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Not sure it is in MY best interest for them to be able to simply file for bankruptcy. Pretty sure that loss would be a capital loss and could take what will feel like ages to carry forward at $3000 per year. That is nothing. And is it just me, or is it criminal that number has never gone up in all my years of investing and filing taxes. How is that possible? At the very least, there ought to be a “catch up” provision for older folks, like there is with IRA limits. Uh oh, don’t get me started...
Seriously, why is it that some things are adjusted for inflation but others are not? Every year the social security threshold goes up, but the limit on education accounts remains at 2K per year. Good grief, it took twenty years for them to start increasing IRA contribution limits from that measly amount.
I wonder how many victims of this disaster would be better off if Mr. Schatt and company were charged federally with fraud. That would allow everyone to take the loss as a Ponzi scheme type loss, like folks were able to do for tax year 2008 thanks to Mr. Madoff. (When you think about it, Bernie’s Ponzi scheme was not the biggest of all history, nor even the biggest one to fail that year, if we broaden the definition—just a bit.)
Buy on the rumor, sell on the fact. Apparently that law has not been repealed.
That’s OK, I just got here. Barely got toe wet. Now we get to work.
Needed to know about this two weeks ago, darn it. Oh, well, so this has been around for only six weeks and the easy money has already been made (for now). But I can already trade weekly options on it? With strike prices at every dollar, sometimes every fifty cents? Sweet! I could get into a lot of trouble with this one.
Oops, looks like I already am. That’s why God invented dollar cost averaging.
Lesson learned: when investing with former PayPay people... stick with Peter Thiel!*
Dan just last-named all over a lot of people and their near term plans.
*and if I had looked up the spelling of his name two weeks ago, I would have been up 50% (talking about PLTR, of course)
We were supposed to have units in schools, this before CoVid. Then they did not need them with distance learning. Now maybe SANDD units will be more useful than ever when the children physically return to school, but that might not be for a few months yet. If that happens in California, it could be worth a few ticks.
Go.... Hawk!
Yeah, I got that message, too; physically hurts.
Funny, you worry about crypto hackers, do what you can to avoid being a cyber-victim by following instructions from the likes of CryptoCacey (and not just because she’s cute)...and then they get you with good old fashioned shenanigans, nothing to do with your email address or passwords.
My crypto holdings are tiny now. Less than half of what I had in XRP will be with Uphold where they will honor the Flare drop when it happens next month.
And I have no idea how you write off a bankruptcy. I am guessing it won’t apply for the 2020 return, as it will still be in process next year, I assume.
I hazard to think what XRP needs to get to in order to ease the pain. Not the previous high. That certainly won’t be enough.
Oh, well, I guess it’s a good thing the pandemic kept me from quitting my day job.
Reverses confuse brokers, but no need to panic. You will eventually see the new ticker and the new share count (a 2000/th of what you had before), and the new price with a $6 handle. E*Trade will catch up. What is annoying, of course, is that they will likely no longer tell you your cost basis. It is embarrassing, really. I mean, if I were one of the top four brokerages in the world who handle billions a day and I could not remember what your cost basis was from one day to the next, I would be embarrassed.
This is why you should always write down your cost when you buy, especially for a taxable account. What a pain it will be in April when your broker’s 1099 says, “sorry, we don’t know what your gain or loss is on that one.” But what do you expect? After all, it is only 2020; maybe in ten more years they will have the technology figured out.
As for reverse splits always being bad news, I must say I have seen a few in the past year. And while they tend to be bearish in the short term, a number of them have ended up in the black (if only briefly), and overall have been no worse on average than any other penny plays I have held long... too long, usually.
This stock broke one of my brokerage accounts. It says I am up $8000 today because BNGI is at 0.004. I don’t think so. I guess you can only go so low before the number just cannot compute anymore and starts causing glitches.
Try selling at that price, W2P. Not gonna happen. I wish, but not gonna happen. Nobody wanted it even at the bargain price of 0.0036. You could have made a quick 10% if you could flip it for 0.004. Come on! No takers?
: - ) Glad to see our pennies can still give us a chuckle after this year.
Started chats with both Uphold and CredEarn Monday. Indeed might be two weeks before that is resolved. Still waiting to hear from Uphold if they are going to partner with another company to be able to loan out holdings. I would think they would want to offer that to compete with Nexo, Bitrue, etc., although maybe they are feeling a bit snake bit right now. I can empathize.
Meanwhile, might get some more XRP if crypto prices are going in the bargain bin during this chaotic time. Still have ... what? ... 45 days until Spark magically appears in my Uphold wallet.
So... worse than Chuck and Di breaking up. Potentially worse than that wedding I went to in 2005, which should have never happened, considering the unresolved financial issues that couple had. The person I most felt for was the father of the bride, who shelled out heavily for the big to-do. If worse comes to worst, I will have him beat. Oh, well, in that scenario, at least I will know where my next 42 years of tax write offs are coming from.
; - ) Go... XRP! Hope it and the Flare drop saves my a$$.
PS You sure lucked out by getting dropped as a customer, MS, earlier this year.
No profit-taking for me. Need another 125%. And then another to get back to where this needs to be.
I thought the worst news of the day was that I sold a call on volatility first thing this morning rather than wait for the market drop to play out. But good grief, I hazard to log onto either Uphold or CredEarn to confirm your latest, MS. I thought they were buddies, fellow travelers, practically co-dependent. This could be worse than Charles and Diana. (Can you believe I got up early to watch that? I felt cheated when they broke up.)
Heck, I went to 3 weddings in August of 2005. Only one of those marriages lasted. (In one case, when I heard later what issues they had going in, I wanted my money back.) This could be worse than any of those.
Oh, if only it had been that easy to buy crypto eight years ago. If I could have got some through a stock broker, I would have an extra half-million bucks.
Meanwhile, MS, I finally made a spreadsheet from Uphold to show my cost basis for all my XRP. (So if and when it moons, I will be able to figure my taxes on it.) Not that much; it will only be about 10% of my total held with Uphold and CredEarn. And I am close to finally finishing my deposits. I have another seven $500 transfers to go, two this week and five more next month before the 15th.
I know you don't use them anymore, but I have learned to be nimble. CredEarn raised its interest rates on UPUSD to 13% (after lowering it to 9%); I got two programs at that rate, the last before they dropped it to 12%, but they will still honor 13% when the program starts on the 1st.
Awesome, just need another 1000% to get even... wait, make that 10000%
PS Just had an r/s a few months ago. That's why I have less than 5k shares. Would certainly hope not another one any time soon.
Would think smart flippers should be selling today. Even for a meager 5 percent. Right? Number 1 on the IHub Hot Board is always the kiss of death, is it not?*
Me, I only flip crypto with the Grayscale trusts. And mostly in an IRA. Do not need taxes to be more confusing. If I can hold crypto with the likes of Nexo or Uphold or Bitrue and loan out, stake, whatever they call it, to pick up a little interest on the way, that is good enough for me for now. Two months before December, probably enough time to flip this and everything else a couple times, but not looking to make it any more complicated before the Spark drop, as long as Uphold and Cred promise to keep it simple.
Have not bought any crypto through Brave, Tor, or other supposedly surreptitious manner, so not worried about the Ledger. The powers that be know where I have my crypto, and, anyway, XRP seems to be the least buck-the-system coin out there. Might even be a way to hedge the Great Reset. You want to be a rebel, you have to go elsewhere, which is why I have a piece of a dozen other coins.
*OK, we are back to #2, but it might be too late to avoid the curse of #1. Or is Sunday an exception?
Buy on the rumor, sell on the fact? Congrats to those who profited from that, if indeed the spike today is it for a while. Nice to see the chart have some variety in direction. I have my low bids and high asks in place as always.
But what is the fact? Are we finally rid of some legal albatross or what?
Partial fill from two days ago completed today.
I usually do not perfectly price tops, but there I was at the high for the day twice in three days. I almost changed my price but decided to leave it alone.
Would not mind being wrong and seeing more upside. Still have shares, as I averaged in (and I'm glad that I did), but I needed to unload some near this resistance point. Been holding my first buy-in for almost a year; congrats to those who waited and have only been holding for six months.
Have not traded diamond puts in a while. Been playing volatility directly, usually by selling spikes, but today just to be different, after getting my short and long term puts set, I bought a call, expiring same day. Sold it quickly when it got in the money for enough to cover my put premiums. Good thing as it dropped below the strike price. Meanwhile I had a put at that same strike, also expiring before sundown. Had to sell that for a bare minimum profit in the last minute.
Normally being in the money is a good thing, but I was not interested in selling 100 shares. Sometimes the market is down on Mondays.
If that spike remains when we moon, good. Because it will mean the moon happens in the next couple of years. Hate to break it to you, MS, but iHub has 5-year charts. Sorry, 3 years is not their limit.
: - }
FYI, for those keeping score, XRP had a 24-cent handle when CredEarn loans (programs, as they call them) went into effect last night. Looks like around 24.6 cents, based on today's chart.
Also, looks like CredEarn fixed a glitch as I got my XRP back into my Uphold account without delay.
I will take 150 percent at this point. Back to one and a quarter penny, where SNDD belongs, where it needs to be to challenge resistance (on the UP side for a change).
Go Hawk!
Well, shucks, guess I know nothing about finance, MS, as I received an email today from CredEarn saying they would indeed participate in the Spark drop (XRP fork, whatever you want to call it) December 12th. On top of that, they are bumping their XRP interest rate from 3 to 5% for the September 15 program.
I went to the CredEarn website and started a chat, so... I may hear from them tomorrow. Or Monday. Ha, ha ha....
Come next Tuesday I will have earned a nice round divisible-by-5 number in interest YTD from CredEarn. My goal is to double that (and then add another 30% on the top) in 2021, but of course, I do not control their interest rates. I do not mind the amount that I have earned from XRP and a dozen other cryptos is paid in USD. Maybe if I held them in a Self Directed IRA, but as regular taxable interest, think being in USD makes it simple come April 15th (or July 15th or who knows when next year).
Awesome news, but one question: only 1:1? They are saying that, because that much is all they can say now, but, there should actually be a possibility of getting more than 1 for 1, depending on participation. That is what I have seen posted here and elsewhere. Not that the 30% of my XRP tied up with CredEarn will be distributed evenly among all of us participating. That other guy, the one who borrowed the XRP from CredEarn may or may not participate, depending on their situation.
Great, so I will hold my XRP with Uphold... probably. Unless I just move it to BiTrue anyway. Will depend on my level of laziness in a few months. I have checked all the CredEarn loans that will end before December and modified them so that they do not rollover into new loans. Then they (CredEarn and Uphold) will have to compete for my XRP holdings in the future.
PS to fuddy duddies: Don't bother pointing out that XRP is down. I have the Uphold app and get the notifications... "LINK is on the move!" ... "BAT is on the move!" ... "LTC is on the move!" In other words, we are all down. Get over it.* And the stock market is up and so is the volatility index. Go figure. Enjoy the ride!
*Having said that, I do hate when we fall below Tether. Yuck.
Sorry about the bid whacking this morning, folks. For what it's worth, I did wait until I got 0.0011. That was above my average (as in dollar-cost averaging down--did that a few times last year). Settling for 0.001 would have been annoying. It's bad enough that I missed the action of the last couple of days.
Let that be a lesson to traders new and old: too many positions, you can easily miss the most important action of the day. Obviously, I was looking elsewhere at the beginning of the week... at cryptos, at metals, blue chips, volatility, somewhere, but not here where my attention was required.
For everybody's sake, hope this gets back to 0.0014. Go ETFM! (What are we now? A medical supply company... or something. Not building electric bikes or smart cars anymore, I guess.)
That allows 69% of my XRP to participate. The other 31% will still be loaned out through CredEarn. That is a lot to leave out, but I am looking forward to having the majority of my XRP matched with Spark. Now it is just a matter of finding out if Uphold can and will make it easy for me, or if I have to transfer it all to some place like BiTrue.
If I do have to move my XRP from Uphold, it will probably be permanent. Once again CredEarn did not return my principal XRP this morning. Everything else (BCH, LBA, USD, whatever) came back just fine, but not XRP. Looks like engaging the chat feature may become a ritual I have to perform every two weeks.
Meanwhile, MS, I am halfway to setting up my USD/UPUSD loan ladder and, more importantly, only need to transfer another $6k to Uphold to get to my goal. I can even wait a week before doing my next transfer. (Which is good; my outlays are outpacing my inflows.) I have until October 14 to load my last rung, so I have some breathing room.
Nexo is not an exchange; had no clue. See, I am still technologically challenged when it comes to crypto. Just knew I needed some.
Go... XRP (and FXRP). May it be the spark that lights the rocket.
Oh, right, duh, Flare was my third choice; should have been my first.
It may simply be that some exchanges are not designed for this. Nexo has yet to say they are participating, so I may skip them entirely and go straight to Bitrue or whoever is going to let me do whatever Bob and Charlie did to let Alice hedge the price of oats.
https://flare.ghost.io/fxrp-walkthru/
As for credit for my XRP tied up with CredEarn... I am not that technically savvy*, but wouldn’t the borrower on the other end of that be the one who could get the benefit of the fork? Otherwise you could have double-dipping, no? I mean, 45 billion Spark tokens is a lot, but...
*I have yet to fully unlock crypto’s potential, that is for sure: Have a hard wallet, but have yet to connect it and set it up; have not actually done anything with ShapeShift (probably done with their beta by now); downloaded Brave, but not using it to earn BAT (or do anything else); and I have no crypto credit cards, despite Uphold and Nexo and probably many more offering them (not to mention PayPal). I don’t even have shares in Moneygram anymore. (Although I did sell a cash covered put for August that just expired and I just did that again for September; we will see if Neb is right about it taking off soon.)
Which CEO, which co-founder are they talking to? Ripples or their own?
For the record, MS, I was patient; I did not pester Uphold with any Flare questions; figured plenty of others would take care of that. However, I cannot say I will be as patient with CredEarn if there is another “glitch” in returning XRP from my next maturing loan.
Sure would make things easy for me if Uphold participates in the 1:1utility fork. So easy, I might not stray to the possibly greener pastures of Bitrue or Nexo.
Note that Doctor Drew is our SANDD spokesperson. He is not a spokesperson for everything Redhawk does. Indeed for some time now he has already been doing radio spots for CBD oil, and I am guessing it is not from the same company being considered for acquisition. (I tried looking it up; you’d think these search engines could figure out what it is I want, but they are not that smart.) Endorsement contracts don’t last forever, of course, but... I am not assuming Dr. Drew will have anything to do with this.
I have nothing against MJ and CBD, but frankly, I have enough Cannabis stocks in my pinky portfolio. (Kind of wish I had been paying more attention lately to MJTV—great symbol, questionable management.) Without even checking my records, I can easily say the all-time champ of the two or three dozen pinkies I have traded since joining iHub last year has not been a Cannabis stock; it has been SNDD. Heck, even when it was IDNG, it was a money-doubler for me a couple times.
So I am going to need XUMM or an XRP Ledger Nano or sign up with Bitrue, or... hope Uphold will participate. Or maybe I will join MS over on Nexo. Time to break out a new notebook and document my cost basis, I guess, if I am going to have to move my XRP. Silly me, should have been doing that from the get-go. I know to do it with stocks, whether taxable or not; why not with crypto?
I have 81% of my XRP out in CredEarn loans, the last one out for the better part of six months. Glad to hear that we will have six months from the snapshot to collect, but assuming the snapshot itself is much sooner than six months, much of my XRP (which is in someone else’s hands right now) will not be “pictured” as mine.
Again, unless I am reading everything completely wrong, the snapshot has not happened yet, and there will be notice of when it will happen. Later works better than sooner for me, as every half month will allow the recovery of another loan ladder rung from CredEarn. I can make up for the lost interest easily enough as it is only 3% now. Sounds like the Flare Network will give me an opportunity for better returns anyway.
Hey, look at that: I suggest, it happens.
I would have put the first picture of Dr. Drew higher and I would have left what our well-respected leader looks like a mystery, but happy to see that, in fact, it is possible to freshen up an IHub board. Thanks and congrats all around.
And to the Long and Strong, Gooooo... Hawk!
I like the first part of your plan, MS. You want to take some money off the table as the S&P is hitting new highs. And it is an election year. I am not giving you advice per se, but myself I did start moving old 401(k) money and a current one into "cash" last year. I figured something was due to hit the market hard. I did not predict the pandemic, of course, but my move turned out to be a good one as indexes plunged 35%. But... then they recovered.
Sometimes we forget what to do after we are proved right (even if we are right for the wrong reasons.) I probably should have put some of that cash back in for a quick stock market flip, but then almost everything is up nicely from the March lows. I invest in a variety of things from the cryptos mentioned here to the pinkies that make up the focus of iHub boards to blue chips in the Dow 30. So, it's not like I've completely missed out. I have a college-ruled notebook full of trades, with a couple pages just for plays post-correction, but it does feel like the easy money has already been made.
As for XRP, my guess is you have enough XRP, a lot more than I have. I keep moving money to Uphold every day, but that is mostly to UPUSD, with a sprinkle for cryptos on dips (like we have now; got some more ADA today). You generally want to sell into rallies and buy into dips, without worrying too much about perfect timing, because you aren't going to do everything in one fell swoop anyway (I hope).
If you do want more XRP, and buying more would still average you down, than get some more XRP (your choice, of course). If you are old enough (59 and 1/2), you can take your current 401(k), one that you are still contributing to every time your employer pays you, and roll it into something else. Maybe you are like me; I have an old 401(k), not because of a job change, but because my employer changed plan administrators. It's not a lot of money, just enough to get me in a little trouble. If you have something like that, where maybe you could create a self-directed IRA, I would love to hear how you did it; my lazy self has not gotten 'round to learning how yet.
PS 1% of 150 trillion is 1.5 trillion, not 15 trillion
Dang, I missed out on getting cheapies Thursday. Guess my order to “buy low” expired on Wednesday. What was I thinking?!?
Hmm...maybe if the Fuddy Duddies would step up their game, we could get one last dip on Monday before take-off. Hard to keep SNDD down for long.
One thing I would like to see: Clean up this board; is that a thing that mods can do? Remove stuff, I mean. Any baggage pre-Dr. Drew seems irrelevant. Even a mention that the stock symbol would be changed to HAWC as soon as all the T’s were crossed and I’s were dotted seems out of date, That is not happening, is it? Did not happen; ticker was changed to SNDD instead. No plans to change it again, are there? I suppose it is harder to remove stuff than add, but, like most boards on this website, we could use some freshening up here. It is more important that all Redhawk websites look good than ours does, but still.... c’mon.
Yes, actually, it was going to be called ... The Greedy Agorist* : - )
If I had known I was just going to be another FOMO MOFO, then I would have given myself that handle.
*Although I would have wanted to find an alternative to YouTube, even developed my own website first.
As for LBA, big swings lately, more so than ChainLink; you can trade anything, but you can’t trade everything.
As for CredEarn loans sent out last night, for those keeping score: XRP price says 29 cents (they round to the penny now, no more fractions). That is an improvement over 26 on the 1st, 19 on July 15, and 17 cents on July 1. Six months ago, we got locked in at a price of 33 cents on XRP, so we still are working our way back to that. I might add, MS, since we discussed this two weeks ago, the only principal I have not seen returned to Uphold yet is that XRP. If I had let it roll, it would already be in a new three-month loan (with simple monthly interest, not the all-at-the-end daily compounded interest I want for all my ladder rungs).
I actually got to chat with CredEarn after only waiting 10 minutes for a reply. I did not ask them when I was going to get my XRP back; figure tomorrow, Monday at the latest. I asked them to make it possible to roll the six-month compounded loans into new six-month compounded loans without having to take the money back for two weeks to avoid rolling into a three-month loan. So far not happening, but I said to put me down as a valued customer asking for that change.
FYI additional CredEarn strike prices for 8/15/2020: BCH 295.54 and LINK 16.75 (So I already missed out on another 15%; that is OK, I still have 40% of my holdings riding that balloon.)
As for instant transfers to Uphold, MS, no, you cannot then transfer it elsewhere for three days. You can trade USD for cryptos, euros, etc., but not transfer the money back out immediately. That is understandable. Maybe you could stake holdings to CredEarn on the 1st and the 15th right away. I did not do that. The money I moved the last few days is going towards my September 1 rung(s). In seven days, I will already be ready to set up my next UPUSD loan for then. Only question is whether I buy more Cardano and then loan a percentage of it out, along with half my LTC and some LBA.
My excitement about the seemingly instant transfers came from my thinking maybe that speed was because banks were finally using modern 21st Century technology, maybe something facilitated by crypto, maybe even that it was thanks to the people at Ripple.
Since you mentioned Uphold, MS, transfers are instantaneous now, I should note. Used to be 5-7 days, maybe 3-5 depending on the bank account; now I get the notice that it transferred at the same time that I get the notice that I set up the transfer. Are they using ODL or whatever it is, or what? This started happening this week, with four transfers going through on Tuesday. Good thing I had the money in bank. I can last two more weeks before I reduce my pace.
I went ahead and finished setting up my loans with CredEarn for tonight (the 15th, that is). Put up 60% of my Link, so I hope it holds its value for another 10 hours. And I also put up BCH. Changed my mind on LBA, I had six loans on the 1st and will have 5 for the 15th. I am trying to only do so many for simplification's sake.
Looking at six month chart, no runs yet. Indeed in the last two months, IRNC had five spikes to 0.0002, and yet I did not participate in any of those, even though I had an order in place to sell during that entire time. If it were that easy, I guess I could have doubled my money four more times, but that order only just finally went through.
Again, it is tougher than it looks. Good luck to all the longs.
Whoever slapped my ask at 0.0002, thank you. Took exactly 9 months to flip that from 0.0001. Don’t let anyone tell you these trips are easy. This one and IDGC have been toying with my GTCs all year. Guess my order finally came up.
You were supposed to keep your LBA, MS. You were the one advising me to buy more at the low penny price.
I guess I will be loaning out some of my LBA on Friday night. I just hope Link holds until then.
Guess you have to be nimble to profit from all these little promotions. Me, I have only bought from Uphold and loaned through CredEarn. Now I gotta arrange to move it elsewhere? Ugh. Maybe my handle should be LazyAgorist. Or ProcrastinatingAgorist, as I have yet to try for any give-aways with ShapeShift. Frankly I do not want a fraction of a Bitcoin; I already have the Grayscale Trust.
Speaking of which, based on Grayscale's latest ad, there will be one for XRP eventually. But I would wait for dust and price to settle on any new offerings from them, probably six months. I think ones for BCH and Litecoin are coming first. Again I would resist touching those early after being introduced; likely to get wiped out like the sucker who spent 600/share on the first day of ETHE--ouch!
As for Ether, looks like I missed a dip on Classic. Oh, well, maybe tomorrow.
So if my exchange does not participate, SOL? And if they do, I only get 1:1 for what is sitting with them not earning interest? The rest is not really held by me as it is with whomever borrowed it.* Better than nothing, but I only have slightly less than 2 of 13 rung's worth with Uphold now, with a rung already earmarked for Friday night, but I can cancel that. When is this happening?
*I already have most of my XRP out in a loan ladder. It is an unbalanced ladder right now; the rungs are not even. The project to even out the rungs was going to take another 3 months.