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Crypto - Bitcoin, Dogecoin, Ethereum, etc.

Started by Woolly Bugger, February 15, 2022, 16:36:29 PM

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Woolly Bugger

Do any of y'all dabble in this stuff.?

I was just exploring NFTs, but didn't realize that there is a "Gas" tax for listing these things and can cost hundreds of dollars apiece.

I've acquired about 0.0005 ETH or about $1.55

when it "goes to the moon" (current robinhood lingo) i'll be rich... lol

ex - I'm not going to live with you through one more fishing season!
me -There's a season?

Pastor explains icons to my son: you know like the fish symbol on the back of cars.
My son: My dad has two fish on his car and they're both trout!

trout-r-us

#1

I bought into Ethereum (eth) and Cardano (Ada) a while back with intention of a long term hold. I never messed with the NFT's.
I bought through Coinbase.com and held in their vault. Due to security concerns they recommend using a security key system, e.g. Linksys, for two factor authentification.
The entire security key system and risks associated with loss of access to accounts on Coinbase and other exchanges, it was too cumbersome as I am attempting to simplify things for my prospective beneficiaries.
Anyway, I cashed out on the plus side when the time seemed right and reinvested in a high risk metaverse longshot  where I have been taking an ass whipping ever since. 😳.  Only time will tell.
Good luck with your NFT's. I just can't grasp that whole concept.


Dougfish

I bought hooks, tied flies, went fishing.
I feel much better about my present and future.

"Why don't you knock it off with them negative waves? Why don't you dig how beautiful it is out here? Why don't you say something righteous and hopeful for a change? " -Oddball, 1970

"I don't wanna go to hell,
But if I do,
It'll be 'cause of you..."
Strange Desire, The Black Keys, 2006

trout-r-us


Woolly Bugger

Quote from: trout-r-us on February 15, 2022, 20:25:06 PM

Anyway, I cashed out on the plus side when the time seemed right and reinvested in a high risk metaverse longshot called Matterport (mttr) where I have been taking an ass whipping ever since.

Capital gains tax?

I read that IRS treats mining as ordinary income, NFT sales would be taxable also.

There is supposed to be a question on Tax Returns asking if you own any crypto ..

Sort of like the offshore account question

ex - I'm not going to live with you through one more fishing season!
me -There's a season?

Pastor explains icons to my son: you know like the fish symbol on the back of cars.
My son: My dad has two fish on his car and they're both trout!

trout-r-us

Quote from: Woolly Bugger on February 15, 2022, 22:59:50 PM

Capital gains tax?

I read that IRS treats mining as ordinary income, NFT sales would be taxable also.

There is supposed to be a question on Tax Returns asking if you own any crypto ..

Sort of like the offshore account question

Yes, I did a friend's taxes just yesterday and noticed they get right into it with a yes/no question about "virtual currency". And the question is posed right at the beginning of 1040 just after the all important question as to whether you want three bucks to go to a presidential campaign fund. 🤣
Seems the Crypto losses/gains will be taxed as with most capital assets based on time held to determine tax rate class for short or long term gains.
https://www.irs.gov/pub/irs-prior/f1040--2021.pdf

rbphoto

I've stayed out of purchasing crypto, until I opened a coinbase account yesterday.  I still haven't purchased any, but they "gave" me $15 in BTC for opening the account.

I have bought & sold RIOT, MARA, HIVE and a few others.  A friend's brother is in the blockchain development industry and his perspective is that crypto is too unstable, but the technology behind it will continue to grow into other industries that will prove more stable.

I think some form(s) of crypto will eventually stabilize, but even the miners are too tied in to the cost of BTC to be thought of as stable.

Oh, and @Wooly Bugger, I'm up 665% in my robinhood account since 2/4 last year  :cheers

I'm more like Doug - go fishing.

"maybe procrastination is another word for fishing..." ben
"Just butchered my first silk kitty...." Wooly Bugger  January 26, 2018, 12:41:27 PM

Phil


bmadd

I agree with your friends brother @rbphoto that the future of crypto lies with Blockchain. Crypto that is tied to something tangible is what you need to be looking for IF you want to play with it. I do not.


Woolly Bugger

Quote from: trout-r-us on February 15, 2022, 20:25:06 PM

Due to security concerns

>>>A GROWING number of cyber criminals have amassed small fortunes in cryptocurrency as hacks and scams proliferate.

A new report from Chainalysis identified 4,068 criminal "whales", each of whom owns over $1 million worth of stolen cryptocurrency.

These whales — crypto slang for online wallets with large holdings — have amassed $25 billion in stolen or scammed cryptocurrency between them.

These criminal accounts now make up 3.7% of all the whale wallets.

Data analysts Chainalysis found crypto crime hit a new all-time high in 2021. $14 billion of funds were linked to illicit activity, up 79% on 2020's total.

https://www.msn.com/en-us/lifestyle/lifestyle-buzz/crypto-crime-wave-accelerates-as-report-finds-thousands-of-whales-hold-25-billion-in-stolen-funds/ar-AATVRDL?ocid=msedgntp

How a Young Couple Failed to Launder Billions of Dollars in Stolen Bitcoin
The case against Ilya Lichtenstein and Heather Morgan describes a big crime followed by a series of frustrations

>>>In August, 2016, a hacker stole 119,754 bitcoin from a cryptocurrency exchange called Bitfinex. On Tuesday, in Manhattan, a young married couple, Ilya Lichtenstein and Heather Morgan, appeared in federal court, charged with attempting to launder the proceeds of that crime. When the exchange was hacked, the stolen bitcoin was worth about seventy-one million dollars. Today, its value is more than five billion dollars. Shortly before their arrest, one could argue that—on paper, at least—Lichtenstein and Morgan were richer than Peter Thiel, who founded PayPal.

https://www.newyorker.com/business/currency/how-a-young-couple-failed-to-launder-billions-of-dollars-in-stolen-bitcoin

ex - I'm not going to live with you through one more fishing season!
me -There's a season?

Pastor explains icons to my son: you know like the fish symbol on the back of cars.
My son: My dad has two fish on his car and they're both trout!

Mudwall Gatewood 3.0

स्वस्तिप्रजाभ्यः परिपालयन्तां न्यायेन मार्गेण महीं महीशाः।
गोब्राह्मणेभ्यः शुभमस्तु नित्यं लोकाः समस्ताः सुखिनो भवन्तु॥

"Enjoy every sandwich."  Warren Zevon

trout-r-us

Quote from: Mudwall Gatewood 3.0 on February 16, 2022, 11:14:58 AM

स्वस्तिप्रजाभ्यः परिपालयन्तां न्यायेन मार्गेण महीं महीशाः।
गोब्राह्मणेभ्यः शुभमस्तु नित्यं लोकाः समस्ताः सुखिनो भवन्तु॥

Μου φαίνονται Κινέζικα

Mudwall Gatewood 3.0

Quote from: trout-r-us on February 16, 2022, 11:26:39 AM

Quote from: Mudwall Gatewood 3.0 on February 16, 2022, 11:14:58 AM

स्वस्तिप्रजाभ्यः परिपालयन्तां न्यायेन मार्गेण महीं महीशाः।
गोब्राह्मणेभ्यः शुभमस्तु नित्यं लोकाः समस्ताः सुखिनो भवन्तु॥

Μου φαίνονται Κινέζικα
There's a perfectly unacceptable reason it is Greek to you, confirming a monumental failure in our educational system.  Few, if any of us, can read Sanskrit any longer!

"What's the different between Bitcoin and my wife?
My wife doesn't go down on me."

"Enjoy every sandwich."  Warren Zevon

trout-r-us

Personally I'd like to see interest rates get back up to where they were during the Reagan administration and just put everything in fixed income securities, sit back and tie flies and go fishin'.


Trout Maharishi

#14

I bought 5 Bitcoin in 2015. It was less than $400 a coin. Now I'm not sure how to maximize it's potential spending power. I recently saw where Turbo Tax and Coinbase are teaming up to offer your tax refund (refund, what the hell is that?) in crypto. https://www.fastcompany.com/90718566/turbotax-teams-with-coinbase-to-give-you-your-2022-tax-refund-in-crypto

It takes considerable knowledge just to realize the extent of your own ignorance.
Thomas Sowell

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