[Philip67]

First off, I'm not sure how many of you invested in crypto last year but I'd like to publicly share some of my bad decisions over the year so that no one else ends up in the situation I'm in regarding taxes. Finally, I have a real world utility question regarding cryptos.

First of all, I got into Crypto on a whim, but I didn't just go balls to the wall on it. I did my research and invested in Ethereum, Cardano, Solana (somewhat), and occasionally Stellar. I also allowed my kids to put a small amount of money on some which went to Shiba, and Doge, lol.

I invested a small amount of money, at first, while I was trying to figure out how to ride the valleys and peaks of the crypto world. As I saw it, it was like backwards surfing on money. Lol. Paddling to find the wave and just as you stand up on the board (at the top of it), jumping with the board in hand to let the wave pass, as you land at the back base of it in preparation, and paddling, for the next one....

Thought I was pretty fucking clever doing this because someone told me, "Dude, if you can learn to ride those peaks and valleys, that pretty much makes you a genius."

Well, a genius I am not. I did really, REALLY well at times, other times, I ended up in a worse position than I started, eventually, I settled into a medium position. Not as good as I could have done, but not terrible either. Then I got distracted and apparently when that was happening, the markets tanked again. But I think, "....it's okay, it's okay...you're still up. Maybe not even a fraction of what you were, but enough to stay in the game."

Oh man was I fucking WRONG about THAT!

Just went to file my taxes and I...should have thought about this but didn't. I thought the fees I paid for these transactions were taxed already....I had no idea that those were considered "gains"....*

I was thinking, "I haven't made a WHOLE lot of money because I made some bad timing mistakes." And, that I was prepared for. What I was NOT prepared for, were those fees being added up, and considered gains, and additional income.

So, even though I'm SLIGHTLY up, on my cryptos now, I owe more than I made. As a result, I'm going to have a SIGNIFICANT loss of my hard earned savings. So, did "okay" on crypto, FUCKED on taxes. As such, the government wants approximately one paycheck per month (only get two here) to pay them off.

I invested in cryptos because I believed in the purpose, like when Biden pulled out of Afgan and they started putting their money into crypto to avoid the economic down turn of the taliban takeover, etc.

[AngelaJohnston]

Hi! Yes bro, this is not an easy question, but usually in such cases I consult with friends, Google a similar problem, sometimes it turns out to hire professionals

[ramzes666]

I also share your disappointment, guys. Taxes are the most frustrating issue for me because seeing what is left after they are gone sometimes makes me cry. I see no point in doing business in my state because I have to rent the room, pay for bills, the staff salaries, and the income goes mostly to taxes. It’s easier to work in the company. However, if you take some east Europe countries where the taxes are surprisingly low, the industrialization level is also lower. You choose the conditions where you want to live and pay more for better ones. Back to crypto, this year seems good to invest. What do you guys think?

[saynara]

If you're looking for a small but profitable investment opportunity, there are many options to consider. Some popular choices include stocks, real estate, and cryptocurrencies.Cryptocurrencies, in particular, have become an increasingly popular investment option in recent years due to their potential for high returns. While the cryptocurrency market can be volatile and unpredictable, investing in a reputable and well-established cryptocurrency like Bitcoin or Ethereum can be a smart long-term investment.One way to get started with cryptocurrency investing is by using a cryptocurrency near explorer like the one offered by GetBlock. A cryptocurrency explorer allows you to view and analyze blockchain data for a variety of different cryptocurrencies, helping you to make informed investment decisions.

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[jencli]

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