HODL til 2024 Crypto Bull Run

[Castle2.0]

99% of crypto is probably going away.

Holding a security instead of a currency speaks volumes to what is planned next.

The infrastructure bill the house just passed with rules and regulations for cryptocurrency reporting is a game changer.
They are classifying digital assets as securities.

Brad Garlinghouse gave some warnings himself which were largely ignored.

There are people sitting at the table with the government, regulators, the biggest banks in finanical institutions.

These Lobbiest are already interfering and will continue to interfere.
See plans Even worse planned effective changes on Crypto Trades in 2023, Tax Filings in 2024*

Cash out and stay out else regret it. Before the Rush and your the one left with the empty bag.

Cryptocurrency exchanges have not previously been required to provide reports to their customers (like traditional brokers do), many taxpayers unknowingly failed to report their capital gains from cryptocurrencies, thus cheating the U.S. government out of tax income.*

Get out. There is no safety net on this Janga block chain tower that is about to fall.

https://www.voltequity.com/post/new-...structure-bill

There is FUD, which is intentionally malicious, but then there is IFUD (Ignorant Fear Uncertainty and Doubt) which comes from a lack of knowledge.

1. You already have to report taxes on crypto as property. Changing it to reporting as a security doesn't change the outcome for the individual: you pay income on capital gains when you sell the crypto, period.
2. There already exist crypto tax services that use an API to grab all your trading info off exchanges you use (Coinbase, Kraken, Gemini, etc) and do the crypto portion of your taxes for you. One example is Taxbit, that raised $100 million from Tiger Global and Paradigm. They are now branching into normal tax prep too. Cya later classic tax accountants that don't adapt.
3. Stocks are regulated as securities. Did 99% of stocks magically, suddenly, without reason, disappear?
4. If bitcoin is a security, who is the legal entity that issues bitcoin? Who will the SEC approach to attempt to regulate the nature of bitcoin?
5. Firo, Monero, and other coins are anonymous, how will they regulate those? (see https://www.firo.org/about/research/ for details on how they do privacy)

You got it backwards, pal. Banks will be replaced by crypto-friendly banks, or crypto exchanges that become banks. Classic tax accountants will have to learn crypto taxes, or be replaced.

The only thing that is going to fall is the old status quo financial system. You're telling people to run from the strong tower of safety into the tower of babel.

[Castle2.0]

The US govmint can regulate US CEX (centralized exchanges) like Coinbase and Kraken. They can try to regulate CEX outside of the US via banking system (control flow of USD from bank to bank.)

They cannot regulate the blockchains themselves. They operate decentralized with no central entity.

They cannot regulate DEX (decentralized exchanges) like Uniswap, Pancakeswap, Sushiswap -- there are no legacy financial monetary pipes into or out of those system to regulate. It's pure crypto, often the LP (liquidity providers) are numerous anonymous individuals. Any USD is done via USDC, USDT, or some other stablecoin, or no stablecoins are used at all. Trading pairs are pure crypto.

Regulation is good for price. It allows more people to access it.

For those who don't care to be regulated themselves, they can simply operate outside of the regulation.

Welcome to Bittorrent for money and investing.

[Botten]

Because cryptocurrency exchanges have not previously been required to provide reports to their customers (like traditional brokers do), many taxpayers unknowingly failed to report their capital gains from cryptocurrencies, thus cheating the U.S. government out of tax income.*

In fact, legislators felt that underreporting of cryptocurrency gains was such a problem, IRS form 1040 now includes a new line that asked, At any time during the year, did you receive, sell, exchange, or otherwise acquire any financial interest in any virtual currency?

What is perceived as lying and not lying on your taxes. Crypto gives the appearance of an investment and what is the point if your investment when viewable value is now all fake. More so than before and worse in the future with more regulations coming.

[Whale biologist]

Originally Posted by Castle2.0 [You must be logged in to view images. Log in or Register.]

The US govmint can regulate US CEX (centralized exchanges) like Coinbase and Kraken. They can try to regulate CEX outside of the US via banking system (control flow of USD from bank to bank.)

They cannot regulate the blockchains themselves. They operate decentralized with no central entity.

They cannot regulate DEX (decentralized exchanges) like Uniswap, Pancakeswap, Sushiswap -- there are no legacy financial monetary pipes into or out of those system to regulate. It's pure crypto, often the LP (liquidity providers) are numerous anonymous individuals. Any USD is done via USDC, USDT, or some other stablecoin, or no stablecoins are used at all. Trading pairs are pure crypto.

Regulation is good for price. It allows more people to access it.

For those who don't care to be regulated themselves, they can simply operate outside of the regulation.

Welcome to Bittorrent for money and investing.

In order to be a regulator you gotta be handy with the steel if you know what I mean, earn your keep.

[Gatordash]

Originally Posted by Castle2.0 [You must be logged in to view images. Log in or Register.]

This is not financial advice. But if I ever were to give financial advice, this would be the most sound, most fool-proof.

lol what a quote. I really hope it works out for you, but you need to take the 'get rich quick' stuff with a grain of salt. I hope you've at least slightly diversified your investments.

[Castle2.0]

The majority of my wealth/savings is in crypto, largely BTC. I make some investments in altcoins, such as HNT (we just 3x'd.) US has been seriously discussing killing 1031 exchange so I don't want to be in RE.

BTC has been the best investment by far since 2009.

It's not get rich quick. It's "preserve wealth now."

BTC is only seen as "get rich quick" to people that don't understand it. So now I know, you just don't understand it.

Don't feel bad, most people didn't understand the internet in 1998.

[Gatordash]

Originally Posted by Castle2.0 [You must be logged in to view images. Log in or Register.]

The majority of my wealth/savings is in crypto, largely BTC. I make some investments in altcoins, such as HNT (we just 3x'd.) US has been seriously discussing killing 1031 exchange so I don't want to be in RE.

BTC has been the best investment by far since 2009.

It's not get rich quick. It's "preserve wealth now."

BTC is only seen as "get rich quick" to people that don't understand it. So now I know, you just don't understand it.

Don't feel bad, most people didn't understand the internet in 1998.

I definitely don't feel bad. I also hope you hit it big. Its just got a lot of get rich quick vibes. Squidgame coins. AMC coins. Dogecoin. Lots of things just not adding up. And not adding up in all markets, not just crypto. P/E Ratios are like 5-10 times earnings right now. I think its just a tough time to go all in on one area imo. People should be diversifying their investments to reduce risk. (This is also not financial advice. But if I ever were to also give financial advice, this would be the most sound, most fool-proof. [You must be logged in to view images. Log in or Register.]

[Castle2.0]

Originally Posted by Gatordash

Its just got a lot of get rich quick vibes. Squidgame coins. AMC coins. Dogecoin. Lots of things just not adding up. And not adding up in all markets, not just crypto. P/E Ratios are like 5-10 times earnings right now. I think its just a tough time to go all in on one area imo. People should be diversifying their investments to reduce risk.

100% agree on your first point. Lots of scams in crypto. Lots of crapcoins with no value. Lots of pump n dump, rug pull, self-serving BS. 100% this. It's true with the stock market except less outright scams. Mostly "this penny stock will go the moon."

I don't touch doge, shiba inu, or any other meme/crap coin.

My initial fascination with BTC in 2010 (yes, I wish I bought more and held longer - no, I am not a BTC millionaire) was philosophical: honest money. I didn't think it would do as well as it has, but now I see it's inevitable. Simply having a store of value that cannot be inflated... so simple yet so powerful.

Your second point I 100% disagree with. Growing wealth doesn't come through diversification. It comes through heavily focused, smart investing. You need to "put your eggs all in one basket, then watch that basket."

Once I am 9 figures, then I'll diversify for wealth preservation.

[Jibartik]

SOl went up like 200$ this week

Matic did as well

I have chainlink and im hoping it goes up a few hundred from where its at

all of this opinion will probubly change in a week but ive had it for a few weeks and wish I had it for the last 6 mo

I almost bought pokadot at like 1 dollar but I chickened out!!

This guy has never steared me wrong but that's just blind luck I think...

[Gustoo]

The big banks will either come out with full control of crypto somehow, or by destroying the legality of crypto everywhere it matters. All it would take is USA to say it is a crime to end it, and the senators and friends who knows the legislation is coming would cash out no problem and like all pyramid schemes be out clean as a whistle while others are holding the bag.

Problem is this stuff is driving a lot of "wealth creation" right now so I dunno maybe they wait till economy collapses to kill crypto at same time. Double down on the poverty.