My friend recently get scammed by a gambling site which he found by continuously browsing. On internet. Sorry but even he cant remember the name so i cant tell you but here's what you wouldnt do. He said he was searching about how cryptocurrency gambling work. He is much aware about bitcoin but not about using it for gambling. He find some "yellow botton" he said which offers gambling for newbies and the rest is history. Goodbye $200 . yes thats kinda bit small but should you wait that it happened to you with a bigger amount? Here's what you would do.
1. Dont click and browse non recognized site to avoid phishing.
2.. Always ask first the people on this forum whether the site is legit or not.
3. Dont put too much money on that site so if ever its really a scam, the amount it can get is minimal.
4. If it looks really legit, try some few games with few bets at first.
Being cautious costs less than not being aware at all. Dont let our greediness and dumbness takes over our financial life. Be safe people.
Identifying difference between fake and original gambling websites have always been a tedious task because even most of the legit gambling sites look like a complete crap while some fake websites are so nicely created that give an impression of a huge casino. I think ensuring the longevity of the period for which the site has been active is the best indicator of its trustworthiness. Moreover Scams & accusation section of the forum is a place you can easily find out about any fake websites which already have duped money of investors. and yes not to forget never keep a lot of money on gambling websites even if you trust it the most. Immediately add or withdraw money from your wallets or exchanges. |
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Did India have to choose between Jadeja and Ashwin and they chose the former one? I am missing Ashwin and felt he would stand a chance but he is not playing. Also, Raina has been long forgotten even though he's a good batsman and better than Shikhar. Shikhar did not perform well in the Australian series too except for one match. I miss the 2011 team that had better players than this team.
Jadeja and Ashwin comparison is not logical due to various reasons if we are eyeing on World Cup Squad. 1. Ashwin competition is not Jadeja but Spin duo Kuldeep and Chahal. 2. Ashwin's shorter format career is already finished if we are talking about his place in the Indian team. In a Test match, he's still a big asset for India. Same With Sikhar and Raina.
1. One is opening Batsman and other is Middle order batsman. 2. Agree Raina didn't perform badly per se but he didn't perform exceptionally well according to his ability. he was a mediocre performer when he was given chance in England tour. as far as I remember his 30-35 runs inning didn't help Indian team's cause. 3. His competition was with Ambati Raydu and we all know even Raydu didn't make into the team due to Vijay Shankar.
Pretty well said. I think Ashwin hasn't been that poor in his stats but the latest trends of bringing in chinaman and google bowlers into side is what has brought Ashwin career's to end. With time every bowler needs to have some newer deliveries in his armory to ensure that Batsmen don't get prepared with their stock delivery. Ashwin continued with almost zero innovation in recent years which was the reason the "Kulcha" due got an edge who can spin the ball both way around pretty well. Moreover an unorthodox bowling style along with some good line and length ensured that Ashwin doesn't even remains a choice for the selectors |
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Other startegy is very nice but not all because some information I think it's not works but thank you for sharing.
Ending losses will not happen but we can prevent or decrease it because what ever strategy or tips that we use if the coin dump we can lose money. But for the startegy we can use it to start earning money.
Everything is possible for a trader who has the proper knowledge of how to deal with it in different conditions but is impossible for those who are not much enriched with the knowledge of how to trade and understand it. Technicalities when are fully understood by a trader then there is nothing much difficult that can prevent us to reach out at our target. The most preferred strategy is to hold it for bull. When someone is very good at trading skills then they are not going to wait for the bull run since anyone can make profits when the market is bullish and the one who knows how to handle every situation will take advantage of the current market condition and will extract profits from there. No one is ever good in trading skills buddy. Ask most the experienced day traders they will tell you they sometimes experience huge losses but letting go of the loss moments and learning from it is what make them handle every situations. Mind you, it not every market conditions that are good for trading. Why not good for trading? If the market seems bearish then its good time for buying and when bullish its time to sell that is how the trader will react and keep doing again and again will make us to be in profits. Not quite true bonker what suzanne said is pretty much correct its easy to say that buy in bearish time but the most difficult task is to identify such time. Which label will you give to the current market phase of cryptocurrencies? Bullish? then why are people entering the market to gain more. Every trader no matter how experienced has to bear some losses. Stop losses get hit almost everyday and this is part of trading you will lose 30% of time and win 70% of time the 20% will be your profit if you are able to sustain in the market with a correct money management strategy. |
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I am having this question in my mind for sometime that did Satoshi ever thought to make bitcoin a mainstream currency? Or did he just wanted to create merely an anonymous commodity which could be used for transactions as a side line currency to fiat. I came across this idea actually when I was scrolling around the past posts of satoshi in the Economics Section. Here are a few instances when he quoted bitcoin as a Commodity and not as a currency.
He might not anticipate that it would explode like this in a short period of time, this was an experiment and he wanted to be anonymous and he just wrote the initial stuff and we really do not know how he would have sorted the transaction bottleneck issue if he was active, the reason he went off is because Wiki leaks started collecting donation in bitcoin and that spooked Satoshi and then when Gavin met with the authorities that was the day he went offline i believe. Thats some really interesting info never knew that it happened like this but yes what you are saying is obviously correct that he might have never thought that it would become such a popular currency or means of settlement. But despite of that I think that we can still not think of making it something like a national currency due to scaling issues. Probabily as good mentality to avoid all that he stated as to make fiat converted into something everyone could be using without any fuzz about such as bank conversations and government middleman actions.
You can already see it as a mainstream in practice where everyone is able to exchange with someone who you could not trade so simply as before.
With these exchangers we are able to be one step closer to our unknown buyers and sellers and that's what it makes already being a mainstream currency.
No matter how close we move towards making it a mainstream currency we would still be never able to achieve the dream of it. Solely due to the fact that Bitcoin remains a technical currency operable merely using computers or atleast mobiles while most of the world is still not able to read or write properly. |
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When I contacted an auditor regarding paying tax, she told me to consider the earnings from crypto as normal earnings( income from other sources) and pay tax according to that and last year I did the same. I didnt have any issue because of it.
There is no issue in filing it in other sources as of now. Even filing it under salary won't attract you any type of problem. But what I am trying to give is the best opinion so that you do not have to face any legal scrutiny in future. When you are rendering services such as signatures they become part of profession if you are not having any other business income. So filing it there would even allow you to take deduction of expenses and pay lesser tax. You can even take deduction of expenses under other source but that can lead to some scrutiny. Remember there is no law as to how to file it so all of these are best judgement opinions. Alternative methods can be opted Obviously. |
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He never did, but he sure lingered on the fact that bitcoin could very well be a great contender for a digital currency, which bitcoin is used today. From the quotes and posts you linked in here, it clearly state Satoshi's oversight of what's to come given the nature of his creation. Free from banks, anonymous, deflationary and of course, peer-to-peer, this is what he really had in mind and not overthrow the current financial system that we have right now.
Whatever he created, it's working real good and we are reaping the bemefits off of it.
But unlike this what I think is that most of crypto and bitcoin enthusiasts actually want it the other way. They are keenly focusing on how to inject cryptocurrencies into the financial system of countries and pave a way for mass adoption. We all know that governments would even not allow bitcoin as a secondary currency or a means of settlement alongside their national currency due the anonymity it has. Moreover, most of the people around the world don't really bother about P2P they don't have much of a problem with an intermediary in between. So basically bitcoin would remain like this only even for years to come? |
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Right now its the ideal moment to use the RSI to trade. After big gains like we just had, check the 5 minute charts and you will see every time the RSI was oversold bulls bought the dip, when this stopped happening we saw the small dump to 7000$.
RSI doesn't hold much value as long as the demand is stronger than the supply that's being dumped on the market. It has been oversold for so long that people kept calling a dump till the dump actually came. If you call dumps long enough you'll be eventually right. It's not based on any technical understanding, but purely a lucky guess. The market has fooled a lot of chart cowboys in the last couple of weeks. People are better off staying away from short term trades and stick to hodling and secure small fractions of profit every 20-25% the price goes up from here. Trading retail fomo is gambling, can't make anything else of it. RSI doesn't merely means checking the overbought or oversold condition instead RSI can be coupled with your price action to know the right trend of market or right point of entry. In general if you are going to long the market always do it when RSI is above 60 as that signifies a positive uptrend while anything between 40-60 is considered sideways and one should not trade at these times. While in case of shorting the market better look for RSI below 40 as it signified a good downtrend in the market. RSI can be pretty useful but Price action is always primary and is the king of technical analysis. |
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No you can't relate tokenization with securitization. Tokenization is much of like raising equity funds and providing token holders with token and providing them with a right to share of asset in that token. Securitization is when you pool liabilities & debt and transfer it to a whole new entity generally called the SPV or special purpose Vehicle and these SPV later issue contracts based on these debts. So difference between both is that tokenization aims at distributing a right in the total assets while securitization is absolutely opposite and aims at pooling liabilities. You may say that they are opposite side of same coin due to a simple fact that they divide large pool of assets/debt in small contracts other than that I don't think there are any similarities. |
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Everyone has a few. What are yours?
My main ones are - unit bias has held back BTC's progress in the mind of the public.
Bitcoin will never see widespread use as a currency.
95-99.5% of the world does not want to be their own bank. And a decent proportion who do want to be, should not be.
Bitcoin can never become a mainstream method of settlement. Moreover due to its deflationary nature it can't even be used as a national currency. Moreover scaling issues will even hamper its growth as a popular currency. Moreover people are not prepared for crypto for atleast another 20 years so no chance of a good adoption rate. Me myself would not like to spend my money in a type of currency which becomes expensive the very next day as it will make holding that currency a better option than spending it. |
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Whenever there is a new industry or a category of an industry is created, we can expect that jobs can be created in the process offering many good opportunities for qualified people to be a part of. In the case of the coming of the blockchain and the bitcoin, there are now new jobs which we have never seen before this industry exploded. In fact, in the past many months, some analysts reported some shortage of applicants and successful hires proving that we can be facing a bright future here. Here are some of the jobs looking shouting out for qualified people to seriously take into: Entry level and internship positions, Blockchain project managers, Blockchain developers, Blockchain quality engineers, Blockchain legal consultants or attorneys, Blockchain web designers, Blockchain engineers. What other jobs you know that are related to the blockchain and bitcoin? Pretty well said blockchain has created a lot of job profiles in the IT sector which were never heard before but Apart from technical jobs blockchain has also opened a great avenue for digital marketers who now are being employed by blockchain companies for their marketing. So not only it has opened some new avenues of job but also has increased the demand of traditional job profiles. For example even, legal, Accounting and Tax consultants have to prepare themselves with issues of incomes pertaining from blockchain. Also how the so called ICOs fund will be managed and in which way it will be spent. |
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For Bounty Hunters and Signature Campaigner: If you have earned any income from such sources and redeemed it on an Indian exchange. Its better if you show yourself as a Digital Marketing Agency and file your return under Profits and gains from Business. In this way you will be able to take advantage of "Presumptive Income Scheme" in which you can declare your total earnings and even subtract some expenses such as Internet Cost, Electricity cost etc. better ask your CA regarding it. So if you have earned received for eg. ₹200,000 in form of Receipts from signature campaigns you can deduct some expenses and file a return under 44ADA. Section 44ADA of Indian Income tax act says that certain professionals as mentioned under section 44AA(1) will only have the benefit of declaring their income under section 44ADA. Absolutely right that this benefit is only available to people notified U/S 44AA(1) Now section 44AA(1) says,
(1) Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the Board in the Official Gazette' shall keep and maintain such books. Yes this is what is written under 44AA(1) which says any other profession as notified by board in official gazette which has notified Information Technology Services. Signature campaign and digital marketing( The broad domain of bounty hunters) falls under this category. Now your interpretation of 44ADA is horribly wrong. It only takes out the notified services from 44AA(1) not the clause of maintaining books of account, it contradictaly states that Section 44ADA(4) Notwithstanding anything contained in the foregoing provisions of this section, an assessee who claims that his profits and gains from the profession are lower than the profits and gains specified in sub-section (1) and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (1) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB. In layman terms this means that one who is not obeying 44ADA has to mantain books of accounts as prescribed by you here – Cash book;
– Journal;
– Ledger;
– Carbon copies of the bills and receipts issued by the person in relation to sums exceeding Rs.25;
– Original bills and receipts issued to the person in respect of the expenditure incurred.
And if we say that even people opting for 44ADA and 44AB have to maintain books of accounts then the whole presumptive income scheme becomes a joke. Source: http://www.icnl.org/research/library/files/India/IndiaIncomeTax1961.pdf  Alternatively showing it under other income sources may make such income more prone to scrutiny by Income Tax due to unclear disclosure while no one doubts on a digital marketing business that easily. |
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I think that the "bitcoin bank" name is misleading. In my head (and others' too) Bitcoin bank would be a "bank" where you "deposit" Bitcoin and get interest. Of course, such thing could not be great and it's not what you ask for.
So a better name could be "Bitcoin friendly bank" although there are already a couple of banks or banking services that are not that "cold" towards Bitcoin, allowing withdraw from exchanges and also offering services to buy Bitcoin for you.
I guess that you know all this. What I want to say is that we already have a few "friends" and the banks overall seem to get more friendly towards Bitcoin with every new day passing. So a bank offering full services, from exchange (or work with an exchange) to cards and such is just a not-so-far step. Incorporating Bitcoin capabilities into their ATMs is also a not so difficult next step. We are close to that, your 10 years number may be already big.
The question about the demand is, however, a very good one. Banks usually operate with high fees. So although more convenient, buying/selling Bitcoin though a bank will be more expensive (in the same way converting EUR/USD/local currency is much cheaper at an exchange office than at the bank). There will be demand for it, but I don't think it will be that big. Of course, it will add legitimacy, which will translate into increasing demand.
Yes you are right! How people dream about bitcoin bank is altogether fake. It's very much against the basic principles of BTC as how would banks give an interest on BTC which is a deflationary currency and cannot be further used to make profits. Moreover, providing loans in form of BTC to an address where borrower holds the private key is also very risky as he at his own option can do anything with the funds and opt not to return. Without any legal remedies available recovering the debt would be pretty hard. So even if we want BTC to operate as a secondary currency we can think of Banks legitimately allowing crypto withdrawals and selling directly through ATM. This can be possible through direct tie-ups with exchanges As banks can assist them in the process of selling cryptocurrencies and making people available cash at counter. Having said all this. Without governments agreeing to bring Cryptos in central system It is basically nothing but a dream as no Bank would be happily involved in it because almost every institution in every country has to register itself under some central authority to call itself a Bank and these authorities put constraints on banks to control the flow of money & hold some typical type of assets. When more and more people will ask for crypto withdrawals Bank has to render them withdrawals and getting cryptocurrencies in return. Even if think that depository services are also open still it will be too difficult to create an equilibrium so that deposits are roughly around withdrawals so banks don't have to hold a lot of cryptocurrencies. So without governments support Things will be too complicated to even dream for. |
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So, I have seen a lot of people asking questions regarding the Taxability and disclosure requirements about their Bitcoin Income. As we all know the return filing date is coming. So I would suggest you with ways of disclosing your bitcoin or other cryptocurrencies Income earned in Financial year 2018-19. Remember to save yourself from hazzles only pay taxes on cryptos which you have redeemed in Bank. Anything held on exchanges such as Koinex, Bitbns, WazirX still counts as crypto assets not sold. So you don't need to pay tax on that. Pay TAX on "₹" That you have received in your bank account only. So, there are a list of sources as to how you can earn your bitcoin Income: 1. Earnings from Signature Campaigns, Bounties & other Services Rendered. 2. Earnings from Regular day trading profits. 3. Earnings from Crypto Investing(Crypto brought before 2018 but sold in 2018). 4. Earnings from any other source. 1. For Bounty Hunters and Signature Campaigner: If you have earned any income from such sources and redeemed it on an Indian exchange. Its better if you show yourself as a Digital Marketing Agency and file your return under Profits and gains from Business. In this way you will be able to take advantage of "Presumptive Income Scheme" in which you can declare your total earnings and even subtract some expenses such as Internet Cost, Electricity cost etc. better ask your CA regarding it. So if you have earned received for eg. ₹200,000 in form of Receipts from signature campaigns you can deduct some expenses and file a return under 44ADA. 2. For Regular day trading profits.: If you are involved in regular trading of cryptocurrencies and have redeemed something in bank Account then you need to pay taxes on it. Remember don't Disclose this income under Capital Gains. You have to disclose this once again under profits and gains from Business but you can't opt for presumptive Income Scheme. Just ask your Accountant to make you a profit and Loss with Balance Sheet and file your return by paying tax at normal Slab Rates. 3. Earnings from Crypto Investing: If you have sold some crypto assets throughtout the year like merely 15-20 transactions with their profits its better you disclose such profits under Capital Gains. Remember you must have brought Cryptocurrencies using bank account to disclose income here. You can just show your sales Receipts minus the Purchase payment and pay tax on profit as short term capital gain. 4. Earnings from any other source: In general I don't think there is any other source of earning. Even if you have earned something from giveaways or something just show it under your income from other sources showing it as "CRYPTO RECEIPTS". Pay tax at normal slab rates. I think I have covered all the major sources of crypto earnings. If you have any other query a PM is always welcome |
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Btctalk name : Virtual Miner
Rank : Sr. member
Current post count : 838
BTC Wallet Address : 35W4pGCvJGrh4Cjxo6WNtXnajwxtkDPCME
Wear Appropriate Signature :
Wear Personal Text:
Wear Avatar:
Will change all three things immediately upon selection.
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Aiming at predicting the next move of BTC with upcoming sunday as we have seen sundays have always been quite bearish days.  I feel as per the Analysis that BTC has just started it's impulse wave 1 after the long consolidation phase. As the previous set of waves taking us to levels 5700-5800. This Run towards 8000 was a major wave action. Now what we are going through is the correction phase in which there are two possibilities. i. We might see some more correction to .618 level of fibonacci touching the trendline of the channel to around 6800 levels and then see a movement upwards ii. The correction we made at .5 level was final and we might see a rally towards the third wave immediately tomorrow this would be confirmed only if we get some bullish momentum tonight therefore forming a long wick with thin body. Chances of (i) is more considering that RSI is still a bit above the 60 level it needs to take a support at 60 level and only then it will rise upward. However overall sentiment still looks bullish. But I would suggest to stay away from market and place your buy orders only above 8200 if we break it. The MACD is somewhat not giving any signs to support the analysis. PS: This is just my analysis as to the price movement for educational purposes. |
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Merit System is a unique feature of this forum which let's you to merit a post if you like the quality of the post or think that it is contributing towards the forum the same can be done By clicking on the top right of every post where there is a button : +Merit. The system is so constructed that when you send someone a merit almost 50% of that merit sent becomes sMerit i.e. sendable merit which means that person can now spend the 50% of received merits to merit other posters. Everyone has certain amount sMerits with a new account and you will get more of them when someone merits you. For more in depth knowledge regarding the merit system I recommend you going through these posts made by trusted forum members: 1. https://bitcointalk.org/index.php?topic=2818350.msg28856522#msg28856522 - Merit & Reank Requirement By Theymos 2. https://bitcointalk.org/index.php?topic=2766177.0 - Merit FAQ by hilariousandco you can also find various other posts by people in this https://bitcointalk.org/index.php?board=24.0 Meta Section |
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You have pretty well highlighted the issue, but I think the concerns have not at all changed even after the ban of exchanges in India despite of one thing that you just have to scrutinize your banks statements to find out which receipts are from bitcoin selling. Let me explain, If you have filed the return last year in 44ADA with showcasing your receipts being professional in nature without an issue of invoice the same can still be done. Moreover the fact the GST registration limit too has been raised to 40 lakhs gives you a large enough window for not issuing an Invoice. Most of the freelancers hardly issue any kind of invoices to their clients. Moreover as bitcoin has no legal statue as to what it is whether a commodity, currency or medium of exchange we can use it as anything. So you still have two options available. 1. Show it as a business income and professional receipts if you are earning bitcoin from signature campaigns or some work. Don't forget to claim for som expenses as a reduction. 2. If the receipts are larger than 40 Lakhs then it's better to take up a GST number. issuing invoice is never a problem and with an income of around 40 Lakhs an accounting software won't hurt that much. I have sometimes sold BTC for INR face to face. In these days, I was not too much familiar with all the available ways of trading btc.
In case someone is doing face to face deal, I don't think there's any payable taxes since no bill is there.
In most cases, I didn't hold bitcoin for long term. Can I count it as Capital gain too, I'm not much expert on these stuff. Is there any limit which will not be counted as capital gain even if I have gained a little profit?
As per law a capital asset is a property of any kind whether for business or not. So you can regard bitcoin as your property thus a capital asset. If you have made a little profit better show its Sale Amount - Purchase Consideration = Profit . Pay Tax at this profit in form of Short term Capital Gain to stay on the safer side. Webtricks very well highlighted the slabs for it Make sure to accept the proceed of your crypto sales at a current account. Keep note of all the transactions. Pay tax as per presumptive taxation rules.
I did file my return under 44ADA as presumptive taxation last year because it was possible to trail back the source of income via Zebpay account. I can easily differentiate my crypto receipts from other receipts because they were credited from Zebpay account. But this year, receipts have come from personal accounts of buyers because I sold on P2P exchanges. Hence, it is almost impossible to differentiate which are actually crypto receipts and which are not. In such circumstances, I have no evidence to trail back transaction to my crypto earnings. Income Tax Department will surely not believe my return on mere words. Tracing back transactions is not that difficult trust me. You just need to get your annualized bank statement which does mentions the name of the sender that will make it much easier for you to trace whether it's an income or merely a casual receipt. Even if you are unable to do so using this method try to get a statement from the P2P methods that you have used as far as I know wazirx, bitbns, koinex loop, remitano all provide with such statements. Even if you are unable to trace out transaction due to huge volume of transactions including the personal ones(which I don't think might happen with a saving account). Better just make a rough estimate of how much earnings you might have received from Crypto such as a percentage of total receipts. Every statement has total Receipts columns just apply a roughly calculated percentage make sure to be on the upper side to be safe. This would be the best solution with zero problems. Moreover, If you have high volume of transactions, I would recommend you make a separate saving/ current account for your crypto related receipts from this year making it way easier to trace out such transactions just like normal businesses do. You will save yourself a lot of headache. |
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It's hard not to trade on emotions but you have to remember this is a game and we have to always look forward,don't look backwards once a trade is executed. Little profit is not a bad word my friends, be contented of a the small amounts you gained. It is better safe +10% than a wannabe +100% of no assurance, people are just greedy sometimes but can't blame them, we are human after all.
Being in greedy will never have a good result but instead, it mostly ended up into losing. Ain't that really bad if we go for emotion trading if we know our mistakes and even recognized our limits. It sometimes I used to have my instinct will play in trading and it is quite some time that it will work well. Kinda inside voice trading. It is boring to trade with a fixed strategy and money management. Sometimes, for adding more fun to trading I increase the leverage or take margin from trade. Depending on the trade expectation, profit/loss ratio is managed by fixed rules in my personal trading journey. I don't think you need to mess your trading plans and strategies like making an increase in margin trade or leverage just to make you hfun, a passionate trader will certainly be fun with whatever plans they make, whether fixed strategy or something like that. I don't blame you if you're boring, but it looks like you don't enjoy every process in trading I think you will only be an earning trade when you actually try to trade for money rather than just trading to fulfill your adrenaline rush. Even if that's a case then better take a pretty small account with something which you can obviously afford to lose. But yes then it comes to even serious trading even a fixed strategy may tend to lose its effectiveness due to some financial catalysts in play which might make your setup less efficient over long time. In such a case better start to experiment by deviating very lightly from your strategy. Moreover what I have seen with passage of years is that Emotion does plays a role in trading like it's the fear of losing capital only that will help you follow rules of trading much more religiously. And obviously increasing leverage exponentially can obviously affect the risk/reward ratios |
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