to do your taxes, especially if you make a shit ton of money. you dont want uncle sam to bend you over. those IRS cunts are relentless.

>It's too complex for the average person to utilize. Grandma is not going to buy groceries with bitcoin.

I bet they said this about debit and visa cards too.

It'll be simpler than ever. Banks role will change to accommodate

havent bought any monero yet...maybe I will.

Every bubble has proven that cash is king. Every. Single. One.

Just as people watched their stocks in internet startups go POOF and their home equity go POOF, it will happen with cryptos as well. Some will survive, most will not. But the odds will not be in your favor that you will end up invested in the survivors.

Calculus is too complex for the average person to utilize. So is AI.

they just benefit off smart people and businesses using this shit.

Don't be the guy who said "cell phones are a fad. You dont even know how they work"

You guys ever get caught up in this and think "fuck if only I could spend more" but then reality (or sanity) hits you and you realize you shouldn't spend so much of your average salary on this?

youre a cuck, you should spend as much as possible on crypto investments. especially ETH

I'm not going to argue with you. Every investor in history has thought they were smarter than the market. Only a few actually have been. If you keep holding cryptos when every "financial expert" under the sun is telling you to do so, you're an idiot and deserve to lose everything.

I'm pretty torn about this myself. Like how much fucking disposable income should I blow on this shit every month?

Thanks bizbro, i always appreciate some honest advice.

I'm already spending as much as possible. That's the thing I'm worried about.

no tax issues till you get out.
and there are honestly ways to avoid it.

I plan on avoiding as much as I can legally, but avoiding shit like buying gold with it and having that sent to me. Although it would save a ton of money.

Can someone explain how exactly to buy crypto? I downloaded Blockfolio. Does it work just about the same way as Robinhood? Any words of advice/warning?

>And when every talking head on TV is bloviating about how great crypto investments are - GET OUT.

Like pull all of it? Or keep the ones I think are going to survive? I've never lived through a bubble before (wasn't old enough to remember or care) but i guess I'll start reading.

bruh

I like to give it.

too many crap coins out there and its not like me keeping stuff that has been working a secret makes me more money, so why not help others get rich as fuck?
Or maybe I do it just so I can see a shit ton of lambos with Veeky Forums related license plates one day.

I don't browse this board often enough. Do I just pay things with a snickers bar and a firm handshake?

It would be wise to pull all of your gains out at that time and hold dollars. You will have a very slim chance of holding the "correct" coins. Even the ones that do survive will plummet drastically when the bubble pops. They will recover, but it will be far down the road.

blockfolio isn't an exchange, it's just to personally keep track of your shit.

I believe capital gains are like 25%.
But if you hold for over a year they are zero.
So my plans are since I got in on coinbase, I will just trade on exchanges like bittrex and stuff with altcoins, convert all back into ETH before I cash out, and then say that all my gains were ETH gains.
They won't be able to track exchange wallets and stuff if you delete them and tumble them.
Or you can just use localbitcoins or once they make an ETH version use that.

But I plan to convert all my gains into ETH anyway and cash out my gains after the 1 year period. Lucky for me than like 1 month after Casper hits.

go to coinbase. do the annoying shit to get verifier. takes a few days...

then buy a stable coin on coinbase and send it to an exchange like kraken, yobit, etc. getting set up on an exchange is super fast, and different exchanges have different coins based on market and popularity.

Always double check your address is for the right coin and that its 100 accurate.

Why don't we form our own crypto investment firm now?

How to increase deposit limit without an ID?

Because you don't have the capital. That's the "big boys" game. You'll see it soon enough.

That would be cool as fuck. See ya on the lambo 2030 reunion bizbro.

There's a couple of them already if you didnt know. You can join them. Iconomi, Taas etc.

put your ID on there. or directly hook up a bank account.

If you can't pay your bills and loans if crypto crashes by 60%, you're investing too much.

Wow someone finally mentioned ICONOMI. I've yet to see it shilled on biz. I'm invested in it, but I'm not a shiller. Had a very nice run up today tho.

Mine is going to say Cryptocunt and have a plate cover with the 4 of clubs on it.

look for me brothers. if you havent mooned when I see you, I will let you stay in my mansion and fuck one of my bitches for a bit.

You can't bro.
IRS will screw you up the ass if you try and launder your money through an exchange.
Almost no way to liquidate unless you launder your money through shit like a business or something.
Think:
Using your earnings to buy shirts and start up an ebay business and use the ebay business as cover to launder crypto gains.

See that's the thing. I don't have any loans and I can easily pay my bills before I spend anything on cryptos.

Can confirm OP is correct and this is exactly why you should not ignore the top coins, NOTHING has really mooned yet.

Then invest whatever you can. Pick a coin every paycheck.

What can a poorfag do if he earns 200$ a month? I want to invest REEEEEEEEEEEEE

Go all in son. You got nothing to lose except a later retirement.

When am I supposed to get back into the game then? I don't want to miss out on the few that survive and moon.

Yeah it has done pretty well in dollar terms. ICO was 12 cents and now its at 90 and looking pretty good still. I have some too.

Lol, i hope we can all make it bizbro, but remember to jump out when the normies all around are jumping in. We just have to diversify and be ready for the jump and we are still on time. Good luck bizbro.

XBY is a shitcoin with one part time dev who's trying to recover from a scam he participated in.

Don't put XBY next to ETH and XRP

>RDD
You subtle fucking shill my god

dude...each transaction from one coin to another is a taxable event. You better hope the exchanges arent gonna give your info to the IRS or you are fucked. I can't fucking stand those cunts but its always safer to pay or risk uncle sam fucking you in the ass. Inb4 cuck.

Guys I started last week with 0.5 btc. My intention was to literally get rich or a lot of money really fast. I diversified, I picked coins that were risky, but had a history.

XBY - shaky start, started as a scam coin but revived, interesting tech
doubled my money
DGB - 3 year old project, targeting gamers, good tech. tripled my money
RDD - 3 year old project, targeting redditers. quadrupled my money

I also bought LGD because it targeted horny rich men that want to hang with porn stars

My next coin is probably BAT token, digital advertising is huge
Basically I only buy coins that I feel strongly about. I don't really pay attention to the technicals too much because I do believe we are in the biggest bubble in human history.

This oh man.
It doesn't even matter though, in a couple weeks time all the newfags will actually think RDD is legit.
Hell, I can see the same thing happening with PTC soon.

you are literally talking about the old XBY.
the new devs bought the remainder of it, let hodlers keep their coins and then completely changed everything about it. Only thing that stayed was the name.

the dude did it because he got scammed from XBY before it was the current XBY.

go research it. It is actually looking really good. honestly, the dude is a hero for giving value to coins people got scammed on. he is turning what they dreamed of when they were scammed into a real possibility.

So is coinbase the exchange?

I make literally thousands of trades per day and have done so for years through hundreds of coins.

I sincerely with any auditor good luck in going through the mountain of trade history sheets I have accumulated from multiple exchanges.

yobit, kraken

What is coinbase for then? To hold the money? Blockfolio to view it, and then one of those to exchange?

I know there are shill threads, but this thing actually is going somewhere. It has so much behind it for YEARS now that it should have been sitting at 100 sat.

just like this guy said though. Once they release the tech, normies will hear about it. then when they collaborate with more social platforms it will start to become a household name eventually even if people dont like it.

the thing is literally worth 1/1000 of 1 cent right now. getting in on it isn't exactly a big investment and the potential pay-offs are insane.

just saying, I never say no to dropping $50 to possibly be a millionaire someday.

coinbase to buy coins to exchange and then the exchanges are where you trade one of those three coins for any one of thousands.

i dont understand this shit. if i hypothetically exchange rdd for eth and cash out 2 years from now with like 2 million dollars, what will happen?

Oh. Well thanks a lot user. if I moon on anything i'm buying a lambo in your honor senpai

Do you reside in the US?

I have questions. What if you're wrong? What if all these coins and their infrastructure, are just, essentially, test beds for faster performance future crypto, which have quicker accessing/processing ability on stored data in the future equivalent of a blockchain, and which allow easier to access platforms?

Ethereum's smart contracts intrigue me, but to my understanding, isn't a lot of that stuff open source? Why couldn't someone else take what's there and make something better and more valuable, using lessons learnt from Ethereum?

I'm not saying this is guaranteed to happen, but are you so sure that these are coins that will go mainstream, or are they just a step in the right direction?

Don't use Coinbase unless you want to pay fees out the ass.

Get verified on Coinbase so that you can use GDAX, which is the actual exchange side, and has no fees (if you place an order for a fill instead of taking one). Also get verified on Gemini, which is the best way to get fiat into the system.

Dumb question- where should I read up on crypto news/familiarize myself with what to invest in? Like right now I'm considering going for ripple since I know it's in a dip and is backed by big banks, but I don't know where to go to support my theory with facts. any established sources?

I'm with you man...but a couple CPAs I've talked to says I will have to submit every single fucking transaction. It's fucking retarded.

xrp is making me very excited about the future because I KNOW what OP is talking about
ive been thinking about it myself and theres no way i wont be rich because of crypto

*and which allow easier access TO platforms

Is exchanging one cryptocurrency for another considered taxable?

you will need to pay capital gains tax provided you make above a certain amount. If you did any trading between cryptos each transaction is supposedly taxable because the IRS are a bunch of assholes. I highly suggest for everyone to talk to a certified accountant. I want everyone here to get rich without the IRS fucking us all over.

As far as I was told its a grey area right now as IRS hasnt put out a definite rule. But chances are they will. It is thus safer ro report and pay your tax versus having them come after you later for all the back tax you owe.

That is xvg. It is the most anonymous currency out there.

You probably have heard about how the IRS is suing coinbase to try to get all their customers info. If they win...well we all know what happens then.

can i use a credit card at coinbase?

Yes

When I go to create a GDAX account it's asking for my identity and SSN and all this shit. That stuff legit?

what site do you use to trade?

follow cryptoyoda on twitter. he is generally pretty accurate. Skim the boards here. If a coin seems sketchy look into it and see what the posts in the thread are good and bad. Check the ann for anything you havent heard of and generally just google shit and follow forums like reddit for each coin.

generally Kraken, but sometimes polo or yobit if I cant get the coin on Kraken.
for some reason I havent used bittrex much but its good too..

The CPA's you've talked to, did you ask what tax preparation methods you'd be allowed to use?what methods you're allowed to use? Whether they suggest default FIFO or if you can use LIFO/specific share id.

Just in regards to minimizing taxes. I'd prefer not to sell my cheapest coins first, but at the same time I have them all in the same wallet.

As long as you state what you purchased and what you gained, it doesn't matter. What idiot is actually trying to avoid paying taxes?

is that automatic or do i need to fill out forms and shit and shake hands and everything adults do?

I'm taking your advice and selling my ETH shares, what should I be trading?

Tomorrow might make me some sick gains.

So what's the difference between Yobit/Kraken and GDAX/Gemini?

I didnt get into specifics. was more of a convo over beers. I really have no idea wtf to do or how to report yet. Chances are will have to hire someone to deal with it for me.

buy stuff that is currently dipping.
Its a lot easier trading back to the big coins since you know they are safe. going back out into alt coin waters can be scary. ripple should go back up with time, but its not a massive gain. I would invest some in RDD just in case it does blow the fuck up and go to 1 cent (just throw a couple bucks in nothing crazy). grab some XLM if you can do it before it starts climbing too far.

I would leave at least 1/4 of your assets in the big coins though. as a precaution.