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drunken slob said:
Looked at the Form 1040 for 2020 and noticed a question about, "Virtual Currency," right after the section with your personal information.

This is new. Revisions are coming, of course. I don't hold any of that stuff. The rest of you, pay attention.

:banned:
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This one of the main reasons I switched from mainly holding crypto to holding crypto stocks.

In 2017 I wrote the only 7 figure check of my life, payable to the IRS.

They are going to be looking for people to make examples of. 

Hopefully it's just like Ja Rule or someone and not one of the cool kids...

 
hooter311 said:
This one of the main reasons I switched from mainly holding crypto to holding crypto stocks.

In 2017 I wrote the only 7 figure check of my life, payable to the IRS.

They are going to be looking for people to make examples of. 

Hopefully it's just like Ja Rule or someone and not one of the cool kids...
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What?!  7 figures?!?!

 
Swaymoney said:
What?!  7 figures?!?!
Click to expand...
2017 bitcoin bull run allowed me to "retire" from the corporate insurance world at 32 and gave me the financial freedom to start my own insurance agency and be able to live life on my own terms.  Took about half of the proceeds and parked it in a lifetime annuity that cuts me a 7k check every month on the 5th....rest of my life is one big free roll, for better or worse.

Most of it is documented here in the bitcoin thread.  I basically grew up on this board after finding cheatsheets.net when I was like 13....here I still am 24 years later.

Basically turned a 10k investment in 2012 to mid-6 figures 5 years later.

But yeah, putting two commas on a check sucks!

-but I'm thankful to have the opportunity to do so!

 
Helaire-ious said:
What does FBG make of this Reddit AMC stuff? Are they going to actually do what they did with GME or are they just clowns?
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Don't fall for it!  Too many shares and it's a lot easier to meme about "diamond hands" than actually possess them.

My dumbest investment idea.....this month.

 
Now the important question...

Do I need to start shopping for an astronaut suit, or does like Daddy Elon take care of all that?

 
Its been a phenomenal year so far. I'm going to go ahead and trim 80% off most positions this morning. I'd rather the risk of not gaining more than the risk of losing what I've earned. I'm sure I'll likely be buying back in at a premium. Sandstone hands

 
hooter311 said:
2017 bitcoin bull run allowed me to "retire" from the corporate insurance world at 32 and gave me the financial freedom to start my own insurance agency and be able to live life on my own terms.  Took about half of the proceeds and parked it in a lifetime annuity that cuts me a 7k check every month on the 5th....rest of my life is one big free roll, for better or worse.

Most of it is documented here in the bitcoin thread.  I basically grew up on this board after finding cheatsheets.net when I was like 13....here I still am 24 years later.

Basically turned a 10k investment in 2012 to mid-6 figures 5 years later.

But yeah, putting two commas on a check sucks!

-but I'm thankful to have the opportunity to do so!
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Damn that’s awesome!

 
Nick Vermeil said:
TLRY. Darn. Really wish I had stayed in.  
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Ugh, selling early has been the bane of my existence. Only right a few times, terribly wrong on the others. I think I bought around 7 and was happy to make a grand or so (had 1k shares). It was just a quick move and it barely moved after the election so I put the money elsewhere. Probably did well on the elsewhere but not 5x.

 
NajehHejan said:
LGVW up huge today - nice to see after some downward trends - all I could find was more Cathie Woods buys into it....

Speaking of - Woods bought 2.1 million of SNAP on Friday - that is an insane amount - if she has that kind of conviction, is it a no brainer that I should be opening a position?
Click to expand...
Not for that reason alone. If you already believed in SNAP for other reasons, then it certainly can be added to your own conviction bucket. They get it wrong sometimes.

 
cosjobs said:
Its been a phenomenal year so far. I'm going to go ahead and trim 80% off most positions this morning. I'd rather the risk of not gaining more than the risk of losing what I've earned. I'm sure I'll likely be buying back in at a premium. Sandstone hands
Click to expand...
Trimmed: FLGT, SI, RMGCU, JOFFU. JNJ, TYME, BABA, BTAQ, NTRM, TPGY, CLDR, GSAH, MBIO, GDRX, XL

Kept: UVXY, MARA, MSTR, GBTC, DMGGF, UUUUWS, NEVDF, HOFVW, CBBLF, WLDFF, PVH, VYSTR, SFIO

Bought: UVXY

 
I'd consider buying early on anything bitcoin related today.  The trend lines to me look like they are setting up to pop.

On the other hand, there is also a good chance this rejects hard somewhere between the 49k-52k price window.

I still have my eyes set on the six figure valuation so no sense losing focus at this point.

I do think that a few factors like the new CME futures markets are setting up for a ethereum long squeeze....that would be a great buying opportunity for HVBTF, ETHE, DMGGF, and eth crypto.

 
But if you buy 500 shares at $5.00, sell 200 at $2.00, buy another 500 shares at $5.00 and sell another 200 at $2.00 that leaves you with 600 shares at at $7.00 cost basis and price never went about $5.00

Math isn't all that hard.

 
steelerfan1 said:
Bob, what does this mean exactly for the schmuck who has yet to start a position in this? Good, bad? Thanks
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To me it means you have incentives aligned between investors and executive management. If we make money, they make money. 

It also means the supply of stock floating around for the rest of us to buy is 40% lower than it might otherwise be. Then you have 30+% owned by institutions. Who aren't AS likely to hold long-term, but will still remove some % actively being traded. 

And if anybody ever wants to buy them out, they're probably going to have to come hard. I'll take it over the alternative any day. 

 
guru_007 said:
But if you buy 500 shares at $5.00, sell 200 at $2.00, buy another 500 shares at $5.00 and sell another 200 at $2.00 that leaves you with 600 shares at at $7.00 cost basis and price never went about $5.00

Math isn't all that hard.
Click to expand...
It must be, because I think you would have 600 shares left that you paid $5 for.

 
Desert_Power said:
It must be, because I think you would have 600 shares left that you paid $5 for.
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don't want to get extra snarky, but ffs I stated the cost basis was $7.00 which was the whole point of this exercise in math.  But if you think that you have 600 shares that you paid $5, so be it.

 
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guru_007 said:
don't want to get extra snarky, but ffs I stated the cost basis was $7.00 which was the whole point of this exercise in math.  But if you think that you have 600 shares that you paid $5, so be it.
Click to expand...
Ok, I don't understand how that works at all. Thanks for your wisdom.

 
hooter311 said:
I'd consider buying early on anything bitcoin related today.  The trend lines to me look like they are setting up to pop.

On the other hand, there is also a good chance this rejects hard somewhere between the 49k-52k price window.

I still have my eyes set on the six figure valuation so no sense losing focus at this point.

I do think that a few factors like the new CME futures markets are setting up for a ethereum long squeeze....that would be a great buying opportunity for HVBTF, ETHE, DMGGF, and eth crypto.
Click to expand...
Thanks for the MOGO tip. Bought at open and up 18% so far. 

 
Charlie Harper said:
Seriously. I'm doing terrible since I've started in April down 12%. 

Sold SE at $109 to add to CYDY on the way up.

Sold SI at $75 to buy BB at $20 thinking it could get a quick pump from WSB.

Starting to free up cash tied to CYDY. Hopefully this run can get me positive.
Click to expand...
😢 

Seriously though, it helps for us to remind ourselves that we do make mistakes.

 
cosjobs said:
Its been a phenomenal year so far. I'm going to go ahead and trim 80% off most positions this morning. I'd rather the risk of not gaining more than the risk of losing what I've earned. I'm sure I'll likely be buying back in at a premium. Sandstone hands
Click to expand...
I get it.  Though I dont think we are there yet.  Also, I dont think the drop will be quick quick.  Im thinking you have some time, but if now is your time to cash out, do it.

 
drunken slob said:
Looked at the Form 1040 for 2020 and noticed a question about, "Virtual Currency," right after the section with your personal information.

This is new. Revisions are coming, of course. I don't hold any of that stuff. The rest of you, pay attention.

:banned:
Click to expand...
They asked this last year as well.

 
BassNBrew said:
I buy 100 shares at $2 and sell those at $6.  i re-buy those 100 at $4.  Even though we own $4 shares, many will say they are free-rolling or reduce their original cost basis to $0
Click to expand...
I get that people say that, but the shares they own are still $4 shares. And I understand how you can use option premiums to increase/decrease basis. I just don't get how buying high and selling low ends you with thinking the basis is above either of your purchase prices. I don't really care though, my cost basis is whatever the broker/IRS thinks it is.

 
So angry at myself for being lazy with my selling of CARR prior to earnings.  Its the same thing each time, rally to the day before earnings report, then drop.  I didnt realize earnings were today, stupid me.

 
JAA said:
I get it.  Though I dont think we are there yet.  Also, I dont think the drop will be quick quick.  Im thinking you have some time, but if now is your time to cash out, do it.
Click to expand...
I'm not saying the market is there. I decided my coffers were there. Taking profits now may or may not be a good long-term market move. What I do know is selling at record highs across all markets, I sold near the (current) peak, I do have a huge UVXY holding in case things go south, but it doesn't affect the profits I pulled today

 
  • Thanks
Reactions: JAA
Helaire-ious said:
Nope. Friday was the 1st day they were not being restricted on buying AMC.
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I think the consensus is that GME type moonshot is not going to happen.  There isn't enough shorted shares and the robin hood et.al. would just add restrictions again if they attempted another short squeeze with AMC. 

 
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