That's insane to owe tax on unrealized profit. it's not really unrealized profit though. But that is semantics and depends on your definition of what is realized. Imagine you buy a house for $50000 and it is later valued by an appraiser at $70000. Is that a realized gain? Probably you would say no. indeed, the gain is unrealized because you haven't disposed of the property. Let's say you trade that house for another house that is selling for $70000. Now is it realized? All you have is a house, you don't have an extra $20000 in cash. But if it is realized, then you have to come up with the cash from somewhere to pay your taxes. The only difference with crypto is that it is liquid and easier to sell part of it. real property qualifies for like-kind exchanges under the USA tax code, which are tax exempt. cryptocurrency does not qualify for like-kind exchanges. In any case, the IRS has never stated that crypto to crypto is taxable.
they have stated that cryptocurrency is taxable as property. property to property transactions are taxable unless they qualify as like-kind exchanges. prior to 2018, it was arguable whether crypto to crypto transactions could be like-kind exchanges. the new 2018 tax code specifically limited like-kind exchanges to real property, so there is no longer any ambiguity. |
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You will not earn much. A friend operates a large channel and routes many transactions but he still earns less then €5 monthly from it
the flip side: that's a monument to how cheap it is to use lightning! we're talking 1 satoshi base fees and 0.000001 satoshi median fee rates. https://1ml.com/statisticsit'll be interesting to see when the tipping point for LN adoption will be. the super low fees are a huge incentive to use it, but the network is still too small and illiquid to warrant large scale adoption. |
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yes. see post #3 in that thread for a good tutorial that uses Coinb.in: You can use Coinbin to do that. I had one a few months ago and it's quite easy to create/spend your coins after the chosen period. To create the Time Locked Address:1. Go to Coinb.in; 2. New -> Time Locked Address. 3. Enter your address public key (the one you require to sign the transaction and be able to spend the coins); 4. Enter the date-time or blockheight you want to release the coins. 5. Submit and save the Redeem Script ( don't lose that or you won't be able to spend your coins in the future); 6. Send the coins you want to keep locked to the Address generated. After the chosen period, you will be able to spend your coins.1. Go to Coinb.in; 2. New -> Transaction; 3. Paste your Redeem Script and click Load (it's going to show every input available to be spent); 4. Paste the address you want to send the coins to at the "Address" field and the amount in the "Amount" field. The remaining funds will be used as fee. E.g: If your address has 0.015 BTC, you can put 0.014 BTC in the "Amount" field and the fee will be 0.001 BTC (0.015 - 0.014); 5. Submit and copy the raw transaction; 6. Go to the "Sign" tab (at Coinb.in); 7. Paste the private key from the address you choose when creating the Time Locked Address. 8. Paste the raw transaction you just created. 9. Submit, copy the signed transaction and push it to the network (you can do it in the Broadcast tab). 10. Transaction sent! address generation and signing is done client-side so Coinb.in never receives your private keys, but it's probably advisable to download it yourself and run it offline just to be safe. |
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some updates for crex24: -fees: maker rebate 0.01% vs taker fee 0.10% https://crex24.com/fees-headquarters: either estonia or cyprus. it's highly likely they operate from russia or the eastern bloc considering their payment methods and that their CS speaks russian. Raja_MBZ, you've been trading there? what's the deal with KYC? i can't tell from this page whether it's required or if they "reserve the right" to request it. |
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are you accounting for the risks of receiving fraudulent gift cards? those are gonna cut into those margins very quickly.
No but I thought that would be minimized if only dealing with trusted guys on here? meh. dealing with traders who are trusted or have a good reputation doesn't guarantee the source of their gift cards are legit. anyone offering 15-30% discounts is questionable in that regard. to me, it's just not worth the headache. i wouldn't have peace of mind if i had lots of money tied up in secondhand gift cards. I still don't understand why gift cards instead of selling crypto directly for fiat here on the forum or on LocalBitcoins? What's the issue?
it seems like the OP discovered the secondary gift card market and wants to make money off it. i'm not sure he sees the downsides clearly enough. |
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I'm just wondering how Paxful's system of verification works.
Right now I'm holding an anonymous account but I've heard that you need to verify yourself after a certain threshold of trading volume. Contradictory to that however I've also heard people who have been trading for years without ever needing to verify themselves.
So which is true? Obviously with Localbitcoins imposing these new verification rules there is need to seek for some alternatives in this space.
you can avoid KYC by remaining below $1500 in total trading volume or wallet activity. you could use multiple accounts to help stay below that threshold, though that's probably against their terms. these are paxful's verification tiers:-Users who reach an equivalent of $1,500 in trade volume or wallet activity must provide ID for verification.
-Users who reach $10,000 in trade volume or wallet activity must provide ID and address verification.
-Users who reach higher trade volumes or engage in certain wallet activity may undergo enhanced due diligence and may be asked for additional information.
-All buyers of bitcoin for bank transfer must provide ID and address verification. |
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Hey again guys could you give me any advice tips for how to post a trade offer on the marketplace? What to put plus how to avoid scammers.
It would be for any popular giftcards; steam, amazon etc. gift card trading belongs on the digital goods forum: https://bitcointalk.org/index.php?board=93.0the currency exchange rules/guidelines generally apply: https://bitcointalk.org/index.php?topic=594959.0if you respond to offers, stay away from auto-buy links, locked threads, and self-moderated threads. those are commonly used by scammers. People above said it is going to be stiff competition for giftcard exchange but the usual margin people ask is like 20%+ isn't it? are you accounting for the risks of receiving fraudulent gift cards? those are gonna cut into those margins very quickly. |
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Bitcoin is still in a bear market after two years, and had some sideways movement during the last year.
Nonsense. It doubled in price in 2019. Without new highs it's still a bear market. We can't even stay at 50% of the ATH. technically that just makes it a ranging market until proven otherwise. the beginning of any bull market is established by uptrending to lower highs. the 345% bull run we saw in the first half of 2019 is definitely not bear market behavior, either. |
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One thing I don’t understand in the whole discussion; if RSA or ECC are compromised in the future, we can upgrade existing systems of course (and we’ll have to ... whole PKI will come tumbling down), but won’t this make dormant wallets vulnerable? How are we going to prevent someone stealing the funds from there? yes, this is one of 2 reasons why a post-quantum fork is contentious. (the second one being that all known post-QC signatures are extremely large and therefore will bloat the blockchain) the solution that's primarily been suggested is to destroy all ECDSA-secured outputs after a certain date (eg 5 years after the post-quantum fork occurs) to give people ample time to secure their coins while also preventing massive theft by QC. unfortunately, this solution is extremely unpopular since many users believe it's wrong to ever destroy/steal someone else's outputs. so we're at an impasse and i dunno how it will be resolved. https://www.reddit.com/r/Bitcoin/comments/4isxjr/petition_to_protect_satoshis_coins/d30we6f/ |
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Why do many people insist that the cryptocurrency market is the only alternative in the event of any collapse in prices? this is not the case, but people who want to leave the stock market will be distributed to many sectors such as gold, real estate, digital currencies, and other activities. and most importantly, cash. the people pushing the "stock market crash will pump bitcoin" narrative are misguided bulls who equate normal recessions with the collapse of fiat money. Don't get me wrong on this one but a dissatisfaction of investors from another market doesn't guarantee that they will move to just a singular market which in this case is the stock market investors all shifting to the crypto market. There are still a lot of other markets to consider and I know conservative investors won't like the idea of their money going into a much more volatile market and will just look for other alternatives with similar stability such as the forex market or even in a mutual fund. significant stock market declines would indicate a risk off period. investors would be looking for assets that are safer than stocks like US treasuries or german bunds---not a speculative new asset class like cryptocurrency. |
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I cannot understand what is the purpose of creating a website quite similar to bitcoin.org, But I don't think it's a fishing or any other kind of scam. (I cannot 100% confirm it)
the motivation behind creating mirror websites is pretty straightforward. per wikipedia:The purpose of mirrors is to reduce network traffic, improve access speed, ensure availability of the original site for technical or political reasons, or provide a real-time backup of the original site. if bitcoin.org goes down, the mirror site will still work. this mechanism is really important with torrent trackers and similarly targeted web sites. with crypto-related mirrors, there is usually an added danger that the site could be used for something nefarious, like phishing or malware distribution. even if it appears benign right now, keep that in mind. |
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Can anyone please guide me on how to use the coins which delisted from the Bittrex? There is no enough information on social media and the exchange "help" section for this kind of case. Thanks beforehand.
their policy for recovering delisted coins/tokens is published here: https://bittrex.zendesk.com/hc/en-us/articles/115000961172basically, if you don't withdraw by the delisting date, you need to open a new support ticket and pay a 0.25 BTC "recovery fee" in order to get your coins back. Bittrex will attempt to recover tokens from wallets that have been removed. Bittrex notifies customers multiple times prior to removing wallets for a token from the exchange. Bittrex also provides a minimum of 30 days for customers to withdraw funds from wallets that are schedule to be removed from the exchange. Customers who do not withdraw their funds before the communicated deadline will be subject to a 0.25 BTC recovery fee for the wallet balance of the individual token they wish Bittrex to recover on their behalf. |
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OK. But first explain how a bad actor could off-set the potential wasted resources from a 51% attack, and would that it be better to profit through honest mining.
he just explained how: A potential attacker could either buy up mining equipment, or if it was a government entity, could seize miners physically located within the country. the government threat is the reason why china's share of the hash rate is concerning. they could take control of all the major mining farms, pools, even the chip manufacturers. i'm also paranoid about stuff like antbleed (the backdoor bitmain built into antminer firmware) which could play a role in this kind of theoretical attack. |
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This is hilarious, blockchain technology was invented like 4-5 years ago, while Bitcoin was created 11 years ago, but you tell us that crypto can't do without blockchain? technically blockchain technology was invented when satoshi released bitcoin.  And a lot of the "blockchain technology" hype has vanished when crypto entered bear market, which shows that it's actually blockchain that depends on crypto as of now.
tbh i think a lot of blockchain pilots/projects at large companies are just for show, for the benefit of shareholders. bank of america applying for blockchain patent after blockchain patent but never doing anything with them---it feels like they are just trying to maintain relevance in fintech. |
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There is no relationship between stock trading and bitcoin trading, both are independent of each other. Stock exchanges worldwide are linked with oil prices. If oil goes up stock exchanges also go up. The crypto world is mostly dominated by millennials and whales.
no markets are truly independent because they are linked to macroeconomies. the national and global economic outlook affects everything. if a global recession occurs, this means companies turning losses and laying people off. people losing their jobs live off their savings and sell off their investments. this is what drives prices down in virtually all investment assets during recessions---increased supply and reduced demand. that applies to bitcoins just the same as stocks. if the the crypto world is dominated by millennials, that may be a bad thing. millennials (and generation z) are in a much more financially precarious position than older generations, so the effects of recession i mentioned could be even more acute. |
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i disagree. this phenomenon is 100% expected. the same thing has been happening for the past couple years in places like upstate new york. miners flood regions with cheap electricity rates, stressing the power grid and causing shortages. local governments will deal with this by restricting mining operations, charging miners higher rates or taxes, etc. the market will adjust; miners will respond by moving elsewhere. life will go on...... |
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amazingly, no outlets besides bitcoinist and a few no-name sites covered the breach. nothing from coindesk, cointelegraph, CCN, etc even though poloniex customer support confirmed the emails were real. i guess to keep a security breach out of the headlines, all you have to do is not announce anything about it?  they got me excited for a minute by bringing back non-KYC accounts but screw these shady assholes. stick with binance or kucoin. |
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kumex increased maximum leverage from 20x to 100x: https://www.kucoin.com/news/en-kumex-perpetual-contract-increases-maximum-leverage-to-100xlooks like they're going full bitmex to try and attract more liquidity. i welcome the change. up to 500% more leverage means the order books should thicken up---hopefully enough to handle the liquidations. anyone trading there? the UI is solid---it's quite like bitmex (except i don't need to hide behind VPN). with deribit implementing KYC i'm thinking this might be a good opportunity for kumex to increase their market share. |
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Its no different than the Bitconnect ponzi that popped back in Q1 2018. Its actually what started the bear market, people heard about the Ponzi and assumed the all crypto is a ponzi and people stopped investing or they pulled their money out. isn't it the other way around? the bitcoin/altcoin bubbles popped, which killed demand for BCC and caused bitconnect investors to pull their money out. that caused bitconnect to collapse under its own weight. |
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This has been answered before. The answer is no. It tends to be the opposite, but not quite.
there is no direct correlation. it's not like the strong ~80% correlation between gold and the australian dollar, which exists because gold mining/minting/exporting is an integral part of australia's economy. i do however believe there is a long term, indirect correlation between the two, based on macro investment cycles and global risk appetite. the cryptocurrency market is indirectly related to the technology equity market in the sense that they draw from the same pool of high risk/high reward speculative investors. this may be why tech stocks and bitcoin have both been in a raging bull market for the last decade. i believe they will both fall together in the next recession too for similar reasons. |
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