Guys im not used to making so much money on crypto. . . I made

>>2108049
I haven't made quite that much, but certainly enough to live on.

I wonder if its time to start thinking about quitting my job so I can devote my sole attention to it. Not even kidding

what coin bb

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i made $20

The catch is that you're risking losing money, worth the risk in my mind though.

>>2108091
That's about how much I made too anon don't feel too bad. I started at .049 BTC and I'm up to .06. I never fucking know how long a pump is going to last or what's going to pump or when to sell.

>>2108049
There's no catch: crypto coins offer a dream, whenever you see daily growth stats, you wonder how much you would have made had you put money into it. This makes people eager to spend. However, when you win something, you win it off other gamblers who lost their money to you.

>>2108049
The catch is that you'll be arrested for tax evasion when you cash out

>>2108153
Nothing stops you from paying taxes if you want to

>>2108153
if you pay your taxes when you cash out you'll be fine...

Same boat dude. I already made my annual salary.

feels surreal

>>2108159
>>2108177
How exactly do you "pay" your taxes. What kind of income is this considered? Isn't it only required to pay taxes for profits of 10k or more?

>>2108184
Its considered investment income.
>Isn't it only required to pay taxes for profits of 10k or more?
Only if you're a NEET and this was your only source of income, in which case you'll be alright due to your standard deduction and personal exemption. Though you'll need to explain to your parents that they cannot claim you as a dependent for this year.

>>2108184
You pay capital gains taxes. You're actually retarded if you don't know this. Crypto is considered as stock.

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>>2108153
>>2108184

There is no tax on the crypto in the netherlands, their logic is you pay the tax when buying goods with the crypto.

You do have to pay capital gains tax when your money exceeds 21k though.

>>2108076
>I wonder if its time to start thinking about quitting my job so I can devote my sole attention to it. Not even kidding

we're in a bull market. It wont last forever. Enjoy it while it lasts, but don' expect to do so well when everything is falling slowly for months on end.

>>2108049
The catch is that all the money you made is money that someone else lost/will lose.

>>2108217
In the US you don't have to pay capital gains taxes unless your income exceeds $37,950.

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>>2108248
>>2108125

>this implies that the value will drop and/or they buy high sell low.

When people sell their crypto that they bought lower and the price still goes up they already made a profit so I dont consider that a loss.

>>2108049
I know I probably missed the gains, but how do I actually buy crypto currency without getting jewed?

>>2108276
You do on shortterm gains, you're thinking longterm(which means you held it longer than a year).

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>tfw making 300$ a month
>tfw can't afford to invest in crypto
Just kill me already

>>2108184
>>2108177
>>2108217
>>2108220
>>2108248
>>2108276
say like i sell rdd for btc then cash out btc using pay pal. dont they claim taxes or something?

>>2108217
>"there is no tax"
>proceeds to list 2 taxes

liberal logic

>>2108120
>started at 300 sats
>currently 0.01

i need more

>>2108304
dude, even putting $5 a month into shitcoin can add to your portfolio

>>2108049
New bizfag here, is there a generally accepted guide to starting in cryptocurrency?

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>>2108325
No extra tax bro, did you not get my point?

Also dont quit your job, just keep investing your income, its not like you need alot of time to invest.

>>2108371
Would also like some non bullshit guide other than buy low sell high.

>>2108362
I'm living with the basics, sometimes I have to borrow some money for my dorms.

>>2108125
I lost 4 dollars, even the cents i loose gets me mad. Even the fees get mad. Im in it for the gains no matter how small.

>>2108049
Invested 1500 in ethereum a year and a half ago for shits and gigs, never knew it would see 100 dollars one day. Only regrets... WHY THE FUCK DIDN'T I BUY MORE

Why do you fags care about taxes? Just hold and accumulate for 5 years when mass adoption occurs. Then they can only force sales tax on you when you buy shit

Is there a reason for tonight? Or is it just everybody buying high due to green candle desease?

>>2108398
Then maybe T-bills are better for you

t. investment advisor

>>2108049
senpai

>>2108049

The catch is you don't get to keep shit if you don't cash out before it crashes.

>>2108371
>>2108395
Just get in and spread the wealth, pick coins that do different things, BTC is going to continue to rise unless something catastrophic happens. ETH could change the way companies are run. Monero, Dash, Ripple could all be solid choices as well.

Moral of the story is to just buy. put aside 50-100 bucks a week and diversify, I wouldn't put all your cash into one coin. Finally, Hold it. Through the peaks and valleys, you'll thank /biz/ in 5 years.

>>2108049
the catch is everyone the main influx of money coming into crypto is coming from NEETs like us trying to make a profit, not because of the legitimate value of the coins we are buying. All these coins have massively inflated values at the moment. So when the bull market (aka bubble) ends, shit is going to crash hard.

>>2108177
>>2108177
>>2108177
>>2108177
>>2108177
JUST GET A CRYPTO VISA CARD, WIN WIN

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Mfw I only got 1k and just discovered biz.

Can anyone give me a good advice books where to learn? All of this

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I started about a few days ago, invested $200 and now I'm at $320. Gonna drop a few grand into the market later tomorrow. I only wish I had gotten in on this sooner. Even if it was only two months earlier, I'd be on the fucking moon right now.

Cya guys on europa

>>2108462
What would cause it to crash?

>>2108470

You still have to pay capital gains tax even if you don't cash out.

>>2108248
you're thinking futures buddy

>>2108486
I'm a real life investment advisor. Save your money until you have at least 2-3 months of expenses covered. If you want, play around with 50$ or so but only for practice and educational purposes.

The priority here is that you need an emergency fund.

>>2108707
Thanks but I don't get any of this.
I'm a engineer software and making kinda good but I seriously don't know the terminology used here can you help me out?

>>2108721
If you are making good money you literally have no excuse for not having an emergency fund

It's hard to make investment recommendations to someone if you don't know their psychological profile... because that is one of the main factors in choosing the appropriate investment for you.

What terminology are you curious about?

>>2108460

Best advice. This is dotcom 2.0, no one knows what will be the next big thing. Better to just diversify and hold.

>>2108091
>>2108120
put $10 in crypto a few months before the eth boom, now have $46.

The catch is that the SEC isn't regulating this yet

>>2108049
The catch is uncle sam and the IRS is gonna come for their capital gains tax. Unless you dont live in the land of the "free". In which case there is no catch.

>>2108220

This isn't a bull market, it is a bubble. Crash anyday lads. Avoid main coins bar maybe ETH. Pump and dump alts till it no longer works.

I put 220$ cad 1 month ago max Im new and learning and have over 500 now
: )

>>2108721
THE MOON = where everyone but you is rn

Do I really need to say yes ! :p Ive done a few mistakes sadly ... Lol But im getting there. I know you cant predict , but you can be better at it with pratice :p

>>2108184
>What kind of income is this considered?
You can declare it as "hobby income" and pay your normal tax bracket rate.
The IRS probably wants a detailed summary of every trade you made, but as long as you pay them what you owe, they probably won't care.

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>>2108752
ETC SAT I literally don't know anything about investments in a form of crypto stock market and so

>>2108120
I started with .05btc and have 1.66 now.
Pretty pleased with myself.

Hoping to just keep compounding my gains and get rich familam.

>>2109032
How?

>>2108184
I wonder *cough cough* if you could just buy gold online for crypto and have it sent to you without worrying about that.
*COUGH*

>>2109032
When did you start ?

Even if the bubbles pops we're all here for each other to hop on the next big thing but we've got until 2020 lads we're still very early. Literally just mentioned on Bloomberg today big things in store I can feel it.

>>2109041
if you're in Australia you can

listen up newfags

im going to tell you the *easiest* and *safest* way as an american citizen to invest in bitcoin

1. make a coinbase account (verify your identity and all that when they ask)
2. connect your bank account
3. send funds from bank to coinbase account (this takes a week)

now you can buy bitcoin, ethereum, and litecoin

if you want to buy other shitcoins you are going to have to use a different exchange. coinbase is the best in regards to security and ease of use

pro tip:
dont trade on coinbase dashboard. use GDAX.com instead (its owned by coinbase, they are the same company). now you can do limit orders, stop loss, see the order book... etc

>>2109078
Hahahahah have you been trading for like a week?

Coinbase is the WORST place to buy Bitcoins if you're an American.

This guy is a fucking newfag of the worst kind.

>>2109089
this post was meant for actual legit newfags like >>2108371
idiot

it is the simplest and safest way for him

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>>2109037
honestly?

Researched the top 10 coins on marketcap, decided ripple was cheap as fuck and banks already wanted it, and what banks get they dont let fail because they have infinite cash to help it. I got on at .006 cents and cashed out half at .41 cents.
I also invested in both XBY and RDD before the board shilled them. Those are two coins I actually see making it to the top 5 one day. RDD is probably about to explode when they get the transaction setup going. should be any day now honestly. but yeah, bought RDD at 5 sat, again, sold 1/4 at ATH. letting the rest sit in it for a year or two. the gains might not be fast, but it IS going to keep going up and soon it wont be a cheap buy in.

I also grabbed some DGB due to board shills... looked it up, found out it was a bunch of bullshit and pretty much a circle jerk with no actual backing and dumped at 430.

I also bought as much LTC as I could when I heard it was going to coinbase. that made an ok amount.

Right now I'm in XBY, RDD, XRP, ETH for the long run. I have almost no fear on these desu. I have looked into them each and then looked over what I looked at like 6 times.
Short/long term I have Lumens. It might just pump and die out but it might stay steady.
short short term I have golem. Brass golem got pushed back so the price dropped. I scooped up as much as I could and will just wait for the new release date announcement and then dump and probably make around 6-700% profit.

Biggest three things to remember?
Diversify,
buy the rumor, sell the news
and HODL on coins that seem like they have a value to normies.

The day crypto gets out to the world on a massive scale is coming. You guys think we are Bullish now, just fucking wait till every news agency is talking about shit like eth and ripple. find the good long term shit thats cheap like RDD or XBY and just sit on it. worst case scenario you lose $100. best case is you come back in a year and are a millionaire.

>>2109089
and coinbase is hardly the worst place to buy bitcoins

that would be using localbitcoin

>>2108091
I put $14 initially. Now I have $473

>>2109042
right before ripple lifted off from .006 cents.

>>2109089
>Coinbase is the WORST place to buy Bitcoins if you're an American.
It's the only reputable provider that takes a credit card. They also have big limits and don't withdrawal on your bank account for a few days after your purchase.

>>2108049
I've recently learned about pepecoin and I want to be one of the annoying autist types that can fit in with other annoying autist types. Is there a link that explains the ins and outs of purchasing such cybercurrencies?

Yes I realize that I need to lurk moar or whatever, but I don't shitpost here often enough to know the etiquette. So please excuse me for being one of "those guys."

>>2108049
>Where's the catch

The catch is if you're not holding bitcoin, long term your holdings are zero

Enjoy the game of "who can sell our scamcoin the fastest" when the next "hack" arrives

>>2108049
I'm currently up over $14k off the etheroll ico. That's only about 15% of my income, but I put less than $600 of eth in the ico in February. Those 6k tokens that I bought with 50 eth are now worth $2.35 a piece. That's over 20x growth.

I'm actually kind of annoyed, because now I have to figure out how to pay taxes on this shit, when I never expected any of it to have a value that outweighed the cost of the mining rig I set up in late 2015.

What do I do here? I've hit like $20k in crypto (counting both the tokens and the eth I never invested), but technically speaking, I never paid for any of it, so how the fuck do I report income? Can I deduct mining equipment costs as a business expense? What about electricity bills?

This is quite disconcerting.

>>2108049
put in 600, now im almost at 1 whole bitcoin

>>2108304
You deserve your pain.

>>2109089
What's best for Canadians? Coinbase fees are absurd... 3.99%

>>2108217
It said something about bitcoin specifically in the tax filing tho

>>2108049
how? I have day trading the whole week and just made 30 dollars

>>2108049
>Whats THE CATCH?!
Try cashing out. The exchange won't let you do it easily...

>>2108049
lucky you faggot, I started out with $400 and have a wonderful grand total of $540 after 3 days

I fucking fail at this but I was trying to time the markets at first and it was a learning process

>>2109810
>Coinbase fees are absurd... 3.99%
Dumb newfag nocoiner. Those are the lowest rates available.

>>2108049
>Where's the jew catch?

When you have to report it to the IRS.

>>2109840
>day trading
That's your problem m8. Day trading is for losers who need to be separated from their coins.

>>2109117
>don't withdrawal on your bank account for a few days after your purchase
Why do you think that is newfag? Surely it's not because of the legal time necessary to wave chargebacks, is it? Couldn't be that.

In fact, given Coinbase's enormous history of false charges, double charging, triple charging, charging months after you make a purchase, etc., I would dare you to try and make a chargeback with Coinbase. I have, actually. See what happens.

Loads of reputable providers take credit cards. Some of them charge slightly, just slightly, higher fees. Cex.io is an excellent one.

>>2109810
To be fair, I've used those fees but managed to make back 30% this month alone and I mostly play it safe (fucking buy ETH). So the 4% really is nothing.

>>2109877
Easy way to avoid this. Just pay for things in bitcoin. More and more places are accepting it.

>>2108153
>mfw No tax on crypto gains in Europe because it is considered gambling

>>2108707
>RL investment advisor
>Not advising people to put 75% of their NW in crypto

Stay poor

>>2109109
Good advice, what price do you think RDD will get to? And can you tell me what it's useful for?

We're in a bubble, but I'm gonna make a maximum of money on this shit before the crash

>>2109887
It's my only option senpai, until I made a big enough sum it's my only way to a decent portafolio

>>2108049
Taxes, just wait until you hear about the taxes (if you're in the US)

>>2108049
>Where's the jew catch?

Taxes.

You better pay up because (((Uncle Sam))) always gets his share.

>>2108184
>What kind of income is this considered?

Capital gains.

>How exactly do you "pay" your taxes.
With USD.

> Isn't it only required to pay taxes for profits of 10k or more?

Nope.

>>2108049
How are you making money through cryptocurrency?

>>2108207
No its treated as an asset if you're in the US. Means you need to claim taxes for every trade even crypto to crypto

>>2110091
Can't you just put the BTC through multiple exchanges and buy a laptop with cash so the government doesn't know it's yours and send the money from that laptop to your wallet when you convert BTC to USD just say it was "gifted" to you by a random. I've never had to pay tax for money I get gifted for birthdays what's the difference

>>2110133
I think that's tax fraud, could be wrong.

>>2110133
What is tax evasion, fraud and money laundering for 25 years alex

>>2110144
Yeh but, how would they find out? Are they really going to get the NSA looking into some random cunt that made 100k when there's billions of dollars being traded over the dark web and even if they did look into it they'd see it come from a laptop that "didnt" belong to you

>>2110144
>>2110091
There is literally no reason to keep track of ever crypto-crypto transaction you make as long as you bought Bitcoins initially and then cash out in BTC as well. Just declare your gains on that and nobody will look into it from there.

>>2110159
I think I just check m8 the system pal

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any resources you could recommend so i can start making as much money as you guys?

>>2110172
Yeh the hardware store so you can buy some rope and fucking kill yourself, you've missed everything but RDD soon to be at 1000 satoshi

>>2110167
You're just adding another layer. I see what you mean but if the govt or whoever gets snoopy enough they can still track that back right?

>>2110167
I didn't write the rules I think they are stupid too. If you don't believe me, Google it. There is a tax accountant on YouTube that explains it too. Just search 'bitcoin tax'

>>2110161
Oh no, small fish get caught easily. Some cunt depositing 100k into his bank account would definitely send up a red flag.

>>2110189
Alright well, so what you make 200k and you have to pay at most 20% tax... You still end up with 160k from meme money

>>2110052
But how can you predict when it will crash?

>>2110250
You get a tingle in your balls

>>2110268
Kek. It really is quite risky. It involves a lot of gut feeling and hoping you're right.

>>2110273
Yeah, but the reward can be fucking high

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/biz/ has a thing for catching pumps early
how is it done

>>2109335
income for the mining - I think you have to use fair market value for the time when you obtain the coins. Lets say you obtain 1 eth from mining right now, you would have to pay income tax on the $106.
If you trade the coins you got from mining for other shitcoins. You only have to pay capital gains when you trade or cash out those new shitcoins.
So for the $600 eth for 14k in etheroll, you are looking at paying 30% of $13400 (assuming US tax law, which is $4020) if you sell before 1 year of obtaining the tokens. 15% if you wait a year (long-term capital gains).
So, you get hit twice with tax (income on mining and capital gains when you sell for fiat)
>not a tax professional

>>2110167
What the fuck have i gotten myself into? Just bought $200 of ETH, moved it into BTC, and just bid for some RDD. As long as I cash out with BTC, and claim that on my next tax filling I'll be fine?

>>2110344
Nope you got to pay taxes for each trade you do :)

>>2110358
Howwwww

>>2110373
Don't pull out, ever. Soon Crypto will be accepted everywhere by stores.

>>2110390
I keep seeing differing explanations of how the whole taxing of this process works. Did a little googling and it said that every conversion is a taxable event, I've only made a few trades, am I going to get V& now if I don't report those next year? Or will I only get in trouble if I pull all my investments out. FUCK

>>2110373
Fair market of any gainz you had on BTC while you held it. Just the gainz will be taxed, not the total
example:
I buy 10 eth for $2000. I trade that eth for 1 BTC (assuming BTC is trading at $2000)
I trade my .1 BTC for 5million shitcoin (BTCs price when I traded for shitcoin was $2100)
My gains from the trade are 2100-2000 = $100
So, I have $100 in gains that needs to be taxed at 30%.
you would need to pay $30 to the government come tax time just for that trade (this is assuming you are in USA)

>>2110133
>>2110091
>>2110144
Don't listen to these retards. Literally two seconds on Google and I had my answer. Crypto is treated as a commodity, and so gains in it are treated at the capital gains rate, which is 15% for most Americans (20 for richfags and 0 for poorfags).

Pay your fucking taxes. If you make 10k on this stuff, set aside 15% of anything you convert back to fiat and report that when you go through TurboTax next year.

Remember that you can offset gains with losses, so if you made 100 on RDD but lost 75 on Ripple, let's say, your only liable for the taxes on 25 total. Also remember you're only taxed on realized gains. Don't convert back to fiat if you don't want to pay the IRS man.

Re: Gifts - the cap is 14k. If you got a gift from family less than 14k, you don't owe taxes on it. Your grandma's $25 check for your first communion isn't taxable.

>>2110418
Thanks for the thorough explanation, what is the easiest way to keep track of that information, or the gains and losses made between each individual trade?

Is this an area of tax that a typical tax professional would know, or would I need to reach out to a specialist? Would imagine the latter

>>2110078
Does this actually happen? I feel like maybe 1% of people actually file their meme coins

>>2110436
TurboTax can handle it. They will ask if you had investment income, and you say yes. Then you calculate how much (or enter all your transactions, or bottom line if you get a 1099 from your broker), and Intuit does the rest.

Do you know how to calculate cost basis and everything?

>>2108248
Yes that's how capitalism / our world works, nothing new. Money don't grow on trees

>>2110450
Cost basis and everything? Unfortunately no, it seems I've jumped in quite a bit deeper than I was ready for and didn't do enough research. It's disconcerting to say the least! Makes me just want to quit now , even with the promise it holds. Daunting as fuck

>>2110436
Just remember that each trade you do is taxed. I left out the eth to btc to make it clearer.
Most trading sites have an order history you can look through. I would suggest making a spreadsheet to keep track of everything.
As long as you aren't daytrading, it should be pretty managable by yourself.

>>2110467
It isn't hard. Point is you can deduct fees and shit, and you don't have to calculate gains and losses for every single transaction.

Say you bought .5 BTC for 900 and another .5 for 1100 and paid a $5 fee each time to CoinBase (to make the math easy). Your cost basis for your 1 BTC is 1010 (the weighed average of the price, plus fees). So you only owe taxes on anything over this. So let's say you sell that BTC for fiat at 2000 and paid another $5 exchange fee. You (probably) owe 15% of the 985 you earned, or 147.75 in taxes. Your income determines if you pay 0, 15, or 20%.

So in your transaction history, as up what you paid for a coin, and what you got out. Figure out the weighed average cost and the weighted average gain, deduct any fees, and subtract costs from gains. That's what you owe on. Remember that loses on one coin cancel out gains in another, so keep track of your losers too. Converting all of it to USD is going to be based on some prevailing exchange rate, which the IRS IStill publishes. Don't forget too that you may owe the state as well as the IRS. Here in Massachusetts I get fucked twice.

Excel is really helpful here. All the major exchanges let you export your transaction log, and a site like cointracking.info lets you compile everything nicely and generate tax reports.

>>2110472
>>2110514
You guys are both awesome, it's great to see guys on some corners of this site are so kind, and willing to help. I really appreciate it

>>2110524
Happy to.

In truth, if we want to be viewed as a legitimate marketplace, we have to stop acting like crypto is the fucking wild west. I don't like taxes either, but I do like fires extinguished and cancer research. Fact is, you could almost certainly get away with not paying taxes on your gains unless your returns were astronomically it of line with your regular earnings, but why risk it? All we need is a bunch of guys to go to jail for tax evasion to bring the IRS down on us and our entire enterprise. Then what? Exchanges get shut down, big banks and hedge funds crowd out the day traders, and the rest of us have to go through a Merrill or similar to trade. Fuck that.

>>2108049
The catch is that fiat is losing buying power every day. Fiat holders are going to suffer the most the more people choose to store wealth in crypto.

>live in canada
>no tax owed on income under 17000
>capital gains are only 50%
>can sell 33999 worth of crypto without paying tax
>stack is big enough to be a neet and do that for years

>>2111023
this bubble isn't going to last forever. i'd try to get as much cash as you can while you still can, even if it means paying taxes.

>>2108049
Agreed. I actually made one year of my salary on crypto. Feels fucking good.

>>2109089
Are you retarded? Coinbase is literally what drags newfags into crypto. Maybe their fees are retarded at times, but all in all, they are fine.