Stock Market/Investing/Day Trading/Speculative Trading Thread

[Jim14510]

Won't be throwing huge money around. More of a speculative ride the wave investment approach with the crypto. Been looking into buying a little of Bitcoin, Ethereum and Cardano.

All 3 of those are on coinbase.

 

[Snockered69]

All 3 of those are on coinbase.

Is Doge coin? I know they were looking to add it. Just trying to go to the moon with the rest of you.

 

[Jim14510]

Is Doge coin? I know they were looking to add it. Just trying to go to the moon with the rest of you.

They do not have doge. I bought that on robincrook.

 

[iruletheskool]

Looks like another day of laughing at the chicken littles who went all cash last year

 

[BBTown Bomber]

There is a crypto called 1 inch???? @Elizabeth Reed is that yours?

I’m a big fan of fixed annuities.....hope that helps.

🖕🖕🖕

.

 

[LoudHogRider]

How much are you trading? lol

Nothing these days, but did a lot when I was following the tMB crypto crew on Discord. And every trade is a taxable event. Plus, it's such a weird asset to assign $USD values to. You buy Bitcoin using $USD, then sell the Bitcoin to buy a shitcoin. Then you sell that shitcoin (essentially convert it to another coin, which you use to buy yet another shitcoin, less transaction fee). What's the value of that Bitcoin or the ratio of the shitcoin-to-Bitcoin at that precise moment in $USD when the crypto currency exchanges DNGAF about that unit of measure? It's nightmarish to track.

The tax software does all that in one of two ways:

1. You export your transaction history and import it into the software, or
2. You grant access to the software via secure API to your account or ledger on the crypto exchange (read only) so it can pull the entire transaction history and - if you're still trading on that exchange - keep up with your P&L for all of your transactions.

I tried doing that in a spreadsheet, and it was a nightmare. Using a 3rd party service also gives me "some" credibility in reporting those transactions to the IRS vs. "here's my spreadsheet - ain't it a beaut?" $ well spent in my mind.

 

[Jim14510]

Nothing these days, but did a lot when I was following the tMB crypto crew on Discord. And every trade is a taxable event. Plus, it's such a weird asset to assign $USD values to. You buy Bitcoin using $USD, then sell the Bitcoin to buy a shitcoin. Then you sell that shitcoin (essentially convert it to another coin, which you use to buy yet another shitcoin, less transaction fee). What's the value of that Bitcoin or the ratio of the shitcoin-to-Bitcoin at that precise moment in $USD when the crypto currency exchanges DNGAF about that unit of measure? It's nightmarish to track.

The tax software does all that in one of two ways:

1. You export your transaction history and import it into the software, or
2. You grant access to the software via secure API to your account or ledger on the crypto exchange (read only) so it can pull the entire transaction history and - if you're still trading on that exchange - keep up with your P&L for all of your transactions.

I tried doing that in a spreadsheet, and it was a nightmare. Using a 3rd party service also gives me "some" credibility in reporting those transactions to the IRS vs. "here's my spreadsheet - ain't it a beaut?" $ well spent in my mind.

That would be annoying. How much cheaper are the fees going from bitcoin to shitcoin instead of just going to US $?

 

[Snockered69]

Nothing these days, but did a lot when I was following the tMB crypto crew on Discord. And every trade is a taxable event. Plus, it's such a weird asset to assign $USD values to. You buy Bitcoin using $USD, then sell the Bitcoin to buy a shitcoin. Then you sell that shitcoin (essentially convert it to another coin, which you use to buy yet another shitcoin, less transaction fee). What's the value of that Bitcoin or the ratio of the shitcoin-to-Bitcoin at that precise moment in $USD when the crypto currency exchanges DNGAF about that unit of measure? It's nightmarish to track.

The tax software does all that in one of two ways:

1. You export your transaction history and import it into the software, or
2. You grant access to the software via secure API to your account or ledger on the crypto exchange (read only) so it can pull the entire transaction history and - if you're still trading on that exchange - keep up with your P&L for all of your transactions.

I tried doing that in a spreadsheet, and it was a nightmare. Using a 3rd party service also gives me "some" credibility in reporting those transactions to the IRS vs. "here's my spreadsheet - ain't it a beaut?" $ well spent in my mind.

I'm guessing there are maybe only 10% of crypto investors that know that each transaction is taxable, weird. Good to know though.

 

[Jim14510]

I'm guessing there are maybe only 10% of crypto investors that know that each transaction is taxable, weird. Good to know though.

It's just like trading stock. Every time you sell a stock its a taxable event. Doesn't matter if you reinvest in something else or pull the cash out of the account.

The goofy thing is going crypto to crypto. I hadn't seen anyone do that.

 

[LoudHogRider]

That would be annoying. How much cheaper are the fees going from bitcoin to shitcoin instead of just going to US $?

The unit of exchange doesn't matter to the crypto exchanges with respect to fees. And - depending on the exchange itself - the transaction is rarely done from coin to $USD. It's coin-to-coin, which makes it fun to track for tax reporting porpoises.

 

[RedSavage]

The unit of exchange doesn't matter to the crypto exchanges with respect to fees. And - depending on the exchange itself - the transaction is rarely done from coin to $USD. It's coin-to-coin, which makes it fun to track for tax reporting porpoises.

I know you can do coin to coin but I've always sold one to go to USD and then bought another. Not sure I see the advantage (or purpose) of muddling the waters by going Coin to Coin.

 

[LoudHogRider]

It's just like trading stock. Every time you sell a stock its a taxable event. Doesn't matter if you reinvest in something else or pull the cash out of the account.

The goofy thing is going crypto to crypto. I hadn't seen anyone do that.

Jim - Shown below are some actual transactions of mine from 2018. Without tax reporting software doing the work, tell me how I convert that to $USD to report it on my taxes? Nightmare.

 

[LoudHogRider]

I know you can do coin to coin but I've always sold one to go to USD and then bought another. Not sure I see the advantage (or purpose) of muddling the waters by going Coin to Coin.

Back then, many of the exchanges didn't support $USD transactions. It wasn't a choice I made - it's how things worked on Binance, BleuTrade, etc. If you wanted to trade outside of Coinbase - which supported three (3) coins back then, you moved your coin to another exchange and traded coin-to-coin.

 

[RedSavage]

Back then, many of the exchanges didn't support $USD transactions. It wasn't a choice I made - it's how things worked on Binance, BleuTrade, etc. If you wanted to trade outside of Coinbase - which supported three (3) coins back then, you moved your coin to another exchange and traded coin-to-coin.

Ah I see, didn’t realize that. That was before I started trading.

What a pain in the ass

 

[LoudHogRider]

Anyone own AMZN? They just dropped earnings of $15.79/share on expectations of $9.54. BOOM!

 

[LoudHogRider]

Twitter with the streak-busting drop (9% after hours ... so far). EABOD, Jack Dorsey.

Twitter breaks tech's blockbuster streak, shares fall on tepid outlook

(Reuters) -Twitter Inc shares sank 11% in post-market trading on Thursday as it offered tepid revenue guidance for the second quarter, warned of rising costs and expenses and said user growth could slow as the boost seen during the coronavirus pandemic fizzles. The social media company posted...

finance.yahoo.com

 

[Faux Sean Callahan]

@Jim14510 your job just got easier

 

[Faux Sean Callahan]

Anyone own AMZN? They just dropped earnings of $15.79/share on expectations of $9.54. BOOM!

I loaded up as part of my retail basket a little over a month ago.

Talk about kicking ass here recently. Costco, HD, Low, Amzn and TSCO

 

[Faux Sean Callahan]

Twitter with the streak-busting drop (9% after hours ... so far). EABOD, Jack Dorsey.

Twitter breaks tech's blockbuster streak, shares fall on tepid outlook

(Reuters) -Twitter Inc shares sank 11% in post-market trading on Thursday as it offered tepid revenue guidance for the second quarter, warned of rising costs and expenses and said user growth could slow as the boost seen during the coronavirus pandemic fizzles. The social media company posted...

finance.yahoo.com

Think they miss having Trump on there yet?

 

[Jim14510]

@Jim14510 your job just got easier

Off script he's gold.