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/biz/ - Business & Finance

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4804463 No.4804463 [Reply] [Original]

This thread is a safe space to post any questions you may have with minimal fear of ridicule

>> No.4804613

I've been using a debit card since age 16, I'm 20 and want to build credit. How do I choose a card?

Also I'm an independant contractor at a new job. What ammount should I set aside for taxes?

>> No.4804655

What specifically does FOMO and FUD mean?

>> No.4804680

>>4804655
fear of missing out, and fear, uncertainty, and doubt

>> No.4804681

how the fuck do i start making money
i just downloaded the ethereum thing from the website and its downloading

what now

>> No.4804695

>>4804655
fear of missing out

fear, uncertainty, and doubt

>> No.4804703

>>4804655
>Fear Of Missing Out
>Fear, Uncertainty, Doubt
Notice a common trend between the two, that's the life we lead

>> No.4804745

>>4804613
Have you got any reputable offers in the mail?
No then get a secured credit card. Pay if off every month. Do that and in a year you will get a normal credit card offer with an annual fee. Next one will be no annual fee.

>> No.4804806

>>4804655
>>4804680
>>4804695
Thanks anons, this board makes way more sense now. Been browsing for about a month after I bought into BTC (8650$).

>> No.4804807

>>4804613
Just get a no annual fee card. Have it for a year and then you can get any card you like. Pay in full every month. Use it like you debit card then pay off.

If you report to work for the same company and they tell you what to do, you are an employee. Your company doesn’t just get to decide you are 1099. It’s abused regularly. You should be on a W-2 tax basis.

You should save 20k for every 80k for taxes and then another 10-20% off free cash for savings/safety net.

>> No.4804823

>>4804681
thanks for the answer bros

>> No.4804836

Why is no one talking about the fact Coinbase increased deposit limits 10 fold so they could keep liquidity due to everyone cashing out?

>> No.4804879
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4804879

Am I dumb for having half BTC and half ETH? The ratio makes me feel dumb right now.

>> No.4804903

>>4804613
how the fuck do you get a debit card at 16?

>> No.4804916

>>4804879

Lmao look at this idiot!

>> No.4804970

>>4804879
Nobody really knows. ETH could go up quite a bit, it could literally trail BTC if you are really optimistic about it. Look at what LTC has done this month.

I'm heavy in BTC because I think the brand name is what is going to make it keep rising, but truth is I've made as much on LTC as I have BTC percent wise.

ETH is a strong coin, it's no shitcoin. I don't think you are dumb, you're just taking your best guess like everyone else. You might get a different hunch later, and buy some more BTC if it takes a dip.

>> No.4804987
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4804987

>>4804916
Stop it!

>> No.4805018

Redpill me on Binance vs Blockfolio

>> No.4805041

>>4804463
Best way to store all your coins and quickly trade them?

Do y'all have desktop wallets for all of them?

>> No.4805092
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4805092

>>4804613
Pick a reputable bank that's in your area (BoA, etc). For your first card or two, it's more important to build credit. Once you know what you're doing you can look into specific APRs, rewards, or churning.

> What amount should I set aside for taxes?
~30%, maybe a little more to be safe if you don't already have backup savings.

>>4804681
Hold until ETH's value rises, then sell it.

>>4804836
Personally I wouldn't read too much into it. Because of BTC's ATH, it's in the news and attracting a flood of new people to offset the cash-outs.

>>4804879
If you're diversified elsewhere (non-crypto), then you're fine. If you're mostly crypto you should spread that out to other coins.

>> No.4805097

>>4805018
what?

>> No.4805161

>>4805018
Haha, what?

>> No.4805164

>>4805092
Any recommendations as for other coins?

>> No.4805195
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4805195

>Buy 1k BTC
>Wait for 10-15% profit
>Sell immediately
>Wait for it to go back down since the price goes up and down by hundreds every minute
>Buy again
>Wait for 10-15% profit
>??? Repeat

Is there a problem with my plan? I'm fairly new to cryptocurrency right now.

>> No.4805232

>>4805195
One day you'll fuck up and get left behind. Guaranteed.

>> No.4805255

>>4804463
Does this IOTA type jump in price happen a lot?

>> No.4805363

>>4805232
As long as he doesn't sell low and hodls through down periods, then they'd be fine.

>> No.4805405
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4805405

>>4805164
Pretty much any coin that gets called out will get shit on, but since you're already holding the two largest coins I'd recommend spreading out to maybe 2 mid-sized coins (IOTA and Monero) and 3 up-and-comers (ARK, LINK, VTC).

That said, do your own due diligence. Read the white papers for anything you're thinking about dropping money into, and once you understand the underlying concepts of _why_ these coins exist and what they're trying to do, then take the leap.

>> No.4805449

>>4804463
Where do you store altcoins like link, req, ark, etc. Do you send them directly to a secure ethereum address?

>> No.4805481

What happens to the crypto economy of erc20 tokens if eth vanishes overnight? they all just work on being compatible wit other chains or what?

>> No.4805498

>>4805449
imma bump this out of interest, I usually just convert them back to btc when I sell

>> No.4805527

is crypto the only thing this board talks about? its all i see

>> No.4805563

>>4805527
It's all that matters; if you wanna be mainstream, go to wall street bets

>> No.4805565

>>4804613
>Also I'm an independant contractor at a new job. What ammount should I set aside for taxes?
No you aren't an independent contractor, not legally. Contact your state's department of labor and tell them that your company is illegally 1099ing you.

>> No.4805594

Lets say bitfinex IS shit
lets say
>bitfinex
lets say it crashes.
60% of the buys into iota was through Tethers
so what the fuck...
What do you do?
I want to hedge my crypto with crypto but whats the best way to mitigate loss

>> No.4805602

>>4804903
Open a bank account? It isn't that hard

>> No.4805617

>>4804806
not to undermine the point of the thread, but you should really google this stuff, man.

head to investopedia and do some reading.

>> No.4805644

>>4805527
It's always been part of the board's culture, but when it was younger it was more finance-focused (day trading). Used to be slow as fuck, though.

Most likely it'll ebb/flow back to that, it's just flooded with crypto because it has momentum/buzz at the moment.

>> No.4805683

>>4805594
>I want to hedge my crypto with crypto
uh huh

>> No.4805699

whats a bitcoin

>> No.4805702

>>4805449
Ark has its own wallet that's pretty sick.

>> No.4805710

>>4805363
The life story of literally everyone who tries to outsmart bitcoin and daytrade it is that they would have had more money in the end if they just held the whole time.

>> No.4805712

>>4805527
There are Robinhood threads during US market hours. We talk about stocks there, mostly US stocks but all is welcome.

>> No.4805731

>>4805712
Is Trx a good coin? seems like it can see some growth

>> No.4805761

Here's my question. If you set a limit order with an alt, you are setting that against either btc or eth, not usd since the alt exchanges don't pair them. How does this end up affecting the order? The alt coin might not move a penny but it hits the order based on btc/eth moving. Guess it just kinda confuses me.

>> No.4805770

What does NEET stand for? I understand what the meaning is, but what's the acronym or code behind it?

>> No.4805795

Any resources (preferably online) on how to become a stronger writer? I am in college, I just do not feel super confident in my abilities To make this on topic, I want to go to law school and eventually start my own law firm.

>> No.4805808

>>4805018
BLockfolio isn't an exchange. It helps you keep track of your portfolio. That's why people call the blockfolio posters LARPers. Because you can just say you bought any crypto at any price.

Binance is a chink exchange, and it's pretty fucked right now due to volume, thanks to IOTA (and aeron, which would be a good coin to research tonight [not shilling, for reasons you can infer below] since its market cap is around $5mil only).

I'd recommend making an account on all the reputable exchanges. Had I not put off making a binance account until a couple hours ago, I would have made thousands in no time (I don't have strong hands, so I'm sure I would have sold around $4.50). You never know when a pump is coming on a coin that's listed on an exchange you haven't registered on. Bittrex is a good exchange. It's pretty much the only one I use, unless I'm trading shitcoins on cryptopia.

>> No.4805825

>>4805770
>NEET
Not in Education, Employment, or Training.

>> No.4805852

>>4804463
why did i make so much money today only to lose all of it

>> No.4805875

>>4805808
Jesus fuck I had just downloaded it and I feel like a right autist, this whole time I thought it was somehow a mobile exclusive exchange

>> No.4805901

>>4805481
would like to know this too.

>> No.4805915

>>4805255
define a lot.
but yeah, pretty much. e.g. BTC, DGB, SIGT, RISE iirc, XRP etc.
The problem is figuring out which coin is next. Frogposters and Pink wojaks used to be a legitimately good indicator, but the meme is pretty stale, now. I haven't had much luck reading /biz/ for the moon missions, lately. Probably due to the LINK meme.

>> No.4805926

>>4805852
because you can't cash out

>> No.4805929

I want to start mining monacoins but I don't know what gear to purchase.

>> No.4806078
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4806078

>>4805644

>tfw when this board was set up I had an image that it'd be full of lots of people trying to run their startups, images of their products/premises, bitching about regulations in their countries, redpilling about how the finance and government/economy setup is trying to fuck with them, discussion about the best markets to get into, tips and tricks, advice for deals/meetings/business meeting etiquette, and so on
>instead the board is just crypto general

Don't get me wrong, I've come to enjoy the crypto culture on this board and don't want it gone. But it's also killed the possibility of a real business & entrepreneur board.

>> No.4806109

>>4805041
most of us actively trading keep them in the exchanges.

>> No.4806153

>>4806078
would be nice to have a thread of just charts being thrown up and people explaining what they see in the chart and stock.

>> No.4806206

>>4804463
there is no such thing as a stupid question, only such thing as a stupid person asking a question.

>> No.4806290

>>4806078

Nah its all just memecoins now. Buy up dragonchain...

...but seriously ;)

>> No.4806371
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4806371

I'm a normie when it comes to finances and only have a part time job and am saving for a car since my last one got totaled in a accident last month.
Would buying Chainlink be a good thing?

>> No.4806403

I have 100 dollars on Cryptopia. What low marketcap shitcoin with 100x potential can I buy?

>> No.4806410

how put benis in begine

>> No.4806420

>>4804463
1) Who invented CryptoKitties?

2) Who do I pay to have that guy killed?

>> No.4806450

I'm utterly new to this and spent all day yesterday looking how to get this shit started
I grabbed 32 IOTA, sitting on about 50 bucks of BTC and want to shift it to other things.
Looking at Ripple, YOYO, and you guys seem to be hyping up LINK alot.

What am I in for?

>> No.4806471

>>4806371
No.

>> No.4806495

>>4806371
Don't ask that question here.

Go do your own research, ask technical questions, whatever, just don't expect to get good advice from /biz/. This is where people go to convince the greater fool to buy their bags, so you never know what you're getting.

>> No.4806531

>>4804463
I just bought my first bitcoin today, is blockchain.info safe? or should i be using another platform?

>> No.4806581

>>4806078
I fucking love this board for what it is but I can see where you're coming from, as if business should be one board and finance another

>> No.4806598

>>4806403
Buy IFT Right now.

Just won the community vote on Binance to be listed, tiny market cap, but most importantly a functional product.

It's on Cryptopia at the moment

>> No.4806709

I just put 5k into BTC using Coinbase, did I fuck up?

First time investing in Crypto

>> No.4806725

>>4806709
nope just sit on it and you will make a few hundred dollars every week for nothing

>> No.4806800 [DELETED] 

At what point do taxes come into play in the US? Is it only when you go from BTC->USD, or do you have to report USD->BTC as well? And what about with altcoins?

>> No.4806823

>>4806725
I put my bank account login info, coinbase confirmed and now it’s pending

If I change my password (felt very sketchy giving coinbase my login) will the transaction fail?

>> No.4806850

>>4806800
It’s only taxed when you convert to USD.

Hold for a year and you’re taxed at capital gains rate, under a year and it’s taxed as ordinary income. Applies to all crypto

>> No.4806873

I just purchased 848 XLM. What can I expect and when? Thank you for your service.

>> No.4806898

>>4804695
mooning?
Im assuming taking off...

>> No.4806916 [DELETED] 

>>4806850
So if I went from USD->BTC->(altcoin)->BTC->USD, the only part the IRS gives a shit about is the
>BTC->USD
?

>> No.4806922

made some nice gains over the past while especially in the past couple days.

currently sitting on req and was wondering if you guys think I should hold it or just sell and jump on the bandwagon of something else and then come back to it later.

any time frame of announcements / speculative pumps, etc? or should I just sell it

>> No.4806925

>>4805097
take the red pill and see how far the rabbit hole goes.

>> No.4806939

what is a buy wall

>> No.4806966

>>4806709
how could you fuck that up?

>> No.4806971

>>4806939
also a sell wall. what is that?

>> No.4806987

>>4806966
People here seem to hate on coinbase

>> No.4807018

What happened? I was doing so well, but i had one big loss and ever since my stack has widdled down to 81$, Thats all i have left, No matter what i do, everything goes wrong. Every trade i make the market takes a uturn against me. it wasn't like this before. Now im contemplating suicide. I don't even know if i can climb my way back up to were i was with 81$. What do i do anons :'(

>> No.4807030

Given the current state of the market, if you had $3,000 to toss in, would you split it evenly among penny coins and hope for a moon, or invest it in something with assured stable gains?

>> No.4807031
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4807031

>>4806420
1. some neets

2. invest that hitman money into ARK instead. With Ark VM coming out in Q1/2 '18 the Cryptokitties problem would have never happened because it would have been operating off of a fork of Ark.

>> No.4807057

Can someone explain what "problem" cryptokitties are giving Ethereum right now? In what sense are they fucking with ETH?

>> No.4807067

>>4806987
yea because it takes a long time and has a bit higher comission. fuck em, you definitely cant go wrong with 5k of BTC.

I LIKE THIS! I GET TO HELP PPL AND GET HELP MYSELF CAUSE IM A RETARD :D

>> No.4807089

>>4807031
so you really like ARK?

Shill me on it.
Shill means sell right?

>> No.4807107

>>4806987
youre fine... dont listen to fucking idiots. and definitely dont sell. you dont wanna know all the stories of people that just wish they fucking held their bitcoin with every goddamn ounce of strength that they had

>> No.4807112

>>4805565
Why do you say that?

>> No.4807118

just bought bitcoin at ath to buy monero at ath. am I dumb?

>> No.4807135

where on BITTREX can I see my total Portfolio Value?

>> No.4807145

>>4807118
only time will tell anon.

>> No.4807171

>>4806898
Mooning means it's on a moon mission, flying sky high

>> No.4807179

>>4807118
yes

>> No.4807203

>>4807135
Wallets page

Okay my question is how the fuck do you report your gains on your taxes without them thinking you're a drug dealer or criminal? Do I send in an Excel spreadsheet with all my trade info? I'm really starting to worry because I've turned a $100 investment into ~$4200.. Will I have to cash out some to cover taxes?

>> No.4807207

>>4805018
why can't I stop laughing at this comment
frame this and put it in the MoMa

>> No.4807264

>>4805018
/biz/ banner pls

>> No.4807286

>>4807264
PLEASE MODS

>> No.4807349

Is the earth flat?

>> No.4807355

>safe space
If you weren’t being ironic I would probably have tracked you down and beaten you to death with a shoe OP.
I get enough of that shot IRL without having to suffer it here.
Still, at least it’s a civil thread. That shit is so toxic though.
Carry on.

>> No.4807374

>>4807264
what would they be banned for?
legit asking.

>> No.4807394

Is investing $800 into BTC even worth it?

>> No.4807396

>>4807349
I dont think so, some do tho.

>> No.4807399

>>4807349
yes, next

>> No.4807420

Whats the difference between keeping my coins in a hardware wallet vs just keeping an address and hash pair

>> No.4807429

I want to trade altcoins but I don't really know what exchange to use. I have a binance account but haven't transferred anything to it

>> No.4807517

>>4805761
This confuses me too

>> No.4807537

>>4807203
If you haven’t used ID on exchanges then how do they know who was trading. Just sort it out when you cash out or cash out using Monero and tor to avoid tax. Lolbitcoins maybe. Why do you think they want to regulate things. They can’t control the wallets but they can control the exchanges and Coinbase etc (by threatening them and forcing compliance) and make them give the IRS your details. If you want to cash out legally then just print out every trade you ever made and shove it in an envelope along with a cheque for 35% of the money you cash out whenever you decide to do that. Better yet, never cash out and buy things with bitcoin (until that requires ID everywhere) and them Monero once it’s comprised.

>> No.4807552

>>4804463
OP, thank you for trying to contain the newfaggery on this board. It's a shame you can't quarantine it

>> No.4807608

>>4805195
One day it'll fuck up, its guaranteed.

>> No.4807726

What makes CLI monero wallet more "reliable" than the GUI monero wallet

>> No.4807729

>>4807537
I've already done ID verification for Coinbase and Bleutrade(wasn't happy about that one) Am I fucked?

>> No.4807735

How do I get to add more of my money? With coinbase having its shit 300eur/week limit, how do I pump in more?

>> No.4807780

>>4807552
Contain some t to this one thread you mean, by offering a safe space? I suppose it is like when you put your keep drs in a soft and enclosed play area where they can’t hurt themselves in the drs waiting room or something. Or like droping your kids off at pre-school. Which ironically created the abandonment issues many people who need IRL safe spaces suffer from.
I agree. Good job OP!
Nice insight anon. Group hug? Soy latte later? My treat!

>> No.4807851

>>4807374
he meant putting his comment as the picture up top

>> No.4807899

>>4807057
Too many transactions creating a long queue resulting in longer transfer(mining) times is my understanding

>> No.4807909

Let's say a company like PowerLedger or Request Network starts to explode and are looking for more stability and general public participation. Because they've been funded primarily by crypto, are they allowed to apply for an IPO in the stock exchange? If they are allowed to become a full-fledged stock (and begin accepting centralized currency like the U.S. dollar), what happens to crypto share holders? Do they benefit from the inevitable gainz, as well? Or are they viewed as a bastard child and exempted? Or, do all of their shares either vanish into thin air or automatically "cash" out at wherever they stand? Is there any precedent on this sort of thing?

>> No.4807948

>>4807729
Where is bleutrade based? And just don’t use Coinbase to cash out and say you lost the money you invested. If the exchange is based in a country that’s unlikely to cooperate with the IRS then you are probably fine. I doubt they would come after you for some small trading races anyway. Again, just say you lost it in another exchange. I’m in the uk and all I know about is paying capital gains tax on anything over 11k that I withdraw. I’m not tracking my trades and have no intention of doing so. I’ll probably pay the %16 or whatever and withdraw via Coinbase when I get to that point. But more likely I’ll leave it in btc in a wallet and draw 11k a year from it. I’m happy to pay tax for healthcare, the military and the police but anything else they can piss off. Council tax (state tax for you I guess) is for the bins and stuff and cars pay road tax for highway maintenance. Welfare is criminal, it should be provided by charity and not tax. So they can bugger off desu. I’ll pay a bit but I don’t feel guilty.

>> No.4808062

>>4807948
Idk how tax collectors in the UK are but the IRS will fuck you in the ass every chance they get. I need to read more about the coinbase court decision to figure out what exactly I should do.

>> No.4808115

>>4805195
Depends, you lose some money every time you buy/sell. But being a cryptocurrency day trader is a thing, except that the market goes 24 hours a day and you're likely to get fucked sometime no matter how vigilant you are.

>> No.4808144

why nigger poo poo shit?

>> No.4808183

>>4806078
We need a dedicated /crypto/ board that way /biz/ could go back to being slower than /trv/... but cool for other finance stuff.

>> No.4808254

>>4807429
If you have both Binance and Bittrex, that will cover almost every alt coin.

>> No.4808278

>>4806450
Go into buttcoin first. Take your time with the other coins, most of them are pump and dump scams.

>> No.4808306

>>4808062
Oh you can be sure they got everybody details from Coinbase at part if the deal to not shut them down. IRS sounds shitty. I’ve only had one tax form to fill out in my life and that was while I was working a shit sales job. Weirdly I didn’t get one before that or since. Meh, not complaining.

>> No.4808316

>>4807851
roger. thanks.

>> No.4808345

>>4806823
Coinbase is trying to be king of normie-friendly buttcoin investing. They aren't trying to scam you. But they might just Mt. Gox one day, who knows?

Welcome to the minimally regulated world of cryptocurrencies... just like the Wild West you can strike it rich or get tied to a cactus and raped by drunk injuns.