/biz/ - Business and Finance

Also, to answer your last question, I do believe altcoins will separate from Bitcoin, but only because bitcoin can't get its shit together. All cryptocurrencies are pretty much 99% bitcoin code, ergo any coin forked from bitcoin can do exactly the same things as bitcoin, sometimes better. The only real distinction is userbase.. which is actually quite educational when it comes to understanding what 'value' (and its consequent price) in something is. We're currently living in an era of zero-interest gangbusters money-printing; just about all asset prices have been pushed to their limits. It's not so much finding some diamond-in-the-rough, it's more logical deduction and determining where the herd will go next. Think a step ahead of the crowd and you can position yourself appropriately. Consider buying some gold/silver.

Also, I doubt any independent cryptocurrency will ever trump government fiat currencies. Doesn't mean you'll be worse off holding them, quite the opposite, but you should be realistic about how the world runs. If you're valuing bitcoin in dollars, guess who has all the dollars.. it's a struggle.

Best of luck.

>>944

Someone else new to both crypto and taxes here, what is the tax situation like for crypto, both trading and mining?

>>957

depends where you live; in the US, it's classified as property, meaning every time you buy/sell it that transaction is taxable. So keep records of all your trades so you can report exactly how much money you made/lost to the IRS.

The taxes are either short term rate (sold within a year of purchase) or long term rate (held for a longer than a year). You can find a table of current rates here: https://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_States#Regular_and_capital_gains_tax_rates_for_2015.5B5.5D

fun fact: if your income is less than $36k, and you held an asset over a year before selling (long-term rate) you can sell that asset tax free until you hit $36k in aggregate income that year.

nothing too difficult, just make sure you keep records of your trades.

>>957

oh yeah, and mining is classified as income, so whenever you generate coins through mining you must pay income tax on the coins, based on the market price at the time you received those coins.

honestly mining really isn't that worth it unless you have access to cheap/free electricity.

>>959

Thanks, if one were normally below the filing limit would it be necessary to file when mining/trading?

I've mined a few dollars worth of Gridcoin, I get crypto to do something I normally do anyway.

>>960

No, all income you ever make has to be reported to the IRS, regardless how you obtained it. It's illegal to make money without the IRS knowing about it, basically. However yeah there are ways to claim a 0% tax rate if you're poor enough + hold the asset for more than a year, so plan your shit now and you'll be able to keep the maximum of your gainz AND not get thrown in jail for tax evasion, win-win.

honestly a few dollars worth of gridcoin, i doubt they care about that, just keep records in case they ask questions/do a dragnet on everyone involved with cryptocurrency.

>Is there any point in investing in altcoins?

Yes, to borrow from MiB bitcoin is old and busted while some altcoins offer new hotness. Or to word it more /biz/ like bitcoins high marketcap means the devs are very cautious about adding new technology and wait for it to be proven first, by doing this they are insuring bitcoin goes the way of Nokia after they refused to produce smartphones until they were proven.

>WIll they ever actually make money?

I have turned $20 into ~$3000 using a mixture to two techniques. I either find a coin that offers a new technology I think has potential and go long or I look for large acquisitions indicating someone is planning to pump and dump.

>What are the best coins to invest in in order to make said money?

Long ETH but wait for it to fall again before buying, it has seen huge growth recently and is due for a correction.

>What length of time do you expect before sizeable amounts are made?

Depends on the amount of time you are willing to put in, you can go long and wait 6 months to a year or go short and trade the waves after large shifts.

>Will altcoins ever separate themselves from Bitcoin?

Financially many can be traded for fiat without going through BTC.

Psychologically it will be a long time until the public understands it well enough to know there is more than one crypto.

>>957

Here in Rooland no one cares so long as you stay under $2k a month, legally it's treated as stocks.

>>961

Isn't one of the main points of CC to be able to avoid taxes?

>>1168

I'd send you some, but that is not a bitcoin address? Starts with a "3", bitcoin addresses start with a "1".

>>1173

Sorry I copy and pasted the wrong part, heres my address

Anything would be most appreciated!

1FGAweLTsZN1qUi6mYKF9RcUsgvAJTzuny

>>1319

sent ya a couple bucks worth, surprised nobody else jumped on that offer. Bitcoin is cool shit.

You guys rich yet?

>>1544

Thanks for replying, that's very impressive… I can't believe I missed out. I've just gotten into investing with crypto, despite having used btc years ago I never realized the potential value until now. Decided to put about 2k onto Poloniex to just play around with and bought up some Ethereum, Ripple, and Litecoin.

890% is some pretty insane profit. I'm really kicking myself in the ass for having missed multiple opportunity like this because I was too busy fucking around, but now I'm following the market nearly every day in hopes of finding the right place to put my money.

How do you discern between a "shit coin" and something that has an actual future? I see these posts from 2 years ago talking about Eth and Ltc which have both skyrocketed, and probably would have dismissed both as a PnD scheme if I was here back then. There's just so many different types of coins now, and I really don't know what I should be paying attention to when considering a new investment.

>>1545

They're all shit. The way to make money is the same with all assets, find something good that is abnormally cheap, and wait. Look at a chart to determine what was cheap and what was expensive, a chart is the best way to determine what price to pay (ppc hit 20c twice in 2013 and 2017, never sold for less). You're probably going to lose that money, not because of the asset, but simply because you're not paying attention to the price you're paying for it. When you go shopping do you just grab whatever and throw it in the cart? No, you analyze the price first. Same thing with markets.

Most these coins are overhyped shit. Just go to coinmarketcap.com, find something with a smaller market cap, look into it and determine whether you think it can appreciate. Although I've had mutliple coins totally collapse on me. I closed my poloniex and bittrex accounts; only coins I bother with now are Bitcoin and Peercoin. All these coins are getting pumped at the same time so trying to diversify within the crypto-sphere is pretty pointless. I don't care to do your due diligence for you and tell you which shitcoins to buy right now.

The perfect portfolio right now imo is, %20 gold/bitcoin %20 equities %30 bonds %30 cash.

The best way to learn how to trade properly is by losing money. You should paper trade for about a year before gambling real money. Have fun.

So which coin might become the next Ethereum?

I know about Emunie from 2013. I remember I was constantly lurking the bitcointalk forums and every week there was 2 new shitcoins introduced. I lately researched about Emunie again and they apparently renamed it to Radix and want to launch it officially in June. Will it be worth throwing in a few 100 bucks?

They claim it has a new kind of technology behind it and I believe for something to not turn into a shitcoin it has to have some different technology in it.

Then there is also maidsafe and waves. What do you think about those or do you know about other interesting projects as well? I am thinking about throwing a few grand in BTC into the altcoin casino.

>>1565

It's a bullish market right now. You can buy pretty much anything in the top 50 market cap on coinmarketcap.com and wait. But the game at the moment seems to be about picking the coin that's hot NOW, which then lasts for like 2 weeks, then pulling your money and putting it into the next coin. Of course you could just wait instead, but it's inefficient when so many coins are making 50%-100% gains basically every day. (Maidsafe and Waves were the talk of the sphere just a few weeks ago but lately you don't hear much.)

Example: I bought something like 3 weeks ago and it's dropped since. I'm not the least bit worried because I know it'll go back up and make money, but i could have made way more money in the meantime by investing in the coin of the week instead of leaving that money tied up.

Things also seem to switch back and forth between bitcoin and the altcoins every few weeks or so. When bitcoin is rising, altcoins fall, so smart money buys those. Then bitcoin falls a bit and the money gets pumped back into the altcoins.

As for which will become the next Ethereum, right now ETC (Ethereum Classic) is going nuts. But nobody really knows why, so I can't really make a recommendation. I do have money in it, but it could reverse at any time. Or it could go on to $100, who the hell knows. Don't get greedy but do keep your eye on it.

Okay gentlemen,

I am very interested in this Radix thing and I want to ask if any of you know more about this than I do. I know Radix from summer 2013 when I was lurking the Bitcointalk Forum every day in search of new and innovative coins. Back then it was called eMunie. Ethereum and Emunie are the only ones that sounded different from all the other copycat coins. Ethereum was launched long ago while Emunie was further developed and renamed into Radix.

Lately I have browsed about it again and I found out that Radix is planning an ICO in June 2017 or July. They are waiting for a Patent and when the Patent comes in, they will release the whitepaper, the sourcecode, the client software and start an open beta phase. Then after some time the ICO will happen.

From what I read so far the technology behind it is very promising. It does not use blockchain tech per se but some other ledger system. The algorithm is programmed to keep the price of RAD as less volatile as possible. Every time the market cap doubles, the holdings you have on your wallet will multiply by a factor of 1.5. The protocol appears to be able to process 2500 transactions per second. You can use a credit card terminal and create customized debit cards where your RAD is stored (hardware wallet). If a store has a CC terminal that accepts Radix, you could pay with your Radix in this store.

The founders of the project seem to be very dedicated and professional and instead of creating the next BTC copycat, they seem to have a desire for becoming the next VISA/Mastercard. The lead guy (Dan) gets much flak for rejecting other peoples help and always trying things his own way but for me he looks like someone experienced in this field.

So now after this wall of text I wanted to ask what you people think about Radix. For me it looks like the next ETH or maybe even the next VISA/Mastercard.