Bitcoin and Crypto Talk (Merged) (3 Viewers)

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FWIW, got a friend who bought in on BTC right before the crash. He's using the wash rules loophole and sold for a 5k loss to offset his gains tax on some stocks, then bought the BTC at the new lower price getting more BTC than before while net zero impact to taxes. Gotta think they'll close that soon.
 

DCSaints_Fan

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FWIW, got a friend who bought in on BTC right before the crash. He's using the wash rules loophole and sold for a 5k loss to offset his gains tax on some stocks, then bought the BTC at the new lower price getting more BTC than before while net zero impact to taxes. Gotta think they'll close that soon.
Close what ? If he had a net capital loss in terms realized USD I see how its perfectly justifiable. If his Bitcoin gains in value and he liquidates it then he will have to pay the tax man then.
 
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Close what ? If he had a net capital loss in terms realized USD I see how its perfectly justifiable. If his Bitcoin gains in value and he liquidates it then he will have to pay the tax man then.
I'd posted the link explaining it before. Regular stocks can't be repurchased for a period of time like a waiting period. With crypto that rule doesn't apply so you can sell and re buy immediately. He sold off stocks and used the crypto loss to cover taxes on his stock sales then used the money to buy crypto again same day. This isn't possible with regular stock if I understand it. He works with a CPA so it was vetted by a pro to know it was doable.

And yes when he sells the crypto it will be taxable as normal. This just gives him a way to ensure he can re buy at the lower price same day.
 

itztime

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Really! Another tweet by Musk regarding an alt coin, causes it to skyrocket, this is getting a little ridiculous now.

 
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I suspect he not only knows he's a villain, he actually thrives on it.

It's their own fault, but I think he has caused many to lose their life's savings... I mean, I don't know why you would put it in a meme coin, but they believed him. A lot of stories online. He keeps playing with people's emotions with these cryptos.
 

DaveXA

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It's their own fault, but I think he has caused many to lose their life's savings... I mean, I don't know why you would put it in a meme coin, but they believed him. A lot of stories online. He keeps playing with people's emotions with these cryptos.
Sure, but if you're putting your life savings in any meme coin or stock, you have to live with the risk that comes with it. If you can't, then you're doing it wrong.
 

Taker597

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AMP coin looking like a nice long term investment. It's a utility coin for the Instant Payment Flexa Network.
 

WhoDatPhan78

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Crypto currency isn't supposed to be an investment opportunity.

If I was a conspiracy theorist, i would say that these bubbles and crashes were being driven by the central banks and nation states that use control over currency as power.

They want people to have a negative association with crypto currencies to prevent them from every replacing fiat currencies. Getting people to lose their life savings in a bubble is a perfect way to make sure public opinion of crypto is negative.
 
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Mr. Blue Sky

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Getting people to lose their life savings in a bubble is a perfect way to make sure public opinion of crypto is negative.




I will go ahead and make a blanket statement…. Anyone who invests their “life savings” in crypto kinda deserves whatever they get…. I understand investing in it, even investing heavily if you are otherwise diversified.. i myself have invested a little bit in it.. but to put all your ”life savings” eggs in the crypto basket is……. unfortunate at best, absolutely asinine at worst.
 

tomwaits

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I will go ahead and make a blanket statement…. Anyone who invests their “life savings” in crypto kinda deserves whatever they get…. I understand investing in it, even investing heavily if you are otherwise diversified.. i myself have invested a little bit in it.. but to put all your ”life savings” eggs in the crypto basket is……. unfortunate at best, absolutely asinine at worst.
It would be great if people could just save their money, but you know.... Federal Reserve
I can see why people are looking for options.

On another note, with China cracking down on miners, looks like a lot are falling.
 

El Caliente

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People selling off now probably didn’t do the adequate research/due diligence prior to investing. That said, pull backs are common place, and while I don’t fully believe in Crypto enough to throw substantial money behind it, I certainly believe if you invest without doing your due diligence I can comfortably say you were probably going to lose your money anyway (pullback or not).
 

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