Bitcoin and Cryptocurrency Thread
Options
Comments
-
black caesar wrote: »black caesar wrote: »The bitcoin is growing. I've made more off of it than stocks this year, but I'm still waiting for the bubble so I can short it.
Mind explaining what shorting a stock is and how its beneficial? In laymens terms if you can.
I got you fam.
Shorting a stock is basically when an investor borrows shares that he or she doesn't own and immediately sells them, hoping he or she can scoop them up later at a lower price, return them to the lender and pocket the difference.
Example: You believe the stock price of ABC is grossly overvalued and is going to crash sometime soon. You are so convinced of this, you decide you want to borrow those 10 shares and sell them with the hope that you can later repurchase them at a lower price, returning them to me, and pocketing the difference. Think of it like getting co-signment from a drug dealer. He fronts you $500 worth a drugs. You need to set your price point so that not only you can pay the $500 back, but have something for yourself.
Keep in mind if you borrow, and the stocks/shares doesn't fall in price, you will owe money to the brokerage firm. (The place where your trading account was created.) So if you borrowed against the stock and the price keeps rising, you're in trouble. This is why it's important to place stop loss orders. This means when the stock/share gets to a certain price point, the share gets sold.This can be used to minimize loss in the share.
I really appreciate that info!!!
No problem. Just keep in mind that it's risky. -
Alright I had enough what’s the safest exchange to use to buy some bitcoin and what would be a good entry at this point it keep going up so much it almost feel like getting in now wouldn’t just be a guessing game.
coinbase -
be careful with coinbase. I have no persnal experience with them
but the rumour mill informs me that they send info to IRS
Be careful with this tax ?
iirc these technically count as capital earnings -
be careful with coinbase. I have no persnal experience with them
but the rumour mill informs me that they send info to IRS
Be careful with this tax ?
iirc these technically count as capital earnings
Word, that's exactly why I posed this question on the last page. With peoples interest in crypto gaining more traction and popularity.. the IRS is gonna want their cut for sureAny of yall familiar with how the US taxes profits made on cryptocurrencies? I know it's a bit grey and nothing really solidified at the moment but I wanna make sure i'm covered if and when I decide to cash out.
Started messing with crypto earlier this year... gonna hold what I have for at least a year and revisit the situation after that. -
I know local bitcoins is a pretty anonymous way to unload btc. Friend of mine has used it. Meet up w/ buyer at a mcdonalds, grab a coffee, they shoot you the cash, you finalize the transaction from mobile, then you go your separate ways.
-
be careful with coinbase. I have no persnal experience with them
but the rumour mill informs me that they send info to IRS
Be careful with this tax ?
iirc these technically count as capital earnings
Always set money aside to pay taxes.
For all of ya'll this ain't no hustle. Pay your taxes. -
I don’t mind paying tax bill personally, but let’s be real there’s a bunch of stuff I don’t pay taxes on and I’m cool with that too
-
black caesar wrote: »black caesar wrote: »black caesar wrote: »The bitcoin is growing. I've made more off of it than stocks this year, but I'm still waiting for the bubble so I can short it.
Mind explaining what shorting a stock is and how its beneficial? In laymens terms if you can.
I got you fam.
Shorting a stock is basically when an investor borrows shares that he or she doesn't own and immediately sells them, hoping he or she can scoop them up later at a lower price, return them to the lender and pocket the difference.
Example: You believe the stock price of ABC is grossly overvalued and is going to crash sometime soon. You are so convinced of this, you decide you want to borrow those 10 shares and sell them with the hope that you can later repurchase them at a lower price, returning them to me, and pocketing the difference. Think of it like getting co-signment from a drug dealer. He fronts you $500 worth a drugs. You need to set your price point so that not only you can pay the $500 back, but have something for yourself.
Keep in mind if you borrow, and the stocks/shares doesn't fall in price, you will owe money to the brokerage firm. (The place where your trading account was created.) So if you borrowed against the stock and the price keeps rising, you're in trouble. This is why it's important to place stop loss orders. This means when the stock/share gets to a certain price point, the share gets sold.This can be used to minimize loss in the share.
I really appreciate that info!!!
No problem. Just keep in mind that it's risky.
Most definitely will. Not trying that for a while. I just reached finally owning stock for a year this month. So I'm still a novice when it comes to this arena of dealing with money.
I'm just chasing knowledge and info about while at the same time shooting my shot at different investments. -
Bought 13 LiteCoin in November for $1k
-
Bought 13 LiteCoin in November for $1k
Respect.. but I wouldn't go around telling folks how much you have.. just from a security standpoint -
-
Goat
Gonna look into some of those symbols
-
black caesar wrote: »be careful with coinbase. I have no persnal experience with them
but the rumour mill informs me that they send info to IRS
Be careful with this tax ?
iirc these technically count as capital earnings
Always set money aside to pay taxes.
For all of ya'll this ain't no hustle. Pay your taxes.
I'm not planning on claiming my capital gains... Unless I end up incorporating in Jan -
Adx is wack friend of mine bought it on my account through coinigy. Stellar is a way better investment -
Litecoin prolly going to hit $200 or more today
-
I know local bitcoins is a pretty anonymous way to unload btc. Friend of mine has used it. Meet up w/ buyer at a mcdonalds, grab a coffee, they shoot you the cash, you finalize the transaction from mobile, then you go your separate ways.
They had an episode of some show on Vice that showed a cat that did this. He had BTC, would meet you pretty much anywhere and would transfer it to you for cash. That's how he made his money. I guess there was a decent living to be made like that too. -
Just dawned on me:
I started out with $7 worth of BTC that I got back in November of 2016.
When I first started trading altcoins, that $7 worth was then worth ~$23.
I ate a HUGE loss with Stellar, but somehow I was back up to ~$30 within weeks.
Right now That $7 worth of BTC that I got, minus the losses from this summer, is worth $65.
This ? is crazy. I'm about to buy a more powerful PSU for one of my desktops so I can start mining Litecoin or Monero with this GPU I have sitting next to me. -
I don't know about mining... where im at the cost of the hardware plus the electricity bill wouldn't turn a profit for the amount of power needed for ME.. but yeah man if any of yall have some cash to invest.. i would recommend it.. and most importantly.. I would recommend that you HOLD..
Ive been holding for about 6 months and have already tripled my initial investment... imagine holding for a year or longer -
I don't know about mining... where im at the cost of the hardware plus the electricity bill wouldn't turn a profit for the amount of power needed for ME.. but yeah man if any of yall have some cash to invest.. i would recommend it.. and most importantly.. I would recommend that you HOLD..
Ive been holding for about 6 months and have already tripled my initial investment... imagine holding for a year or longer
At this point mining bitcoin is a done deal for individuals. You gotta have serious money invested in purpose-built ASIC machines to do it these days. Altcoins like Monero and Litecoin can still be done individually, but unless you're ready to drop coin on a high end quad GPU box it's best that you join a pool just to get something. My situation is somewhat unique in that we don't pay electricity in this apartment, so there's no loss from power costs to calculate so I can run my ? around the clock without penalty. -
konceptjones wrote: »Just dawned on me:
I started out with $7 worth of BTC that I got back in November of 2016.
When I first started trading altcoins, that $7 worth was then worth ~$23.
I ate a HUGE loss with Stellar, but somehow I was back up to ~$30 within weeks.
Right now That $7 worth of BTC that I got, minus the losses from this summer, is worth $65.
This ? is crazy. I'm about to buy a more powerful PSU for one of my desktops so I can start mining Litecoin or Monero with this GPU I have sitting next to me.
Recognize a real dawn when you see one.
If we had held the stellar long term we wouldn't have lost any money
-
Litecoin prolly going to hit $200 or more today
A day later and that ? sitting around $350+
Crazy! I know you happy as ? right now @Cinco lol -
Yes indeed I sold 3 LiteCoins today. Originally $76
-
Recouped your initial investment... Smart man -
Litecoin in this ?
-
Ok guys. I bought a litecoin. Now what do I do?
