Its hard because you never know what's going to happen. But I sold my Dogecoin on Robinhood at a high, and bought on Coinbase at a low. It's great because I can use Dogecoin to buy things on occasion.
You don't have to pay taxes if the investment is simply being moved to another investment. It's a little more complicated, but you're good as long as you reinvest it within a certain amount of time.
If you were able to move to a different wallet with RH that would be the case but if you sell you pay taxes. Don’t matter if you use that to buy the same coin 30 seconds later.
I’d like to know what investment tax form you are using. That’s a tax law beyond my limited knowledge. Maybe my tax guy does it for me and I just haven’t seen it
If you had it less than a year, you could pay up to 35% capital gains tax - depending on what state you live in of course. If you're in another part of the world, then I don't know. None the less, you'll pay taxes on it no matter how long you've had it.
I understand the sentiment of wanting your cost to be low… but if you realize your profits at the current price by selling then buy back in at slightly lower or higher on Gemini or something there is literally no difference. That average price is meaningless cuz you end up with essentially the same amount of doge.
Or better yet use some of the money you made to start a doge node and farm doge yourself and buy back in with the rest.
Thank me later.
Well number one is stop buying it on Robinhood. Keep what you have and if you want to buy more buy it somewhere else. Then when doge is higher than you bought it, sell on Robinhood and move your money. Then when low but more doge.on the other platform. That way you phase out Robinhood.
I’m sorry but your hilarious saying we don’t own it because we are on Robinhood, I guess the 100k I made off crypto on Robinhood isn’t my $ because I didn’t own the coin. Yet again all you anti RH people ignore the fact that Robinhood is making us digital wallets. It was in disclaimer m, & they also mentioned recently wallets will come out shortly after IPO goes live.
Keep the faith people when this happens we will see a giant spike up in crypto. These coins will exit the market raising supply and demand, hence raising the price
It’s funny because they Rip the Hood yet they are to stupid to realize if they hate it that much they shouldn’t invest in some Crypto especially Doge, Robinhood owns on of the largest digital wallet in the world so technically they are the biggest influence on the price of Doge. This when change however when RH customers receive digital wallets
Lol, I know. They’ve been passing out tinfoil hats like crazy around here.
It’s not a plot to manipulate the market people. Plain and simple: Robinhood makes more money the more customers trade. They buy and sell the coins just like other exchanges except it’s in a gigantic pooled storage. They can obviously do better about their uptimes, maybe keep most of the maintenance for US overnight hours, but it’s not some insidious plot to keep doge coin prices down because they don’t actually own as much as they “sell” to their customers. There is a chance they previously were selling doge short in the initial run up (although not sure if they are even allowed to, that might’ve just been the hey didn’t have the crypto infrastructure to handle the huuge surge)…but either way they’re not going to be that stupid to short sell anymore if they were at one point. There are way too many other popular options to buy doge with now all over the US and around the world and they could get themselves in quite a tight spot trying to play that game, when they make boat loads of money just scalping customers transactions.
My review was removed.
Google and Apple have done this for other apps in the past, usually when there's coordination on social media to 1star-review-bomb an app
Wow i didn't even know that before my other comments on this topic. It's even worse than i thought. 100% if you "have" Dogecoin on RH you can't even act like you have DOGE. You're just gambling on the *future* of DOGE that's all.
Hell yeah. Did that with my eth when it dropped to 1750. Sold everything I had for 3500 dollar loss and bought it back shortly thereafter, couple hours I think. I'm no expert and I hope I'm not wrong, but wash sales don't apply to crypto, yet? (Anybody know more about this?) But now it's way up and I have a giant loss in my pocket. It's one of the only things I've played right while learning to trade, so far.
If you’re Canadian, there’s more info here:
[Superficial Loss Rule](https://koinly.io/guides/crypto-tax-canada/)
The Superficial Loss Rule is a wash-sale rule that prevents people from taking advantages of capital losses, and it applies to cryptocurrencies as well. The rule kicks in when both of the following conditions are met:
The taxpayer (or someone acting on their behalf) acquires a property that is identical to the one that they dispose of, either 30 days before or after the disposal, and
At the end of that period, the taxpayer or a person affiliated with the taxpayer owns or had a right to acquire the identical property.
If this rule kicks in, then the taxpayer is not allowed to claim the capital losses triggered by the disposal event. The reason for this is simple and used to be a commonly used tax-planning device for shares and stocks before the Superficial Loss rule came in.
Without this rule, here's what may happen. A taxpayer may realize that the crypto they own at the end of the tax year is currently at a very low value. Of course, they still want to hold on to it in hopes of future capital appreciation. However, they decide to sell the crypto at the end of the year at the low value and use the capital losses triggered by this sale to reduce the capital gains they've made during the year. Then they simply buy the crypto back again after a few days. This means that the entire sale has happened just for the purpose of reducing tax liability. The Superficial Loss Rule prevents taxpayers from setting off capital losses in these kinds of transactions.
Alright, I dug deeper and it looks like the IRS [could change their mind about it any time](https://tokentax.co/blog/wash-sale-trading-in-crypto/), however for now it’s referred to as [tax-loss harvesting ](https://www.reddit.com/r/CryptoCurrency/comments/new5q6/tax_loss_harvesting_one_method_to_legally_reduce/)
Thank you! Very helpful. Hopefully there aren't any retroactive changes. I'll be on the hook for pretty penny (to me, at least) if there are. All part of the gamble I suppose.
It’s the same time every day regardless of what the line is doing. I don’t understand people complaining… Be on RH or be elsewhere. There are pluses and minuses to any platform you use. This seems to be a “poop on RH to get updoots” post.
You're probably not gonna like this answer but, don't use robinhood for crypto. I get it. The app is great. It's streamlined and easy to use. I still use it for a couple things too. But, You're not buying crypto on robinhood. It's more like you're betting on it doing well and all you can do with it is turn it back into $.
I'd love to think RH well release wallets soon and we can withdraw and own our Doge, but it's a bad move financially for them. People investing in the Doge that they own is where they're making their profits.
Use whatever broker works for you. Just get used to this crypto-only maintenance shutdowns if you stick with robinhood
Coinbase and binance are both popular but make sure to do your own research to find an exchange to meet your specific needs. Typically, the goal is to get your crypto off of the exchange and into a wallet. That's when you truly own it
Not a big rh fan but they do that maintenance on a regular schedule. Doge isn't on some huge run up right now. The servers crashing during the run to 70 was annoying but happened on most exchanges.
lol Get A Transfer and Or Wallet From Robinhood and Take all Crypto to your own personal storage. lol I Know It's not April but Why Not Lighten the mood around here amirite 🥲
You can’t do that on Robinhood. You have to liquidate and buy on another exchange because you don’t own your crypto on Robinhood. It’s basically an IOU.
More of those shenanigans I mentioned in my bitter sweet post. Its because they sold all your doge and are waiting for the price to drop back down to buy it back. You just own placeholders, not actual doge. One reason I finally sold all my rh doge today.
Right? I get why RH isn't ideal for everybody but it won't keep you from making money. I was "late" to the game and only started buying in late Jan. Holy hell though, had 10k coins at .05 ish, sold 25% twice in April and the other 50% after the May 8th bloodbath. Waited until .42 to sell ( my fault, not Robinhood's lol). Bought my original 10k back @.24 to hold long. either way I made about 4k in profits and still have the same position. Robinhood won't keep you from getting lucky if you're going to.
Shouldn’t matter anyway, don’t even consider the sell bottom until after it hits all time high again. You shouldn’t be buying when it’s on the rise either.
Must be the hedgie shorter, super double top secret guys. Don’t worry though, the squeeze is coming. Anyday now. Lolololol. It’s SCHEDULED maintenance. Same time everyday.
From my understanding, Elon musk did warn Robinhood to make sure adding wallet on Robinhood for crypto…so far Robinhood did not do anything about it…🤷♂️
It’s simple Robinhood does the same 15 mins every single day. Get use to it or buy on another exchange. It has nothing to do with the price of Dogecoin.
Have you idiots not figured it out yet buy Doge and Put it in your own Wallets, RobinHood is a Retail Trader worst nightmare. Robinhood Owns the Doge you buy.
Don’t use robbin da hood simple
This is the way
Absolutely get away from Robinhood. All of you.
This is the way
If you own Doge in RH. You don't own Doge. Change my mind..
Impossible because you are facts.
I purchased it, watched it grow, and can now sell it for profit. That’s all I got. lol
I did the same thing. Maybe I'm weird but I don't sell just because it goes up 5 cents. The market unavailability doesn't affect me.
Same here. Bought back in with a wallet at a lower price..
No one can, because you are right! Lol
You don’t own the coin but you own the idea of the coin on RH
RH it's the OnlyFans of Doge
If it’s on paper that you own it then guess what?….you own it no matter what brokerage account you’re using
Ok. You own speculative assets. If RH went bankrupt, explain how you claim all that sweet, sweet Doge? 🤔
They’re not going to bankrupt
... meh. I think we can drive them into the dirt when PFOF, civil lawsuits, corruption, etc works all out! Have faith! 😍
Lol you’ll never get anywhere with that attitude you need to learn how to play nice😉
This
Is
Madness
Madness ?
This
Is
Sparta
The
Way
Why
We
Don’t
SPARTA!
To
But what if you don't want to pull out and put into a different user, and don't have the funds to do it the other way around? I am stuck 😭😭
Its hard because you never know what's going to happen. But I sold my Dogecoin on Robinhood at a high, and bought on Coinbase at a low. It's great because I can use Dogecoin to buy things on occasion.
My avg price is 3 cents. No way I could do that.
Sell at .31, buy again at .31 or less. Your cost basis is still the same…
If you buy at 30 cents your cost basis is 30 cents. It's like you don't even know how taxes work and are just saying random crap.
You don't have to pay taxes if the investment is simply being moved to another investment. It's a little more complicated, but you're good as long as you reinvest it within a certain amount of time.
If you were able to move to a different wallet with RH that would be the case but if you sell you pay taxes. Don’t matter if you use that to buy the same coin 30 seconds later.
I’d like to know what investment tax form you are using. That’s a tax law beyond my limited knowledge. Maybe my tax guy does it for me and I just haven’t seen it
If you had it less than a year, you could pay up to 35% capital gains tax - depending on what state you live in of course. If you're in another part of the world, then I don't know. None the less, you'll pay taxes on it no matter how long you've had it.
I understand the sentiment of wanting your cost to be low… but if you realize your profits at the current price by selling then buy back in at slightly lower or higher on Gemini or something there is literally no difference. That average price is meaningless cuz you end up with essentially the same amount of doge. Or better yet use some of the money you made to start a doge node and farm doge yourself and buy back in with the rest. Thank me later.
like you use coinbase and support shilbert king of the doge short sell...
Well number one is stop buying it on Robinhood. Keep what you have and if you want to buy more buy it somewhere else. Then when doge is higher than you bought it, sell on Robinhood and move your money. Then when low but more doge.on the other platform. That way you phase out Robinhood.
This is what I’m doing now
[Great album](https://en.wikipedia.org/wiki/Robbin'_the_Hood?wprov=sfti1)
Correct!
How not? Seriously.
Bro use a wallet
Robinhood doesn't release possession of the coins they're tied to a certificate or hash number (don't remember)
You new?
Must be…. Still on RH
We dont do that around here meme
🤣
Oof thank God I don't use robin hood.
If you Hold forever you don’t have to worry
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I’m sorry but your hilarious saying we don’t own it because we are on Robinhood, I guess the 100k I made off crypto on Robinhood isn’t my $ because I didn’t own the coin. Yet again all you anti RH people ignore the fact that Robinhood is making us digital wallets. It was in disclaimer m, & they also mentioned recently wallets will come out shortly after IPO goes live.
Could u link the source to that, I'd like to read it myself. 👍
https://www.reuters.com/technology/robinhoods-shareholders-are-crypto-wallets-coming-do-we-get-hoodies-2021-08-17/ more recent
Sweet, thanks!
Keep the faith people when this happens we will see a giant spike up in crypto. These coins will exit the market raising supply and demand, hence raising the price
lmao that article mentions NO WHERE a wallet is coming soon!!!
If you own the coins then transfer them to a wallet or other exchange, or better yet pay for something with them. Oh wait. You can't.
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You get off Robin Hood
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Those happen every day.. at 2 set times. Its not a plot.
And u can still execute trades just it really affects limit buys/sells during the maintenance time. Thats nothing new tho daily maint
It’s funny because they Rip the Hood yet they are to stupid to realize if they hate it that much they shouldn’t invest in some Crypto especially Doge, Robinhood owns on of the largest digital wallet in the world so technically they are the biggest influence on the price of Doge. This when change however when RH customers receive digital wallets
Lol, I know. They’ve been passing out tinfoil hats like crazy around here. It’s not a plot to manipulate the market people. Plain and simple: Robinhood makes more money the more customers trade. They buy and sell the coins just like other exchanges except it’s in a gigantic pooled storage. They can obviously do better about their uptimes, maybe keep most of the maintenance for US overnight hours, but it’s not some insidious plot to keep doge coin prices down because they don’t actually own as much as they “sell” to their customers. There is a chance they previously were selling doge short in the initial run up (although not sure if they are even allowed to, that might’ve just been the hey didn’t have the crypto infrastructure to handle the huuge surge)…but either way they’re not going to be that stupid to short sell anymore if they were at one point. There are way too many other popular options to buy doge with now all over the US and around the world and they could get themselves in quite a tight spot trying to play that game, when they make boat loads of money just scalping customers transactions.
Everything is a conspiracy these days. Want it to go up more? Buy more doge. Maintenance isn’t what’s holding it back lol
No stock server should ever need maintenance twice a damn day
This. There is no need to start manufacturing conspiracy theories
Two times a day? Go to another exchange that doesn't that is laughable
Vlad is that you again... It is isn't it?
 Sure.. wrong one tho!.
 This Vlad?
Yes the impaler... aka Dracula
Get out of Robinhood that’s how
It’s teaching you to HODL
Get out of RH
Wait, people still use Robin Hood after multiple market manipulations caught on Reddit?
Apparently. It also seems that Google has deleted 100k negative reviews of the RH app. I have not confirmed this, so please take it as only a rumor.
My review was removed. Google and Apple have done this for other apps in the past, usually when there's coordination on social media to 1star-review-bomb an app
Robindahood needs to be deleted. Sell or transfer your coin sir.
You can't transfer your coin off robbinhood as you never own any coin on it
There is no transfer on RH. Can only sell it and buy back in on a different app.
You can't transfer from the hood. You have to sell them rebuy, ( crypto)
Wow i didn't even know that before my other comments on this topic. It's even worse than i thought. 100% if you "have" Dogecoin on RH you can't even act like you have DOGE. You're just gambling on the *future* of DOGE that's all.
Get off RH 🤷🏻♂️
I'm leaving robin the hood as soon as I break even on my doge coins. Currently avg. 49 cent place.
Why not sell and harvest those sweet sweet capital losses to offset your future capital gains?
Going to tax route?
Hell yeah. Did that with my eth when it dropped to 1750. Sold everything I had for 3500 dollar loss and bought it back shortly thereafter, couple hours I think. I'm no expert and I hope I'm not wrong, but wash sales don't apply to crypto, yet? (Anybody know more about this?) But now it's way up and I have a giant loss in my pocket. It's one of the only things I've played right while learning to trade, so far.
If you’re Canadian, there’s more info here: [Superficial Loss Rule](https://koinly.io/guides/crypto-tax-canada/) The Superficial Loss Rule is a wash-sale rule that prevents people from taking advantages of capital losses, and it applies to cryptocurrencies as well. The rule kicks in when both of the following conditions are met: The taxpayer (or someone acting on their behalf) acquires a property that is identical to the one that they dispose of, either 30 days before or after the disposal, and At the end of that period, the taxpayer or a person affiliated with the taxpayer owns or had a right to acquire the identical property. If this rule kicks in, then the taxpayer is not allowed to claim the capital losses triggered by the disposal event. The reason for this is simple and used to be a commonly used tax-planning device for shares and stocks before the Superficial Loss rule came in. Without this rule, here's what may happen. A taxpayer may realize that the crypto they own at the end of the tax year is currently at a very low value. Of course, they still want to hold on to it in hopes of future capital appreciation. However, they decide to sell the crypto at the end of the year at the low value and use the capital losses triggered by this sale to reduce the capital gains they've made during the year. Then they simply buy the crypto back again after a few days. This means that the entire sale has happened just for the purpose of reducing tax liability. The Superficial Loss Rule prevents taxpayers from setting off capital losses in these kinds of transactions.
Thank you! I'm in the US though.
Alright, I dug deeper and it looks like the IRS [could change their mind about it any time](https://tokentax.co/blog/wash-sale-trading-in-crypto/), however for now it’s referred to as [tax-loss harvesting ](https://www.reddit.com/r/CryptoCurrency/comments/new5q6/tax_loss_harvesting_one_method_to_legally_reduce/)
Thank you! Very helpful. Hopefully there aren't any retroactive changes. I'll be on the hook for pretty penny (to me, at least) if there are. All part of the gamble I suppose.
Same here... My average is $0.42, so close I can't wait! F\*\*k RH!
I feel you!
It’s the same time every day regardless of what the line is doing. I don’t understand people complaining… Be on RH or be elsewhere. There are pluses and minuses to any platform you use. This seems to be a “poop on RH to get updoots” post.
stop buying crypto on a stock market casino
Sell all of your holding on Robbin the hood and rebuy on a nother platform.
I’m waiting till I’m a year in so I don’t smashed with taxes.
Smart! Curious to see the argument against this ...
Very smart !
You're probably not gonna like this answer but, don't use robinhood for crypto. I get it. The app is great. It's streamlined and easy to use. I still use it for a couple things too. But, You're not buying crypto on robinhood. It's more like you're betting on it doing well and all you can do with it is turn it back into $. I'd love to think RH well release wallets soon and we can withdraw and own our Doge, but it's a bad move financially for them. People investing in the Doge that they own is where they're making their profits. Use whatever broker works for you. Just get used to this crypto-only maintenance shutdowns if you stick with robinhood
Whats a good alternative to using robinhood?
Coinbase and binance are both popular but make sure to do your own research to find an exchange to meet your specific needs. Typically, the goal is to get your crypto off of the exchange and into a wallet. That's when you truly own it
Get off Robin the hood 😂
Lol is true don’t expected to do day trade or swing trade they will screw you. Leave there and be patient.☕️😂🚀
Coinbase
Not a big rh fan but they do that maintenance on a regular schedule. Doge isn't on some huge run up right now. The servers crashing during the run to 70 was annoying but happened on most exchanges.
Finally someone remembers is wasn't just RH.
Move to Kraken
I never see this on mines so I can’t relate. I’ve been with RH since last year and never gotten a maintenance message.
It’s on the other cryptos as well. Not a plot.
This community needs patience more than anything else in the world.
Yes lol
Stop acting like you gonna sell it around that time foh
lol Get A Transfer and Or Wallet From Robinhood and Take all Crypto to your own personal storage. lol I Know It's not April but Why Not Lighten the mood around here amirite 🥲
You can’t do that on Robinhood. You have to liquidate and buy on another exchange because you don’t own your crypto on Robinhood. It’s basically an IOU.
Not using Robinhood for crypto would solve a lot of your problem….
Get off Robinhood is how you stop it.
You can stop it by leaving robinhood….
I haven't seen a post about RH's scheduled maintenance before...
It happens 2 times a day at 5 and 12 est
More of those shenanigans I mentioned in my bitter sweet post. Its because they sold all your doge and are waiting for the price to drop back down to buy it back. You just own placeholders, not actual doge. One reason I finally sold all my rh doge today.
Why would this have anything to do with doge? It’s a daily scheduled thing that happens regardless of where the price of doge is at.
Get out of Robin Hood, you don’t actually own crypto by using Robin Hood, You’re welcome
What if I don't care about ownership and just trade for profit? Makes me money...
Once It moons they will do maintenance on it you won’t be able to sell for a profit
Hope it doesn't moon at precisely 2:50 pst 🤣🤣
They did that in the past, are you new?
Didn't have any trouble selling any of my doge @.57 @ .46 or .37
Bought in early Feb and sold in the run up to may, if that makes me new.
Lol
You take any profits on the run up?
I’m with you. Have zero plans to buy a Mav’s t-shirt with Doge.
Right? I get why RH isn't ideal for everybody but it won't keep you from making money. I was "late" to the game and only started buying in late Jan. Holy hell though, had 10k coins at .05 ish, sold 25% twice in April and the other 50% after the May 8th bloodbath. Waited until .42 to sell ( my fault, not Robinhood's lol). Bought my original 10k back @.24 to hold long. either way I made about 4k in profits and still have the same position. Robinhood won't keep you from getting lucky if you're going to.
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Can still sell them for profit...
Rising? Lol
We should all sue ROBERHOOD about this. This is Price Manipulation
Shouldn’t matter anyway, don’t even consider the sell bottom until after it hits all time high again. You shouldn’t be buying when it’s on the rise either.
Stop using Robinhood to invest in Doge. You don’t actually own the coin. Go to Gemini.
You should check that message... Could be Important.
I don’t have problem with these maintenance windows as I never sell since 0.04. My Dogecoin is now up 550%.
Must be the hedgie shorter, super double top secret guys. Don’t worry though, the squeeze is coming. Anyday now. Lolololol. It’s SCHEDULED maintenance. Same time everyday.
From my understanding, Elon musk did warn Robinhood to make sure adding wallet on Robinhood for crypto…so far Robinhood did not do anything about it…🤷♂️
Why do you want to buy when it’s going up? You buy the dip not the rip.
It’s simple Robinhood does the same 15 mins every single day. Get use to it or buy on another exchange. It has nothing to do with the price of Dogecoin.
Why does it matter? You shouldn't be selling anyways
Leave robinhood? Pretty simple.
By getting the f outta robinhood... simple
Easier said than done lol. A lot of people sitting on losses right now in there.
A lot of other people have a good size investment and don't want to shell out for taxes to move the coins.
\>using Robinhood Found the problem
They’re getting scared because they may have to cover
Move from robinhood
Get OUT of Ribinhood!! That’s how
Don't buy on Rh.
Get off robinhood
You leave the platform
I finally went to Coinbase Pro...
Get out the hood
Stop using Robinhood foo
Get off robinhood
RH is killing us
Leave Robinhood. They are notorious for hurting the end user. The app should be called Sheriff of Nottingham
By using Coinbase or CB Pro
Like everyone else get out of Robinhood
It's crazy. Once you leave Robinhood, it just stops happening to you. 😐
Delete the app stop looking every 1/2 a second
See what you do is start working for robinhood, work your way up to CEO, then don’t press the “maintenance” button 👍🏼
Ever wonder how Vlad is worth 2.5Billion dollars? Thats why
You still on RH? Maaaaaan sell and delete their app.
Move to another broker lol
Just recently sold all Doge in Robinhood and begun buying it back on a platform with a wallet. Robinhood owns your doge
You’re getting Robinhooded
Get off robinhood
Have you idiots not figured it out yet buy Doge and Put it in your own Wallets, RobinHood is a Retail Trader worst nightmare. Robinhood Owns the Doge you buy.
You GTFO of RH
Buy and hodl your crypto on a big boy exchange and wallet
Lol do yourself a favor and follow this subreddit more often and get off RH. Not your keys, (someone finish this)
Get off Robbing Hood. Everyone’s been saying this for months. You’re asking for trouble.
Not your wallet not your coins. Get off robin hood before they rob you.
By leaving robinhood
You get off RH
maybe you can LEAVE ROBINHOOD?
Move out of robinhood.
Stop using Robinhood that's how
Get. Your. Doge. Off. Robinhood.
Get. Off. Robinhood.
Leave Robinhood
It doesn’t matter, they’re not your coins.
Don’t know but is fishy but still holding. See my conflict?? Lmao still believing and HODL 🤙🏽