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CryptoMaster1000's Achievements

  1. ^^This^^ I already put aside my capital gains for this trade even though it won't be due until 2019 Tax Season. Yes it was short term capital gains but it was still a good move for me given the significant drop in price. I did consider holding for long term capital gains tax rate but I felt it was way overbought at the time and chose to sell and potentially get back in. I should have gotten back in when it hit .90 but I am still on the sidelines.
  2. I noticed this article today also. I am very interested in the project but would like to learn more about the team. From what I can tell, they are very secretive about releasing their identities... It looks like a great project but it's hard to tell these days!
  3. I love this thread. So funny how everyone gave me crap for selling at 2.70!!! Greatest decision ever!!! The overbought red flags were all over the place people! This isn't a bad crypto but c'mon... Even the best investments can get into overbought territory. Price has fallen over 50% since I sold....
  4. There were a lot of good counterarguments to by post which is great. I am glad this post created some good dialog among the community even if much of the dialog was attacking me and my original post. lol. Regardless of how good of an investment XRP is or isn't, I am glad I sold as I have the option of buying in for 70 cents less then what I sold for. The Moneygram announcement is good news and this is definitely a currency to look at. While I do have some concerns about XRP as shared in my original post, there are some pluses to this crypto and it seems to be gaining some commercial traction. Overall, at the time that I sold I felt that XRP was overbought and that turned out to be correct as it dropped over 1 dollar from my sell point. GLTA
  5. I had a similar experience to you. I personally say there are no dumb questions and if someone is going to respond by being rude they just shouldn't respond. There are def some bad apple know it alls on here but there are a lot of friendly rational people too. Just ignore the bad apples and it can be a great source of information and can generate good dialog. Good luck! P.S. - Raiblocks is amazing. lol
  6. This is extremely inaccurate and misleading. The market cap lost due to the dot com bubble was 1.7 Trillion which equates to 2.55 trillion in today's dollars based on basic CPI inflation adjustment. Saying that in today's dollars it would be "quadrillions" is nothing short of ridiculous.
  7. The volume on the jump is very low. This coin could easily be manipulated. I wouldn't buy it.
  8. I would say that XRP and Raiblocks are not in direct competition. Having said that, since they are both crypto's they do compete in the sense that someone might decide to invest in one over the other. From a technology and use case standpoint they are very different. XRP is focused on catering to the needs of banks while Raiblocks is focused on true financial decentralization and independence for individual users. The other nice thing about Raiblocks is there is no minimum for funding your wallet. XRP requires at least 20 XRP to keep a wallet open and sometimes more depending on the number of trust lines. With Raiblocks, you can spend every coin you own and your wallet will remain intact. Also a small amount of XRP gets burned for every transaction so it does have some fees tied to it unlike Raiblocks. XRP is definitely a good coin but I feel that Raiblocks has some better qualities that I believe in and want to see succeed in the real world. The main thing I dislike about XRP is that it is centralized and Ripple the company holds over 60% of all coins (60 billion). Ripple is kind of like a mini federal reserve for XRP given the amount of coins they control. Overall, we are probably both here to make money on our investments and Ripple could definitely do great and so could Raiblocks. For me, I like the what Raiblocks stands for and the technology behind it. True decentralization is revolutionary while Ripple's XRP is designed to improve the current centralized financial infrastructure.
  9. I think the best up and coming coin is Raiblocks (XRB). It is more than you want to spend but I would encourage looking at market cap and max supply. All XRB has been distributed so there is no possibility for future inflation like many other coins have to deal with. In addition, Raiblocks current market cap is about 3 Billion USD leaving a lot of room for growth. Ripple (XRP) has a market cap is over 100 billion. If Raiblocks catches on and is widely adopted it could go to 60 billion in no time which is a 20x return. That would put the new price at about $500 per XRB. Raiblocks is a unique crypto because it uses a block lattice instead of a blockchain and transactions are instant. The developers claim it can process over 7000 transactions per second. The best part? Transactions are free (no fees). I purchased some myself recently and think it has huge potential. You could send money to anywhere in the world instantly without a bank and without paying any fees... The potential here is huge. The current price is about $25 which is more than you want to spend per coin but it's not all about the cost per coin. Raiblocks only has a max supply of 133,248,290 which is why its more expensive. Ripple (XRP) has a max supply of 100 billion which is why it is cheap and that is the case with a lot of cheap coins. Currently, you have to jump through some hoops to purchase Raiblocks because it isn't on the major exchanges yet. It sounds like it may be added on Binance within the next month or so and if it is added the price will shoot up. If you can get in before it's mainstream and on the big exchanges I think the returns will be good but there is never a guarantee of that obviously. My path to purchasing Raiblocks was: Set up coinbase account and used ACH transfer from bank to deposit USD (fee free) Transferred funds from Coinbase to GDAX (fee free) Bought Litecoin using limit order on GDAX (fee free if you use limit instead of market order) Set up account on Bitgrail Transferred LTC to Bitgrail wallet (fee free and only took about 5 minutes to show up in Bitgrail) Bought XRB with LTC (only step with a fee and my fees were less than 1 dollar) I recommend setting the price you want to pay for XRB, got an extra couple XRB by setting my price above the recommended market price. Sent my XRB to my RaiWallet (instant transaction and free). Of course you can chose to use ETH or BTC in place of LTC if you want. The market for BTC to XRB is a little more liquid than LTC to XRB on Bitgrail. You can check out the whitepaper here: https://raiblocks.net/ Good luck out there man!
  10. I agree but it's easier said then done. Some cryptos are a little easier than others. For example, I want to trade some LTC for XRB (Raiblocks) but there isn't a good way to tell the USD value of Raiblocks. I can get within 1 dollar or so per XRB but i'd like to be 100% exact.
  11. Still, if I happen to be audited they would see money going into and out of Bitstamp.
  12. I prefer to use good exchanges that obey the law over a shady exchange. I also don't want to risk an exchange saying they don't submit to IRS and then later that changes. I could get audited and they would want to know about deposits coming from an exchange to my bank account. I want to trade crypto legit and do not want to be caught up in some tax evasion BS. For example: Coinbase ordered to report 14,355 users to the IRS - https://www.theverge.com/2017/11/29/16717416/us-coinbase-irs-records No one knew in advance coinbase would be ordered to do that.
  13. Yes it would, but I want to track as I trade so I have everything I need for 2019 tax season. No, I am tracking as I go in 2018 so I am ready for 2019 tax season. I record each trade as I make them so I have a good record for tax purposes. Now that it is 2018 I need to be sure I am tracking my crypto to crypto trades correctly.
  14. Thanks for the advice, unfortunately you can't legally treat them as like kind trades anymore. New IRS rules went into affect on January 1, 2018 which do not allow cryptocurrency to use the like kind exchange rule. All trades are now taxable events. I might check out the tool you linked for tracking taxes.
  15. I need some help with tracking my taxable events for my cryptocurrency trading and think that many others struggle with how to record taxes with the new tax laws that went into affect January 1, 2018. It is pretty straight forward if you buy a crypto with USD and then sell the same crypto for USD. Where I am having trouble is if I buy a crypto with USD then trade that crypto for another crypto. For example, if I buy ETH on GDAX with USD I record that as a line item in my excel file then calculating the cost basis is easy. Now I send that ETH to Binance and Trade it for XRP. According to the new tax laws my ETH to XRP trade is now a taxable event. In the past, people could use IRC 1031 which allowed for deferred taxes on like kind exchanges of property. Cryptocurrency has been identified by the US government as intagible property for several years now. As far as I understand it, the government has changed IRC 1031 starting in 2018 to replace the word "property" to "real property" making crypto currency no longer eligible under this rule. This means all crypto to crypto exchanges are now a taxable event. I need advice on how to calculate the USD value of a like kind exchange. I want a way to get this exact and have definitive proof that my numbers are accurate if I was to be audited. Lets keep it simple with a hypothetical: I buy 1 ETH for 10 dollars (cost basis) on January 1, 2018 at 5pm and then trade that ETH 1 week later on January 8, 2018 for 5 XRP. Now I have to find out how much my ETH was worth after holding it for 1 week when I "cashed out" for XRP which means I have to figure out how much XRP was worth in USD at the exact second of my trade. So if my XRP was worth $4 each at the time of that trade that means my ETH appreciated from my cost basis of $10 to $20 (because I traded the 1 ETH for 5 XRP which are worth $4 each). In addition, my new cost basis for the XRP would be $20, so I guess I would have 2 line items for that one trade (A sell line item for ETH and a buy line item for XRP). Basically, I would have a taxable gain of $10 for my ETH and a cost basis established for my XRP of $20. So how do I capture the Fair Market USD Value of XRP at the time of my trade of ETH to XRP???? There is almost no way to be exact with the amount of fluctuation in price per second. Advice? Any advice on tracking this is appreciated.
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