Cryptocurrency

Have been following this bowl and it seems people know what they are talking about. I got into crypto right before everything started going south. Don’t have much investment in the market but (contd)

Reaction Icon Like
Arrow Icon
works at

You can 1. Sell and buy back in, realizing the loss so it would be tax-deductible. The standard wash sale loss rule does not apply to crypto. So you can sell and buy it back right away to capture the tax loss. 2. Since it's only worth 160 now, may as well just consider that it's all lost and just hold it and see where it goes

Reaction Icon Like
like
Arrow Icon

Thank you

Reaction Icon Like
like
Arrow Icon

3. Double down

Reaction Icon Like
like
Arrow Icon

wanted to see if anyone can give me some pointers. I invested around 1000 for 5 LTC which is now sits at 160. As you can see I was just getting my feet wet when everything started going down. So not sure what I should do to recoup the 1000 bucks I invested. Any advice would be appreciated.

Reaction Icon Like
Arrow Icon

Agreed with D1. I put in 2k when BTC was originally around 2k or so back in July 17, starting participating in ICO’s and other alts, managed to go around 5x initial before the shit storm happened. Made more than a few bad day trades on top of that and my portfolio plummeted. At like 800 now, so I’m down 1.2k from my initial. I personally have been looking at it as if I don’t even have that money because there’s no point in pulling out tbh. The general rule is to only invest what you can live without. Like D1 at this point might as well just hold onto it in the hopes it recovers enough where the loss isn’t as big. Alternatively, it also depends how active you are with trading.

Reaction Icon Like
Arrow Icon

Sell and buy BTC

Reaction Icon Like
Arrow Icon

Related Posts

Anyone works or knows someone who works at Pixar? Wife needs a referral for a graphic designer role and this would really help

like
Reaction Icon Like
Arrow Icon

Best replacement for the Uber credit card? Got downgraded and looking for something similar to the old benefits.

like
Reaction Icon Like
Arrow Icon

*weekly post complaining about hiring discrimination against males*

likefunny
Reaction Icon Like
Arrow Icon

Delta Platinum members, what bonus do you choose? Very likely gifting Silver Status to my spouse.

like
Reaction Icon Like
Arrow Icon

I got a new role in Ohio. My SO is freaking out about the bedbug crisis there. Any tips of how to protect against bedbugs?

like
Reaction Icon Like
Arrow Icon

If anyone wants to join a boutique HR & Talent Advisory consulting firm, Kincentric is hiring for an Associate Partner role! Location doesn’t really matter, but preferably in IL, NY, or ATL.

like
Reaction Icon Like
Arrow Icon

Download the app for more exclusive discussions.