Mist
Eeyore Enthusiast
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Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
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Arden
Blackwing Lair Raider
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Mist
Eeyore Enthusiast
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Arden
Blackwing Lair Raider
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Tmac
Adventurer
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Taxes are easy if you do all your trading of coins on a single platform, but as soon as you start getting into staking nodes it's a pain to track all the fee's. For example I use coinbase as my main account but I needed $BNB to buy into some nodes but binance is banned in texas and coinbase won't trade it. So first I need to transfer some of my ETH to my wallet(fee), deposit into my kucoin account and buy BNB(fee). Move it back to my wallet which I then use to buy coins on trader Joe's, pancakeswap etc (fee). Then depending on the nodes I staked there are more random fee's. After all that I need figure out my cost basis to calculate my taxes, I am not looking forward to February since this is my first year doing crypto.
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Mist
Eeyore Enthusiast
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Well not just taxes, but also fees. I realize Coinbase handles the tax reporting on your profits.
I am frequently swing-trading. The fees would fucking kill me on an exchange. Meanwhile, I sold 80k worth of Greyscale ETHE on Thursday for a grand total of 56 cents in fees.
Not 56 cents per share. 56 cents period.
Try trading on-chain using decetralized smart contracts and no middle man. You can't even know what your exact enter/exit price is let alone what the fee is. 100 year old tax laws applying to crypto is dumb but our government is run by incompetents so here we are.
Izo
Tranny Chaser
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Arden
Blackwing Lair Raider
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I like Vechain/VET. I'm invested in Vechain. But shit like this really makes me wonder if it's just a really convincing scam.
They've announced a lot of "partnerships" in the past that haven't seemed to amount to much. I'd like to think they wouldn't have the audacity to announce a government partnership if it wasn't true because the government could easily call them out and just deny the story.
Assuming the news IS true, stuff like this makes me super optimistic about VET.
Also think it's funny that the partnership is with Inner Mongolia- the first place in China where they banned Bitcoin mining before it spread to the entire country.
They've announced a lot of "partnerships" in the past that haven't seemed to amount to much. I'd like to think they wouldn't have the audacity to announce a government partnership if it wasn't true because the government could easily call them out and just deny the story.
Assuming the news IS true, stuff like this makes me super optimistic about VET.
Also think it's funny that the partnership is with Inner Mongolia- the first place in China where they banned Bitcoin mining before it spread to the entire country.
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Hurm... I wonder what exactly a government wants "full traceability" of.. heh. Definitely absolutely no way this can end badly.
Arden
Blackwing Lair Raider
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Yeah, something like that could have some pretty dark implications- especially in China. But there are a million non-evil ways it would be useful to have a way to instantly track and verify chain of custody from manufacturer to delivery.
VET has dipped its toes a bit in the food industry. From what I gather, there are issues with China's food production involving questions about when products where harvested, shelf life, sell-by dates, etc.
Gotta admit, it could be pretty useful to use the blockchain to track exactly where something was made, by whom, where it was shipped, how long it stayed there, if it was maintained at the proper temperature (for perishables), stuff like that.
An entire Government using a system like that could be a lot more efficient.
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Rajaah
Honorable Member
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Similar situation here across the board, and I'm up about 20% for the year despite my crypto portolio being in the absolute toilet. At its best (so like, two months ago) I was up almost 3x, and it's really Shiba that wrecked me.
The whole thing was an experiment more than anything else and despite "losing" many thousands of dollars I think I'm learning a lot and that's the whole point.
Rajaah
Honorable Member
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One of the reasons I'm not weeping over my current numbers is because of taxes. With only modest gains, I might not even have to pay any extra taxes this year compared to if I were sitting on a 3x or higher return.
That said, once taxes are filed, it'd be great if everything mooned immediately
Flobee
Vyemm Raider
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Just to be clear this is one reason I rail against altcoins. My simple buy and hold strategy has me up ~2x on BTC and if you did the same with ETH you're up around 5x from 1 year ago today. According to your post simple DCA buy-and-hold outperformed even the very peak of your strategy.
Learning is great but if you want to make money stop overthinking it. I've never outperformed when I tried to play the shitcoin game.
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Arden
Blackwing Lair Raider
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For use case crypto, buy and hold is very clearly the best way to make money. No question.
For shitcoin slot machines, buy and hold is the worst strategy long term. That's how you lose your money.
You can obviously make money swing trading a use case coin like ETH. Gotta be patient enough to hold if you get a lengthy downswing though- which means you can't be trading on margin.
Personally I dedicate 90% of my funds to long hold investments and I keep 10% to mess around with swing trading to earn a few hundred extra a month.
Flobee
Vyemm Raider
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Agreed. I guess my point is why bother buying something thats not a "use-case" crypto when you're almost guaranteed to lose money vs just buying value and holding? Maybe I'm crazy but I don't have fun losing money. Saying you're up 20% on the year or whatever isn't taking into account the opportunity cost of that capital if you'd just taken a more measured approach.
In actuality you're likely down significantly... in a the fastest growing sector we're likely to ever see in our lives.
Note, I don't mean you specifically by any means, but people that want to 'trade' shitcoins more generally.
For reference my initial investments in the space are up 2232%. Every time I tried to shitcoin I underperformed that drastically. I imagine the number of traders beating that return in the same time period is rather low.
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Tarrant
<Prior Amod>
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I feel like I’m middle of the road savvy when it comes to crypto…but I came across this tonight. This just seems crazy to me but maybe it’s because I don’t understand it? Can someone explain what’s happening here besides him buying a piece of “virtual land”?
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Have you watched Ready Player One? The Metaverse is essentially the VERY early alpha version of the virtual world in that movie.
Tarrant
<Prior Amod>
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Alright, but like…is it “sink 22k into it for profits” stable? He keeps mentioning sandbox’s and I know what that means in game but what does it mean here? Values seems to be based off which corporations you’re close to? Is he just hopeful a big corp buys near him and he will sell the land? What’s the end game here?