/biz/ - Business & Finance

I noticed that while everything else is bleeding, CPC and HPB rose a little bit today. Anyone know why?

Also, does anyone know which coin Banyan is? All I know is it's kinda-sorta-maybe related to HPB. Googling for it leads my to CRYPTO20 on CMC, which seems wrong?

Isn't it going to be used by the largest exchange in Russia? Looks like it went from around $5.4 to $6 after the news and is falling back down, now around $5.7ish.

I was like, "I should buy some of that just because it's going to be used" but the fact the price is declining makes me wonder if other people know something that I don't know.

Was it just bullshit hype? I can't remember where I read but it seemed to be from some crypto news site. So maybe it really was just bullshit hype that doesn't change anything?

Are you sure I shouldn't take 50 ETH and buy more OMG right now? >_>

This is me: >>3290250

180 ETH
1400 OMG
300 NEO
50 LSK

The recent BTC and OMG mooning is giving me weak hands on ETH. But if I actually bought more OMG, I'd be buying a high. Same for BTC, which I really think has only been rising so much recently due to large investors like hedge funds getting involved and I don't want to play against them, though I do want to have some BTC in case of another hard fork that magically creates assets out of nowhere.

Do I just HODL what I have or go chasing BTC and OMG pumps due to FOMO?

Seems like these are interesting:
Decred
FunFair
Ripple

The above are all things I think I should be holding at least $5k of right.

BitDice
BlackMoon

I'd love to get in on these ICOs but they forbid US people. BlackMoon says they'll check before they send you the tokens and it seems like they'll just fucking keep your money or something, idk. BitDice apparently asks if you're from the US, and I'm not going to click 'no' on that because this isn't some porn site I told I was >18 when I was 13, this is a place with thousands of dollars on the line. I'm pretty sure lying in this case is called "fraud".

And I feel like I should be getting more ETH. More ETH forever. MORE MORE MORE

Also, I feel like now is a good time to buy the NEO dip.

And I feel some serious damn FOMO watching OMG go up the past couple days. I bought 1400 OMG at $8.60, now I'm wondering if I should buy more.

I bought 170 ETH between $290 and $354, so if I sold instead of hold, I will be realizing short-term capital gains that have to be taxed at around 40%.

Want to have money ready for BTC segwit2x hard fork. Want to go in deep on that one.

My holdings are

170 ETH
1400 OMG
220 - 300 NEO, not sure
8 ETH worth of TNT
50 LISK bought at ATH (sold 30 ETH, bought LISK, got weak hands, sold immediately at a small loss, but would have felt the whole thing was pointless if I didn't keep any, so I kept 50. then i bought back the ETH, paying more than I had initially sold it for. adding up the 50 LISK and the ETH I got back, total value of my portfolio had gone down by 1 ETH due to this panic FOMO buy so I hesitate to do another FOMO buy of OMG :( )
1.5 ETH worth of 0x
0.8 ETH worth CAT

FOMO buys of TNT, LISK, CAT, and 0x all resulted in losses. I also did a FOMO buy of BNB at its all-time high at the time of $2.78, which I later sold for like $2.58.

Let's say the crypto bubble pops tomorrow.

1. How bad does it pop?
2. Which coins are worst effected?
3. Which coins have a chance to come back (apparently altcoins during the last crash would just be breaking even now... if they even recovered at all)
4. What do you do?
5. How have you prepared?

Me first:
1. The last pop was 2013, right? Bitcoin went from $1300 to $800, didn't it? Not even 50%. I think that since the bubble is much bigger now, with normies and hedge funds involved, it could be a worse pop. But I have no idea how much worse.

2. I'm guessing altcoins basically die. Maybe Ripple and Litecoin take another four or five years to reach today's prices again. Other altcoins just stay dead unless they actually have a reason to be used. E.g., if Omisego can actually get some clients and survive, it should eventually recover.

3. Ethereum comes back. If Bitcoin Core doesn't destroy all confidence in Bitcoin, then Bitcoin stays ahead of Ethereum. I don't think normies care about their efforts to de-decentralize it, and hedge funds and banks probably don't care either, coming from a world of centralization - so it Core would have to monumentally fuck up and make it literally unusable or somehow let segwit2x survive (aren't they suing it?) to have a chance of bitcoin dying. It may not be used for anything but could still be "digital gold".

4. I go all in on crypto. 60/30/10 ETH/BTC/altcoins that seem to have SOME kind of use, like 0x

5. Figuring out how to start a self-directed 401k. If there's a crash then I want to go all-in with money from a tax-advantaged account, so that if it recovers by 10x'ing over the following decade, I don't have to pay capital gains taxes. There are ways to withdraw it earlier without paying penalties, anyway.

Your turn. Either share your plans or tell me I'm a moron?

https://bitcoinira.com/

I have $60k in my 401k and could be contributing $27k/yr through my 401k with employer-matching plus $27k/yr to a roth IRA through a mega-backdoor roth.

I don't see why, if I could take my income from work, pay income taxes on it, and then put it into a backdoor roth ira, so that I never have to pay income taxes on it again, I wouldn't do that. Except that it seems difficult to hold crypto in an IRA.

Looks like there is company that does the IRA work for you but I don't really trust the security of random companies: https://bitcoinira.com/

Looks like starting your own IRA and LLC to hold your crypto is also possible, and seems like you're not limited to bitcoin: https://sdirahandbook.com/can-my-sdira-own-bitcoin/

What does /biz/ think?

I was thinking, even if I buy a bunch of coins and they moon by 10x, I will pay 4x of that in taxes, leaving me with 6x. But if I buy with money from an ira, then I actually get to KEEP ALL OF IT.

It sounds insanely good and worth doing. I am tempted to contribute 100% of my pay for the rest of the year to my retirement plan and put it into a mega backdoor roth IRA while living off my savings.

Does this sound like a good idea, /biz/?

https://cointelegraph.com/news/investors-pull-billions-from-stocks-as-new-bitcoin-crypto-options-appear

https://cointelegraph.com/news/bitcoin-skeptic-mark-cuban-invests-in-new-digital-currency-hedge-fund

https://www.nbcnews.com/business/economy/middle-america-crazy-love-bitcoin-n789011

https://www.nytimes.com/2017/08/03/style/what-is-cryptocurrency.html?mcubz=0

http://investorplace.com/2017/08/why-you-should-care-when-hedge-funds-invest-in-bitcoin-ggsyn/#.WaIsZtPyvfA

From that last one: "According to Nick Tomaino’s The Control, ICOs have already raised more than $1.2 billion worth of capital since May 1.

“Over the next year or two, there’s going to be a wall of investor money coming into the space,” Kelly said. “That will absolutely have an impact on [currencies’] price.” In his opinion, this move represents a “stamp of approval” from established financial power players."

If billions of dollars are starting to flood in now, having started at least in May according to that article, and probably earlier then:

1. When does it stop? Seems like we're actually going toward full financial acceptance, which might imply we have another year unless governments fuck it up.

Someone said you can't do that, but now the thread is archived.

Why can't I do that and get a bunch of free segwit2x BTC, then sell the old BTC?

When are they getting on more exchanges and should I even care?

I just threw $10,000 into that because the whitepaper says they're going to give people discounts for paying at their exchange with it, gradually take 50% of it and destroy it, and spend money to hype it up, which all sound like good things. Also, the whitepaper says a bunch of successful investors are supposedly behind it, which gives it more credibility except after I bought a bunch of it I realized I have no way to verify that any of the people they say invested in it have actually done so.

Did I just send $10k to a scam exchange so I can buy a scam coin?

Whitepaper is pretty light on technical details, more about giving discounts to people who pay their fees with it, saying they'll market it, saying they'll destroy half of it over time, and saying a lot of smart and successful people are behind it: https://www.binance.com/resources/ico/Binance_WhitePaper_en.pdf

The thing is, if it's so great, why wouldn't they just horde the coins themselves until after they start charging fees? Why would they sell it for cheap if they're doing things that will make it more valuable? Though, they are keeping half of it, so I guess that's similar.