Seriously though I might be out of these markets, at least in terms of hodling overnight. Not sure yet, but this last dump was ridiculous. I almost went back to sleep and got super rekt. I had hopes the markets had matured. The tide has turned from “I want to hold overnight because it might moon” to “I totally don’t because it’s hella gonna crash duh”.
It’s funny because you see people talking about not knowing when the top or the bottom is but that’s not it; the reality is that even if you know, that shit still might happen when you’re using the bathroom or taking the dog for a walk.
The falling knife game is still too fun to quit though:
I think this is the one where they charge you a 10% fee every transaction where 5% is burned, 2.5% goes to maintain the blockchain and 2.5% is spread out to all the wallets HODLing
okay i thought i heard something about it. My buddy has some of it but not sure how much, he has over 500k in crypto now, started investing in crypto14 months ago with 60k.
Haven’t looked into it much but did have it on my list of things to check out just because I’m curious of how their concept works
Right, I mean unless I’m misunderstanding something, which is entirely possible considering I read a couple articles that could be incorrect or biased, that’s what I was referring to. Bear in mind I think all capitalism is some degree of a pyramid scheme.
I mean, maybe I should just say something more abstract like “scam”.
Just like your buddy who is blackout drunk at 2AM with $5k in front of him at a blackjack table comes back to the room at 11AM and spent the last 9 hours “chopping around even, gave back some of the profit but held on ti most of it”
Oh I agree that it’s a pyramid scheme, I was just making a lame joke about it being a “literal” pyramid scheme. Like I seriously doubt they’re out there stacking actual pyramids.
in the article he says “My plan is, once I hit $10 million, then I’ll take out 10%”
so nope
this despite putting in 180k
Contessoto not only used all his savings, but he also sold all the stock he owned, including shares of Tesla and Uber, and [invested on margin] with robinhood (dear god why do they still allow that when so many of their clients don’t have money)
some people are poor because of their damn own fault like this guy might or he’s rich and lol me idk one of the two is gonna happen in this era.
it works by illegally not reporting it as income assuming they won’t do shit about it and let’s face it most people in crypto aren’t reporting it and everyone knows it and so far they mostly havent’ done shit about it
in reality it falls under capital gains, what rate you pay depends on if you had it short or long term and yes coinbase does that and yes legally you should report it
You need to declare any realized gains at the time you either convert back to USD and any time you buy any good or service with it is my understanding.
Certainly gets murky calculating your basis if you have lots of transactions - not sure exactly how you figure out which of your currency is being spent, but I’m sure there is a rule for calculating it that someone smarter than me must know.
