Why taking profits is nearly always a good idea

February 24, 2018 /u/Brainwash_TV 0

If you don’t have a profit target set for yourself – you’re doing crypto wrong. I’m going to assume you’re a smart individual and are doing crypto right.

So you’ve just hit your profit target (as an example let’s say it’s 25%). Now comes the test of your will. The decision that burns countless individuals. Do you take your profits, or do you see how high that baby can climb?

Compare it to walking on a tightrope. By not taking your profits you’re choosing to walk it without a safety net. Which might not seem like a big deal. You’ve been balancing on this rope for quite some time now and you think you’ve got the hang of it. In fact, you’re getting pretty cocky. You don’t walk on that thing, you can strut, hell, you could even do a little jump if you wanted to – you’ve got this! But then your feet don’t land the way you expected, you feel the weight of vertigo tug at you, and then you tumble to your inevitable death.

If you had a safety net, you would still be alive. Sure, safety nets cost money – but what is your life worth? You can’t tell anyone how far you made it on the tightrope if you’re dead.

So…. buy a safety net. Take some profits. It may hurt when you’re setting it up below to watch all the other acrobats continue to dangle nonchalantly above you. But soon enough you’ll see the bodies fall. And you’ll thank whatever deity you subscribe to that you invested in that net.

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Austria Wants to Regulate Bitcoin like Gold and Derivatives

February 24, 2018 C. Edward Kelso 0

Austria Wants to Regulate Bitcoin like Gold and DerivativesAustria Finance Minister Hartwig Löger is urging both his country and the broader European Union to treat cryptocurrencies such as bitcoin in a regulatory fashion as they do now with regard to gold and derivatives. Also read: How To Regain Control From Nanny Zuck Austria Floats Ideas About Bitcoin Regulation “The cryptocurrencies are in the process […]

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Bitcoin Hardware Manufacturer Bitmain Made a Profit of up to $4 Billion Last Year

February 24, 2018 Kai Sedgwick 0

Bitmain Made a Profit of Up To $4 Billion Last YearThe wealth of bitcoin mining titan Bitmain has long been assumed to be north of “huge”. Thanks to its near-monopolization of the ASIC manufacturing business, Bitmain has effectively had a license to print money. This week, Bernstein analysts released a report into Bitmain’s operations. It estimates the Chinese firm to have made $3-$4 billion last […]

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PSA: Get your money out of Cryptopia now!!!

February 24, 2018 /u/luxmeetsperformance 0

I like to think of myself as a prime sh**coin savant, and spend a sizable amount of my day on Cryptopia and Cryptobridge. I started noticing a large volume swing downwards on Cryptopia’s coins around the time last week when the ZCL withdrawal issues started for people.

From the looks of it, after the big Bitcoin fall (and now recovery), we’ve seen an immense volume swing in cryptopia’s exchange. Coins like GBX that were putting up 30 BTC volume per day are currently doing 7. BWK was doing 20 BTC volume a day and now doing 2. The smaller coins seem to be suffering as well.

From the GBX Discord, a user mentioned that the Cryptopia GBX node is actually 1.5 days behind now and those transactions are virtually stalled. I don’t like where this is headed with the decreasing volume.

Cryptopia hasn’t said anything, they mentioned one release about the ZCL issue and claim they’re working on that. I have fully withdrawn my balances from cryptopia. I suggest you all do the same, I’ve seen this happen one too many times before.

TLDR: Cryptopia volume is decreasing severely on their coins; pull out if you can.

Update 1: one user in comments reporting ETN not available to withdraw as of 21st.

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PSA to those about to FOMO

February 24, 2018 /u/Brainwash_TV 0

Don’t do it! That’s all that really needs to be said but I know you’ll want more reason than that.

Treat the market like a carnival ride. When you see the ride moving, everyone on it is having a great time – it looks like the best time to jump on board. WRONG. No one jumps on a ride when it’s moving, that’s how you get decapitated. It will not end well for you no matter how much fun it appears everyone is having. What you want to do is wait for the ride to come to a complete halt and for everyone to get off. Sure, the ride might not look as exciting, and the fact not many people are getting on it now will fill you with some doubt and make you wonder if this ride is as fun as you really think it is. In these moments you need to remember how much fun you saw the other people having. Remember how much it made you want to enjoy that ride with everyone else. Or you can choose to wait. Until everyone piles on again. And the ride comes alive once more. To have you sitting on the sidelines watching all the thrills and spills, while you eye all the decapitated corpses and think to yourself, “If I just sneak one foot on at the right angle I could jusISHDIASHLFSPLAT-!”

Wait for the ride to stop, or don’t get on at all. It’s not worth losing your head.

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Finance Ministry Employees Caught Mining Cryptos in Kazakhstan

February 23, 2018 Lubomir Tassev 0

Finance Ministry Employees Caught Mining Cryptos in KazakhstanThe Ministry of Finance in Kazakhstan has announced measures to improve security and oversight in its IT department after catching four employees mining cryptocurrencies on its servers. Joking that the miners have taken over the central bank’s main duty – money emission, a deputy called for crypto regulations. The National Bank is actually working on […]

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Taxes are a joke!

February 23, 2018 /u/nathanthrax 0

Let me first start off by saying that I am doing my best effort to pay for 2017, but holy crap! I started purchasing back in July of 2017, and HODL onto most of it, with exception of coin-to-coin trades (taxable events, I know) and one exchange to USD, right back into crypto. I have spoken with around 9 accountants, of which only 3 knew what the hell crypto was (and that is only after mentioning bitcoin). They didn’t even sound too sure on the matter. I got the following:

Accountant 1 stated you only have to pay taxes if you cash out.

Accountant 2 said to take what I put in and subtract from the end year total, and then pay on the gains.

Accountant 3 didn’t even want to touch it.

I then contacted the IRS and spoke to 5 agents until I got one that “kind of knew” what it was about. The best part was when she said, “yeah, we still don’t even quite know how to handle Uber drivers yet.” Really friendly, but all she could do is direct me to the IRS notice 2014-21. I tried researching, but the answers seem so mixed. After some research on here, I did find someone that mentioned bitcoin.tax. I had to pay $29.99 because I went over the 20 trades, but it seems fairly accurate. I put in my cvs reports from the exchanges I could (with exceptions to those that shut down or I lost access to). The IRS still will get some money from me it seems, and in the end I hope that is enough. I just hope not to get screwed for trying to do right.

Did you guys have issues finding someone, or just do it yourself? If you used a program like bitcoin.tax, did you feel it was accurate? It seems close. With the price fluctuations and variances among exchanges, it seems almost impossible to be completely accurate.

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Montana Scores $250 Million Bitcoin Mining Campus

February 23, 2018 C. Edward Kelso 0

$250Mil Bitcoin Mining Campus Calls Butte, Montana HomeThe Big Sky Country state of Montana keeps raking them in. For the second time this month, a mining operation is announcing its moving to the Butte area. Power Block Coin LLC is reportedly plunking down a quarter of a billion dollars to upgrade existing facilities to mine the world’s most popular cryptocurrency, bitcoin. Also […]

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Montana Scores $250 Million Bitcoin Mining Campus

February 23, 2018 C. Edward Kelso 0

$250Mil Bitcoin Mining Campus Calls Butte, Montana HomeThe Big Sky Country state of Montana keeps raking them in. For the second time this month, a mining operation is announcing its moving to the Butte area. Power Block Coin LLC is reportedly plunking down a quarter of a billion dollars to upgrade existing facilities to mine the world’s most popular cryptocurrency, bitcoin. Also […]

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