More proof Crypto has Clemsoned…

[Maroon Eagle]

[FONT="]Trevor Lawrence took $24M of his initial rookie contract in Crypto currency. That $24M is now worth $8.96M… a 62.7% loss ($15M ) https://t.co/zcNTmFiP2T— Greg Cover 1 (@GregTompsett) June 21, 2022 [/FONT]

 

[Shmuley]

Probably nothing.

 

[onewoof]

Has anyone checked on Joel Bomgar? I think he put thousands into crypto

 

[thatsbaseball]

Wonder if some "financial advisers" have gotten hard to find ?**

 

[WrapItDog]

That $24M is now worth $8.96M

or Trevor could have sold it 5-6 months later and got $40M plus. Who the hell knows

 

[PBDog]

Maybe he put the remainder in Netflix or the aapl?

 

[Leeshouldveflanked]

A fool and his money are soon parted.

 

[karlchilders.sixpack]

That is what RobinHood said.

 

[Dawgpile]

"He doesn't lose anything until he sells."

 

[Msubulldogfan1]

Buy the dip

 

[ronpolk]

Why would you ever do that? That’s just a straight up gamble and for no good reason.

 

[mstateglfr]

Buy the dip

^ bought worldcom stock in July 2000.

 

[Msubulldogfan1]

^ bought worldcom stock in July 2000.

Haha! Good one!!**

 

[PBDog]

Why would you ever do that? That’s just a straight up gamble and for no good reason.

Asking for a friend … how has Bitcoin performed relative to the nasdaq in the last 10 years?

 

[ronpolk]

Asking for a friend … how has Bitcoin performed relative to the nasdaq in the last 10 years?

I don’t care… you wanna speculate with Bitcoin that is fine but do it after you get your salary in USD. I’m not saying the stupid part is buying Bitcoin, I’m saying the stupid part is deciding you’d rather be paid in Bitcoin rather than USD.

 

[GloryDawg]

I wonder how much did it go up before it went down and did he cash it in before it went down.

 

[Nicephorus]

I don’t care… you wanna speculate with Bitcoin that is fine but do it after you get your salary in USD. I’m not saying the stupid part is buying Bitcoin, I’m saying the stupid part is deciding you’d rather be paid in Bitcoin rather than USD.

Where things get interesting is if he received his salary in Bitcoin, it would be classified as income rather than an investment. Important distinction is while you can realize a capital gain on income, do not believe you can realize a loss which would mean he may not be able to write it off. At least if he would have taken the cash and bought BTC he could have declared it an investment and do some tax loss harvesting

 

[patdog]

Without researching it, you should be able to write your crypto losses off against other capital gains even if you received it as salary. You're still paying income taxes on the value of the crypto on the date you received it, so that should give you basis. However, you can only write off $3,000 of net capital losses in any year. So, if you don't have capital gains to offset the crypto losses, you can only deduct $3,000. Of course you can carry the unused losses forward so hopefully you'll eventually get to deduct them.

 

[Digging dog]

The Dot-Coms taught me a lesson.

 

[PBDog]

The Dot-Coms taught me a lesson.

Yea the internet is such a fad - will go the way of the fax machine a wiseass once said

 

[GloryDawg]

Yea the internet is such a fad - will go the way of the fax machine a wiseass once said

My senior year in high school which was 1984 my school bought 8 apple commodores computers. I think that is what they were called. The teach said to me I should take the course. I remember saying "No thankyou it is just a fad".

 

[Go Budaw]

Yea the internet is such a fad - will go the way of the fax machine a wiseass once said

Not sure if serious.

 

[BoomBoom.sixpack]

Yea the internet is such a fad - will go the way of the fax machine a wiseass once said

The longterm impact of technology is often underappreciated, but the short term impact is often overestimated.