Comment · Wed, November 16, 2022 · ND Owner
SBF from FTX uses nootropics depot. Can anyone zoom in and figure out what supplement that is?
What they were answering
isdah · 3 points
I'm about to ask the most elementary question. I've consciously/intuitively shunned this world (of crypto), and I have a poor understanding of investment finance and finance in general. But now I'm curious considering we're in a relative dip (if I google 'btc to usd').
So my question... if I buy 2 BTC right now (16508.50 to the USD as I write this), and in 6mo from now it gets to say 32000.00, can I literally sell and get back double what I paid for my BTC? Is it that straightforward? What are the limitations to selling / cashing out?
I probably won't. I'm just curious, shrug.
u/MisterYouAreSoDumb · ND Owner
Yes, it's that straightforward. It's never been easier to buy/sell crypto, and the liquidity in BTC and ETH is way more than it was even just a few years ago. You could just buy/sell through Coinbase/Kraken through their instant buys and sells, and not even deal with a full exchange. You'd have some fees baked in, but it is easier than setting up an actual trading account and dealing with limit orders and spreads. If you were going to buy larger amounts, you could even set up an OTC trading account with both of them, and then just trade OTC via Signal/Telegram. I have OTC accounts, and they have 24/7 trading desks that I can just chat with and trade OTC whenever I feel like it.
The only limitations would be your tax liability, the spread, and fees. If you just do simple infrequent trades, that's not a big deal to keep track of. It's when you are trying to day trade crypto that accounting for it all gets tricky.