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Sold My XRP Today - Here is why


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I just buyed another 1500. It's a bargain right now. In one hour price increased with 11.30%. Hope w'ere beyond the big dip and XRP is gonna rally for some new high! After my recent buy I'm still at 100% profit compared to my stock.  No way I'm gonna sell my XRP's!

Like Warren Buffet says: boys and girls: no.1 rule in investing: "Buy low and sell high!" I will sell if XRP is gonna be 0.0001 dollars. At that time, I lost a couple of thousand dollars but hey, if XRP's gonna reach 50 or 100 dollars, I'd probably sell part of my stock,  being a wealthy dude who can pay off his mortgage, and has a couple of hundred thousand dollars in his savings account for long Vacations & Cocktails on a very Sunny beach......

 

update: xrp is getting stronger by the minute (price in euro's):

Ripple

XRP

€81,911,574,290

€2.11

€3,982,687,819

38,739,142,811

19.54%

 

Edited by DutchTom
price swing
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All the speculation about 100 Billion XRP! That it is to much for GLOBAL banking institutions to use????  Biggest load of BS I heard in a long time. I just Googled Donald Trump - his worth 3.1 Billion on his own!  Some people seem to not understand that banks actually talk in Trillions in yearly turnover,  and there are many, many banks in this world!!  The first time I accidentally stumbled onto XRP I realized I had to get me some and I had to get it quick! Was lucky enough to buy in in December at ,27. Had I known a month or two earlier about XRP,  I would have bought earlier!  I am a firm believer in what they stand for, - for what Ripple want to achieve and what they want to achieve includes XRP.  Lets hodl on for a while!  I don't expect to become filthy rich in a month or even six months - but in 3, 4, or five years from today - what do you think XRP will be worth then?  Hell, I don't think all the banks even know about Ripple and XRP yet!

The biggest problem with most traders (at least 95% are not successful) is greed.  Buying to early (when price is still dropping) but worse- selling to early( when price is still below what it should be!)  Don't sell just yet!!  HODL on for dear life as long as you can!!

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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

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If you are honest about paying your taxes, in the US at least, then repeatedly cashing out at local all time highs to buy back lower is a terrible idea unless you are going day trade full time. The problem is that you're expected to pay short term capital gains every time you sell and that eats away at a lot of profit. It's hard to catch upward price movements and you can almost never perfectly time the top or the bottom which compounds the problem. 

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6 hours ago, cmbartley said:

If you are honest about paying your taxes, in the US at least, then repeatedly cashing out at local all time highs to buy back lower is a terrible idea unless you are going day trade full time. The problem is that you're expected to pay short term capital gains every time you sell and that eats away at a lot of profit. It's hard to catch upward price movements and you can almost never perfectly time the top or the bottom which compounds the problem. 

Does anyone know how this actually working? I fundamentally understand the new tax changes, however in an unregulated market how is this being tracked? Is the exchange submitting a 1099 for every sale you execute before entering a new position??

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6 hours ago, flynnstone said:

Does anyone know how this actually working? I fundamentally understand the new tax changes, however in an unregulated market how is this being tracked? Is the exchange submitting a 1099 for every sale you execute before entering a new position??

Coinbase was just required by the court to hand over financial details on 14,000 users. My guess is that we will see more crackdowns this coming year. The law is clear on long term vs short term capital gains from crypto. Some exchanges will provide csv files of your trading activity. Pre 2018 it was simpler because crypto-to-crypto exchanges could be considered non taxable events. The 2018 tax law is clear that crypto-to-crypto exchanges are now taxable events. This makes tracking extremely complicated. As long as your making some effort to be honest my guess is that you'll be safe. One option is to move long term holds to cold wallets so that the age of the crypto prior to sale or exchange can be proven via the blockchain. 

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One of the things that I liked about Ripple/XRP is that they were working within the laws and regulations of The United States. While not perfect our laws must be followed, paying taxes and reporting is part of a citizens duty. That and voting; if we don't like the laws, vote in politicians who will change and improve them.

I personally have no problem with Coinbase or any other entity I interact with reporting what is required by law. 

Peace,

Sri

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13 hours ago, cmbartley said:

If you are honest about paying your taxes, in the US at least, then repeatedly cashing out at local all time highs to buy back lower is a terrible idea unless you are going day trade full time. The problem is that you're expected to pay short term capital gains every time you sell and that eats away at a lot of profit. It's hard to catch upward price movements and you can almost never perfectly time the top or the bottom which compounds the problem. 

That's very true. Best strategy is to buy at a price comfortable to you and hold long term rather than time the market. What % do you have to pay for short term capital gains tax?

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9 minutes ago, bayarea510 said:

That's very true. Best strategy is to buy at a price comfortable to you and hold long term rather than time the market. What % do you have to pay for short term capital gains tax?

Short term capital gains are taxed as ordinary income.

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  • 2 weeks later...

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....

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9 minutes ago, CryptoMaster1000 said:

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....

short term, yes you made out. long term due to taxes, who knows if you would've done better holding and getting the long term capital gains tax vs taxed at regular income rate. unless of course you attempt to avoid paying taxes at all.

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