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What happened to me! #millionaire

Pumped340

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Thread has been quiet since April...Big changes since then!
Yea I just looked for the first time in a while yesterday. Crazy stuff. If someone had the balls to buy a lot in the spring they're probably very happy with themselves.
 

b_cornelius

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I would like to take this opportunity to wish the Super Mario Brothers a Happy Twenty-fifth Anniversary.

Twenty some years ago I purchased a cartridge, and since I have amassed trillions of gold coins, all in pursuit of that highly prized extra life. It has been a thrilling adventure and a character building enterprise.
 

Pumped340

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My friend recently told me he got audited by the IRS and they told him he had to pay tens of thousands of dollars in taxes because of his crypto trading, even though he only netted like $200 from it all lol. So he's trying to sort that out now.

Something I've wondering though is, now that my investment is net positive again...if I sell only the amount I originally put in back in 2017 is that going to look like income for me that I need to pay taxes on, even though it was a net zero? The fact that the original investment was years ago is what's making me wonder.
 

K1

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My friend recently told me he got audited by the IRS and they told him he had to pay tens of thousands of dollars in taxes because of his crypto trading, even though he only netted like $200 from it all lol. So he's trying to sort that out now.

Something I've wondering though is, now that my investment is net positive again...if I sell only the amount I originally put in back in 2017 is that going to look like income for me that I need to pay taxes on, even though it was a net zero? The fact that the original investment was years ago is what's making me wonder.
Coinbase was sending out the wrong tax forms...This is why many are getting hit with IRS letters and audits...Their forms were reporting everything as gains on cash outs, even on the losses. I believe they said they would not be sending that form this year?!

Coinbase works closely with the IRS now regarding their US clients, so unless they get their shit together, many more are going to be getting hit by the IRS.
 

HotPepperoni

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I think it will increase certainly about 20k. Some big companies investet in Bitcoins like Paypal.
But only invest your money what you don't need overnight. Because having to turn the coins into cash quickly can be associated with a high loss.
I lost about 90% in Dezember 2017. I tried to spread the risk by buying different Coins. But the Bitcoin is an indicator for nearly all coins. If the bitcoins goes down the other coins also went down.
 

pesty4077

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Bitcoin sets a new record high. I am hoping Ethererum gets onboard and climbs more.
 

Pumped340

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Bitcoin sets a new record high. I am hoping Ethererum gets onboard and climbs more.
Crazy how whales (I assume) could manipulate it to drop from almost 20k to 16k on Thanksgiving. I was expecting that to be the next big crash.

If Eth gets back to all time highs as well that'll put me at about 200-220% of my original investment, in which case I would at the very least take out that initial investment.
 

Big Dave Smith

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I never seem to be able to buy Bitcoin at the right time. Super frustrating.
 

pesty4077

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Me too
I bought some a couple hours ago and during the last hours it dropped 1k
I learn to hold for awhile. Buy the big dips and keep for a long period. I had always made money this way. I don't think we had even seen the highs yet.
 

Pumped340

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I learn to hold for awhile. Buy the big dips and keep for a long period. I had always made money this way. I don't think we had even seen the highs yet.
I agree, but if you look back at this thread in 2017-2018 the predictions are pretty hilarious and all were wrong lol
 

HotPepperoni

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I learn to hold for awhile. Buy the big dips and keep for a long period. I had always made money this way. I don't think we had even seen the highs yet.
True story. If I held it dezember 2017 it would be a profit.
Regarding the other coins (not the "main coins" - I mean coins like dogecoin, redcoin) ... it's a different situation. The also could fall to zero.
I remember the situation of a coin made frome on of the biggest trading platforms. It was around 30-40$ and than the guys steel the coins and money from the user who park it on their wallet and it plummet around 0,01$

But in my mind the big profit is only possible if you invest in such coins like ripple (just an example, please don't buy it).
The bitcoin is such high it won't double in the next month. Verge ist so low that it could makes 500% in a day. But it fluctuates so much and it's just gambling.
 

pesty4077

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I agree, but if you look back at this thread in 2017-2018 the predictions are pretty hilarious and all were wrong lol
I agree and things were moving fast. I learn from past mistakes and learn to be more patient and hold a lot longer. I also watch big dips and try to buy more. I invested in ETH a lot due to better growth potential then Bitcoin and many platforms are based on it.
 

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