the future crypto outlook

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>>2122208
Well said. I think most of us know that for the most part. Nobody really believes long term is viable for the majority of shit coins constantly being shilled around here. People are just gambling at pump and dumps.

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>>2122208
Will consider going forward. Thanks for the advice.

>>2122208
Thanks for the insight anon.

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>neets think google, apple, facebook, instagram, snapchat, reddit will adopt RDD
>think trillion dollar RIVAL companies will unite under one coin
>think zuckerjew and the rest couldn't pump out their own superior coin in 30 minutes with their elite programmers
>delusional, RDD dead
>mfw people still buying RDD

>>2122495
RDD was called a pump and dump in the first threads being made, I have no idea why people then started thinking it had a future. Bagholders going to baghold I guess.

>>2122495
I was in a RDD thread when I felt the need to make this one. I was bag holding fucking RDD for 2 years and managed to sell at the top of the pump, thank fuck.

>>2122208
>but those waves come to an end, and the *vast* majority of those alts with either die without pumping, or pump once or twice and then die forever.
>so if you miss an alt pump, think twice about trying to buy the dip. unless it's a strong coin with a good future, the odds are it'll never recover.
THIS IS WHY I DON'T UNDERSTAND WHY PEOPLE DON'T REALIZE THIS AND KEEP SAYING THAT EVERY SHITCOIN IS A 2 YEAR HOLD
They'll even see this thread, and then go back to shilling and talking about how the garbage coins getting pumped right now should be held for an extended period of time

I really just don't understand.

>>2122564
to be fair, I had the honeymoon mentality when I first started in 2013-2014. every coin was a winner in my book. my eyes were bigger than my stomach. I realized about 4-6k in losses over the years but am ~30k in the profit currently, so I can't complain.

Of course this thread would be largely ignored
This board is disgusting

>>2122208
What coins do you think count as "strongest?"

>>2122208
how do you feel about ripple
personally im confident that after this DGB boom ripple will shoot up

>>2122208
Thanks for the PSA. Now ERRYONE BUY MONERO ITS PUMPING

>>2123420
What you guys of dgb?

>>2122208
Good post to consider. What do you think are good altcoin picks right now?

>>2123420
>>2123434
I didn't want this thread to devolve into a shitfest which is why I'm not saying what I think is good or not. do research, look at charts. learn from the past. a good place to look when researching coins to get somewhat high quality consolidated info is coin subreddits
>inb4 leddit

the biggest red flag you can look out for is carbon copies. that was the first big altcoin boom. btc/ltc source code forked and given a new name, shitcoin#1, shitcoin#2, etc.., no additional features, just a straight p&d. look for coins with unique features and use cases.

>>2123464
thanks m8
and ive never actually been on reddit but ill give it a try if theres vaulable coin info

>>2123464
this being said, there's still money to be made in pump and dumps, just be prepared to lose 100% of your investment if you choose to participate.

don't gamble with money you can't afford to lose, you will only panic sell if you do that because your emotions will be running too deep.

and try to forget about coins you dump. don't get hung up on "I could have waited 2 weeks and made $2k more if I sold later" - you could have lost $4k too. it's no different than betting on a sports team or a horse race. put the past behind you.

>>2123453
clear pump and dump

the fact that fake news about minecraft can double a coins value and increase its market cap to something in the hundreds of millions shows how mad this market has become

maybe you can make money, maybe you'll lose

it's at a point now where the fundamentals of any coin are largely irrelevant. Hype is way more important than substance. And while there is money to be made off hype don't for a moment deceive yourself into believing that coin #145 or whatever has a totally new idea and is fundamentally valuable. Most of these threads are just people trying to pump their coin and manipulate the market - don't kid yourself into thinking it's anything else.

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>>2123535
>>2123546
>and try to forget about coins you dump. don't get hung up on "I could have waited 2 weeks and made $2k more if I sold later" - you could have lost $4k too. it's no different than betting on a sports team or a horse race. put the past behind you.
I've been telling myself that after I sold DGB yesterday for 300% gain, and seeing today...
But with the way /biz/ is carrying on now it's so hard...

I'm this close to actually buying back in even though I know it's an irrational gamble right now.

>>2123611
Digibyte is a shitcoin pump and dump, like 99% of coins

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>>2123611
hold strong anon

you should wait for this peak to dip regardless then decide what you want to do

>>2122533
Damn that must have felt so good.

>>2123611
If you decide to buy back in - only do 50% of your DGB holdings or less. Lower the risk.

>>2123611
>>2123665
I meant BTC holdings lol

>>2123662
>bagholding a shitcoin for 2 years
Fuck you must have nerves of steel.

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also taxes, I've been filing all my trades since 2014.

I'm not a CPA or tax attorney but can guide about 95% of you so you don't completely fuck yourself next year. whales will need professional advice.

the worst tax advice i've seen on biz (constantly):
>you only pay tax when you cash out
wrong. for this to be true, you'd need to do a 1031 like-kind exchange for all coin to coin transactions, which 99% chance will not be allowed under normal trading.

all coin to coin transactions are taxable, and making purchases with cryptos is taxable.

>what do I need to do for taxes (capital gains tax - treated as property not securities)
wash sale rules MOST LIKELY do NOT apply b/c coins are not being treated as securities, but as property.

to file the 8949 you will need the acquired date, cost basis (# of coins and price per coin), and then the sell date and net proceeds.

1yr hold is long term, 15% tax rate, anything less is short term and will be taxed at you income tax rate.

you also need to track the USD value of every coin at every point of the buy/sell in a consistent manner, even with coin to coin transactions/purchases.

I recommend loading everything into software like quicken which will organize the records to exportable tax files.

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>>2123755
>tfw have thousands of trades across Polo and Bittrex

>>2123788
yes, my final forms were 500+ pages the first year. luckily I am a coder by day and automated 90% of it by now. I think there's some websites now that can take in trade histories and do it for you, but most biz anons probably have only a few hundred transactions at the most, and would probably save by doing it manually in excel/quicken.

>>2123806
How would the IRS know about my trades tho. If I only have the first level of verification on Polo?

>>2123827
that's the gamble. I willingly choose to report all my trades because down the line when the IRS gets their shit together and cracks down on cryptos (it's only a matter of time), I don't want to be on the chopping block.

really the only "safe" way to avoid them is probably doing everything through localbitcoins. but large banks deposits get reported too, so that's another way they can find you.

you have so many less problems if you just pay your taxes willingly. so that's why I'm doing it.

>>2123860
I accumulated quite a bit of crypto over the past 3-4 months through trading. At this point I have a lot more crypto than actual cash in the bank. I feel that if I chose to declare everything I would have to pay more $ than I actually have.

>>2123860
Do you have any places/resources to look up or go to in regards to crypto taxes? I assume this is all probably on the IRS site, right?

>>2123899
lots of googling, the problem is nearly every rule is still up for interpretation because the IRS hasn't given clear advice. so you'll have to make some judgement calls. I generally try to always go the safe route.

this site has a lot of good info for the stranger topics:
https://klasing-associates.com/topics/bitcoin/

then more general stuff:
http://www.investopedia.com/university/definitive-bitcoin-tax-guide-dont-let-irs-snow-you/
https://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/Tax-Tips-for-Bitcoin-and-Virtual-Currency/INF29402.html
https://en.bitcoin.it/wiki/Tax_compliance

>>2122495

Fun fact about this board

No one unironically believes anything said about the alts

The memes are just an added bonus to making money before shitty alts dump

You think anyone actually intends to use DGB on a shitty minecraft server when they buy it?

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>>2123755
>tfw living in country which is still not recognizing cryptos

>>2123980
>No one unironically believes anything said about the alts
I think they do man. I really think they do.

>>2122533
RDD is not on poloniex?

>>2122208
OP is a fellanderous kike trying to convince people not to diversify

>using litecoin as an example

wow nice job man

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>>2122208
This is what /biz/ needed

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My old backed up coins.
Never invested anything, but I mined a bunch of dogecoins, and traded them for BTC way back.

Which of these coins has any value now?
which ones are worth like $1000 per block reward?

I'm currently downloading the RDD wallet to see how many I have, cause I have no idea.
I just know I mined most of them trying to get at least a few block rewards.

This has been a very good and helpful thread.
Best on /biz/ atm

>>2124576
Let this be a reminder to all newfags: there's a bajillion shitcoins out there, and they're all shitcoins

>>2124614
AMEN

>>2124576
LTC is obviously worth something.

As for the others I recognize RDD, monacoin and potcoin

>>2124614
I mined hundreds of shitcoins, yes
I was in some forums and I would see like all the new wallets
sometimes even downloading viruses because I was so eager to be one of the first ones to the coin.
Still, I mined a lot, and then Dogecoin happened, and with that I got my BTC, and still 600k dogecoins.
so like almost $3k already

>>2122208
coinbase or gemini? need to k ow soo so i can get verified by next week.

>>2124576
RDD wallet syncing was a fucking chore for me, took all night, you can speed it up with bootstrap.dat
https://www.reddcoin.com/how-to-re-sync-blockchain-3x-faster/

also I would probably check on what's in namecoin, ppc, and novacoin and see what they are worth moving to btc-e.

>>2124721
thanks
how many RDD did you have in the end?
I have at least 50k, which is what the wallet is showing me now, with 3 years and 15 weeks left to sync.

and I don't remember spending any.

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>>2123980
hahah, y-yeah anon...those fucking idiots am I right?

>>2124744
I had 4 million, so it was worth the wait for me. $1100 profit after selling at 19 sats.

just close the wallet, drop bootstrap.dat in, and reopen it.

>>2124576
Feathercoin, FastCoin, GoldCoin, NameCoin, NovaCoin, QuarkCoin, PPCoin, PesetaCoin - I think these ones may be worth something. PPC and NMC are pretty solid in fact.

>>2124773
damn, I got so much work downloading all those wallets again
the problem is I have an SSD so not a lot of space. Thank god for the prune option, but it doesn't work in all wallets

>>2122208
Excellent post! I've been trading cryptos for 4 years and share your sentiments. All newcomers should check out novacoins price graph.

>>2124787
Apparently I got 1.49 Novacoins
lol
$7 worth of novacoins, I'm gonna be rich.

>>2124947
Start with PPC

I actually wonder how much of those you have

>>2124962
let me download it and start syncing it

>>2123630

Digibyte is one of the best coins on the market right now.

Stay mad.

>>2125040
Based on what,what they have that make them the best ?

>>2124962
3 for now, still syncing, but I'll leave it like this overnight
But this might be as much as I got in it
lol

>>2125060
It can be used by software like video games to buy/sell items

>>2125097
if that doesn't glue, you guys are lost...

>>2123755
how do you do it?
just copy and paste your screen shots?
how do you keep track of shit? how do you into adult?

also coinbase or gemini?

>>2124759
lol

>>2123755
How the fuck would an average person record all of this.
It's literally impossible to track hundreds of trades across different exchanges and currencies and nobody even does this.
Can't you just report the total amount when you cash out to fiat? It's not like anyone can know the actual amount of crypto you hold unless you cash out to your actual bank account.
You can even buy stuff directly with Bitcoin nowadays.

>>2125144
The exchange keeps a complete record of your trades you can export into Excel.

>>2123755
Can you just pay a personal income tax and declare all your Bitcoins as a commission for your "web services"?

>>2125154
coinbase or gemini for fuck sake? need to know before the weekends over

I'm only now starting to sign up for Quadriga so I can trade shit coins. I understand that there's a huge bubble, but I was thinking of buying BTC, LTC, Monero, and Golem and just holding for a while since those seem be pretty useful for the most part (except Golem idk how it's gonna work but it sounds cool). Is that a good idea or should I was until a major pullback (which may or may not happen)

>>2125202
I've only used Coinbase a couple of time this year to purchase BTC and they have been solid other than the fact it takes 5-7 days to actually get your coins.

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>>2125140
gemini will be lower fees, coinbase is easier

>>2125140
>>2125144
it's not impossible, it can be a lot of work. you can just use excel. record every buy and sell with value in USD like pic related.

at minimum you need date, and cost basis so you can calculate a loss or a gain once you sell. then, move this data from excel into quicken or some other software that handles investment accounts, and that will determine short/long and your gains per lot and you can select FIFO, LIFO, etc (probably FIFO to avoid an audit). you can export it from quicken and import into tax software.

>>2125144
>Can't you just report the total amount when you cash out to fiat?
you can, but I wouldn't recommend it (at all) and you'll likely get audited/end up owing more taxes when the IRS gets a hold of exchange records.

>>2122208

Senpai, is there a coin graveyard website i can visit to see all the dead coins and their exchange / chart history and brief overview of what this coin was and what happened to it?

Thanks.

>>2125198
you can do whatever you want. like I said it's all still up for interpretation right now. if you have a lot of tax exposure you should hire a CPA/tax attorney that knows how to handle virtual currency. I can only recommend what the lowest risk way to do taxes for all this is, which is what I've been doing. I have seen the IRS quoted to say people have been using form 8949 though, which is the capital gains tax form. they said only 800 people have filed them for bitcoins, but I don't think they looked hard enough.

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>>2125263
LOL. I've never heard of one but very cool idea dude. Can anyone here create something like that, maybe start an ICO for the project. :^)

>>2125242
>and you'll likely get audited/end up owing more taxes when the IRS gets a hold of exchange records.
Okay, let me ask you: is there actual evidence that "trading" on online cryptocurrency exchanges is considered real trading? What if the only legitimate act of trading is when you deposit coins and withdraw them?

>>2124576
what upcoming to mine?

>>2125320
even if you want to it'd have to be a like kind exchange where you'd carry the cost basis from the first transaction, but that very likely would not apply to normal trading activity

https://klasing-associates.com/possible-1031-exchange-bitcoin-ethereum-electroniccrypto-currencies/
>In the context of an individual trading Bitcoin for Ethereum, a 1031 transfer is likely appropriate if the exchange is deemed to be like-kind in nature. However, if that individual was a professional currency trader or otherwise in the business of trading currencies, then it is unlikely that he or she would be able to leverage this type of transfer absent an exception or unusual circumstances.

>>2125238
is it too late or am i still good to study this shit for another week while i get verified?

>>2125366
Never too late to study Bitcoin and dive into the rabbit hole of crypto, bud. In fact this is just the beginning of the revolution.

>>2125381
tbis is something i want to play in and make some cash. maybe a carrier if it gets big and firms start happening. this is interesting

What are some good long term holdings? I was thinking BTC, ETH, and XRP.

>>2125263
GOOD idea

Thoughts on daytrading them?
The way I see it, if you only buy on upswings, you can't really lose. Sure the upswing could be a downswing, but then you exit quickly.

Probably more complicated than I'm making it seem though.

bump for the only decent thread on /biz/

Any faucet with a reasonable amount of ads?

I'm starting investing in alts next month, just nailed a wage job, and I got a PC that can mine a little (free electricity and internet) and anything helps.

>>2125517

Newfag here. So far Monero seems to only rise. It's gonna be a top10 coin once the bubble blows I BELIEVE

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(not mine)

Can someone help me out on using Blockfolio? It seems so simple but im having trouble.

Let's say I've selected ETH, BTC, and BITB to show up. I transfer coins in ETH (ETH/USD?). and put the price the coin was worth when I bought it into that filed which I can find in Coinbase.

Here's what I don't understand. I then transfer ETH to BTC, and then BTC to BITB. What's the best way to log this? Do I literally go in and copy each of those transactions individually into Blockfolio for it to be accurate?

When I see exchange do I need to going into and and a sell occurence into the one I sold or and a buy into the one I bought? Shouldn't that be automatic?

I also want mine to show USD rather than BTC like most screenshots on here do, but Bittex never shows the USD value of coins in transactions?

Halp. I just want my Blockfolio to be easy to maintain and accurately show my returns in USD.

>>2127272
>Here's what I don't understand. I then transfer ETH to BTC, and then BTC to BITB. What's the best way to log this? Do I literally go in and copy each of those transactions individually into Blockfolio for it to be accurate?
Yes
This is (one of the reasons) why Blockfolio is ass. I don't even bother logging when I sell an alt and get bitcoin. Not worth all the effort. Remember that when you buy an alt, you'd have to go delete the bitcoin log that you made when you sold.
Unless I happen to be wrong and there is a way to do it, but I've searched the app high and low and couldn't find anything.

>I also want mine to show USD rather than BTC like most screenshots on here do, but Bittex never shows the USD value of coins in transactions?
Press the grey part where on the bitcoin price. Or most of the places where it shows an account amount or price and it will toggle between BTC and USD. Why they would design it like that, with no indication, I have no clue.

I don't know any better apps though, but to be honest I haven't really looked myself.

>>2127343
OK word, thought there was an easier way to do it since most people on /biz/ seem to use it.

Thanks anon