I’m still siked for mining! It wasn’t profitable when I started early last year but I ended up making a ton of $. Best part was the vast knowledge gained!
Rule 1. If your in a speculative game you have to cut the throats of the idiots looking for fast cash. There’s a reason the saying is true “Bulls make $, Bears make $, Pigs get slaughtered!”
Rule 2. You’ll never get rich if you don’t actively manage you crypto portfolio. That means selling at profits. I’d bet if every miner sold into $ when they profited they would have made more than the stupid HODL.
Remember for every 5% lost you need to make 5.4% back. It’s only 6.9% if you lost 6% and well I think you know what happens at 7% and up!
Rule 3. Enjoy the fact that you have to KYC/AML your accounts. I’m fully known by Gdax/Bittrex and sit when I sell into the “real” tether USD. The amount of scrambling to send an “alt” from a ledger nano-Binance-sell to an USD paired crypto-than try and get USD is a cluster %}*#.
Hope you not holding tether!
Rule 4. Learn an adapt to your mistakes. Write a letter from the past to your future self. Marty McFly your brain! You’ll know what to do from your new found 20/20 hindsight.
I’m proud to say I donated real $ to my local children’s museum and Zoo because I had to pay short term gains. I win and I support local charities. Great feeling!!
I paid 100% of my crypto earnings tax to both state and federal too. No fears or shady tax crap. PAY YOUR TAXES!
Literally 10 blocks from my house are 2 Nuclear Aircraft carriers a training facility for the SEALs and a few blocks down SUBs.
Those 2 of our 16 total carriers are the same amount both Russia and China have combined. Yes Russia has 1 and the Chinese have 1! When I look across the bay I feel incredibly proud and lucky to pay US taxes.
Reason I sold all holdings on December 20th. Clear the slate for a new tax year! Why do you think Wall Street does it?
I have no tax obligations left and I can even right off losses from the 80% nicehash owes me.
I paid income tax on my mining!
But Patrick is right, I’m lucky enough to have a cousin who owns a very large VC firm in Menlo Park. This is institutional $ getting into the game.
They want in cheap and to “ legitimize” crypto, yet pay sats on the $! What did you think futures was for? Common people! Look back with your new found hindsight and adjust where you messed up. It’s trillions a day versus “ internet magic $”
I mine because I really enjoy it, sure I want to drive a fancy car it but it was never a lambo.
So looking forward for the next few years I’m going to mine. I’m wishing the best that this new distributed decentralized database is happening. Along side people getting hip to data mining from the likes of social media. Just think about the $ you lost knowingly giving away your “pokes,likes,and twits”
These are great times, new times hopefully!
If your disgusted with crypto and not mining than you should just cut bait and turn off your equipment! That’s exactly what they want you to do!
Just be prepared to buy above the bottom “ which know one except J.P and Goldman know.
Than you’ll make $!!
So keep doing what your doing but do it in a different way!!!
Also laugh, get some fresh air, enjoy time with loved ones! Life is short and technology makes it seem to go quicker. It’s only $ or was it?