Nathan R. Jessep
Footballguy
IIRC, China either shut down or introduced regulations on mining operations (which are very burdensome on electrical systems bc of the power they consume).
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Bitcoin-Explain to me how to buy these things (4 Viewers)
- Thread starter Sheriff Bart
- Start date
Chaos Commish
Footballguy
new interior doors, jambs, frames, baseboards... almost done, also kept me from making bad trades. patiently waiting for btc to start with a 2. floors and paint done during isolation.
so using dexes is really easy. the extra steps are important because they allow you to nab any crypto you like. i'll spare you more decentralized vs centralized thinking, but for many of us, it's important to see a global migration to defi.
basically, you get an appropriate wallet, connect it to any defi exchange. there's simple prompts along the way. you'll see a very simple "swap" with drop down menus. pick you swap, your slippage, and done. if you seek a weird crypto like i have a few times, you have to select the option to add a crypto to your wallet. then put in the name and address. boom easy peezy.
Chinese mining operations accounted for 60ish% of all bitcoin mined. So hearing that was being shut down caused him to say stupid stuff. This news "sounded" bad. The 2nd largest economic power on earth shut down some crypto thing. So fear uncertainty and doubt pulled the market down with or without Elon noise. The truth is it was very good news for bitcoin. mining needs to be as decentralized as possible and China had it centralized
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Captain Cranks
Footballguy
Coincidentally enough, I just created a metamask wallet and loaded it with some ETH last night. I'm looking to buy ILV which is pretty tough to find other than Sushiswap. I didn't pull the trigger on the swap because gas fees were near $30 at the time. Now they're over $100. Guess I'll wait a bit more and hope ILV doesn't pump before then.
Chaos Commish
Footballguy
Yup yup. That genius Aussie you linked to got me on Illuvium. Nice dip right now but want to see it under 60. I have it on my watchlist and even checked out the gaming platform with my daughter earlier. I was thinking some of her lazy@## friends could make some money playing. It's pretty much all they do anyway. Kicking myself for missing out on Axie (Cuban told us to buy in May). Bah.
Remember I posted about buying Octupus before it blew up 800%? Now my biggest loser. lol, real lesson learned here. Never hodl when the profit takers are dumping some helpless microcap. Missed a nice win there, so now I'll hodl and pray the project is as good as it sounded.
Remember I was looking for a way to buy MetaHero while posting and then it hit PancakeSwap? By far my biggest winner. It's up (ooof, don't look at your portfolios!) 62% since I bought a few days ago. I think it's just started to run too. VeVe the company behind MetaHero and the token Hero deserves a look. Awesome future. Very different.
A big whiff for me has not been giving gaming and nfts enough interest.
Chaos Commish
Footballguy
1Inch has ILV/USDC paired. Should be pretty low fees. Didn't check.
Chaos Commish
Footballguy
I want to buy something. Btc 31,3. Telcoin, Theta, Dot, Doge - pounded. Or, cost aveerage any asset I own but Hero. I better take a nap.
Chaos Commish
Footballguy
I spent the last week setting up a crypto-friendly retirement acct. It isn't as easy as the companies marketing these make it sound. I qualified for a solo 401k and opted for self-directed with checkbook control from Nabers Group. To qualify you must be self-employed with no W2 employees. That's me. Most of you probably don't fit that, but there's self-directed IRAs that do the same things.
There's three primary reasons for this. Deferring gains to hopefully more tax friendly days. Simplifying tax filing requirements. Tax free unlimited crypto trades (what motivated me the most). I jumped through a dozen hoops and per Naber's opened a zero interest trust account yesterday (this confused BofA, but my credit union happily agreed). Through email Nabers quickly provided everything I needed (forms and instructions).
The only way "for me" to fund is with a partial rollover from my traditional IRA. I foolishly thought I could fund with crypto. The ads make it sound like that. Anyway, after requesting the rollover, Fidelity confirmed and informed me it takes 5-10 business days. So I pray to the crypto gods - keep these prices down until.....
For you normally employed working guys and gals an IRA will work. Broad Financial had the lowest fees and a great reputation. The crypto IRAs I've seen sponsoring influencers and advertising heavily are all custodial, not self directed. Being custodial makes them like a wallet with limited assets supported. ITrustCapital is the biggest name out there, and they only have ten or so cryptos supported. Broad Financial allows you to invest in any crypto you want. They were terrific to talk to. After completing this exercise, I can probably answer questions here, but if you're serious, dyor, and I recommend Broad for IRAs, Nabers for those who qualify.
There's three primary reasons for this. Deferring gains to hopefully more tax friendly days. Simplifying tax filing requirements. Tax free unlimited crypto trades (what motivated me the most). I jumped through a dozen hoops and per Naber's opened a zero interest trust account yesterday (this confused BofA, but my credit union happily agreed). Through email Nabers quickly provided everything I needed (forms and instructions).
The only way "for me" to fund is with a partial rollover from my traditional IRA. I foolishly thought I could fund with crypto. The ads make it sound like that. Anyway, after requesting the rollover, Fidelity confirmed and informed me it takes 5-10 business days. So I pray to the crypto gods - keep these prices down until.....
For you normally employed working guys and gals an IRA will work. Broad Financial had the lowest fees and a great reputation. The crypto IRAs I've seen sponsoring influencers and advertising heavily are all custodial, not self directed. Being custodial makes them like a wallet with limited assets supported. ITrustCapital is the biggest name out there, and they only have ten or so cryptos supported. Broad Financial allows you to invest in any crypto you want. They were terrific to talk to. After completing this exercise, I can probably answer questions here, but if you're serious, dyor, and I recommend Broad for IRAs, Nabers for those who qualify.
Captain Cranks
Footballguy
I pulled the trigger on ILV last night. Now I'm looking to stake. Here's an interview with one of the founders who goes into the gameplay as well as how big the gaming space can become in crypto. There are some pretty cool, well designed features with money generation in mind. It would be great if it becomes the Magic: The Gathering of crypto.Chaos Commish said:
Kieran Warwick
I skipped to the description of the game, but the first half is interesting too if you have the time.
ETA - alright, I'm staking. Locked for 12 months. That gets me a 2X multiplier and keeps me from trying to swing trade this thing. To the moon!
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Captain Cranks
Footballguy
I'm a little spooked on DOT after reading an article about which coins are most likely to get pummeled by the regulatory hammer. DOT was one that was considered high risk given the way they handled their ICO and its apparent promises of financial performance which the SEC might argue is a securities offering.
Captain Cranks
Footballguy
I gotta figure this out myself. I am a small business owner who does have W2 employees and offers a 401k matching plan. I don't use the plan myself as all of my savings are being piled into buying out my company's investors. However, I have built enough capital to where I am investing in crypto and the tax benefits could be huge if I use a self-directed Roth.
I think the first step is for me to talk to a tax professional (not just for this, but other income/tax reducing methods). In the meantime, I'll check out Broad so thanks for the tip.
Dinsy Ejotuz
Footballguy
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Captain Cranks
Footballguy
The Federal Reserve wants to maintain control of the monetary system and tout their existence as a great public good that can't be replaced by stablecoins. It's a huge, disingenuous load of crap, but not the least bit surprising. "Hey, Johnny. I know we just devalued your savings by 20% last year by turning on the printing press, but remember we're here to protect you."
I would be extra wary of crypto that gets to the heart of what the government and banking system like to control. They won't let that control go quietly.
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Chaos Commish
Footballguy
I don't think this win got enough attention. Congrats man, it's an outstanding result so far. You posted at the peak of a spike and HEX is down 10% or so since. I did a shallow dive into it when you posted in January - a time when I was aggressively moving from btc to alts (the year of the alts was my belief). I read the CMC (coinmarketcap) information, checked the twitter and the reddit conversations. CMC made it sound like a boring crypto cd account with big penalties for early withdrawal. Twit and reddy made it sound like a scam. I passed. Ooops.I had some posts in here about HEX
If you google it, its a scammy coin. but for me personally. 2K> 133K so far
I understand you're holding out for a million, and you said you committed for 2 years or so, but I am curious. How bad is the penalty to cash out? It sounds ridiculous.
Also you've asked for he next new one a couple times. HEX has been around since 2019. As alts go, it isn't new. Most came online in 2020. However, Richard Heart, the mysterious creator of HEX has a brand new even wilder one accepting "sacrifices" for initial funding right now. Many are sacrificing HEX to buy PulseChain. To get the best deal you have a couple days to buy/sacrifice. It's a very very controversial fork of ETH, and any erc-20 can be sacrificed. It's being pitched as free money, and the scam whining is similar to those who thought HEX was a scam. This whale converted 20 million of his ETH to Pulse earlier today. Wow.
Also, never-to-miss-out-on-copying-successful-scammy-coins-Binance has just released REX. Brand new ground floor cut and paste of HEX with "Binancy" improvements to the code. I'm in a deep dive into these this time trying to figure out the best use of a few of my current assets. Taking some losses against the gains I have to get into these will happen shortly, or I sleep on it. I'm sacrificing for sure. Just debating HEX v REX. Or all three. Congrats again.
KGB
Footballguy
Hey buddy. Quick reply... My hex is up to 200k to 230k depending on the hour.
When you buy hex, you create a stake in j which you commit to a date that you will sell.
I'm no expert, I had a friend help me get in.
I have 8 stakes, 2 of which come up in 80 days from today.
I plan on putting it back in. Even though it's worth 200k now, my 1mm or bust plan is still on.
My ending stake, last one out of my 8 is in 5 years. As I reinvest, I plan on having them all end on that day.
I have a meeting with my crypto guy tomorrow about buying pulse chain.
I am not a crypto guy. I just threw 2k in to see and I got the jackpot so far.
Hex is flying and I assume it's because of pulse, but I will know more tomorrow night.
Thanks for the congrats
KGB
Footballguy
Oh to answer your question. If you cash out before the date YOU PICKED... It's a heavy Levy.
You might as well stay.
But you can pick 1 day or 100000 days of you like.
I picked from 2 to 5 years in 8 stakes
Chaos Commish
Footballguy
I've sacrificed a significant amount of my holdings for Pulse. It's a little nerve wracking but hitting a huge homerun has been my goal since I went from just some btc to lots of research and lots of alts. So, I am not 100% on the tax mechanism of sacrificing, but I've matched losses to gains best as I can. BTC, ETH, MATIC sacrificed. A few of the alts I've mentioned before converted to ETH then staked to HEX. Feels like a fomo looking at your incredible gains, but a couple hours listening to Richard Heart talk about his ecosystem convinced me it's better than REX even today.
Bear market. Let's just call it.
Nathan R. Jessep
Footballguy
Down to 1.12. I wasn't planning on adding more, but if we get to the low 1.0's, I think I have to.
beer 30
Footballguy
BTC @ $30,773 right now, will probably dip below $30k at some point. Same ADA and MATIC. Both will be good buys this week.
fruity pebbles
Footballguy
Wish these had less correlation with the market in general.
KGB
Footballguy
Got out of my meeting. Again, hes the crypto guru not me. I'm a dummy.
Pulse is going to be like a new kind of ETH. With lower gas prices, etc.
There are 14 days left to sign up for the Sacrifice stage. Which is kinda like pre-ordering. https://pulsechain.com/
I "think" sacrifice is more of a legal term, im pretty sure everyone is not just donating thier money for nothing.
I'm in for $4K. Debating more...
Pulse is going to be like a new kind of ETH. With lower gas prices, etc.
There are 14 days left to sign up for the Sacrifice stage. Which is kinda like pre-ordering. https://pulsechain.com/
I "think" sacrifice is more of a legal term, im pretty sure everyone is not just donating thier money for nothing.
I'm in for $4K. Debating more...
KGB
Footballguy
I can give an example...Chaos Commish said:
Total for stake 1... $31,100
I have a stake coming up in 79 days.
Net payout if ending stake now - $21,000
$19.7K staked + $11.4K interest - $10.1K penalty.
Long story short, HEX is for HODLING not day trading IMO.
Pulse will be different. But I'm still just buying and holding pulse.
Chaos Commish
Footballguy
I asked that question when I still thought HEX could be a rug pull and maybe you might consider eating the penalty being so far ahead. But looking into it more proved that wrong. No rug possible. My dates are 42 months and 60 months out. The average for all stakers is 64 months.
Pulse is... well, we just have to wait for the airdrop and see what happens.
KGB
Footballguy
HEX has gone up crazy this week. like 100% or something. IMO purely do to pulse. People buying hex and then transferring it into pulse.
Im not complaining, but I suspect a heavy pull back.
Frankly, I'm done with hex. I called my shot and I'm leaving it till 2025. I'll be reinvesting as the stakes end. I'm not pulling any out. (only reason for 2025, thats when I want to retire. alot can happen before then)
Pulse is where it's at now. Heavily debating dropping big coin in it.
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Chaos Commish
Footballguy
Like I said earlier, a significant amount of my holdings went into this. Those who sacrificed yesterday and today got the best deal/ratio on the coming air drop (depending on timezone). But the % decreases over the next 10 days are nothing if this thing moons.
update - btc 30,3 ada 1.09, eth 1,75
KGB
Footballguy
I'm thinking of selling my RIOT and going in Significantly also. Like half of my trading account.
Nathan R. Jessep
Footballguy
ADA 1.08... going to sleep on it and hope for $1 tomorrow. 
KGB
Footballguy
1.06. your on your wayADA 1.08... going to sleep on it and hope for $1 tomorrow.
Chaos Commish
Footballguy
ada - 1.03
Captain Cranks
Footballguy
That's exactly what we're in and people should be trading/investing accordingly.Chaos Commish said:
When I look at the charts, I can easily see BTC at $20K, ETH below $1K, ADA at $0.40, etc. Again, not saying it will happen, but be prepared if it does.
FTR, I would love if this did happen. It's a chance to load up for those of us later to the game.
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Chaos Commish
Footballguy
Yeah I agree. It's why I said what I said. I even shorted matic after putting all of mine into pulse. Up 22%.
I was waiting for btc to hit the 20s, but now I want to see support at 26,5 and I'll wait there too.
I'm still very bullish long-term. The institutional money is still waiting pounce. Wiping out retail is something that's been talked about since so many came on board. All those kabillions of stables moved into the exchanges still sitting there.
Chaos Commish
Footballguy
i saw 1.03 and wasn't tempted. i'd rather miss a big move up than a big move down... support at 30 was something, tested 8 times. could easily crash below 27, and fight for 23,5... according to TA guys who've been pretty solid during this.
edit - use btc price bcuz almost everything still seems attached
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Captain Cranks
Footballguy
Yeah, I'm done buying at the moment. If we run up from here, great, but we're fighting against the tide with this price action.
One mental exercise is to look at a weekly chart and see how far would could drop and still remain bullish long term. That's how far we rose during the first half of the year.
beer 30
Footballguy
Can crypto make this #### any more complicated to invest in https://www.sens.org/pulse-chain-airdrop/
wtf?
Chaos Commish
Footballguy
I had to have it explained to me three times by the founder and read dozens of "helps" by others. Richard Heart is the dude. He is pushing the edges in an unregulated era. This type of opportunity will be regulated away some day.
It isn't that complicated. It just requires a leap of faith to sacrifice. Here's what I think you need to know.
It is the most thorough fork in crypto history. Pulse is forking Eth with Eth's understanding and according to Richard - approval. It will take a ton of burden off Eth gas issues like Polygon did. Polygon kicked butt because it's basically Eth with low fees. But Polygon's future is clouded by this fork and Eth 2.0. Pulse is asking us to sacrifice eth, any eth based coins and tokens, and many more they've built support for like btc. Why sacrifice? If you gave it away for "nothing" you might show a big loss for tax purposes. Sens is the charity involved and I like it alot. In the smart contract you earn points for what you sacrificed.
When the sacrifice period ends, there will be the largest airdrop of crypto in history. An airdrop of PulseChain coins. You will get your share based on your points. On day one your coins will be worth nothing. Then the trading begins and prices will do what they do.
Also it is mirroring every single eth based crypto. What does that mean? Pulse is literally duplicating Eth. I own a big bag of VET - a very solid erc-20/eth project. Every VET I hold in a non-custodial wallet will be mirrored on the PulseChain as pVET and given to me, added to the wallet. Free money for doing nothing but holding VET in a non-custodial wallet. I have a few others that will be duplicated and added to my wallets for free. And I am using this time (bear market) to move out of non-eth cryptos to load my wallets with those that will be duplicated for free. It's a big "WTF No Way Scam" to many. So was Richard's HEX. But look what HEX did for KGB here in our discussion. A few grand into 300k in half a year.
Richard says if Satoshi could make money out of thin air, so will he. This is not advice. Dyor. There's a current 1.5 hour youtube with Richard talking. Worth your time. Pulse is driving HEX down from so many sacrificing. Pulse may be "a bit" responsible for some of the bear market, as I have seen 20 million in eth sacrificed and 23 million of usdc sacrificed. One to Pulse, one to Sens, and there's been many many more whales jumping in this one.
After all a brand new project isn't impacted by this bear market. What else i got to do.
Nathan R. Jessep
Footballguy
so you're gambling that whatever you can acquire via donation pre-sale will end up costing less than what it ends up trading for?
Chaos Commish
Footballguy
Yes. Word it a little more accurately. I'm gambling what I'm given in the airdrop and "free cryptos added to my wallets" will end up more valuable than what I sacrificed.
Captain Cranks
Footballguy
This part has me extra spooked as you're getting into IRS territory. As Mark Cuban would say, "I wish you the best of luck, but for that reason, I'm out."
Chaos Commish
Footballguy
I think the taxes will be as simple as asking two questions. Is this a loss? Is this a donation? Yes/No do what the IRS says.
Captain Cranks
Footballguy
Right, but when I donate to the Salvation Army, I don't get airdropped something in return. That's where it gets into the gray area.
Chaos Commish
Footballguy
well, if you sacrifice to sens, you might qualify for a donation. if you sacrifice to pulse, you might show a loss. i only sacrificed to pulse - more points that way. fwiw 1 eth is worth 10,000 points. IF that means 10,000 pulse in the drop, pulse at .20 covers your sacrifice.
Chaos Commish
Footballguy
okay, i've done my work on pulse here. if you decide yes, good luck. if you decide no, i have no idea if that is a good or bad decision. not a clue. but i am in.
Captain Cranks
Footballguy
It can certainly be argued that way. However, as someone who's had to go through a deposition with a federal regulatory agency, I can assure you they are not the least bit interested in trying to understand the other side. Once it gets to investigation mode, it's all about ringing the register with fines, a settlement, or conviction. I'm not saying you're doing anything wrong or that this isn't all legit. It's just enough of a gray area for me with the tax implications (that you will be filing on record with the IRS) that I'm steering clear.
