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kurtster

kurtster Avatar

Location: where fear is not a virtue
Gender: Male


Posted: May 27, 2021 - 3:02pm

 rgio wrote:

Kurt...prepare for the nightmare.

The IRS is going to make you show any capital gain/loss on the conversion for each transaction (it's a huge focus for them).  I can't imagine the total shit-show of trying to reconcile gains and losses for buying coffee or a tee shirt.   I would keep crypto as an investment and buy things with dollars.  Keep all of the gains/losses obvious.

Just because you can use crypto to buy stuff doesn't make it a good idea.




Oh, fear not.  I never intended to use it.  I'm trying to accumulate it.  And being all in Pay Pal, it is highly documented.  You do raise an interesting point.  Accepting it for payment could also have the same implications.  I need to be careful with my activity because my vinyl goes out via PP and I don't want to send out any unnecessary flags.  Without going into details, I had my first audit at the age of 22.  I took notes and learned a lot about these things.  Everything was in order, but the experience was a serious eye opener.  I am capable of doing my own long forms, but prefer not to right now.  I'll pay a little for the service for peace of mind.

rgio

rgio Avatar

Location: West Jersey
Gender: Male


Posted: May 27, 2021 - 5:30am

 kurtster wrote:

Interesting.  Just used PayPal to buy something and at checkout, I was offered the ability to pay using my crypto currency out of my account.  This is a new option just made available.  A new buying strategy.  Make purchases when the crypto is at a high point in the day and worth the most.


Kurt...prepare for the nightmare.

The IRS is going to make you show any capital gain/loss on the conversion for each transaction (it's a huge focus for them).  I can't imagine the total shit-show of trying to reconcile gains and losses for buying coffee or a tee shirt.   I would keep crypto as an investment and buy things with dollars.  Keep all of the gains/losses obvious.

Just because you can use crypto to buy stuff doesn't make it a good idea.


kurtster

kurtster Avatar

Location: where fear is not a virtue
Gender: Male


Posted: May 26, 2021 - 10:08pm

 Steely_D wrote:


HODLing
Down a bit but recovering nicely.

As someone on Reddit posted: "It's an investment, not a currency" to which I replied, "So it's a Beanie Baby?"


Yeah, went back in and will be holding as well going forward.  We just went through a big adjustment and shake out and it's looking better again going forward.  That and now I can actually use it to buy stuff should I want to.
Steely_D

Steely_D Avatar

Location: Biscayne Bay
Gender: Male


Posted: May 26, 2021 - 10:04pm

 kurtster wrote:

Hey, steely, if you're still up % wise, now is the time to bail if you haven't already.



HODLing
Down a bit but recovering nicely.

As someone on Reddit posted: "It's an investment, not a currency" to which I replied, "So it's a Beanie Baby?"
kurtster

kurtster Avatar

Location: where fear is not a virtue
Gender: Male


Posted: May 26, 2021 - 9:54pm

Interesting.  Just used PayPal to buy something and at checkout, I was offered the ability to pay using my crypto currency out of my account.  This is a new option just made available.  A new buying strategy.  Make purchases when the crypto is at a high point in the day and worth the most.

kurtster

kurtster Avatar

Location: where fear is not a virtue
Gender: Male


Posted: May 23, 2021 - 12:07pm

 westslope wrote:

Not worried about catching a falling knife?   The headlines on Bitcoin have been rather dismal as of late.

See:  yahoo! Finance Bitcoin USD (BTC-USD)





Yeah, bailed out earlier this morning right before the huge drop.  Gonna sit and watch now.  Prolly going down hugely some more.  Still net ahead, but not much now.
westslope

westslope Avatar

Location: BC sage brush steppe


Posted: May 20, 2021 - 7:17pm

 kurtster wrote:

I went back in this morning.  So far so good.

Oh, and the pay out on PayPal was instant, no holds this time, so I can jump back in or transfer funds out when ever now.


Not worried about catching a falling knife?   The headlines on Bitcoin have been rather dismal as of late.

See:  yahoo! Finance Bitcoin USD (BTC-USD)



kurtster

kurtster Avatar

Location: where fear is not a virtue
Gender: Male


Posted: May 20, 2021 - 6:50pm

I went back in this morning.  So far so good.

Oh, and the pay out on PayPal was instant, no holds this time, so I can jump back in or transfer funds out when ever now.
Manbird

Manbird Avatar

Location: Owl Creek Bridge
Gender: Male


Posted: May 18, 2021 - 9:36pm

Everybody's buying $ASS (no joke) but it's like a 50 step process to obtain. So no way, Jose. See the link to reddit for the instructions. Someone will probably get rich but it won't be me.  I made my $200 bucks in BC and I'm outy.

kurtster

kurtster Avatar

Location: where fear is not a virtue
Gender: Male


Posted: May 18, 2021 - 9:25pm

So I just bailed as this new slide slides.  Still up around 30%.  Still not bad for a month.   Coulda' got out at 98% but who knows the future for certain ?  

Now to see what the new bottom is.  My grub stake is intact and I have some extra to pay for the car repairs.  I'll call round one of this little experiment a success.

Hey, steely, if you're still up % wise, now is the time to bail if you haven't already.
westslope

westslope Avatar

Location: BC sage brush steppe


Posted: May 17, 2021 - 5:12pm

The Financial Times tells me that impersonators of Elon Musk have fleeced more than US$2 M in cryptocurrency scams.  Americans have lost more than $80 M in scams between October 1, 2020 and March 31, 2021.  Median 'investor' loss is $1,900 per person.

Bitcoin, now at US$44,000.  It was at $66K a month ago. 

FTC Data Shows Huge Spike in Cryptocurrency Investment Scams
May 17, 2021
New data spotlight points to more than ten-fold increase in reported losses in last 12 months



And if I recall correctly, Tesla is no longer accepting Bitcoins as payment.   

Pass the popcorn.
Isabeau

Isabeau Avatar

Location: sou' tex
Gender: Female


Posted: May 14, 2021 - 2:45pm

Invisible Monopoly Money.

Next?
kurtster

kurtster Avatar

Location: where fear is not a virtue
Gender: Male


Posted: May 14, 2021 - 5:19am

 westslope wrote:

"resistance" in technical analysis (TA) is based on some kind of exponential or moving average which are supposed to capture investor sentiment.  Example (but one):   where 50 day moving average and a 200 day moving average cross will identify a "resistance" level.

Before you dismiss this out of hand, there are lots of well educated, smart people who either trade exclusively based on TA or use it to supplement a more fundamental analysis approach to investing and trading.

Don't like it?  Well, there is always the Soviet central committee approach to managing an economy......  To understand what enlightened politically appointed committees can do to an otherwise performing economy see the radical Neo-Marxist populist regimes in South America and Africa.   They are world class, frankly the 'greatest' when it comes to destroying social-economic wealth.



You are correct about defining resistance.  I used to know this stuff in detail back when I was doing metals.  Oversold and undersold, and much more stuff.  I have pretty much forgotten how to articulate it, but retain the understanding of the concepts.  As I mentioned I do look at the curves, read tidbits, look for patterns.  Unlike metals, this is more gut than anything else tempered by my existing knowledge and experience from metals.  Unlike commodities, crypto is not consumed.  It has no material use or need.  Supply is somewhat fixed.  Mining it is not an easy thing to do and things like forks happen such as Bitcoin Cash from Bitcoin which affect supply and demand.  Again, I have forgotten so much in a way to be able to articulate it properly.

Yes, it is a casino. My eyes are wide open.  As I have mentioned earlier, it does not seem to react as drastically and as quickly as metals do (did) with a mid east crisis or some other sudden geopolitical events or financial event, like changes in interest rates.  Musk did knock the snot out of cryptos and they did react.  I still went to bed that night and woke up to much lower numbers, but still 60% up from my entry point.  I was a couple hundred bucks away from 100% Saturday night, early Sunday.  Since then the curves are finding a new bottom range, yet still sloping upwardsish when looked at over a longer time period.  

Speaking of going to sleep when things are happening, unlike metals, you can buy and sell 24 /7 .  You don't have to wait for your local market to open, which is usually too late even if you have formal buy and sell orders in place.  FOREX also has a big impact on metal prices just simply based on the worth of your local currency.   Other markets are open when the USA's is not.  

But resistance points have been broken, substantially.  The retreat is also about as much down as it was up, so in my thinking the reaction has been proportional.  I'm not overly worried at present.  I'm going to let things ride for now.  Of my four choices to work with, my two picks are still the best of the four.

And going forward, the green guilt trip thing will fade away as those who are concerned about that aspect will soon be gone if not already.

Eh ?  wtf do I know ?  This is an experiment for me.  And most importantly it has been low stress as was hoped for.
black321

black321 Avatar

Location: An earth without maps
Gender: Male


Posted: May 13, 2021 - 8:45am

 westslope wrote:

Better late than never.  Funny how Elon Musk seems to have a lot of those moments.   

Wish he would do some more research before opening his big, rambling mouth but what the heck, eh?   American needs more misinformation.  



I don't blame the tweeter,
as much as the tweetees who listten.
westslope

westslope Avatar

Location: BC sage brush steppe


Posted: May 13, 2021 - 8:16am

 R_P wrote:
Musk says Tesla no longer plans to accept payment in bitcoin
Chief executive goes from evangelist to critic, citing environmental impact of cryptocurrency

Better late than never.  Funny how Elon Musk seems to have a lot of those moments.   

Wish he would do some more research before opening his big, rambling mouth but what the heck, eh?   American needs more misinformation.  

westslope

westslope Avatar

Location: BC sage brush steppe


Posted: May 13, 2021 - 8:15am

"resistance" in technical analysis (TA) is based on some kind of exponential or moving average which are supposed to capture investor sentiment.  Example (but one):   where 50 day moving average and a 200 day moving average cross will identify a "resistance" level.

Before you dismiss this out of hand, there are lots of well educated, smart people who either trade exclusively based on TA or use it to supplement a more fundamental analysis approach to investing and trading.

Don't like it?  Well, there is always the Soviet central committee approach to managing an economy......  To understand what enlightened politically appointed committees can do to an otherwise performing economy see the radical Neo-Marxist populist regimes in South America and Africa.   They are world class, frankly the 'greatest' when it comes to destroying social-economic wealth.

rgio

rgio Avatar

Location: West Jersey
Gender: Male


Posted: May 13, 2021 - 6:55am

 kurtster wrote:

On your first.  You forget about what Soros has done in the past with real currency.


Soros exploited bad policy and management over days/weeks/months.   Elon tweets.

If the Right liked what Soros did with his money (ie Koch Bros.), he'd be an icon of free markets and capitalism.

kurtster

kurtster Avatar

Location: where fear is not a virtue
Gender: Male


Posted: May 13, 2021 - 6:05am

 rgio wrote:

The idea that any one person (outside maybe a head of state declaring war or imposing massive taxes) can "fuck" with a currency and have it move 10%+ overnight suggests there is little intrinsic value to the currency. 

Shit, he told you as much on national TV over the weekend.  Distributed ledgers will prevail, but the idea that any one crypto will redefine commerce is a long way off.  It's a casino.  You felt like you were splitting 10's and doubling your money with face cards, only for the dealer to pull blackjack.  Tulips anyone?

The danger with Elon is that he has done everything in business.  He's built the most valuable car company in the world while reinventing transportation (underground) and giving rides to NASA while also plotting a global satellite internet and going to Mars.  (That was a fucked up thing to type... }    He's bored.  Being on TV may have created an attention monster.  A guy with his money and lack of respect for social norms can be dangerous.  Your silver dollar analogy is a good one.    Let's hope he stops at dollars.

On your first.  You forget about what Soros has done in the past with real currency.

rgio

rgio Avatar

Location: West Jersey
Gender: Male


Posted: May 13, 2021 - 5:23am

 kurtster wrote:


That will explain the current sudden drops in crypto.  Bitcoin itself has suffered the worst of the majors.  It has dropped below 50 k and is overall down 10 k or 17% for the past month, at least.  I did predict that Bitcoin would drop down into the 40's and become range bound for the foreseeable future.  We'll see how that works out.  So far Ethereum is still up 80% in the past month and Bitcoin Cash is up 90% despite this pronouncement.

At this point in time, I think that Musk is fucking with us, to see how gullible we are and to find out how much influence he is directly capable of.

The modern day equivalent of a rich man during the Depression throwing a silver dollar on the ground on a street corner and watching the fight to be the one to get it, for nothing more than their personal amusement.  At least Musk is up to something beyond personal amusement, I hope.

The idea that any one person (outside maybe a head of state declaring war or imposing massive taxes) can "fuck" with a currency and have it move 10%+ overnight suggests there is little intrinsic value to the currency.  Shit, he told you as much on national TV over the weekend.  Distributed ledgers will prevail, but the idea that any one crypto will redefine commerce is a long way off.  It's a casino.  You felt like you were splitting 10's and doubling your money with face cards, only for the dealer to pull blackjack.  Tulips anyone?

The danger with Elon is that he has done everything in business.  He's built the most valuable car company in the world while reinventing transportation (underground) and giving rides to NASA while also plotting a global satellite internet and going to Mars.  (That was a fucked up thing to type... }    He's bored.  Being on TV may have created an attention monster.  A guy with his money and lack of respect for social norms can be dangerous.  Your silver dollar analogy is a good one.    Let's hope he stops at dollars.
kurtster

kurtster Avatar

Location: where fear is not a virtue
Gender: Male


Posted: May 12, 2021 - 8:42pm

 R_P wrote:
Musk says Tesla no longer plans to accept payment in bitcoin
Chief executive goes from evangelist to critic, citing environmental impact of cryptocurrency


That will explain the current sudden drops in crypto.  Bitcoin itself has suffered the worst of the majors.  It has dropped below 50 k and is overall down 10 k or 17% for the past month, at least.  I did predict that Bitcoin would drop down into the 40's and become range bound for the foreseeable future.  We'll see how that works out.  So far Ethereum is still up 80% in the past month and Bitcoin Cash is up 90% despite this pronouncement.

At this point in time, I think that Musk is fucking with us, to see how gullible we are and to find out how much influence he is directly capable of.

The modern day equivalent of a rich man during the Depression throwing a silver dollar on the ground on a street corner and watching the fight to be the one to get it, for nothing more than their personal amusement.  At least Musk is up to something beyond personal amusement, I hope.
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