Cryptocurrency

EJ4CY

Active Member
Feb 11, 2007
450
107
43
Lenexa KS
My portfolio was doing great until the market corrected it selfs on Monday. I was up about 80% of my initial investment now i'm only up like 60%.

I'm starting to think bitcoin isn't going to reach 20k anytime soon.
hope you still have these... I went back and re-read this thread from 2017 kinda funny
 

BCClone

Well Seen Member.
SuperFanatic
SuperFanatic T2
Sep 4, 2011
67,665
63,733
113
Not exactly sure.
This guy could crash the entire market selling a portion of that wallet lmao
Guy needs to sell like 100k weekly to avoid that. Will take forever but will have at lest millions when he walks away. Might be able to hit 250k without tanking.
 
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JustAnotherTimeline

Well-Known Member
Jul 29, 2021
2,192
214
63
43
Pretty cool what Miami is doing. Looks like New York started mining yesterday.

One of the more interesting quotes:

On Thursday, Suarez said MiamiCoin has already earned $21 million in just over three months, and said it's possible that if it continues to perform it could cover Miami's entire tax revenue.

"You could theoretically at one point pay the entire tax revenue of the city and the city could be a city that runs without taxes, which I think would be revolutionary," Suarez said.



 

besserheimerphat

Well-Known Member
Apr 11, 2006
11,482
15,324
113
Mount Vernon, WA

That mfer. Lol
So it's just memes all the way down then...

The move higher has been a head-scratcher for many investors who see shiba inu coin as nothing more than a joke based on another cryptocurrency known as dogecoin, which itself was created to make fun of other cryptocurrencies like bitcoin and ether.
 

besserheimerphat

Well-Known Member
Apr 11, 2006
11,482
15,324
113
Mount Vernon, WA
Pretty cool what Miami is doing. Looks like New York started mining yesterday.

One of the more interesting quotes:

On Thursday, Suarez said MiamiCoin has already earned $21 million in just over three months, and said it's possible that if it continues to perform it could cover Miami's entire tax revenue.

"You could theoretically at one point pay the entire tax revenue of the city and the city could be a city that runs without taxes, which I think would be revolutionary," Suarez said.



So it's voluntary taxes for "investors?" Maybe the feds can try this to increase Bezos, Musk et al effective rate.
 
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JustAnotherTimeline

Well-Known Member
Jul 29, 2021
2,192
214
63
43
So it's voluntary taxes for "investors?" Maybe the feds can try this to increase Bezos, Musk et al effective rate.

if miners do not profit from their purchase of stx then they will cease to participate in the network. If they profit, then it wouldn't be a tax. The beauty is that is it self regulating. Ultimately the people will determine the value of Miami coin. Maybe it will go to zero as a failed experiment.

Or, it could gain traction. Annualized returns at current rates pay 20% of the entire cities' taxes. These are powerful ideas. There are many things residents and business owners could if they wanted to encourage use of the local currency. Discounts, entry to special events, etc. The city of Miami could establish a premium beach district that used Miami coin for entry. Options are endless.

I am not convinced this will work, but I love the innovation and community focus.
 

Cyched

CF Influencer
May 8, 2009
38,392
66,387
113
Colorado
Also been researching crypto and fascinated by it.

One thing that I want to know is how these platforms handle your tax documents? I was researching on some of these sites and it appears they just give you a summary form and it's up to you to determine taxes?

Again, intrigued, but I also file my own taxes and am not interested in creating a situation where I might need to take something to a professional.
 

crash_zone

Well-Known Member
Apr 10, 2006
1,916
498
83
Sioux Falls, SD
Also been researching crypto and fascinated by it.

One thing that I want to know is how these platforms handle your tax documents? I was researching on some of these sites and it appears they just give you a summary form and it's up to you to determine taxes?

Again, intrigued, but I also file my own taxes and am not interested in creating a situation where I might need to take something to a professional.

You aren’t far off. Most of these places will give you a data doc with all transactions. There are lots of places that will run the cal a for a tax bill. I saw Crypto.com even had one that was free to use.

At some point the industry will hopefully grow up and provide the tax forms.
 
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ClonesTwenty1

Well-Known Member
May 23, 2018
17,820
21,824
113
I have been researching Crypto, and find it fascinating. Anybody have any good recommendations on who to watch on youtube, what app you use to buy and manage your crypto etc.?
I use coinbase. Do NOT listen to Bitboy. He’s a shill.
 

JustAnotherTimeline

Well-Known Member
Jul 29, 2021
2,192
214
63
43
Also been researching crypto and fascinated by it.

One thing that I want to know is how these platforms handle your tax documents? I was researching on some of these sites and it appears they just give you a summary form and it's up to you to determine taxes?

Again, intrigued, but I also file my own taxes and am not interested in creating a situation where I might need to take something to a professional.

The easiest thing to do is use a single exchange like Coinbase pro so all trades are in one spot. Then use a site like bitcoin.tax to import data from Coinbase pro, then it will compile all the forms for you and keep track of your basis. Then import the bitcoin.tax file into turbo tax.
 
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