Investing

"I lost money on cryptocurrency" thread

  • Last Updated:
  • Oct 1st, 2019 6:01 am
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May 11, 2014
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kevindurant1 wrote:
Feb 12th, 2018 11:15 am

For every dollar that goes into crypto is a dollar being taken away from traditional markets. That is why millenials have been so involved in this because we want an alternative to the stock market.

To us, traditional stocks is a racket, controlled by a select few. I own some stocks but I dont want to own it but im forced to in order to pursue wealth.
https://www.bloomberg.com/news/articles ... the-market

Isn't it all a racket?
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May 22, 2012
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How to declare capital losses for crypto? Do you just get the difference between what you put vs what you have as CAD value now? If so, at what day? Because every day it's changing.
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Jun 3, 2009
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lachdanan wrote:
Mar 9th, 2018 1:42 pm
How to declare capital losses for crypto? Do you just get the difference between what you put vs what you have as CAD value now? If so, at what day? Because every day it's changing.
I highly doubt the CRA considers cryptos as an investment that you can claim losses with.
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May 22, 2012
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cn_habs wrote:
Mar 9th, 2018 2:21 pm
I highly doubt the CRA considers cryptos as an investment that you can claim losses with.
So no need to declare gains either then? I read that they were calling people to declare their bitcoin gains.
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Mar 8, 2018
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lachdanan wrote:
Mar 9th, 2018 1:42 pm
How to declare capital losses for crypto? Do you just get the difference between what you put vs what you have as CAD value now? If so, at what day? Because every day it's changing.
You don't understand how capital gains/losses work. They're only recognized once the asset is sold; to oversimplify things, the difference between the cost base of the asset when you purchased it and the proceeds you received when you sold it would be your capital gain/loss. If you haven't sold anything you don't recognize a gain or loss for tax purposes.
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Mar 1, 2011
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Syne wrote:
Jan 20th, 2018 2:06 am
It's pretty hard to lose if you study the projects and do some basic chart analysis.

If you really want to take the guesswork out, grab hyped coins as they hit exchanges. 9/10 times you will double, triple (or more) your investment.

Investing in TRX anywhere near ATH is pretty stupid, since it's an Ethereum ripoff with a CEO who hypes on Twitter.

ICX. WAN, AION, EOS, LRC
Syne wrote:
Jan 25th, 2018 2:39 am
I don't think anyone is really losing money on cryptocurrencies. Honestly, if you're not on this train and you're savvy enough to navigate it, you need to get your ass on board.

The people coming in this thread saying the "party is over" are probably upset because they didn't get in earlier, too scared to jump in now, and are trying to rationalize their decisions.

Jan 20 prices

ICX - $9.85 - Today $2.38 (ATH $12.47)
WAN - ###
AION - $6.90 - Today $2.25 (ATH $11.10)
EOS - $14.68 - Today $5.68 (ATH $18.16)
LRC - $1.40 - Today $.345 (ATH $2.09)

I'm not sure what WAN is, but if you invested $1000 in these 4 picks, equally weighted on January 20, it would be worth $325 today.

Did the charts tell you to sell on Jan 20 or are you still holding.
Syne wrote:
Feb 6th, 2018 4:54 pm
I love how salty the nocoiners still are. Just ready to pounce when bitcoin takes a 50% loss after a 300% gain.

Even though bitcoin has bounced to new highs 1000 times, they are certain 1001 is the time when it will fail for good. Keep dreaming guys. Let me know how your 4% mutual funds are doing next year.
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Dec 7, 2009
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officerjimlahey31 wrote:
Mar 10th, 2018 7:48 pm
Jan 20 prices

ICX - $9.85 - Today $2.38 (ATH $12.47)
WAN - ###
AION - $6.90 - Today $2.25 (ATH $11.10)
EOS - $14.68 - Today $5.68 (ATH $18.16)
LRC - $1.40 - Today $.345 (ATH $2.09)

I'm not sure what WAN is, but if you invested $1000 in these 4 picks, equally weighted on January 20, it would be worth $325 today.

Did the charts tell you to sell on Jan 20 or are you still holding.
If you bought on Jan 20th? That would be pretty stupid. I wasn't buying anything in late Jan except ICOs. Now would be a good time to buy, not when the market is soaring.

All of those are well above ICO price, many still rocking over 1000% gains over ICO (less than 6 months time).
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Check out caRpetbomBer's picks in this thread.
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Apr 21, 2004
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Let's pump these coins up boys. :)

Anything invented that isn't an offshoot of BTC? Is Ether a totally separate token on a separate blockchain ledger?
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Mar 8, 2018
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Syne wrote:
Mar 11th, 2018 4:08 am
If you bought on Jan 20th? That would be pretty stupid. I wasn't buying anything in late Jan except ICOs. Now would be a good time to buy, not when the market is soaring.

All of those are well above ICO price, many still rocking over 1000% gains over ICO (less than 6 months time).
Jan 20th is when you made that post pushing those shitcoins as a great buy genius. Solid backpedal.
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May 22, 2012
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thewisedecision wrote:
Mar 9th, 2018 7:04 pm
You don't understand how capital gains/losses work. They're only recognized once the asset is sold; to oversimplify things, the difference between the cost base of the asset when you purchased it and the proceeds you received when you sold it would be your capital gain/loss. If you haven't sold anything you don't recognize a gain or loss for tax purposes.
ok so if I sell it, then you report it based on what you said? I assume the deadline of a sale for such a claim is before the tax filing deadline or did it have to be within the actual tax year?
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Mar 8, 2018
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lachdanan wrote:
Mar 11th, 2018 7:00 pm
ok so if I sell it, then you report it based on what you said? I assume the deadline of a sale for such a claim is before the tax filing deadline or did it have to be within the actual tax year?
Investment income is reported on a calendar year basis. Any sale of crypto you will make shortly or have made since January 1st should be reported on your 2018 return.
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Dec 11, 2005
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kevindurant1 wrote:
Feb 12th, 2018 11:15 am
For every dollar that goes into crypto is a dollar being taken away from traditional markets. That is why millenials have been so involved in this because we want an alternative to the stock market.

To us, traditional stocks is a racket, controlled by a select few. I own some stocks but I dont want to own it but im forced to in order to pursue wealth.
I don't even know how to reply to this.

Do you have any idea what a stock even is, or how markets work in general?

Do you have any clue how centralized the control of crypto markets in general are ? The very nature of BTC means it will ALWAYS have high volatility, low liquidity, and centralized control.

"Investing" in BTC (and most other crypto) is no better or worse than "investing" in BlackJack at the local casino. The odds are about the same of you profiting long term. Yes you can make big profit, but the risk is huge - just like playing BlackJack.

There is a reason all these paper-millionaires and paper-billionaires in BTC are not cashing out - THEY CAN'T. The market is not liquid enough to cash out!
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings

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