Topic: Crypto is dead because credit card companies stop crypto purchases (Read 812 times)

BUT ... There is a difference between long term capital gains tax and short term capital gains tax.  Short term is basically your income tax rate.  Long term might be about 10% ish less.  Long term rate is on holdings for a year or more.

Mining in dire times .. Your hardware costs will offset any taxes that you'll ever pay, depending on the situation.  You pay the same tax as you do on your W2 income.  Whatever tax bracket you happen to fall into.  Mining, i'm just assuming that you were not a moron and started buying hardware at 2X msrp.  Otherwise, you're like me ... Don't really give a fuck about the downturn just yet.  Pay your expenses out of other income, and keep going.  Who the fuck cares?  People say, oh I have bills to pay .. Pay them with your fucking real job.  And pay for this hobby out of income from your real job. 

If you can't afford to pay the overhead out of your own pocket, you shouldn't be mining to begin with.

Mining and holding is a taxable event.

The ONLY way you avoid paying taxes is on a buy and hold.  End of story.

And that does you about zero good because sooner or later you sell for a profit ideally.  Taxable event.

Selling for a loss decreases taxable liability.  But who is in this to sell for a loss?

If you bought 10,000.00 worth of ripple at 3.00 and it dropped.. you don't owe the IRS anything. You owe the IRS on PROFIT you made from Crypto not losses. If you gambled a large amount on credit with high interest you're an idiot. Countless movies have been made about bookies killing idiots who gambled money they couldn't afford to lose / pay. Its not the fault of the team you bet on that you lost money you couldn't afford to lose on credit.

It wont be long and and Bitcoin be over 20k again then everybody be singing the praises of bitcoin

Oh Jesus Christ.  Give me a break.

You can't buy lotto tickets with a credit card but the lottery takes in plenty of money.  While I don't agree with card issuers having this rule in place it is a minor thing.  And it is their business to run how they see fit.

I was pissed when I couldn't buy lotto tickets (stocking stuffers for xmas) with my credit card because the bad apples got to ruin it for everyone else apparently.  So I dealt with it and paid cash.  Whoopty doo.

The stock market at an ATH priced in USD is nothing earth shattering. When adjusted for inflation and priced in 1916 dollars, when people rode around in horse buggies, the DJIA has only gone up ~10X in 100 years since then. Some coins go up 10X in a week. LOL.

I can explain that easily.  The price isn't stable enough or low enough to draw in the majority of institutional investors.  I see the bottom at 4-5K to be honest.  We may continue into this bear market for several months and the price will obviously drop.  I would bet everything I own that you won't see $500 BTC in 2018 though.  Not to say that I would be upset if it did drop that low though.  Would be buying the shit out of it at a discount like that. 

Stock market at an all time high?  The Dow Jones is down over 2K points from it's ATH.  Go look at historical stock market data from 1990 to 2008 (when the housing market crashed).  Not saying that it hasn't rebounded since then (10 years).   But what's your point?  By the way, who the fuck cares about price, unless you bought in at the top in December 2017?  That's your own mistake. 

Explain why the stock market is at an all time high and every market globally is up except crypto?

Just look at bitcoins chart

https://coinmarketcap.com/currencies/bitcoin/#charts


It's one big pump and dump

Bitcoin is going back to it's $500 a coin price range by the end of 2018

Do you realize how dumb you sound?  Cashing out to fiat is not a way to avoid tax liability. Converting crypto to crypto or crypto to fiat IS a taxable event, you moron.  Buying and holding is NOT a taxable event.

Those evil banks not letting 18yr olds max out their credit cards on bitcoin then not pay the banks back!

If you need a credit card to buy bitcoin then you are a moron.

"If we enter a global depression bit coin is going to a Penny"


No, if this global depression happend (and this is for sure),
the crypto will rise and shine like never before.
It will be the safe harbor for all of us, far away from the reach of banks and governments...

Show me the numbers boy 

And I am not the lazy type, so if you provide me with the google results backing up your story, I will read that.
For you it's dead, for the smart ones there is still lots of money to make 

Bullshit it was American investors that pushed the crypto to the 2017 levels

Everyone cashed out to avoid the crypto taxes and it caused the crash

Where is the rest of the worlds volume? Surely Japan south Korea China and the eu would have enough volume to make up


But no, nothing...markets been dead.

If we enter a global depression bit coin is going to a Penny

Funny post again,

The same guy who just 2 3 months ago was wining that he couldn't buy enough GPU.

Maybe a little reminder and I know it's hard to get your head around, but listen,
the world is bigger then just the US of A. 

Realy, it is.
In the EU, still possible to buy with Credit Card, the Eu is a bigger market then the USA.
Then we have South Korea, Japan, China all of them very strong Crypto countries.

Which Tax ? Because you have to pay, why would we, we don't apply to the IRS, so for the most outside the USA, no problem there yet.
The world is bigger then the basement you live in m8, and sorry you didn't make enough with your GPU to get out out of there

But stop making stupid posts that are full of FUD, because the world is much bigger then the little world you live in. 

You can say that but now a days we have ICO who are specialize in linking visa card and  Debit card or bank directly in purchasing tokens from ICO or exchanger as long as you have account with them, If I remember it correctly it was Centra.

Mogo just opened a buy and sell bitcoin with credit cards for Canadians

Buy and sell bitcoin with no funding and withdrawal fees

Hahaha exactly! He must be new in crypto if that's his speculations.  Their negativety will not win against the force of crypto lovers.  We are just in Q1 a lot more will happen in crypto world this year.

Digital FUD Lord at it again eh?

Him and Metroid really need to adjust that attitude. Much negative waves. Much whine.

Agreed.  Debit cards are connected to your checking account.  That is your money.  Same as doing a wire or ACH transfer from a checking account.  Credit card limits ... NOT YOUR MONEY!!!  It's the money of the card issuing bank and they are allowing you to spend it at a high interest rate.  Who the fuck doesn't know this shit?  Obviously the OP doesn't get it.  

I actually just spoke with someone at a local crypto meetup yesterday that cashed out all of his 401K in December of 2017 and put it in BTC.  He is 50 some percent down currently.  Good move or bad move?  Not sure.  Time will tell.  It was his own money and he isn't selling his btc.  From what I gathered, he'll ride it to zero before he sells at a loss and that's the mindset you need to have, if you're going to do something like that.  I don't know how much money it was, but he was a younger guy, so maybe not much ... Me personally, I'd be willing to risk 20% of my 401k holdings on crypto.  I haven't done it and wouldn't recommend it, but that would be my personal decision, if I didn't have other savings and income to put into crypto.  Some people say that you shouldn't put more than 10% of your total investment portfolio into crypto ... I say 20%, but to each their own.  

The VERY bottom line is exactly what you said ... Don't put more into crypto than you are OK with losing.  

Its credit cards but you can purchase btc and crypto related with debit cards the reason is people where buying btc with their credit cards than losing their ass and not making the payments thats why as usual its people who fuck shit up like lets take my whole 401k and through onto a ico than they never make the money back and go whining to uncle sam are you ready NEVER INVEST MORE THAN YOU CAN AFFORD TO LOOSE
http://fortune.com/2018/02/04/banks-ban-buying-bitcoin-credit-card/