YouBet said:

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Crypto is treated as an asset in the tax code (and not currency), so basically apply stock trading rules to CYA.

I think the IRS is going to have a field day popping people trading crypto now that it's mainstream, new, and many don't understandably know the tax rules yet.

Personally, I have an open question on receiving crypto I'm running down right now. (Ex: There are 5-6 coins on Coinbase gifted to you for free if you listen to their 2 min video). These may be a taxable event when I thought it wasn't.

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I've been treating "free" coins (ie interest earned in voyager, staking rewards, gifts, etc) as taxable events akin to collecting a dividend on a stock. I just mark it at the closing price for the given crypto on the day it was received.

All based strictly on what I've been reading. ADA continues to gain steam and XRP is due to be done with its lawsuit and expected to break out. DGB is a break out any time now with all of the pub.

Reminder to everyone that you don't have to tie out to Coinbase or any other brokerage's tax records. Keep your own records and keep them detailed/tight. This will give you flexibility in terms of controlling your lots (I don't know of any brokerage rn that lets you control your lots). They usually just do some sort of simplistic FIFO and can make your gains seem larger than necessary.

Playa00 said:

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All based strictly on what I've been reading. ADA continues to gain steam and XRP is due to be done with its lawsuit and expected to break out. DGB is a break out any time now with all of the pub.

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I haven't bought any XRP yet, but I do have XLM. They are both very similar since they were created by the same company. I really like how fast and lost cost (basically $0) it is to transfer money with XLM.

so, similar to your feelings yesterday?

Who is the best crypto trader on TA and would you be willing to talk to me?

FJ43 is IMO. I'm a crypto project investor and only lightly trade small and mid cap coins

Anyone else see insane network fees for ETH transfers right now? On coinbase it was $15-$16 to withdraw some ETH.

I'd have to agree and say FJ. I've learned a little from reading his posts but I have a long way to go.

That makes that easy. I need some basic education on a couple of things. Thanks guys.

XXXVII said:

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Anyone else see insane network fees for ETH transfers right now? On coinbase it was $15-$16 to withdraw some ETH.

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Hell, a couple days ago I bought more C3 and it cost me $30 to buy 350 tokens @ $1.4

Cardano to the rescue Sept 1.

Deluxe said:

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Reminder to everyone that you don't have to tie out to Coinbase or any other brokerage's tax records. Keep your own records and keep them detailed/tight. This will give you flexibility in terms of controlling your lots (I don't know of any brokerage rn that lets you control your lots). They usually just do some sort of simplistic FIFO and can make your gains seem larger than necessary.

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I like some of the crypto tax software out there now. Keeps a running tab and makes suggestions on altering positions to minimize taxes. Ex: if a coin dips to a certain level it will notify you to take it out at a loss but buy back in the dip to have a better position.

Ethereum. It was so obvious. Link is the next most obvious out there.

You guys staking your ETH to ETH2? Any reasons not to, other than takes longer to withdraw?

Champ Bailey said:

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You guys staking your ETH to ETH2? Any reasons not to, other than takes longer to withdraw?

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I staked a little. The reason I've heard not to is if your pessimistic Eth2 ever happens or eth losses it's pole position by then.

TxAG#2011 said:

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Ethereum. It was so obvious. Link is the next most obvious out there.

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What was obvious?

Has anyone looked into Helium (HNT)?

https://www.coindesk.com/helium-to-launch-5g-network-with-blockchain-powered-mesh-of-diy-telco-hubs

Seems profitable for mining if you happen to have nodes in your area. Gonna read up on it some more today but thought I'd share.

Jet Black said:

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TxAG#2011 said:

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Ethereum. It was so obvious. Link is the next most obvious out there.

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What was obvious?

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Ethereum? Easiest investment this century.

Do you think it'll end up hitting 50k like bitcoin has?

Lawrence Sullivan Ross said:

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Do you think it'll end up hitting 50k like bitcoin has?

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He thinks Bitcoin is going to drop to 40k this month

Deluxe said:

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Lawrence Sullivan Ross said:

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Do you think it'll end up hitting 50k like bitcoin has?

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He thinks Bitcoin is going to drop to 40k this month

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It may drop but I think it missed that window. It's gonna hit $70k this summer.

Assuming I pull $1k out of my doge position would I be best sticking it all on ADA or splitting some over to DGB as well? I'm still pretty clueless with all this crypto stuff.

wareagle044 said:

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Deluxe said:

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Lawrence Sullivan Ross said:

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Do you think it'll end up hitting 50k like bitcoin has?

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He thinks Bitcoin is going to drop to 40k this month

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It may drop but I think it missed that window. It's gonna hit $70k this summer.

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That's more aligned with what I've been seeing.

First BTC ETF likely in June. ETH June call options at $8k are hot.

Mostly Foggy Recollection said:

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I just dropped 10K into Cardano. First purchase of it.


My 9 and 5 year olds have crypto account values of 135K. They don't know it, but it will be their college graduation gifts. I mirror my buys on them

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That will be an incredible day

Lawrence Sullivan Ross said:

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Do you think it'll end up hitting 50k like bitcoin has?

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Nah

GBTC is already an ETF based around BTC...is what you're referencing something different?

TxAG#2011 said:

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Jet Black said:

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TxAG#2011 said:

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Ethereum. It was so obvious. Link is the next most obvious out there.

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What was obvious?

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Ethereum? Easiest investment this century.

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What do you like about Link? I've been watching it but haven't started a position. I'm 60/40 ETH/ADA right now.

Deluxe said:

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Lawrence Sullivan Ross said:

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Do you think it'll end up hitting 50k like bitcoin has?

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He thinks Bitcoin is going to drop to 40k this month

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Yes I did. Doesn't appear to be panning out atm.

XpressAg09 said:

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GBTC is already an ETF based around BTC...is what you're referencing something different?

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https://seekingalpha.com/amp/article/4423865-why-sec-may-approve-first-bitcoin-etf-in-june

I think GBTC is a trust. Not sure what that distinguishes though.

I've done quite a bit of research on HNT and am quite bullish. My extended family got into it very early and have done very well with it. I have two hotspots coming (hopefully in June) through Nebra.

Very cool concept with IoT applications and now 5G on the horizon.

The more I read the more I like it. I would like to set up a hotspot but looking at the maps I would be the only one for quite a few miles. Not sure it makes sense but I will definitely be adding a few coins to the wallet as time goes on.

Yeah I'm in a pretty good up and coming location for hotspots but the problem is getting one since The manufacturers are so backed up. I've got one indoor and one outdoor that are supposedly coming in July (pushed back two months already). There is a halving coming up in august, but hotspot mining should still be profitable as long as the price of HNT continues to rise. I've bought a few already to hold onto.

Here's a good podcast about Helium if anyone wants an appetizer.

https://podcasts.apple.com/us/podcast/the-hotspot-helium-network-blockchain-podcast/id1524379293?i=1000485551011

Yeah I see that finding a hotspot is dang near impossible. The middle coast of Texas is pretty lonely with coverage but I'm thinking if I could get a hold of a hotspot I'd set up at my parents just north of Houston.

Yeah that's kind of the beauty of it. Super easy to set up. Doesn't cost much electricity. Set it and forget it. Offer to pay a friend/parent who isn't interested in crypto but lives in an optimal location $20 a month or so to set it up at their place.

There are some ridiculous earnings you can find at http://helium.place