# Cryptocurrency



## cubsfan24

Looking for any who are investing? Currently I hold some dogecoin and a little bit of bitcoin. I'm also looking at ethereum. Im new to this so any input would be :thumbup:


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## ABC123

I read on Reddit mostly. That doge spike last week was nice, made a nice profit and re bought in at 29c.


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## cubsfan24

ABC123 said:


> I read on Reddit mostly. That doge spike last week was nice, made a nice profit and re bought in at 29c.


How do taxes work? Say you made $1,000 profit selling doge and bought back in. Do you pay taxes as income next April on the $1,000?


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## CenlaLowell

I'm in ethereum, stellar lumens, digibyte, bitcoin, and usdc. All long term plays so I don't know anything about taxes, but I'm imagining it's like stock 20% short term, 15 % long term capital gains taxes.


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## cubsfan24

CenlaLowell said:


> I'm in ethereum, stellar lumens, digibyte, bitcoin, and usdc. All long term plays so I don't know anything about taxes, but I'm imagining it's like stock 20% short term, 15 % long term capital gains taxes.


Any one of those in particular for a noob like me you'd recommend? Im trying to diversify my portfolio, and in it for long term gains.


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## cubsfan24

I was seeing SAFEMOON and ADA being tossed around as long term potential "lotto tickets."


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## CenlaLowell

cubsfan24 said:


> CenlaLowell said:
> 
> 
> 
> I'm in ethereum, stellar lumens, digibyte, bitcoin, and usdc. All long term plays so I don't know anything about taxes, but I'm imagining it's like stock 20% short term, 15 % long term capital gains taxes.
> 
> 
> 
> Any one of those in particular for a noob like me you'd recommend? Im trying to diversify my portfolio, and in it for long term gains.
Click to expand...

Try to research what they will be used for an invest in what you like. This is play money for me so if I blow this account up no harm no foul. I use voyager


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## CenlaLowell

cubsfan24 said:


> I was seeing SAFEMOON and ADA being tossed around as long term potential "lotto tickets."


Heard a little about them not enough for me to invest though. Maybe after much more research I may decide differently


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## jayhawk

Not an owner. So far, ponzi esq ...

It takes one headline re govt action and boom, selloff so a cushion would help.


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## ABC123

How do taxes work? Say you made $1,000 profit selling doge and bought back in. Do you pay taxes as income next April on the $1,000?
[/quote]

Yes you pay taxes on gains. But if you re-invest the profits/gains you won't. It's like owning a business in a way.


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## TJ_FortWorth

Chain link is a good one.


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## uts

Been in BTC, ethereum and litecoin since 2016. Now diversified into a few DeFi ones as well.

For starting I would stick with the big names. Wait for a dip, it will correct 30% soon.


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## cubsfan24

uts said:


> Been in BTC, ethereum and litecoin since 2016. Now diversified into a few DeFi ones as well.
> 
> For starting I would stick with the big names. Wait for a dip, it will correct 30% soon.


Im in on Ethereum.


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## SOLARSUPLEX

NANO is one of the only coins I see being a viable currency replacement in the future. Its not mined, its fast, and feeless. I've been holding a small amount since it was previously XRB(raiblocks).


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## ABC123

Dogecoin made it to .80 a few days ago &#127867;


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## uts

ABC123 said:


> Dogecoin made it to .80 a few days ago 🍻


Crazy gains .. I sold about 50k coins in march for 0.00x value I think .. 🤯


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## Biggylawns

ABC123 said:


> How do taxes work? Say you made $1,000 profit selling doge and bought back in. Do you pay taxes as income next April on the $1,000?


Yes you pay taxes on gains. But if you re-invest the profits/gains you won't. It's like owning a business in a way.
[/quote]

This is false. You pay taxes anytime you sell any crypto for a profit. The IRS issued guidance on this very issue as it's not treated like a property reclassification (i.e., sell a property and have 60 days to buy a new one).

You might owe estimated taxes now depending on your profit. If it's 1k then I wouldn't worry. If it's 100k and your income was 50k last year then you're required to pay up to last year's taxes in Q1.

Also depends if you're trading in a tax deferred account...then, no taxes now.


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## cavince79

Bump.... Anyone have a heart attack over the latest crypto roller coaster? I have a hard time getting in "for real", but I've got some play money in at the moment, more so to force myself to learn and understand crypto better.
DOGE, ANKR, ALGO are my el cheapo entries. ALGO also does staking, which I believe ADA does as well, but I believe it's a bit harder to get in on it with ADA. Coinbase allows ALGO staking on their exchange, but they take a 25% cut, so I've transferred to a local wallet (as should be done anyway!).


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## TulsaFan

I am dabbling, but the swapping fees are killing me. I tried to buy some shib inu last week and it was a shitshow from waiting for the money to hit my wallet to paying crazy mining fees.


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## ABC123

Yeah. It will recover in 3 months. Don't worry


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## Thejarrod

I'm not investing in crypto because i dont understand it. for those who do, how do you evaluate a coin? is there a measure of value? something equivalent to Price/Earnings? or is it more like speculating on the future demand, which would be more like investing in art or classic cars?


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## Allan-00

@Thejarrod it's like if you were to invest in a startup or small business. You are placing a bet on the future use(demand) of the specific coin. This is with a long term time horizon. Short term I'm sure somebody can tell you what they are looking at to make a quick buck.


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## TulsaFan

cubsfan24 said:


> I was seeing SAFEMOON and ADA being tossed around as long term potential "lotto tickets."


I have ADA and am looking to add more, but I missed out on buying XRP. I think it will jump significantly if it clears the SEC investigation.


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## Girls4green-beginner

Toronto has crypto in index funds on TSX


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## TulsaFan

Any suggestions on websites to follow regarding crypto? My dabbling has increased and so have the stakes.


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## BobLovesGrass

For those curious CoinBase has some options for you to learn about a few coins and get $3-10 worth of each.
Easy enough and gets you engaged and begining to apy attention.


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## TulsaFan

BobLovesGrass said:


> For those curious CoinBase has some options for you to learn about a few coins and get $3-10 worth of each.
> Easy enough and gets you engaged and begining to apy attention.


I have earned my $38 in lessons. However, I think most of the money is going to be made before it ever gets to coinbase...such as on uniswap while the coins/tokens are cheap.

I ask my peers and it amazes me how many are completely out on crypto.


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## tdcarl

My biggest positions are in Algorand (Algo), Cardano (ADA) and VeChain (VET). I'm more bullish on Algo than most. It's probably not going to the moon any time soon, but it's more likely to still be around in 5-10 years than a lot of other projects. Plus the governance rewards are shaping up to be pretty nice.


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## TulsaFan

The Dallas Mavericks inked ta deal with Voyager Digital. The Mavs are giving away free bitcoin worth $100 to anyone who downloads the Voyager Digital app until Oct. 30 at 11:59 p.m. CT. Here's the details...

Who doesn't need free BTC?


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## kristaevans

It can definitely be overwhelming at first, but with the right research and guidance, it can be a very rewarding experience.


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