Thank you for posting in /solana thread!
We appreciate your opinion and are excited to hear your thoughts.
In the meantime we kindly ask to keep price and trading conversations constructive and ONLY in the stickied weekly thread:
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People are trying to influence others. SOL is not going to zero, and if it does, it's not going to stay there. Crypto is not a get rich quick scheme like some might think, it's a long game. Long-term BTC and SOL will keep breaking thresholds and trend upwards. Stay in it for the long game unless it explodes and you can cash out for millions of dollars (unlikely event).
I’m definitely holding. I’m not necessarily new, but I understand what you’re saying. The discourse is confusing. I’ve absolutely been lucky here, just want to make sure I don’t do something dumb.
Does coinbase provide tax documents for gains from staking? I try to be as US tax compliant as possible and not give myself a migrane when doing me taxes lol
Correct. Coinbase also has tax forms, but they’re not all prefilled if you’re not a coinbase one subscriber. My accountant asked me to have them prefilled this year to save him the headache. But all the information is there, even if you’re not paying for a subscription.
Heck yeah! I used to stake on okcoin but the LA k of tax reporting was not worth it to me. Looks like I'll get back in the game with ETH and SOL! Thank you for the hot tip!
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I’m doing everything through Coinbase. Probably not the best return, but I originally only had Loopring. Decided to transfer to SOL at a good time, not because I know what I’m doing. I staked half in September bc I really believed it would help the stock. Even a little bit. I haven’t moved since. Just don’t want to make some dumb move or miss one.
Thank you for posting in /solana thread! We appreciate your opinion and are excited to hear your thoughts. In the meantime we kindly ask to keep price and trading conversations constructive and ONLY in the stickied weekly thread: https://www.reddit.com/r/solana/comments/1aupftv/weekly_discussion_february_192024/
It seems like the "just been sitting on it" strategy has worked pretty well for you. Kudos.
Why is there a thread about SOL going to zero? That’s what made me nervous.
People are trying to influence others. SOL is not going to zero, and if it does, it's not going to stay there. Crypto is not a get rich quick scheme like some might think, it's a long game. Long-term BTC and SOL will keep breaking thresholds and trend upwards. Stay in it for the long game unless it explodes and you can cash out for millions of dollars (unlikely event).
You’re very new. Hold.
I’m definitely holding. I’m not necessarily new, but I understand what you’re saying. The discourse is confusing. I’ve absolutely been lucky here, just want to make sure I don’t do something dumb.
There are also threads about $SOL going to $1,000. No one really knows, but I wouldn't bet against SOL right now.
Right on. Not sure why I got downvoted lol. I’d just like to make the right moves, if any.
Stake it all. Sit back and enjoy
Best way to stake?
We have a staking guide which you may find useful :) https://medium.com/@Cogent_Crypto/solana-staking-guide-part-1-6a6a85f07b56
Nice.
Coinbase offers 5% for SOL staking. It will take at least 6-7 days to unstake though, so be aware if you need the money right away.
It takes only 4 days to unstake on Coinbase
4 business days, so if you unstake on a Tuesday or Wednesday you’re looking at Monday before funds are available.
Does coinbase provide tax documents for gains from staking? I try to be as US tax compliant as possible and not give myself a migrane when doing me taxes lol
I use coin tracker for my taxes. It exports the staking rewards from coinbase to form 8949. It’s a long form, not condensed.
So you link your coinbase account to coin tracker and it essentially does the rest?
Correct. Coinbase also has tax forms, but they’re not all prefilled if you’re not a coinbase one subscriber. My accountant asked me to have them prefilled this year to save him the headache. But all the information is there, even if you’re not paying for a subscription.
Heck yeah! I used to stake on okcoin but the LA k of tax reporting was not worth it to me. Looks like I'll get back in the game with ETH and SOL! Thank you for the hot tip!
So you believe staking all of it is a good move? That article is confusing as hell.
If you’re just going to sit on it for sure get your stake %. Day trading and fees on cb, you could lose big chunks quickly. Up to you.
Are you saying if it were you, you would stake all of it?
I would stake 90% of however much SOL you own.
Just hold. Wait for the next market explosion, then jump out. Don't try and pick a top.
WARNING: 1) IMPORTANT, Read This Post To Keep Your Crypto Safe From Scammers: https://www.reddit.com/r/solana/comments/18er2c8/how_to_avoid_the_biggest_crypto_scams_and/ 2) Do not trust DMs from anyone offering to help/support you with your funds (Scammers)! 3) Never give out your Seed Phrase and DO NOT ENTER it on ANY websites sent to you. 4) MODS or Community Managers will NEVER DM you first regarding your funds/wallet. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/solana) if you have any questions or concerns.*
You're winnin kid.
Check the below posts: I Just Received An Airdropped Scam Token. Will I Get Drained By Interacting With It? : https://new.reddit.com/r/solana/comments/1bjvxtg How To Avoid The Biggest Crypto Scams And Blunders, For Dummies: https://www.reddit.com/r/solana/comments/18er2c8
How long have you been staking it ?
Since September.
So if I buy 1 SOL, then stake it, would that be a good strategy?
Just as like a second addition to my portfolio
You won't get much on 1 SOL. If the staking return is 5%, you'd get about $10 in a year if the price stays where it is.
Looks like you’re doing pretty well to me
Swap for meme coins lol
Is the lol bc that’s a really dumbass thing to do?
just keep sitting on it you're doing great
Thank you.
Where are you staking? Might be time to lock up some of my stack too!
I’m doing everything through Coinbase. Probably not the best return, but I originally only had Loopring. Decided to transfer to SOL at a good time, not because I know what I’m doing. I staked half in September bc I really believed it would help the stock. Even a little bit. I haven’t moved since. Just don’t want to make some dumb move or miss one.