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Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)


surlybevo

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I know that buying something with crypto creates a federal taxable event. What about with stablecoins that are pegged to the dollar? These do slightly fluctuate in value. I assume the IRS officially says you have to track the gain/loss even if it's less than a penny. Or would the IRS agree that tracking a penny here or there isn't necessary for tax returns?

But the whole taxable event is a killer issue for trading in alt coins especially if you use btc or eth as the other half of the trading pair.

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1 hour ago, Nice Guy Eddie said:

you don't see a method to buy crypto with their mobile app? on the menu across the bottom of their app.

Correct.  I installed the app, but I don't get any menu option for it.  From what I read, only some Paypal customers were granted access. 

Edited by bernorange
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What’s the best way to buy crypto these days? Coinbase?

I have a Coinbase account from years ago with nothing in it. I also have PayPal and Robinhood but don’t use either.

Suppose I want to scoop up some BTC or ETH on the next dip... do I need to have $10k or whatever already parked and waiting in one of those accounts or does it transfer quickly from my primary bank account?

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1 hour ago, wild_turkey said:

What’s the best way to buy crypto these days? Coinbase?

I have a Coinbase account from years ago with nothing in it. I also have PayPal and Robinhood but don’t use either.

Suppose I want to scoop up some BTC or ETH on the next dip... do I need to have $10k or whatever already parked and waiting in one of those accounts or does it transfer quickly from my primary bank account?

Definitely get Coinbase PRO vs Coinbase. It’s also a free download but MUCH lower fees due to how you buy/sell.  
 

edit: they transfer quickly only after your account is linked and verified.  And whether Coinbase or Gemini that’s a pain in the ass that can take several days.  

Edited by ChiTownDoc
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9 hours ago, ChiTownDoc said:

Supposedly a lot more news coming in next few months.  JPM etc.  I don’t know if it holds but BTC to 100k seems likely this calendar year - and I’m typically fairly skeptical of crypto.  

100k is low IMO. 
 

Here’s the daily update. 

 

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1 hour ago, Shaggy3.0 said:

 

But CryptoZombie told me it's almost "alt coin season"  : )

 

What's the call on btc?  150k in 2021?

I rode FIL up and sold.  Ready to transfer into more btc.

 

The analyst/newsletter I follow says the current floor is 45k. Will not go below that. Also just raised his target for end of cycle top from 250k to 300k     Bold numbers but thought I’d share  

 

 

 

 

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10 minutes ago, GRHorn said:

Will be a landmark day 

 

I feel like the initial offering is going to be in overvalued but could be wrong.   I think the last price I saw was 300s.  Anyone buying initially?  On ipos I usually wait until the vesting period is over and then buy but not sure about this one.  Voyager digital is still a pretty good play at a much lower price point imo

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58 minutes ago, ajax said:

Are you guys seeing another (mini) dip with BTC before we break into the 60s?

The real answer is, who knows.

My opinion is btc needs to either pop 60K in the next 48 hours, or we will see a pull back to at least 55. The one thing btc doesn't do for long is remain stable. 

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The analyst/newsletter I follow says the current floor is 45k. Will not go below that. Also just raised his target for end of cycle top from 250k to 300k     Bold numbers but thought I’d share  
 
 
 
 
Lol I fuckin hope so. Im betting on this to pay for my kids college. Partially kidding.
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I feel like the initial offering is going to be in overvalued but could be wrong.   I think the last price I saw was 300s.  Anyone buying initially?  On ipos I usually wait until the vesting period is over and then buy but not sure about this one.  Voyager digital is still a pretty good play at a much lower price point imo

Thinking I’ll hit both - Smaller bite at IPO then wait for things to stabilize a bit before buying more. It could be nuts though... My guy noted that everyone and their mom is calling in to get lined up for this one.
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4 hours ago, BearSchlong said:
5 hours ago, GRHorn said:
The analyst/newsletter I follow says the current floor is 45k. Will not go below that. Also just raised his target for end of cycle top from 250k to 300k     Bold numbers but thought I’d share  
 
 
 
 

Lol I fuckin hope so. Im betting on this to pay for my kids college. Partially kidding.

Baller.

 

I mean, what could go wrong?

 

lol

 

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38 minutes ago, T’Boo Ted Marshall said:

I’ve got ~$500 in Coinbase pro after a few transactions. Any suggestions on sub $1 coins that have long term potential? Most of my position is in ETH.

I wouldn’t just look at sub $1 coins but MATIC has been on a tear recently especially since they were list on Coinbase pro last month. Up 10x.  And still less than 40 cents.

here is a recent video describing what MATIC (Polygon) is and the potentials growth and problems with them.  I have no idea if MATIC will succeed or fail but I’m interested in speculating with a few dollars their way. Also MATIC allows for staking which looks to pay 19% annual rewards right now. This % will most likely drop over time.

 

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Might as well throw this into here. Anybody else start using HUMBL Financial's ETX's or active trading bots? The penny discord had some activity on it yesterday (launch....filled with usual new product hiccups) and today. Things seem to be up and running just fine now.

https://financial.humblpay.com/invest

 

Short version, $5/month subscription let's you link your Bittrex/Coinbase etc with HUMBL's crypto ETF's or their AI Bot that trades certain blocks for you. 

As someone who doesn't understand crypto in much detail or know the differences between coins..... That is a very, very appealing way to get in on the action while it all looks like greek to me still.

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By this point I went from 50% skeptical to 80% on-board. 
 

Not all cryptos, not all ecosystems, but certainly the possibility of “it” being a gigantic rugpull by a handful of shadowy  whales....there’s little credence to that anymore. 
 

Not enough to throw large % of assets to it, but I’m no longer fearful of losing what I’ve got in it. 

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52 minutes ago, 52-80 said:

By this point I went from 50% skeptical to 80% on-board. 
 

Not all cryptos, not all ecosystems, but certainly the possibility of “it” being a gigantic rugpull by a handful of shadowy  whales....there’s little credence to that anymore. 
 

Not enough to throw large % of assets to it, but I’m no longer fearful of losing what I’ve got in it. 

I think the thing that has eased my mind for sure regarding the fear of a rug pull type event is the very nature of how they work..... it circumvents the existing monetary system completely..... that's the whole point, decentralization. If the "man" doesn't actually control it..... they can't unplug it. 

/smoothBrainDiagnosis

I've got $1k in HUMBL stuff right now and excited to see what happens with it.

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58 minutes ago, 52-80 said:

By this point I went from 50% skeptical to 80% on-board. 
 

Not all cryptos, not all ecosystems, but certainly the possibility of “it” being a gigantic rugpull by a handful of shadowy  whales....there’s little credence to that anymore. 
 

Not enough to throw large % of assets to it, but I’m no longer fearful of losing what I’ve got in it. 

I’m up to about 98% sure that this year’s bull market is a go, so I’ve allocated almost 60% of my net worth to BTC and crypto proxies. 
 

By the end of this year, there will be some more aggressive regulatory actions or something that will cause a big sell off and end this cycle. Then the real fight to be truly integral to global finance will happen. I still put 90% chance of it being successful long term, but it will get hairy for a while. 

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On 4/3/2021 at 12:04 PM, cam4mav said:

Might as well throw this into here. Anybody else start using HUMBL Financial's ETX's or active trading bots? The penny discord had some activity on it yesterday (launch....filled with usual new product hiccups) and today. Things seem to be up and running just fine now.

https://financial.humblpay.com/invest

 

Short version, $5/month subscription let's you link your Bittrex/Coinbase etc with HUMBL's crypto ETF's or their AI Bot that trades certain blocks for you. 

As someone who doesn't understand crypto in much detail or know the differences between coins..... That is a very, very appealing way to get in on the action while it all looks like greek to me still.

Found a whitepaper going into nerd level detail on what HUMBL is doing and the details behind their ETX's. For those smart enough to understand any of it
https://uploads-ssl.webflow.com/5f7e0f64c2ca4d069511f5c9/5fe96dabf5428943133b2882_HUMBL Financial White Paper.pdf

 

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1 hour ago, Shaggy3.0 said:

Cryptos appear bearish across the board.  Should we be concerned—at least a little skerd?  I’m still diamond handing 5 crypto flavors. Looking for the bottom to load up again.

 

 

I don’t know what shitcoins you’re hodling, but BTC could potentially dip again to 51-52k. I think it won’t but it’s possible. 
 

This consolidation is taking longer than I expected but it only means the breakout and next leg up will be that much stronger. 

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On 4/7/2021 at 12:18 PM, Nice Guy Eddie said:

What is the board's thoughts on Coinbase's IPO next week? The valuation is key for understanding whether its worth throwing money Coinbase's direction but it will be a new Wall St indicator for crypto futures.

Here’s the Q1 numbers. Pretty impressive. The rare company nowadays coming public as a profitable enterprise. 
 

$122B held on the platform by institutions is pretty incredible. Have to figure that’s mostly BTC. As more big players hold large amounts it becomes harder and harder to “outlaw” Bitcoin. 
 

As far as valuation goes, idk. Crypto is obviously cyclical but looking at those growth numbers and net income of 750M per Q currently. It’s pretty fucking impressive. 

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Here’s some other pretty big news from yesterday. 

NYDIG is devoting whole division of their company to onboarding insurance companies. These companies don’t take capital allocation lightly. Mass Mutual, New York Life, Liberty Mutual, and Starr all publicly on board. New York Life CEO now has seat on board of NYDIG. It’s all becoming more entrenched every day. 

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On 3/16/2021 at 5:50 PM, bernorange said:

I bought some DOT on the Kraken exchange.  It offers staking so I staked it just to see how it works.  The exchange estimated 12% annual return.   It pays out weekly.  Last I checked, I was getting something like 0.17% each week.  Better than nothing I guess.  It's a really small play, so low risk as far as I'm concerned.

Revisiting this... I just saw this morning that the staking is paying out twice a week instead of once a week.  I've had my stake running since mid February (almost two months) and it looks to be tracking roughly 11% APY.  That's way better than I had originally thought.  If DOT appreciates on par with the field on top of 11% staking growth, I'll be a happy camper.

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3 hours ago, bernorange said:

Revisiting this... I just saw this morning that the staking is paying out twice a week instead of once a week.  I've had my stake running since mid February (almost two months) and it looks to be tracking roughly 11% APY.  That's way better than I had originally thought.  If DOT appreciates on par with the field on top of 11% staking growth, I'll be a happy camper.

The staking/interest game is relatively lucrative. As you state, if the DOT price remains stable, you come out ahead 11%. If the coin price moons, you experience even higher growth since you've been earning free coins along the way.

The risk is that you don't control your crypto keys. If you had 100% faith in these services, why wouldn't you transfer all of your fiat cash into stable coins and then earn 8-10% interest? The answer is that most of don't trust it 100%.

I use some of these options but always prefer to keep/stake the coins myself. As an example, I get about 7% extra Cardana ADA in their staking pools. The main risk is that you normally have to lock-up your coins for a certain time from a few days to a month. 

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The overnight increase feels like we passed a psychological barrier or maybe its just wishful thinking. We were stuck on a cycle of 55-60, and this pushed us safely past it even if only temporary. The Coinbase IPO tomorrow should make crypto even hotter unless the IPO falls on its face.

I have to admit that I'm FOMO-ing in terms of needing to buy more. I'm especially bullish on some alt coins as I've mainly focused on btc the last year. AAVE, LINK, DOT, ENJ, MATIC and XMR. Several of these are the picks and shovels for DeFi and NFTs and online gambling.

I'm even tempted to throw away some money on DOGE to join in on the fun with Elon.

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34 minutes ago, Nice Guy Eddie said:

The overnight increase feels like we passed a psychological barrier or maybe its just wishful thinking. We were stuck on a cycle of 55-60, and this pushed us safely past it even if only temporary. The Coinbase IPO tomorrow should make crypto even hotter unless the IPO falls on its face.

I have to admit that I'm FOMO-ing in terms of needing to buy more. I'm especially bullish on some alt coins as I've mainly focused on btc the last year. AAVE, LINK, DOT, ENJ, MATIC and XMR. Several of these are the picks and shovels for DeFi and NFTs and online gambling.

I'm even tempted to throw away some money on DOGE to join in on the fun with Elon.

Yeah I’ve gone even more in as far as my 401k. Sold some biotechs I had for long term hold. Moved to GBTC. It’s just hard to imagine them outperforming BTC over the next 6 months. I’m irresponsibly long but have never been more confident.

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14 minutes ago, closetohumping said:

I'm laughing at the losers who are invested in the stock market.

When they're finally able to easily transfer stock market funds into crypto, I won't be laughing at them. I will be buying their beers at the bar.

Once again, maybe wishful thinking but I foresee a day when employees have a crypto fund or digital asset option in their 401k.

2 minutes ago, GRHorn said:

Yeah I’ve gone even more in as far as my 401k. Sold some biotechs I had for long term hold. Moved to GBTC. It’s just hard to imagine them outperforming BTC over the next 6 months. I’m irresponsibly long but have never been more confident.

The only two things that I see halting the crypto train are a massive fraud/theft from a major exchange. Or if the US govt cracks down somehow. As for the latter, there should be signs in advance such as initial crackdowns on the privacy coins. The govt hates those with a passion.  But on the other hand, I gather there are some in law enforcement that see BTC chain analysis as a method to track financial transactions going back years.

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2 hours ago, BearSchlong said:

Ripple. And you're right. Not sure why.

It got delisted by all regulated exchanges because of the pending SEC legal action. They’re accused of being an illegal security. No upside to any US based exchange offering them. 
 

On another note, a good chart here showing where we are relative to past BTC halvings. 
 

 

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