Facebooks new crypto

[Mota]

Originally Posted by DinoTriz2 [You must be logged in to view images. Log in or Register.]

In all seriousness, my history is a textbook example of how not to invest.

I started in late November 2017, after a relative talked me into investing. He's also a diehard zealot when it comes to crypto.

To be fair, he was talking to me for years about getting in, and if I did sooner, I'd probably be a multimillionaire now. (seriously)

He also didn't hold my hand, so I made MANY costly mistakes.

My investment blew up like 3 days after I bought in. Made about $7,000 in a few days. I was excited. I didn't know that you're not supposed to buy when it goes parabolic, at least not when it has been up for awhile.

I bought a lot of stuff at ATH prices.

I think I have a Litecoin that I bought for $375.

I also bought a bunch of alt coins. Big gamble.

I just found out one was a scam the other day. Exchanges pulled it off - can't liquidate them. That's about $1600 down the drain.

My portfolio stayed around -90% for the entirety of 2018.

Things started improving in the last few months and now my portfolio is around -60%.

I haven't panic sold. I'm just waiting it out. Hopefully I'll break even. My Litecoin might be my saving grace since the "Halvining" is taking place in less than 2 months.

I probably will cash out when and if I break even.

Then I'll either buy a house or invest in something other than Crypto. It's too volatile for me.

You'll break even over next year or two. Like you said halvings are coming, easy price boost. The volatility can be rough no doubt, but aside from govt intervention/regulation somehow shattering the market, coins are easy money and will continue to be so for years. Maybe don't cash out 100%, leave a little bit of BTC if you wanna make money with zero effort over next few years.

Park a little in BTC it will pay off. Not 1million% anymore but you'll make easy money. Buy alt coins if you wanna gamble, but you seem to have figured out alt coins the hard way =(

[Dwarflord]

halflings are coming?

also all crypto crashes the day libra is released sell now

[Mota]

Originally Posted by Dwarflord [You must be logged in to view images. Log in or Register.]

halflings are coming?

also all crypto crashes the day libra is released sell now

Yes they're coming, prepare second breakfast for their arrival.

[Thorondor]

Originally Posted by Dwarflord [You must be logged in to view images. Log in or Register.]

confirmed libra will be backed by real assets

Sure buddy. That must be why the DNC is in a panic, with intents to regulate the living shit out of Libra to ensure the government can rake their cut while determining the rules and methodologies it uses to throttle growth so that it cannot outpace conventional financial markets.

Libra is going to get regulated to pointless-ness before it ever even hits the market. If you're looking to make gains off the radar, Libra won't fit that bill, either, as they're aiming to make it entirely tracable and transparent for tax purposes.

[Wonkie]

Originally Posted by Thorondor [You must be logged in to view images. Log in or Register.]

Sure buddy. That must be why the DNC is in a panic, with intents to regulate the living shit out of Libra to ensure the government can rake their cut while determining the rules and methodologies it uses to throttle growth so that it cannot outpace conventional financial markets.

Libra is going to get regulated to pointless-ness before it ever even hits the market. If you're looking to make gains off the radar, Libra won't fit that bill, either, as they're aiming to make it entirely tracable and transparent for tax purposes.

yeah tax avoision is pretty much the reason cryptocurrencies exist

[Thorondor]

Originally Posted by Wonkie [You must be logged in to view images. Log in or Register.]

yeah tax avoision is pretty much the reason cryptocurrencies exist

Bingo

[JurisDictum]

Everyone gets taxes with the exception of those that can right off everything they make as some kind of business expense. Even most people capable of this end up paying more tax then they would like so they can show income for various reasons (credit).

Payroll taxes, sales taxes, property taxes, taxes on income and gifts. Two things are certain: death and taxes.

Even gangsters pay taxes to avoid scrutiny.

Crypto is only useful for tax evasion if you made a lot of money by investing when it was low. You could essentially avoid selling or cash out off shore and never get the tax hammer from all your capital gains. Which is capped at 15% anyway last I checked. You could also work for cryto and hide income to some degree...but the minute you start getting USD in your account there is a paper trail.

[Thorondor]

Originally Posted by JurisDictum [You must be logged in to view images. Log in or Register.]

Everyone gets taxes with the exception of those that can right off everything they make as some kind of business expense. Even most people capable of this end up paying more tax then they would like so they can show income for various reasons (credit).

Payroll taxes, sales taxes, property taxes, taxes on income and gifts. Two things are certain: death and taxes.

Even gangsters pay taxes to avoid scrutiny.

Crypto is only useful for tax evasion if you made a lot of money by investing when it was low. You could essentially avoid selling or cash out off shore and never get the tax hammer from all your capital gains. Which is capped at 15% anyway last I checked. You could also work for cryto and hide income to some degree...but the minute you start getting USD in your account there is a paper trail.

There are ways to get cash from crypto, indirectly, without a paper trail.

Anyhow. The point still stands, the establishment intends to heavily regulate and centralize themselves with Libra; thus it will not suit the purposes of people looking to invest in it for growth opportunities since it will not see exponential growth over time. They're essentially looking to directly tie it to the dollar, like Tether, so aside from using it like a widely accepted gift certificate, and trusting that Facebook isn't going to Ponzi it, it doesn't have the potential to compete with decentralized crytpocurrencies.

[Lune]

Originally Posted by Thorondor [You must be logged in to view images. Log in or Register.]

Sure buddy. That must be why the DNC is in a panic, with intents to regulate the living shit out of Libra to ensure the government can rake their cut while determining the rules and methodologies it uses to throttle growth so that it cannot outpace conventional financial markets.

Libra is going to get regulated to pointless-ness before it ever even hits the market. If you're looking to make gains off the radar, Libra won't fit that bill, either, as they're aiming to make it entirely tracable and transparent for tax purposes.

Stupid ass libertarians. These things are regulated for a reason. Facebook is going to sell your financial data to all the other corporations who will quickly gain an omniscient view into the financial data of everyone who uses their currency, including what prices they can afford, are willing to pay, etc, to better collude to fix prices, etc.

This is precisely why banks have been forbidden from participating in other forms of commerce for the last century in the US. Most people believe you shouldn't have to compete against your bank.

[Thorondor]

Originally Posted by Lune [You must be logged in to view images. Log in or Register.]

Stupid ass libertarians. These things are regulated for a reason. Facebook is going to sell your financial data to all the other corporations who will quickly gain an omniscient view into the financial data of everyone who uses their currency, including what prices they can afford, are willing to pay, etc, to better collude to fix prices, etc.

This is precisely why banks have been forbidden from participating in other forms of commerce for the last century in the US. Most people believe you shouldn't have to compete against your bank.

Not saying that libra SHOULDNT be regulated fucktard. Im saying it WILL be: should or shouldnt is irrelevant. At the end of the day, Libra WILL be facebook's dollar-tethered digital gift certificate, and THEREFORE it will not and cannot usurp cryptocurrencies like btc, bsv, eth and the like.

Jesus, youre so eager to dive into the discussion with an argumentative approach its fuckung astounding. Living with you must be a real gem.