MISC Crypto Crew (MCC) Vol: XII: Retirement plans and exit scams

[ineed$]

Anyone loling hard at the omise go reddit? Some of their valuable member posted a reddit thread basically calling omise go a scam, and everyone is picking up on it.
Vlad Zamifir trashing it with the original whitepaper writer.
We got duped brahs, good thing I got out.

I told you brahs about all those warning signs....only problem was I said it a week earlier, we would have all gotten a decent amount if we had played it right

[Silencespeaks]

If we wanted to claim losses for taxes do we have to sell before december 31st?

Havent decided whether im going to, but im considering it

Disclaimer: I’m not an accountant and idk how it really works, so consult with your accountant.

From my very limited understanding I’m guessing you would have to sell by Dec 31 to claim the loss on your 2018 tax return. If you sell Jan 1 or later then I’m guessing it would go on your 2019 return but not sure. And apparently there’s a $3000 cap to claim the loss against ordinary income but possibly no cap to claim the loss against capital gains income, but again I’m not sure.

And using FIFO I was wondering if it would work to buy now and sell if it goes up so pocketing the profit now plus claiming a loss from that same transaction.

For example I wonder if it works like this? Buy one BTC now at $3k and if it goes to $3.5k by Dec 31. Sell on Dec 31 and pocket the $500 profit. Then on your tax return list that sale not as a profit but as a loss on FIFO cost basis if you bought your first unsold BTC at say $5k earlier this year. So you pocket the $500 profit and also claim a $1.5k loss on your tax return.

Again idk if it works like this, just wondering about it, so check with your accountant.

[mrc19888]

What an unbelievable run by waves even in the face of btc smelling like leg down. almost 300% in 2 weeks ish

[mrc19888]

https://twitter.com/abztrdr/status/1073283529050677249

lmaooo!!!

hhahahahhahah.

[Parkerscott]

Wait.....I thought u LOVED bat and had a lot in it? What happened?

I try to not love anything of this world other than people.

Sow your seed in the morning,
and at evening let your hands not be idle,
for you do not know which will succeed,
whether this or that,
or whether both will do equally well.

I still have BAT and only BAT, but I don't know what tomorrow will bring. Don't listen to me, or any trader or person of power when it comes to financial advice or pretty much anything. I, and others dont know the future.

Roll the dice

[manjay]

I dont see the point in locking in a capital loss if you're willing to hold for 1 year + and not trade. Why not get a 50% capital gains tax discount when btc hits the next bubble stage, then get out. The 50% tax discount then would far outweigh the measly capital losses now.

Of course, this is all predicated that crypto doesnt die and bubbles again.. even if it doesnt, can still lock in that capital loss.

[Trapstar4.4]

I try to not love anything of this world other than people.

Sow your seed in the morning,
and at evening let your hands not be idle,
for you do not know which will succeed,
whether this or that,
or whether both will do equally well.

I still have BAT and only BAT, but I don't know what tomorrow will bring. Don't listen to me, or any trader or person of power when it comes to financial advice or pretty much anything. I, and others dont know the future.

Roll the dice

I believe the markets will recover long term and thrive. The truth is that it is super immsture and has a long way to go in getting to the promised land . Not only that but first figuring out what this market is. Which projects should die versus thrive. Wtf will BTC be.? Important questions that won't have answers for a long time

It just sucks because I'm not inclined to tell (evangelize) family and friends. Ideally you tell somebody and then they go research. Instead i think some will just go buy, in which case a collapse would be all my fault (in their minds)

Ilong term I'm all in. I haven't often had the chance to ride the rich people's coat tails. It could go busto, but it's probably worth going after this . Just based on the macro view of it all

In a 5 - 7 years I'm either going to be sitting on a sht load of worthless coins (5 max) or I'm retiring . Ayyyy

In the former I'm still earning a strong wage and relying on the 401k at retirement and traditional investments. Not ideal but the safety net is there. I'd really love not being a wagecell into my 60s though .

[Parkerscott]

I dont see the point in locking in a capital loss if you're willing to hold for 1 year + and not trade. Why not get a 50% capital gains tax discount when btc hits the next bubble stage, then get out. The 50% tax discount then would far outweigh the measly capital losses now.

Of course, this is all predicated that crypto doesnt die and bubbles again.. even if it doesnt, can still lock in that capital loss.

This is just a guess, but I would personally harvest a tax loss for bitcoin. I will not harvest a loss for BAT. Bitcoin is a long term hold anyways, and I dont think its going to hit 20k again in a year or maybe even three unless there is some major financial collapse or the core developers drop some black swan smart contract package complete with adoption,scalability, and immutability. Speculation for bitcoin is all but dead in my opinion. I certainly wouldn't put my name on bitcoin. I would be very very hard pressed to vouch for bitcoin or ethereum and tell someone to buy it. Too much risk even for a blue chip. I would point them in the right direction to find the research materials to form their own opinion, but im not going out of my way to be an evangelist, and im only doing so if they ask me my opinion on those coins in particular.

I believe the markets will recover long term and thrive. The truth is that it is super immsture and has a long way to go in getting to the promised land . Not only that but first figuring out what this market is. Which projects should die versus thrive. Wtf will BTC be.? Important questions that won't have answers for a long time

It just sucks because I'm not inclined to tell (evangelize) family and friends. Ideally you tell somebody and then they go research. Instead i think some will just go buy, in which case a collapse would be all my fault (in their minds)

Ilong term I'm all in. I haven't often had the chance to ride the rich people's coat tails. It could go busto, but it's probably worth going after this . Just based on the macro view of it all

In a 5 - 7 years I'm either going to be sitting on a sht load of worthless coins (5 max) or I'm retiring . Ayyyy

In the former I'm still earning a strong wage and relying on the 401k at retirement and traditional investments. Not ideal but the safety net is there. I'd really love not being a wagecell into my 60s though .

Wizard, i didnt even read your post, started writing mine, and then saw the part about you evangelizing it. Same words and everything lol. 2 spooky. Wizdom of the crowds?

Like anything in this world though there are no guarantees. If I lose all my money, it will sting a bit, but this has truly been a blessing. Im much closer to God now, im not wanting to blow my brains out everyday like i did when i was working odd jobs lol, and basically my life is much better than it has ever been. I used to fantasize about retirement, and i havent worked in about a year now, and im not in a rush to go back, but i think even if i retired, i would find some form of work. Lots of subjects interest me, and i have played enough video games and snowboarded enough to know doing these things all day would just be a waste of talents although i do enjoy them a lot.

I think you have a good mindset though. You do have a career, and you recognize that this isn't an overnight success story, and you could start over from square one. You understand the technology also, and you are diversified. We don't know whats going to happen. If it all goes belly up, at least we hopefully learned some very valuable lessons, and nobody here gets a rope testing job.

[mgftp]

[ghostfacedup]

This thing is screwed. I'm basically almost completely out of alts. I feel like alts are fairly doomed because people can just make a fork or make a better product, and tech always improves. These aren't companies, these are open source projects.

The only concept that actually makes sense to me right now is digital gold, and that's where my money is at...I'm like 95% btc.

[PowersKenny]

Daily reminder you are fools...that's all

[Trapstar4.4]

This is just a guess, but I would personally harvest a tax loss for bitcoin. I will not harvest a loss for BAT. Bitcoin is a long term hold anyways, and I dont think its going to hit 20k again in a year or maybe even three unless there is some major financial collapse or the core developers drop some black swan smart contract package complete with adoption,scalability, and immutability. Speculation for bitcoin is all but dead in my opinion. I certainly wouldn't put my name on bitcoin. I would be very very hard pressed to vouch for bitcoin or ethereum and tell someone to buy it. Too much risk even for a blue chip. I would point them in the right direction to find the research materials to form their own opinion, but im not going out of my way to be an evangelist, and im only doing so if they ask me my opinion on those coins in particular.



Wizard, i didnt even read your post, started writing mine, and then saw the part about you evangelizing it. Same words and everything lol. 2 spooky. Wizdom of the crowds?

Like anything in this world though there are no guarantees. If I lose all my money, it will sting a bit, but this has truly been a blessing. Im much closer to God now, im not wanting to blow my brains out everyday like i did when i was working odd jobs lol, and basically my life is much better than it has ever been. I used to fantasize about retirement, and i havent worked in about a year now, and im not in a rush to go back, but i think even if i retired, i would find some form of work. Lots of subjects interest me, and i have played enough video games and snowboarded enough to know doing these things all day would just be a waste of talents although i do enjoy them a lot.

I think you have a good mindset though. You do have a career, and you recognize that this isn't an overnight success story, and you could start over from square one. You understand the technology also, and you are diversified. We don't know whats going to happen. If it all goes belly up, at least we hopefully learned some very valuable lessons, and nobody here gets a rope testing job.

yep at a minimum this will all be interesting which ever way it goes. and yeah early retirement for me would be a dream. i have always wanted to be a career volunteer. here to make the world a better place. whether it's shoveling poop and walking dogs at the animal shelters, community clean up projects, working with this super cool charity project called "hope for soap". hell i would even like to walk into a nursing home on a thursday. sit down in the communal area and just chill, open to conversation.

thats a fcking dream for me. but for now i try to do that at times, but im super busy trying to pump the bottom line at this multi billion dollar corporation lol

Daily reminder you are fools...that's all

dude if you want sex, just ask. i gotchu (gay for a day?)

[gixxer0.6g]

$2ks incoming.

[ymer]

Daily reminder you are fools...that's all

lol repped to offset some of the butthurt negs that are coming to your cp

[luckynrslevin]

Yep Verge is a fork of dogecoin.

Here's my list of alts and how much they need to pump for me to even break even.

WTC - Has to pump 420% for me to be breakeven.

Ncash - 530%

Neo - 355%

Cvc - 200%

These numbers will continue to increase as we get deeper and deeper into the bear market.

my portfolio to reach ath again needs a small 25x lmao


looking for a good entry in the next 24h is probably a good idea

[propreffered7]

Disclaimer: I’m not an accountant and idk how it really works, so consult with your accountant.

From my very limited understanding I’m guessing you would have to sell by Dec 31 to claim the loss on your 2018 tax return. If you sell Jan 1 or later then I’m guessing it would go on your 2019 return but not sure. And apparently there’s a $3000 cap to claim the loss against ordinary income but possibly no cap to claim the loss against capital gains income, but again I’m not sure.

And using FIFO I was wondering if it would work to buy now and sell if it goes up so pocketing the profit now plus claiming a loss from that same transaction.

For example I wonder if it works like this? Buy one BTC now at $3k and if it goes to $3.5k by Dec 31. Sell on Dec 31 and pocket the $500 profit. Then on your tax return list that sale not as a profit but as a loss on FIFO cost basis if you bought your first unsold BTC at say $5k earlier this year. So you pocket the $500 profit and also claim a $1.5k loss on your tax return.

Again idk if it works like this, just wondering about it, so check with your accountant.

Tried to rep, but on recharge. Thanks for the suggestion

[YungSodomy]

lol. Not at all. No one here knows my financial status. I could be playing with burrito and bottled water money for all you know.

I could even be a low key whale.. Who knows?

We don't know what crypto is going to do from here. We will all see whether we like it or not. We don't have to point fingers and critic what people are buying by saying folks are allergic to money, smh. That's backward thinking, but thanks for your opinion.

LOLLLL.


Hope you enjoyed your awesome bargain entry point, brah.


God forbid you actually exercised any type of financial patience and listened to some voices of reason in the face of glaring warning signs so you could actually get value out of your money.

>But who was rising wedge with falling volume in an overall 6 month financial cliffdive?
>B-but 85% off all tiem highs ****'s bottomed out dis dat bargain mane!

I'm sure you're a whale. You seem extremely well versed in the logistics. Fkn lol.

[manjay]

$2ks incoming.

200D weekly MA on bitstamp = 3175 and RSI on the weekly is hitting oversold levels not seen since the low of 2015, just prior to the start of the bullrun.

If we get a weekly close below 3100 id be pretty shocked, judging by the pitiful bounce we're getting tho.. looking more likely than not.

[ymer]

lol at people saying "I told you it was a scam", "I called it" after everything went parabolic and people made fortunes.

Yeah....awesome call

[YungSodomy]

200D weekly MA on bitstamp = 3175 and RSI on the weekly is hitting oversold levels not seen since the low of 2015, just prior to the start of the bullrun.

If we get a weekly close below 3100 id be pretty shocked, judging by the pitiful bounce we're getting tho.. looking more likely than not.

There's no volume or buy pressure. RSI means very little in these situations, and you're just setting yourself up for failure basing things off historical markers at this point.

Unless there's some huge collaborated push out of nowhere, this ship is going to sink quick down to new levels. It's just a matter of (short) time.

[BDSMBBW]

200D weekly MA on bitstamp = 3175 and RSI on the weekly is hitting oversold levels not seen since the low of 2015, just prior to the start of the bullrun.

If we get a weekly close below 3100 id be pretty shocked, judging by the pitiful bounce we're getting tho.. looking more likely than not.

Yep. Looking more and more likely we are gonna go much lower. This bounce is so sad and non-existent - We are gonna struggle to even get past 3250. If we can close hourly candles above 3250, Then there might be a small chance of a bounce.

my portfolio to reach ath again needs a small 25x lmao


looking for a good entry in the next 24h is probably a good idea

Jeez man what did you invest in for your portfolio to go down by that much. 25x is almost impossible to get back from! Is that in BTC value or fiat?

[manjay]

There's no volume or buy pressure. RSI means very little in these situations, and you're just setting yourself up for failure basing things off historical markers at this point.

Unless there's some huge collaborated push out of nowhere, this ship is going to sink quick down to new levels. It's just a matter of (short) time.

200D MA on weekly is a pretty massive level in normal markets, BTC has never tested it. And yes while it does seem like a weak bounce, the short side is getting pretty crowded at the moment.

[mujie]

Lol

All these kunts mentioned needed was a basic lesson in Elliot Wave theory

[YungSodomy]

200D MA on weekly is a pretty massive level in normal markets, BTC has never tested it. And yes while it does seem like a weak bounce, the short side is getting pretty crowded at the moment.

200ma stuck out like a sore thumb on my chart too. But yeah...the market is so incredibly weak. And there's no underlying fundamental change that leads me to believe something is going to reverse in the immediate short term. Why should it? Once it drops below that, it's most likely going to be a swift and violent burst sell off.

[manjay]

Yeah not sure what would turn it around, in saying that not sure what wouldve changed it in previous cycles either. BTC didnt have anywhere near the exposure/big players today getting into it, compared to year+ ago.

One thing I will say, mainstream media has been extremely negative BTC last few weeks.

Just in the last few days:
-Bomb threats requesting 20k in BTC? If it was USD probably wouldnt have even heard about it.
-Numerous bloomberg FUD articles claiming potential for BTC and criminal laundering

[Trapstar4.4]

Today is the day

99bil market cap. Let's go dump eet

[iifymbro]

Lol

All these kunts mentioned needed was a basic lesson in Elliot Wave theory

They were saying that chit to drum up liquidity, rule #1 never trust hedge funds/big money when they tell you chit

[lowstrife]

200D weekly MA on bitstamp = 3175 and RSI on the weekly is hitting oversold levels not seen since the low of 2015, just prior to the start of the bullrun.

If we get a weekly close below 3100 id be pretty shocked, judging by the pitiful bounce we're getting tho.. looking more likely than not.

Oh cool, then we can wick below it and run everyones stops just like we do with the daily 200 on corrective pullbacks all the time.

lol at people saying "I told you it was a scam", "I called it" after everything went parabolic and people made fortunes.

Yeah....awesome call

Few made fortunes, even fewer kept them. Majority bought into these narratives.

There is a reason why we old timers call them ****coins. We've seen these moves before. Trade and speculate on them, but don't hold that **** long term.

[luckynrslevin]

Jeez man what did you invest in for your portfolio to go down by that much. 25x is almost impossible to get back from! Is that in BTC value or fiat?

it's in fiat. brah most coins are 95%+ down from ath

[Serenadium]

it's in fiat. brah most coins are 95%+ down from ath

25x down in FIAT...

i dont know what to say bro