incognito_man Posted December 2, 2017 Share Posted December 2, 2017 2 minutes ago, Knowledge said: Will do. Think Im going to test the waters low with maybe a $1000 buy when it drops below 10k again. Question for you. I just recently got my bank account linked to coinbase/gdax. Before I was using debit card and when I would buy I would receive the coins immediately. Do you know if its the same with bank account? Or will there be a couple day delay? I was joking. Don't do it. There's a significant delay with bank acct. If you want immediacy, have to fork over the higher fee. Once the bank acct money is in, however you can buy and sell with all your gdax funds in real time. Quote Link to comment Share on other sites More sharing options...
wackywabbit Posted December 2, 2017 Share Posted December 2, 2017 57 minutes ago, Knowledge said: I think im going to start day trading Bitcoin. Theres a lot of money to be made. It seems to flucatuate about $1200 a day and sometimes thats multiple times a day. Buy in low. Sell high. Rinse repeat. I dont see why I cant make a easy $500-$1000 a day doing this What you are talking about is nearly impossible to do. You can't predict highs and lows like that. Please try simulating it by watching the price without really money over several days and see. And there's a lot of accounting and costs that goes into frequent trading. You have to keep track of the prices you buy and sell everything and you have to pay short term gains tax on all the profits of each sales (which is taxed at a higher rate than assets held for a year+) along with the fees associated with each transaction. Blanket statement, this is not a good idea. Quote Link to comment Share on other sites More sharing options...
BayRaider Posted December 2, 2017 Author Share Posted December 2, 2017 You pay capital gains for your total profit for the year not each transaction. Just gotta show when and how much you've lost. Quote Link to comment Share on other sites More sharing options...
wackywabbit Posted December 2, 2017 Share Posted December 2, 2017 (edited) 22 minutes ago, BayRaider said: You pay capital gains for your total profit for the year not each transaction. Just gotta show when and how much you've lost. I meant you have to account for each transaction. End of the year or not, you have to pay for each transaction that is a sale over cost basis. Yes you can deduct your losses too. But assuming that this becomes a profitable venture you are taking money off there. And the fees of the "broker" as well. You have to be so good at predicting highs and lows that your profits exceed all this and the value of the time spent on all this. The broker is the only one who is likely to come out ahead. Edited December 2, 2017 by wackywabbit Quote Link to comment Share on other sites More sharing options...
BayRaider Posted December 2, 2017 Author Share Posted December 2, 2017 38 minutes ago, wackywabbit said: I meant you have to account for each transaction. End of the year or not, you have to pay for each transaction that is a sale over cost basis. Yes you can deduct your losses too. But assuming that this becomes a profitable venture you are taking money off there. And the fees of the "broker" as well. You have to be so good at predicting highs and lows that your profits exceed all this and the value of the time spent on all this. The broker is the only one who is likely to come out ahead. Agreed. Capital Gains Taxes = 25% depending on your income. Then you have the fees. As long as you don't exchange to fiat fees shouldn't be a couple of percent.. but still you need to predict at a pretty high success rate. Quote Link to comment Share on other sites More sharing options...
Knowledge Posted December 2, 2017 Share Posted December 2, 2017 3 hours ago, wackywabbit said: What you are talking about is nearly impossible to do. You can't predict highs and lows like that. Please try simulating it by watching the price without really money over several days and see. And there's a lot of accounting and costs that goes into frequent trading. You have to keep track of the prices you buy and sell everything and you have to pay short term gains tax on all the profits of each sales (which is taxed at a higher rate than assets held for a year+) along with the fees associated with each transaction. Blanket statement, this is not a good idea. People do it for a living. Obviously its not as easy as i made it seem but there are signs that you can predict. You can check minute by minute of what is being either sold or bought. It involves some luck but its definitely highly possible Like today BTC dropped to around 9.7K. Then right back up to 11k. Now its slowly falling back down. The last couple weeks have been predictable with this kind of pattern. How long that continues who knows? Quote Link to comment Share on other sites More sharing options...
BayRaider Posted December 2, 2017 Author Share Posted December 2, 2017 People do it for a living yes but they study 100s and 100s of hours before hand and they stalk that thing 24/7. You wouldn't be able to have a real job but quitting your real job would also be ridiculously dumb. Quote Link to comment Share on other sites More sharing options...
incognito_man Posted December 3, 2017 Share Posted December 3, 2017 https://medium.com/@MiguelCuneta_21450 Another decent read on the tech. Quote Link to comment Share on other sites More sharing options...
Pats#1 Posted December 3, 2017 Share Posted December 3, 2017 Thinking of selling half my Bitcoin (purchased $500 worth at $6000) once it hits over 10,000 again and buying more Ripple with it. This has always been a longshot hokd and see thing for me, and while almost doubling my money with Bitcoin in such a short period is nice, I just don't think BTC is stable enough for a long term hold when I purchased it at $6000. I'd rather keep some BTC and instead see if I can invest in something that can eventually blow up for me like BTC did for those that bought early. This is pretty much my yearly fun money investment, might as well have fun with it. Quote Link to comment Share on other sites More sharing options...
BayRaider Posted December 5, 2017 Author Share Posted December 5, 2017 (edited) Considering Ripple has 100 billion coins, it's hard to see it ever making it to a $1. It's definitely possible but going to be extremely difficult. I think it's max potential is $1.50. I might consider selling my Ripple at around $0.50 and just taking double my money. The good thing about Ripple is it's probably the safest bet on the market, even more safe than Bitcoin. I can't ever see it dropping below 17-18 cents again and it's almost certain to hit 45-50 cents in the future. Tons of other Alt Coins to get into right now under a dollar that have x10, x100, and even the rare x1000 potential. Just gotta do your research guys. Edited December 5, 2017 by BayRaider Quote Link to comment Share on other sites More sharing options...
Heimdallr Posted December 6, 2017 Share Posted December 6, 2017 10 hours ago, BayRaider said: Considering Ripple has 100 billion coins, it's hard to see it ever making it to a $1. It's definitely possible but going to be extremely difficult. I think it's max potential is $1.50. I might consider selling my Ripple at around $0.50 and just taking double my money. The good thing about Ripple is it's probably the safest bet on the market, even more safe than Bitcoin. I can't ever see it dropping below 17-18 cents again and it's almost certain to hit 45-50 cents in the future. Tons of other Alt Coins to get into right now under a dollar that have x10, x100, and even the rare x1000 potential. Just gotta do your research guys. which alts would you recommend? Ripple has a lot coins, but it also has a lot more practical applications. If the major banks get on board with it and start transferring large amounts of money, 100B is not a lot at all. Quote Link to comment Share on other sites More sharing options...
ramssuperbowl99 Posted December 6, 2017 Share Posted December 6, 2017 (edited) On 12/1/2017 at 8:08 PM, incognito_man said: I was joking. Don't do it. There's a significant delay with bank acct. If you want immediacy, have to fork over the higher fee. Once the bank acct money is in, however you can buy and sell with all your gdax funds in real time. Can you pay for Bitcoin with a credit card? And would it count towards minimum spending requirements for a new card? Basically wondering if you could churn bitcoin for free. Edited December 6, 2017 by ramssuperbowl99 Quote Link to comment Share on other sites More sharing options...
MacReady Posted December 6, 2017 Share Posted December 6, 2017 Do you need to get a wallet or whatever to buy some Ripple? Where do you buy it? Sitting here waiting for Bitcoin to go down so I can buy some more is getting a little tedious. Like, jeez, stop making money for just a second so I can gamble some more semi-smartly. Quote Link to comment Share on other sites More sharing options...
TheVillain112 Posted December 6, 2017 Share Posted December 6, 2017 So I'm thinking of investing in IOTA. But I have no clue how. Any suggestions on where to buy in? It seems like there is only a single exchange (for US) to buy into it. Also, it requires that I exchange another type of crypto-currency (which I don't have) to get some. Seems like I would first need to buy some other crypto-currency (how?), then create an account on Binance and exchange that coin. Help... Quote Link to comment Share on other sites More sharing options...
incognito_man Posted December 6, 2017 Share Posted December 6, 2017 50 minutes ago, ramssuperbowl99 said: Can you pay for Bitcoin with a credit card? And would it count towards minimum spending requirements for a new card? Basically wondering if you could churn bitcoin for free. You can on coinbase, yes. No reason I can see it wouldn't count against min spending. The fee is not insignificant though and there may be a daily limit on how much you can buy with a card too. Quote Link to comment Share on other sites More sharing options...
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