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

[Parkerscott]

**** we only need a second run and Tron levels of hype to get above ten. That steaming pile of garbage got to a ~15 B marketcap based on lies and a stolen white paper. All about that mystical bullrun part 2, otherwise we'll actually need the project to succeed.

Why do you think I picked BAT?

It has the potential to be the biggest hype machine we have ever seen. If that fails we are dependent on success. If that fails we are fked

All the other coins have basically used up their hype, and have a steep climb to get back to ATH. Their path to success is also much much further along.

Hopefully we get the hype. If not at least we have the potential of success to fall back on. Other coins dont have that luxury.

BAT truly is a sleeper. Not much discussion about it in crypto communities. A lot of people dismiss it because they see it from a surface level. They see "crypto browser token that pays you to view ads" but what they dont see is that its potentially the next biggest advertising giant like ********,google,twitter,snapchat. Personally if i had the option to buy shares of brave software I would be all in. Unfortunately its a private company and im not an accredited investor. If the ad model works and its conversion rates are better than google or ******** we could be looking at a $100B+ company. This doesnt mean the coin will be worth a lot, but it does mean it will be worth much more than it is now.

This ad model is being released very soon, and if we notice good results from it we could see some absolutely insane crypto hype. Ad partners,speculation, etc. If the results are not so good, its not the end. Twitter and snapchat are dogchit, and they still make billions in ad revenue.

[HeBrewHammah]

Is today the ETF decision? Any word? Haven't been in here much.


edit: Also, is the 2k BTC narrative over yet?

[johnnycash123]

Is today the ETF decision? Any word? Haven't been in here much.


edit: Also, is the 2k BTC narrative over yet?

Its over until btc goes to around 6200 then we will here it for the 100th time again

[HeBrewHammah]

Its over until btc goes to around 6200 then we will here it for the 100th time again

lmao, touché!


Also, LOL @ vitalek, only way for eth to succeed is if he goes. ROFL

[Vexidi]

Why do you think I picked BAT?

It has the potential to be the biggest hype machine we have ever seen. If that fails we are dependent on success. If that fails we are fked

All the other coins have basically used up their hype, and have a steep climb to get back to ATH. Their path to success is also much much further along.

Hopefully we get the hype. If not at least we have the potential of success to fall back on. Other coins dont have that luxury.

BAT truly is a sleeper. Not much discussion about it in crypto communities. A lot of people dismiss it because they see it from a surface level. They see "crypto browser token that pays you to view ads" but what they dont see is that its potentially the next biggest advertising giant like ********,google,twitter,snapchat. Personally if i had the option to buy shares of brave software I would be all in. Unfortunately its a private company and im not an accredited investor. If the ad model works and its conversion rates are better than google or ******** we could be looking at a $100B+ company. This doesnt mean the coin will be worth a lot, but it does mean it will be worth much more than it is now.

This ad model is being released very soon, and if we notice good results from it we could see some absolutely insane crypto hype. Ad partners,speculation, etc. If the results are not so good, its not the end. Twitter and snapchat are dogchit, and they still make billions in ad revenue.

BAT is more than just some hype token, it could be a core internet utility not unlike the other massive utility Brendan Eich created.

[BDSMBBW]

STORM looks like its gonna fall further. Gonna wait and watch if it keeps dropping i'll be out and look for another opportunity to get back in.

[Silencespeaks]

Is today the ETF decision? Any word? Haven't been in here much.


edit: Also, is the 2k BTC narrative over yet?

From what I understand, today is just the SEC deadline to receive comments on their previous denial of the 9 ETF’s that they are reconsidering. Presumably they’ll need time to review those comments, so seems like it will be decided sometime after today.

https://www.sec.gov/rules/sro/nysear...8/34-84370.pdf

[Parkerscott]

BAT is more than just some hype token, it could be a core internet utility not unlike the other massive utility Brendan Eich created.

Exactly!

The hype is just an added bonus that could speed up the adoption of BAT as well as crypto.

If some decent hype sends this to $2 the BAT UGP would be worth $1 billion dollars. Thats a $1 billion dollar war chest set aside for user growth through incentives.

I think i just heard a minute ago that someone from the team said BAT would be similar to google adwords. If the browser is able to find purchase intent through search queries on google/amazon and serve an ad, that will be fkn massive.

The token utility on the web will also be extremely cool. They are working on twitter and reddit tipping right now.

[SleeveStretchin]

STORM looks like its gonna fall further. Gonna wait and watch if it keeps dropping i'll be out and look for another opportunity to get back in.

Bounced off 137 I believe

[Parkerscott]

BAT is now live on coinbase pro in limit only mode. Should be fun to watch. Get those scalps ready traders. lots of volatility

[Kalmah6661]

BAT is now live on coinbase pro in limit only mode. Should be fun to watch. Get those scalps ready traders. lots of volatility

All aboard, brah. My BAT is ready.

I was able to sell at 27 cents and rebuy at 23 cents for some bonus tokens. Now I'm sitting on it. Perfect timing.

[Parkerscott]

All aboard, brah. My BAT is ready.

I was able to sell at 27 cents and rebuy at 23 cents for some bonus tokens. Now I'm sitting on it. Perfect timing.

Now its time to age those tokens for one year for maximum results unless theres a reason to sell such as parabolic price growth or another big market dump.

I paid short term cap gain taxes last year. Never again.

[Silencespeaks]

Now its time to age those tokens for one year for maximum results unless theres a reason to sell such as parabolic price growth or another big market dump.

I paid short term cap gain taxes last year. Never again.

Yeah same with the BTC/ETH I sold in December. Reported as short term capital gains on my tax return. Did the cost basis math myself on FIFO basis and prepared an overview with backup printouts from Gemini/Coinbase for my accountants. They were clueless about reporting crypto and I think I was their first client reporting it.

[Parkerscott]

Yeah same with the BTC/ETH I sold in December. Reported as short term capital gains on my tax return. Did the cost basis math myself on FIFO basis and prepared an overview with backup printouts from Gemini/Coinbase for my accountants. They were clueless about reporting crypto and I think I was their first client reporting it.

It wasnt so much the process. It was the amount that i had to pay that killed me. Made me basically run from trading because most of the gains would be eaten by taxes. That and poor entries and exits.

[Kalmah6661]

Now its time to age those tokens for one year for maximum results unless theres a reason to sell such as parabolic price growth or another big market dump.

I paid short term cap gain taxes last year. Never again.

Yeah same with the BTC/ETH I sold in December. Reported as short term capital gains on my tax return. Did the cost basis math myself on FIFO basis and prepared an overview with backup printouts from Gemini/Coinbase for my accountants. They were clueless about reporting crypto and I think I was their first client reporting it.

Did you guys cash out to FIAT and actually have the cash in your bank accounts?

By "sell," I meant selling BAT, hiding in BTC, and then buying BAT again.

Capital gains tax would only apply to profits anyway, so I wouldn't have to report much if that's the case.

[Silencespeaks]

It wasnt so much the process. It was the amount that i had to pay that killed me. Made me basically run from trading because most of the gains would be eaten by taxes. That and poor entries and exits.

Yeah agree that is a huge negative to trading. I think some traders don’t realize that every single profitable trade is taxable.

This year I’ve mostly just been buying and holding except for some sales in Jan/Feb. If we bull run again I will take some profits though, even if it’s still short term capital gains.

[Silencespeaks]

Did you guys cash out to FIAT and actually have the cash in your bank accounts?

By "sell," I meant selling BAT, hiding in BTC, and then buying BAT again.

Capital gains tax would only apply to profits anyway, so I wouldn't have to report much if that's the case.

Yes I reported what I sold to fiat. On alts trading (crypto to crypto) I did very little and I think I had a loss overall and did not report that loss.

There was also some tax regulation confusion on whether crypto to crypto sales are taxable. To my very limited understanding that has been clarified to state that crypto to crypto sales are taxable, so on 2018 returns more people will be reporting crypto to crypto gains (as well as crypto to fiat).

[Kalmah6661]

Yeah agree that is a huge negative to trading. I think some traders don’t realize that every single profitable trade is taxable.

This year I’ve mostly just been buying and holding except for some sales in Jan/Feb. If we bull run again I will take some profits though, even if it’s still short term capital gains.

Do you have an LLC or S-Corp? I run profits (not realized profits yet, though) through that and don't get taxed on a personal level.

The new corporate tax rate saves the day there.

[wickedman]

There was just a story on Reddit the other day of some poor SOB who did his trading on Coinbase, made 750k by December, held, Coinbase sends his info to the IRS, holds, loses all the way down to 150k after the crash. Because "coin-to-coin" trading is considered a taxable event - he owes over 300k in taxes... and has 150k in total value of his crypto.

Moral of the story being, if you don't know what you are doing you can really get ****ed, and if you are going to do daily trading - don't do it on a site that isn't out of some country that won't give all of your information to the IRS.

[mrc19888]

geez markets doing a whole lot of jack chit right now. Anyone have a good basic burger recipe that I can throw together? I have all the standard spices a single 30 year old guy would have, lacking in the vegetable department. So onions are out.

[mrc19888]

There was just a story on Reddit the other day of some poor SOB who did his trading on Coinbase, made 750k by December, held, Coinbase sends his info to the IRS, holds, loses all the way down to 150k after the crash. Because "coin-to-coin" trading is considered a taxable event - he owes over 300k in taxes... and has 150k in total value of his crypto.

Moral of the story being, if you don't know what you are doing you can really get ****ed, and if you are going to do daily trading - don't do it on a site that isn't out of some country that won't give all of your information to the IRS.

That's a double negative homes. That's like saying DO trade in a country that will send your info to the IRS. I also don't entirely believe that story. That's like if you ran a used car business and sold 100k profit in cars but your costs that year was 300k not being able to write that off as a loss. His actual loss year over year would have been 600k. There's no way he's going to have to pay that. Fun fact too in the states your taxes are negotiable how much you pay. I believe about 10 people in the entire country know that. Also the gas you put in your car is negotiable, the food you buy, is negotiable, the hospital bill that is 100k can be paid off for like 4 grand. The only hard and fast rule is you have to pay exact percentages of federal and state taxes under a specific wage earnings per year.

The IRS has something called "offer in compromise".

I bought a home and sold it the same year for a "capital gains tax" of about 16k. I ended up paying maybe 700$ in taxes on it. There's a litany of ways that a good tax attorney can do work for you.

[manjay]

I believe that story to some extent, maybe not so much the $ but the affect of trading up a huge capital gain, and then hodling on the way down through the financial year and getting destroyed by the fact you didnt lock in any capital losses to offset it.

I'm not making that mistake again come tax time, if im on a loser position brb market sell ~ month out from tax and just hodl in cash or btc (and make no capital gains trade on the way up before financial year ends)

[wickedman]

That's a double negative homes. That's like saying DO trade in a country that will send your info to the IRS. I also don't entirely believe that story. That's like if you ran a used car business and sold 100k profit in cars but your costs that year was 300k not being able to write that off as a loss. His actual loss year over year would have been 600k. There's no way he's going to have to pay that. Fun fact too in the states your taxes are negotiable how much you pay. I believe about 10 people in the entire country know that. Also the gas you put in your car is negotiable, the food you buy, is negotiable, the hospital bill that is 100k can be paid off for like 4 grand. The only hard and fast rule is you have to pay exact percentages of federal and state taxes under a specific wage earnings per year.

The IRS has something called "offer in compromise".

I bought a home and sold it the same year for a "capital gains tax" of about 16k. I ended up paying maybe 700$ in taxes on it. There's a litany of ways that a good tax attorney can do work for you.

You know I'm actually not sure now, initially I agreed with you, but I actually think it might be a triple negative, making my original intent accurate - but still extremely poorly written.

And I don't doubt he won't be able to negotiate with them (God willing), but the logic behind the tax laws and how it shook out for him is legit.

[jamalfudge]

Do you have an LLC or S-Corp? I run profits (not realized profits yet, though) through that and don't get taxed on a personal level.

The new corporate tax rate saves the day there.

I watched a video recently with a dude who specializes in setting up corporations for crypto gains. Guy really knew his stuff. Think the set-up would run under a grand. When I find his website I'll post it here.

[manjay]

Bit of a game playing out on bitfinex, btc trying to break high on the resistance. Millions in orders battling it out, can bull run finally start already ffs

[mrc19888]

I literally just traded my heart out to make $2 on XRP. I wasn't sure where I was at because I was trying to buy and sell so fast. When the dust settled $2.38. JACKPOT\

I'm hopping into yoyo. world of support. the entire previous pump was given back over 4 days. should be an easy few percent.

[Silencespeaks]

Do you have an LLC or S-Corp? I run profits (not realized profits yet, though) through that and don't get taxed on a personal level.

The new corporate tax rate saves the day there.

Yeah I have two but for unrelated ventures. Thanks I’ll check with my accountant on how that would work.

[Mythenthefang]

omisebros

https://blog.hoard.exchange/how-hoar...g-62f139ec3dd4

HO

LEE

FUK

Game is a bit buggy (at least on Chrome for me the controls sometimes don't respond) but this is amazing

[ARhymingApe]

Das it mayne

Tipping point will be if an established player in the gaming space fully buys into it and increases adoption through native implementation into a popular free to play game. I'm saying a true 500lbs gorilla like Fortnite or Team Fortress using crypto for digital collectibles. You know Gabe Newell and the neckbeards over at Steam HQ have to be thinking about this already.

Then moon.

[Mythenthefang]

Das it mayne

Tipping point will be if an established player in the gaming space fully buys into it and increases adoption through native implementation into a popular free to play game. I'm saying a true 500lbs gorilla like Fortnite or Team Fortress using crypto for digital collectibles. You know Gabe Newell and the neckbeards over at Steam HQ have to be thinking about this already.

Then moon.

Even if they don't someone will beat them to it and become the new gorilla in town