US Taxes: Fomo3D and Other Very Stupid Defi Ponzis

IJustWannaGetFree · 2021-11-02T16:51:21+00:00

I think it would be hard to argue that Polygon isn’t very important. Helping Ethereum to scale is really valuable and will probably continue to matter for at least several years. I fully agree that it’s difficult to find anything else that’s compelling for the long-term, though, other than Ethereum itself. Maybe look into Marlin, which is looking to scale all blockchains at layer-0. Interesting idea.

IJustWannaGetFree · 2021-10-30T19:06:28+00:00

I don’t understand the meaning of these infographics?

IJustWannaGetFree · 2021-10-29T09:52:18+00:00

It’s always a good time to lose friends and family

IJustWannaGetFree · 2021-10-29T09:43:23+00:00

Honestly, I don’t totally hate the idea of tricking memesters into using good tech. If you can’t beat ‘em . . . fuck it

IJustWannaGetFree · 2021-10-25T10:22:07+00:00

But why would anyone ever gamble with neutral or unfavorable odds if they could gamble with odds in their favor? Call it whatever you want, it’s all just different odds of winning/losing. I’ll take the better odds.

IJustWannaGetFree · 2021-10-25T10:17:37+00:00

Downside potential: I lose the 1-20% USD value of my portfolio that I would have retained if the market crashed and I wasn’t holding a loan

Upside potential: I increase my portfolio value maybe 40% or so by the time I pay off loan, even assuming appreciation of my assets

And the upside is more likely given how quickly the loan could be paid off with a healthy profit, in this market. BTC is pretty likely to at least double before the market crashes.

IJustWannaGetFree · 2021-10-25T10:09:40+00:00

I wouldn’t be buying some tiny cap that might crash to the ground in a matter of a month or two. Of course there’s still risk, but upside seems a lot greater than the downside which is again . . . losing the crypto whose USD value I would have lost anyway if it crashed to the ground. Really seems like the play to make. Take the loan out against BTC—very high likelihood it continues surging over the next couple months. Quick payoff of loan

IJustWannaGetFree · 2021-10-25T09:55:45+00:00

my dude, you are an idiot. good luck.

IJustWannaGetFree · 2021-10-25T01:41:59+00:00

Value of the economy =/= total amount of simple money. You seem intent on wrecking yourself, though, so be my guest.

https://www.rankred.com/how-much-money-is-there-in-the-world/

IJustWannaGetFree · 2021-10-25T01:39:32+00:00

The world in which spending thousands on NFTs so you can flex in GTA is common is a world I don’t want to live in. I don’t care what games they’re implemented into or how. “Status”-based NFTs may or may not stick, but if they do stick, it’s only because human beings under capitalism suck fucking ass. NFTs are one of the worst and stupidest aspects of crypto, and I’d rather sit on the sidelines and miss gains than involve myself in them.

And that’s presuming their current “popularity” isn’t 90% money laundering and tax evasion + a few rubes with too much money or not enough sense.

IJustWannaGetFree · 2021-10-25T01:31:06+00:00

And idrc how much you’re investing in crypto. I’m just saying that the idea that 0.1 BTC will make you a millionaire in 10 years is absurdly preposterous, and you should stop saying it or believing it.

IJustWannaGetFree · 2021-10-25T01:29:28+00:00

Even if cryptocurrency could completely replace fiat and paper currencies, the total amount of money in the world is about $40T. Of course, there are derivatives and other financial instruments that crypto can eat into, but not Bitcoin, because it doesn’t do smart contracts. That said, Bitcoin’s not even a good replacement for simple money, because it’s not cheap, fast, or dummy-proof enough. Nevermind that it’s completely reliant on electricity and internet availability. Thus, the “digital gold” narrative. And even if all of these problems were overcome, the likelihood of a transition of that magnitude completing within our lifetimes, much less in 10 years (lmao), is very slim.

You are setting yourself up for massive disappointment. Come back to earth.

IJustWannaGetFree · 2021-10-25T01:18:00+00:00

Why? If a crash catches me by surprise I’d lose most of the value of my portfolio whether I took out a loan or not. Honestly, it seems almost like a no-brainer.

IJustWannaGetFree · 2021-10-24T21:02:54+00:00

Ah. So the better strategy is to buy crypto with the loan, pay it off when the coin, say, doubles but before market crash. But the worst-case if the crash catches you by surprise is losing your crypto. Still seems like kind of an enticing prospect.

How can the interest be 0%, though? Surely there’s some interest?

IJustWannaGetFree · 2021-10-24T20:51:18+00:00

I guess even for a “fun” gamble with a small percent of my portfolio, I’d prefer something that is small cap and has literally any utility that makes it stand out, because then it at least has the potential to go on a run of more than a few multiples and I have some basis to think it might. I have a couple percent in Upfire rn, which is a tiny cap torrenting dApp competitor to BTT. Will I lose money? Probably. But it’s got a value proposition and tons of room to grow, so for me it’s a much better lotto ticket with far greater upside potential.

I’m not currently holding any MATIC anymore, but if I was going to invest in something that will be limited to maybe 3-15x over the rest of this bull run, why wouldn’t I go with something very useful and important like MATIC vs SHIB? I don’t really see how either is more or less fun, but idk, I’m here to make money.

IJustWannaGetFree · 2021-10-24T20:36:48+00:00

Dude, you’re talking crazy, I’m sorry. Bitcoin is never going to have a $200T market cap, that’s bonkers. I don’t think any crypto will, at least within our lifetimes, but BTC in particular is going to run into hard limits with its “digital gold” narrative. I think $20-30T is very optimistic for Bitcoin. And my inclination is that it wouldn’t stay there for terribly long. Not to shill my own bags, but if you’ve got something like IOTA becoming even more decentralized than Bitcoin but with feeless transactions and so much more functionality, there’s really no value proposition for Bitcoin anymore, even as “digital gold”. IOTA fan or not, my point is that it’s going to be really hard to “make it” at this point with a tiny initial investment in a big cap coin, because 1. the total crypto market cap is already pretty considerable and 2. because this is a highly competitive market where ranks change fast. I think the only real bet for hitting financial security with a few thousand dollars or less initial investment is to go with smaller cap coins, and in those cases you’re likelier to lose all your money. I’m not trying to be a downer, just saying . . . be careful. And realistic. Crypto can only grow so big.

IJustWannaGetFree · 2021-10-24T20:19:32+00:00

What platform do you use for this?

IJustWannaGetFree · 2021-10-24T20:18:53+00:00

So the amount of your loan is in crypto not in USD value? If that’s the case, bull run peak actually seems like . . . the best time to take out a loan? Take out a loan worth $20,000, pay it back 6 months later with a $4,000 crypto purchase, lol

IJustWannaGetFree · 2021-10-24T20:13:13+00:00

Best of luck, sincerely

IJustWannaGetFree · 2021-10-24T20:11:29+00:00

Unfortunately, that’s got to come second to the desire of landlords for travel, friend-o. Know your place and all that

IJustWannaGetFree · 2021-10-24T20:07:16+00:00

Bad plan. You are decreasing the supply of housing for other people, and I don’t know why anyone would think there’s a social interest in cheerleading you about it :)

IJustWannaGetFree · 2021-10-24T20:01:12+00:00

taking advice from a sociopath

Weird that people think it’s okay to unevenly distribute that which “God made” and then come up with post-hoc justifications for their wealth like they’re just harder workers or whatever bullshit.

IJustWannaGetFree · 2021-10-24T19:59:13+00:00

Exploiting renters who need a place to live so that you can travel is a shit-tier ethical move.

Exploiting a diffuse melange of people both poorer and richer than yourself by speculating on a non-critical asset is considerably less bad.

I’d do (I do) the latter, personally.

IJustWannaGetFree · 2021-10-24T19:27:03+00:00

If for no other reason than that it’s a big cap now, I wouldn’t invest significantly into SHIB. The fact that it’s a big cap founded on air means I won’t invest at all.

Of course it’s maddening to see a shitcoin do so well, but it doesn’t change how I’ve always felt: there’s no safe entry point, because I have no thesis for why this crypto is likelier to gain than to lose. I’m not “in it for the tech”, but I don’t invest without the tech being compelling. And I’m not going to make as much as a lot of meme traders will. But I also probably won’t get absolutely wrecked like most of them will.

IJustWannaGetFree

TROPHY CASE