Who had that Bitcoin target price prediction?

Leaverite

Rabbitt Bartholomew status
Dec 19, 2017
7,945
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Central Cal
Macrodosage duu

Decent sativa is half the price and eleventy times the availability of everything else. Although after hollering at my boy since he got a card, one of these days I'm going to acquire a doctor and tell them I suffer from anxiety, insomnia, and occasional loss of appetite.
Be Good.....\ cash...... no credit, no Debit......
 
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ElOgro

Duke status
Dec 3, 2010
21,065
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Just me but I like something that you hold in your hand to trade for lawyers, guns, and money... for when... the sh!t has hit the fan. (Thanks WZ)

Gold has been good for that for me over the last two decades.

No hocus pokas, how long is it really gonna take to turn your crypto into some tender, say to buy 25 frag granades and a couple of claymores, just in case?

I notice most of you players are without kids. Does that make the risk easier? If I believe Onabernie, which I’m inclined to do, sounds like mess waiting to happen.
 

Leaverite

Rabbitt Bartholomew status
Dec 19, 2017
7,945
1,079
113
Central Cal
Just me but I like something that you hold in your hand to trade for lawyers, guns, and money... for when... the sh!t has hit the fan. (Thanks WZ)

Gold has been good for that for me over the last two decades.

No hocus pokas, how long is it really gonna take to turn your crypto into some tender, say to buy 25 frag granades and a couple of claymores, just in case?

I notice most of you players are without kids. Does that make the risk easier? If I believe Onabernie, which I’m inclined to do, sounds like mess waiting to happen.
El Oro... Gold... pushing $2000 an oz... Real deal dinero that you can make things happen with.....
 

oneula

Miki Dora status
Jun 3, 2004
3,748
1,190
113
I'm curious how people are depositing high 5 figures and 6 figures (7 figures?) cash in to their bank accounts from their wallets without a million flags going off.

I deposited 25K from my Paypal into my checking account and had to have phone calls with my bank and it didn't clear for a week.
just saying

the transaction most likely got flagged by BSA/AML software and sent to the treasury, fincen and IRS for records. They'll follow up as needed later, if needed that is. Depending on the variation of the money flow into your accounts. Anything abnormal has to be reported even if its structured or wash by property/acquisitions.

Don't know how many 1099s are being distributed on these gains by these entities but if not. expect an audit or letter later when the money's gone and you have to pay up. Over disclosing is always better than not
 
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oneula

Miki Dora status
Jun 3, 2004
3,748
1,190
113
To hedge you investment it would be wise to start cashing bits out now unless you are willing to lose it all. Gamblers typically justify it as; well I only put "x" in so if I lose everything down to that I'm okay.
Those guys never get rich and are just the pawns for the house.

With their huge computer resources, quants backing them up and insider connections, the big players people are using as justification for their "hopes" will be able to pull out micro seconds before the collapse and you can get your order in. Retail investors don't have a chance because most of the big street players have inside information not available to the public like pending legal action that tanks a bubble.

Best of luck you players. Nothing better than seeing a success story from our ranks of bozos
 

grapedrink

Tom Curren status
May 21, 2011
12,443
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A Beach
To hedge you investment it would be wise to start cashing bits out now unless you are willing to lose it all. Gamblers typically justify it as; well I only put "x" in so if I lose everything down to that I'm okay.
Those guys never get rich and are just the pawns for the house.

With their huge computer resources, quants backing them up and insider connections, the big players people are using as justification for their "hopes" will be able to pull out micro seconds before the collapse and you can get your order in. Retail investors don't have a chance because most of the big street players have inside information not available to the public like pending legal action that tanks a bubble.

Best of luck you players. Nothing better than seeing a success story from our ranks of bozos
Yeah good advice. Maybe cash out your initial investment, or close to it with a decent margin. Maybe reverse cost average after that and pepper pieces out on a fixed interval.
 

r32

Administrator
Staff member
Apr 1, 2005
13,268
1,855
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Cambria
Tax season usually sees a good amount of people cashing out their positions. However, the difference this year is that we have big institutions buying big amounts of crypto at very high prices. So there is no telling what will happen in Q1.

For reporting, it's pretty easy. You can download a copy of your trades from the exchanges. Then upload the file to a place like bitcoin.tax which will convert the file into a tax-software compatible file. Then you upload the converted file to your favorite tax software like turbo or whatever, and you're done.

Keep in mind US-based exchanges auto-report to the IRS if your account size is over a certain amount OR you have over that same amount in traded volume. For coinbase / coinbase pro the amount is $20k. Not sure what the thresholds are for other exchanges.

And when you withdrawal, you can only withdrawal so much per day / week, to prevent a run on fiat at the exchanges. But if you're making big withdrawals, then obviously you're bank is going to flag the influx of money into your account and probably report you anyway.
 

Subway

Rabbitt Bartholomew status
Dec 31, 2008
7,704
1,445
113
LBNY
Tax season usually sees a good amount of people cashing out their positions. However, the difference this year is that we have big institutions buying big amounts of crypto at very high prices. So there is no telling what will happen in Q1.

For reporting, it's pretty easy. You can download a copy of your trades from the exchanges. Then upload the file to a place like bitcoin.tax which will convert the file into a tax-software compatible file. Then you upload the converted file to your favorite tax software like turbo or whatever, and you're done.

Keep in mind US-based exchanges auto-report to the IRS if your account size is over a certain amount OR you have over that same amount in traded volume. For coinbase / coinbase pro the amount is $20k. Not sure what the thresholds are for other exchanges.

And when you withdrawal, you can only withdrawal so much per day / week, to prevent a run on fiat at the exchanges. But if you're making big withdrawals, then obviously you're bank is going to flag the influx of money into your account and probably report you anyway.
Good I’m nowhere near the 20k mark, not in 2020 anyway. Total gains in 3 years is maybe a few grand
 

Subway

Rabbitt Bartholomew status
Dec 31, 2008
7,704
1,445
113
LBNY
My tax attorney will likely mock me and shrug it off, but I trust him
 

Subway

Rabbitt Bartholomew status
Dec 31, 2008
7,704
1,445
113
LBNY
My 65% drop in income ought not to raise any flag with the irs. Except maybe the Nica land grab
 

Subway

Rabbitt Bartholomew status
Dec 31, 2008
7,704
1,445
113
LBNY
Steady with small zoom classes. Should pump back up to 6-10 peeps on the beach once it warms up. She’s also working 30 hours a week at an optometrist office. Going to try to write off the tens of thousands of ducats I spent the last few years on training, design and website work, marketing etc, again, my lawyer may just laugh at me
 
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r32

Administrator
Staff member
Apr 1, 2005
13,268
1,855
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Cambria
Steady with small zoom classes. Should pump back up to 6-10 peeps on the beach once it warms up. She’s also working 30 hours a week at an optometrist office. Going to try to write off the tens of thousands of ducats I spent the last few years on training, design and website work, marketing etc, again, my lawyer may just laugh at me
Writeoffs are the best.

How much do you guys pay for a website out there?
 

Subway

Rabbitt Bartholomew status
Dec 31, 2008
7,704
1,445
113
LBNY
Writeoffs are the best.

How much do you guys pay for a website out there?
I think all in for design (I did some myself, and the socials) a few grand. It’s the 20k in YTT I’d like to write off.
 
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Sharkbiscuit

Tom Curren status
Aug 6, 2003
12,919
3,990
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Jacksonville Beach
Just me but I like something that you hold in your hand to trade for lawyers, guns, and money... for when... the sh!t has hit the fan. (Thanks WZ)

Gold has been good for that for me over the last two decades.

No hocus pokas, how long is it really gonna take to turn your crypto into some tender, say to buy 25 frag granades and a couple of claymores, just in case?

I notice most of you players are without kids. Does that make the risk easier? If I believe Onabernie, which I’m inclined to do, sounds like mess waiting to happen.
The entire purpose of Crypto is buying frag grenades and claymores (and drugs and people) quickly. Everyone has a cell phone; gold ingots I'd be more scared to try to turn into weaponry aforesaid.

Just got my old cell phone up and transferred the Authenticator to the new; I thought I had way, way less crypto left laying out after the joyous 2017 profit-taking than I do.

r32 do you think it's people selling crypto in the 2021 tax year to pay 2020 taxes, or do you think selling for that was done in late December two weeks ago?

GO CRYPTO, GO!!!!
 
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r32

Administrator
Staff member
Apr 1, 2005
13,268
1,855
113
Cambria
@Sharkbiscuit if you switch to weekly chart and look at December for any of the major coins such as BTC, ETH, LTC, etc. you'll see they all pumped during the entire month of Dec. It was rockets everywhere. A truly epic run.

I believe the majority of the tax-season selling happens AFTER new years.

1. Those who have only accumulated during the year and never sold (no cash out) don't have to pay capital gains taxes. This is where waiting until the new year to cash out is beneficial. Delay taxes on those big gains for another year.

2. Leaving your money in longer you get a chance to grow it. People generally feel good around the holidays and sentiment is running high for new years aspirations, financial goals, personal goals, etc. so it makes sense there would be some buying around the holidays.

3. I believe majority of people really don't start thinking seriously about their taxes until sometime in January. Out of site, out of mind sort of thing. Or maybe they just don't want to face reality of cutting a fat check to the gov until they absolutely have to. Everyone I know seems to wait until March or later to get their taxes done.
 
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