/biz/ - Business & Finance

>>5328544
Everything on coinbase is dying. Coinbase killed crypto.

>>5328544
because eth is shit

Because it's all speculation based off bitcoin. Often tethered to, or a derivative of. Even though Eth is different, it's still tied into the speculation.

If bitcoin falls, pretty much everything else will fall.

>>5328844
Are we about to get justed by normies exiting the market en masse?

>>5328969
I sold at 19k, but I imagine most normies wouldn't have the balls to have held this long, normies are already out.

>>5329065

Normie at work is still holding ltc

Back to below 700 lol

I am ready to neck myself

its at 650... wtf

guys I'm worried. if it goes below 600 I might sell, fuck.

what are the chances ETH will recover and go back to 800+ next year? what the fuck is happening, this wasn't supposed to happen. ETH was supposed to be safe

>>5329316
>going all in coins completely linked to BTC
Well that's a sure way to get dragged down and drown when BTC goes I guess.

If Bitcoin goes down, and litecoins creator sold his own coins, I would think eth is the safest bet. Bitcoin as a store of value never made sense, most coins are traded in eth

>>5329575
Wait a second.. he sold his LTC before the shitstorm? FUCKER KNEW THIS WAS GOING DOWN. OH FUCK.

>>5329316
>that normie portfolio

You deserve it desu

>>5329636
He sold it when it went on the moon mission to 300. There is a big rally on ETH right now, trying to push back to 700. I just hope scalpers aren't in the pool

>>5329434
I thought the normies would carry bitcoin to another galaxy. Because of all the "It's limited in supply, one bitcoin will be worth $1,000,000 it's free money buy now normies xD" I tought the normies would buy in and make my holdings rocket. Today is the official day that I'm having my first major losses... Man it feels bad... Like really bad

>>5328544
because ETH/BTC isnt outperforming the BTC/USD drop

normies on biz getting rekt and not understanding why lmao

>>5328544
Because market confidence. It's the same reason LTC is crashing.

Normies really only have 3 cryptos. Normies are also the faggots driving up prices stupid high. So, when they see BTC crashing, which is what they regard as the top dog crypto they panic and try to cut their losses.

>What should you do?
I really don't know. The problem I have is I fundamentally don't have any confidence in the value of crypto currency.

>>5329390
>sell low instead of hodling until higher rebounds
/biz/ approved strategy, anon

>>5329801
>The problem I have is I fundamentally don't have any confidence in the value of crypto currency.
I have confidence in ETH but it seems for ETH to blossom and reach her full potential, BTC must be removed like a malignent tumor. I'm not in panic mode yet, but if ETH drops to 400, I'm gonna start sweating. I don't want to drop all my hodl and see it go up tomorrow. I also don't want to contribute to the dumping, since it's fucking risky. Fuck.

>>5329702
Well not terribly unwise to a degree but alts have shown to be beter as of late.
Then agian all that shit is dropping too so who knows what is better, but some proper diversification is always good so there's that.

>>5329390
Were you not fucking here when ETH went from $420 down to $130? Fucking hold. Relax.

>>5328544
Everything in crypto is tied to BTC still OP. E-v-e-r-y-t-h-i-n-g.

Enjoy the ride.

ETH is still in the high 600s. I don't really give a fuck that much. I bought in at 350. It will go back up.

>>5329316
with a portfolio like that it's as if you don't want to make money. you realize you can't get rich buying eth/ltc/btc at current prices right? the day for that has long passed

>>5330075
>not selling now to buy more when it hits 300 again tomorrow

>>5329065
Normies dont know how to cash out.

>>5329938
>I also don't want to contribute to the dumping, since it's fucking risky. Fuck.

Never try to catch a falling knife

>>5330401
What if it doesn't go that low? Like you have no idea. Right now people are basing their decisions off how much they can risk, because we can't predict this shit.

>>5328544
eth was always worthless. it's literally just a platform to generate meme tokens. as it turns out no one gives a shit about meme contracts. kinda like segwit. no one gives a fuck.

>>5328544
>tfw I cashed out a couple days ago since I saw this coming

Money is sitting safely as USD, face it only safe way to keep money is fiat currency

>>5328544
BTC IS THE FUCKING MARKET RETARD

YOU HOPE FOR BTC TO DIE, YOU GET ALL OTHER COINS DYING

>>5328844

Can someone explain how exactly coinbase did it? I used Gemini, but what did cuckbase have to do with this?

>>5330496
I don't know what that means anon. just today on a shitty day like this.. please spoonfeed me

>>5330733

They botched the Bcash addition. Unveiled it out of nowhere, caused incredible volatility, then froze everything, and put everyone in suspense. Anger about insider trading, suspicion from normies probably (it looks like a scam now). Maybe distrust from some of the bigger players.

>>5330748
accept your losses and go down with the ship
don't try to sell, and buy back at the bottom
the bottom could be 3k for all we know

Birds of a feather fly together

>>5330826
probably a good time to transfer all my funds away from coinbase and into MyEtherWallet. I'm not selling anyways so.. at this point coinbase could literally just freeze and cuck us all

>>5330951
yes get the fuck off coinbase.

i actually don't know why any of you tards even use coinbase, you can trade everything on more reputable exchanges.

hell I think bittrex is total ass and don't really trust it either, but I trust it a million times more than scambase

>>5331061
I can put fiat into Coinbase.

>>5330733
They added bitcoin cash a few days ago. Remarkably their charts showed 8k per coin for quite a while and no way to buy/sell. This caused a fervor in other exchanges thinking there would be huge gains and hopes of surpassing BTC. NOOOOPE.

Their site/app eventually correctly displayed shit around the 3-4k range.

Shook crypto confidence.

Then a leak about coinbase adding ripple in 2018, likely and easily faked. So big push to divert funds there.

Then LTC creator tells everyone he cashed out all his LTC coins.

Further shaking confidence. It's a triple header.

Side things.
Christmas/end of year.
People realizing what the tax implications are and probably shitting their pants. Possibly needing to cash out some for that bill. Market tanks due to the first 3 items, normies panic and wonder if they can cash out enough to pay tax bill?

Literally everyone is talking about BZC right now faggot.

>>5331134
okay i guess if its your only option but then buy and transfer to a wallet, or to another exchange to do trading

everything ive heard about shitbase has been negative

>>5331200
>People realizing what the tax implications are and probably shitting their pants.
it's not even that bad tho. if it's <1year you pay it as income %, if it's >1year you pay your capital gains %. if you're a NEET, it's 0% so what the fuck?

>>5331200

Thanks anon!

>>5331485
Maybe, but their isn't a clear ruling from the IRS other than crypto is considered "property".

Leaving it open to interpretation with the "Like-Kind Exchanges" code/section 1031. If you swap a property for like, you can in theory stave off capital gains. If not, then you're stuck paying those. That's a huge deal.

I think it meets the qualifications of 1031 on it's face/definitions, but I'm not a tax/irs accountant.

>>5329636
>>5329575
can I get some proof that litecoins creator had a large share?
it was created to be a fairly mined bitcoin

I put $1000 at 15600USD/BTC.
Then $300 other at 148000 USD/BTC


Am I a retard?
I stronly believe BTC will come back from this.

I hope its not a race to the bottom

>>5331994
https://www.coindesk.com/litecoin-creator-sells-off-holdings-citing-conflict-interest/

Charlie Lee's logical brain thinks the best solution to legitimize LTC is dump his share so he doesn't appear to be shilling.

Market sees it as a lack of confidence in LTC. Any owner/CEO/stakeholder who has a vested interest in any product is see better by outsiders. Divesting that raises questions, despite whatever Charlie rationalized out in his brain.

>>5332042
it wont. should've put it on ETH

>>5332042
Dude, just check backlog...

>>5328544

It's the holiday season people are selling out to buy shit.

It'll go back up in Jan.

>>5328969
Normies aren't paying close attention. They won't even notice until tomorrow.

>>5331366
I only use Coinbase as a fiat ramp as well, I plan to switch to Gemini (at least for fiat)
very soon. Any experience with it?

>>5331485
Every single trade or sell is considered a taxable event, so you have to autistically account for or stow the damage you'll incur which makes trading significantly more inconvenient. It's not as easy as just converting it all into fiat, pulling it off the exchange and paying your capital gains tax (though it should be). I have no idea how the IRS expects to filter through literally hundreds, if not thousands of transactions and lateral transfers per individual between BTC - ETH - XMR - XRP, etc.

Like >>5331818 said, crypto is considered an asset, not a currency, which is ridiculous.I'm not saying it IS a currency, but it definitely shouldn't be treated as "property." Hopefully we gets some clarification or set rules, otherwise I'm gonna stick to buying sums of potential alts and just hodling.

>>5332702
?

>>5328857
this

>>5334077
https://money.stackexchange.com/questions/74789/do-altcoin-trades-count-as-like-kind-exchanges-deferred-capital-gains-tax

I like this guys answer, especially about justifying it with a good analogy + good faith. But who knows.

>Like-kind of exchanges have a list of requirements.

>Must be for investment or business purposes
>Must not be trade inventory
>Must be very, very similar
>The IRS has not issued formal guidance in the matter.

>I recommend to be aggressive and claim the exchange, while justifying it with a good analogy to prove good faith (and persuade the IRS official reading it the risk of losing in tax court would be to high).

>Worst case the IRS will attempt to reject the exchange, at which point you could still pony up to get rid of the problem, interest being the only real risk.

>For example: Past tax court rulings have stated that collectable gold coins are not like kind to gold bars, and unlike silver coins, but investment grade gold coins are like kind to gold bars. So you could use a justification like this: I hold Bitcoin to be like-kind to Litecoin, because they use the same fundamental technology with just a tweak in the math, as if exchanging different grades of gold bars, which has been approved by tax court ruling #xxxxx. Note that it doesn't matter whether any of this actually makes sense, it just has be reasonable enough for you to believe, and look like it is not worth pursuing to an overworked IRS official glancing at it.

>I haven't tried this yet, so up to now this is a guess, but it's a good enough guess in my estimation that I will be using it on some rather significant amounts next year.

>>5334320
can i just file no basis?

>>5331994
>fairly mined
hahahahaha
from the very first day 50% of all coins were owned by the miners, and todat 75% of all litecoins are in 1000 addresses.

litecoin is one of the most centralized coins out there

>>5334320
>>5334507
GOP just put it in the tax bill, real estate property only. 1031s are off the table.

>>5334320
Thanks, this is insightful.

I don't really doubt that you could make a strong argument for like-kind exchanges, I just don't feel good about it until the writing is on the wall, you know? Aren't they gonna be discussing crypto at the next G7 summit? Hopefully things swing in our favor.

>>5334952
[AAAAAAAHHHHHHHHH]

>>5334952
I think it's ok until we hit 2018. So, I don't know. Sounds like 1031 will be good for this years taxes, but future years.

>That change goes into effect on Jan. 1. After that, exchanges of cryptocurrencies “would be subject to tax at the time of the exchange,” said Lisa Zarlenga, a tax attorney with Steptoe & Johnson LLP.

https://finance.yahoo.com/news/tax-free-bitcoin-ether-trading-090000442.html

>>5334952
well, fuck trump cya niggers, im moving to ecuador.

>>5330571
How did you see this?

And for anyone dreading or wanting to see tax implications...

https://bitcoin.tax/

>>5330571
zero risk zero gains. goodluck

>>5331200
Get your shit on the on the cheap now. BTC will march back up to 17-18k by new years. All of the issues here are temporary scares. No substantial damage to the tech, which is what big money is banking on anyways.

Could it have something to do with all this bch consolidation?

Or maybe the big hands are selling off now so they can show gains at end of q4 2017. Or possibly take losses on their cap gains.
Though trump just dumped cap gains for the most part.

Just wait till next year when it starts pumping again.

Markets always dip at years end.