Your Chances Of Making It - The Reality

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nah. we're all gonna make it, bros.

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>>3373842
>Luck
What else? Well, you need to be lucky enough to be in such a scenario at all. Lets say you have $1,000 and you put it in after doing all of your research. How many coins have gone 1000x to give you that $1,000,000? how many have even gone 100x? Those are huge increases. $10,000 brings you to only needing a 100x, and obviously we use "only" very liberally. I haven't seen many people here even have $10,000 in their entire portfolio, let alone $10,000 in one random small cap coin that nobody knows yet.

The odds are not in our favor. To have a real shot, you need to do the following

>have $10,000+
>put it all in one small cap coin(1M or less)
>that coin goes at least 100x
>cash out after the 1 year mark or pay an extra 20% in taxes
>come out with $1,000,000+ after all of that

TL;DR you have to time it perfectly and be lucky at the same time having made the right pick

Thanks for the informative post, upvoted

>>3373851
thats why starting from 1000 you go for three 10x coins which happens way more often

1000
10000
100000
1000000

>>3373871
I guarantee it has never happened where someone had three 10x gains compounded in a row.

>>3373842
The thing is that you dont need to be chasing thoses coin a few 200%-300% goes a long way

Thank you
Do anyone have any good ideas about where to look for such small cap coins with big technology?

>40%
Lmao absolutely fucking not

>>3373842
Enough with the novel give me what I came here for and tell me what to buy

This is the virgin cuck way the alpha chad way is going all in at a time of a gut feeling on several coins and also going full leverage

>>3373880
Look this guy up "Alan Aronoff: From $8,500 to $7.5 million in six months thanks to digital coins and a dose of OCD."

Its possible. Any opinions?

The internet

The reason that this is retarded is because I put $3k into this and now have $70k. So five months ago you would have told me I could never make it whereas now you would tell me that I can. The market hasn't changed THAT much since then.

>>3373880
its 3 correct decisions to a mil
there were plenty 10x even in the past half year, im sure it happened to a few people

>>3373909
5 months ago is when the entire market went up by 3x. Everyone made money.

>>33738851
What about trading between pump and dumps for 10% 100 times, or 5% 200 times?

>>3373916
>Everyone made money
Never claimed otherwise, the market is still bullish longterm and if I beat the market(23x vs 3x) others can as well.

>>3373902
Currently doing that now.
>rise
>bat
>Florin

I'll start trading smart after that.

Thats not accounting for leverage. I've got a 5000$ credit purchasing limit and 50,000$ worth of credit cards with 20,000$ in coins already.

If I was serious about becoming a millionaire I could max out my credit cards in five months and then I'd only have to double my 70,000$ four times. A lot more achievable.

I haven't got the balls to actually do that but its an option.

>still have some $$$ saved up from when I was in the army
>putting 10k on chainlink

Will I actually make it?

>>3373851

So why not, assuming I make the right pick, instead of sweating bullets holding my $million bag for months so I meet the 1 year mark hoping it doesn't faceplant, just trade for BTC and rest easy with my (relatively) stable gains. Would the amount then owed in tax for the inter-coin trade be worth it?

>tldr

Do my math for me

>>3373951
Chainlink's either going to be worthless or 100x, depends on if its half of what they're claiming or not. The fact that they haven't released their white paper yet should make you nervous. I put $4k in it but I consider it high risk even by crypto standards.

>>3373951
>>3373964

hoping for a 10x
i got 100k on presale hopefully it will be the one that takes me to a mil

whitepaper was released a few days ago, its really promising

>>3373964
They released their whitepaper a few days ago tho

>>3373956
You'd owe the same taxes as if you cashed out into fiat(assuming that you're a US citizen).

>>3373842
You can become financially independent and retire early with crypto with only 1k to start with as long as you're not a brainlet

>>3373947
Same here, I have $80,000 but only $28k in use, and at one point it was up to $50k but i didnt cash at, now its down to 30k im in neo mco and xmr

>>3373842
your not my father, faggot

>>3373979
>>3373974
>hoping for 10x
You can probably get that within a few months, I'm planning on holding for a couple years though.
>released their white paper
Nice to hear, I missed that. Is crowdsale still tomorrow or did they reschedule like most ICOs did? I might try to scoop up more after checking out the white paper.

>>3373842
Imo, you need about 20k to make it in Crpyto long-term.
If you're in America, this is really easy to accomplish, wage cuck for a 'gap' year and live with your parents, 95% goes to Crpyto, 5% goes to gas for your car.

For third world Nations, I feel bad for you lads I hope you're rich or catch a lucky ICO.

>>3373997
Nah they delayed it, should be about 12 days away I think. I registered a bunch of accounts in case there's a quota system.

>>3373997

Rescheduled to the 18th or 19th of September I think

>>3373947
and you aren't accounting the possibility that your entire capital gets liquidated and end up looking like an asshole.

What if u use crypto as collateral to get a loan and "default" on that loan? Im sure after crypto goes to moon some company would do that

>>3373997
rescheduled to sep 19
i definitely believe in the long term vision of it and will be holding a portion but if i hit 7 figures will be taking some profit hah

if they take 40% Im using every last penny I have to build a death android army to overthrow the government

Get the fuck out of America after that retard

>>3374028
Understandable, I'd be doing the same at that point. Even tossing $300k into an index fund(after the next crash) would be a nice backup retirement plan if you let it sit while continuing to wagecuck.

>not just converting it all to monero and saying you mined it

>>3374027
You would still be liable for that loan.
Even if you lost all your assets, still liable.

Maybe it might be discharged in bankruptcy, but if they find out you committed fraud and hid money/assets to avoid your liabilities that puts you into even bigger shit that potentially involves a few months stay in club fed

>>3373945
ayyyy i'm all in on BAT too

>>3374072
that actually sounds smart

i feel like the loan plan wouldnt really workout unliess you tell them that you "mined" it.

1. get second passport and use tenx
2. localbitcoin or bitcoin atm?
3. ???

>>3374072
>saying you mined it
I've got some great news for you, not only would you have to pay tax on it as if it was a $0 cost basis at tax rate you would have had to if it was trading you also owe self-employment taxes on it at the cost it was when you mined it. God bless America, land of the kikes. If you're not a burger I'm envious.

I'm more than halfway to a million usd and just turned 23. Been in crypto since age 18 though. Still doesn't feel real because I'm cash poor and haven't cashed any out. I'm confident if I hold until 2020 Ill be able to be financially independent for the rest of my life with that money.

>>3374087
>i've been mining monero for years.
what sort of proof is necessary during the tax/rape hullabaloo?

>>3374115
say that u using rentminingpool via btc, and say you lost rentminingpool account.

anyway it looks like mining is just flat 30~40% tax

>>3374058
index funds is a good idea. luckily i like my job so the wagecuck gains will compound over time as well

>>3373842
It's definitely possible if you are smart about your money. Everyone says we are in a bubble, but lets be real. This crypto stuff is just getting started. I would bet the market cap will hit 4 or 5 trillion before it really pops. We have some time. If you take a few thousand dollars and put it into 4 or 5 really good coins, you can make a lot of money. Then you take a quarter of your gains when a really good ICO comes, and put it into that. Then you take double your initial investment out of that and hold the rest. With some luck, this can make you a millionaire.

>>3374123
>30~40% tax
that's too high. i'm not paying that. you can't bring me down with your heeby jeeby threats. i'll figure it out when the time comes and i'm keeping what's mine. fuck you.

>>3374123
Wrong. You get doubly raped.
https://www.irs.gov/pub/irs-drop/n-14-21.pdf
> If a taxpayer’s “mining” of
virtual currency constitutes a trade or business, and the
“mining” activity is not underta
ken by the taxpayer as an employee, the net earnings
from self-employment (generally, gross in
come derived from carrying on a trade or
business less allowable deductions) resulting from those activities constitute self-
employment income and are subject to the
self-employment tax
https://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/Tax-Tips-for-Bitcoin-and-Virtual-Currency/INF29402.html
>According to the IRS, when a taxpayer successfully “mines” Bitcoins and has earnings from that activity whether in the form of Bitcoins or any other form, he or she must include it in his gross income after determining the fair market dollar value of the virtual currency as of the day he received it. If a bitcoin miner is self-employed, his or her gross earnings minus allowable tax deductions are also subject to the self-employment tax.

So you get taxed on it as if its income, meaning that not only do you have to pay income tax on it but you also have to pay social security/medicare on top of that. Then you get taxed on the gains past that point at capital gains rate. You are making things worse on yourself not better if you try to do this.

>>3374174
Holy shit, copypasting from IRS website really fucks up formatting apparently.

>>3374160
The IRS doesn't fuck around. They will 100% come after you if you don't pay.

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So here's my question biz

I've got 2k in chainlink for example, a new ico coming out

lets say it 10xs out of the gate

is it correct to just immediately sell it and store the profits to reinvest in the future? is that how I should be playing the game, or am I better off hodling even though i could cash in an immediate 10x gain?

>>3374187
neither do i.

>>3374187

Our most efficient and productive government agency

the one that collects all of the money of course

>>3374197
Depends on how confident you are in the project. Here's what you should be asking yourself to inform your decision. How would you feel right now if you had bought ETH at ICO and then sold at $4.00? How confident are you in chainlink's longterm success given that Vitalik is on board and the potential it has with SWIFT?

You could also have a set percentage of your holdings that you plan to sell at certain milestones and profit take to reduce your risk but still profit from future gain.

>>3374219
You'll have to when you're in prison.

>>3374187

yeah thats nice, good luck "coming after me" when I'm living outside the fiat reich. You can send me a lot of angry threats over email if you like, but thats about all you can do if you're the USG.

you only have to pay taxes if you cash out into fiat. keep it in btc/eth. hold it for long term capital gains

it's much easier if you can find 2-4 ico's that are great and with very high demand. those will go to 10x minimum.

start with $10K and that becomes $100K. reinvest that $100K in another one or two and that'll be a million

it's much harder to find that unicorn that'll give 100x+ gains

>>3374292
Most countries that aren't shitholes have extradition treaties with the US.

>>3374219
>>3374292
You'd rather go to prison than pay 20% in taxes...? That doesn't make any sense.

You tax dodgers are retards. When you're ready to cash out just put it in a safe gainer for a few weeks to make 20% and use that for tax. Hell of a lot easier than being a fugitive for the rest of your life or going to jail and losing all your gains.

>>3374329
this is none of your business.

>>3374299

And a lot don't.

And most of these alleged "shitholes" are actually far better to live in as a middle class male than the supposed "1st world democracy utopias" cum pseudo-socialist lands

I've lived in many alleged "shitholes" and I can say without a doubt I would prefer to live there than almost anywhere in the fiat reich, especially the US or Australia.

And what exactly is it you think you're missing out on by leaving these pseudo-socialist nightmares? Because I'll tell you right now, most of these "shitholes" have every amenity 1st world countries have, and usually for much much cheaper.

If you buy ANT, you WILL be rich by 2018. I repeat you WILL be rich by 2018. Is that clear?

>>3374299
not to mention various treaties and shit where they will just freeze your assets as well

Do other countries not have capital gains?

>mfw Democucks are always claiming we don't get taxed enough

>>3374329
>when 20% = $200,000
>do the math, realize a year in prison is still a $200,000 salary for a do-nothing at all job
Yeah I'd rather go to prison.

>>3373880

It did during Feb-June, gains were fucking ridiculous. You could have thrown a dart at any coin and made at least double your money.

>>3374366
Higher crime rates than my 99% white town.

>>3374329

how the fuck am i going to go to prison?

You needn't answer this question if you're the kind of mouthbreathing retard who thinks hollywood = reality.

>>3374376
Freezing assets will become less and less applicable the larger that crypto grows.

>>3374379
Most don't on intracrypto trades. A few don't have taxes on crypto at all.

>>3374384

> crime rates! omg!!

If you're this much stuck in the feminine world view, then its probably best for you to stick to pseudo-socialist lands and definitely pay big daddy government for the privilege of living under his auspice.

No, really. It is best for you.

>>3374391
What exchange do you trade on and how do you plan on cashing out?

Good luck if you use either Coinbase/Gdax or Bittrex

>>3374409
wtf I love niggers and Somalia now.

>>3374379
yes, nearly every civilized one does.

>>3374381
You do know that you will still have to pay anyways, right ?
its not an either/or option.
and if you decide to hide your assets then t he IRS says "hey looks like you've got plenty of money now, can we have our back taxes?"

>>3373910
Take $1k Bought ethereum at $7 sold at $320 bought neo at $2.5 sold at $40 bought omg at $5.

>>3374396
only thing i worry about is nsa level assest being used to rob me when i get on a shit list.

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>>3373842
will i make it senpai?

>>3373945
>>3374086
BATbros unite
were gonna make it

>>3374423
Yeah, I'm paranoid about this too as I'm sure I'm on at least one watch list. Already cashed out double my investment though so even though I'd be incredibly pissed off at least my total adventure in crypto would have been a net gain.

I'll probably make it. I have low six figs in CHAINLINK.

Praise Sergey!

>>3374442
eh i don't think we're there yet, but when agencies start sharing their toys we're fucked.

does anyone know the legality of IRS taxing US citizens/ green card holders abroad? afaik US does not have international jurisdiction, and doesn't do jus sanguinis, so what is the ground for IRS to tax US citizen with multiple passport living abroad?

also, what if you are federal contractor working in shithole (like afghanistan)? i thought federal contractor / GIs dont get taxed when they are abroad. ?

>>3374391
tax evasion is a federal crime you dumb cunt. They would gladly fuck you up the ass if you cashed out $1,000,000.

>>3374478
you pay taxes even if you live outside of the USA with a citizenship.

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>>3373842
Only 50% of capital gains are taxable in Canada. The half that is taxed is done so according to the tax bracket you fall into. The highest tax bracket for those making $220,000/yr+ is 53.53%.

You do the math, Americuck.

>>3374478
>>3374491
http://www.renunciationguide.com/citizenship-taxation-and-expatriation-background-and-history/tax-on-expatriation-background-and-history/
http://web.archive.org/web/20121025225812/http://caselaw.lp.findlaw.com:80/scripts/getcase.pl?court=US&vol=265&invol=47
Cook vs. Tait.
God. why does this have to be so dam jewed?

>>3374513
That's more than the USA.

>>3374490
They don't tax your salary, you don't just get a free pass on everything.

>>3374490
Americans living/working outisde of the US still need to file their US taxes.
Unless of course you never plan on coming back

>>3374513
good thing for dividend tax credits and TFSA's

>>3374513
You don't get favorable treatment on longterm capital gains like we get in the US though so it boils down to if you're holding shortterm or longterm as to which is more advantageous.
>>3374513
No its not. You're forgetting that they're only being taxed on half their gains so its 26.765%.

>>3374555
>No its not. You're forgetting that they're only being taxed on half their gains so its 26.765%.

or i'll just pay 20% long term

>>3374547
>>3374531
literally this is the only reason im so hesitant to naturalize here. FUCK

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>>3374523
>being a mathlet
$1,000,000 of short term capital gains in the US is taxed at 40%, Americucks take home $600,000, instantly creating a very wealthy pink wojak.
Half of $1,000,000 of short term capital gains in Canada is untaxable, and the other $500k is taxed at 53.53%, leaving our lucky Canuck with $732,350 to buy land, build a house, and all that other fun stuff.

>>3374625
see >>3374564

http://www.renunciationguide.com/citizenship-taxation-and-expatriation-background-and-history/tax-on-expatriation-background-and-history/

This actually boils my blood. those politicians and bankers find some loophole to not pay any taxes, while honest working people are jewed to extreme. we need to dig the grave of those S.C judges who ruled in favor of Cook vs. Fait and publicly re-incarcerated them. God damm (((Chuck Schumer)))

>>3374625
You forget that its not a flat tax, its basically treated like salary income (half is), so the taxable amount moves through the different brackets as it increases.

That 26/53% figure won't be reached until you go beyond 200K in income

Most people investing and making of losing a few bucks will pay less than 20% on their cap gains


http://www.icalculator.info/canada/finance/capital-gains-tax-calculator/annual.html
This calc does a good job of showing you the income, like if you put in 5K as your salary and 1M as you cap gains you only end up paying 186K in total taxes.

>>3374412
Cash in the mail localbitcoins.com

>>3374710
chuckles belongs in an oven.

>>3373880
it literally happens every day on dice sites with bots making tons of very small value bets at 10:1 odds. obviously -ev gambling is not a valid investment strategy I just felt like pointing out the absurdity of your assertion

If you look at it with this mindset of having to find coins that moon 100x to really every make it then sure, it sounds fucking ridiculous. But that's not the only way to make a million dollars.

Even though most people know about compounded interest, no one really thinks about just how powerful it can be, and everyone is always really surprised to hear that small, regular gains really add up.

If you can find a way to increase the value of your account by 1% every day, you can start $700 and in two years you'll have a million. 1.01^(365*2) = 1428x growth.

If instead you can grow your account by 2% every day, starting with about the same amount will net you a million in only a year. 1.02^365 = 1377x growth.

Splitting the difference, 1.5% daily growth means you can start with about one bitcoin ($4366) and in a year you'll have a million dollars.

>>3375024
Now, you do need to average that 1-2% growth every single day, which means it's more likely you'll be taking a couple trades per day to ensure you get there. But don't think you need to be some trading wizard who can always predict exactly what the price is going to do to win... The key is to find setups with a greater upside than their downside. If you can consistently find trades that when you're wrong you lose 1% but when you're right you gain 2%, you only have to be right half the time to make your 1% average!

It's all about managing your risk/reward ratio and your position size, so you don't get over exposed. You should never be in a situation where if the price goes the wrong way you're going to lose 7% of your account in one trade... Just take a much smaller position so that that loss doesn't exceed 1% of the account. Set your stoploss relatively tight so when you lose you lose small, and look for trades where the price has room to move up two or three times your stoploss spread. Don't get greedy, don't look for moons, just take your 2% and call it a day.

I don't mean to make this sound easy, cause it's not. Sometimes being right even half the time is a feat. But the point is that this is not impossible. You don't have to magically have picked the right coins. And truthfully, even if you did could you really quit your job? Maybe with a million dollars, but say you picked a coin that mooned and made $250k -- could you quit your job? Do you have any assurance you could do that again at some point in the next year? No way. You got lucky. But if you know you can reliably average 2%, or 1.5%, or even 1% growth every day, you can absolutely quit your job, and well before you hit a million.

>>3374412

???

are you trying to be obnoxious or are you genuinely incapable of figuring out this very simple series of actions?

>>3374491
>tax evasion is a federal crime you dumb cunt. They would gladly fuck you up the ass if you cashed out $1,000,000.

Oh so you're fucking retarded and need me to spell it out for you

how are THEY going to IMPRISON ME, you stupid fucking cunt? Do you imagine the USG as this omnipotent force that teleports people transdimensionally into prison cells the moment its thought theyve committed a crime?

>>3373997
>betting on a random shitcoin to make >10x gains and stay that way for years

>>3374114
I envy your patience but dont be so risky. You can cash out now and still walk away with a cool 300k after the tax man has had his share, lock in those gains and reinvest in bitcoin again or go traditional trading market for something more secure. There will be a lot of hiccups towards 2020 and anything can happen in 2.2 years.

>>3375120
They put a warrant out for your arrest, find and arrest you, and you're charged with tax evasion, found guilty, and put in prison.

>>3375120
They will find you and arrest you. Simple as that. You have probably done some trades using a public IP, and once they see that Mr.X with such and such IP is the same Mr.X that spent 250 grand on a shiny new car, who is the same Mr.X that was making just 1200 bucks flipping burgers months before and hasn't paid his taxes, they will start doing digging and audit your ISP for your net traffic, find out where you've been trading and court order for your account history, once they see you took 1 mil out of BTC and dumped it into XMR and didn't pay taxes on that cash-out they will send you to lube-town.

But good luck anyways
Tax man will always find a way

>>3375120
how do they arrest anyone for tax evasion?

>>3375152

are you fucking stupid or have you just been avoiding the conversational thread because you think you're that fucking special that your retarded opinions and thoughts dont need context

> They put a warrant out for your arrest,

as they have with numerous criminals, of much more significant crimes, and the net result to date: jack shit

> find and arrest you

yes, I'm sure they will start an international incident to arrest someone over tax evasion. Because this happens in reality as in hollywood movies where ninja navy seals teams are on call 24/7 to capture people the USG wants from foreign countries that explicitly do not cooperate with USG tantrums or demands, oh wait no it doesn't, and its quite common for financial criminals to evade capture abroad, in fact it is almost de rigueur

>muh tax
Fuck off americunt

>>3375215
okay, don't pay taxes and worry about being caught for the rest of your life. why are you so angry about it if it's not a problem for you?

>>3375215
If you're not in the US and you're so sure of your evasion why the fuck are you still here then? What a waste of time

>>3375122
>thinking chainlink is a random shitcoin
Besides its not even 5% of my portfolio.

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>paying taxes
>not purchasing appreciating assets with your gains
>not knowing tax-haven

>>3375180
This doesn't happen. You are telling fucking ghost stories.

>>3375358

no retards actually believe hollywood is reality, like you are trying to convince a 5 year old that santa doesnt actually exist because how the fuck could that even be possible etc

>>3373956
trading for btc is a taxable event at least in the US, also btc is still too risky if you're just looking to safely store value.

>>3373842
how much have you researched about cryptocurrency OP? your post implies an inevitable collapse so theres a limited time frame to earn enough to bail. which your not wrong, that should be considered as a possible outcome. But in my opinion cryptocurrency as a tech is extremely useful and has a huge potential for application in real world setting. Its almost like an "internet 2.0" for business and ecommerce. Coupled with the immense support coming from the technology sector of every corner of the world. I find it hard to believe cryptocurrency as a whole is going anywhere.