If you don't have at least $10,000 in a small cap coin, you probably won't have a chance of making it through crypto. If you're sour grapes about that fact, think about it like this...
Lets get a number out of the way. We can all agree that $1,000,000 AFTER TAXES(20% long term or 40% short term) will set you up well enough. We're mostly young poor guys so $1,000,000 would be sweet right now and would afford a paid off home on a nice, large piece of property in the country, paid off vehicle, lots liquid or in other assets, effectively taking you out of the rat race. I would be surprised if anyone could argue that $1,000,000 isn't "making it" enough. If you can't set your life up on $1,000,000 after taxes, you need to read some personal finance books.
Then we move onto the next question... What do you need to do to make $1,000,000 in crypto? There are some constituents that hold something like that back.
>Short-Term Capital Gains Tax(STCGT) Lets say you make that in less than one year of buying it. Say you bought STRAT at the ICO with $1,000 and held that entire time, closed your eyes for a year and came back and wow it's at $10 and your $1,000 is now about $1,000,000. You will lose about 40% automatically because of this tax if you cash out without waiting another couple of months. Lets say you keep it in and wait for it to hit the year mark before cashing out, will it still be at that value? Possibly not. So you can lose that chance of making it by the STCGT cutting your gains up by 40%, or by waiting too long to cash out because of that tax, and the value decreasing for whatever reason.
>Luck What else? Well, you need to be lucky enough to be in such a scenario at all. Lets say you have $1,000 and you put it in after doing all of your research. How many coins have gone 1000x to give you that $1,000,000? how many have even gone 100x? Those are huge increases. $10,000 brings you to only needing a 100x, and obviously we use "only" very liberally. I haven't seen many people here even have $10,000 in their entire portfolio, let alone $10,000 in one random small cap coin that nobody knows yet.
The odds are not in our favor. To have a real shot, you need to do the following
>have $10,000+ >put it all in one small cap coin(1M or less) >that coin goes at least 100x >cash out after the 1 year mark or pay an extra 20% in taxes >come out with $1,000,000+ after all of that
TL;DR you have to time it perfectly and be lucky at the same time having made the right pick
Christian Moore
Thanks for the informative post, upvoted
Thomas Young
thats why starting from 1000 you go for three 10x coins which happens way more often
1000 10000 100000 1000000
Ian Ward
I guarantee it has never happened where someone had three 10x gains compounded in a row.
Christian Hernandez
The thing is that you dont need to be chasing thoses coin a few 200%-300% goes a long way
Julian Gonzalez
Thank you Do anyone have any good ideas about where to look for such small cap coins with big technology?
Jason Green
>40% Lmao absolutely fucking not
Connor Bell
Enough with the novel give me what I came here for and tell me what to buy
Matthew Hughes
This is the virgin cuck way the alpha chad way is going all in at a time of a gut feeling on several coins and also going full leverage
Liam Brooks
Look this guy up "Alan Aronoff: From $8,500 to $7.5 million in six months thanks to digital coins and a dose of OCD."
Its possible. Any opinions?
Levi Martinez
The internet
Hudson Smith
The reason that this is retarded is because I put $3k into this and now have $70k. So five months ago you would have told me I could never make it whereas now you would tell me that I can. The market hasn't changed THAT much since then.
Jordan Butler
its 3 correct decisions to a mil there were plenty 10x even in the past half year, im sure it happened to a few people
Camden Mitchell
5 months ago is when the entire market went up by 3x. Everyone made money.
John Morgan
What about trading between pump and dumps for 10% 100 times, or 5% 200 times?
Elijah Gutierrez
>Everyone made money Never claimed otherwise, the market is still bullish longterm and if I beat the market(23x vs 3x) others can as well.
Noah Clark
Currently doing that now. >rise >bat >Florin
I'll start trading smart after that.
Ryan Flores
Thats not accounting for leverage. I've got a 5000$ credit purchasing limit and 50,000$ worth of credit cards with 20,000$ in coins already.
If I was serious about becoming a millionaire I could max out my credit cards in five months and then I'd only have to double my 70,000$ four times. A lot more achievable.
I haven't got the balls to actually do that but its an option.
Jackson Wood
>still have some $$$ saved up from when I was in the army >putting 10k on chainlink
Will I actually make it?
Xavier Hall
So why not, assuming I make the right pick, instead of sweating bullets holding my $million bag for months so I meet the 1 year mark hoping it doesn't faceplant, just trade for BTC and rest easy with my (relatively) stable gains. Would the amount then owed in tax for the inter-coin trade be worth it?
>tldr
Do my math for me
Dylan Thompson
Chainlink's either going to be worthless or 100x, depends on if its half of what they're claiming or not. The fact that they haven't released their white paper yet should make you nervous. I put $4k in it but I consider it high risk even by crypto standards.
Nathaniel Phillips
hoping for a 10x i got 100k on presale hopefully it will be the one that takes me to a mil
whitepaper was released a few days ago, its really promising
Dylan Sanders
They released their whitepaper a few days ago tho
Xavier Campbell
You'd owe the same taxes as if you cashed out into fiat(assuming that you're a US citizen).
Nathaniel Price
You can become financially independent and retire early with crypto with only 1k to start with as long as you're not a brainlet
Isaac Green
Same here, I have $80,000 but only $28k in use, and at one point it was up to $50k but i didnt cash at, now its down to 30k im in neo mco and xmr
Eli Barnes
your not my father, faggot
Christian Hughes
>hoping for 10x You can probably get that within a few months, I'm planning on holding for a couple years though. >released their white paper Nice to hear, I missed that. Is crowdsale still tomorrow or did they reschedule like most ICOs did? I might try to scoop up more after checking out the white paper.
Joshua Russell
Imo, you need about 20k to make it in Crpyto long-term. If you're in America, this is really easy to accomplish, wage cuck for a 'gap' year and live with your parents, 95% goes to Crpyto, 5% goes to gas for your car.
For third world Nations, I feel bad for you lads I hope you're rich or catch a lucky ICO.
Henry Nguyen
Nah they delayed it, should be about 12 days away I think. I registered a bunch of accounts in case there's a quota system.
Nathaniel Wood
Rescheduled to the 18th or 19th of September I think
Dominic Moore
and you aren't accounting the possibility that your entire capital gets liquidated and end up looking like an asshole.
Jackson Fisher
What if u use crypto as collateral to get a loan and "default" on that loan? Im sure after crypto goes to moon some company would do that
Ethan Robinson
rescheduled to sep 19 i definitely believe in the long term vision of it and will be holding a portion but if i hit 7 figures will be taking some profit hah
Nicholas Perez
if they take 40% Im using every last penny I have to build a death android army to overthrow the government
Angel Morris
Get the fuck out of America after that retard
Lucas Gonzalez
Understandable, I'd be doing the same at that point. Even tossing $300k into an index fund(after the next crash) would be a nice backup retirement plan if you let it sit while continuing to wagecuck.
Michael Russell
>not just converting it all to monero and saying you mined it
Ryder Sanders
You would still be liable for that loan. Even if you lost all your assets, still liable.
Maybe it might be discharged in bankruptcy, but if they find out you committed fraud and hid money/assets to avoid your liabilities that puts you into even bigger shit that potentially involves a few months stay in club fed
Jaxson Morris
ayyyy i'm all in on BAT too
Adam Gonzalez
that actually sounds smart
i feel like the loan plan wouldnt really workout unliess you tell them that you "mined" it.
1. get second passport and use tenx 2. localbitcoin or bitcoin atm? 3. ???
Jace Stewart
>saying you mined it I've got some great news for you, not only would you have to pay tax on it as if it was a $0 cost basis at tax rate you would have had to if it was trading you also owe self-employment taxes on it at the cost it was when you mined it. God bless America, land of the kikes. If you're not a burger I'm envious.
Adam Ortiz
I'm more than halfway to a million usd and just turned 23. Been in crypto since age 18 though. Still doesn't feel real because I'm cash poor and haven't cashed any out. I'm confident if I hold until 2020 Ill be able to be financially independent for the rest of my life with that money.
Nicholas Fisher
>i've been mining monero for years. what sort of proof is necessary during the tax/rape hullabaloo?
Michael Scott
say that u using rentminingpool via btc, and say you lost rentminingpool account.
anyway it looks like mining is just flat 30~40% tax
Adrian Kelly
index funds is a good idea. luckily i like my job so the wagecuck gains will compound over time as well
James Thomas
It's definitely possible if you are smart about your money. Everyone says we are in a bubble, but lets be real. This crypto stuff is just getting started. I would bet the market cap will hit 4 or 5 trillion before it really pops. We have some time. If you take a few thousand dollars and put it into 4 or 5 really good coins, you can make a lot of money. Then you take a quarter of your gains when a really good ICO comes, and put it into that. Then you take double your initial investment out of that and hold the rest. With some luck, this can make you a millionaire.
Jackson Mitchell
>30~40% tax that's too high. i'm not paying that. you can't bring me down with your heeby jeeby threats. i'll figure it out when the time comes and i'm keeping what's mine. fuck you.
Dominic Green
Wrong. You get doubly raped. irs.gov/pub/irs-drop/n-14-21.pdf > If a taxpayer’s “mining” of virtual currency constitutes a trade or business, and the “mining” activity is not underta ken by the taxpayer as an employee, the net earnings from self-employment (generally, gross in come derived from carrying on a trade or business less allowable deductions) resulting from those activities constitute self- employment income and are subject to the self-employment tax turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/Tax-Tips-for-Bitcoin-and-Virtual-Currency/INF29402.html >According to the IRS, when a taxpayer successfully “mines” Bitcoins and has earnings from that activity whether in the form of Bitcoins or any other form, he or she must include it in his gross income after determining the fair market dollar value of the virtual currency as of the day he received it. If a bitcoin miner is self-employed, his or her gross earnings minus allowable tax deductions are also subject to the self-employment tax.
So you get taxed on it as if its income, meaning that not only do you have to pay income tax on it but you also have to pay social security/medicare on top of that. Then you get taxed on the gains past that point at capital gains rate. You are making things worse on yourself not better if you try to do this.
Ian Rivera
Holy shit, copypasting from IRS website really fucks up formatting apparently.
Thomas Cook
The IRS doesn't fuck around. They will 100% come after you if you don't pay.
Logan Bennett
So here's my question biz
I've got 2k in chainlink for example, a new ico coming out
lets say it 10xs out of the gate
is it correct to just immediately sell it and store the profits to reinvest in the future? is that how I should be playing the game, or am I better off hodling even though i could cash in an immediate 10x gain?
Elijah Sullivan
neither do i.
Xavier Cooper
Our most efficient and productive government agency
the one that collects all of the money of course
Jaxon Hughes
Depends on how confident you are in the project. Here's what you should be asking yourself to inform your decision. How would you feel right now if you had bought ETH at ICO and then sold at $4.00? How confident are you in chainlink's longterm success given that Vitalik is on board and the potential it has with SWIFT?
You could also have a set percentage of your holdings that you plan to sell at certain milestones and profit take to reduce your risk but still profit from future gain.
Kayden Perry
You'll have to when you're in prison.
Jayden Gonzalez
yeah thats nice, good luck "coming after me" when I'm living outside the fiat reich. You can send me a lot of angry threats over email if you like, but thats about all you can do if you're the USG.
Colton Adams
you only have to pay taxes if you cash out into fiat. keep it in btc/eth. hold it for long term capital gains
it's much easier if you can find 2-4 ico's that are great and with very high demand. those will go to 10x minimum.
start with $10K and that becomes $100K. reinvest that $100K in another one or two and that'll be a million
it's much harder to find that unicorn that'll give 100x+ gains
Luis Gomez
Most countries that aren't shitholes have extradition treaties with the US.
Easton Kelly
You'd rather go to prison than pay 20% in taxes...? That doesn't make any sense.
Owen Carter
You tax dodgers are retards. When you're ready to cash out just put it in a safe gainer for a few weeks to make 20% and use that for tax. Hell of a lot easier than being a fugitive for the rest of your life or going to jail and losing all your gains.
Xavier Bennett
this is none of your business.
Jace Wilson
And a lot don't.
And most of these alleged "shitholes" are actually far better to live in as a middle class male than the supposed "1st world democracy utopias" cum pseudo-socialist lands
I've lived in many alleged "shitholes" and I can say without a doubt I would prefer to live there than almost anywhere in the fiat reich, especially the US or Australia.
And what exactly is it you think you're missing out on by leaving these pseudo-socialist nightmares? Because I'll tell you right now, most of these "shitholes" have every amenity 1st world countries have, and usually for much much cheaper.
Easton Morales
If you buy ANT, you WILL be rich by 2018. I repeat you WILL be rich by 2018. Is that clear?
Isaac Bell
not to mention various treaties and shit where they will just freeze your assets as well
Connor Long
Do other countries not have capital gains?
>mfw Democucks are always claiming we don't get taxed enough
Carson Ross
>when 20% = $200,000 >do the math, realize a year in prison is still a $200,000 salary for a do-nothing at all job Yeah I'd rather go to prison.
William Gutierrez
It did during Feb-June, gains were fucking ridiculous. You could have thrown a dart at any coin and made at least double your money.
Kevin Jones
Higher crime rates than my 99% white town.
Connor Martinez
how the fuck am i going to go to prison?
You needn't answer this question if you're the kind of mouthbreathing retard who thinks hollywood = reality.
Joshua Martin
Freezing assets will become less and less applicable the larger that crypto grows.
Joseph Roberts
Most don't on intracrypto trades. A few don't have taxes on crypto at all.
Juan Morales
> crime rates! omg!!
If you're this much stuck in the feminine world view, then its probably best for you to stick to pseudo-socialist lands and definitely pay big daddy government for the privilege of living under his auspice.
No, really. It is best for you.
Anthony Young
What exchange do you trade on and how do you plan on cashing out?
Good luck if you use either Coinbase/Gdax or Bittrex
Blake Nelson
wtf I love niggers and Somalia now.
David Johnson
yes, nearly every civilized one does.
You do know that you will still have to pay anyways, right ? its not an either/or option. and if you decide to hide your assets then t he IRS says "hey looks like you've got plenty of money now, can we have our back taxes?"
Easton Myers
Take $1k Bought ethereum at $7 sold at $320 bought neo at $2.5 sold at $40 bought omg at $5.
Evan Smith
only thing i worry about is nsa level assest being used to rob me when i get on a shit list.
Logan Perez
will i make it senpai?
Robert Torres
BATbros unite were gonna make it
Juan Young
Yeah, I'm paranoid about this too as I'm sure I'm on at least one watch list. Already cashed out double my investment though so even though I'd be incredibly pissed off at least my total adventure in crypto would have been a net gain.
Adam Edwards
I'll probably make it. I have low six figs in CHAINLINK.
Praise Sergey!
Dylan Morris
eh i don't think we're there yet, but when agencies start sharing their toys we're fucked.
Dylan Parker
does anyone know the legality of IRS taxing US citizens/ green card holders abroad? afaik US does not have international jurisdiction, and doesn't do jus sanguinis, so what is the ground for IRS to tax US citizen with multiple passport living abroad?
Noah Gonzalez
also, what if you are federal contractor working in shithole (like afghanistan)? i thought federal contractor / GIs dont get taxed when they are abroad. ?
Lucas Sullivan
tax evasion is a federal crime you dumb cunt. They would gladly fuck you up the ass if you cashed out $1,000,000.
you pay taxes even if you live outside of the USA with a citizenship.
Thomas Jenkins
Only 50% of capital gains are taxable in Canada. The half that is taxed is done so according to the tax bracket you fall into. The highest tax bracket for those making $220,000/yr+ is 53.53%.
They don't tax your salary, you don't just get a free pass on everything.
Nathaniel Bailey
Americans living/working outisde of the US still need to file their US taxes. Unless of course you never plan on coming back
good thing for dividend tax credits and TFSA's
Logan Diaz
You don't get favorable treatment on longterm capital gains like we get in the US though so it boils down to if you're holding shortterm or longterm as to which is more advantageous. No its not. You're forgetting that they're only being taxed on half their gains so its 26.765%.
Andrew Miller
>No its not. You're forgetting that they're only being taxed on half their gains so its 26.765%.
or i'll just pay 20% long term
Aiden King
literally this is the only reason im so hesitant to naturalize here. FUCK
Adrian Parker
>being a mathlet $1,000,000 of short term capital gains in the US is taxed at 40%, Americucks take home $600,000, instantly creating a very wealthy pink wojak. Half of $1,000,000 of short term capital gains in Canada is untaxable, and the other $500k is taxed at 53.53%, leaving our lucky Canuck with $732,350 to buy land, build a house, and all that other fun stuff.
This actually boils my blood. those politicians and bankers find some loophole to not pay any taxes, while honest working people are jewed to extreme. we need to dig the grave of those S.C judges who ruled in favor of Cook vs. Fait and publicly re-incarcerated them. God damm (((Chuck Schumer)))
Jackson Jones
You forget that its not a flat tax, its basically treated like salary income (half is), so the taxable amount moves through the different brackets as it increases.
That 26/53% figure won't be reached until you go beyond 200K in income
Most people investing and making of losing a few bucks will pay less than 20% on their cap gains
