How far will bitcoin and other cryptos fall?
-
So I was about to do some tax planning on this. If BTC is still treated as property and capital gains tax applies, could BTC not be sold and then invested in actual property without paying taxes on gains?
-
@bigbear said in How far will bitcoin and other cryptos fall?:
So I was about to do some tax planning on this. If BTC is still treated as property and capital gains tax applies, could BTC not be sold and then invested in actual property without paying taxes on gains?
Depends. If you have a single account or way to keep that in a single portfolio, yes, in theory. But the new proposed tax laws suggest that you have to pay gains for each transaction specifically with some currencies which would negate that idea.
-
@bigbear said in How far will bitcoin and other cryptos fall?:
So I was about to do some tax planning on this. If BTC is still treated as property and capital gains tax applies, could BTC not be sold and then invested in actual property without paying taxes on gains?
I actually know someone that sells cryptocurrency out of country. He says you dont have to report to US government at all, if you buy out of country using crypto.
-
I'm sure it will be better regulated in the future, however.
-
@irj said in How far will bitcoin and other cryptos fall?:
@bigbear said in How far will bitcoin and other cryptos fall?:
So I was about to do some tax planning on this. If BTC is still treated as property and capital gains tax applies, could BTC not be sold and then invested in actual property without paying taxes on gains?
I actually know someone that sells cryptocurrency out of country. He says you dont have to report to US government at all, if you buy out of country using crypto.
The purchase isn't the issue. It's the purchase of physical goods that is attempting to skirt tax law.
-
@irj said in How far will bitcoin and other cryptos fall?:
@bigbear said in How far will bitcoin and other cryptos fall?:
So I was about to do some tax planning on this. If BTC is still treated as property and capital gains tax applies, could BTC not be sold and then invested in actual property without paying taxes on gains?
I actually know someone that sells cryptocurrency out of country. He says you dont have to report to US government at all, if you buy out of country using crypto.
That's always the case with investing
-
@dustinb3403 said in How far will bitcoin and other cryptos fall?:
@irj said in How far will bitcoin and other cryptos fall?:
@bigbear said in How far will bitcoin and other cryptos fall?:
So I was about to do some tax planning on this. If BTC is still treated as property and capital gains tax applies, could BTC not be sold and then invested in actual property without paying taxes on gains?
I actually know someone that sells cryptocurrency out of country. He says you dont have to report to US government at all, if you buy out of country using crypto.
The purchase isn't the issue. It's the purchase of physical goods that is attempting to skirt tax law.
uh of course.... That is the whole reason people are doing to evade taxes...
-
@dustinb3403 said in How far will bitcoin and other cryptos fall?:
@irj said in How far will bitcoin and other cryptos fall?:
@bigbear said in How far will bitcoin and other cryptos fall?:
So I was about to do some tax planning on this. If BTC is still treated as property and capital gains tax applies, could BTC not be sold and then invested in actual property without paying taxes on gains?
I actually know someone that sells cryptocurrency out of country. He says you dont have to report to US government at all, if you buy out of country using crypto.
The purchase isn't the issue. It's the purchase of physical goods that is attempting to skirt tax law.
It's bringing the currency or goods back to the US.
-
Will you invest in my cyber weed cryptomining company? I swear i will make a product one day, i just need your money.
-
@momurda said in How far will bitcoin and other cryptos fall?:
Will you invest in my cyber weed cryptomining company? I swear i will make a product one day, i just need your money.
Cryptocurrency isn't a ponzi scheme. . .
-
@momurda said in How far will bitcoin and other cryptos fall?:
Will you invest in my cyber weed cryptomining company? I swear i will make a product one day, i just need your money.
lol as long as I can put in $50 and get $500 out of it once it pumps, I am game. People who have been trading for awhile have definitely made money. Unless they went crazy and bought at really high prices, but almost everyone's coins nearly quadrupled for a month. Even scam coins.
-
@momurda said in How far will bitcoin and other cryptos fall?:
Will you invest in my cyber weed cryptomining company? I swear i will make a product one day, i just need your money.
No, I buy bitcoin, sorry.
-
You need to remember there are corrections, and panic sales. Panic sales are going to drop a price to a low amount, which is then followed by a correction. Don't focus on day trading unless you are investing tens of thousands. Otherwise you'll not see any noticeable returns.
Bitcoin is going to be viable for probably another couple years. Other block chains will directly compete with the Bitcoin block chain (block chains are hot for many reasons with being decentralized/ledgers, very fast to transfer money between organizations... Talking millions of transactions in seconds or minutes).
But Bitcoin is going to eventually fall to other tech because of its limitations with performance and scalability. You'll see Ethereum rise, but not to the same amount. I think we'll see few top what Bitcoin ever has or will. There will likely be something out of left field that might get to those levels, or possibly break it, but I don't believe it is anything currently out or even being thought about right now. Think of block chain as 1.0, how could Quantum computing ever change that? The next step is 2.0, probably 5-10 years away for whatever beats Bitcoin's top dollar.
Even though Ethereum was hacked (now ETC... Ethereum Classic), hacks happen in this game. ETH (Ethereum) will continue to climb. It's likely it'll get to about $6k and fall significantly over time. Realistically, it could probably get to $8k for top dollar.
Also keep in mind criminal activity being used to trade Dash and Monero. Criminals need money on the Deep Web to trade for their kiddy porn. Dash jumped up, but Monero won't rise for probably another year, maybe less.
Bottom line, it's all gambling. I watch the market, and traded a little bit. I made a small amount of money and stopped. I am not much for gambling and even less about obsessing on prices and when to buy/sell. I got too far into it and didn't like how much attention I was giving the whole process.
-
@momurda said in How far will bitcoin and other cryptos fall?:
Will you invest in my cyber weed cryptomining company? I swear i will make a product one day, i just need your money.
You'd be surprised how many people invest thousands of dollars into "coins" that dont even have website or active development. It takes about 30 seconds to check these things. Then people who invest complain that they bought a scam coin. If you are too stupid to buy something without taking a few minutes to verify your authenticity, there is not enough government regulation in the world to keep you from being a fuck up.
-
Ha...
Meanwhile my 401k and WealthFront investments are skyrocketing!
At this point in the Bitcoin lifecycle... I'd say it's better to leave that crap behind (unless you are an early investor, I'd say to sell after this dip), and go stocks instead.
-
@tim_g said in How far will bitcoin and other cryptos fall?:
Ha...
Meanwhile my 401k and WealthFront investments are skyrocketing!
At this point in the Bitcoin lifecycle... I'd say it's better to leave that crap behind (unless you are an early investor, I'd say to sell after this dip), and go stocks instead.
There is a post of me on spiceworks back in like 2013 talking alot of shit about bitcoin and other crypto. I thought it was BS for the longest time, and it may still be BS. I dont care as long as you can make money off the BS. The fact of the matter is you cannot make the same amount of returns anywhere else. Yes you could lose your shirt just as easy, but it is much much easier to turn several hundred into thousands with crypto vs stocks. I will be the first to admit I was wrong.
There seems to be alot of bitter people who didnt get involved early in crypto who just constantly bash it ( I was one of them). It's hard to compare crypto with stocks. They have alot of similarities, but there are also alot of differences. You dont have to be a financial guru to make great returns with crypto, and I am definitely not a financial guru. Also, it is extremely cheap to get started. You can start out with as little as $20 to $50. Maybe it is a poor man's stock game, but as long as you can make some profit what else matters?
-
@irj said in How far will bitcoin and other cryptos fall?:
You can start out with as little as $20 to $50. Maybe it is a poor man's stock game, but as long as you can make some profit what else matters?
This. Again, if you just look at it as a hobby, it can be quite fun, and be low stress if you kept your initial investments low.
-
@irj said in How far will bitcoin and other cryptos fall?:
@tim_g said in How far will bitcoin and other cryptos fall?:
Ha...
Meanwhile my 401k and WealthFront investments are skyrocketing!
At this point in the Bitcoin lifecycle... I'd say it's better to leave that crap behind (unless you are an early investor, I'd say to sell after this dip), and go stocks instead.
There is a post of me on spiceworks back in like 2013 talking alot of shit about bitcoin and other crypto. I thought it was BS for the longest time, and it may still be BS. I dont care as long as you can make money off the BS. The fact of the matter is you cannot make the same amount of returns anywhere else. Yes you could lose your shirt just as easy, but it is much much easier to turn several hundred into thousands with crypto vs stocks. I will be the first to admit I was wrong.
There seems to be alot of bitter people who didnt get involved early in crypto who just constantly bash it ( I was one of them). It's hard to compare crypto with stocks. They have alot of similarities, but there are also alot of differences. You dont have to be a financial guru to make great returns with crypto, and I am definitely not a financial guru. Also, it is extremely cheap to get started. You can start out with as little as $20 to $50. Maybe it is a poor man's stock game, but as long as you can make some profit what else matters?
I never said you can't make money from Bitcoin. I know you can. There are lots of bad ways to make money, and lots of bad ways to lose money. The method is up to each person. Personally, I'd rather deal with real money.
-
@tim_g said in How far will bitcoin and other cryptos fall?:
@irj said in How far will bitcoin and other cryptos fall?:
@tim_g said in How far will bitcoin and other cryptos fall?:
Ha...
Meanwhile my 401k and WealthFront investments are skyrocketing!
At this point in the Bitcoin lifecycle... I'd say it's better to leave that crap behind (unless you are an early investor, I'd say to sell after this dip), and go stocks instead.
There is a post of me on spiceworks back in like 2013 talking alot of shit about bitcoin and other crypto. I thought it was BS for the longest time, and it may still be BS. I dont care as long as you can make money off the BS. The fact of the matter is you cannot make the same amount of returns anywhere else. Yes you could lose your shirt just as easy, but it is much much easier to turn several hundred into thousands with crypto vs stocks. I will be the first to admit I was wrong.
There seems to be alot of bitter people who didnt get involved early in crypto who just constantly bash it ( I was one of them). It's hard to compare crypto with stocks. They have alot of similarities, but there are also alot of differences. You dont have to be a financial guru to make great returns with crypto, and I am definitely not a financial guru. Also, it is extremely cheap to get started. You can start out with as little as $20 to $50. Maybe it is a poor man's stock game, but as long as you can make some profit what else matters?
I never said you can't make money from Bitcoin. I know you can. There are lots of bad ways to make money, and lots of bad ways to lose money. The method is up to each person. Personally, I'd rather deal with real money.
But you aren't, you're dealing in stocks.
-
@fuznutz04 said in How far will bitcoin and other cryptos fall?:
@irj said in How far will bitcoin and other cryptos fall?:
You can start out with as little as $20 to $50. Maybe it is a poor man's stock game, but as long as you can make some profit what else matters?
This. Again, if you just look at it as a hobby, it can be quite fun, and be low stress if you kept your initial investments low.
I started out with $50 and played with it like I had $50k. I pretended like 3% losses/gains were significant. It was great practice.
