>reads Veeky Forums threads with anons complaining about how they had hundreds of thousands in crypto pre-crash, and now have nothing/only a few hundred or a few thousand
Admitted newbie here so maybe I'm missing something, but bruh....how the HELL did you dudes make so much money in crypto without deciding to cash a good chunk of that out as soon as possible?
Greed
Greed is hard to control
i started with 5k in march
had 350k at peak
now more like 200k
i figured that money was gone as soon i put it into crypto, i didn't need it at all and still don't. even 300k isn't a crazy life-changing sum where I'm at. so i figure my best chance is just to let it ride with projects i believe in
How does bitcoin dropping from 20k to 7k drop a portfolio from 3m to 300k? That's what I don't understand.
because the cashed out and then cashed back in, and probably took out a loan too
do you pull out before too?
greed
Maybe that poster spread out his investments in other coins that completely tanked. Just a guess.
Greed and taxes. Seeing a fat stack in a portfolio feels way better than breaking that stack and loosing 20% of it to your government.
Watch those burger anons leave crypto when IRS comes for its pound of flesh in April and we are still bear.
TopKEK
I'm literally angry at these dudes and hope to God they're lying for thread replies
The minute I passed the $20K profit mark, I was gonna start to cash out some to pay any outstanding bills and re-invest the rest.....then past $40K and I'd look at getting a new car then re-invest the rest; and so on and so forth
I'm an extreme poorfag with only a little over a thousand in crypto and I just got started a few months ago.....reading those posts had me shaking my head
Altcoins
Imagine being so retarded that you visit a Veeky Forums. That's the level of intelligence in this forum.
Should never be that greedy and go all in all the time
This crypto shit is unpredictable as hell.....it could literally all come crashing down permanently tomorrow....if that happens, I want to be able to say "at least I got to pay some debt out of it" or "at least I got a decent car out of it, even if my lambo and mansion dreams are over"
Best believe that as a poorfag, the minute I start to cross that $10K profit mark, that "CASH SOME OUT NOW WHILE YOU STILL CAN, DUMMY" itch is gonna start itching like crazy
Because I don't want to trigger the tax man to rape my ass.
Bruh, after a certain level of profit I would GLADLY pay the tax man as long as it's not more than like 30% of my shit
I got $500K in crypto, and big daddy government wants $150K of it? Nigga, take that shit....I'll still live large with $350K.....extreme exaggerated example, but just saying
>its not like its more than 30%
thats where your wrong kiddo
60% tax rate
and not just on the cash out
on any crypto to crypto trade too
60%? And this is across the board for all cashouts? WTF, this is in the US?
Anyone else can confirm this? If this is true then my question was definitely answered. There's taxes, and then there's highway robbery
just type in bitcoin tax and start reading and reading
from what i read its only 60% if you held it less than a year, but the crypto to crypto tax rate is different, i think its around 30%, but its each time you make a tranaction
Greedy wanting to go from 100k to 1 mil. Only one more 10x didnt seem far fatched since we had already gone 1000x.
see we aint nigs we dont cash out to buy liquor, kfc and crack.
Altcoins dropping 300% in sats. Combined with sats being worth 250% less in usd so its easy to gain or lose 550% in altcoins.
i will tell you the truth if you send 0.1 eth to this adress
0xB5608A45c9f3F8F28fCC8d5F1Cc76c093BD3c2Bc
You really don't know anything about taxes, do you?
This is the issue where you larpers show your true colors.
do you still live in your parents basement?
$350k isn't "living large", hell where I live it wouldn't even buy a small 1 bedroom house or a condo downtown.
I can't speak for most, but for me the reason I leave most of my profits in crypto is to continue compounding the gains so that eventually I do have "living large" money, which for me is about ~$1.5MM which I'd put into a conventional investment like an ETF or stocks that pay dividends (probably various banks) and live the rest of my life stress free. Crypto is make or break, if it goes to $0, oh well at least I tried, and if I hit my $1.5MM+ then I'm set for life.
>I'd look at getting a new car
>I'm an extreme poorfag
Yes you are, and you will be
>do you still live in your parents basement?
No, although I did state several times that I'm a poorfag
Those that cashed a good chunk out are not pink wojacking and crying on Veeky Forums.
I, for one, took out 2 million. 700 k in crypto now.
lol
>b-b-but its just short term capital gains r-r-right?
IRS Bubba: Nope :)
Invested in October/early November. Took out loans and cashed out contributions from my IRA. $45,000 invested. Wagecucking a decent job so paying minimum on loans is no issue.
At peak of market I had $550k. Down now to $165k. Haven't sold anything during the correction.
Once it hits $1 million I'll cash out $100k to cover my initial investment and keep riding up until $3-$5 million and then I'll cash out/retire and live off passive income.
>once it hits 1 million
>once it hits 1 million
>once it hits 1 million
lol
>I don't want to pay a 30% tax on my gains, so I'll hold until the whole thing collapses and my investments lose 75% of their value. That's called being smart! :)
Well played, user. Godspeed
I'd rather lose everything than pay for niggers
No Bitcoin for me, fortunately, staying far away from it.
>>
Thanks, user. Turns out researching and holding, not daytrading, really is a sound strategy. I'm sure day trading has worked for some, but holding has done well for me.
Good luck in your own endeavors
> tfw invested 10k in march
> tfw my high was not *quite* as high as your high but my low is not as low as your low
am i going to make it?
that's only the case if it never recovers
do you really think bitcoin/crypto is dead as of today? that it'll just bleed to $0? idiotic. it has barely had any mainstream attention for more than a couple months. By end of year we'll see $2 trillion mcap
if i can turn 5k into 500k, why would i ever cash out 50k when it can turn into 5 mil...
the greed in this game is like no other
They are retards
>started with 20k
>ran to 1.01 mil for approx a week
>couldnt cash out cause tax implicatiins and other shit
>down to 300k
>still up 280k
>will be a multimillionaire end of this year
Nah once you hit 1 mil, you'll want 5 mil then 10 mil
Bought the tip..
How do you make more money with your money? All I see are pajeet dumps
Was at 320k a couple weeks ago. Now 125k.
to have access to 300k at a singular point in your life (and especially if you are under 40 yo) is a big deal, and definitely life changing.
you people are absolute madmen - i'm sure years from now you'll think on this time with a lot of regrets
$3-$5 million is my target. I'll keep 20% in crypto but pulling the rest to buy a house and live off passive income. That amount enables me to do pretty much anything I'll ever want to do in life. Would be utter insanity to not cash out when I reach that target.