Current Events > What's your excuse for not having crypto?

(+) Yeah! (+)

1337toothbrush posted...

Except you would've been pissed if you held and it massively dropped. It's best not to dwell on what-ifs and if-onlys. A profit is a profit. Learn from the past and push forward. There are plenty of opportunities out there.

The truth is blockchain is the future. So it was not a matterof what if, it was a matter of educating myself more on what i actually owned. Had i understood crypto more i would have more than likely held.

VigorouslySwish posted...

yeah but dont, use literally anything else instead

Do not listen to this guy. I never understood why guys on gfaqs go out of their way to sabotage other peoples financial potential. The guy who made this thread is a good dude waking people up. I invested $1k in doge and have nearly $8k in my portfolio after 2 months of holding. My friend cashed out at .4 back in mid april and made $6k all off of robinhood.

Also, as long as you do not take the money out you legally do not have to pay taxes whereas on coinbase the appreciation is actually redeemable which means you have to pay taxes on that money.

Because I really dont understand it. Also big picture anxiety.

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If you're smart you'll hold for at least 20 years or use a bit but keep a bunch.

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ReignFury posted...

I made $20k on bitcoin. Potentially could have made $250k selling at the right time but I got spooked by a buddy who was predicting a crash in 2017. Hes rich so I listened to him.

Literally this is one of my friends....

He convinced my other buddy to sell Doge. I've decided to hold. Now I have a lot of profit atm meanwhile my other friend regrets selling his coins 2 months ago. And my friend who told me to sell.. he was silence when Doge reached 30 cents hahaha.

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For me it's like a constant mindfk. When it's stupid cheap I'm like nah waste of time, starts going up I'm like well I missed the boat, I'll lose if I buy now. Keeps going up...well, no point for sure now. keeps going up....yeah you get the idea

Using Paypal, you can buy Bitcoin, Ethereum, Bitcoin Cash and Litecoin. All you have to do is have a Paypall account. It's extremely easy.

I bought a couple hundred worth of BTC and ETH just to keep and hold for a very long time and see what happens. I don't really plan on selling unless it basically goes up enough to make me thousands. Either that happens or I lose my investment. It was mainly for fun and long term holding to see what could come of these coins.

I'd recommend buying and holding a little to play around with if you have some extra cash.

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Demon1050 posted...

For me it's like a constant mindfk. When it's stupid cheap I'm like nah waste of time, starts going up I'm like well I missed the boat, I'll lose if I buy now. Keeps going up...well, no point for sure now. keeps going up....yeah you get the idea

You still have plenty of time to buy... sure you missed some good runs.. but you never know how high it'll go. If Ethereum turns into anything like Bitcoin, getting in now would be good.

Think of it as a long term investment. You can always buy more if it goes down and trade it when it goes up, but always keep some of it.

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what happens when you do sell cryptocurrency for a large sum? How does that reflect on your tax returns? do you end up having to pay taxes?
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If I invested $200K in early March by taking out a bank loan I'd be sitting at a $250K gain already.

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Beveren_Rabbit posted...

what happens when you do sell cryptocurrency for a large sum? How does that reflect on your tax returns? do you end up having to pay taxes?

Yes, you pay taxes on capital gains. I think it's 50% where I live.

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Cause it's digital monopoly money that consumes a rediculous amount if energy while producing literally nothing

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so I should be careful not to spend it all when I do sell. got it.
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I'd get financial advise prior to selling it from at least 2 or 3 sources. You could use it to retire early and sell a bit at a time that covers your cost of living standard.

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I'm making good enough gains on my current investments. Aside from that bitcoin itself outside of the stock is worthless and no different from dogecoin. That's also taken off, and proof it and of itself what a meme investment crypto has become.

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I have a master's in cryptozoology. Lemme tell you bout them jackalopes...

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TrollTrace posted...

Dude all you have to do is open a robinhood account, no different than opening a gamefaqs account, then robinhood guarantees your first $1000 deposits instantly as you deposit. You take that money and buy crypto. With doge at .4 right now i would wait and hopefully buy around the 20 cent range, that crypto is going to go up for sure to around a dollar anytime this year. Through robinhood you are not actually buying the token but a note of the token, so you do not have to handle the crypto or open a digital wallet etc. Its easy to buy crypto through a brokerage, its people who buy through coinbase that confuse everyone by physically owning it even though you cannot buy anything with them except trade them for cash, and the only one you can do that with is bitcoin.

interesting, i like the idea of holding notes and not needing a wallet. at that point its just stocks

But about the instant deposit guarantee, that isnt forever? What if i wanted to invest more than 1K

Doesnt robinhood also deny trades when they become volatile? Being volatile is a good thing for us, but how do i know ill be able to put or pull money when the time is right?

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bought 50k worth of BTC in 2013, sold some on the way to cover investment and some more but still holding most of it, aiming for 8 figs networth but who knows what's gonna happen

Because I don't need to destroy the Amazon Rainforest for magic beans.

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ssjevot posted...

Technically it has both right now. PoS and PoW, it will eventually get rid of PoW once it is sure PoS will be safe and stable. You can become a PoW validator right now and stake coins for rewards.

Ah, thanks for the info.

TrollTrace posted...

it does not matter if you hold them, you technically own them as notes and they are redeemable for cash...literally no one pays with actual crypto. Cash will never disappear, the value of the crypto is valued in reference to the country of residency's currency. Its better to use robinhood than coinbase, i have used both. Coinbase sucks. Once robinhood creates digital wallets we will be able to exchange our token notes for actual crypto which we can annoyingly use to pay cashiers with and confuse the heck out of them. Bye bye coinbase.

If crypto was the future then you'd want to actually have possession of them.

TrollTrace posted...

The truth is blockchain is the future. So it was not a matterof what if, it was a matter of educating myself more on what i actually owned. Had i understood crypto more i would have more than likely held.

The future of what? Also, even if we pretend it's the future of everything, that doesn't mean all cryptocurrency will be winners. Most companies from the dotcom boom don't exist anymore.

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H0LD_Austin_Era posted...

I'd get financial advise prior to selling it from at least 2 or 3 sources. You could use it to retire early and sell a bit at a time that covers your cost of living standard.

Better yet, don't sell. Just stake it and live off the passive income.

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Ermac posted...

interesting, i like the idea of holding notes and not needing a wallet. at that point its just stocks

But about the instant deposit guarantee, that isnt forever? What if i wanted to invest more than 1K

Doesnt robinhood also deny trades when they become volatile? Being volatile is a good thing for us, but how do i know ill be able to put or pull money when the time is right?

If you want access to more than $1k instant deposit on robinhood you need to use the paid version. I imagine if you have more than $1k to invest you can afford robinhood gold.

One problem people have been reporting, in regards to dogecoin trading on the platform because they had a monopoly on dogecoin before webull added dogecoin to their platform a week ago, is that they were not allowing people to trade at times because of how much money was being moved around for whatever reason, that is what people were reporting. The idea being that robinhood was suppressing the growth of dogecoin, which they did in fact do, when you have thousands of youtube comments and guys on discord saying their trades are not going through you kinda get the point. However, now webull has dogecoin too so robinhood will not be able to manipulate the market as much. I expect dogecoin will more than likely see an even bigger pump.

You remember all those storm area 51 guys? Remember how many of them showed up and how many supported them? Those guys happen to have just the right kind of weird that makes them interesting to have as friends and they know people, some of them are huge influencers. My point is that all the storm area 51 guys are basically doing that with dogecoin, and the goal is $1, and after that $10, and after that $100...that same crazy band of people is behind the dogecoin movement. Go figure they are having success with a buy, hold and tell everyone about dogecoin strategy...its pretty comical when you think about it.

As far as volatility goes, i think it is less likely robinhood tries to manipulate the market from now on because of webull entering the market BUT you should not be day trading, the way you win with Doge is holding. I am waiting for my brother to give me the heads up of when to sell, he is wiser than me on that but right now i think doge will probably go back down 10 to 15 cents again, but do not take my word as gospel, everyone is pissing themselves waiting for doge to crack .5 and then .75 etc. So it could very well consolidate at .4 now. I think once it hits $1 people will chill on doge, at that point its market cap will be incredible, its unlikely it reaches $100 just because of how many coins exist, i think if that happens it will overtake bitcoin.

1337toothbrush posted...

If crypto was the future then you'd want to actually have possession of them.

The future of what? Also, even if we pretend it's the future of everything, that doesn't mean all cryptocurrency will be winners. Most companies from the dotcom boom don't exist anymore.

You are in possession of them but through a brokerage. Like i said before bro, you cannot pay at places with crypto, i am pretty sure you cannot pay with Bitcoin even. Bitcoin is tied to a country's currency, so in order to buy something you need to exchange your bitcoin for cash which is why Bitcoin ATMs are a thing, at least here in Chicago.

The monetary system is getting decentralized, cash is getting phased out and people will pay with crypto, that wont be for some time though, so yes you want to own them but not right now, either way you will be happy to know that robinhood is looking to implement digital wallets soon so you will in fact be able to "physically" own your "digital" asset and use it to purchase things.

But yah, covid hits, money is super dirty everyone knows this, go figure crypto goes up as more people feel uncomfortable using physical fiat currency. I would be more worried about the actual real life implications of decentralized currency, i do not think the government is going to let go of the monopoly they have on money in exchange for blockchain tech that i have yet to hear anyone explain coherently. Hopefully we find a happy medium, if everything goes crypto we are all going to be very confused when shopping. Chances of that happening are slim, physical currency will always exist. What i find interesting is the idea of creating physical precious metal crypto coins in the future. I think that is a very neat idea and would make a lot of sense. Cuz i think gold is at like $2k or whatever an ounce, imo an oz of gold is worth more than 1 bitcoin, this is what confuses me. I think if precious metal bullion producers created physical precious metal crypto itd be absolutely awesome cuz i have invested a lot into crypto and itd be nice to have a physical version of it.

H0LD_Austin_Era posted...

If you're smart you'll hold for at least 20 years or use a bit but keep a bunch.

Rob Cesternino posted...

Better yet, don't sell. Just stake it and live off the passive income.

Awful advice. Basically every crypto I bought in 2017 is now dead, one of which was worth about $30k at its peak but was worth like $2k when I actually sold it after holding way too long. Most of them are pump and dumps and will eventually either exit scam or be made irrelevant through disinterest/obsolescence

The correct way to cash out is to recover your initial after a doubling in price (or so) and then cash out in chunks as it moves up.
The key is to never let yourself be the jackass holding the bags that everyone else dumped on you. Try to make that some other sucker.

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I don't know how

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Don't care to.

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Staked my Eth 2.0 on Coinbase yesterday. 6% APR seems pretty sweet. And it's gotten over $3400 today holy crap

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I wouldn't sell after doubling or tripling up. Top 2 coins have yet to reach their peak. I wouldn't be shocked if in 2 or 4 years they are in the 6 figures. If anything sell close to half and invest in a house or a stocks.

Once ETH reaches $50K I'd sell some to invest else where.

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I dont believe in your fake currencies

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I don't really have any gambling money right now.

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I prefer to do my gambling at a poker table
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voldothegr8 posted...

I prefer to do my gambling at a poker table

thankfully you can do both, deposit on ggpoker in bitcoin, win and cash out more bitcoins

TrollTrace posted...

You are in possession of them but through a brokerage. Like i said before bro, you cannot pay at places with crypto, i am pretty sure you cannot pay with Bitcoin even. Bitcoin is tied to a country's currency, so in order to buy something you need to exchange your bitcoin for cash which is why Bitcoin ATMs are a thing, at least here in Chicago.

The monetary system is getting decentralized, cash is getting phased out and people will pay with crypto, that wont be for some time though, so yes you want to own them but not right now, either way you will be happy to know that robinhood is looking to implement digital wallets soon so you will in fact be able to "physically" own your "digital" asset and use it to purchase things.

But yah, covid hits, money is super dirty everyone knows this, go figure crypto goes up as more people feel uncomfortable using physical fiat currency. I would be more worried about the actual real life implications of decentralized currency, i do not think the government is going to let go of the monopoly they have on money in exchange for blockchain tech that i have yet to hear anyone explain coherently. Hopefully we find a happy medium, if everything goes crypto we are all going to be very confused when shopping. Chances of that happening are slim, physical currency will always exist. What i find interesting is the idea of creating physical precious metal crypto coins in the future. I think that is a very neat idea and would make a lot of sense. Cuz i think gold is at like $2k or whatever an ounce, imo an oz of gold is worth more than 1 bitcoin, this is what confuses me. I think if precious metal bullion producers created physical precious metal crypto itd be absolutely awesome cuz i have invested a lot into crypto and itd be nice to have a physical version of it.

You think everyone will pay with crypto instead of digital fiat currency because...? You obviously don't seem to care that robinhood is only claiming that they're holding cryptocurrency for you when you have absolutely no access to the actually crypto (if they even bothered buying it).

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1337toothbrush posted...

You think everyone will pay with crypto instead of digital fiat currency because...? You obviously don't seem to care that robinhood is only claiming that they're holding cryptocurrency for you when you have absolutely no access to the actually crypto (if they even bothered buying it).

Mixture of covid, so cash getting phased out, and it is more secure than physical money because if you lose your phone you can get all your stuff back by buying a new phone and logging in to your apps, whereas with a physical wallet you are at the mercy of whoever finds it to return it. Also, there has been a consciousness shift from central banking to decentralized currency systems because people no longer trust places like the federal reserve and international monetary fund to control everything money related with actual integrity because the internet made everyone aware that only a few people control absolutely everything and we have all been getting fucked since the gold standard was removed.

And no, i do not care that robinhood only claims they are holding them because they are working on digital wallets so people like you can stop popping a xanax every 5 minutes at the idea of having to exchange your crypto for cash and waiting for the deposit to hit your bank. It takes robinhood around a week to issue you your money in your bank that you can physically take out in the form of cash. Once they have they have digital wallets your anxiety will be gone and you will have your precious crypto. Then they will issue a card more than likely that allows you to pay with crypto that does the currency exchange and math for you. Or you can just pay with your phone honestly. Stop trying to find flaws in this bro. Its annoying.

TrollTrace posted...

Mixture of covid, so cash getting phased out, and it is more secure than physical money because if you lose your phone you can get all your stuff back by buying a new phone and logging in to your apps, whereas with a physical wallet you are at the mercy of whoever finds it to return it. Also, there has been a consciousness shift from central banking to decentralized currency systems because people no longer trust places like the federal reserve and international monetary fund to control everything money related with actual integrity because the internet made everyone aware that only a few people control absolutely everything and we have all been getting fucked since the gold standard was removed.

That's not answering the question. Why would I use crypto vs a regular credit/debit card? You can buy things online with fiat currency. It doesn't have to be physical. In terms of safety, if you goof up with crypto either by sending crypto to the wrong address or accidentally leaking your private key, you're fucked. At least there is some possibility of recourse with regular money.

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Im done talking to you bro.

Hey did yall see doge went up like 25% since yesterday?

Guy's my 60 year old mom just asked me about dogecoin

The bubble is real lmao

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TrollTrace posted...

Im done talking to you bro.

Hey did yall see doge went up like 25% since yesterday?

You're done talking to me because you have no answer. I look forward to you shutting up when doge inevitably crashes as the pumpers dump on all the fools.

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1337toothbrush posted...

That's not answering the question. Why would I use crypto vs a regular credit/debit card? You can buy things online with fiat currency. It doesn't have to be physical. In terms of safety, if you goof up with crypto either by sending crypto to the wrong address or accidentally leaking your private key, you're fucked. At least there is some possibility of recourse with regular money.

lower fees obv, also much faster for large transactions

I routinely send or receive 5 or 6 figures worth of crypto, would take days to clear with a bank, almost instant with crypto

If the stock market crash at the turn or the century and the real estate collapse taught me anything, it's that when the general public is encouraged to get in on the free money, the bubble is close to popping and the rich people need to sell to gullible suckers before it does.

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1337toothbrush posted...

You're done talking to me because you have no answer. I look forward to you shutting up when doge inevitably crashes as the pumpers dump on all the fools.

You are interrogating me like a CIA agent, everything i say you find some kind of flaw in. Dude, i do not have all the answers to calm your anxieties man, i am sorry. There is a limit to my understanding of this whole situation but i have been 100% honest with as far as my actual understanding, which is limited, like i said i have not ran into anyone who can explain crypto blockchain tech in a way that actually makes any sense. This is the invisible hand of the market at play. As far as you wishing evil on me that is really petty bro. You have been behaving rudely and trying to misinform people and sabotage their financial potential in this thread. All i have been doing is trying to explain why folks like you are incorrect and people should take this opportunity and try to make money. I am not a financial advisor, but i have made money off of crypto and it only seems to be going up in value with time. If you watch futurist talks they also all mention crypto. Sorry if i came off rude bro, but this is the time to make some money with crypto.

ROOTFayth posted...

lower fees obv, also much faster for large transactions

I routinely send or receive 5 or 6 figures worth of crypto, would take days to clear with a bank, almost instant with crypto

I bought my car and house through my bank (without a loan) and it was quick. I don't remember any fees for the house purchase (might have been a low fee if any), but there was definitely no fee for purchasing the vehicle. I don't know what niche use you have, but I assume it has to do with sending money to another country, in which case the only reason why that's the case with crypto right now is due to lack of regulations. Following the same line, the only reason banks would have higher fees and longer transaction times is due to regulations.

This can easily change as governments put the squeeze on crypto or banks move to lower barriers and fees to compete. Technology-wise, blockchain is not providing any benefits here. If anything, the technology makes transfer times longer and also the fees possibly expensive if you want your transfer to be confirmed.

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TrollTrace posted...

You are interrogating me like a CIA agent, everything i say you find some kind of flaw in. Dude, i do not have all the answers to calm your anxieties man, i am sorry. There is a limit to my understanding of this whole situation but i have been 100% honest with as far as my actual understanding, which is limited, like i said i have not ran into anyone who can explain crypto blockchain tech in a way that actually makes any sense. This is the invisible hand of the market at play. As far as you wishing evil on me that is really petty bro. You have been behaving rudely and trying to misinform people and sabotage their financial potential in this thread. All i have been doing is trying to explain why folks like you are incorrect and people should take this opportunity and try to make money. I am not a financial advisor, but i have made money off of crypto and it only seems to be going up in value with time. If you watch futurist talks they also all mention crypto. Sorry if i came off rude bro, but this is the time to make some money with crypto.

I'm asking you very simple questions that you'd be able to answer if you actually understood what you were shilling. If you can't even explain the product you're so excited about, how do you ever hope to explain how I'm incorrect? I could explain blockchain to you if you'd like. I understand how it works and that is why I argue against many of the "benefits" that its cultists claim it provides. Blockchain is not without merit, but it's not "the future" of everything that uninformed people like you claim it is.

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1337toothbrush posted...

I'm asking you very simple questions that you'd be able to answer if you actually understood what you were shilling. If you can't even explain the product you're so excited about, how do you ever hope to explain how I'm incorrect? I could explain blockchain to you if you'd like. I understand how it works and that is why I argue against many of the "benefits" that its cultists claim it provides. Blockchain is not without merit, but it's not "the future" of everything that uninformed people like you claim it is.

Dude, no one really understands blockchain. I haven't met anyone who can explain what gives it value other than people having faith in it. Something you do not seem to be able to understand and capitalize on. I do not know you but just from the exchanges we have had you come off very bitter. Cryptocurrency values are derived from nothing, they are volatile digital fiat currency tokens that have been on a bullish run since the inception of bitcoin because people are sick of the fractional reserve banking model we have been using for over 100 years that perpetually inflates the currency, and inherently creates mega corporations that manipulate the government, news and uses other forms of manipulation to control us like sheep.

Crypto is shifting the power and leverage held by banking institutions right to the consumer. This is my understanding of it. I know how crypto mining works, i have researched how to mine, how to build a rig, what exactly a rig is composed of. I have seen one in person as well a few weeks ago. The fact of the matter is there is no value in a computer solving algorithms that are created out of thin air and are then assigned a decimal so small that the miner then uses as a bargaining chip to sell to a consumer which then creates the value all out of speculation and interest.

I think i understand this well enough to say that this whole thing is bananas. All i know is i am up like $10,000 and you are up nothing because you do not understand something as basic as faith and how to seize a moment.

Is this a sufficient enough answer for you?

1337toothbrush posted...

If anything, the technology makes transfer times longer and also the fees possibly expensive if you want your transfer to be confirmed.

But instant and feeless coins already exist.

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ssjevot posted...

But instant and feeless coins already exist.

At the cost of straying from the supposed central principles of crypto.

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TrollTrace posted...

Dude, no one really understands blockchain. I haven't met anyone who can explain what gives it value other than people having faith in it. Something you do not seem to be able to understand and capitalize on. I do not know you but just from the exchanges we have had you come off very bitter. Cryptocurrency values are derived from nothing, they are volatile digital fiat currency tokens that have been on a bullish run since the inception of bitcoin because people are sick of the fractional reserve banking model we have been using for over 100 years that perpetually inflates the currency, and inherently creates mega corporations that manipulate the government, news and uses other forms of manipulation to control us like sheep.

Crypto is shifting the power and leverage held by banking institutions right to the consumer. This is my understanding of it. I know how crypto mining works, i have researched how to mine, how to build a rig, what exactly a rig is composed of. I have seen one in person as well a few weeks ago. The fact of the matter is there is no value in a computer solving algorithms that are created out of thin air and are then assigned a decimal so small that the miner then uses as a bargaining chip to sell to a consumer which then creates the value all out of speculation and interest.

I think i understand this well enough to say that this whole thing is bananas. All i know is i am up like $10,000 and you are up nothing because you do not understand something as basic as faith and how to seize a moment.

Is this a sufficient enough answer for you?

Also, i appreciate you making me think. I think at the end of the day it helps to understand what we are getting ourselves into and hopefully our posts help the community make more informed decisions instead of following things blindly like you are implying people like me are suggesting. I will be honest, i am very happy with my investment and so are many of my friends. That is why i speak highly of it. I apologize if i came of condescending bro, we are all in this together man, i wanna see everyone win

No, I've read their explanations and understand them, which is why I know they're blowing smoke up your ass. You're hitting on some of their talking points in your post, but you cannot explain to me how or why those points make sense. That you've seen a number go up doesn't mean anything. You haven't made any money until you've closed out of your position (i.e. converted it to real money).

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1337toothbrush posted...

At the cost of straying from the supposed central principles of crypto.

I mean when the people promoting Bitcoin don't even try to pass it off as a currency anymore but as a store of value, maybe it's time to accept that actually functioning as intended coins are better. Maybe not better for speculating and getting rich, but they're in it for the technology right?

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1337toothbrush posted...

No, I've read their explanations and understand them, which is why I know they're blowing smoke up your ass. You're hitting on some of their talking points in your post, but you cannot explain to me how or why those points make sense. That you've seen a number go up doesn't mean anything. You haven't made any money until you've closed out of your position (i.e. converted it to real money).

Please re read my previous post, read it so many times that your blinding envy does not make you spontaneously combust for the love of god. I answered all you questions and i even gave you an out to not look like a jackass and you are still trying to debate with me? What is wrong with you.

The discussion and debate ended when i hit post new message on my previous post. Jesus christ man, go buy a cold sprite or eat some tacos or something so you are not so bitter about this whole thing.

1337toothbrush posted...

Because I don't believe in the underlying "asset".

This, mostly. And also I feel pretty gross about the negative environmental impact from electricity consumption.

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TrollTrace posted...

Please re read my previous post, read it so many times that your blinding envy does not make you spontaneously combust for the love of god. I answered all you questions and i even gave you an out to not look like a jackass and you are still trying to debate with me? What is wrong with you.

The discussion and debate ended when i hit post new message on my previous post. Jesus christ man, go buy a cold sprite or eat some tacos or something so you are not so bitter about this whole thing.

Envious of what, the few thousand you've "made"? I hope you've closed out your position because you haven't made shit until then.

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