Ethereum bouncing back

Stoly

Supreme [H]ardness
Joined
Jul 26, 2005
Messages
6,714
Seems Eth is finally recovering from the crash. As of now its at $298.50 up from less than $200 a few days ago.

Glad I waited. I was looking at a little over $115 profit when it was at $190. Now I could get $180 Bucks.

Not bad.
 

xrayos

n00b
Joined
May 31, 2017
Messages
54
looks like everything else is up too. BTC and LTC, all up from the lows
 

odditory

Supreme [H]ardness
Joined
Dec 23, 2007
Messages
6,482
Seems Eth is finally recovering from the crash. As of now its at $298.50 up from less than $200 a few days ago.

Glad I waited. I was looking at a little over $115 profit when it was at $190. Now I could get $180 Bucks.

Not bad.
Bouncing back .. to what? A momentary artificial high? There was never a crash, just a correction.

The fluctuations happening are nuanced. BTC just fell 300pts in a matter of hours. Brain surgeons on Reddit calling it a "crash" again. These are not crashes.

Believe it or not the volatility is actually pretty profitable if you time it right.
 
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PiERiT

2[H]4U
Joined
Oct 8, 2010
Messages
2,548
ETH is only up because BTC is up. You can't really look at USD values for this.

When ETH was surging, it was worth 15-18% of a bitcoin. It's been 5-10% since then. If it gets back to the 15-18%, I'll be happy, but that is unlikely.
 
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CookieFactory

Limp Gawd
Joined
May 17, 2006
Messages
310
Sitting in close to 500 ETH, most bought at $10. I did buy 55 on July 15th though, easiest 70% return ever.
 

Vaulter98c

[H]ard|DCer of the Month - October 2009
Joined
May 21, 2008
Messages
5,729
I wish I was sitting on 500 ETH lol, I'd sell most of that and pay off my house and my truck lol

I'm just sitting over here with 1.5 ETH lol, and my mining has dropped down to .04 ETH a day with the difficulty shooting through the roof. Only getting about 1.3 a month as it is, need more powa lol
 

w1retap

[H]F Junkie
Joined
Jul 17, 2006
Messages
12,470
I wish I was sitting on 500 ETH lol, I'd sell most of that and pay off my house and my truck lol

I'm just sitting over here with 1.5 ETH lol, and my mining has dropped down to .04 ETH a day with the difficulty shooting through the roof. Only getting about 1.3 a month as it is, need more powa lol
Until you really see how difficult it is to cash out that amount of money. A couple people on reddit have some good stories of IRS investigating transfers that are outside of their normal dollar figure bank transfers. Also, banks will flag a huge transfer (or multiple smaller transfers that add to a large sum over a several week period) for federal investigation due to the Patriot Act.
 

Vaulter98c

[H]ard|DCer of the Month - October 2009
Joined
May 21, 2008
Messages
5,729
I've been reading up on tax issues once I crossed the 4 digit mark, probably not enough but I'm already aware the banks and the feds track stuff like that. Even my old man's small business got audited a few times after large cash deposits, luckily he kept his books so well the auditors always got fed up and left after like 5 hours lol

I'm not going to "da moon" or whatever they say in crypto these days but if I could get enough to pay off my truck early or something like that I feel like it's a good turn out for a hobby lol.

It'll be interesting as more businesses start to play in crypto, will make tracking the money harder, It'd be a lot harder to detect a spike of 50 grand spent on stuff from a dozen vendors that doesn't raise suspicion compared to adding another years salary out of no where lol
 

blade52x

2[H]4U
Joined
Sep 9, 2006
Messages
3,044
I get the fear of audit, but at the same time, you're going to have to do it at some point. If/when the IRS investigates your bank account and sees:

COINBASE.COM/BTC ... +$20,000
COINBASE.COM/BTC ... +$20,000
COINBASE.COM/BTC ... +$20,000

And etc, there's not really that much to investigate. Bitcoin is trading above $4000 right now, so of course it's only expected that there are going to be a wave of people cashing in significantly this year. I think in the worst case scenario, where a lot of Bitcoin transactions have had their history lost due to exchange hacks, fraud, or just second hand purchases, the safest thing to do may be to claim a cost basis of $0 and just pay capital gains tax on the full amount cashed out. (Unless you got involved more recently and actually have a written record of the cost basis). If you do that, you're pretty much maximizing what the IRS can get from you anyway.

Taxes suck, but it's just a reality of things. You can use some legal loopholes to reduce tax impact. For example, if I had kids, I'd be gifting them each $14,000 worth of Bitcoin (the max gift allowed), and having them cash it out into a 529 College Savings Plan. While I would no longer have access to that money for personal use, it would greatly alleviate some college tuition costs 15-20 years down the line. But since I don't have kids, I may use another family member in the 0% tax bracket to that for me, and then transfer the 529 over to my eventual children.
 
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xrayos

n00b
Joined
May 31, 2017
Messages
54
^ great job!

If I may ask when did you start mining and how big is or was your farm?
 

blade52x

2[H]4U
Joined
Sep 9, 2006
Messages
3,044
I mined in 2013 and 2014. My farm grew to a peak of maybe 12 GPUs. I was very active those years. It's too bad I didn't maintain that hobby, as Ethereum could have been very profitable too, but who knows if/when I have sold those coins. For sure I wouldn't have held all the way up to $400.
 
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