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I’m old (according to Reddit) so here’s some advice from an old person.

All Cryptocurrencies

by COINS NEWS 124 Views

I’ve been in crypto since 2016, HODLing and stacking here and there. I don’t understand crypto and don’t want to understand it, it’s a gamble for me and a small % of my portfolio that I hope to exchange for a large amount of FIAT someday. As of lately it’s looking as a nice tax write off.

Tip 1 - there’s no wash sale rule in crypto. Sell your crypto at a loss and buy it back (I waited a day before buying back). A lot of us here can claim the max 3000$ loss. (USA)

Tip 2 - Over the last year, I’ve noticed a lot of platforms (now failing) like the most recent Genesis, Celsius, FTX, etc offered ridiculous APY%’s that I’ve been calling out as a scam for years. I usually get called a boomer for saying this. Anyways as you’ve all figured out there’s no such thing as free money.

If you want to park your money somewhere for a high % return, check out a high yield savings account like ally bank (or nerd wallet for other suggestions). I just moved my savings to discover bank at 3%

Yes I’m being a dick. I want to stop the spread of people thinking they can get 20% returns for parking their shitty altcoins somewhere. I hate this shit. You ruined the legitimacy of crypto all your scams that you got rugpulled by, a fat guy banging his ugly gf.

I’m also an idiot for not cashing out in January of 2018 and now again last year.

Edit - bring on the downvotes. You all got what you deserved.

And of course obligatory - this is not financial advice.

Edit again - you should stash your emergency fund in the HYSA. The rest should be in index funds.

submitted by /u/Fullscan19
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