Crypto currencies 101.....for us neophytes.

[ferniesnow]

Shoulda waited


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Shoulda, coulda, woulda..........it was a tough decision Johnny. I did meet my objective and I am pleased at the outcome of everything. The buying and selling all went without a hitch and the transfer of monies was flawless.
I did have a great lesson in crypto and will get back in at a lower price.

 

[lilduke]

Shoulda, coulda, woulda..........it was a tough decision Johnny. I did meet my objective and I am pleased at the outcome of everything. The buying and selling all went without a hitch and the transfer of monies was flawless.
I did have a great lesson in crypto and will get back in at a lower price.

Where did you sell?

 

[ferniesnow]

Where did you sell?

Just a tad above $5k

 

[lilduke]

Just a tad above $5k

No sorry, i mean who paid you the for them.


Im asking because i have never sold any for canadian money. Just always buy more, some day i might want to sell though.


Thanks

 

[ferniesnow]

I use a Canadian “broker” called Shakepay.
Apparently, they are protected just like our banks. Also, it is up to me to do the capital gains, etc. as there are no T4 slips.
I’ll cross that road when I come to it.

 

[Cableguy]

Opened a newton account while on holidays
See how that goes

 

[freeflorider]

I use a Canadian “broker” called Shakepay.
Apparently, they are protected just like our banks. Also, it is up to me to do the capital gains, etc. as there are no T4 slips.
I’ll cross that road when I come to it.

So the way I see it you don’t pay tax on loto winnings because your gambling. Isn’t the stock market gambling…I wouldn’t pay a penny for capital gains. Let them come to you if the want it.

 

[ferniesnow]

Bitcoin Hits Record High On Increased Investor Appetite​

March 5, 2024 – 7:47 AM PST
LONDON/SINGAPORE (Reuters) – Bitcoin hit a record high on Tuesday, fueled by investors pouring money into U.S. spot exchange-traded crypto products and the prospect that global interest rates may fall.

The world’s largest cryptocurrency hit a high of $69,202, topping November 2021’s all-time peak of $68,999.99. Investor interest has increased since the Securities and Exchange Commission approved 11 spot bitcoin ETFs in late January. It then traded lower and was last at $67,266.
“The bitcoin all-time high marks a turning point for crypto,” said Nathan McCauley, CEO and co-founder of crypto platform Anchorage Digital. “Traditional institutions were once sitting out; today, they are here in full force as the principal drivers of the crypto bull market.”
Bitcoin’s meteoric nearly 160% ascent since October, of which 44% came in February alone, marks a sharp contrast to 2022, when the market was beaten into an 18-month long crypto winter, plagued by a string of high-profile corporate bankruptcies and scandal.

Net flows into the 10 largest U.S. spot bitcoin funds reached $2.17 billion in the week to March 1, with more than half of that going into BlackRock’s iShares Bitcoin Trust (IBIT.O), according to LSEG data.
In addition to demand from a wider pool of investors, bitcoin, and crypto generally, has gotten a boost from the prospect of the Federal Reserve cutting U.S. interest rates, which often prompts investors to divert capital into assets that are higher yielding or more volatile.
“One part of (bitcoin’s rally) has to do with the generally positive sentiment on risk in general,” said Alvin Tan, head of Asia FX strategy at RBC Capital Markets. “You can see that in the all-time high in the S&P 500 and Nasdaq.”
Investors have lapped up crypto, mega-cap technology stocks and investment-grade corporate bonds in particular this year.
Analysts say bitcoin also benefited ahead of April’s so-called halving event – a process that takes place every four years in which the rate at which tokens are released is cut in half, along with the rewards given to miners.
Supply of bitcoin is limited to 21 million, of which 19 million have already been mined.
Despite its recent popularity, for many investors, bitcoin is simply too volatile and lacks enough real-world applications to be anything other than a speculative asset.
Yet, in addition to the cocktail of flows of money into ETFs, the prospect of constrained bitcoin supply and an eventual decline in U.S. interest rates, some companies are adding crypto to their corporate coffers.
In February, software firm MicroStrategy (MSTR.O) – a long time holder of bitcoin – said it had recently bought about 3,000 more bitcoins for $155 million, while social media platform Reddit also said in a regulatory filing it had bought small amounts of bitcoin and ether .
On Monday, the number of dollar-pegged stablecoins issued by Tether crossed $100 billion for the first time. Tether issues a stablecoin that is designed to maintain a constant value of $1 and is widely used as a way of moving money in cryptocurrency without being exposed to price swings in other tokens such as bitcoin and ether.

Copied from One American News.

 

[jhurkot]

So the way I see it you don’t pay tax on loto winnings because your gambling. Isn’t the stock market gambling…I wouldn’t pay a penny for capital gains. Let them come to you if the want it.

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[jhurkot]

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[NoBrakes!]

Is it any different here? What does that mean Johnny?

 

[ferniesnow]

All I know is that on my site, Bitcoin is at $90,527.13 CAD presently.
At 12:44 pm today, it was $91,505.89 CAD

 

[ABMax24]

The Eqyptian Pound lost 40% of it's value yesterday, which gives a nice spike in the Bitcoin/EGP graph.

Had the average Egyptian put their savings in Bitcoin instead, they wouldn't have taken a 40% hit yesterday.

Granted after the 30% inflation Egypt experienced last year, most people probably don't have any savings.

 

[ABMax24]

Shoulda, coulda, woulda..........it was a tough decision Johnny. I did meet my objective and I am pleased at the outcome of everything. The buying and selling all went without a hitch and the transfer of monies was flawless.
I did have a great lesson in crypto and will get back in at a lower price.

Now you need to get into the derivatives market and make money when the price falls back down.

 

[ferniesnow]

Now you need to get into the derivatives market and make money when the price falls back down.

Hahaha.....

Now I would have to start a new thread.......The Derivatives Market for Neophytes.
Even after Googling, I haven’t got a clue.

 

[X-it]

Hahaha.....

Now I would have to start a new thread.......The Derivatives Market for Neophytes.
Even after Googling, I haven’t got a clue.

south park and its gone - Search Videos

www.bing.com

 

[lilduke]

Yep, its a great way to lose a lot of money

 

[X-it]

Yep, its a great way to lose a lot of money

From a guy who has made a lot of money.

 

[ABMax24]

Hahaha.....

Now I would have to start a new thread.......The Derivatives Market for Neophytes.
Even after Googling, I haven’t got a clue.

Google BITI Stock TSX (make sure its the Betapro one on the TSX). Its an ETF that tracks the inverse price of Bitcoin.

As others have said, it's high risk and not for everyone, but there's inverse ETFs out there now for most commodities, oil, natural gas, Bitcoin, even Tesla.

Everyone bets on stuff when the price goes up, you can bet on the price going down too.

 

[lilduke]

I personally dont really bet on stuff going up,i buy stuff i want to own.

If bitcoin was 1$ id just have more of them. Some stuff tends to go up over time like gold and real estate. Some stuff tends to go down like sleds, trucks,boats, bike ext


My dad gambles on the futures market and you can end up on the hook for more money then you put into it.


My thoughts are unless you are warren buffet expert investor dont bother. Just go to the casino and put it all on black