ASSET

hewhoislouis

HARDEST ASSET CLASS TO EVER EXIST, FULLY PROOFED, and REQUIRES public participance as part of its mechanism. EVER. Fueled by KWHs used, past and present, hardware, time, speculation, losses, wins, 24/7/365, intrinsic and extrinsic values, ALWAYS DELIVERABLE People that don't like crypto are flame retardant as well. It's not about 'Liking,' crypto. They're literal superior stock tickers with explicitly programmed contract conditions readable by all to see just what the hell this thing does and could ever do as functions. You also get to see the public ledger, with all its useful information, including fuckery going on with suspicious transactions and pre-allocations that can be used to determine whether or not you should have a fucking thing to do with it. 24/7 trading between you, the world and as decentralized or centralized as your risk can tolerate. Someone that doesn't like crypto in place of boomer stocks that close to go to bed/get routinely artificially suspended for bullshit reasons and have a number of people that get to hear information before trading/developments happen to not only buy/sell their positions, but PRIME them with collateral on top of that, is the worst of all worlds. I would have to be generationally retarded to waste all this time and coming up with I DUHN LAIKE STOKSZ :O(. They're floppy disks compared to SSDS. Why the fuck would I rely and engage with floppy disks in the last 20 years, let alone pretend I'm not assmad about everyone using CDS and USBS over my shitty 'preference,' today? Fuck 'em and their backwards incompatibility.

swift_trout

I get what he is saying. But the error I see is his argument confuses INVESTMENT with RESERVE HOLDING. Real Estate MAY be a good investment but it is risky to think of it as a reserve holding. Without judging in anyway the VIABILITY of it as an asset, like ANY ASSET (including Bitcoin) depending on its ability to PRODUCE revenue from which cost of ownership/operation can be deducted to accrue profit and a return on one’s investment, real estate MAY be a good investment. However as a reserve asset real estate is not a good investment for many of the reasons this young man points out. Bitcoin is in my estimation a far better and probably best choice for a personal reserve asset right now. I own reserves. Bitcoin. I don’t sell reserves. That would be counter to their purpose and in my estimation, foolish.

PieceOfMined1290

Welcome to the world of a RISK ASSET .. bitcoin is not considered a safe asset by the vast majority of people.

MysteryLiezer

OP is advising against it because investing ALL of your LIFE SAVINGS into ONE ASSET is dumb. Sure, it may work out for you, but it only contributes to MOST PEOPLE seeing Bitcoin as being adopted by a bunch of dumb people, and no one wants to join a bunch of stupid people on their stupid pursuits. If you want to be a dummy, then fine, but being okay with convincing others that they should be dummies as well makes you (and everyone else) quite suspect…

skeetskeetamirite

When the news is “new supply of asset is cut in half” the. the only answer is: STACK THAT ASSET.

PopFirm5291

I just FCKING hate when there a small dip and people are freaking like it is a FCKING end of the world. You are HOLDING A FCKING STRONGEST ASSET IN THE WORLD RIGHT NOW. THAT IS BITCOIN. ABOUT TO SWALLOW UP THE DAMN GOLD MARKETCAP AND LATER REAL EASTATE.

YouthInAsia4

O so you are conflating bitcoin, which is an ASSET, with liquid money supply and not even specifying M1, 2, or, 3 just saying “market cap” (Which are complete bullshit numbers cooked up by the fed to hide the absurdities of fractional reserve banking btw.) How is that different than measuring the globally held assets in dollars. Over 35% of all assets and markets are directly tied to usd for liquidity and valuation.

TrevReznik

Why the hell would you want to spend the best performing ASSET in the world on fricken groceries hahahahaha

generiatricx

You fail to realize that many people (myself included) spent years contributing to retirement accounts where the funds were locked up in a registered account. I can now easily take those same funds which were invested elsewhere and move it into bitcoin. People need to see the world is multi-colored and not just black and white. Also, you want MORE vehicles to draw funds into this asset - not bash those that use another vehicle to get to the same place. People really need to stop being so negative on these ETF's.... Like dude, over 60 BILLION of new inflows came into this ONE ASSET in a month because of ETF - you dont think that pumps everyones bag? If you're here for BTC as a medium of exchange, then great - your bags just got pumped and u can buy more for fewer sats. What's wrong with how people decide to allocate their capital.

IronMean6467

Shit coin is NOT AN ASSET

ZekeTarsim

Picturing this guy on the phone with Fidelity yelling at the guy “DO YOU SPEAK ENGLISH? I WANT TO DIRECT 100% OF MY ACCOUNT TO BITCOIN ETFs. WHAT DO YOU MEAN WHAT IS BITCOIN ITS THE HARDEST ASSET KNOWN TO MAN!” 😭😭😭😂😂😂

BirdLooter

why saylor? you can get his message in 5 seconds ("there is not secone best... THERE IS NO SECOND BEST CRYPTO ASSET!!!! THERE IS BITCOIN RIGHT?!?!?!?!?") jk, saylors message is good but in 10 minutes you can get all of his info that he repeats on all the podcasts since 2 years.

GrandioseEuro

I bet a lot of people who invested in [ASSET WHOSE VALUE HAS NOT GONE UP] wished they invested in [ASSET WHOSE VALUE HAS GONE UP]. _Brought to you by the 20/20 Hindsight Gang_

Buttcoinmodssuck

I’m frustrated by the amount of naive, ignorant, and shortsighted traders that have inundated this sub recently. If you can’t handle the spot prices fluctuating on a RISK ON ASSET then you should’ve never bought Bitcoin. If the network is busy then you sell Bitcoin at the price it is at that moment. I’m not going to teach you advanced trading because Bitcoin should never be traded. It is a long term hold INVESTMENT not a pump and dump that you need to get out of quickly before the market crashes. This post reads like a memecoiner who wants to figure out the quickest way to exit Bitcoin in a crash.

PepeDeCorozal

Bruh. THEY CANNOT SETTLE FOR CASH (I.E. BUY THE UNDERLYING ASSET) TILL AFTER CLOSING. Now you demonstrate you don't even know basic investment vocabulary. Quit dicking around with things you do not understanding before you spend some time reading and learning. This is how peoppe get rekt: Not understanding, and making bsd decisions based on false assumptioms.

Itchy-File-8205

Blackrock is an ASSET MANAGER who invests for clients and their whole business model is based on offering a diverse array of options. Your question was about the ultra wealthy, not corporations.

Vivid-Ad6850

Exactly. As much as everyone wants to compare BTC with the US$ and talk about inflation, BTC is just an ASSET. It is not a currency. At least not yet, and likely not for a long time, if ever. So treat it like any other asset. You need cash to live, so focus on making cash, then invest SOME, not all into BTC. Diversity.

HumbleBitcoinPleb

The bottom has been moving in a straight line for the past 14 years. Look: [https://ibb.co/mHqxx3D](https://ibb.co/mHqxx3D) Just so you know, THIS DOES NOT HAPPEN WITH ANY OTHER ASSET. Stocks don't behave this way. Gold doesn't behave this way. Nothing else does. Bitcoin is **unique.** This could be related to its nature as decentralized money and the fact that supply is fixed.

Constant-Ad-4172

Exactly. Nothing wrong with liking shiny things. It will always be malleable and a great conductor. There will always be uses for gold. But eventually, BTC will be recognized as a superior ASSET.

BlackjointnerD

More importantly. ANY ASSET! Including bitcoin, stocks, bond,debt.... Its all tradeable across the ledger

ParkerRoyce

The new strat of FIAT 2 CRYPTO 2 FIAT 2 ASSET 2 FIAT 2 CRYPTO. Rinse and repeat. I AM NOT A FINANCIAL ADVISOR. THIS IS NOT FINANCIAL ADVICE.

ajkom

Well yeah. If you denominate groceries in any SPARSE\_ASSET obviously they are getting cheaper. It's natural that things get cheaper as year by year technology improves. That fact is obscured if you measure things in fiat money though, so I'd say it still relevant to post it in r/bitcoin, even though it's true for other SPARSE\_ASSET.

Silasurf

1sr of all DO NOT SELL YOUR ONLY REAL ASSET. If you can’t make money with the car (uber, delivery) find a way to sell the fucking car. Whatever you have already paid off will get back to you then. Will give you sometime to think. Not having a car will make you feel desperate to find a job. Do not sell bitcoin. It could pay off all of it and much more if you wait out. Learn the lesson and quit accumulating debt. Be like the rest of us plebs and don’t finance a fucken car. Debt lala land is poison. That’s not a bitcoiner move unless you have a business and it’s a tax write off. Financing a car to feel rich is silly. I paid $4000 in my 2006 toyota Corolla and it’s best purchase i ever made. 100% mine cheap and amazing gas mileage. If ppl don’t like me cause of my old car it’s cause they ain’t worth the farts I fart anyways. Stop caring what idiots think. Stop trying to impress people. Be humble, down to earth, keep stacking Sats

Ok-Climate-5726

And that’s what it’s all about “APEX ASSET” Do not sell bitcoin for travel, a car or no material shit you goobers! Sell your stock sell other low returning assets. I got a idea make more MONEY AND DONT SELL ANY ASSETS! I now understand the quote if you distribute all the wealth to all the citizens it’ll end back up in the same hands 😂 FOOLS

FairBlamer

> OP doesn’t think there’s ANY dollar value BTC could reach that he would consider consciously selling at, but he admits he’ll sell for USD when he needs to buy something in USD. You’re being intentionally obtuse. I’ve already explained this above, but here you go again (with caps so maybe you can read it this time): OP will not sell Bitcoin JUST FOR THE SOLE PURPOSE OF ACQUIRING SOME SPECIFIC AMOUNT OF ANOTHER CURRENCY SUCH AS USD. OP will absolutely sell Bitcoin in exchange for another currency IF AND ONLY IF OP WANTS TO BUY A SPECIFIC ASSET FOR WHICH THE MERCHANT DOES NOT ACCEPT BITCOIN BUT INSTEAD DOES ACCEPT SOME OTHER CURRENCY. Therefore, the answer to “will you sell when Bitcoin reaches $100k” is “no I will not sell JUST BECAUSE Bitcoin reaches some arbitrary USD value; I will only exchange my Bitcoin for another currency IF AND WHEN I DETERMINE I REQUIRE THAT CURRENCY FOR SOME OTHER PURPOSE THAT CANNOT BE FULFILLED BY BITCOIN YET BECAUSE NOT EVERYONE IN SOCIETY UNDERSTANDS BITCOIN’S VALUE YET” In other words, there must be some FINAL END ASSET which OP desires which cannot be acquired with Bitcoin because the merchant does not accept Bitcoin as payment yet, before OP will make the determination to part ways with his Bitcoin in exchange for some other currency (such as USD). This is NOT a contradiction and you have NOT provided any counter arguments to this line of reasoning whatsoever. Try again.

MinerHead

In the near future, to be a part of the top 1% holders…you’ll need about .1337 BTC….👍🏽 In a Bitcoin Stock2Fomo Chart correlating the inflation rate of FIAT to the deflation rate of USD, there will come a day where no amount of FIAT will be worth ANY amount of BTC Measure the value of accumulation on the ASSET rather than the DOLLAR value, and you’ll be golden 💰

No_Obligation_3568

That’s called gambling. Not investing. STOP USING LEVERAGE ON AN ASSET WITH THE MOST VOLATILITY IN HISTORY. y’all deserve to lose all your money doing stupid shit like this. Don’t use leverage in the crypto market. Sure you can get rich, but the vast majority of people lose all their money. You aren’t special and you aren’t a genius, you’re just a gambler. Almost all traders, worth their weight, will tell you not to use leverage.

IntheShadeofSpruces

THERE IS NO SECOND BEST ASSET. Sincerely, I will sell nothing that I don't *have to* sell. Ever.

maynardstaint

It is the best performing ASSET of the last decade. But this is because it’s so volatile and speculative. The rest of it is you believing the hype. No asset has ever been considered a store of value before it’s been around a decade. Diamonds, gold, metals, oil, fine art. These things have value because of their historical performance and the inherent trust that it will continue to appreciate. There are no more Picassos, rembrandts, Van Gogh. Simply saying it’s a store of value doesn’t make it a store of value. Btc is a speculative asset. Because that is what the market DOES with it. Not because I say so.

Altruistic_Duck3485

It was good. How was your week? And how much of your salary went into [CRYPTOCURRENCY ASSET CLASS]? ✍️

42326041

Crypto is neither a security nor a commodity, you can’t create a commodity out of thin air like a shitcoin in 5 mins seating on a commode. Crypto has much more utility than a simple security. SIMPLY SAID CRYPTO IS A SEPARATE NEW ASSET CLASS.

gronkystonk

Eth gate is fcking real. This isn’t a dig at the asset. Much like Xrp the ASSET ITS SELF IS NOT A SECURITY But Lubin and hinman were doing some dodgy shit and clearly trying to get ETH past the sec. The fact you are seeing these documents is making me start to think the SEC is going to go after staked eth. Clearing house, getting it all out there.

Tufiolo

People, videogames are centralized by nature. You NEED a clear and legally liable publisher for a stable and safe download/client/network/support. You NEED the developers to retain FULL CONTROL OVER ALL GAME ASSET to truly have any real bug fixing/updates/stability/support. Crypto/blockchain decentralized tech is useless here.

DyehuthyTV

Yes! **GRESHMAN'S LAW 👌** You save in Good Money (*Bitcoin*) and spend with Bad Money (*FIAT*) Most people treat Bitcoin as a "Financial Asset", like Stocks or Bonds, where you have to sell it in order to have money 👎 **With Bitcoin you don't need to SELL IT for have Money, cuz Bitcoin is MONEY!** You have many Apps to Pay with Bitcoin, including Debit Cards where you can have a small balance of Bitcoin (*Sats*) to make purchases 👌 **What happens with those places that Not Accept Bitcoin Payments?** Don't worry, many of these Apps or Debit Cards make the Exchange for you, when you Pay with Bitcoin in any place where you are Shopping and they don't Accept Bitcoin: *They will receive their payment in Fiat Money and you will have spent your Satoshis on a purchase* **BITCOIN HAVE THIS FEATURE: CAN BE USED AS MONEY, IT'S NOT JUST A HARD ASSET! (***Like Gold or House***)** This make a huge Difference! :D

Rambalamda

How many people here have car loans in excess of $30-40k with a 5-6% interest rate? WHY DIDN'T YOU JUST BUY YOUR DEPRECIATING ASSET WITH CASH??????

Tvmouth

We should call them SELF CUSTODY ASSET games instead.

dashby1

STOP TRADING THIS ASSET. Just buy and hodl. Literally.

mnkbstard

Blackrock managers are like: snort a line of coke, "LET'S BUY A 500B$ VALUED ASSET AND SEND IT TO 0"

blowme991

I can’t believe the amount of people giving terrible advice. I believe BTC will make new highs but my God people. DO NOT CASH OUT YOUR 401K TO BUY A SPECULATIVE ASSET. It’s your retirement treat it like it doesn’t exist and let the growth of the markets guide you into retirement. Rome wasn’t built in a day slow and steady.

blowme991

I can’t believe the amount of people giving dogshit advice. I believe BTC will make new highs but my God people. DO NOT CASH OUT YOUR 401K TO BUY A SPECULATIVE ASSET. It’s your retirement treat it like it doesn’t exist and let the growth of the markets guide you into retirement. Rome wasn’t built in a day slow and steady.

Electrical-Penalty44

All this will do is encourage more usage of crypto as an ASSET that people will buy and hold in the hopes of capital gains. Money for nothing in other words. Adoption will happen when a crypto comes about that actually acts properly as a medium of exchange; the most important use for a currency. This means the vast majority of people who have crypto are not "hodling" it but spending it. Crypto is all about getting rich for most people who have it.

SleepCom

Your argument takes the approach of a gambler and an economist. No offense, I love both, but that's not why people are interested in bitcoin at all. Bitcoin is literally a technology. That's why the price goes up. It's not about adoption, or who's using it, or what commercial bank started talking about it. Bitcoiners know that no other technology on earth will *ever* replicate bitcoin. It's a tech thing. You can't duplicate this. In fact, it's the first **DIGITAL ASSET** that has ever existed. That's what bitcoin is. It's not money, or currency, or Netflix, or even gold, and all that other shit. Those things are wonderful fantasies of Wall Street. "As a matter of fact, almost nothing is like" bitcoin. I upvoted you. I like your comment. It's well thought out, and you bring up some good points that need to be discussed. I'm just here to tell you why a lot of bitcoin guys are nuts about bitcoin. It's not the money (although that's nice) it's the technology that has never been seen or used before in history. It's like the birth of the internet, or the lightbulb. Bitcoin is one of the greatest inventions ever created. That's what we're investing in. That no one else will be able to beat the voluntary network that we have established. Some people buy GME/AMC, and I know a few friends that are apes. But they worry day and night about their shorts/puts. Bitcoiners aren't like that. We hope the price goes down so we can buy more :)

FlamboTechnical

3 decades of trading advice here: Dont do this! Ever. If you have been locked for a period of weeks if not years it means that, that stock or business has basically been failing (dying slowly, whatever). For it then to recover to 'your level' doesnt mean its an **opportunity to exit**. It means THE ASSET IS RECOVERING! Simply splash some water on your face and have a cup of tea. Think about your reasons for investing at this point years earlier and then start again from this point. Do.Not.Sell.

Maleficent-Chip-4235

Situations like bad economics and unstable geopolitics are testing time for any financial tool which differentiate between them being called an ASSET or Currency

eggZeppelin

The single stock subreddits like r/amc, r/bbby and r/gme are especially spicy and easily butthurt by assets, other than THE SINGLE ASSET they are invested in, booking any kind of gains.

EarningsPal

It’s supposed to be hidden to most. High inflation reveals it to people sooner in life. We are born into it and can’t see it until we have enough information. Some people are just told how it works by someone they trust very early in life when there is enough Time left to harness inflation. Sometimes we never end up running into the right information. How to harness inflation: build up assets + Time The Any Man path starting at 18: LEARN until 18, learn a skill or add college for 4 years. WORK contribute to society to earn as much as possible ASSET BUY while being ridiculous about saving the earnings. If possible stay with family. If not, build a team of friends that have the same goal to split expenses for 2 years so everyone ends up with a down payment within 2y. Once on property ladder, choose something that will become a rental later. Keep stacking 1-2 more years until a second down payment is stacked. Buy a 2nd home that will also be a rental. Once two purchased after 4 years, ease up on saving as ridiculously to enjoy life more (age 24-26) The two homes should be enough Inflation protection in the long run. From there Time will transfer so much buying power to the owner that they can save up for a 3rd more easily. The 3rd is the family home 26-30. 3 homes, 2 rentals. 30 years later the 2 rentals are retirement without having to trade Time for the retirement security. Mix in some quality stock and really be set by 30.

Affectionate-Fan-570

Do not tell her nor anyone. People can change, shift personalities, often Unintentionally / Unplanned / unforeseeable. Don't tell anyone. Need some cash? Go to Vegas. Withdraw minimal needed. " Honey! You will NEVER believe my luck this time! Wore those lucky socks you've been trying to get me to wear! " ... Next. Read up on finance and investments. Read both sides - customer processes and **Internal org processes** of financial institutions along with AUDITING financial institutions - "they" learn this mostly in University Banking or Auditing programs. Don't trust Investment Managers, Banks and similar, Accountants ( CPAs in particular). Still, small amounts at a time. Don't tell her. Get a contract/will. She and kids or family to receive leftover. Read on Estate Planning. Start a business. Always (in every business situation for *everyone*) always, always use debt in business when making purchases. Unless strategic reasons Always, Always carry substantial debt in the business as a part of the Financial Treasury "Mix". Continuously increase Assets. As you gain equity, using increased equity, buy more businesses or investments (both examples are Assets). ASSET = Income Producing (Y), where Y is the dynamics of the industries you choose. Only buy Assets. Use their cashflow for spending; use DEBT to buy ASSETS (if the interest rate - cost of capital- is lower than the IRR on the Positive Revenue producing assets. Make a list and compare using a financial calculator. This post seems to be applicable to anyone... But OP asked a good question. Other crypto magicians can help on that side.

CypherMcAfee

no mate, we are talking about an ASSET thats a store of value called Bitcoin, and that will not be used for payments worldwide, because people know that its value over time grows and its the best performing asset to hold for long periods of time!

uselessadjective

This, I just replied the same thing today to another person asking the same question. **Gensler has been quite vocal from last 2 years that BTC is more like an ASSET and other cryptos are more like SECURITIES** I expect maybe in a few months we might have an official classification because Securities will have diff trading rules (taxation rules as well). Assets on the other hand will be treated like Gold, Silver, Copper etc.. **FYI, US Govt Hold 500K BTCs, Coinbase holds 2M BTCs, US Retail holds majority of BTCs** I wont be surprised to see US Govt playing the long game to back the USD with BTC (Since China has banned it completely) or back USD with Gold + BTC to keep their heads up in the game. Something is definitely brewing.

erjo5055

"VOLITILE ASSET REMAINS VOLITILE" - News

Y0STER

You don’t know what assets are? Seriously? Even hard assets like the real estate tied to FTX IS AN ASSET.

EpicHasAIDS

You sure can. But like literally ANY ASSET with a volatile market - **most people won't**. That is just how it works. Just like the stock market. Just like the real estate market. Most people are better off being in the market to eat both the good days and bad days rather than try to time anything. I ran into a recently retired woman who had over $1 MM in a particular bank stock. She was a bank teller her entire career. You know how she got a million dollars in bank stock? She just kept buying it.

Jakubada

On the point of "fungible asset". that would make it an ASSET then, not a CURRENCY. and i think this subreddit is called cryptoCURRENCY. and i think we didnt have that convo earlier im just bored atm cuz i cant sleep and felt a bit adventurous by giving a different opinion on this topic, since this seems like a circlejerk of btc maxis. facing counterarguments and dealing with those is what drives change and improvement. sitting here saying "everything is fine, we are the best" wont drive change or improvement for that matter.

skdmlf

If we talk about genesis has $2.8 billion in outstanding loans. IT MEAN IF SOMETHING HAPPEN WITH GENESIS AND LIQUIDATE THEIR ASSET IT IS GOING TO CAUSE CHAIN EFFECT. WOOOW... THERE IS FOLLOW UP AFTER THIS. if genesis insist to take money back.We can calculate how many will FALL.

LargeSnorlax

Don't think it's a bug at all, probably someone running a manipulation ring. Looks like the account has 100 or so transfers into his account which you can check on opensea. https://opensea.io/Rexizer?tab=activity&search[eventTypes][0]=ASSET_TRANSFER Here's likely how it's working: - User has a reddit account web of 100 or so accounts, likely used to manipulate narratives on subreddits. He has a list of usernames/passwords, he just goes down the list, logging into them or having his "marketing team" do it. - He sees these are now worth money, on top of manipulating Reddit. The mint is infinite so if they fit minimum karma requirements (they will, since they're likely posing as legitimate reddit users) they can mint an avatar. - He mints and immediately sends them to his vault, where he sells them immediately under floor. That's my guess anyways - So he made an extra ETH off whatever other manipulation he was doing. Sincerely doubt it's a bug or an exploit.

Sorry_Attitude_

I keep seeing Warren Buffet in these titles, which is kinda funny since he doesnt care for crypto or owning any A lot of people take his vision on crypto entirely wrong though, he doesn't care to OWN any himself, it is not an ASSET THAT MAKES INCOME, it is just a coin/token/currency, he does NOT do forex, he invest in company that make money, doesn't matter if its from crypto or not as long as they constant revenue and growth, why would he own VLX and wait when he can buy into Travala which does facilitate crypto access and make a constant income that does not depend on the price of tokens

Still_Lobster_8428

>You do, no matter where you keep your money, exchange or not. Where did money enter into the discussion..... Tax departments only care about ASSET sales, that's when they deem a taxable event to occur. Then it's up to you to report the monetary value of the asset sale (notice I said monetary value.... NOT money) >Key word here is Money, because stables are not money according to Governments. Selling into stables by converting isn't a taxable event, it's trading from one Crypto to another Crypto, nothing more. Good luck convincing governments of that when it comes to tax! Again, ASSET transactions are what they deem to trigger taxable events, it's got zero to do with money, you just need to calculate profit/loss in monetary value and tgey expect to be paid IN money. Sucks but it's the way it is. >Casino reference is bullshit. Agree

Still_Lobster_8428

>Please explain how you realize a gain or loss without access to your seed phrase? Very curious to know, since you have no way to sell your assets. So, your saying you have NEVER sold a single coin.... EVER? You have NEVER used a coin to buy another coin.... EVER? Because, if you have, there is a tax event tied to that transaction and it's recorded on the blockchain.... FOREVER! Suddenly loosing your seed phrase doesn't make the tax event disappear from the blockchain.... it just means you lost access to your coins and the IRS will still expect to be paid in USD$ for the tax events recorded on the blockchain. >Where I live you only get taxed on profits you made AFTER YOU SELL THE ASSET. I doubt it's any different in the USA. But hey, I'm not up to date with that shithole country's tax system. Where I live it's the same (im not in the US eaither). So, if I bought 1 ETH @ $300 and then when ETH was trading @ $3,000 I used 1 ETH to buy 3,000 ADA when it was trading at $1.... There is a tax event as I disposed of 1 asset to purchase another asset. Sell price was @ $3,000 and purchase price was @ $300 = $2,700 profit that is then a taxable. For what you are describing to be true would require that the wallet in question have ONLY buy transaction associated with it.... Sure, anything is possible in imagination land but in the real world the majority of us have multiple transactions in/out of our wallets, we have used coins to buy other coins and we have multiple transactions that are deemed to be taxable events and all that data is recorded permanently and publically on the blockchain. Loosing our seed phrase doesn't make the taxable events disappear suddenly! >check the flair You literally asked WHY I brought up other wallets.... I was explaining why. The flair doesn't change that, the link is talking about taxation and how they are going to go after people that don't report correctly. Understanding how our wallets (KYC'd and non-KYC'd wallets) have interacted and potentially exposed our non-KYC'd wallets to tax departments is vital for people in this space so they can best prepare or restructure for the changes that are happening around taxation entering into this space! Nothing in life happens in a vacuum. Crypto especially doesn't happen in a vacuum and it immutably records every transaction publically FOREVER!

Inaeipathy

>Yes you would.... If the wallet address can be connected Ted to you, you owe any tax due from trading activity. The IRS doesn't give a flying fuck if you lost/forgot the seed phrase, then can see what profit/loss is for that wallet on the immutable blockchain. The IRS doesn't want to be paid in your ETH or BTC.... So you still having access to the wallet is a moot point, they want cold hard USD$ and then can calculate what we owe based on the blockchain records. Please explain how you realize a gain or loss without access to your seed phrase? Very curious to know, since you have no way to sell your assets. Where I live you only get taxed on profits you made AFTER YOU SELL THE ASSET. I doubt it's any different in the USA. But hey, I'm not up to date with that shithole country's tax system. It also means that I wouldn't be able to loss harvest because of inability to realize the loss. >And you were incorrect then, like now. No, I don't think I am. >How many wallets do you have? 1 non-KYC'd wallet.... and 1 CEX KYC'd wallet? Or do you have a few CEX accounts and/or a few non-KYC'd wallets? > >I bring up other wallets because it's the transaction histories we ALL have between our KYC'd wallets and non-KYC'd wallets that build a transaction map over time and expose the ownership of the non-KYC'd wallets. The transaction histories and repeat convergence of transactions literally expose the ownership of the non-KYC'd wallets to anyone doing the chain analysis and that chain analysis that used to be labour intensive and time consuming has been automated with algorithms that use freely avalible blockchain Explorer's to crawl transaction histories and map our convergence points that expose non-KYC'd wallet ownership. check the flair

inddais

Not seeing it as an asset is the FIRST STEP to stay cautious, when you are serious about your investment. If you insist SEEING IT AS AN ASSET RIGHT FROM THE BEGINNING, then at least give equal respect just like how you would with the real world ASSET. STOP BELIEVEING IN CHARTS, LOCATE GOOD PROJECTS, DO DUE DILIGENCE ALWAYS remember that not all cryptos are assets, some might become a burden. DONT RUSH, ASK, AFFIRM & ABIDE

ZulkarnaenRafif

>STOP SEEING IT AS AN ASSET, BUY IF YOU HAD TO PAY SOMEONE, SELL IF YOU GOT PAID Who the fuck are you?

alpacadaver

Pretty sure in my comment I already covered equities, which includes tech stocks that for the most part dumped as shitcoins would. Not to mention those are IOUs that are contingent on the execution of the security creator, whereas bitcoin is again a BEARER ASSET that depends on no single party. Why am I repeating the same comment I just wrote, where is the reading comprehension?

suninabox

>Meanwhile not getting a spot ETF for a fully transparent and auditable BEARER ASSET is batshit insane. Truly insane for the SEC to not let pension funds YOLO their funds into a highly volatile speculative asset that just crashed 50% in the last 3 months.

CrashBandit84

This isn't great advice at this point. The following is not financial advice: For DCA to workout for you are not just betting that Bitcoin will go back up. Every time that you buy you are also betting it will go up much more than ANY ASSET THAT IS LESS RISKY THAN CRYPTO. Given Bitcoin's volatility that basically means that every time you buy you are betting that: 1) That period's investment will yield higher returns than a good percentage of all stocks traded on the major exchanges, a ton of index funds (which is dubious given BTC's recent correlation with the S&P 500), every bond (government & corporate), & any personal investment in developing your own business, and probably a few other things I can't think of right off the top of my head. The returns from Bitcoin would have to be dramatically higher than all of those to compensate for the (almost indisputably) higher risk. 2) If it goes back up, you'll be able to pull out once you make enough money to satisfy you and you will not stay on the ride for yet another downward swing. Take that's bet if you'd like, but for me, I will be doing DCA into blue chip stocks, a few growth stocks I think have potential, and some Muni bonds. DYOR of course. My BTC is just going to have to ride or die from here on out.

freebsdlego1

But is it really superior to, well, any other asset that they can only suspect you to have? ""I am from the government, and we suspect that you have about 200k in SOME ASSET / BTC wallets. You have 10 days to give us 200k, or you go to jail. The choice is, as always, yours."

MaximumStudent1839

If you watch old YouTube interviews of 3AC’s Su and Celsius’ Alex, you will realize the industry got fucked because too many people took 100k eoy 2021 too seriously. The 100k 2021 eoy prediction came from fitting BTC to the stock-to-flow model. All these big shots were talking about never selling early etc. It justified their degen leverage behavior. After all, according to the rainbow charts and stock-to-flow model, BTC had a lot of room to go even after 69K. Even YouTube Guy kept saying we were still in a bull market in January and February 2022. All of this reminds me of 2008 financial crisis. None of the WS quant models could explain the financial collapse. Everyone was predicting the market would sort itself out because of historical patterns and charts. In truth, too many people were blinded by greed and felt great with whatever TA BS validating their reckless behavior. Bottomline, crypto companies are collapsing because many went all in to bet on a faulty forecast of BTC hitting 100K in this cycle. On Twitter, Su said he regretted on believing this cycle would be different from past cycles. CZ says it best on Bankless. You can only survive the industry if you are always prepared for a sudden bear market. Crypto will always be A SUPER VOLATILE ASSET CLASS. Pretend otherwise and you will get butt raped with no mercy.

grndslm

You're absolutely incorrect. Compared to ANY OTHER ASSET, the USD loses its purchasing power over time. Had you held onto BTC for another couple years, you wouldn't have lost money. The neverending USD printer means you're going to constantly lose purchasing power. Have fun with that. I'll continue swapping my paychecks for BTC every week. Can't go wrong with DCA'ing.

genobeam

From Celsius' terms page: >YOUR CELSIUS ACCOUNT IS NOT A BANK ACCOUNT, DEPOSIT ACCOUNT, SAVINGS ACCOUNTS, CHECKING ACCOUNT, OR ANY OTHER TYPE OF ASSET ACCOUNT AND SHOULD NOT BE CHARACTERIZED AS A BANKING PRODUCT OR SERVICE. THE USE OF TERMS SUCH AS “ACCOUNT,” “ACCOUNT BALANCE,” “WITHDRAW” AND SIMILAR LANGUAGE IN CONNECTION WITH THE EARN SERVICE AND THE BORROW SERVICE (SEE FURTHER SECTIONS 4(D) AND 4(E) BELOW, RESPECTIVELY) DOES NOT IMPLY OR ESTABLISH, AND SHALL NOT BE TAKEN TO SUGGEST, ANY FORM OF CUSTODY RELATIONSHIP, AND SUCH LANGUAGE IS USED HEREIN AS TERMS OF CONVENIENCE ONLY IN REFERRING TO USERS’ BORROWING OR LENDING OF DIGITAL ASSETS TO OR FROM CELSIUS AS PART OF THE EARN SERVICE AND BORROW SERVICE, AND CELSIUS’ OBLIGATION TO TRANSFER DIGITAL ASSETS TO USERS UPON THE TERMINATION OF SUCH LOANS OR REPAYMENT OF SUCH BORROWING IN CONNECTION WITH THESE SERVICES. Any money "deposited" into Celsius was actually "loaned" to them. They used those loans to gamble on crypto and now users are SOL

BTCMachineElf

You don't get to say what bitcoin is. Nobody does. And in fact I think you're dead wrong about it not being an investment tool. It is THE SCARCEST ASSET KNOWN TO MAN ffs. And despite this crash, some of us who have fully adopted Bitcoin as a store of wealth are doing just fine.

Limp-Crab8542

People need to understand that in the crypto space market cap means NOTHING. It’s just math the current price x the number of coins circulating. Typically in investing you use market cap to gauge how the market values an underlying asset. In crypto THERE IS NO UNDERLYING ASSET. So the market cap is just whatever the price was pumped to multiplied by the total number of coins. It does not necessarily mean that there’s 900 billion to 1 trillion in crypto because the price is being artificially inflated by leveraged trades and price manipulation.

TradeApe

I will not tell you to keep/sell your remaining BTC. Ultimately it's your money and you have to take full responsibility for your investment decisions. Having said that, imo the key takeaway for you is this: **DO NOT INVEST MONEY YOU CAN'T AFFORD TO LOSE IN HIGHLY SPECULATIVE AND VOLATILE ASSET CLASSES!** And it doesn't matter how much you like or believe in crypto, it is a highly speculative and volatile asset class. Yes, higher risk can (!!!) lead to higher returns, but higher potential returns come with a downside...a higher probability of large drawdowns. That makes it a really bad investment for money you can't afford to lose. The sooner a lot of crypto investors/traders learn this lesson, the better. It's not a "store of value like gold" or an "inflation hedge". It's speculative tech and price volatility reflects this. Also, if world markets enter a recession, none of the crypts will save you. They are NOT a good hedge. If they were, crypto would now be at all time highs.

Chimera_Ant

Perhaps because BTC devs decided BTC had some major flaws so decided to build something better....and created XRP. That was back in 2012. XRPL- First DEX ever, First wrapped token ever, 70million "blocks" completed with out issue. NATIVE ASSET OF THE ILP!