Official Bitcoin, Ethereum, and other Alt coin crypto thread

Thefishguy77 said:
Sucks to suck. But thanks. :flipoff2:
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back at ya :flipoff2:

No seriously, I bought into crypto literally at the two highest points in the last couple of years. I'm down a few hundo and don't expect to ever even break even. I don't have cycles to try and play with this shit. Fun, but I just don't have time.

But on another note that several folks have asked me about in person....honest question... Has anyone ever actually 'cashed out' of Crypto? What I mean by that is buying with USD, play with the market and then literally get USD out of it?
 
blakes said:
But on another note that several folks have asked me about in person....honest question... Has anyone ever actually 'cashed out' of Crypto? What I mean by that is buying with USD, play with the market and then literally get USD out of it?
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I see no reason to cash out, until it's life changing money for me.

Screenshot_20240308_105557_Cryptocom.jpg
 
Thefishguy77 said:
Why are people cashing out now? Its just the beginning of the bull run. There will be a slight dip before the halving then the real fun begins. Only things I am selling are swing or leverage trades. No long term bag trades.
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I put $500 bucks in...two years ago and it crashed.....so Im currently sitting at about 30% over that. Figure Im in the plus, so why not cash out. Not like my $500 is going to make me a million (sadly).
 
blakes said:
back at ya :flipoff2:

No seriously, I bought into crypto literally at the two highest points in the last couple of years. I'm down a few hundo and don't expect to ever even break even. I don't have cycles to try and play with this shit. Fun, but I just don't have time.

But on another note that several folks have asked me about in person....honest question... Has anyone ever actually 'cashed out' of Crypto? What I mean by that is buying with USD, play with the market and then literally get USD out of it?
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Yes. I have cashed out of crypto back to my bank before. No big deal. The cycle is just Bitcoin. It is on roughly a 4 year cycle and hasn’t varied from it yet. You say you’re down a few hundo. Well unless the coins your in suck or are gone pay attention over the next 1.5 years. You will probably be able to cash out in profit if you want. Bitcoin has gone for 15-17k at this cycle low up to a new ATH already and the halving hasn’t happened yet. Within a few years you will be able to roll your crypto over to a assent manager and they will make you some profit with it if you want.
 
Burns said:
I put $500 bucks in...two years ago and it crashed.....so Im currently sitting at about 30% over that. Figure Im in the plus, so why not cash out. Not like my $500 is going to make me a million (sadly).
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What coins do you have? You bought near the peak. If you’re in just BTC your probably back in profit. When was the last
Time you checked?
 
Thefishguy77 said:
Why are people cashing out now? Its just the beginning of the bull run. There will be a slight dip before the halving then the real fun begins. Only things I am selling are swing or leverage trades. No long term bag trades.
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Cash out now, cash out later, you better understand the tax implications on it.

And before now, I don't think taxes have really been discussed in any kind of depth (or I wasn't paying attention, and I still don't completely and concretely understand. I just know the government is out there with an immense desire to steal any profits I may have stumbled into, and I have a greater desire to try anything reasonable, and some shit that may be down right shady keep it)

And fuck cashing out. if you sell it you're paying tax, even when you buy back the same day. You made a dollar, you take home 70 cents. Now you only have 70 cents to buy back in.... it's not a dollar for dollar kind of deal. When you buy and sell, you have to make 30% to be even on a trade. OR SO I HAVE BEEN TOLD. (and If I have this fucked up PLEASE fucking correct me)
(yeah you still have the initial investment, but you get what I am getting at)

And I don't know how clearly that is stated in the wallet and trading apps or understood in general, because it has been fuzzy in my head (and while I bought something with BTC once about 8 years ago, I've never traded BTC or gotten any US Dollars)

And why am "I" considering cashing out now???? Couple of reasons...

1. Well... I've always bought at the top and cashed out at the bottom, and I thought I may try something kinda new for me.

2. I kinda would like to try my hand at speculating on the bounce. Sell on the rise or what I would guess would be near the top, buy at the dip, sell when it rallies again... Not get rid of bitcoin, but trade it.

3. I could take my bitcoin, and my savings and come really close to paying off my house.


I don't know... just a tangent... don't even know if you were referring to this.... Fuck.. i truly don't know shit about fuck.... I think I may go have a beer.
 
grumpy356 said:
Cash out now, cash out later, you better understand the tax implications on it.

And before now, I don't think taxes have really been discussed in any kind of depth (or I wasn't paying attention, and I still don't completely and concretely understand. I just know the government is out there with an immense desire to steal any profits I may have stumbled into, and I have a greater desire to try anything reasonable, and some shit that may be down right shady keep it)

And fuck cashing out. if you sell it you're paying tax, even when you buy back the same day. You made a dollar, you take home 70 cents. Now you only have 70 cents to buy back in.... it's not a dollar for dollar kind of deal. When you buy and sell, you have to make 30% to be even on a trade. OR SO I HAVE BEEN TOLD. (and If I have this fucked up PLEASE fucking correct me)
(yeah you still have the initial investment, but you get what I am getting at)
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You're taxed on the gains, not on the total value. If you bought $10k worth and sold it when it was worth $15k you're taxed on the $5k that you gained. So if its short term and your tax bracket is 30% then you would have $13,500 leftover to buy back in. You would pay $1500 in taxes (30% of $5k)

If you held the asset for less than a year then its short term capital gains which is taxed at your normal income tax bracket rate. If you held it over a year then its long term capital gains which is 0%, 15%, or 20% depending on your tax bracket. This is not financial advice, do your own research and consult with your tax accountant for accurate information.
 
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Crypto.com has Pi Coin listed at $55 a coin today.

Which is weird since it has not gone to "mainnet" (whatever that means) yet. It is not worth anything supposedly until that happens.

If it even comes out at $10 I will be beyond stoked.
 
grumpy356 said:
Cash out now, cash out later, you better understand the tax implications on it.


And fuck cashing out. if you sell it you're paying tax, even when you buy back the same day. You made a dollar, you take home 70 cents. Now you only have 70 cents to buy back in.... it's not a dollar for dollar kind of deal.
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I don’t get this. The exchange doesn’t take any money for taxes. You have the whole amount to buy back in. It’s kind of like a casino, you aren’t paying taxes till you leave. And that’s if you declare it. If I spend my Bitcoin in Argentina, how would the IRS know?
 
WaterH said:
I don’t get this. The exchange doesn’t take any money for taxes. You have the whole amount to buy back in. It’s kind of like a casino, you aren’t paying taxes till you leave. And that’s if you declare it. If I spend my Bitcoin in Argentina, how would the IRS know?
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The exchange will tell them. I can't remember the form but I got mine recently.
 
blakes said:
back at ya :flipoff2:

No seriously, I bought into crypto literally at the two highest points in the last couple of years. I'm down a few hundo and don't expect to ever even break even. I don't have cycles to try and play with this shit. Fun, but I just don't have time.

But on another note that several folks have asked me about in person....honest question... Has anyone ever actually 'cashed out' of Crypto? What I mean by that is buying with USD, play with the market and then literally get USD out of it?
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Yes. I put money in bitcoin and ethereum around 2016 or 2017 and took out money for a large down payment on my shop around 2018 when it was relatively high. And again for a down payment on my house.

I made a rule for myself when I caught myself thinking about a ford Raptor or Nissan GTR, I only sell to buy real estate and only sell when it’s high.
 
Kurtuleas said:
Crypto.com has Pi Coin listed at $55 a coin today.

Which is weird since it has not gone to "mainnet" (whatever that means) yet. It is not worth anything supposedly until that happens.

If it even comes out at $10 I will be beyond stoked.
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Seconded.

I imagine they're stealing my identities or something, but I'll keep on mining.:homer:
 
WaterH said:
I don’t get this. The exchange doesn’t take any money for taxes. You have the whole amount to buy back in. It’s kind of like a casino, you aren’t paying taxes till you leave. And that’s if you declare it. If I spend my Bitcoin in Argentina, how would the IRS know?
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the exchange not taking it doesn’t mean you don’t owe it

You made a dollar / profited a dollar a portion is owed to the tax man (for me, 25-30 cents of it)
 
grumpy356 said:
the exchange not taking it doesn’t mean you don’t owe it

You made a dollar / profited a dollar a portion is owed to the tax man (for me, 25-30 cents of it)
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Not exactly. Crypto gains are taxed as capital gains, not at your income tax rate.
 
grumpy356 said:
the exchange not taking it doesn’t mean you don’t owe it

You made a dollar / profited a dollar a portion is owed to the tax man (for me, 25-30 cents of it)
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If you win 10k at black jack and lose 10k at roulette and walk out of the casino, do you owe taxes. I believe the answer is no. I happen to know a guy that plays lotto all the time. He won 5K one time and I kidded him about taxes. He told me he has receipts (losing tickets) that total more than 5K and he has nothing to worry about.

I think crypto would be the same. Over the period of a year, you may owe taxes, but not that day.
 
WaterH said:
If you win 10k at black jack and lose 10k at roulette and walk out of the casino, do you owe taxes. I believe the answer is no. I happen to know a guy that plays lotto all the time. He won 5K one time and I kidded him about taxes. He told me he has receipts (losing tickets) that total more than 5K and he has nothing to worry about.

I think crypto would be the same. Over the period of a year, you may owe taxes, but not that day.
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You think wrong. Crypto is subject to capital gains tax, its not gambling income.
 
WaterH said:
If you win 10k at black jack and lose 10k at roulette and walk out of the casino, do you owe taxes.
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Short answer is yes. Casino will issue a profit and loss and you go from there. Slot machines and the like are taxed right there and then if you win more than $1200 at once otherwise they too fall under the profit and loss statement. As a citizen of Canuckistan I can file for return of the tax because of the tax treaty and the fact we have no tax on gaming wins (yet)
 
WaterH said:
If you win 10k at black jack and lose 10k at roulette and walk out of the casino, do you owe taxes. I believe the answer is no. I happen to know a guy that plays lotto all the time. He won 5K one time and I kidded him about taxes. He told me he has receipts (losing tickets) that total more than 5K and he has nothing to worry about.

I think crypto would be the same. Over the period of a year, you may owe taxes, but not that day.
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short answer is NO.

you do not owe taxes at the casino.

long answer is "yes, you are required to report all of your gambling gains and reduce them by all of your gambling losses while being unable to go below 0, unless you are a professional gambler"

which is why nobody reports any of it unless you win a large sum and the casino reports your payout. It is on you to them justify that you spent more than the payout at the casino during the year.




similarly, crypto sales may/may not be directly reported to the IRS. Regardless, it is your responsibility to report your basis and term
 
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WaterH said:
So you must report and pay capital gains immediately or at the end of the year? You can’t deduct capital gain losses?
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Every transaction is a taxable event. You pay your taxes owed when you file your tax return when they are due. If you don’t know how capital gains works you should talk to a tax accountant or google it. If you’re trying to offset your gains by accumulating losses then wtf are you doing because you’re not making any money.
 
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benw said:
Every transaction is a taxable event. You pay your taxes owed when you file your tax return. If you don’t know how capital gains works you should talk to a tax accountant or google it. If you’re trying to offset your gains by accumulating losses then wtf are you doing because you’re not making any money.
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gains are reported and super accountable

losses are much less accountable

but go ahead and sell your 1 bitcoin and report it as $0 basis and pay all them taxes :rasta:
 
blakes said:
back at ya :flipoff2:

No seriously, I bought into crypto literally at the two highest points in the last couple of years. I'm down a few hundo and don't expect to ever even break even. I don't have cycles to try and play with this shit. Fun, but I just don't have time.

But on another note that several folks have asked me about in person....honest question... Has anyone ever actually 'cashed out' of Crypto? What I mean by that is buying with USD, play with the market and then literally get USD out of it?
Click to expand...


I bought safemoon during covid, 1000 bucks was like a bazillion of em, total scam, creator was shady as fuck but it was making a move so I took a gamble, cashed out for 12k, went back to shit a while after that.


Currently have GRT, a guy at work said it's gonna be huge several years down the road, got in a few weeks ago at .16 cents so not doing bad so far
 
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