Alt Coin investments

Discussion in 'Bitcoin and Cryptocurrency' started by ChrisBchicken, Nov 21, 2017.

  1. ChrisBchicken

    ChrisBchicken Member

    I have been thinking of expanding my portfolio into other types of crypto currencies besides the Big 3 (BTC,ETH,LTC). Anyone up for chatting about what they’re looking into? I’ve been researching POWR token, Ripple, and Vertcoin.
    @DrinkFlintWater I heard that you’re into crypto currencies.
     
    DrinkFlintWater likes this.
  2. Dema

    Dema Pharmacom Rep

    Always down for some alt coin convos..... my big bags are elix, nio and rkc.... I'm the gambler type
     
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  3. Deisel26

    Deisel26 Member

    I have some ripple, neo/gas, regal coin, western coin, bitconnect.
    I’ve only made decent money off regal coin, Bitconnect is just a train I’m riding to see how long I’m gonna be able to profit off of it.
     
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  4. ChrisBchicken

    ChrisBchicken Member

    What wallet are you all using? I have gate hub but have been looking into ledge nano s for a hardware wallet that will be more secure.
     
  5. ulfbehrt

    ulfbehrt Member

    You guys have my attention!

    Question for you all, what do you think the price of a bitcoin will be a year from now?

    Thanks.
     
  6. Sk8man101

    Sk8man101 Member

    Haha that's the magic question isn't it.
     
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  7. Burrr

    Burrr Member AnabolicLab.com Supporter

    subbed
     
  8. ChrisBchicken

    ChrisBchicken Member

    I think it could get up to 10,000 by next year. I'm actually hoping it drops down a bit to 6,000 before I buy more but it's been holding around the 8,000 mark. I'm hoping Lite comes up to $120 range.

    Now for my dream fantasy, I'm hoping Vert and Ripple skyrockets.
     
  9. ChrisBchicken

    ChrisBchicken Member

    I'll look into elix, nio, and rkc as I'm not familiar with them. Good technology behind it? I think the main factor that's gonna drive prices is the technology behind it. That's why I bought into ETH and Lite. Ripple would be good if regulations ever come down on it since the banks are already on board with Ripple. Just my assumption though.
     
  10. ulfbehrt

    ulfbehrt Member

    Interesting. I'm looking to invest a few grand in some of the cheaper coins in hopes that they provide a good return within the next 5-10 years, like BTC. If 5k and grow to a few hundred grand or more I'd be happy with that and if not it's only 5k. I want to retire in Vietnam or Spain or something like that where it's warm, my money goes FAR and 18 year old girls in bikinis is a year round thing ha ha ;)
     
  11. ChrisBchicken

    ChrisBchicken Member

    That's my plan too. It's hard to identify the smaller coins that will be successful. There are thousands out there. I'm investing money that I can stand to lose and hopefully it creates a profit for me. My plan is to diversify 1K into 3-6 cheaper coins that have the potential to grow.

    Some advice for you is to invest in a wallet that holds multiple types of coins and make sure that the coin you're purchasing is supported by the wallet. I'm looking into the Ledger Nano S. If you have an Android, there is an app called Coinomi that supports a bunch of different types of coins.
     
  12. DrinkFlintWater

    DrinkFlintWater Member AnabolicLab.com Supporter

    In terms of altcoins, Im only holding XRP right now, i dumped off everything else and I am focusing primarily on that and bitcoin. Ive been making out nicely on bitcoin lately...i also havent found another altcoin that I want to hold onto right now. Maybe buy and sell but in the long term, no. I think bitcoin is going to explode to a number that many cannot even predict at the moment and i want to be knee deep in it when it does.
     
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  13. ulfbehrt

    ulfbehrt Member

    See what I don't understand about these cryptos is if you end up making big money how in the hell can you cash it out quick and turn it into real cash? Like say I drop 1000 bucks on something dirt cheap right now and come next year it skyrockets and my 1000 turns into 250 grand well how do I cash that out ASAP or at least part of it?

    The government can kiss my fucking ass if they think I'm giving any of it to them so would it be best to go to another country with lax laws to cash out and drop into a foreign account? Emigrating from Canada is NOT a problem for me lol.
     
  14. Dema

    Dema Pharmacom Rep

    You can cash out any amount..there are banks that do this... I'm sure you heard of coinbase.. They can do such... But once you take out a certain amount it needs to be approved and yes you will be paying taxes...
     
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  15. Dema

    Dema Pharmacom Rep

    Elix is my one trustworthy long hold... I have some inside information the pubilic doesn't know.. But if you plan to get into the smaller market cap coins.. You need to be active with them... Always sell high.. Don't be greedy...take your profits and move on and come back to buy lower... That's how you make it.. Unless you get lucky and the coin just skyrockets.. But even then it will come back down... Always...

    Best tip you'll hear.....

    Buy the rumor.... Sell the news.....
     
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  16. ulfbehrt

    ulfbehrt Member

    Interesting. I'm going to drop $100 on Elixir, thanks. Just read up on it and it could very well have huge profits. So do you hodl or do you sell when high and buy when/if it lowers? And coinbase works with your current online banking?

    Sorry for all the questions man :p
     
  17. Dema

    Dema Pharmacom Rep

    Yeah, Coinbase works with my debit card and with bank account.... over a limit takes time and paperwork but it's doable.. Coinbase is a registered bank......

    And I trade a percentage of my holds and hold the rest... I'll risk some coins selling at the top and then buying back after it corrects.... you can buy more coins with the extra or you can take profits... there is also a chance it just goes up and up and that's why you gamble with a portion and not all your coins...
     
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  18. ChrisBchicken

    ChrisBchicken Member

    Cryptocurrency is considered an asset and you’ll be taxed on it plus fees from transferring back to USD. I’ve been reading up on ways to skirt around the taxes haha. Nothing solid yet.
     
  19. DrinkFlintWater

    DrinkFlintWater Member AnabolicLab.com Supporter

    Heres just a rough idea that I have planned either long term or short term. Now keep in mind, I will at some point need to sit with a tax lawyer who will need to have an understanding of this market. Anyway, have my kids set up their own wallets, accounts etc when they get older. If i "gift" it to them for lets say college expenses or whatever they may need at that point in their lives, I believe this would avoid capital gains tax on their end since it was never turned into USD prior to giving it them. Now, anything outside of that, on my end, again, im gonna legitimate advice from a tax lawyer.
    I read an article somewhere once that said that only a very small fraction of btc earnings have ever been reported to the IRS. Perhaps, they havent been cashed in but if they were, im sure they were "assisted" in finding all the necessary loopholes to avoid the IRS.
     
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