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Late Night /biz/ Anonymous 12/21/2021 (Tue) 19:55:43 No. 5948
Considering how many people here want to know about NEETing or even just 'making it' in general, we might as well start a financial thread. Anything and everything business, people! Just try to keep it comfy.
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>>5948 sure, why not i have [???] amount of XMR
>>5949 I've always wondered about that, it seems good from what I've been watching lately. Has it worked well for you, Anon? Bitcoin is starting to test my patience with its constant shitfits.
Is there a way to buy silver online without getting taxed on it?
>>5952 I assume you are avoiding tax on principle, which is commendable. You could always do under the table stuff on message boards or similar systems with wire transfers, venmo, bitcoin, etc. Probably Bitcoin since you can tumble them and not get caught by IRS spooks. If you only want to save money, there are plenty of cheap exchanges, look on TOR, cause I can't remember the names.
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>>5952 If you're in the U.S and just buying silver online, those transactions aren't reported to the IRS unless they are over 10,000$ within a 24 time period. Check individual companies policies though, if they're reputable they should have a page on it like the one I'll link below. Be careful though. If you just do 3 9,000$ transactions over the course of 3 weeks or something your bank will report that to the IRS as potential structuring which is illegal. "Structuring" is a legalese term for making smaller transactions in such a way to avoid reporting a larger one. The way around this to make the transactions look organic. Make a small purchase with the silver dealer of your choice first. Then a few weeks or later make a larger purchase under 10k that isn't a clean number. Something like 7,650.24$ or something as opposed to 8,000$. Then, a few months later or even in the next tax year depending on your needs and funds do that again. Don't lump the transactions close together. Keeping them under 10k should keep the bank from reporting the transaction too. Banks report all transactions over 10k in the U.S If you have less than 10k to invest overall this isn't even a problem, buy silver to your hearts content on a trusted dealer's website. https://www.jmbullion.com/investing-guide/taxes-reporting-iras/gold-silver-cash-reporting/
>>5956 >>5958 Okay, thanks for the advice. I was wondering if there was some kind of minimum amount for taxation or not. The things I've read made it sound like it was a certainty unless you're paying under the table, but that didn't seem right to me. I'm not that informed about these things, but I've never heard of anyone having to account for a small item of silver jewelry on their taxes or anything.
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>>5958 The 10K limit used to be a thing, but earlier this year the feds announced they're now tracking every transaction of $600 or more. Also they're planning pic-related. >>5959 Silver jewelry doesn't weight much so doesn't have much value. Even gold jewelry is typically < $1000 value a piece (or else it would become uncomfortable to wear all that weight, unless you're Mr.T)
>>5961 >but earlier this year the feds announced they're now tracking every transaction of $600 or more. I thought that got backtracked, is that actually happening or is that a proposal, a retarded proposal. Wew. The chink commies really did buy "president" brandon, didn't they.
>>5962 Believe it or not, the chinks didn't buy him. There are greater powers than them at play, though I suppose it doesn't make much practical difference.
>>5964 Hmmmmm, I thought him and his spawnling holds a stake or stocks in a very connected CCP company, 10% stake in it or such? Anyhow, yes in the larger picture it might be splitting hairs since pres potato is making industries in general tank or trying to work around him.
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>>5948 I just wanted to stop by to shill Stellar Lumens (XML) as an excellent cryptocurrency for people getting sick of Litecoin and Ethereum's crap. I just got done shorting some DOGE, and am curious what you think I should put the profits into. Maybe some standard stocks?
>>5948 Checking in after a pretty good day. Banks were struggling, but my commodities made up for it with massive gains. For you frens exiting crypto (you should be), I would recommend putting some serious thought into commodities and dividend stocks. Anything but retail and tech is good at this point. How is it going on your end(s)?
>>6098 I'm considering learning to trade cryptocurrency instead of continuing to minimum wagecuck for 12 hours a day. Why do you think crypto traders should exit? Are the future regulations really gonna have that much of an impact?
>>6100 I'm a big n00b when it comes to trading anything. Basic (+advanst) advices and tips would be appreciated muchly!
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>>6100 Not that anon. The thing spooking markets, and sentiment right now is the interest rate hikes from the Federal Reserve. Personally, I have little reason to believe that this wasn't just a correction to test resistance in the 30-40k region for BTC before continuing the 4 year bull market during or once this 60 day cycle ends. (BTC should recover by March 2022 before having a parabolic sometime from Q2-Q4) Sentiment can switch on a dime, but macro trends are hard to break. I've seen so much FUD over the years that if mere interest rate hikes and the same supply chain instablity we've been facing for two years already scares me off than I wouldn't be a very good macro trader. My plan is to hedge by closing my CDP and accepting a 10% loss or so if BTC closes below 37k on the weekly candle. If it closes below 28k on the weekly I'll sell my position and cut my paper losses. The potential upside is six-figures for BTC and 5 figures for ETH should the market cycle play out as the 3 year trend would suggest. This 4 year cycle itself is part of a secular bull market 16 year cycle trend for bitcoin. I expect the next 4 year cycle to likely peak early and enter into a secular bear market where we finally see a bear market bottom below the previous cycles all-time-high. The reasoning for this is that bitcoin should have some sort of business cycle as crypto matures as an asset class and bitcoin does have enough capital in its market to start being beholden to more general phenomena in economics. The other reason is that the macroeconomic picture is looking worse and worse every year and at some point that will be reflected in markets (though I'm not convinced this is it right now.) The government is choosing stagflation in response to fundamental failings in the the economy due to their own bad economic policy they've been pushing for decades. Which means severe but not hyperbolic inflation for the foreseeable future while real-GDP growth barely moves or even stops entirely leading to some minor degrowth. I would start stacking silver, platinum, palladium and rhodium by the middle of the decade at the latest. Their prices will be astronomical by the end of the decade. Ignore gold. Gold's demand is only about 40% industrial, the rest comes from jewelry, in a real economic collapse scenario it won't be worth nearly as much as metals whose demand is predominately in industrial use. In summery. Take advantage of the dip now by building a position in BTC and ETH with money you can afford to lose. Start selling off portions of your stack gradually after BTC breaks 60K with a target to exit entirely after BTC hits 100K. I personally will be selling off 10% of my stack every at 5K price intervals. A proportional methedology applies to ETH. Then, I will 50% of my gains and immediately invest them in a precious metals spread that will be held long term, 20% of the profits will be for living expenses and 30% will be for an absurd attempt to buy back into the crypto markets during the coming bear market so I can take advantage of the last 4 year cycle high sometime in the middle of the decade. Also, apologies if this was way way too much info.
>>6111 You're saying gold sucks because it has little industrial demand. So where's bitcoin industrial demand? It's even less than gold's, because bitcoin doesn't even exist in the material world.
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>>6112 I'm saying gold sucks in the context of an economic collapse because gold can't be eaten nor has supply constraints compared to other precious metals for industrial purposes, two things that would still matter even in the failure of the economic system. I didn't say cryptocurrency at large would fair any better in an economic collapse, which is why I mentioned selling it prior to such an event. Crypto is only successful in specific economic conditions. Bitcoin doesn't have industrial demand, it's value comes from the service it provides, being a decentralized, secure, encrypted and uncensorable ledger, which, is something that institutions have already shown they value circumstantially. This said, BTC's advantage at this point is entirely one of a first mover advantage and its currently larger market cap. Once ethereum moves to proof of stake of it will have greater decentralization and security by virtue of a higher cost of 51% attacks due to the nature of proof of stake and a higher node count, currently ~280,000 validator nodes on standby for the upgrade compared to bitcoin's paltry ~15,000. https://beaconcha.in/ ETH provides greater utility too in that scaling of transactions per second is actually on the roadmap and ETH supports smart contracts. The service that these protocols provide is what gives them value and demand as in order to use the service a user must pay transaction fees denominated in BTC and ETH respectively. An example of a notable institution already using ETH is the European Investment Bank, which recently issued 100 million euros worth of bonds on the ethereum network. https://www.eib.org/en/press/all/2021-141-european-investment-bank-eib-issues-its-first-ever-digital-bond-on-a-public-blockchain This is their rational for using ethereum. "The EIB believes that the digitalisation of capital markets may bring benefits to market participants in the coming years, including a reduction of intermediaries and fixed costs, better market transparency through an increased capacity to see trading flows and identity of asset owners, as well as a much faster settlement speed." Crypto will likely face a dot-com esque bubble at some point even if the economy doesn't collapse. But assuming a capitalist economy arises on the other side of that collapse crypto won't be going anywhere and would likely recover proportionally to other assets long term. Real cryptocurrencies with real use of course, the market is entirely unregulated and 9 out of 10 cryptocurrencies are genuinely scams/useless. I agree with you in principle, it's all abstract nonsense like the financial system at large is. But this is the world we live in so why not take advantage of it if one can? Even Karl Marx traded stocks. https://www.independent.co.uk/news/world/when-marx-played-in-a-capital-venture-1550195.html
>>6115 Nobody wants to eat gold, or motor oil, or other non-foods. Those are just raw materials. It just so happens that some materials can be used as money, and have been for thousands of years. At the most basic level you even do away with money altogether and use barter. Now that's a real decentralized, secure economic system because there's no way to control it or tax it, and it doesn't rely on any kind of technology, nor does it require you to pay any transaction fees or involve any third parties at any point. Also it's entirely private (no ledger). Basically this is the nightmare scenario for the NWO central bankers, they would shit their pants if every pleb started using barter, because they would lose all their control. That's probably one reason they've been very busy buying up all the hard assets and land. If the plebs don't own anything tangible, they can't barter and thus they'll be happy and eat bugs and live in the pod.
>>5948 Should I just do something autistic like hoard helium?
>>6119 no, get gold and/or silver and fucking hold them your entire life if so your heart desires. These metals havve intrinsic value due to the fact that literally every civilization from every era in history has used them as currency and considered them valuable. The present and future are and will be no exceptions to this. if the grid collapses chances are there will be a hundred million willing to accept your gold for every guy that will accept payments in fucking air
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>>5948 Fockin' ell m8 How much did you all lose?
>>6148 18% of my crypto in a bad leverage trade. I'm not worried, the market will recover within 2 years. I'm going to try to break my neetdom and do some gig work driving around. Planning to put half of what I earn every month into crypto and pm until I make it.
>>6148 down something like $30k right now, idk i haven't even counted my wallets lately
Would it be worth it to join one of those survey sites to earn Ethereum? I want to get some Urbit IDs, and paying for them with Metamask is the main option right now.
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>>5948 Commodities fren here. I hope you lads bought a shitton of coal before this last boom. I am really getting sick of newfags selling because the DJI is down without looking at the charts for their stocks separately. If you haven't backed out of crypto yet, now's the time. Bitcoin was back down to 40 at closing today.
>>6229 It may be. Don't get jewed on investing crypto for interest. Besides, there are many sites and services that pay (((real))) cash for the same basic thing.
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>>6148 I'm down 12k from a 1k investment into Jasmy. Not selling but still seething.
>>5948 Checking in everyone, how are you doing with the recent military-industrial complex party in Ukraine. My portfolio hasn't changed too much, except for a jump on oil due to sanctions.
>>5948 Anybody know why the banks are having a hard time on the market right now? I have positions in Comerica, Flagstar, BOA, Huntington, and Independent and all of them are dropping hard. Does it have to do with inflation or troubles with the Ruble?
>>6405 >He thinks the Ruble is in trouble No, it has more to do with them bearing the load of inflation. Sort of a tool to put the crash off for awhile.

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