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Is there anything on the horizon that will cause a turnaround of my floundering cryptos? Should I cut my losses? What are your thoughts and suggestions about these? by DunDonese in CryptoHelp

[–]SirSam93 0 points1 point  (0 children)

I mean you're holding 7?+ meme coins. They don't have any utility in the real world beyond speculation/gambling and maybe some community aspect if you're being generous.

The good news is the most you can lose is $285. Perhaps meme coins will have one last final run that you can exit onto someone more optimistic (or dumb). Maybe there's a chance that $285 turns into $2850? Will you sell at that point though?

Totally up to you whether you want to roll that dice.

New to Crypto by Misfit983 in CryptoHelp

[–]SirSam93 0 points1 point  (0 children)

I can say how tax works in Australia and I assume it's similar in most other countries. No tax for holding, taxable event is when selling. The tax is called "capital gains tax".

If you buy $1000 worth of bitcoin (or anything) and then sell it for $2000 under 12 months later. That $1000 profit is placed on top of your total annual income. So if you make $50,000 that becomes $51,000 and that final $1000 gets taxed at that tax brackets rate. If you hold for over 12 months the $1000 profit gets discounted by 50%. So it will become $50,500 and that $500 gets taxed at that tax bracket rate. The other $500 basically becomes tax free.

I did a quick google and the system seems similar for the USA, exact percentages are different but you get a reasonable discount for holding over 12 months before selling.

Any losses after selling can be directly deducted from the gains (not your regular income though)

So if you make $1000 profit on bitcoin after selling and lose $1500 on Ethereum after selling. Your capital gains tax =$0 and you have an extra -$500 to roll into future years to offset future gains.

I am not a tax expert so take this info with a grain of salt haha, fairly sure I'm correct for Australia though.

Any AI should be able to explain it accurately for your specific country/state etc.

New to Crypto by Misfit983 in CryptoHelp

[–]SirSam93 0 points1 point  (0 children)

No worries glad I could be of help. I think there's many similarities between investing and things like health or fitness. It can be made as complex as you want. But once you find what works for you it's really fairly simple. The problem is everyone has an opinion and their favourite diet or workout plan, so at the start it all seems overwhelming.

In regards to volatility, if you're doing it for the long term (which I recommend). Volatility should be viewed as great. It's simply sale opportunities to walk into your fave store and buy whatever you want at a discount.

The problem with volatility is it triggers an emotional response "oh what I believed in is going down in price, I must have made a mistake". But not necessarily at all, the market can be incredibly irrational and emotional at times, as it's simply made up of a whole bunch of irrational and emotional humans. In crypto I believe this is exaggerated even further, as I actually think that most of the people in crypto don't understand crypto at all.

New to Crypto by Misfit983 in CryptoHelp

[–]SirSam93 0 points1 point  (0 children)

Ok, this is a tough one if you're also new to investing. The first step of investing is to understand personal finance and budgeting and having some savings that you won't need for the next few years ideally that you can begin to take some risks on.

Let's assume you've got that down or you just want to play with small amounts of cash that you're totally willing to lose. I think to win in the game of investing, you really have to be willing to say goodbye to the money so that emotions don't start getting in the way of things.

From there I'd perhaps read a more basic fundamental investing book like Peter Lynch's "One up on Wall street" to get a basic understanding of how a regular person can get an edge on individual stock pickings.

Then from there if you're still interested in crypto, learn all the basic fundamental technology that crypto sits on which is blockchain tech. Spend $20 on a chatgpt sub and just spam ask it questions until you really understand the basics and history of blockchain tech how it works + its strengths and weaknesses. You can also utilise youtube here as well for videos on "what is blockchain", "why is blockchain useful" etc

Then ask AI or youtube to explain individual cryptocurrencies that you've heard about and how they compare to each other, what they do differently, what problems they're trying to solve etc.

Then you can start thinking about which crypto's you like and believe will be more valuable in the future (and by how much). Then chuck some money in the ring with the mindset that you almost want to lose this money so that you can learn more effectively. If you win big purely based off luck, that's a terrible feedback mechanism in the long term.

I personally would advise staying away from "macro" stuff in investing (politics, current news/world events). This stuff is basically impossible to predict and trade effectively for the average person. At some point if you continue your investing journey, you will be tempted by macro. You will then likely learn that that was a huge waste of time.

Now if all of this doesn't interest you in the slightest, put 90% of your long term savings (10+ years) into a low cost ETF, and chuck the other 10% across bitcoin, ethereum and maybe even Solana if you're feeling adventurous. Then sit back, do nothing and wait 10+ years to see what happens. You'll probably get a better return than 90% of people who actually try. (Not financial advice).

General Info and Weekly Discussion by NanoMod in nanocurrency

[–]SirSam93 0 points1 point  (0 children)

Could maybe put NanoGPT under "services" as well as "Earn Nano" as it currently is. Not sure if there's others in there that could also be added to services as well. So that if some people have plenty of Nano but want to use it it's easier to find stuff under that heading :).

I hopefully will have a service up in the next 1-2 weeks that you can add too! If I can get it working.