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Posted on 1/17/18 at 3:25 pm to S1C EM
quote:
What's going on with this stuff, WG? It and Bitcoin are having a really bad last couple of days.
Crytpo is highly volatile, nothing to really be concerned about. I have no idea why but it looks like mid January has seen a pretty big dip the last 4 years. A few quick thoughts:
-ETH is primarly what I'm familiar with so that's mostly what I can speak loosely about (I don't pretend to know a ton about this stuff), but for me personally it's always been a long term investment to hold. With that in mind it makes it easy to not really GAS about the price day to day or hour to hour.
-There are hundreds of small coins that people day trade for a quick in and out profit. If you put $5K into a coin when it's at $0.03 then you're probably gonna be excited if it hits 50 cents and pull out. Lots of people do this type of thing but I dont' have near the patience or desire to do that. So when ETH goes up or down a few hundred, again it's not really much to worry about.
-Already said it and will again, crypto is VERY VOLATILE, if you have a weak stomach or extremely low risk tolerance consider what you're getting into.
And finally, let's take a look at ETH's prices over some previous timeline landmarks:
1 year ago: $10!
6 months: $162
3 months: $316
1 month: $725
3 weeks ago: $760
2 weeks ago: $885
1 week ago: $1,296
Keep in mind a lot of people are freaking out and panicking because in the last 2 days it dropped from the low 1Ks to the high 800s in about 48 hours. Look at the big picture though above...if you told those same folks 3 weeks ago it would damn near double in price they would've said you're crazy. Point is that this kinda thing happens A LOT, you just gotta ride it out. Of course, similar to stocks, anything like this is a bit of a risk but I mean you aren't gonna see these kinda returns with ANY stock or mutual fund out there.
Another thing...a lot of new folks who are just getting interested in this stuff my be put off by the "high" price, but first of all you don't have a to buy a full "unit". You can buy $50 if you want. But the exciting thing is that ETH isn't even remotely anywhere approaching mainstream yet. It took Bitcoin damn near 10 years to finally enter into america's lexicon (and drive the price into the mid teen thousands), and bitcoin can't even do shite compared to ETH. Whenever the day comes, and sure it could be years, that ETH is as widely known as bitcoin is now I truly think the sky's the limit on price.
Posted on 1/17/18 at 3:28 pm to WG_Dawg
The dip could be people taking out money for taxes. But literally every coin ran the last month, so a pullback was due anyways. So many coins ran 100%+.
Posted on 1/17/18 at 3:30 pm to dawg4lyfe
quote:
The dip could be people taking out money for taxes. But literally every coin ran the last month, so a pullback was due anyways. So many coins ran 100%+.
Oh yeah, last week everythign including the shitcoins were all in the green.
Posted on 1/17/18 at 4:34 pm to WG_Dawg
What's your opinion on Litecoin? They are considered one of the "big three", but given how much less they cost right, I could make my investment go further right now.
Also, do they send you year-end tax statements? And do I need to put my Coinbase account in the name of the person who would be claiming on taxes? I don't want to claim them on mine, so how should I set this up?
Thanks!
Also, do they send you year-end tax statements? And do I need to put my Coinbase account in the name of the person who would be claiming on taxes? I don't want to claim them on mine, so how should I set this up?
Thanks!
Posted on 1/17/18 at 4:42 pm to S1C EM
I have a small bit of LTC but honestly don't really know a ton about it...buddy of mine who is a believer in it says he's going to cash out aroudn $500 if it gets to that point (implying that may be around the ceiling) but granted he bought in when it was pretty minuscule.
As far as crypto goes we're still kind of in the wild west phase..the best thing anyone can do is simply research, research, research. If you don't mind holding, LTC is probably a pretty safe bet to grow over the next year.
For tax statements, I doubt it. Keep in mind you don't actually have any money until you actually cash out, so whatever you have in Coinbase or an exchange doesnt' really matter I don't think. Now, it will be up to you to report capital gains taxes (short or long) on your return, which depends on when you bought and when you cash out.
I have no idea really...I know that the biggies involved with your CB account are your email address and obviously your bank account. Also your phone number. I don't think the actual name you register with matters, but I'm not sure what kinda situation you're in either.
As far as crypto goes we're still kind of in the wild west phase..the best thing anyone can do is simply research, research, research. If you don't mind holding, LTC is probably a pretty safe bet to grow over the next year.
For tax statements, I doubt it. Keep in mind you don't actually have any money until you actually cash out, so whatever you have in Coinbase or an exchange doesnt' really matter I don't think. Now, it will be up to you to report capital gains taxes (short or long) on your return, which depends on when you bought and when you cash out.
quote:
do I need to put my Coinbase account in the name of the person who would be claiming on taxes? I don't want to claim them on mine, so how should I set this up?
I have no idea really...I know that the biggies involved with your CB account are your email address and obviously your bank account. Also your phone number. I don't think the actual name you register with matters, but I'm not sure what kinda situation you're in either.
Posted on 1/17/18 at 4:52 pm to WG_Dawg
Yeah, linking a bank account is a bitch. My account number is 7 digits long, but it won't take anything under 8 digits. Had to open a CapOne money market just to use with this.
Posted on 1/17/18 at 4:56 pm to WG_Dawg
Exchanging crypto currency trading information in a sports forum.
Sign of the the top?
Sign of the the top?
Posted on 1/17/18 at 5:00 pm to S1C EM
Put a leading zero in front to make it 8 digits. This is a common thing.
Posted on 1/17/18 at 5:09 pm to deeprig9
Okay, I wondered about that. Wasn't sure if it would work.
Posted on 1/17/18 at 5:16 pm to S1C EM
No biggie. Worst case scenario is it links to someone else’s account and they take your money and you are the one investigated by Interpol for bank fraud.
Posted on 1/17/18 at 5:29 pm to deeprig9
Posted on 1/18/18 at 2:05 pm to WG_Dawg
Two points.
You keep referring to "cashing out" and state the "value" of these cryptos in American $. So are you in it because you believe that currencies around the globe will all disappear to be replaced by ETH or are you in it because you see it as an investment vehicle and plan to cash out?
Secondly, what motivation do retail and manufacturers have to make sales in a currency that can lose or gain 20% value in a matter of days? No business in their right mind would go this route. It's basically a bunch of people feeding and stealing from the hypebeast with not a single investor believing in the long-term success.
Hell, go to a casino if you want to gamble.
You keep referring to "cashing out" and state the "value" of these cryptos in American $. So are you in it because you believe that currencies around the globe will all disappear to be replaced by ETH or are you in it because you see it as an investment vehicle and plan to cash out?
Secondly, what motivation do retail and manufacturers have to make sales in a currency that can lose or gain 20% value in a matter of days? No business in their right mind would go this route. It's basically a bunch of people feeding and stealing from the hypebeast with not a single investor believing in the long-term success.
Hell, go to a casino if you want to gamble.
Posted on 1/18/18 at 4:01 pm to mmmmmbeeer
The technology behind block chain will be a game changer. No doubt.
But cryptocurrencies are just another sign of out of control speculation due to excess capital sloshing around. The fact is they are only worth what somebody else is willing to pay - and have no inherent value. A fiat dollar has the backing of a sovereign govt. - which as shitty as that is ...is at least something. As you noted - who can purchase inventory or sign a note in a currency that is all over the map.
Bitcoin is pure speculation and some folks will make a lot of real money. But you don't want to be the last man without a chair when the music stops. I wouldn't put more in it than I wouldn't miss losing.
I used to play poker online and did pretty well. And then the DOJ totally locked down all online gambling. If you think they can't do that to bitcoin (or Coinbase) you're fooling yourself. If they become a threat to the Central Banks they'll get shut down or taken over. Wars have been fought for less.
But cryptocurrencies are just another sign of out of control speculation due to excess capital sloshing around. The fact is they are only worth what somebody else is willing to pay - and have no inherent value. A fiat dollar has the backing of a sovereign govt. - which as shitty as that is ...is at least something. As you noted - who can purchase inventory or sign a note in a currency that is all over the map.
Bitcoin is pure speculation and some folks will make a lot of real money. But you don't want to be the last man without a chair when the music stops. I wouldn't put more in it than I wouldn't miss losing.
I used to play poker online and did pretty well. And then the DOJ totally locked down all online gambling. If you think they can't do that to bitcoin (or Coinbase) you're fooling yourself. If they become a threat to the Central Banks they'll get shut down or taken over. Wars have been fought for less.
Posted on 1/19/18 at 8:01 am to mmmmmbeeer
quote:
So are you in it because you believe that currencies around the globe will all disappear to be replaced by ETH
Not one, single person thinks that is going to happen. You and many others lump ethereum in with bitcoin and other things that are NOTHING except for a currency, which is not the case with ethereum.
quote:
are you in it because you see it as an investment vehicle and plan to cash out?
yes, absolutely
quote:
what motivation do retail and manufacturers have to make sales in a currency that can lose or gain 20% value in a matter of days? No business in their right mind would go this route.
sigh....Again, nobody thinks USD bills are going to be extinct. Btw Microsoft, DISH, Expedia, Virgin, Subway, and countless other companies have already began taking crypto as forms of payment. Ever seen a Bitcoin ATM at your local gas station? I have. This isn't going away.
quote:
go to a casino if you want to gamble.
I don't think investing in ETH is more of a gamble than gambling. You keep trying to look at the pragmatic side of things by saying that companies won't take these new fangled currencies because it's volatile. Or that you don't see the backing behind it so it's a scam. Gambling is completely up to chance and luck...the roll of a dice, turn of a card, spin of a wheel..there is nothing behind any of those things other than pure, dumb luck.
Ethereum actually does have backing as something practical, useful, and efficient that will improve the way the world does business. Unlike bitcoin (which is only a currency), Ethereum is more like a platform working behind the scenes of business transactions to make them safer and faster in a nutshell. People aren't investing in ETH because they think in 5 years they'll go to mcdonalds and buy their meal wiht ETH, they are doing it becuase it provides a valuable service and is a good investment vehicle that is demolishing any gains you could hope to get right now with any stock or mutual fund.
Think of ETH like Java. Nobody goes to "java.com" but many of the websites you visit are run by java in the background. And despite old folks wanting to think this is just some new age fad, I'll direct you to the Enterprise Ethereum Alliance (link here ), these are all companies that believe in ETH's future and have gotten on board to incorporate ETH into their business models down the road. Accenture, BP, Cisco, Deloitte, ING, Intel, Mastercard, Samsung...the list goes on.
Posted on 1/19/18 at 8:24 am to WG_Dawg
quote:
go to a casino if you want to gamble.
or you can start a porn site....those cats are killin it.
Posted on 1/19/18 at 8:53 am to WG_Dawg
WG, do you have any thoughts on this new one coming out called ICON (technically, you can already buy it, but it doesn't officially "release" until the 24th.
Posted on 1/19/18 at 9:03 am to S1C EM
I'll be honest I tried to get into the coin game briefly but it just wasn't for me, waaaay too much effort involved, so I really don't know much about any of these smaller ones. The Money board might be a better place for that question. All the smaller coins I did briefly buy I already sold to put back into ETH, the only one I'm still holding is FunFair but that's just for funsies in the event it takes off. I bought in at 0.05 in hopes that it may one day reach $1, so we're not talking about major money by any means.
Keep in mind that anything other than BTC/ETH/LTC you are going to need go get on an exchange for. One of the reasons I like Coinbase (in addition to the security) is that it's so user-friendly and simple to use for beginners. An exchange looks like hieroglyphics to me.
Keep in mind that anything other than BTC/ETH/LTC you are going to need go get on an exchange for. One of the reasons I like Coinbase (in addition to the security) is that it's so user-friendly and simple to use for beginners. An exchange looks like hieroglyphics to me.
Posted on 1/19/18 at 11:14 am to S1C EM
ICX is Korea's ETH. With Mainnet launching on the 24th and the roadmap will be announced sometime this month.
Posted on 1/19/18 at 11:27 am to WG_Dawg
quote:
One of the reasons I like Coinbase (in addition to the security) is that it's so user-friendly and simple to use for beginners. An exchange looks like hieroglyphics to me.
So essentially, you and I are pretty much the same person.
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