Cryptos again. John McAfee buying into Bitcoin and shilling it for 30,000 USD by 2020. Wouldnt trust him but could add excitement for the market and increase buyers.
https://www.sec.gov/news/press-release/2017-131
Though the market is looking spooked by this. I’m still holding on my positions unless Bitcoin drops under 1200 and Ethereum drops below 100 then I’m getting out of cryptos as a whole.
Edit: Deleted QRL. Scam coin.
Still been doing great on the Crypto front even with people crying about Bitcoin “crashing” and all the fluctuation and corrections. Just convert to USDT when you smell a drop coming and get more when the dust settles, repeat and watch the percentages increase.
Quick note. QRL is a scam.
One of the 3 founders came out and said the other two are using the funds generated from the ICO and the coin to fund their own UK business instead of the coin milestone/features. Fuck.
I been looking into cryptocurrency. It’s legal in the US, but there no insurance on a digital wallet the way there is on a bank account.
Also all your earnings via payment or mining is taxable as the IRS sees virtual funds and real property and thus requires a tax.
Also the legal requirements are sketchy if you want to do more with Bitcoin than just use it to buy stuff depending on your state.
This is what I can find for Maryland (my home state)
http://www.dllr.state.md.us/finance/advisories/advisoryvirtual.shtml
From what you posted. IIRC Bitcoin is regarded as property and is only taxed as a capital gain once you sell back to USD. The only time they fucked around grey areas was when a state press charges against some dude for not being a licensed currency exchanger. (Total BS)
Dont know about Brits or UK but in Canada its considered foreign money/property. You dont have to report till its value is over 100,000.
Past that it really depends on the state. I hear people in New York City are IP banned from exchanges cause of some law.
Now in terms of security, I wouldnt trust ANY exchange.The best and most effective is using a “cold storage” method. Where you get the wallet of the crypto and slap it onto a removable hard drive/memory or an unconnected computer.
After that its basic internet security.
Awesome freakonomics podcast on passive vs. active investing
A good piece, but why this seems like news always puzzles me.
A Random Walk Down Wall Street was published in 1973!
Here’s a vid to go along with that post:
Despite the slide into the darkside of stupid that Shia lebouf has taken since the election, he did provide at least one shiny gem that we all can and IMO should take to heart. JUST DO IT!!
-Starhammer-
I love the salt coming from the DOJ and the IRS from by this case:
http://www.rapidtrends.com/robert-kahre-vs-the-irs-and-doj/
Crypto currency will do the same thing. Why can’t we use gold and silver for everyday purchases???
Regarding crypto, it’s pretty much here already technically speaking. I mean, who uses checks and paper money nowadays…
a $50 gold coin is just that in circulation… The federal government can’t get you for tax fraud on that!!!
FYI- employer contribution to 401k doesn’t count against your personal contribution limit, it gets its own limit instead. For example, personal pre-tax limit this year is $18k and the employer limit is another $18k or thereabouts, for a combined pre-tax limit of around $36k.
I keep saying ‘around’ because my memory might be off by like a grand in either direction, but you get the idea.
Bitcoin still increasing. Seems like it will hit that 5k mark then hoarders will come back out and cash out dumping the shit.
Though at this rate, I’m a believer Bitcoin will eventually get close to a 7-8k mark around the end of the year.
Bitcoin had the fork with Bitcoin and Bitcoin Cash. (1:1 Ratio) Looking at how Bitcoin Cash played out seems OMG will be pumped up after the free coin is given out to Etheruem holders.
Bitcoin will drop back to $600 from $6000 soon. It’s like a casino…
Hey seeking some advice. Right now I have 5 grand saved up. That’s enough to cover my expenses for the next 3-4 months in case if I were to lose my job or can’t work. With this money. Should I still continue saving on top of that, or should I start aggressively tackling my debt?
Right now my total debt is I believe just shy of 60k. With a combination of
Car Note, between
Private loan for school
Student loan
and past cell phone bill.
$5k doesn’t quite sound like enough, so double check your expenses. Assuming it is enough for at least 3 months, tackle that cellphone > the private loan > student loan > car.
My monthly expenses now are between 1550-1600 a month. So 5k is enough. But I would of course cut back on luxuries to reduce my expenses in case of emergency.
My car note has to be paid monthly. But yeah majority of my cash will now go towards clearing my debt. I usually have a grand of extra cash after all expenses are paid for the month. So I’ll put 800 dollars towards debt a month. And look where I can save money to put towards debt and work OT
*Rule of thumb:
Minimum 6 months of emergency funds if you’re single and without children. More depending on how much you agree with Murphy’s law/following the rate of inflation and consumer price index. Put the rest in the 401k if at all applicable. *
Once you have 6 months of expenses set aside, then you can go HAM on loans. You never know what is going to happen, and it’s nice to have a solid emergency fund if you ever need it.
@BB_Hoody if your interested, Goldman Sachs online savings account is at 1.20% interest rate. I believe it’s compounded daily and paid monthly. I think this would be a good start to put your emergency fund.
Is it easily accessable? Do you have to pay finds for withdrawing it?
Listen to J; work on the loan first. This is how you will feel when you are debt-free, guaran-fuckin-te!
