Mindpix Corp. (fka MPIX)

[Toxic Avenger]

No, you can deduct up to $3k in losses only and carry the rest to future years.
People talk about offsetting gains because it avoids taxes on the gains and there's no limit on the offsetting. For example, if you have $100k in gains, and $103k in losses, you pay no tax on the gains and get a net $3k deduction from other income.
If you have $100k in gains and $110k in losses, or no gains and $10k in losses, you can deduct $3k this year and carry $7k into next year, which can all be applied to gains next year of $7k or more, or another $3k net loss deduction, with the $4k remaining carried to the following years.