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OldManWinter

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  1. To follow-up. From the article, you will need to think twice if you plan on claiming a lose because of crypto. I got the impression from CNBC that the IRS will come after your previous years returns to make sure you claimed any and all crypto gains you may have had. To me, that appears to be a threat from the IRS to scare people who have suffered crypto losses to not report them. If you do claim a crypto loss, be prepared to be audited. "There are very few places more dangerous than being between the government and their money"
  2. Wish this had come out before. This article has some interesting info about selling/exchanging your crypto. https://www.cnbc.com/2018/09/26/have-bitcoin-losses-to-report-be-sure-irs-knows-of-past-gains.html
  3. That makes sense. Would that same be true if you sold your XRP for BTC? Would that be considered a wash sale too?
  4. While this scenario does not apply to me personally (thank goodness), I've been wondering this scenario for those who bought in XRP when it was much higher. I'm assuming that we have finally bottomed out with XRP and now are on a more or less upward trajectory for the rest of the year. Here's the question: If you bought 1000 XRP at ATH ($3.80) and decided to sell your XRP today at $0.55 and then immediately buy the 1000 XRP and hodl them the rest of the year. Do you get to write off with the IRS a loss of $3.25 (or $3,250) with the IRS? I ask this question because I've read that the IRS expects you to report any gains you make for day trading XRP even if you do not convert it to fiat. So, does the opposite apply? Is this a good strategy for those who have bought in at much higher levels? At a 25% tax rate, that would translate into an extra ~$800 less in taxes you would have to pay. That kind of money appears to me to be very significant. I am by no means a tax expert so that is why I ask the question. I am curious to see what others have to say.
  5. I don't disagree that the price of XRP can still go lower but I'm not seeing what you're seeing. I am not an expert with TA (heck, I'm not even an amateur yet) but from what I see in TradingView, there were three separate sell-offs from AUG 4 through AUG 14 (that you're referring to). We appear to be on the third sell-off of our current drop that started on SEP 5. Furthermore, are you taking into account that on AUG 4 there were roughly 18,000 BTC shorts that peaked on AUG 14 with over 36,000? On SEP 5, there were already 31,000 BTC shorts and we're currently sitting at 37,000 which is down from the peak of 39,000 on SEP 6. Knowing how BTC affects the whole market, do you feel that this has any significance? Do you see us rebounding a little bit before starting the process all over again? Or do you see us going straight down from here?
  6. So your previous post was You second that which you wrote to my previous post. So I'll take that as you agree to my previous post that disagreements and civil dialogue are not mutually exclusive...win! Am I being delusional? Probably but it's Friday. I'm good with that. Cheers.
  7. Evidently, I have failed in my post. My complaint in my original post was about how BTC keeps dragging down XRP. Not that Ripple is ripping everybody off. If I had believed that, I wouldn't have responded in a subsequent post that I'm not going to sell my XRP. I'll repeat what I said then, that it's either zero or the moon for my XRP. There's no in between for me. I wouldn't do that if I believed that Ripple the company was working in opposition to XRP and its holders. The quote you keep focusing on was not my main point. After your feedback, it is obvious (at least to me) that it would have been better written if I had replaced the words Ripple is with the words the whales are. That would probably had been easier for others to read. I didn't stress that part too much because that was not my main point. I know that 99.9% of the readers here disagree with me but I believe that having XRP classified as a security will actually be better for XRP in the long run. Because at that point, XRP will be standing completely on its own merits and I believe that XRP is a good product. Yes, I know it will cause a short term dive in prices but I will happily buy more at that point. Anyways, I appreciate and respect your intellectual honesty and thoughts.
  8. Wow!!! First you start off by removing the portion of the quote where I literally started by writing After calling me some names, you state that I provide no evidence. Evidence of what? Evidence of how I feel? Rest assured, I know how I feel better than you do. I made no claims in my post other than to say that I want XRP classified as a security because I think that it will be better for them in the long run because it is the fastest way I can think of to decouple XRP from BTC and it will allow XRP to grow. As far as the name calling, if my having my own thoughts and desires disgust you, that is a reflection on you. I will not allow anybody to stop me from having my own thoughts or desires, no matter how belligerent they are towards me. I encourage everybody to do the same.
  9. As frustrated as I am, I will not sell my XRP no matter what. I'm not going to allow the PoS whales take my money that way. I bought my XRP and it will either go to the moon or go to zero but there's no in between for me.
  10. https://www.cnbc.com/2018/09/05/bitcoin-falls-after-goldman-reportedly-drops-crypto-trading-plans.html I'm tired of XRP being bogged down by BTC and the crypto market as a whole. IMHO, if XRP was a security, Ripple (who have bragged about how wonderful everything at the company is performing) would have a responsibility of preventing any price manipulation that's rampant in the crypto market. I can't think of a faster way of de-coupling from BTC and the crypto market as a whole. Yes, I expect the price to do gown initially but I don't care. Let it go to $0.01. I will buy as much as I can at that point. As soon as the institutional money realizes that XRP is no longer tied to BTC and is under regulatory scrutiny, they will begin to judge it on its utility. That will cause the price to spike back up again. Am I wrong? Probably but I'm tired of feeling that Ripple is using XRP hodlers like Nike uses it shoe processing plants. Pay the workers $1 a day and sell the shoes for $150.
  11. Really? I hate to break the news to you but if XRP goes to 5c, it never will come back (or it will at least take a decade) no matter what everybody dreams of. If it goes from $3.84 to $0.05, it's more than just whales manipulating the market. What FI is going to want to use XRP? Sure, I saved 70% on my transaction cost but lost 99% of the value of my XRP purchase. Hmmm, let me see, I'll pass. But hey, I can use a liquidity provider. Except what liquidity provider is going to want to buy XRP to have 99% of the value disappear? Oh wait, the liquidity provider can then pass the losses on to the FI wanting to use XRP. There goes your 70% savings. To be fair, I invested in XRP because it has the best management and programming team out there. But that doesn't mean I'm delusional. If XRP falls that much, that means it has failed as a product and will not come back.
  12. Has anybody stopped to think that maybe this CEO is downplaying xRapid so that they can get some concessions from Ripple? When you go and buy a car or house, do you start screaming like a little child getting ice cream and cake in front of the seller? Or do you act calmly so that you can negotiate a good deal? Ripple has given away millions of dollars recently. Maybe WU just wants a piece of that money that Ripple is giving away for the publicity of saying they have WU using xRapid. Either way, I'm not sweating it. The management team of Ripple is head and shoulders above all other cryptos. I'm confident that they will make XRP a success. To me, it's a matter of when...not if.
  13. To me, this is a chicken or the egg first dilemma. You need increased volume for the price to go up. To increase volume, you need the price to go up so that new investors come into the game. I remember reading articles last year how pension systems in the US were investing some in crypto to help make up for their unfunded liabilities. To me, that brought in a huge amount of volume that I don't hear anybody talking about. The problem is, there is a huge amount of money to be made with driving down the prices after such a historic run-up in prices. I am a firm believer that the whales control the market (even back in December). As long as they are making money driving down the prices, they will continue to do so. However; this to me is driving away the big money investors from institutions. They are not interested in utility. They are interested in making money which they cannot do if the market is tanking 50...60...70...80 percent. Bottom line...and this is just my opinion...the prices are not going to go up until the whales have decided they are not making enough money driving down the prices. Then they will pull back their bots and let the price go up organically after having accumulated boat loads of zerps.
  14. Congrats. I wish I could have sold my BCN on Binance but alas, I was not able to because the wallet was shutdown. Fortunately for me, I was able to exchange my BCN for BTC when I saw an obvious Pump and Dump and with the profits, I was able to buy another 1k of XRP.
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