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The Lunatic Fringe - Trading talk.

jelly

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What concerns me about bitcoin is that volume is not following price on this latest advance.
The Oct-Jan move to $40k was accompanied by a textbook increase in volume. However, this move off the recent lows of $28K has been on flat volume. Not an ideal scenario.
GBTC was chosen since volume is more visible on it than the actual bitcoin chart.
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Lancers32

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Question for anyone who has used PayPal for crypto or a sell through. When do they mail out 1099's?
 

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I feels the same way. It feels wrong to make money this fast. It will correct hard and enter a new bear market but from what price? I think this shorter cycle has a few more months maybe through Northern Hemisphere Summer then we break down. After that low the real fun begins.
I dunno, but the vaunted 100K would not surprise me!
 

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What concerns me about bitcoin is that volume is not following price on this latest advance.
No, but if price holds on shrinking volume it just becomes a high level consolidation. Once the bulls digest the new price and work out they are not getting a better deal it goes for another upleg. These guys are rabid bulls and large amounts are closely held by whales so another sharp up move will not surprise me at all.
 

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savvydon

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Question for anyone who has used PayPal for crypto or a sell through. When do they mail out 1099's?
My experience is that they don't put anything in the mail. Their year end tax stuff should be available in your account under the documents area by Jan 31st.
 

Lancers32

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My experience is that they don't put anything in the mail. Their year end tax stuff should be available in your account under the documents area by Jan 31st.

Well that's the thing. There is no documents area in my account. Never used PayPal before doing some crypto trades for anything other than buy an odd item here and there on Ebay.
 

savvydon

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Well that's the thing. There is no documents area in my account. Never used PayPal before doing some crypto trades for anything other than buy an odd item here and there on Ebay.
Sounds like a clusterfuk. I have never seen a decent way to contact PayPal. No phone number, nothing. It always seems to be a one way street with them.
 

Lancers32

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Sounds like a clusterfuk. I have never seen a decent way to contact PayPal. No phone number, nothing. It always seems to be a one way street with them.

Yeah I know that's why I cleaned out the account. Gotta get the taxes done not sure how to even pick the gains up. There is no tax id number for them. I have done the computations so I guess I'll let the accountant figure it out. I would normally do this myself but this past year was a bit complicated. Thanks man.
 

savvydon

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Yeah I know that's why I cleaned out the account. Gotta get the taxes done not sure how to even pick the gains up. There is no tax id number for them. I have done the computations so I guess I'll let the accountant figure it out. I would normally do this myself but this past year was a bit complicated. Thanks man.
No worries. Just as an FYI I think I recall PayPal saying they don’t do tax forms on transactions totaling under 20k... fwiw

sorry I see the Beef man beat me to the punch!
 

Lancers32

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Total sales do exceed 20K. Profit not even close but the purchase amounts and proceeds exceed 20K. Pain in the ass these people. No phone no tax ID number for them I don't even have an account number just an email address and password. Last thing I need is a letter from Uncle in July about an under payment with penalties. I'll see if I can pick it up on 8949 as a miscellaneous. Thanks boys.
 

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Lancers32

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The crypto community makes me more than a little nervous. It is almost as if the rules have been suspended and we go nowhere but up. I do think there is more to go but the precious metals complex is going to be the safer bet long term. Could be wrong.
 

bemac

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Total sales do exceed 20K. Profit not even close but the purchase amounts and proceeds exceed 20K. Pain in the ass these people. No phone no tax ID number for them I don't even have an account number just an email address and password. Last thing I need is a letter from Uncle in July about an under payment with penalties. I'll see if I can pick it up on 8949 as a miscellaneous. Thanks boys.
That's what I would do, misc capital gains?
 

bemac

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The crypto community makes me more than a little nervous. It is almost as if the rules have been suspended and we go nowhere but up. I do think there is more to go but the precious metals complex is going to be the safer bet long term. Could be wrong.
I don't think you're wrong.

PM buyer mentality, "well they may drop big before they go up."

Crypto buyer mentality, "it doesn't matter how much I pay, it's just going up, up, up."
 

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savvydon

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I think ebay is $20k AND 200 or more transactions. PayPal may be the same.
Yes you are correct on the numbers. Previously ebay and PayPal worked hand in glove and the tax form came from PayPal. Ebay has now given PayPal the middle finger and are totally cutting them out of the action. My understanding is that within a few weeks ebay will deposit funds from sales directly into your account while holding back their fees. No PayPal whatsoever. I guess at this point ebay will have to generate the tax forms.
 

Lancers32

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Yes you are correct on the numbers. Previously ebay and PayPal worked hand in glove and the tax form came from PayPal. Ebay has now given PayPal the middle finger and are totally cutting them out of the action. My understanding is that within a few weeks ebay will deposit funds from sales directly into your account while holding back their fees. No PayPal whatsoever. I guess at this point ebay will have to generate the tax forms.

Dunno if this is for me but my only dealings with PayPal are a few buys and sells for Bitcoin and Ethereum. Gave up on them when they went to 1.5% transaction fees each way in addition to the shitty fills.
 

savvydon

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Dunno if this is for me but my only dealings with PayPal are a few buys and sells for Bitcoin and Ethereum. Gave up on them when they went to 1.5% transaction fees each way in addition to the shitty fills.
I think this split from ebay is going to hammer them hard. They provide very little given their fees and there are now a ton of competing services by which you can move/transfer money. I still like em for the Friends and Family option that lets you transfer money without any fee, though.
 

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dpong

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My stop loss is @ 14.41. Hopefully, we continue to recover.
Crap. I'm a trader and I said "hopefully." 1 full demerit.
 

savvydon

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Crap. I'm a trader and I said "hopefully." 1 full demerit.
LOL hard to pull the emotion out of it, but probably for the best!

Fwiw, it feels like AG has formed a nice base around 16 or so, just as silver has done so at the 25-26 level. I suppose there could be a tsunami that capsize both of em, but if the physical market strength is any indication, it is gonna have to be one heckuva powerful wave. 2c