Do you know anyone personally who made fortune off cryptocurrency?

I'm currently at $2,255,422.
Started with ~$18k in December 2013.

It's not even fun. When I went to 1 Million it felt good for a day or two and that's it. Also, my portfolio is currently trapped and I can't even rebalance it without getting huge tax liabilities.

What strategy(s) do you use?

Buy and hold, day trade?

Have you cashed any out?

Personally if I hit a mill I'd just suck it up and take the tax just to have some fiat

But I'm a poor fag

Friends brother has an absolute fortune of eth, the details are pretty vague but I know he put in a few k very early and just held.

My friend is worth millions now and doesn't work. Just travels the world for fun with his wife. He bought ass loads of btc when it was under a dollar.

made 300k in 6 months out of 40k, pretty comfy but I wanna be cryptomillionaire now

No. I'm that guy in all the social circles I'm a part of. I've made $20k profit off ethereum and icos. I'm just holding until I've got at least enough to pay for my house in full, though.

how did your portfolio get trapped?

a friend of mine made around 7 milion, we dont know the exact numbers. he was into crypto since the very beginning, now hes holding thousands og btc, eth, xrp....he cashed out just small part od it, maybe couple hundered thousand
given the fact he lives in middle/eastern europe its an incredible amount of money. funny thing is he still lives his modest life and you couldnt tell hes a multimillionaire

This. Not on your level user but it's at the point where trading a whole bag would rack a tax event that could fuck me in fiat, EOFY around the corner so going to need to deploy a specialist to tell me how to position myself going into next.

The problem is trading to another crypto. Let's say you got a million dollar bag of eth and are worried about a huge correction, you decide to take cover in BTC and make the trade, boom you now owe the tax man 300k in fiat and would need more than a 30% dip in ETH to cover that.

If we're talking US tax law, that's a like-kind exchange. The IRS only comes for your boipucci when you trade into fiat. You can go ETH-BTC all day long. Although that does complicate figuring capital gains when/if you eventually do cash out into Yellenbux.

just pay your taxes and start living off your crypto...

Value investing and then switching to more active trading once an investment has mooned.
Buy and hold will be the most profitable strategy with very good value picks but not all of your picks will be very good.
I have around 6 currencies that I currently hold. I can keep track of them all but still get reasonable diversification.
My worst results came from day trading and not being patient enough.

Originally held BTC and wanted to wait till ~$2000 before switching to Altcoins but I noticed this time Altcoins where moving much more in sync with BTC and provided higher gains, so I switched my whole portfolio to Altcooins at around $1200. Also BTC might not be the rock it once was.

>Have you cashed any out?
Tiny amounts, like €30k to pay half of my student debt. But that was in fall 2016. If I had kept in in crypto it would be worth much more.

I probably have to cash out 4500€ soon to pay for my tax advisor. (He actually developed an elaborate strategy for me to move to Switzerland to become a tax foreigner in my European country and in Switzerland, I would only have to pay like 0.3% net worth tax.)

were talking German tax law. The would noit come for me immeditaly. But tusually they tend to get their shit together after a few years and then go full Gestapo. if I just stayed in germany I would have to pay 46,62% or 932.445,92 Eurobucks, while in Switzerland only like 6-10k Swissbucks.

>German tax law

Sind alle Spekulationsgeschäfte mit Kryptowährungen nicht nach einem Jahr Haltefrist von der sog. Spekulationssteuer befreit?

>You're tax free if you hold trades more than 1 year.
Do you know how hard it is to hold any Altcoin more than one year?
You already owe taxes if you switch Altcoin -> Bitcoin -> other Altcoin

but basically, you're right.

Mein Vorschlag: Du wartest das eine Jahr noch ab und kannst danach deinen Profit steuerfrei genießen.
Eine Provision deines Kapitals, das du durch meinen brillianten Vorschlag gegenüber dem Staat und deinem Steuerberater nun vollständig bewahren kannst,
kannst du mir gerne an folgende Adresse überweisen:

1KexC9uZ5szEhSMzxjNP252EFRpiGRvU2

lol.

I turned $500 into $6k :)

why do you keep parroting this bullshit?

just hold 21 bitcoins and in 10 years you'll need to pay taxes ONCE to get your millions on the jewbank.

you only pay taxes ONCE when you cash out

stop holding value in shitcoins anyway, get your profits on BTC and hold long term on BTC

Yes he had 30k worth in Bitcoin before going to jail 3 years ago

I have an extremely good strategy that involves crypto which is netting me thousands every month but I don't want to say because I'm afraid everyone will start doing it and it will disappear.

Wenn dir deine Millionen sowieso keine Spaß bereiten, warum denn nicht? :^)

I have a similar crypto scheme that's been giving me 40%-80% on average return a month. Care to chat and compare?

Started 2 weeks ago.

Turned $1k into $1k.

I'm bad at this ;_;.

yeah me too
>buy low
>sell high
>???
>profit

>You already owe taxes if you switch Altcoin -> Bitcoin -> other Altcoin

In the USA ever transaction is a reportable event.

Whyd he go to jail? Was it taxes?

Wrong this is taxed as property not stock. See tax form 1031.

My friend bought like 2500 bit coin and sold when it was 100 per. So he made 250k

kek. He could have bought lambos for all Veeky Forums poorfags.

Got fucked by one of those dark net market honeypots. Started talking to some agent online and they set him up

guns ? drugs ?

bots ? i wish i had on well programmed

I'm working as a fintech block-chain consultant.. I've made a fortune on crypto without risking any of my money.

I don't believe you, sorry. Prove it.

1Fpi2x5FQnSVUheQqpod2RFNtdP5DpbC2k

maybe. what counts as a 'fortune' ?

I'm in the same boat, 100 - 300% per months. Extremely consistent strategy. Trading just one single situation, wrote a scanner script that alerts me of this situation.

Funny watching all the moon chasers.

this.

my portfolio's at like 20k right now, but if it ever gets to 60k I'm gonna have to cash out just so I can say I'm debt free.

my strategy nets me anywhere from 10-100k per month and i probably spend one hour of real work on it. i use 10k for capital. just made about 40k off of BAT yesterday.

elaborate please

Why do you only use 10k capital?

Yeah, I have a friend who stayed with it back in 2012 who used to post his BTC address along with "hungry poor college student" all around SF and someone gave him half a BTC, from there he spent all his savings for the next couple months and got around 100 BTC total.

Lost 30% of it in Mt. Gox but kept going, traded up to 250+ BTC is the last number he gave me when I saw him about a month ago.

He took a fuckin vacation to Panama all with using BTC and right when he's there the value goes over 2k. So yeah safe to say he made a fortune.

see

Is correct
Sorry user all trades are tax events

One of my friends dumped $50k into BTC @ $250 back in 2013. Still has most of the coins.

Not going for lambos, he just wants enough to buy a nice house and to not have to work. Wish I had listened to him sooner but I was pretty poor before this year and couldn't afford to invest.

Got a buddy from old job that bought a thousand btc when they weren't worth anything. forgot about em. years later, sees a news report that btc are worth over 500$. remembers he has them and quickly cashes out well over 600k. has a fucking 2 story house built and buys a brand new custom ordered Tesla. don't remember how much he originally spent, but must've been next to nothing to forget about it.

The sad part is that if he would've held on a couple more years he'd be a multimillionaire. Guess that half a mil opportunity was too good to pass up.

>Sorry user all trades are tax events
You can repeat this all you want. The only thing you pay tax from is capital increment, that's all.

It's impossible to report trades when 99% of exchanges back then have disappeared (mtgox, cryptsy, mintpal etc) so its impossible to have that data anyway.

I made 40 million off bitcoin and now spend my time trying to crash altcoins so nobody else can make any money.

>Sorry user all trades are tax events
Is this a nocoiner meme or a HODLer meme?

I need more to invest why am I so poor

How many months have you been trading, be honest.

A friend of mine bought 2k worth of eth at $8. He became "rich" in less than 3 months

i spent 5k on eth around 10-12. another 5k at 40. another 5k at 69. another 5k at 90

A friend of my friend has 50 btc. I guess that's a small fortune? I told him he should maybe sell when it hit 1200 in January and he laughed. The iron hands of god that one. Learned my lesson there.

I'd be happy if I got even a 1000$ but I never started crypto. I'd buy my gf a plane ticket to Canada so we could be together when I'll go for summer school there.

my friend has about 100 ETH that he bought at $16

There's no like-like trade in US law for crypto. Shit sucks

I have over 100 coins
took my friend to the stanley cup game last night and sat front row

Trudeau pls go

godspeed famalam

My btc atm says differently

Yes, myself.

Bought bitcoin early on and never panic cucked out from all the FUD

Also never buying a crypto not named bitcoin has helped

It's pretty cute seeing delusional eth retards calling people not holding crypto nocoiners thiugh

Your "friends" are retarded. They stand to gain nothing by telling you how many bitcoins they own

The guy who took a vacation in some shithole and "traded" his way to 250 bitcoins ( a lie) is obv retarded

Live on the Gulf Coast
Oil spill hits
Get $25,000 in 2010
Have a friend bwgging me to buy $1,000 in btc
Missed my rocket ship
Got in eth 2 MO this ago so had gains
Now wage cucking and losing money day trading daily
FML

What? I've known this guy for years, he's definitely not lying about it, he's also one of the more followed crypto twitter folk. Taking surf trips in Panama is something wealthy californian white males do.

liar why pretend to have a 12000% return

Eth is going to surpass btc market cap before the end of the year, keep lying to yourself pleb

>Do you know anyone personally who made fortune off pyramid schemes?

No, but this guy my friend's ex once dated bought a BMW working for this new business selling protein powder and steak knives! It could be us to bro! But I need you to recruit just 3 other people to sell for us. Don't you want your golden ticket?

I just stopped by this board looking for business advice and all I found is a bag of smashed assholes trying to meme value into monopoly money. But hey, maybe I will buy into this after it crashes. With this many retards working so hard to overvalue an asset there is no way it wouldn't bounce back

>Common sense and perspective
>This kills the Veeky Forums

Figured at least one of yall would put up an argument for 'the next generation of currency'. Hear/speak/see no evil I guess.

Welp I'm outties, good luck building your pyramids.

> Weeeghhhh my coin is better than your coin. FUCK your coin!

Fanboys i swer

Around 22 in total. With my current strategy about 5.

I was too late for Bitcoin but I made it just in-time for ETH

nocoiners cope in various forms

it's pretty fucking simple lads

>open exchange account
>buy literally any coin
???
PROFIT!