Thanks Bitcoin- student loans gone

Sold almost 100k in Bitcoin to pay off my student loans.

Dumbest thing I ever did was go into that much debt.

College is a fucking trap.

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>TFW you still have to pay short-term capital gains on that 100k since you cashed out Bitcoin
>TFW you still have 40% of your debt but now indebted to the IRS instead of third-party debt collectors

congrats op

Dumbest thing you ever did was cash out of bitcoin. Your student loan debt maybe had a max of 6% interest rate and with 100k in BTC or other alts you would most likely make at least that or more.

I don’t understand people. If you can make more in your investment, then don’t pay off the loan, keep the payments and build your credit history!

I'm literally trying to do the same thing. I have $90k left in pharmacy school loans.
How did you cash out $100k? In small installments or all at once? Have you paid taxes?

Long term gains. I'm a crypto OG and bought most of my coins between $200-400

If I cash out all of my crypto right now AND pay the tax I can become debt free and even have a little over a grand on top. Too bad I won't do it.

Moved it from my hardware wallet to GDAX. 50k wire transfers on back to back days
GDAX

>st cap gains effective rate
>40%

No

I still got almost another 100k mate.

I'm still long term bullish on crypto and Bitcoin. But I was losing sleep over this shit and it wasn't healthy.

Plus now if it goes to zero, which I doubt it will, I can walk away knowing I came out on top. I will be a better HODLer as I won't be investing more than I am willing to afford to lose

>90k for a degree in pill sorting
Holy shit dude, how could you possibly justify that to yourself knowing you will spend the rest of your life in a CVS?

Thanks. It's been a wild ride HODLing.

Still lots of money to be made!

Best of luck user.. best of luck

Also no, I haven't paid the taxes yet. I waited until after new year so I now have until April 2019 to pay it.

Im keeping that tax money in crypto until the bill is due. Hopefully that 15k in crypto over the next year makes up the 50k I lost by selling now at 15k and not at 19k.... I wanted to sell a few weeks ago but didn't want the tax bill for this April.

Very smart

good luck to you

>he didnt become a fullblown crypto NEET
>he didnt put his student loans in an Income-Based-Repayment with $0/monthly payment since he's technically 0 income on paper
>he didnt do this for 20 years to get the student loan completely forgiven by the gov.
>he cashed out 50% of his holdings to sleep better at night
>he doesnt know bitcoin is going to be worth millions in the next decade,

Dumbass, what were your student loan rates? Like 4.5% you could beat that with A class real estate. You will always be poor.

The fact that pharmacist s make 6 figures probably helps

I made over $150k in salary and bonuses last year. And I work for a comfy grocery store. gtfo lol
Thanks. I wasn't sure of when I'd have to pay taxes. I'll probably cash out in the next few weeks.

>I made over $150k in salary and bonuses last year.
>struggling to use Crypto to pay off debt
Something doesn't add up here...

short term gains is 40%? What?

150k doesn't stretch as far as you think in some places of the world.

Bay area?

Not really man - I have a 200k salary and with a family of four and trying to catch up for being out of work for 6 months a couple years ago - i still have a ton of debt to catch up on too.

That’s half the reason I’m in crypto

I've been paying $3.5k a month since I graduated (started at $165k). I want to wipe out the remaining $90k with crypto gains ASAP.
I'm only paranoid about cashing out due to IRS or potential frozen bank account.

tier 3 verification with GDAX is the way to go. Virtually no fees.

$150k in my area is comparable to $275k in SF
money.cnn.com/calculator/pf/cost-of-living/index.html

>college is a fucking trap.
America is a fucking trap, and a fucking 3rd world country where people have to go broke for the 2 most important things in their lives aka health and education

>Dumbest thing I ever did was go into that much debt.
no dumbest thing you ever did was sell off 100k bitcoin.

What the fuck, where are you?

Why not figure out how much you'll owe the taxman and withdraw that amount now? Or at least tether it or something. Tuck that away and play with the rest, that way you don't have to worry about the (admittedly minuscule) chance of the market collapsing and leaving you with nothing to pay your gains tax.

Wait, aren't you a student? Shouldn't your income tax bracket be low enough that you pay 0% capital gains tax? Do you have a job?

basically no reason to try to pay your student loans off soon. just pay the lowest you can get away with

you ever think you might want to kill yourself in 5 years OP?

I saw you have to put in a blurb/justification for tier 3. What works, will they basically accept anything that doesn't scream of tax evasion/shady shit? I was planning on using CB to cash out eventually, but I don't really have solid backing for tier 3 (in my mind), what did you put?

If your so confident then is the inverse true? Would you would go 100k in debt at 5.8% interest and buy btc?

#1 rule is never invest more than you are willing to lose. At this point it was becoming too much based on my current pay grade. There’s a difference between healthy levels of risky and reckless investing.

I’ve got a great life. 155k household income, beautiful wife, kid on the way, a nice chunk of crypto left, 40k in cash, debt free and now with $900extra a month more to put back into crypto, and not to mention a healthy traditional retirement fund. Don’t feel sorry for me.

Southeast US
I put like 3 sentences about me wanting to deposit/withdraw a bunch of money for investment trading.

first I'm hearing about a 20 year forgiveness scheme. what the fuck?

I figured paying off my loans was taking some risk off the table. I will sleep fine at night knowing my tax bill is in quality coins like btc and ether for the next 14 months

I’ve got an income of 155k and enough cash in the bank to cover it should crypto go to zero.

>155k

Ah. Well, GJ on killing your debt, really man that's awesome. I honestly wouldn't even consider going to college if I didn't have my GI bill to cover it. Here's to the next moon mission.

>If your so confident then is the inverse true? Would you would go 100k in debt at 5.8% interest and buy btc?
>implying
>not making 5.8% in a day in crypto

>50k limit

Message them and have them up that shit to 100k, took them 7 days but I got it done and I didn’t have to give them any information, I demanded it.

yeah i don't believe any of this. if you really withdrew this much you know you have to make quarterly estimated tax payments. another larper.

most of my friends make 300k a year just doing software shit. get into software senpai

t. live in SF

I once owned 16 bitcoins and sold them to pay off 20k in student loan debt

You think the dumbest thing you did was go into debt? You just sold something that's going to grow far more than the interest in your student loans.

I might one day. I'm tired of dealing with normies and old people.

You faggots talking about the low interest of student loans. Jesus you guys don't know fucking basic principles.

HE HAS A DEBT, A RISK IS THERE. CRYPTO IS EVEN RISKIER, BETTER TO PAY OFF THE DEBT AND HAVE INCOME TO HIMSELF TO LIVE OFF AND STILL INVEST IN CRYPTO JUST IN CASE HE FUCKS UP, OR LIFE FUCKS HIM IN THE ASS.

I"M SO FUCKING MAD AT YOU DUMB FAGGOTS, I BET YOU ALSO THINK INVESTING YOUR EQUITY IN A HOUSE IS SMART TOO!

Well said.

this

You don't even need to pay your student debt it's government insured

this is the truly enlightened post