Cryptocurrency

[rstanek]

Last year I took a loss on some stock at which time you can take as a deduction, and yes, I had to include y crypto profits into my overall income. And if you reinvest, you have to still pay the tax unless you lose it before the end of the fore mentioned tax year……I hope that helps to understand….Robinhood does send you 1099s for profits and losses….which I can download directly into my TurboTax software…..

[BucketBack]

[Jester-ND]

if want something tangible to invest (stash away) in, why opt with a digital asset? could just as well buy NFT's. ever consider fine art? graded mickey mantle/michael Jordan RC's? meteorites? autographs? 1st edition books? vintage clothing, pokemon cards, shoes, banksy graffiti..... all things I would consider holding over digital assets. Even when an all digital currency is forced upon us, these items will have value.

[MountainGirl]

if want something tangible to invest (stash away) in, why opt with a digital asset? could just as well buy NFT's. ever consider fine art? graded mickey mantle/michael Jordan RC's? meteorites? autographs? 1st edition books? vintage clothing, pokemon cards, shoes, banksy graffiti..... all things I would consider holding over digital assets. Even when an all digital currency is forced upon us, these items will have value.

NFT's are tangible assets?? You can hold them in your hand??
(I'm a big believer in *digital poof*. Your mileage may vary LOL)
I'm not looking for 'stuff' to invest in... and even cash is worthless to me, and needs to convert quickly into land, short-term and long-term preps, and things that go bang or makes them go bang.

[MountainGirl]

Last year I took a loss on some stock at which time you can take as a deduction, and yes, I had to include y crypto profits into my overall income. And if you reinvest, you have to still pay the tax unless you lose it before the end of the fore mentioned tax year……I hope that helps to understand….Robinhood does send you 1099s for profits and losses….which I can download directly into my TurboTax software…..

It did help a LOT sweet friend, thank you.
I hope at some point you can pay your taxes with crypto. If you're going to play in the tenuous - the gov't should have to as well.
The end of "cash" is in sight - in favor of all digital transactions - but that is something way different than this.
Thanks again.

[Inor]

Bears some investigation, Inor.

Being brutally honest, I have no understanding of this cryptocurrency sorcery thing.

Edit; Arguably, the best investment today may be canned food goods!

FYI, last year I tried crypto, I invested $1200.00 in Dogecoin. My payback was just over $11000.00. But it don’t always work that way. I see investing in the stock market or crypto as the same as gambling, never invest more than you are willing to lose…..

I am not really looking at it as an "investment" per se... I just do not understand it well enough to really trade it looking for returns. (If that happens great, but that is not my primary reason for doing this.) I am starting to see some small businesses around here that will take payment in Bitcoin and Etherium for goods and services. So trade would be my primary reason for buying it in the first place.

That is also why I would need to be a self-custodian of it rather than using something like Robinhood or Coinbase and letting them be the custodian. I want to try and destroy the gubmint "paper trail". Once I move it from whomever I bought it from into a local wallet, there is no way for the gubmint to track it or tax it.

Basically, I am thinking of using it the same way I would use gold and silver except my local businesses will accept Bitcoin and will not accept silver in payment. That is also why I do not want to put a lot of money into it (until I understand it better). I.E. Piss on the gubmint and their worthless Federal Reserve Notes, this is a possible off-ramp!

[MountainGirl]

I am not really looking at it as an "investment" per se... I just do not understand it well enough to really trade it looking for returns. (If that happens great, but that is not my primary reason for doing this.) I am starting to see some small businesses around here that will take payment in Bitcoin and Etherium for goods and services. So trade would be my primary reason for buying it in the first place.

That is also why I would need to be a self-custodian of it rather than using something like Robinhood or Coinbase and letting them be the custodian. I want to try and destroy the gubmint "paper trail". Once I move it from whomever I bought it from into a local wallet, there is no way for the gubmint to track it or tax it.

Basically, I am thinking of using it the same way I would use gold and silver except my local businesses will accept Bitcoin and will not accept silver in payment. That is also why I do not want to put a lot of money into it (until I understand it better). I.E. Piss on the gubmint and their worthless Federal Reserve Notes, this is a possible off-ramp!

Inor, I appreciate your exploration of this in here.
I wonder what kind of 'reporting' your local businesses are required to do... as in 'who' bought their goods/services with 'gov-untrackable' coin. Assuredly, they'll need to report their income... and might not be willing to accept 'under the table' transactions... unless they're bootlegging it also. LOL

Slight tangent: The 'self-custodian' thing, from my read, reminds me of when mom had investments at SmithBarney - and she had to approve various major purchases. Over time, they wanted her to end that set up so they could make all the 'buy' decisions without her knowledge/approval. She pulled her money out. She was a 'self-custodian' kind of woman, herself.

[rstanek]

I recommend starting out small, like maybe $100.00, play around with it until you get to know the landscape, if you wish to go with Robinhood, PM me you’re email, I will send you an invite, doing so we will each receive 1 free stock…..

[Jester-ND]

NFT's are tangible assets?? You can hold them in your hand??
(I'm a big believer in *digital poof*. Your mileage may vary LOL)
I'm not looking for 'stuff' to invest in... and even cash is worthless to me, and needs to convert quickly into land, short-term and long-term preps, and things that go bang or makes them go bang.

I said could just as well buy NFT's... meaning may as well... they the same thing essentially as crypto

[Jester-ND]

I tend to think anything of tangible value will still be of value to a pawn shop (the world's 2nd oldest profession) after they switch to a digital currency. That being said.. I would rather hold a 1952 Bowman Mickey Mantle than Bitcoin.