• Welcome Guest
    Welcome to the Roundtable Forum, the community boards for www.transients.info. If you have an account already, please log in, otherwise feel free to sign up. Note that you will be unable to post new threads, reply to existing threads, or have access to some boards and information unless you are logged in after signing up with a forum account. By being registered you can also post comments on front page articles using your forum Account.

Seeking Advice on Investing in Cryptos

Laron

Healing Facilitator & Consciousness Guide
Staff member
Administrator
Board Moderator
Creator of transients.info & The Roundtable
#1
I understand that Bitcoin and Etherium are the main players with many other cryptocurrencies becoming available as the months pass by.

Recently, because of the decision in India by the government to take action to stop the use of virtual coins like Bitcoin, Ripple or Ethereum for payments, the prices of cryptos have dropped, meaning it's a good time to invest for people who are able to. (I haven't been able to because of my financial situation, so i have never actually purchased any cryptocurrencies)

For those in the know, such as Bill, Moonseal and SciFyre, what would you recommend in terms of the very cheap cryptos that will likely rise a lot in the future.

For example, bitcoin started out as under a dollar if I remember right, and look where it is now. If a person invested $100 in bitcoin, for a $1 a coin, that would be 100 bitcoins which were recently worth more than $10,000 each.

Etherium was about $100 in November last year. It went up to $1,000 by January.

This thread is to help people invest wisely, with not too much money, for the long term plans of making some over a period of say six months or a year when the cryptos go up.

As an example, we could stick our money into Bitcoin or Etherium, but they are a high price to buy into right now and their rise will likely be slower in comparison to the not to well known cryptos. So the profit would be less, in comparison to investing in a crypto which can go up in price not just ten fold, but possibly 50, 500 fold, or even a lot more. Bitcoin may get into the hundreds of thousands, sure, but that could take a few years — a 100 thousand valued bitcoin would mean a ten fold rise.

It would be great to hear from those out there who are more closely following this.

I read a story a month back and a group of guys here in New Zealand, who quit their day jobs (whatever they were) and created a small company for investing in cryptocurrencies.

I have no fears around cryptos being a failure in the future, as going by common sense here, and what the webbot has seen, they are guaranteed to replace many financial systems, and they already are. (If I had the money I would have invested in them a long, long time ago)

Thanks in advance for any help those out there can provide us all!

Oh, and for those new to the forum, or who may have missed these threads, Bill has an intro into blockchains and cryptos pinned on this board here, and he recently posted a thread with a primer on cryptos right here, A Primer on Crytpo's.
 
Last edited:

SciFyre

Shimmering Soul
#2
Hi Laron, I am actually one of those people who can only throw out a few hundred tops at cryptos at a time, sometimes only $20! I taught myself how to set up a few of wallets to purchase bitcoin and other altcoins. Then with the help of YT I taught myself how to use those wallets and how to avoid huge fees by using GDAX to send Bitcoin. When I buy small amounts of coins and I am talking sometimes two or 3 coins at a time (no crazy big spender here :) I use Coinbase's back office called GDAX and send Bitcoin over to Binance for purchasing. The Binance platform deals in a lot of coins. My son and I look at what is trading and the volume of the trades, the history of the coin (such as how it's intended to be used and the creator), and then we buy what we can afford. I have bought some coins for as little as .07 cents a coin. My son buys and sells when it doubles or more and grows his money, I mostly buy and hold intending to sell when it goes way UP! Right now the coins that interest us are Ripple (XRP), Stellar Lumens (XLM), Tron (TRX), Electroneum (ETN), Verge (XVG) and a few others like Binance's own coin (BNB), Monero (XMR), Iota (IOT) and Cardano (ADA). There is never a guarantee in all this. As a matter of fact, I have put monies into a company that is in rough seas right now and I am waiting to see the outcome. I also am about to put money into a mining company and buy a contract or two for a monthly return. I have a friend who wants me to look at Davorcoin, but I am hesitant because they are a lending platform and another lender, Bitconnect, just closed it's doors. I am not the most savvy as I am self taught, but I feel I have made leaps and bounds in learning about Cryptos. This time in Cryptos is like a garden, some will grow and bear fruit, some will languish because they have no strength, and some will shrivel on the vine. As far as Bitcoin goes, if you can buy it or Ethereum right now, even a little bit, I think after this month it will begin to rise from everything I have read by the crypto experts.
 
OP
OP
Laron

Laron

Healing Facilitator & Consciousness Guide
Staff member
Administrator
Board Moderator
Creator of transients.info & The Roundtable
#3
Hi Laron, I am actually one of those people who
That is very, very helpful for everyone here. Thank you so much for your time with sharing your information with us!
 

Moonseal

Aware Presence
#4
Hi! Crypto is on sale ! Regarding the India FUD, it’s another attempt by government to deter the people from fleeing fiat currency. This resistance will get even stronger as crypto enters early adoption. Here is a reputable crypto blog breaking that down: https://cointelegraph.com/news/inte...t-exchanges-cryptocurrency-ban-rumors-are-fud

฿ has crashed, died, burst, been outlawed and “only is used by terrorists” since 2010. Yet here we are: it “crashed” from $300 to $6,833 at this moment. Crypto is not going away. I believe that it will replace the internet as our global network. Ethereum is in line to be the world computer unless it get usurped by another blockchain equally ambitious. I have heard a lot of claims from other development teams that they can outdo ETH, yet no one seems to be able to get their blockchain to scale (handle transactions) like ETH does.

When I say world computer, I mean a computer that executes programs inside money (smart contracts) to provide services to everyone. Your future washing machine will contact Ethereum (or one of it’s “child”blockchains) to order it’s own Tide detergent and then have Amazon deliver it by drone. To your cave. Or mountain top.

Personally, I believe in having the bulk of my investment in the top 10 coins. Then I take about 10% and buy whatever looks viable. This is not investment advice, but these are the teams that I think have a good product: SC, EOS, ADA, OMG, ARK, KNC, SUB, FUN, COB, SALT, RDN, MKR and it’s smaller coin DAI, PPT, DRGN (Disney), KIN. There are many other gambles, but these coins either already have a working product, or an idea that looks amazing and the team to back it up. More controversial because it is centralized: Ripple is killing it with financial partnerships, but circulating supply is vast so it may never breach $10. Stellar, it’s younger sibling, is also favored.

One last thing: a lot of these new ICO’s are not well thought out and are just jumping onto the train. Be careful out there. Most importantly, don’t click on any links sent to you in email and don’t install any wallet apps that you have not completely vetted!!
 

SciFyre

Shimmering Soul
#5
Great info Moonseal! The I like your strategy on the coin purchasing, it covers the bases. Cointelegraph is one of my go-to info sites, too!

As far as this Bitcoin dip goes... I watched a vid where the guy is hawking his crypto class. (which I know nothing about, cannot recommend or reject it). But it's what he is saying about Bitcoin, the historical content regarding the market and various naysayers in the media is really good. Here is a link to it: https://www.youtube.com/watch?v=uZlDpQpC2pM

Watching vids is how I began teaching myself... some are complete garbage and some are great info to help you understand. There are techniques to searching out information on the web or vid when it comes to this. Here's a tip; it's all about the numbers for many of these channels/sites. So searching with words like scam, hoax, etc will get them a crazy amount of numbers, because people want to be safe. Using those words will get you vids decrying scams and hoaxes whether they are true or not. You have to go further and truly vet the into on the coin info yourself. As you begin to navigate around, you will find info from reputable people that you will be able to trust. Whenever someone is saying things are one way or another, I look for back up articles and make sure their source is creditable.

I met a group of people in Aus that I use Messenger vid chat and Zoom meeting (so we could peek each other's screen to figure out how to do a wallet transfers, when we knew NOTHING) on the computer and we discuss BTC and current altcoins. We exchange info on what Initial Coin Offerings (ICOs) we have come across. If this group here at Transients takes off, I would not be opposed to having meetings in this manner to help folks out.
 
Last edited:

Moonseal

Aware Presence
#6
Scifyre, that’s a great suggestion about youtube. I have my favorites there, as well. Of course, there are also the ads for Bitconnect that scammed so many people...but let’s not go there. Did you hear that those guys are actually starting up an exchange or new coin or something? Crazy. I enjoy r/Ethtrader on Reddit. It still has enough seasoned hodlers to offset the speculative crowd. Robinhood goes live shortly. A friend of mine just joined the waitlist and he is 1,240,000. This is going to get really good :)
 
OP
OP
Laron

Laron

Healing Facilitator & Consciousness Guide
Staff member
Administrator
Board Moderator
Creator of transients.info & The Roundtable
#7
Great information as well, thanks for joining int he discussion Moonseal! I just linked to this thread on transients' Facebook page and I'm sharing it with a few people I know to help them out.
 

Moonseal

Aware Presence
#8
I just linked to this thread on transients' Facebook page
There’s a Facebook page? This is great! Laron, have you checked out Steemit? It’s decentralized and generates crypto with usage. Great platform...transients would fit in there :)
 

Maryann

Frequency Modulator
Staff member
Global Moderator
Board Moderator
#9
Steemit is one I started exploring recently, but not extensively. I've had a presence at Minds.com for years now, and they've just recently shifted their award points to Etherium. I haven't yet set up a wallet or jumped into crypto, been watching from the shore's edge for a long time now. I just never had enough to put into it. As I've been on that site for a long time, I had a lot of points so when they switched over, the potential for not having an empty wallet is not so dire.

However... my concerns are with the mundane junk like how do you do taxes? I've read that crypto is taxed in two ways, like money coming in and as capital gains when sold. I like to have things like this neat and tidy in this area of life, so I hesitate yet... I'm seeing things shift for me now, maybe to the point where I might have a few bucks to get a bit more, but for now, I'm still on the edge. Anyone here dealt with this question themselves?
 

Moonseal

Aware Presence
#10
Depending on where you live, of course, taxes have to be factored in. Here in the US, every time I sell ETH or ฿ to buy another coin, it's a taxable event. It was a gray area until the start of 2018, but now we have more clear regulation. Personally, I don't sell unless I'm very sure I will make money to cover the tax...so I'm more measured about what I'm buying in the market.

Edit: I just realized you were discussing capital gains. Yes, it's true, swing trading is more expensive now. As hard as it is to ignore the impulse, I just remember the taxes....everytime I convert back and forth into ETH...
 

Bill

The magic has always been within you.
Retired Global Moderator
#11
However... my concerns are with the mundane junk like how do you do taxes? I've read that crypto is taxed in two ways, like money coming in and as capital gains when sold. I like to have things like this neat and tidy in this area of life, so I hesitate yet... I'm seeing things shift for me now, maybe to the point where I might have a few bucks to get a bit more, but for now, I'm still on the edge. Anyone here dealt with this question themselves?
The way I understand it, at least for the USA, is that crypto gets taxed as a capital gain (or loss) at the time you have a taxable event. I'm not and don't claim to be a tax expert but as I understand it the act of buying crypto does not trigger a taxable event and is not reportable. However, if you sell crypto (including exchanging it to a different crypto or converting it to fiat) it does trigger a taxable event. How capital gains affect you is much dependent on your other taxable income. In some cases if your other taxable income is low enough you may not be subject to paying capital gains, even if you may be required to file about the event. While it is always prudent to be be compliant with tax laws I am aware of people who are silent about their crypto gains from a tax perspective. These are not big players but more 'regular folk' types with relatively low dollar transactions. Along with the ethical and moral questions each must wrestle with individually in regards to their own tax filings, there is also an element of risk tolerance one should consider in regards to tax filing on crypto's...in short, if you are silent and later get, however unlikely, scrutiny by the tax authority can you handle the implications? So, some very personal decisions. This whole area if full of uncertainty about the rules and what is/is not acceptable. One of the challenges of being on the bleeding edge!
 

Maryann

Frequency Modulator
Staff member
Global Moderator
Board Moderator
#12
I think it's pretty funny to be at the extreme low end of income and still claim capital gains. What a strange game it has become! Thank you for this info. Gonna mull things over.
 

Moonseal

Aware Presence
#13
So, just a couple thoughts here. There are decentralized exchanges where you can buy/sell without going through an extensive KYC (know your customer) series of questions. IDEX, Cobinhood are two. I would stay away from EtherDelta. There is a third one that just went up and I can't remember the name... Anyway, it is also possible to buy Bitcoin from a Bitcoin ATM. Then send it to the decentralized exchanges where you can buy whatever coins you want. All that being said, I don't worry about buying at KYC exchanges because I will not be day trading (accumulating a huge tax bill without the skill to offset it!). I know that my portfolio will keep increasing in value.

This is completely my opinion but I think that participating in this emerging technology and once-in-a-lifetime opportunity to turn the tables on who will be the top 1% (including us) cannot be missed. We are still at the early adopter phase. There is a long way up to go from here.

One more thing. If anyone decides to jump in and the price plummets, please don't sell. It always goes back up. You only lose money if you sell. That being said, only invest what you won't miss. Latte money :)
 

Bill

The magic has always been within you.
Retired Global Moderator
#14
I think it's pretty funny to be at the extreme low end of income and still claim capital gains. What a strange game it has become! Thank you for this info. Gonna mull things over.
Depending on your income situation you may find that you are not subject to ANY capital gains taxes from crypto's. That would be nice!
 

Users Who Are Viewing This Thread (Users: 1, Guests: 0)

Top