1. We're looking for active, experienced players to help contribute and grow this site.

    If your interested send NeoCHI a conversation.
    Dismiss Notice
  2. Chat has been implemented. Scroll down to join the fun!
    Dismiss Notice

Let’s talk cryptocurrency

Discussion in 'The Lounge' started by Survivalist, Jan 24, 2018.

  1. Survivalist

    Survivalist Moderator Staff Member

    Messages:
    1,560
    Likes Received:
    1,217
    Level:
    99
    Server:
    1
    IGN:
    Survivalist
    anyone here big into the market ? Keep up with news? Any input? Any questions? Here’s a cool off topic place to talk. Spread info.

    I wouldn’t call myself an expert. But I do a lot of day trading and it does provide me some nice side income. A lot into it though as far as studying and trends go. But I could always use more feedback and help. But like I said, I’m strictly a day trader...not really caring about holding at the moment. Def will spread my knowledge if asked too and let you know my tips and what I do.

    Obviously binance is a great exchange site though. It’s what I like to use (U.S. wise then paired up with Coinbase transferred to gdax)

    I would say feel free to use but Instead I’m gonna say if you’re new and want to get into it....PLEASE use my link lol
    www.binance.com/?ref=23302201

    Please don’t come here to bash crypto or talk about how garbage it is. Respect the opinion but That’s not the point of this thread.
     
    Z Killer likes this.
  2. Lazarus Gordon

    Lazarus Gordon New Member

    Messages:
    27
    Likes Received:
    9
    Level:
    99
    IGN:
    LazarusG.
    I was thinking recently about starting cause many people around me are increasing a lot the initial investment they made. Of course could be risky but when i will have some surplus money of my own i’m gonna maybe try it. My main problem is about the non phisical part of it. Maybe i have an old elderly mind but i don’t trust this extreme virtualization of money, used almost as a videogame. I do buy on the web with credit card and had used for long paypal in the past but i still prefer to have money in my hand.

    I ll check your link
     
    Survivalist likes this.
  3. Survivalist

    Survivalist Moderator Staff Member

    Messages:
    1,560
    Likes Received:
    1,217
    Level:
    99
    Server:
    1
    IGN:
    Survivalist
    Oh yeah it’s technically not an “investment” since it’s not a physical item you can hold. It’s a very weird concept to say the least. It’s hard to get past that part of it lol. Of course this is opinion, but I just don’t see crypto disappearing anytime soon I really don’t.

    As far as the market at this point, check out the news of it. Everything is slowly declining and re adjusting after all the laws in South Korea and even China. so I would wait a tad and keep up with the news. But it’s becoming a great time to buy with everything coming down if you want to hold imo. But like I said, I don’t hold, I day trade whic is a lot different. But the prices are making me think about buying and holding.
     
    AcidicDeviant likes this.
  4. Lazarus Gordon

    Lazarus Gordon New Member

    Messages:
    27
    Likes Received:
    9
    Level:
    99
    IGN:
    LazarusG.
    Technical stupid questions: if i want to start it, is it true that it needed to be done by paying taxes at the moment you want to cash out? This mean that you need to made a registration, have some kind of personal number registered to your own country, etc.... like let’s say, making all regular paper as a normal job activity...

    Is it possible to use just an app on the phone to do it? ( Exept getting informations about coins from news related websites)
     
  5. Survivalist

    Survivalist Moderator Staff Member

    Messages:
    1,560
    Likes Received:
    1,217
    Level:
    99
    Server:
    1
    IGN:
    Survivalist
    Okay at the time, it is suggested to pay taxes on it yes, buttttt the USA hasn’t put anything out “forcing” that or a way to prove your having to pay taxes. Does that make sense? I do believe it will come eventually though. But not yet.

    And yes there’s apps. I suggest Coinbase but it’s a little complicated. Coin base is very basic if you’re from the us. You buy bitcoin from Coinbase, transfer to their “sister” site gdax.com (its little to no fees since they’re sister sites. It’s a way to get around the fees), then you transfer from gdax to binance.com which is also an app...and from there you can trade on the market freely! This is the easiest and best route in my opinion.

    It’s a “complicated” process your first time but after that it’s clock work. I have plenty of videos or more info if you want it.

    Also to your questions, it’s very secure so yes an app/site like Coinbase does require registration and usually a form of ID. I believe they started this because of credit card fraud and using stolen credit cards was huge when bitcoin blew up. But it’s very very secure.
     
  6. Unmasked63YT

    Unmasked63YT New Member

    Messages:
    7
    Likes Received:
    1
    Level:
    23
    Server:
    2
    IGN:
    Unmasked63
    I will check it out later but I agree at first I made a small investment into the game just to have more fun with it and just expand my base but after the lootme and multiplayer coming soon I have been saving money in my paypal waiting.
     
  7. BajaGaming

    BajaGaming New Member

    Messages:
    26
    Likes Received:
    11
    Location:
    Serbia
    Level:
    85
    Server:
    Server 2
    IGN:
    BajaGaming
    I hold 1400$ mining rig with a friend. Diggin' some Ethernum Classic.
    Two months passed and we got 400$ of clean money.
    So yeah it's slow process of returning your initial investment.
     
  8. nthnlws

    nthnlws Active Member

    Messages:
    246
    Likes Received:
    66
    Level:
    99
    Server:
    Bluestacks/PC
    Just saw this thread. Yeah, i love cryptocurrencies! I used it 2 years ago to sell for credits on an "auction" website, then use my credits to buy silver at half price. Then a few months ago, i bought and sold Bitcoin (pretty quickly) some and made 22% in 1 month. My problem is Coinbase is the best exchange, but they randomly lock people out of.their account with no explanation, and don't answer requests for help. Now that i cant use them any more, i cant find a single other exchange that is okay. I am still waiting for account verification on Gemini after a month. I will try your link again, but there is a reason for not using that exchange, i just cant remember right now.
     
  9. Region3

    Region3 Active Member

    Messages:
    173
    Likes Received:
    102
    Level:
    76
    Server:
    1
    IGN:
    Ermintrude
    I have a noober than noob question.

    I have never used bitcoin, but an online seller will only accept it as payment. It's only around £30 which from what I've read is a fraction of a percent of 1 bitcoin.

    Is there an easy way for me to pay them or do I stick with the alternative I've found?
     
  10. nthnlws

    nthnlws Active Member

    Messages:
    246
    Likes Received:
    66
    Level:
    99
    Server:
    Bluestacks/PC
    Stick with what you have. It takes a while, and is easy to make a mistake when using Bitcoin for the first time. Plus, Bitcoin is non refundable, which means if you pay with it, and it was a scam, you can't get your money back.
     
    Region3 likes this.
  11. nthnlws

    nthnlws Active Member

    Messages:
    246
    Likes Received:
    66
    Level:
    99
    Server:
    Bluestacks/PC
    Could you link to some of your videos? I made an account on Binance with your link.
     
  12. Region3

    Region3 Active Member

    Messages:
    173
    Likes Received:
    102
    Level:
    76
    Server:
    1
    IGN:
    Ermintrude
    I know it's not a scam because I've used their service before when they used to accept paypal.

    Does sound like an awful lot of messing around though, I'll stick with the alternative.
    Thanks for the advice.
     
  13. Survivalist

    Survivalist Moderator Staff Member

    Messages:
    1,560
    Likes Received:
    1,217
    Level:
    99
    Server:
    1
    IGN:
    Survivalist
    Yeah like he said, it’s just an iffy way to pay lol. Great to invest or hold onto, and I do believe the generation is heading towards using it as payments....but for now, it’s not “safe” in the aspect that it’s completelt untraceable so there’s not much proof that you paid with it for now. So yeah, I’d stick to the alternative
     
    Region3 likes this.
  14. Rondel

    Rondel Well-Known Member

    Messages:
    372
    Likes Received:
    271
    Level:
    99
    Server:
    1
    IGN:
    Rondel
    Just found this as well. I’ll throw the tax issues at you and my stinky opinion.


    Tax wise. You have a few issues. First if the exchange you hold the ‘currency’ in is in another country you may be required to file from 114 with the Treasury dept. This is a form you need to file when you hold over 10K USD in a foreign account. The key I see on that is where is that account held/where do you keep the ‘coins’.


    For the US. you are required to pay taxes on any income gained from the trade. Right now it’s considered a capital asset but I can completely see them classifying it at ordinary income just like other currencies. The catch on this one is enforcement. How does the Gov find out about you having the money/owning it unless the exchange informs them? There will be some crack downs sooner or later just like they did with Swiss accounts.


    If you buy a US based fund then everything is already reported so if you are looking at a crypto ETF you have no issue with any of this.


    Investment wise I personally would be shorting it if I wanted to jump into the mix (definitely not for day traders as it will take a while before it crashes.) I don’t see any real support for the currency valuation, it’s purely hype driven at this point. I don’t see how people using it will be comfortable using it as a currency while the bulk of the market is covered with investors that could pull out at any time. The original users of the crypos will move to something else so they can keep the unregulated portion of it. Thus Bitcoin itself seems doomed by its own success.
     
  15. nthnlws

    nthnlws Active Member

    Messages:
    246
    Likes Received:
    66
    Level:
    99
    Server:
    Bluestacks/PC
    Coinbase was required to give all of the personal information for people who traded over a certain amount, i think it was 20000. So yes, they can see and inforce how much you make and pay in taxes.
     
  16. Silth

    Silth Member

    Messages:
    31
    Likes Received:
    17
    Location:
    Monroeville Mall
    Level:
    99
    Server:
    1
    IGN:
    Silth
    Not a day trader or expert here, but I have bought Tron for around 1000 Euros in january. Planning to hold those coins for a year, as by then any revenue will be tax free over here in germany.
     

Share This Page