Be me

Shhhhh let him learn from suffering it's healthy

I want to buy back in but at the same time it's PAINFUL to buy BTC at 10k when you bought it under 2k
The thing is I spent 2 weeks learning TA and creating and testing out my strategies but then I ended up FOMOing in during these past crazy 24 hours. I placed a 100X short at $9985 thinking there was no way it would break 10k on the short term and then someone came along and bought $2,000,000 worth of BTC on Gdax in 5 minutes.

Honestly? Having a life. I got a girlfriend and started school again right at the top. I couldn't devote the time I did last year to it so I had to make quicker and riskier bets if I ever wanted to make it. I missed shorting 17k with 100X leverage for 200000 contracts. My limit order missed by 5 fucking dollars. That would've been $70000 I would've made.

Redpill me on margin trading. Econ major and have dealt with options/stocks for 10 years but this is a totally different ballgame.

*gains

>claims to trade options
>doesn't know what margin is

literally lmfao

I know what margin is obviously, I meant how it differs compared to stocks.

Ex. Do whales really rule the market?

>claims to know TA
>shorts the bottom of a massive dump @ 100x leverage when hourly and 15 minute RSI were both oversold

Bro you short the top of a bounce not the bottom...

If you're going to claim you studied TA at least make a believable story that doesn't paint you as a total moron...

How the hell was 10k the bottom? I longed at 9590. It couldn't break 10k for like 12 hours. I shorted there because normally there's a bounce down off of a big psychological barrier like that.

Yes whales rule the market completely. If you had $5 mil you could never lose. Imagine if Wall Street allowed futures traders to buy and sell what they're betting on.

This is why unless you absolutely know what the fuck you are doing, you should only invest in coins/projects instead of trading and flipping them over and over, there's a high chance you'll get your shit pushed in and still get left with a tax bill.

HODL may be a normie meme but there is some wisdom to it.

Why do you think there's a bear market in the first quarter of the year? It's because people are cashing out to pay the capital gains taxes that they owe and a lot of people are in your position.

I lost 66% of my portfolio margin trading on XLM too user

To further add OP, I fucked up harder than you did. Last year, during the bear market over the summer I sold off 100 ETH @$150 and panic rebought when it recovered to $175ish. Since I sold, I owe short-term capital gains taxes that I otherwise wouldn't have owed at all if I just did the logical thing which is to just stick it out. I effectively went from 136 ETH to 100 ETH + a fucking tax bill.

Never fucking again will I make that dumbass mistake.

If you've lost money on Crypto, please join this discord server soo I can laugh at you as you slowly descend into madness and eventually kill yourself.

Thank you :3

Discord - QTGjYC

>what is wash trading
Learn the wash sell loophole. It doesnt apply to crypto. Pad your losses.

Would it apply if I technically made gains on what I sold though? At that time it was all profit because I bought in below $100

>>be me
>>be may 2017
Are you you or a date?

I could be your date for .1 BTC user;)

[Performance]
-Ripple consistently handles 1,500 transactions per second, 24x7.
-Payment channels can process 10s of 1000s of transactions per second.

.
[Cost]
-A standard transaction costs just 0.00001 XRP.
-The cost is not paid to any party: it's irrevocably destroyed.

.
[Real-world use]
-5 institusions are currently using XRP (MoneyGram, Cuallix, FlashFX, IDT and MercuryFX).
-Many banks are currently using xCurrent. Since xRapid is cheaper (saves up to 60%) and provides final settlement, they are likely to transition to it.
-Bichip will use XRP in its RFID chips.
-A w3c standard that Ripple helped develop (and was demo'd by Microsoft) will be available in all major browsers, it'll facilitate paying with XRP.

.
[Economics]
-The supply is fixed.
-Unlike Bitcoin, there's no inflation. Bitcoin uses PoW which relies on inflation and/or high fees. Bitcoin requires $18M of net new $ flowing in just to maintain the price!!

.
[Security]
-Unlike Bitcoin, double-spending isn't possible. Bitmain (a Chinese company) can rollback Bitcoin's chain and bunkrupt the whole ecosystem.
-An attack could only stop new transactions temporarily. Participants would simply remove bad participants from their list

.
[Decentralisation]
-Each participant can run a validator and use his own list of validators.
-validators role is to agree on an order for new transactions
-10s of reputable public & private entities around the world are currently running validators (e.g., Microsoft, MIT, CGI, WorldLink, Bahnhof,..)
-Consensus for the order of new transactions requires a supermajority of 80%

.
[Incentives]
-XRP is a revenue source for Ripple Labs. This aligns its incentives with XRP hodlers. It uses the revenue to improve the tech and expand XRP's marketshare.
-Ripple Labs share is locked in 55 batches on the network. Only one batch can be unlocked per month. It would take them 5 years to unlock them all. XRP is sold only to long term investors (i.e., they can't dump)

>Says increasingly nervous and delusional Cripple bagholder for the 87th time this year

Same here, senpai.
Made some nice gains in the great alt bullrun of december but then the gains slowed to a crawl and I started seeing red numbers everywhere.
Decided to take it to the next step and went to bitmex... Whichever whale is holding my shekels is sure to be enjoying them.

Am literally a penniless neet again. It was all a dream, user...

Its your own fault for thinking you could trade

>lemme just sign up to bitmex dude yeah ill definitely be able to outperform bots, bitmex manipulation, traders with 30 years experience...

You deserve to lose more

Rags to riches to rags. At least I got a qt 3.14 gf on this journey though.

Everywhere I look it says the tax bracket for short term capital gains goes to 10% at minimum, never 0%. Is this not what would apply to OP or am I a brainlet?

holy shit rip op, learnt a lesson there about margin trading

Wow with these digits maybe I'm lucky enough to margin trade again???

...

user...

>Capital gains on 6300

Buddy, You're going to be getting like 5k, you unemployed welfare cuck.

I'm a wage slave college student though

How are you guys so stupid as to not set aside the money for taxes? I seriously don't fucking get it... Every profitable move I make if its over $1000 I auto cash out 1/3rd to fiat and put it somewhere that I don't fucking touch... I'm in the middle of hiring a CPA right now, I anticipate owing between $4-9K and I have $20k in fiat just sitting on top of about a quarter million in crypto

what did you expect?
did you really think it was free money?
Did you not think that uncle sam might want his piece?
ARE YOU FUCKING STUPID?

Would have Insta liquidated don't kid yourself you missed nothing. You know nothing and lost money in the easiest time ever to make money.

I'm more stunned by these numbers really... like.. all you had to do was:

>Buy Stratis
>Buy Waves
>Buy ETH

Wait....

>being audited over $6k in capital gains

Kek. As long as u aren’t making an insane amount of money anytime over the next two years, you will be fine, just don’t report it. Irs isn’t coming after people with less than 20k income.

Do neats have to pay taxes on crypto in burgerland?

Tiny.. up to 25k€ is tax-free after that you get taxed like 0.76%-1.76% up to 75k and after that it slowly increases, not a whole lot though compared to Muricah

You didn't make any fucking gains you retard you and if you went below your 200 investment you can claim that as capital loss.

>8k tax rebate

Wow even better.

>100x margin trading
How do people rationalize this?

But I did make gains? Taxes go year to year. I made $7300 according to the IRS even if none of it ever was fiat. Like kind is a meme.

Bitfinex bought that 2mil worth of bitcoin with their printed tethers to keep bitcoin afloat. That’s when you realise it’s all for whales to decide and predict the market, not your research.

Yeah. Anyone thinking that we'll ever see 20k BTC again is honestly delusional.

>americans

Land of le "free"

refills

...

literally everything goes to shit in crypto, and faggots always pretend only coins they hate are truly affected. Die today.

>implying the twice hourly tax fud gives a damn about how taxes actually work instead of just trying to harm the markets so the kikes can buy in cheaper

>IRS has to keep track of the taxes of literally hundreds of millions of people
>"HOLY SHIT THEY'RE DEFINITELY GOING TO NOTICE MY TINY INSIGNIFICANT INDISCRETION"

You need to take mushrooms OP

No, they're not because I'm not reporting it. The problem is that if I get audited in the next seven years, they can view my banking records and I know for a fact they would ask about my deposits and withdrawals with Coinbase. Then they would go to coin base and I have thousands in buys and sells on there because I frequently bought and sold on CB.

>econ major

You aren’t going to make it in crypto my friend

>Thinking they aren't going to focus on coin base reports this year

They don't look at all if they don't audit you. But I have a slightly higher risk of getting audited this year because I have a retirement account left to me by a relative that I didn't know I was supposed to be claiming taxes on for the last 5 years. But I have to claim it if I ever want to touch that money.

D-Do they actually know?

coinbase is going to send them all the names and amounts...

here is what coinbase and thus the IRS knows:
>i bought some ethereum
>i immediately sent it to another wallet (happens to be a binance wallet)
that's it. if you think the irs is getting complete trading history from the chinks you're retarded

>xrp

Found your problem

cool and when you go to cash out you can pay it all on a 0 basis. enjoy.

>and when you go to cash out
you're retarded if you think i'm going back to cuckbuxx. i'm holding my above-6-figure gains indefinitely and using them to hopefully cruise the NEET life as much as possible

>>congratulations you've been featured on BitMEX REKT
High margin trading isn't a toy OP

what i meant by "going back to cuckbuxx" was cashing out a large sum to a bank. that's stupid. what i will do is make all my online purchases in crypto (computer parts, some food, etc) and then sell about $700/week worth of monero for cash, locally, to pay rent, buy shit. i live in a city so i can do this easily.

oh, I was talking about long term gains

if you are moving BTC that was older, you don't have to pay