SCA

FEARTHETURTLE64

Only problem w that logic is it’s going to go up 50% first so you will still be buying at around 70k Just do everyone a favor and SCA like the rest of us and be a Diamond 💎Hand HODL’er

thecoat9

>So i bought a scam coin... And when i purchased it i just used 0.0066 ETH worth about $24. As soon as payment went through my account balance was at $2,550. Your account balance would generally be the total (sounds like in USD) value of all coins you hold. It should not change substantially as part of a coin swap and is not a cost basis valuation. I point this out because you whole post sounds a bit contradictory, but I think I have the basic jist of what happened. Obligatory, I'm not an accountant, tax expert etc, I'm not giving financial advice, and am just some rando on the internet that you shouldn't listen to especially in lieu of your own research. That being said you say you bought $50 of ETH - this is not a taxable event, however you need to keep track of the purchase as it establishes your cost basis. Assuming you did this all in a short time that ETH did not fluctuate in value your swap wouldn't realize substantial profit or loss. In reporting the transaction for tax liability from what you say it's about a $1.00 loss (which would reduce your tax liability if true). The thing is while you would report this as a line item on your taxes, you'd round to the nearest dollar, so at most you'd have is a dollar credit. Basically you would report the swap as a realization of USD loss, you disposed of .0066 ETH for $24 USD, and your cost basis for it was $25 for a loss of $1.00 on your following years taxes. You are supposed to pay the tax on realized gains quarterly, but because you are estimating income throughout the year the IRS has a pretty sizable range of short payment penalty forgiveness. Small gains throughout the year aren't going to result in a penalty unless you have a ton that add up to thousands. You should keep your own records in case the exchange goes belly up and you can no longer get reports from it. You still have around .0066 ETH with a cost basis of around $25.00 If you later sell .0066 for $50 you'll have a $25 gain to report. Until you sell or trade the other half though, there is no tax reporting event. You traded $24 ETH for SCA (fake name for lack of knowin the real one, stands for Scam Coin). You did not mention the quantity there, but your cost basis is $24 for the total quantity. If the coin value falls to zero and turns to dust, send the coins to a burner address and take the $24 loss as a credit when you file the following year. Assuming other taxable income you can reduce the taxes you owe for the $24. If you have your records, they can pretty much be verified in that it can be checked against the rough (average) ETH price that day. If the exchange reports your activites to the IRS and says your holding was worth $2,550, that would indicate paper (unrealized) gains of $2525. That gain is on paper though, and if you do dump the coin at zero or for a minimal amount the exhange may turn over records showing your cost basis as $2,550 when your actual cost basis is $50. The IRS will accept your reporting over theirs as if they are right you'd be realizing a substantial loss, where as if you are correct you get less of a credit against your tax liability. If you have a deduction against other income of $50, the IRS isn't going to audit you because the exchange told them you should have a much bigger credit (loss of $2550 vs 50). You'd be paying more in taxes than the exchange reports would indicate you should.

fverdeja

I've been SCA (Satoshi Cost Averaging) for a while, it's amazing how fast things go down in cost.

OkCompute5378

You need sub 50mil market cap if you want to turn 2000 into a mil and still then it’s extremely improbable. My bets are on $SLQ, $SAVM and $SCA but I wouldn’t suggest dedicating more than 20% of your portfolio to low cap coins. Best to just lower your expectations and invest in what you genuinely believe in.

Yemight62

is the SCA audited?

dogpawred

I prefer to SCA (Sterling Cost Average)

k_gavivina

SCA - stats cost averaging for me ……

Federal-Rhubarb-3831

SCA (satoshi cost averaging)

Vivid_Collar7469

Also bought at . 6, ive SCA since and almost breaking even right now. I believe it is all up from here. Cryptocom is the most regulatory compliant CEX and plays the long game. CDC also joined the WEF and is advertised on their site. My non financial advice is to hodl . $1 goal is likely.

SmartNMath

The VASP (virtual asset service provide) license will bring companies under the SCA’s (Securities and Commodities Authority) net, which will mandate them to adhere to various regulatory requirements related to business disclosures, operational integrity, consumer protection and transparency. Additionally, the SCA will regulate all cryptocurrencies and digital assets used for investment purposes. However, this will not include digital assets used for payment purposes, which will fall under the central bank’s purview, according to the regulator.

French_physicist

SCA - Shitpost & Comment Averaging

beep_bop_boop_4

Lazily sell half when I see the price is spiking, hodl the rest. Resume Shitpost-Cost-Averaging (SCA).

groome8579

Best thing I ever did was sell my 0.5 BTC in 2017. Oh wait. Hindsight is 20/20, don't worry about it. SCA in and take profit when times are good. Doubled your money? Take a little bit back or diversify a bit. 10x? Sell half and wait for the next bear market. If you're always in profit you'll never be down about unrealised losses. Fuck it.

Aerocryptic

I expect something between 50 and 60% but i'm not set on any number tbh. It's mostly about judging the momentum. When you see a potential blowoff top, it's time to consider a swap. Maybe start a SCA (swap cost average lol)

CreepToeCurrentSea

I don't buy, I just SCA (shitpost cost average)

KAX1107

Not literally the opposite but it's sats cost averaging. SCA

michivideos

I didn't want to SCA last Friday and now I regret it 😭 Never stop DCAing because you think you are smart.

s_s

https://youtu.be/1SGOGH5-SCA

Wargizmo

My SCA (shitpost cost averaging) strategy for accumulating moons is working like a charm.

coinfeeds-bot

tldr; The United Arab Emirates (UAE) is getting closer to issuing a regulatory and supervisory framework that will govern the country's virtual asset industry, the Securities and Commodities Authority (SCA) has said. The development of this framework had been done in order to ensure the country’s crypto industry adheres to the Financial Action Task Force's recommendations, SCA added. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

coinfeeds-bot

tldr; Despite the recent fearful market, Bitcoin hodlers show diamond hands as coins aged 12-18 months touch a 2-year high. The Bitcoin Sum Coin Age (SCA) Distribution shows the distribution of coins among the different holders in the market. Such a trend usually shows a large number of holders refuse to sell at the current levels. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

JewBakkahRawrs

Strike for sure. You don’t have that silly 10 day lock up period like Swan. Just moved my daily SCA over from Swan to Strike.

Bongalonga_

Bullish on SCA

Trathius

I'm going to have to disagree here. Nobody can time the top... that is indeed correct. However, even selling 20% lower than the top is a more profitable long term strategy when you notice that prior bear markets had 80-90% drawdown. Just like you DCA in, DCA out into stables. Sure, you won't have captured the peak (impossible), but you have a LOT more reserve to DCA back in once the market starts reversing again. Let's take an example: you buy 1 of ShitcoinA (SCA) for $500 and hold it to $1000 and the market tanks. That coin may NEVER come back to $1000 and all you're doing by hodling it is locking in a BIG loss - not only in $, but in opportunity cost. Assume alts correct (and we'll be kind here) 80% off the highs. That coin that you bought for $500 is now worth $200. You've locked in a $300 loss that you may never recover. Alternatively, if you're watching the market even a little bit, you'll understand when we're getting into a dump market. You wisely DCA out and end up with $750 in stables. SCA then goes on to tank to $200 and you see that the market shows signs of recovery. You have followed the project through the bear and truly believe it will recover to its ATH - so you start to DCA back in. If you average back in at $375 per coin, when SCA does reclaim its ATH, you now have 2 SCA and $2000. Meanwhile, you can have those stables growing at 20% while you're waiting for the market to come around - in 6 months, or a year, or 2 years. So DCA out and back in, and you end up with: 2 SCA + 20% interest on $750 for the duration of the bear market. HODLing ends up with 1 SCA. Note this doesn't assume catching the top OR the bottom, but using obvious market signals to exit slowly and re-enter slowly.