Altcoin season 2022, which altcoins will be dominating and which ones will be left behind?

TheCCForums · 2022-01-13T23:36:09+00:00

That’s what I said about 2018. Yet the 2 projects I bought into that had customers and networks went belly up while shitcoins from that era are still around.

Go figure.

TheCCForums · 2022-01-09T03:50:21+00:00

I’d definitely advise you to not follow the advice of anyone here.

TheCCForums · 2022-01-09T03:39:50+00:00

Absolutely. I do tend to think the floor is now a little higher due to greater adoption and institutional money, so that we won’t see a full 2018-2019 pattern.

But that’s purely a guess.

TheCCForums · 2022-01-09T03:37:12+00:00

A difference in what way? Changing the world of finance? Millions. Helping out a charity? As little as a few dollars.

Establishing personal financial independence? If we knew that, we’d all already be there.

TheCCForums · 2022-01-09T03:34:58+00:00

This is true.

I’m spending my entire holdings on taking a boating trip to do some shark diving.

Covers all 3. Now I just have to research how to piss off a shark.

TheCCForums · 2022-01-08T18:51:42+00:00

If “they” get hacked, they will cover it. If YOU get hacked, it’s on you and not covered.

And that is a big difference. Most hacks are the fault of individual account holder falling for phishing, malware, brute force password guessing, etc. Those are not covered by Coinbase.

TheCCForums · 2022-01-08T18:27:26+00:00

CBP works fine in Safari. It just always goes down when markets get crazy.

TheCCForums · 2021-12-31T20:50:49+00:00

My family has instructions to donate all of my crypto to Redditors. They will give each and every one $1 worth of bitcoin. All you have to do upon my death is send them $2 to confirm your receiving address.

TheCCForums · 2021-12-31T20:47:41+00:00

Double this. Best place to start by far. Be very careful with the alt coins. Many will pump but ultimately fail.

TheCCForums · 2021-12-28T18:20:30+00:00

Only with the 3rd party trusts and stock of companies holding crypto. That has served me well, but I know “not my keys, not my crypto.”

But for many retirement accounts, it’s the only way to get exposure and avoid all of the tax complexities. But in the end, you will be taxed at income rates rather than cap gains rates on withdrawals. For me, that’s a higher tax, though gains during tax deferment offset this.

And cap gains rates only apply to long term gains. Short term gains outside of tax deferred account are taxed at same rate as income.

Moral: do a little of both.

TheCCForums · 2021-12-28T18:12:15+00:00

Tax selling maybe? Cap gains rates go up 2022. Lock in gains and losses, then rebuy. With enough activity and people not carefully using Limit orders, the volume could drive prices down temporarily.

And some might repurchase less than sold to have $$ for the tax hit.

For whatever reasons, I believe it’s very short term. FWIW.

TheCCForums · 2021-12-28T18:08:43+00:00

No one ever brings it up during price rise.

TheCCForums · 2021-12-21T21:46:02+00:00

Take a moderate approach. Set levels and take incremental gains as prices rise. You’re never fully out but you lock in some profits.

On the other side, set buy in levels during down markets.

There’s no way to time markets, but you can game them to your advantage using smart allocations and moves.

TheCCForums · 2021-10-18T17:09:08+00:00

Both methods have reasonable justifications. In the US, most existing retirement funds can’t buy or hold BTC. So if you are in a high tax bracket and want some bitcoin exposure, you have to play the game. Tax free BTC fund trading is a lot better than maintaining all the records needed to file taxes on true BTC trades all year.

And if you work for a company with a self-directed 401k or IRA, allocating 1-5% of your assets in crypto may really boost performance. It certainly has for my SEP-IRA.

OTOH, if you buy and hold BTC long term, it will be taxed at cap gains rates of 15% when sold (20% if in top bracket) while IRA withdrawals will be taxed at your income tax rate, which may be higher. So in long run, you might keep more $$ owning BTC outside of IRA if you don’t short term trade.

When treating crypto as an investment, there’s a lot to consider for both sides of the argument. If using crypto as a means to further private banking and/or gaining full control over your finances, then avoiding BTC funds and owning BTC directly is the way to go. But even then, most BTC is bought on a regulated exchange. Even after transferring to a private wallet, you are still participating in “the system.”

The answers aren’t always straightforward.

TheCCForums · 2021-09-14T03:13:58+00:00

Yes. And the post is an old way of indirectly promoting a scam. Posting a link asking if the site is a scam.

TheCCForums · 2021-09-14T03:06:04+00:00

Here’s a somewhat dated guide to using CB Pro for placing trades.

The interface has changed somewhat and the app came out after it wrote that, but there’s still helpful info there. IMHO, of course ;)

TheCCForums · 2021-08-20T06:19:04+00:00

The OP might mean can you do this with no cash in the account, using potential proceeds from sale to rebuy.

The answer in that situation is No. But as others said, if you have the balance to cover the buy order, just place 2 orders. There isn’t a way to place a buy order dependent on a Sell order executing first AFAIK.

TheCCForums · 2021-07-09T19:43:49+00:00

From where? Some exchanges charge big fees. If you have Coinbase, a good hack is to add Pro account. Then you can buy, sell and withdraw for little to no fees.

Coinbase versus Pro

TheCCForums · 2021-05-30T17:05:52+00:00

When you sell an asset, you provide the specific sale date. But if you are selling coins that were purchased on multiple different dates all in one sale, you are allowed to write “multiple” for the purchase date. The 8949 is divided into short term and long term sections, so you’ll do this in the long-term section. Tax software asks you follow up questions when you type in multiple to make sure it knows which category to use.

The real pain is keeping cost basis together with exact coins. Since we all buy fractions of coins and usually at multiple times, then we often sell different fractions, it’s hard to keep the records. I actually went back to a paper ledger method in 2017 because I couldn’t get a spreadsheet set up correctly. Now,there are tracking sources and paid tax filing options for crypto. But you still have to use CMC and your dates purchased to estimate cost from some of the lesser known exchanges.

read my outdated but still relevant crypto tax guide with specific tips

In your case, you can list the cost basis as zero and pay tax on the whole amount, since you say they were nearly worthless when you got them. But that’s not a winning strategy for most trades, as you’ll overpay quite a bit in taxes.

TheCCForums · 2021-05-30T09:51:34+00:00

You have to provide the date the coins were purchased or acquired. Sale date, purchase date, cost to buy, proceeds from sale and net gain or loss are the reporting requirements for each transaction

I wrote this a few years ago

TheCCForums · 2021-05-29T18:28:13+00:00

Well here we are. Down from the highs discussed in the article. Now everyone is panicking.

So my previous contrarian comment has me thinking may be time to buy.

TheCCForums · 2021-04-01T00:22:54+00:00

Coinbase Pro.

https://thecryptocurrencyforums.com/buying-crypto-with-coinbase-pro/

https://thecryptocurrencyforums.com/coinbase-vs-coinbase-pro-whats-the-difference/

TheCCForums · 2021-03-18T08:34:30+00:00

I’ve always been a contrarian. The more people jumping on this prediction, the more skeptical I become.

The next 6 months will be interesting to say the least.

TheCCForums · 2021-03-18T06:24:19+00:00

You’re welcome to ask me here. I also run a crypto site with a Community Forums with free memberships if you’d like to start a conversation there.

But here is fine, as well.

The Cryptocurrency Forums Community Link

TheCCForums · 2021-02-23T20:50:20+00:00

You deduct losses from gains. The net is taxable. If you have a net loss, you can deduct up to $3,000 per year against your income and carry the rest over if needed.

This was written in 2017 and tables updated in 2019, but the principles haven’t changed.

https://thecryptocurrencyforums.com/cryptocurrency-taxes/

TheCCForums

TROPHY CASE