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monthly predictions on XMR/USD through June 2018 based on returns to date and the road to $500 and $1,000
From April 2014 to now, XMR/USD has had a geometric return of approximately 0.3696% per day. Extrapolating that into the future gives us the following monthly prices:
$220 on Dec 31, 2017
$247 on Jan 31, 2018
$274 on Feb 28, 2018
$307 on Mar 31, 2018
$343 on Apr 30, 2018
$385 on May 31, 2018 and
$430 on Jun 30, 2018
If that pattern continues, $500 would be hit on Aug 10, 2018 and $1,000 would be reached on Feb 14, 2019! Talk about a sweet valentine!
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Which exchange do you use to go short Monero? |
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Reasons to sell your crypto:
1) you need fiat to pay bills
2) you believe another investment or crypto has more upside potential (e.g. selling BTC to buy XMR because you think XMR will go up more in value than BTC)
3) the reason you originally bought the crypto no longer applies (e.g. you bought DASH thinking it had strong privacy but after looking into it from a technical standpoint you realize that is not the case)
4) your crypto has gone up so much that you can reasonably expect to live the rest of your life in a good lifestyle. How much fiat you need would depend on you, your age and how much you expect to spend each year.
Another way to say it is sell when the reason you bought no longer applies. Now, many people buy without a good reason and therefore they don't know when to sell. Many traders do not have a complete trading system. If you can a 37-page PDF titled "The Original Turtle Trading Rules" "Original Turtles, fighting the scams, frauds and charlatans" read it. Not for the specifics of the trading system but the framework. The 6 components of a complete trading system include:
1) markets - what to buy or sell
2) position sizing - how much to buy or sell
3) entries - when to buy or sell
4) stops - when to get out of a losing position
5) exits - when to get out of a winning position
6) tactics - how to buy or sell
Make your own system that you like that matches your style of trading. Make sure it includes all 6 components.
Experience is the best teacher.
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I exchanged all my Bitcoin (BTC) for Monero (XMR). If the BTC fork happens without any problem, BTC/USD will go up and take the alts up too. If the BTC fork has problems, then I'm safe in XMR. Why take the risk when you don't have to? There are reliable alt coins that you can exchange into and side-step the whole problem until the dust settles.
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The total market cap of cryptos is pretty high. Are there any crypto billionaires on the Forbes list of richest people?
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Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?
If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
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Bitcoin certainly has the network effect in that it's the most widely used cryptocurrency now. But in terms of privacy some of the alt coins may be a better choice, Monero, Dash, Z Cash to name a few. I'm looking for objective information like this https://moneroforcash.com/monero-vs-dash-vs-zcash-vs-bitcoinmixers.phpFrom a privacy standpoint, it looks like Monero is better than Dash or ZCash. Any objective info that would counter this viewpoint? |
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Does anybody have any experience or insight as to how 1099 forms are generated at itBit or any other bitcoin exchange?
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Anybody have any luck getting any type of withdrawal in the past week or so? USD by check or any particular crypto?
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Response from itBit
"We cannot provide you with tax advice. Please consult with your accountant as to Bitcoin tax treatment and when you would need to report your asset holdings to the IRS. We cannot comment on when we will generate 1099 forms and in what conditions we will generate 1099 forms.
Regards,
itBit Support"
I understand that even if there is no reporting, it is my responsibility to report capital gains to the IRS. But I'm just wondering if the reporting and 1099 form generation is similar to a stock brokerage firm. For example a 1099 is not generated when you buy stock but is reported on a 1099-B when you sell stock (assuming you are buying to go long and then selling to close the long position). If dividends of $10 or more are received, that generates a 1099-DIV form. If the dividends are less than $10, no 1099-DIV form is generated but you are still required to report the dividends on your federal tax return. If interest of $10 or more is received, that generates a 1099-INT form. If the interest is less than $10, no 1099-INT form is generated but you are still required to report the interest on your federal tax return.
Does anybody have any experience or insight as to how 1099 forms are generated at itBit or any other bitcoin exchange?
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The itBit.com website says
"All US traders will also receive year-end 1099 forms for tax reporting."
Does anybody know what actions will trigger a 1099 form? I know with a normal brokerage account a 1099 is generated only if you sell any securities (buys don't count) or if you have $10 or more in interest a 1099-int will be generated or $10 or more in dividends a 1099-div will be generated. The info on the 1099 is what is reported to the IRS.
If you deposit USD to itBit, buy BTC and withdraw the BTC will that generate a 1099?
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Eu usei mercadobitcoin para vender alguns bitcoins. Mas as taxas foram um pouco alta.
Execução de ordem de compra ou venda entre 0,3% e 0,7%. Retirada em BRL 1,99% + R$ 2,90.
Para vender R $ 20.000 de bitcoins e retirada os reais custos de um mínimo de 2,3% ou R$ 460.
2,49% para BitcoinToYou
1,64% para FoxBit
Outras coisas importantes são volume negociado, qualidade de serviços e confiabilidade do site.
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Qual é o melhor bolsa de bitcoin no Brasil? Por que?
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I know MintPal has had some problems migrating to version 2 of their website. What is the status of the site? Which coins are having trouble with transfers and trading?
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Where can I get historical daily data for
high, low, close
on DRK/BTC?
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Which alt coins have constant number of new coins per block? By having a constant number of new coins per block, the percentage increase in the coin supply per unit of time will decrease over time. If the coin continues to have PoW miners, the rate of increase will asymptote toward 0%. Would this constant block reward be a better model than the bitcoin model (gradually reducing reward plus transfer fees)?
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