Bitcoin and crptocurrency markets

[Wizness]

Just don't forget about short term gains tax. I want to day trade but it can be a huge pain keeping up with all of it. Especially when trading Ltc or ether for other coins since every transaction is a taxable event. Hoping the IRS will consider it a like-kind trade but it's still not clear cut.

[chwoodall]

Originally Posted by Wizness

Just don't forget about short term gains tax. I want to day trade but it can be a huge pain keeping up with all of it. Especially when trading Ltc or ether for other coins since every transaction is a taxable event. Hoping the IRS will consider it a like-kind trade but it's still not clear cut.

True.. uncle sam gotta break it off in your *** no matter what you do! Most of the exchanges you are able to download your trade history very easily.. I figure if I make decent returns consistently it would be worth just handing a stack of the trade history to the tax man and paying extra to get it taken care of. I try not to day trade a lot because it's so easy to lose, but some opportunities I can't help myself but take advantage of. When I do i generally only do 1-2eth worth of a coin.. just enough to make decent money but not lose too much before I can get out.

Also, for those that may want to day trade here's a tip. I am by no means a social media person, but Twitter seems to be the main source of chatter about these coins. If you search around you can find when the coins are having big press releases or partnership announcements or whatever it may be and use that to kinda guide you as to whether you may see a good spike soon, such as a coin being issued on a new exchange that has a lot of volume. Time that by which country the exchange is native to, ie Korea or China, and you will know appx what time they will start buying or selling according to their local time.

This is all a huge pain and just holding onto the coins is much easier and generally profitable, but the trading is fun and it's pretty sweet to watch your money go up by big percentages in short Time! As long as those percentages are in the + of course!

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[Flounderking87]

Here is a investment site that several of my friends and i have been playing in for the last few weeks or so and its really cool. its called bitsequence.biz and it pays 3% a day indefinitely. I started low and adding slowly but it is amazing to have daily profits that you can cash out or reinvest. If anyone is interested here is a link https://www.bitsequence.biz/?ref=Jmorgan87
I use coinbase and buy litecoin or bitcoin there and then transfer it via my wallet to bitsequence and invest. They have live support as well that makes it very easy to communicate with.

[habanerojooz]

Originally Posted by Flounderking87

Here is a investment site that several of my friends and i have been playing in for the last few weeks or so and its really cool. its called bitsequence.biz and it pays 3% a day indefinitely. I started low and adding slowly but it is amazing to have daily profits that you can cash out or reinvest. If anyone is interested here is a link http://www.bitsequence.biz/?ref=Jmorgan87
I use coinbase and buy litecoin or bitcoin there and then transfer it via my wallet to bitsequence and invest. They have live support as well that makes it very easy to communicate with.

I did a little research on this Bitsequence suggestion. This is the basis of their payback model:

• Referral system giving you 5% of each referral's deposits + 10% of each referral's accruals for life!

Based on this and other things that I read, it appears that Bitsequence is a Pyramid scheme that uses cryptocurrency instead of US Dollars.

The entire purpose of a Pyramid scheme is to get your money and then use you to recruit others like you and get their money too. In a Pyramid scheme, existing investors are compensated by the contributions of new investors. The Bitsequence model is a mirror of a Pyramid scheme.

In the US, a Pyramid scheme is a fraud. Bernie Madoff is the current poster child for this type of fraud.

In case some are wondering, might Bitsequence be a legit Multi-Level Marketing Model?

Good try, but Bitsequence also fails the definition of a Multi-Level Marketing company (e.g. Amway) because there is no product or service being sold by Bitsequence.

I want no part of any Pyramid scheme like Bitsequence.

[Flounderking87]

Originally Posted by habanerojooz

I did a little research on this Bitsequence suggestion. This is the basis of their payback model:

• Referral system giving you 5% of each referral's deposits + 10% of each referral's accruals for life!

Based on this and other things that I read, it appears that Bitsequence is a Pyramid scheme that uses cryptocurrency instead of US Dollars.

The entire purpose of a Pyramid scheme is to get your money and then use you to recruit others like you and get their money too. In a Pyramid scheme, existing investors are compensated by the contributions of new investors. The Bitsequence model is a mirror of a Pyramid scheme.

In the US, a Pyramid scheme is a fraud. Bernie Madoff is the current poster child for this type of fraud.

In case some are wondering, might Bitsequence be a legit Multi-Level Marketing Model?

Good try, but Bitsequence also fails the definition of a Multi-Level Marketing company (e.g. Amway) because there is no product or service being sold by Bitsequence.

I want no part of any Pyramid scheme like Bitsequence.

Actually, bitsequence works by compound interest. You lend money to investors the same as you would with a stock brokerage firm and the money they make off of you the give you 3% in return each day. The way I see it Ive thrown a little bit of money in there and get 3% a day regardless of referrals. So no referral is even needed to make money. If you do create a team you do get team bonus daily accruals. As of right now I have no one under me as all the people that I know that have invested in this have done it on their own.
Definitely do your research though, some of these websites arent what they are cracked up to be. So far I find it really cool taking my daily interest and reinvesting. There are going to be people that love it and make a lot of money and there will be people that think cryptocurrency is a fluke and will phase out and come up with excuses as to why they dont invest.
I wouldnt suggest doing as some people i have seen and mortgaging their house and using that money to buy bitcoin.

[Mr. Breeze]

FOMO, mortgage house to buy...not smart.

I'll stick with the Oracle on this one.

http://www.msn.com/en-us/money/savin...L&ocid=U219DHP

[hurricane matt]

Screw that I'm making my own bitcoins 2c

[jwreck]

Originally Posted by hurricane matt

Screw that I'm making my own bitcoins 2c

What do you plan on mining?

[oc48]

some of you might want to look at Pirl Coin.

early in the game. Going to be big imo. smart contract based with master nodes and same Hashing algorithm as Ethereum

[hurricane matt]

Originally Posted by jwreck

What do you plan on mining?

Intel KNL knights landing MIC is off of Intel's roadmap suddenly so that will be a good cheaper option to invest in if yah want to put on your helmet! Just saying.