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<blockquote data-quote="johnnyunion" data-source="post: 5303211" data-attributes="member: 27167"><p>Am I buying Bitcoin now? As I already established, I took my profits off the table And kept my original monetary investment in the crypto space. I am now dynamically dollar cost averaging . the lower Bitcoin goes, the more $ I put into it. When it goes higher I will sell. My initial profits are never jeopardized because they are no longer in the crypto space. My profits are way more higher than my initial investment.</p><p></p><p>So , technically, as I said in earlier posts, I was buying bitcoin, every week up to 40k. So, yes , I have some paper losses on some bitcoin. Paper losses because they are unrealized losses. With the fifo method of accounting, I still have some bitcoin I bought at 9000k . And I lump summed over the course of two weeks when I first started buying, a massive amount of money that dwarfs my paltry dollar cost average buys later on.</p><p></p><p>Did I also buy some alt coins for losses, you betcha. They were insignificant losses as I put in insignificant amount of money into them .Im a bitcoin maxi for the most part but I will reenter the alt space at some point and buy them cheap. Then when the bitcoin halving happens in May 2024 , that will eventually result in a bitcoin run and a more massive alt coin run. But I will always be predominantly heavy bitcoin.</p><p></p><p>As for timing my buys and sells. I am not smart enough nor do I have time to be a day trader. I sold my first bitcoin almost two years after I first bought. It was a question of time in the market and fortunate timing in the market as I became reacquainted with bitcoin in late March of 2020 as I was looking to invest my horde of cash into something because I knew inflation would be a result of stimulus checks and massive economic shutdowns. Im surprised it took this long for the inflation to arrive.</p><p></p><p>Now as for posting pictures after poker wins, okay, but do you post the pics of the taxes that you would pay on such wins? no you don't because such taxes are never paid as your wins get diminished by your losses that you don't post pics of .</p><p></p><p>Okay, let me go one step further than you do.</p><p>The black pic is off my bitcoin sells from late April. I had them sitting on FTX/blockfolio earning interest as you can deduce from the amount of BTC I earned on them from the top portion of the photo. Anyhow, on April 22, 2022, some news came out about the European Union potentially banning the trading of BTC due to bull<img src="/community/styles/default/xenforo/smilies/group1/censored2.gif" class="smilie" loading="lazy" alt=":censored2:" title="Censored2 :censored2:" data-shortname=":censored2:" /> ESG concerns,(Hey did you know that Exxon/mobil is part of an ESG ETF but TESLA isn't ? , but I digress), . This , along with news from Ukraine that the Central Bank was going to seriously hamper the purchasing of bitcoin) . Along with macro news, JohnnyUnion either made a calculated wise decision to sell a good portion of his BTC or he panic sold . Since the winners write the history books and the villain is the hero even in his own story, I am going with the former scenario, but you never saw a Ups driver make it to a rest area so quickly before so that he could hit some buttons on his smartphone.</p><p></p><p>You see, Diamond Hands Johnny Union didn't have all his Bitcoin on cold Trezor wallets at home. He had it sitting on an exchange where he could sell them. So he pulled into a rest area along the interstate and did just that. So there are my sales with the dollars amounts coming from them in the darker attached photo.</p><p></p><p>I sold 19.0155 bitcoin in ten minutes and received $589,957 for them. Remember when I said I paid 9,000 dollars approximately for each one of those bitcoin that I bought almost two years before.</p><p></p><p>So that would mean I paid 171,139 dollars for the same 19.0155 bitcoin giving me a profit of $418,818.</p><p></p><p>Now lets go through the tax implications of this: It's kind of easy on the federal level, with long term capital gains taxes(I held longer than a year)</p><p></p><p>Federal Capital gains is normally 15 percent on profits but if you make too much in capital gains, you gotta pay 20 percent plus a 3.8 % Obama care Tax, giving a total of a 23.8% tax rate , that is you go past a certain limit in capital gains .</p><p></p><p>Well, as I said, in an earlier post, I sold some BTC in late march or early April.(just to get some money out of the space ), so that already put me over the limit. Any profits from my sale of 19.0155 Bitcoin would be taxed at the federal level at 23.8%.</p><p></p><p></p><p>so 23.8% X $418,818(my profit, ) = $99,678.</p><p></p><p>Well, as Re-Raise might think, you got some losses no doubt that you aint telling us about that will wipe those profits away and I bet you didn't buy so much bitcoin at the 9k level. Because as Re-Raise alleges, I only brag about my wins and hide my losses because I so desperately want to impress my brown cafe acquaintances.</p><p></p><p>If only I had some way to prove him wrong, . Oh wait, my quarterly estimated taxes for the 2 quarter of 2022 that were just due on June 15, 2022( long story why there are due before the 2nd quarter but you can google that if you care to know the reasons).</p><p></p><p>And since I opened up an account with the Electronic Federal Tax Payment System, (EFTPS), I can pay that online and debit the amount from my bank account which I did , to the tune of 97,329 bucks.(look at the lighter colored photo and at the second entry from top that was paid to the IRS.</p><p></p><p>Ahh, , but wait, that 97,329 amount is lower than the 99,678 dollars you made, to the tune of $2349 dollars. Ah ha, we got you now, says RE-raise.</p><p></p><p>Not really, I sold some stock for a loss, (a stock that is now really in the toilet, <img src="/community/styles/default/xenforo/smilies/group1/censored2.gif" class="smilie" loading="lazy" alt=":censored2:" title="Censored2 :censored2:" data-shortname=":censored2:" /> you Palantir, good gosh you're right Re-Raise, I don't always time my buys and sells correctly ) and also , my W2 deductions from my UPS wages(wages that allow me not to worry too much what is going on in the markets as I am not living off those proceeds or lack of proceeds(heavens, perish the thought). ).</p><p></p><p>So, Technically if I overpaid the IRS, I can get that money refunded back to me sometime next year when I file my return. I honestly hope, Re-Raise, that you don't think I paid the Feds over 97k just to make an incorrect boastful brag in an online forum.</p><p></p><p>Im just sick of these posts of the notion that one can not make money in the crypto space. I did, because I was fortunate to become aware of the space at the right time(but I was searching for oppportunities because I knew that cash would be trash, so grant me some credit for seeing that)</p><p></p><p>Im sure there will be more objections to how could I have made this money. Mind you. I put a <img src="/community/styles/default/xenforo/smilies/group1/censored2.gif" class="smilie" loading="lazy" alt=":censored2:" title="Censored2 :censored2:" data-shortname=":censored2:" />load in to start with. I didn't 100x though those are there but only in hindsight are they obvious.</p><p></p><p>If you can't believe that I did it with Bitcoin, replace Bitcoin with the word Tesla in the narrative and suddenly it seems more plausible , does it not?</p><p></p><p></p><p>Well, as for those ongoing objections, I won't be responding to them. I have a portfolio to manage .</p><p></p><p>Maybe one more post after this to address one other thing.</p></blockquote><p></p>
[QUOTE="johnnyunion, post: 5303211, member: 27167"] Am I buying Bitcoin now? As I already established, I took my profits off the table And kept my original monetary investment in the crypto space. I am now dynamically dollar cost averaging . the lower Bitcoin goes, the more $ I put into it. When it goes higher I will sell. My initial profits are never jeopardized because they are no longer in the crypto space. My profits are way more higher than my initial investment. So , technically, as I said in earlier posts, I was buying bitcoin, every week up to 40k. So, yes , I have some paper losses on some bitcoin. Paper losses because they are unrealized losses. With the fifo method of accounting, I still have some bitcoin I bought at 9000k . And I lump summed over the course of two weeks when I first started buying, a massive amount of money that dwarfs my paltry dollar cost average buys later on. Did I also buy some alt coins for losses, you betcha. They were insignificant losses as I put in insignificant amount of money into them .Im a bitcoin maxi for the most part but I will reenter the alt space at some point and buy them cheap. Then when the bitcoin halving happens in May 2024 , that will eventually result in a bitcoin run and a more massive alt coin run. But I will always be predominantly heavy bitcoin. As for timing my buys and sells. I am not smart enough nor do I have time to be a day trader. I sold my first bitcoin almost two years after I first bought. It was a question of time in the market and fortunate timing in the market as I became reacquainted with bitcoin in late March of 2020 as I was looking to invest my horde of cash into something because I knew inflation would be a result of stimulus checks and massive economic shutdowns. Im surprised it took this long for the inflation to arrive. Now as for posting pictures after poker wins, okay, but do you post the pics of the taxes that you would pay on such wins? no you don't because such taxes are never paid as your wins get diminished by your losses that you don't post pics of . Okay, let me go one step further than you do. The black pic is off my bitcoin sells from late April. I had them sitting on FTX/blockfolio earning interest as you can deduce from the amount of BTC I earned on them from the top portion of the photo. Anyhow, on April 22, 2022, some news came out about the European Union potentially banning the trading of BTC due to bull:censored: ESG concerns,(Hey did you know that Exxon/mobil is part of an ESG ETF but TESLA isn't ? , but I digress), . This , along with news from Ukraine that the Central Bank was going to seriously hamper the purchasing of bitcoin) . Along with macro news, JohnnyUnion either made a calculated wise decision to sell a good portion of his BTC or he panic sold . Since the winners write the history books and the villain is the hero even in his own story, I am going with the former scenario, but you never saw a Ups driver make it to a rest area so quickly before so that he could hit some buttons on his smartphone. You see, Diamond Hands Johnny Union didn't have all his Bitcoin on cold Trezor wallets at home. He had it sitting on an exchange where he could sell them. So he pulled into a rest area along the interstate and did just that. So there are my sales with the dollars amounts coming from them in the darker attached photo. I sold 19.0155 bitcoin in ten minutes and received $589,957 for them. Remember when I said I paid 9,000 dollars approximately for each one of those bitcoin that I bought almost two years before. So that would mean I paid 171,139 dollars for the same 19.0155 bitcoin giving me a profit of $418,818. Now lets go through the tax implications of this: It's kind of easy on the federal level, with long term capital gains taxes(I held longer than a year) Federal Capital gains is normally 15 percent on profits but if you make too much in capital gains, you gotta pay 20 percent plus a 3.8 % Obama care Tax, giving a total of a 23.8% tax rate , that is you go past a certain limit in capital gains . Well, as I said, in an earlier post, I sold some BTC in late march or early April.(just to get some money out of the space ), so that already put me over the limit. Any profits from my sale of 19.0155 Bitcoin would be taxed at the federal level at 23.8%. so 23.8% X $418,818(my profit, ) = $99,678. Well, as Re-Raise might think, you got some losses no doubt that you aint telling us about that will wipe those profits away and I bet you didn't buy so much bitcoin at the 9k level. Because as Re-Raise alleges, I only brag about my wins and hide my losses because I so desperately want to impress my brown cafe acquaintances. If only I had some way to prove him wrong, . Oh wait, my quarterly estimated taxes for the 2 quarter of 2022 that were just due on June 15, 2022( long story why there are due before the 2nd quarter but you can google that if you care to know the reasons). And since I opened up an account with the Electronic Federal Tax Payment System, (EFTPS), I can pay that online and debit the amount from my bank account which I did , to the tune of 97,329 bucks.(look at the lighter colored photo and at the second entry from top that was paid to the IRS. Ahh, , but wait, that 97,329 amount is lower than the 99,678 dollars you made, to the tune of $2349 dollars. Ah ha, we got you now, says RE-raise. Not really, I sold some stock for a loss, (a stock that is now really in the toilet, :censored: you Palantir, good gosh you're right Re-Raise, I don't always time my buys and sells correctly ) and also , my W2 deductions from my UPS wages(wages that allow me not to worry too much what is going on in the markets as I am not living off those proceeds or lack of proceeds(heavens, perish the thought). ). So, Technically if I overpaid the IRS, I can get that money refunded back to me sometime next year when I file my return. I honestly hope, Re-Raise, that you don't think I paid the Feds over 97k just to make an incorrect boastful brag in an online forum. Im just sick of these posts of the notion that one can not make money in the crypto space. I did, because I was fortunate to become aware of the space at the right time(but I was searching for oppportunities because I knew that cash would be trash, so grant me some credit for seeing that) Im sure there will be more objections to how could I have made this money. Mind you. I put a :censored:load in to start with. I didn't 100x though those are there but only in hindsight are they obvious. If you can't believe that I did it with Bitcoin, replace Bitcoin with the word Tesla in the narrative and suddenly it seems more plausible , does it not? Well, as for those ongoing objections, I won't be responding to them. I have a portfolio to manage . Maybe one more post after this to address one other thing. [/QUOTE]
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