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drk posted:I'm curious how you think crypto is taxed, having touched the poop. to me I consider it all taxable. what I'm saying are the problems are things like how crypto just generates money out of nowhere and then people don't sell and so that's a taxable event even though they didn't sell anything. so you could have a investment where you lose it all but there's still separate income. A good example is a number of crypto services where you stake (deposit) A token and then continually get a stream of another token whose price could be variable, but all of it is taxable. so let's say you get these tokens worth $100 of income but when you sell them you get 20 cents because it has gone to basically zero.
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May 3, 2023 17:55
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CrypticFox posted:I think the wildest thing with the people of /r/BBBY is that despite the company declaring bankruptcy and the stock being delisted, many of them are still buying more shares, through Over-the-Counter purchases from a broker. Scrolling the sub, it's post after post about buying more stock, including people offering instructions about how to make OTC purchases through a broker. the ceo knows that the moass is coming but the lizards running the financial system are watching him too closely so the only signal he can get out is declaring bankruptcy wait...the whole jewish reptilians running everything conspiracy thing... is that the reason they call each other apes?
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May 3, 2023 18:02
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https://twitter.com/JosephPolitano/status/1653785501881577475?s=20
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May 3, 2023 18:23
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Blotto_Otter posted:BBBY dead-enders are going to have their losses forcibly realized at some point, right? I'm not familiar with the mechanics of a public company chapter 11 - do the existing equity shares persist in some form, or do they actually get canceled and new shares re-issued? i think they're actually going out of business so its already too late. the stock they hold is actually worthless. when a company goes bankrupt, people owning equity in the company get paid last. people who hold secured debt and/or bonds against the company will always be made whole first before stockholders. you're a stockholder you're a part of the company.
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May 3, 2023 18:36
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Boxturret posted:wait...the whole jewish reptilians running everything conspiracy thing... is that the reason they call each other apes? no its a meme from the latest planet of the apes series of movies. https://www.youtube.com/watch?v=20LuSlZT4S4 all the gamestop stock holders were diamond handing their stock and if they all did it they'd break the hedge funds who had shorted gamestop stock so they started calling themselves apes because of this. i forget if bored apes was before or after this
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May 3, 2023 18:39
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how many people are going to lose their shirt on BBBY and then trot over to the next meme stock
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May 3, 2023 18:40
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Originally the whole "apes together strong" thing was very much a "they'll break before we do, and that will make me rich" in a very specific situation. The original conceit was "if we all buy this stock that we have proof these hedge funds shorted, it'll keep the price elevated enough that the funds will need to exit their short positions and buy the stock, forcing the stock way, way higher than what we bought in at". Which is, kinda, true. If everyone buys a thing and you have a short position, you're hosed. Especially if you have a short position where you don't directly own the underlying shares-- you'll need to buy the stock at the higher price to cover a short position that you originally opened at when the price was lower, which is a double punch to the gut. They made an internet community around it, they used memes like "hold the line!" and "stand together!" when the price dropped at all, etc. Then people made jokes using the quote from the planet of the apes movies-- apes together are strong, apes on their own are weak. Apes are generally conceived to be stupid, so to sort of flip off the smart/elite hedge funds, the community called themselves dumbasses (apes), and emphasized that it didn't matter that the hedge funds were smarter or better-equipped so long as the apes stand together. This is, of course, one of the first parts of indoctrinating people into cults-- recognizing a shared vulnerability and using the community to protect it. The community, which you must be a part of, is the best/only way to thrive. Then the poker jokes/metaphors/allegories came in, where someone with diamond hands will not fold no matter what happens on the table. Importantly, there are diamond emojis and hand emojis. This is more apt considering the circumstances, which is that stock picking/trading is largely luck-based-- like a card game. Card games (and casinos generally) are largely a solved statistical analysis question, and generally speaking the correct way to gamble is to do so without emotion. Simple, strict statistical analysis. If you have a good hand and are statistically favored, you show your resolve by not folding, even when there are a lot of things going on in the table-- your hands being rigid and unable to be swayed like a diamond. This is, because they're stupid, a misappropriation of the concepts of why one should never fold-- the implication is that you should never fold if you carry a statistical advantage. Instead, they just apply the principle without any understanding to rope each other into bag-holding. You should absolutely fold in poker, all of the time. Any time you have a bad hand, or in this case a bad stock. Then crypto took off and things went absolutely loving nuts. NFTs came out, many of them ape-themed because people who call themselves apes after the preceding events self-identify as marks who 1) have time, 2) have money, 3) believe themselves to be knowledgeable/smart, 4) are highly susceptible to social influence, and 5) genuinely believe in double-digit multipliers on investments. The absolute perfect marks for a scam. And now the internet has been echoing itself for like 3 years now and every scam involves apes. jokes fucked around with this message at 19:00 on May 3, 2023 |
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May 3, 2023 18:41
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notwithoutmyanus posted:to me I consider it all taxable. what I'm saying are the problems are things like how crypto just generates money out of nowhere and then people don't sell and so that's a taxable event even though they didn't sell anything. so you could have a investment where you lose it all but there's still separate income. That's consistent with how distributions work in the rest of the financial world and the reason why dividends are paid in cash instead of fractions of shares. Asking the entire world to rewrite their entire financial system for some internet pogs is just never going to happen.
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May 3, 2023 19:14
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https://twitter.com/guy_freire/status/1653815613620379657
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May 3, 2023 19:18
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https://twitter.com/JuiceSimpsons/status/1523551892432953345?lang=en
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May 3, 2023 19:23
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I still think Dan Olsen did it: https://www.youtube.com/watch?v=YQ_xWvX1n9g
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May 3, 2023 19:27
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Strong Sauce posted:when a company goes bankrupt, people owning equity in the company get paid last. people who hold secured debt and/or bonds against the company will always be made whole first before stockholders. you're a stockholder you're a part of the company. mostly, but not always, when it comes to a reorganization. the reason is this: assume there's $1b of secured debt, $1b of unsecured debt. you're going to zero out the debt and give everyone equity. the secured creditor is going to say "well this business is worth only $900m, so I get all the equity" the unsecured creditors are going to say "this business is worth $1.99 billion, so i get just under half the equity" equity can say "this business had cash flow issues but is actually worth more than $2 billion and i should get some equity" so then, everyone has to fight over how much the company is worth. that is...well, more an art than a science. when you sell everything, it's easy. when the company continues in business, then it's hard. valuations can vary wildly between experts. and what sometimes happens is that you might throw equity some warrants (stock options, struck where they would be entitled to value) or something to shut them up, even if everyone thinks they're out of the money.
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May 3, 2023 19:27
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exmachina posted:I still think Dan Olsen did it: Also, May 7 was the Terra depeg, so while NFTs were starting to become a joke already the entire crypto economy collapsed within a week of slurp juice tweet
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May 3, 2023 19:29
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I think my favourite part is that they did a "hey this tweet blew up, better promote my stuff in the comments" https://twitter.com/rarecandyio/status/1521869663268974592 doesn't really work when the tweet blew up because what you said was phenomenally stupid 
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May 3, 2023 19:32
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ranbo das posted:That's consistent with how distributions work in the rest of the financial world and the reason why dividends are paid in cash instead of fractions of shares. Asking the entire world to rewrite their entire financial system for some internet pogs is just never going to happen. And they shouldn't! It's not the financial world's fault that crypto is a gigantic piece of poo poo. It is also that most crypto people have a huge cognitive dissonance and avoid logic with reckless abandon. My point is how crypto is structured results in people trying to mitigate this. I'm not saying it's justified but it's not all too surprising.
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May 3, 2023 20:36
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jokes posted:Originally the whole "apes together strong" thing was very much a "they'll break before we do, and that will make me rich" in a very specific situation. The original conceit was "if we all buy this stock that we have proof these hedge funds shorted, it'll keep the price elevated enough that the funds will need to exit their short positions and buy the stock, forcing the stock way, way higher than what we bought in at". Which is, kinda, true. If everyone buys a thing and you have a short position, you're hosed. Especially if you have a short position where you don't directly own the underlying shares-- you'll need to buy the stock at the higher price to cover a short position that you originally opened at when the price was lower, which is a double punch to the gut. the APE NFT thing is actually because the first big NFT creator/promoters were ardent nazis and it's a racist joke
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May 3, 2023 21:10
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DAD LOST MY IPOD posted:the APE NFT thing is actually because the first big NFT creator/promoters were ardent nazis and it's a racist joke also true but if what jokes is saying is chronologically correct, that means we're seeing real time convergence of memetic parallel evolution in two distinct strains of imbecile
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May 3, 2023 21:18
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Fur20 posted:also true but if what jokes is saying is chronologically correct, that means we're seeing real time convergence of memetic parallel evolution in two distinct strains of imbecile It's more of a toilet bowl swirling than a convergence
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May 3, 2023 21:28
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DAD LOST MY IPOD posted:the APE NFT thing is actually because the first big NFT creator/promoters were ardent nazis and it's a racist joke Worth remembering that this isn't a joke in the least, it's filled to the brim with literal 40s nazi imagery/references
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May 3, 2023 22:17
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I had always just assumed it was something racist. The whole meme stock Reddit scene is real sketchy and not just from a financial perspective.
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May 3, 2023 22:24
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the meme stock thing is just a reference to planet of the apes because the entire wsb subreddit has one brain cell that they pass around like the eye of the Graeae. the ape nft thing is separate. Monkeys are just funny I guess.
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May 3, 2023 22:26
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https://www.coindesk.com/consensus-magazine/2023/05/03/i-owe-brian-armstrong-an-apology/quote:I Owe Brian Armstrong an Apology Crypto's reputation is falling so fast that even Hamas doesn't want to do with it. https://twitter.com/JosephPolitano/status/1653785501881577475 golden bubble fucked around with this message at 22:49 on May 3, 2023 |
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May 3, 2023 22:46
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apparently "its not a crime if its on the blockchain" did not work in court for the opensea inside trader guy:SDNY posted:Although this case involved trades in novel crypto assets, there was nothing particularly innovative about his conduct — it was fraud. A jury has found that Chastain is guilty
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May 3, 2023 23:02
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https://www.reddit.com/r/BBBY/comments/1376gjj/bbby_is_the_first_strike_that_will_get_them_where/ The top post on /r/BBBY is now arguing that the stock being delisted is a good thing, since now short sellers can't offload their contracts anymore, meaning if BBBY holders buy enough shares from OTC brokers they can finally achieve the fabled short squeeze. This really is like watching a When Prophecy Fails Case study.
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May 4, 2023 05:38
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There’s also so many posts giving an exact date (2pm tuesday, this friday, etc.) with nigh qanon gibberish interpreting tweets (he said he wrote a book and that must be a secret message about how the hedgies are manipulating etc. but make it ten paragraphs) or more and then every time it passes it’s “here’s an excuse for why it didn’t go then but it’s actually bullish because it means the NEXT date is twice the potency.” Like, every week. And the dates pass and there’s always a new one.
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May 4, 2023 05:49
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coolusername posted:There’s also so many posts giving an exact date (2pm tuesday, this friday, etc.) with nigh qanon gibberish interpreting tweets (he said he wrote a book and that must be a secret message about how the hedgies are manipulating etc. but make it ten paragraphs) or more and then every time it passes it’s “here’s an excuse for why it didn’t go then but it’s actually bullish because it means the NEXT date is twice the potency.” What happens when the grand confluence occurs and they discover that bbby was a hologram and the real class of voting shares was in solitary at Florence this whole time.
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May 4, 2023 07:07
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Trying to decide if a cult that worships bbby stock is more weird or less weird than that cult that worships gadget hackwrench.
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May 4, 2023 08:28
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The Lone Badger posted:Trying to decide if a cult that worships bbby stock is more weird or less weird than that cult that worships gadget hackwrench. I am from the future 🥸 and soon it will be painfully hilarious how obvious it was looking back, all you had to do was trust your gut and block out all the bullshit 🧘♂️     How do you feel about the secret towel message charts?
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May 4, 2023 08:36
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rabid fans of gadget hackwrench are just everyday perverts. but unless keeping a life-destroying secret about their household's finances from their wife is their fetish, i'm not sure if the cult of bbby has that excuse
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May 4, 2023 08:37
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CrypticFox posted:https://www.reddit.com/r/BBBY/comments/1376gjj/bbby_is_the_first_strike_that_will_get_them_where/ Do you actually have to find shares to close out a short position if the shares go to zero
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May 4, 2023 15:04
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CrypticFox posted:https://www.reddit.com/r/BBBY/comments/1376gjj/bbby_is_the_first_strike_that_will_get_them_where/ If Prester Jane were still here they'd have a field day with this poo poo, probably involving multiple uses of the word "Narrativist". VitalSigns posted:Do you actually have to find shares to close out a short position if the shares go to zero I Am Not An Investment Advisor, but there's probably a proviso in the contract for that.
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May 4, 2023 15:13
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I love how these groups keep having posts where someone goes "I'm from the future and you're all right about everything keep strong!!"
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May 4, 2023 15:47
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CrypticFox posted:https://www.reddit.com/r/BBBY/comments/1376gjj/bbby_is_the_first_strike_that_will_get_them_where/ distributed-denial-of-reality
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May 4, 2023 16:35
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VitalSigns posted:Do you actually have to find shares to close out a short position if the shares go to zero When I looked it up the other day the answer seems to that you make 100% profit, but you may want to close out the position early because your broker might continue to charge you fees for borrowing the shares.
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May 4, 2023 16:46
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Lammasu posted:One thing I've wondered is why hasn't crypto mining taken hold in Iceland, the kingdom of cheap geothermal electricity. A quick Google tells me that last year consumers paid around 15ct/kWh. That's cheap for European standards (where prices briefly soared to almost 1€ /kWh last year) but outrageous for Texans, China, and other places. And if your operation is big enough to move it from Amsterdam to Iceland you might as well fly a couple of hours further and put it in the American desert where, idk you can also do some fun stuff like drive around a pickup truck or learn to fly planes for cheap
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May 4, 2023 16:47
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Neito posted:If Prester Jane were still here they'd have a field day with this poo poo, probably involving multiple uses of the word "Narrativist". The skeleton keys to understanding life under capitalism in 2023 are: 1) being a “conspiracy theorist” isn’t a specific set of beliefs but a particular worldview, and that worldview has become completely mainstream; and 2) the atomization of society has led to a collapse in community formation, and that void has been filled by cults. the cult is now the dominant form of social organization in lots of places.
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May 4, 2023 17:36
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DAD LOST MY IPOD posted:The skeleton keys to understanding life under capitalism in 2023 are: hosed up if true.
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May 4, 2023 17:38
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BBBY is up 50% today!!! Which of course translates to $.05 actual cash money  Naturally r/BBBY is now doing victory laps. Can $15 be far away? $69? $420? It would apparently be foolish not to assume so.
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May 4, 2023 18:10
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For the longest time I thought you all were just joking that bbby was bed bath and beyond. I can vaguely understand why they'd take interest in something tech-adjacent like Gamestop, but a failing chain of towel stores that they have almost certainly never set foot in?
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May 4, 2023 22:04
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run on sentience posted:For the longest time I thought you all were just joking that bbby was bed bath and beyond. I can vaguely understand why they'd take interest in something tech-adjacent like Gamestop, but a failing chain of towel stores that they have almost certainly never set foot in? The same reason they threw money at revlon before it went bankrupt: buy cheap, beat the hedgies, and go to the moon
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May 4, 2023 22:06
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