Bitcoin, crypto, and alt coins. Thoughts?

[W800]

LOL,

Since I am honest with the FTB and IRS on my earnings, I can share that I own a little Bitcoin. Does anyone else have any cryptos?

What do you think of them?

I just put in a little every week (about what I would spend on lunch), then trust in DCA to get me reasonable yields. I never put in more than I can lose, and if I gain, I gain. If not, it's basically lunch money anyway.

 

[budman]

None here.

If I can’t touch it and put it in the bank then.....

Real Estate seems more solid.

 

[W800]

None here.

If I can’t touch it and put it in the bank then.....

Real Estate seems more solid.

Yes - saving up for down payment on house right now. About 1/2 way there. Lots of Top Ramen and not buying new clothes!!!

I made about 2k in bitcoin over last 4 weeks, but I am HODLing (hold on for dear life). So it's not real money if I don't take it out. The nice thing about BTC is that it tends to go up when times are strange. So whenever I see a crazy headline, I pull up the app and check my holdings!!!

 

[budman]

Cool man.

If you can leverage it and make bucks props!

So foreign to me I have been hands off. :afm199

Not saying it is bad. Just decades of history with real estate brings confidence it is the right call for me. If I was more of a risk taker with financial abilities I am sure I would be sitting in a much better place.

Best on making it happen.

 

[cheez]

Been mining and trading BTC off and on since 2011. BTC/USD price flux is (partly) why I could afford to buy a house in CA in 2016 after moving here. I still hold a bunch and actively trade a bunch; I'm out at 15,800 right now and have a rebuy limit at 13,100 set.

I've got a paperweight ASIC from Butterfly Labs that cost me $210k at the current exchange rate.

 

[W800]

Cool man.

If you can leverage it and make bucks props!

So foreign to me I have been hands off. :afm199

Not saying it is bad. Just decades of history with real estate brings confidence it is the right call for me. If I was more of a risk taker with financial abilities I am sure I would be sitting in a much better place.

Best on making it happen.

TY! I used to have real estate. But then a series of very bad life choices caused me to lose everything. I blame only me. Once I learned to only blame myself for my problems, everything became simple again, and the path became clear.

The BTC is more like a hobby than anything. Between my day job and my consultancy, I get pay plus some nice retainer checks now and then. I am EXCEEDINGLY grateful that fate has given me a chance to rebuild my life, BTW.

This is totally true - and since this board is somewhat anonymous, I can reveal that as recently as four years ago, I was living on government assistance. I now have an accountant, an LLC for my consultancy, a salaried day job, and enough money in the bank to use as a down-payment on a house (already). I'm saving more so that my monthlies will be lower. Also waiting for my credit score to get up into the 8s so I get the lowest interest rate.

 

[budman]

Awesome bounce back :thumbup

I have been on the slow treadmill back from a divorce in ‘89.

An inch away from bankruptcy. Parents gave me a break on a rental that helped me get thru it.

Life is like a river. It is not a straight path and turbulence happens.

 

[W800]

Awesome bounce back :thumbup

I have been on the slow treadmill back from a divorce in ‘89.

An inch away from bankruptcy. Parents gave me a break on a rental that helped me get thru it.

Life is like a river. It is not a straight path and turbulence happens.

Yup - similar thing happened on my end. I have talked to a lot of bitter people who have gone through similar things. But I'm not bitter all. My life is better now than it's ever been, and the reason is the hard knocks really give me an appreciation for things!!!

Now I always look for the bright side of things. For example, say I am out of real food and down to Top Ramen. It it's beef or chicken flavor, I am like "cool, at least it's not SHRIMP flavor!"

If it's shrimp flavor, I am like "cool, at least I won't be hungry tonight."

If I don't have anything, then I am like "well, I need to lose some weight anyway!!!"

:rofl

 

[Slow Goat]

Perspective is everything.

Nothing to add to the vapor money subject.

 

[W800]

Perspective is everything.

Nothing to add to the vapor money subject.

+1 on perspective!!!!

I have been blessed or cursed to have lived a crazy life. I've seen a lot of things from all sorts of different perspectives. Over time I learned that the people who do best are the ones who work to maintain a positive attitude, and also don't work from hate or fear in any aspect of their lives. Rather, people who work towards something positive seem to do best.

It's like target fixation on a bike. You will hit what you focus on. Focus on something good, in that case. Not on something bad!!!!!

 

[cfives]

...

Now I always look for the bright side of things. For example, say I am out of real food and down to Top Ramen. It it's beef or chicken flavor, I am like "cool, at least it's not SHRIMP flavor!"

...

Cheap instant ramen like, Top Ramen, can be an inexpensive and tasty foundation to create, "real food" from. Half a pack of top ramen, frozen veggies, miso paste, tofu, chili paste, and Bragg's liquid aminos, tastes like real food to me.

 

[W800]

Cheap instant ramen like, Top Ramen, can be an inexpensive and tasty foundation to create, "real food" from. Half a pack of top ramen, frozen veggies, miso paste, tofu, chili paste, and Bragg's liquid aminos, tastes like real food to me.

YES! Miso makes just about everything 100 percent better!!! Tofu is good too!!!

When I have it, I also like to add egg as well. Or SPAM (used to live in Hawaii).

LOL, but SPAM isn't cheap!!!!!

 

[asdfghwy]

A beaten egg added to ramen seriously elevates it. If I have leftover fajita meat I'll add it as well to the beef flavored ones and it's a good snack

 

[afm199]

Bitcoin to me is like Gold. Own a bit, but never more than a small proportion of your net worth. Diversify.

Kudos to all you guys who take flyers on it. I'm too old for that kind of risk.

 

[W800]

A beaten egg added to ramen seriously elevates it. If I have leftover fajita meat I'll add it as well to the beef flavored ones and it's a good snack

MMMM! Yes, I should have started a Ramen thread!!!!

So many ways to use it.

:thumbup

 

[fraz]

Bitcoin to me is like Gold. Own a bit, but never more than a small proportion of your net worth. Diversify.

Kudos to all you guys who take flyers on it. I'm too old for that kind of risk.

Preach on!

One thing people seem to forget to mention about crypto is the tax side of it is a royal mother to manage. Every time you transact, not just sell and cash out, you need to declare the entire history with the IRS. So if you buy some BTC, turn that into ETH, then use parts of that to get other coins... each one of those is considered a sales event. You need to show dates, cost basis, etc. Now if you do it correctly from the beginning no biggie, but trying to do so after the fact is a bitch. I ended up having to pay my tax guy another $100 or so when I did all the work to research it all and to show a profit of like $.14.

Not bloody worth it. So unless my remaining coins are going to be a big profit... they shall sit and rise or fall and I don't care. I only bet enough money where I am ok if I lose it all cause it's a gamble investment.

 

[HappyHighwayman]

All those people who bought at $20,000 and sold at $10,000 are doing great.

 

[W800]

Preach on!

One thing people seem to forget to mention about crypto is the tax side of it is a royal mother to manage. Every time you transact, not just sell and cash out, you need to declare the entire history with the IRS. So if you buy some BTC, turn that into ETH, then use parts of that to get other coins... each one of those is considered a sales event. You need to show dates, cost basis, etc. Now if you do it correctly from the beginning no biggie, but trying to do so after the fact is a bitch. I ended up having to pay my tax guy another $100 or so when I did all the work to research it all and to show a profit of like $.14.

Not bloody worth it. So unless my remaining coins are going to be a big profit... they shall sit and rise or fall and I don't care. I only bet enough money where I am ok if I lose it all cause it's a gamble investment.

OMG - so true about the tax. The site I use has a downloadable spreadsheet that I give to my accountant. There's no actual way I could do my own taxes now!!!

 

[W800]

All those people who bought at $20,000 and sold at $10,000 are doing great.

Yes - I lost some money in 2018. I got greedy!

What I do now is automatically put a little bit into BTC every week, and with dollar cost averaging, it kind of takes off some of the risk. But I am under no illusions that I will make money. If I do, it's a gift. If I don't - it was literally the same amount of money I spend on lunch.

 

[afm199]

Preach on!

One thing people seem to forget to mention about crypto is the tax side of it is a royal mother to manage. Every time you transact, not just sell and cash out, you need to declare the entire history with the IRS. So if you buy some BTC, turn that into ETH, then use parts of that to get other coins... each one of those is considered a sales event. You need to show dates, cost basis, etc. Now if you do it correctly from the beginning no biggie, but trying to do so after the fact is a bitch. I ended up having to pay my tax guy another $100 or so when I did all the work to research it all and to show a profit of like $.14.

Not bloody worth it. So unless my remaining coins are going to be a big profit... they shall sit and rise or fall and I don't care. I only bet enough money where I am ok if I lose it all cause it's a gamble investment.

For sure. There are many investments, such as MLP's, any corporation with a K1, commodities, etc., that have weird tax laws. You can buy and sell them on the market easily. When you get the 1099, K1, you may shit yourself.