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10559401 No.10559401 [Reply] [Original]

Why are you guys still playing crypto?

I quit ~a month ago. Cashed out at an $8k loss and am going to expense it against my taxable income for the next 3 years, so I really only lost $6k. Took me a long time to mentally accept it and acknowledge that I fell for a fad.

My mental health improved dramatically since cashing out and leaving this space. Ironically, I feel more comfortable spending money these days. I am 25 with ~$120k in stock, but seeing a good chunk just vaporize like that has made me realize just how fragile finances can be. I am more open to spending on myself now and enjoying my money--rather than just hoarding it only to lose it gambling. As unpleasant as this experience was, it was definitely a life lesson.

You guys gotta be able to admit when the dream is dead. This entire thing is like the titanic, and people are slowly sailing away with the lifeboats. Get out of this while you still can.

>> No.10559410

>>10559401
if you don't have any capital gains for the next two years you can write the entire 8K loss off eventually, you're just limited to 3k a year i think

>> No.10559420

retard
>>10557617

>> No.10559425

>>10559401
I will unironically not leave crypto with most of my money tied into it. Full crypto, cyberpunk revolution.

>> No.10559431

>>10559410
Yeah, you can expense it all against your normal ordinary income which ends up being ~30% back.

All my investments are in long term holdings, and I don't really plan on selling anything for the next 3 years until after I have fully expensed it against my normal income. If I want to rebalance my portfolio, I will do it by adding more cash to existing holdings.

>> No.10559438

>>10559401
Why are you here?

>> No.10559443

>>10559420
Bro, all coins are overvalued, useless trash. We have always known it. This entire space is just about finding a sucker to pay more than you did--but we ran out of new suckers months ago and there are so many people desperate to break even at this point, we will never see a sustainable uptrend. It will be a slow bleed to near-zero.

>> No.10559453

>>10559438
Bored and wanted to see if this place was still hemorrhaging money.

>> No.10559456

>>10559431
word, i would reconsider anon, buy 10K worth of btc eth xmr and link and you could have millions of dollars in 5 years. 120k all in stocks sounds risky but will probably be fine desu

>> No.10559476

>>10559401
OP's post is a fake and gay.

>> No.10559508

>>10559456
Nah man, I am in heavy on emerging markets and US small cap value plays. Poised to pop once Trump's dick measuring contest with china is over.

>> No.10559515

>>10559401
Why are we still here? Because we're all playing with house money, and the crypto space is still yielding INSANE returns for those who aren't totally retarded. Better returns than literally any other market in the history of markets.

Playing with house money means we can take big risks, and hold VERY deep losses only to then still see 400% returns or more in a matter of weeks.

So, that.

>> No.10559550

>>10559515
In the past 8 months of this fucking year. There have been NO COINS except for EOS that did a 4x in a matter of weeks.

You fucking delusional idiot...These coins are dead...

>> No.10559581

>>10559515
"House Money" is a logical fallacy.
For every winner in crypto, there has to be a large number of losers. It is a zero-sum game, money is just trading hands. We have run out of buyers.
By definition, the vast majority will lose and a few will win big. Pigs get fed, hogs get slaughtered.

>> No.10559596
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10559596

This was seriously some of the faggiest shit I've ever read, I literally couldn't even finish reading because even now as I continue to type im still fucking laughing, holy fucking shit

>> No.10559629

>>10559443
awesome, we actually need the people like you to leave so crypto can be legit again. people like you who just see it as gambling are cancer. those of us who are in it for the tech are here to stay

>> No.10559630

>>10559515
>so, that
there isn't a more reddit post on this board. kill yourself faggot

>> No.10559662

>>10559401
When it was in 2013 i was gonna do the same shit like u, i think this market is fuxking retarded and there is no second chance but luckily i didnt need money back then so i leave it.
I cashed out like 800k after taxes last year and leave 60k in alts . Damn it feel gud u know.

>> No.10559679
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10559679

>>10559550
10x'd with ORI when it listed onto IDEX

>> No.10559689

Because I’m up over 500k. I’m not selling now

>> No.10559692

>>10559401
Your mental health is going to go to shit in a matter of time.. and you better not come crying to us.

>> No.10559802

>>10559662
In the world of gambling, you can make money from stupid decisions...doesn't mean it was a smart move though. It wont keep going up forever.

>> No.10559865

I guess it really depends on if you think that blockchain and smart contracts will form an integral part of the information age infrastructure in the coming decades.

Like most start-ups, most projects will fail but the ones that will succeed are currently massively overvalued in the short-term and undervalued in the long-term. We are still very early in this game - like the internet in the mid-90s - but to think that this space is dying is very myopic.

Just like the Dotcom bubble, some will get lucky from bullshit and many more will get burnt but if you can identify critical pieces of the infrastructure (ETH... maybe?) then you can do very well indeed. That bubble burst at $3t but this bubble will be much greater: the barriers to entry and much lower, we are in the midst of the information age and not forging it, and capital is even more ravenous in this stage of capitalism.

Be sceptical sure, be pissed off in the short-term even, but keep your focus on the big picture.

>> No.10559872

>>10559802
>It wont keep going up forever.
Yes that why i leave it in alt not btc but still i got some left in btc tho. Let just say i'm some lucky dude but i'm really hope u don't miss this life changing boat again tho...

>> No.10559897

I mean if u didn't put in more than what u willing to loose u would become a millionaire or atleast have enough money not to care bill and shit in life.