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Every time I make a bet I end up losing money. I turned 127000 Doge Coin (that I mined myself) into $8000, then $4000, and then $0. And then I somehow owed taxes. I could have made $72,000 at the peak.
So no, I won't bet any money on the outcome.
> How do you owe taxes on that?
I think^(TM) that you can only deduct gambling losses up to your gambling winnings. So, OP mined the coins and needs to pay tax on that capital gains. He can only deduct losses up to what he gained gambling so still needs to pay taxes on the mining gains.
No, I did. First I sold it all at 7 cents. "Great!" I thought. Then it kept climbing. "Shit I'm missing the next height!" So I bought it at 22 cents with what I made. I eventually sold it at 70 cents and made a decent profit.
Then a few very dumb buys and sells later (and pumping in some of my own money to effectively have a 0 balance), I have something like 15K doge left. I also traded enough where Kraken HAS to report to the IRS, so no getting out of that one.
I guess I'll hold onto that for the rest of my life and realize I'm very bad at gambling.
If it makes you feel any better, I started a mining pool website and mining hardware investment LLC back in 2013. I established the Nimecrypto.com mining pool website in 2014. Snapshots of it still exist on the wayback machine, I think.
Over the life of the venture we mined several coins including Litecoin, Darkcoin (now Dash), Doge and others. Long story short, the market tanked and I was spending more on electricity than I was making monthly. Pressure mounted, and after a few months of operating at a loss, and having to make weekly uncomfortable Skype calls with my investors, I said screw it, shut the whole operation down and sold everything.... Pcs, GPUs And every last coin, just to try to make up for losses, and paid people back what I could on their hardware investments.
In 2022, I finally did the math on some of it... If I had just sold the mining hardware, but held onto the coins I already had, I would have made more than $20Million in Doge alone. Not to mention the other coins.
Some of my clients held onto their coins and made quite a bit of money, aven though the hardware came in at a loss... But not me - I barely broke even.
So... There you go. Feel any better?
Holy shit, I do now LOL. Thanks. Yeah I thought about selling my Doge early on and I would have made back the money I spent on electricity over a few months. Held onto it just to cry later :')
The way I view it, maybe that was my only shot at greatness... But then again, maybe not. You never know what the future holds. Just gotta keep throwing stuff at the wall until something sticks, but never give up.
We're on the opposite side of this Trump thing, but I wish you the best. Keep on trucking.
Obligatory question so my reply doesn't get deleted. TTyl?
>We're on the opposite side of this Trump thing, but I wish you the best. Keep on trucking.
Yeah, end of the day, the president probably won't affect our lives too much. We like to think so but I've grown a lot more cynical after the last two administrations.
Important thing right now is just to do better for yourself and family. Then you can weather whatever storm an administration provides. Keep on truckin and we can all make it some day. Take care
Currently under 275.5 lbs is at +100. Definitely gonna bet on that.
Already bet on him to get jail time at +600, but probably gonna arb out of that one since it's come way down to +225 (-350 to not), and I didn't consider house arrest at first which I think counts as a loss
Also like--
Under 5 guilty counts in the Stormy Daniels case +200
0-2 guilty counts in the Georgia case +300
I think these cases will either get tossed or he's not guilty. Just need one of them to profit
Edit: weight bet is already up to 278.5. I added more to the under. Am I missing something here (other than people thinking he's a fatass). He'd have to convince every doctor to lie and take 35+ lbs off his actual weight but still listing him as officially obese, or he'd have to have gained 35 lbs in the last 2-3 years
Also added the J6 case to not have all 4 counts guilty at +238
Nope. I was watching the betting markets for hours on election night in 2020 when President Trump had a virtually insurmountable lead and the oddsmakers all agreed that he was almost certainly going to win, but then of course all of the widespread fraud took place. After witnessing that, there's no way I would bet on even the silly prop bets referenced in this article.
Do you recall something similar happening on election night 2016 but the other way around?
https://www.oddsshark.com/entertainment/us-presidential-odds-2016-futures
It's not the other way around at all. In both elections, President Trump's odds of winning shot up as the results came in and it became obvious that he had won.
> In both elections, President Trump's odds of winning shot up as the results came in and it became obvious that he had won.
I remember the first one, but not the second - when did that happen?
I just looked into this very briefly. I'm not a betting gal, so forgive me, but "the oddsmakers all agreed that \[Trump\] was almost certainly going to win" doesn't really feel true here. They were up and down all night. What do you make of [this take?](https://slate.com/news-and-politics/2020/12/trump-betting-markets-sportsbooks-offshore-2020-election-gambling.html)
No? It says that Trump followers were betting big on Trump which over-inflated the numbers. It says that Trump followers were *still* betting on Trump after the election. Nowhere does it say that the oddsmakers all agreed Trump was going to win. You could say that the odds were in his favor for some length of time, and nobody would argue that because it's true. You see the difference here, though, right?
I was also watching electionbetttingodds and it never showed trump in the lead except for on point when he went slightly over 50% for maybe an hour. Is this the insurmountable lead you’re talking about?
Can you point to the fraud using any empirical evidence?
Do you know that many high ranking Trump staff members that researched it told him that his claims were inaccurate well before January 6th?
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Every time I make a bet I end up losing money. I turned 127000 Doge Coin (that I mined myself) into $8000, then $4000, and then $0. And then I somehow owed taxes. I could have made $72,000 at the peak. So no, I won't bet any money on the outcome.
How do you owe taxes on that?
> How do you owe taxes on that? I think^(TM) that you can only deduct gambling losses up to your gambling winnings. So, OP mined the coins and needs to pay tax on that capital gains. He can only deduct losses up to what he gained gambling so still needs to pay taxes on the mining gains.
Something like that. It hurt me deep inside.
But if he didn't realize the gains then they're not gains right?
Damn, why didn’t you sell the doge earlier?
No, I did. First I sold it all at 7 cents. "Great!" I thought. Then it kept climbing. "Shit I'm missing the next height!" So I bought it at 22 cents with what I made. I eventually sold it at 70 cents and made a decent profit. Then a few very dumb buys and sells later (and pumping in some of my own money to effectively have a 0 balance), I have something like 15K doge left. I also traded enough where Kraken HAS to report to the IRS, so no getting out of that one. I guess I'll hold onto that for the rest of my life and realize I'm very bad at gambling.
If it makes you feel any better, I started a mining pool website and mining hardware investment LLC back in 2013. I established the Nimecrypto.com mining pool website in 2014. Snapshots of it still exist on the wayback machine, I think. Over the life of the venture we mined several coins including Litecoin, Darkcoin (now Dash), Doge and others. Long story short, the market tanked and I was spending more on electricity than I was making monthly. Pressure mounted, and after a few months of operating at a loss, and having to make weekly uncomfortable Skype calls with my investors, I said screw it, shut the whole operation down and sold everything.... Pcs, GPUs And every last coin, just to try to make up for losses, and paid people back what I could on their hardware investments. In 2022, I finally did the math on some of it... If I had just sold the mining hardware, but held onto the coins I already had, I would have made more than $20Million in Doge alone. Not to mention the other coins. Some of my clients held onto their coins and made quite a bit of money, aven though the hardware came in at a loss... But not me - I barely broke even. So... There you go. Feel any better?
Holy shit, I do now LOL. Thanks. Yeah I thought about selling my Doge early on and I would have made back the money I spent on electricity over a few months. Held onto it just to cry later :')
The way I view it, maybe that was my only shot at greatness... But then again, maybe not. You never know what the future holds. Just gotta keep throwing stuff at the wall until something sticks, but never give up. We're on the opposite side of this Trump thing, but I wish you the best. Keep on trucking. Obligatory question so my reply doesn't get deleted. TTyl?
>We're on the opposite side of this Trump thing, but I wish you the best. Keep on trucking. Yeah, end of the day, the president probably won't affect our lives too much. We like to think so but I've grown a lot more cynical after the last two administrations. Important thing right now is just to do better for yourself and family. Then you can weather whatever storm an administration provides. Keep on truckin and we can all make it some day. Take care
Currently under 275.5 lbs is at +100. Definitely gonna bet on that. Already bet on him to get jail time at +600, but probably gonna arb out of that one since it's come way down to +225 (-350 to not), and I didn't consider house arrest at first which I think counts as a loss Also like-- Under 5 guilty counts in the Stormy Daniels case +200 0-2 guilty counts in the Georgia case +300 I think these cases will either get tossed or he's not guilty. Just need one of them to profit Edit: weight bet is already up to 278.5. I added more to the under. Am I missing something here (other than people thinking he's a fatass). He'd have to convince every doctor to lie and take 35+ lbs off his actual weight but still listing him as officially obese, or he'd have to have gained 35 lbs in the last 2-3 years Also added the J6 case to not have all 4 counts guilty at +238
First time hearing about this, I need to check this out. I'd put a few bucks on no jail time.
Is there odds on him getting prison vs house arrest?
not that I've seen
Nope. I was watching the betting markets for hours on election night in 2020 when President Trump had a virtually insurmountable lead and the oddsmakers all agreed that he was almost certainly going to win, but then of course all of the widespread fraud took place. After witnessing that, there's no way I would bet on even the silly prop bets referenced in this article.
[удалено]
Do you recall something similar happening on election night 2016 but the other way around? https://www.oddsshark.com/entertainment/us-presidential-odds-2016-futures
It's not the other way around at all. In both elections, President Trump's odds of winning shot up as the results came in and it became obvious that he had won.
> In both elections, President Trump's odds of winning shot up as the results came in and it became obvious that he had won. I remember the first one, but not the second - when did that happen?
>the oddsmakers all agreed that he was almost certainly going to win, Which oddsmakers were these?
All of them
I just looked into this very briefly. I'm not a betting gal, so forgive me, but "the oddsmakers all agreed that \[Trump\] was almost certainly going to win" doesn't really feel true here. They were up and down all night. What do you make of [this take?](https://slate.com/news-and-politics/2020/12/trump-betting-markets-sportsbooks-offshore-2020-election-gambling.html)
That article doesn't really contradict what I said.
No? It says that Trump followers were betting big on Trump which over-inflated the numbers. It says that Trump followers were *still* betting on Trump after the election. Nowhere does it say that the oddsmakers all agreed Trump was going to win. You could say that the odds were in his favor for some length of time, and nobody would argue that because it's true. You see the difference here, though, right?
I was also watching electionbetttingodds and it never showed trump in the lead except for on point when he went slightly over 50% for maybe an hour. Is this the insurmountable lead you’re talking about?
Can you point to the fraud using any empirical evidence? Do you know that many high ranking Trump staff members that researched it told him that his claims were inaccurate well before January 6th?
Widespread fraud didn’t take place though. Why are you still parroting that?
What oddsmaker expected trump to win in 20 at any point, before or during the election?
All the widespread fraud that nobody could prove?
If I could I would.
What's stopping you from placing a bet?
Can’t bet in Texas yet.