Yea I highly doubt anyone will go for this, why don't you withdraw the funds and make a direct deposit? If you can't do this no one will sell you any btc.
That's what I've been doing via LBC is it not? The safest or at least most instant method of choice for me has been picking out a seller that shares a bank/credit union that is close to where I live/work and then depositing cash into that account then uploading pic of said transaction with my username and "no refunds" along with the # of the purchase ticket at most. A lot of vendors will want buyers to deposit some obscure amount (12.34) so they are instantly recall who they need to release the funds to. I guess I caught LBC support on a weekend because they are been ridiculously slow at responding to a vendor who claimed to have "filed a claim of fraud to FBI and authorities that i defrauded him of $50) I got an auto-response, made livid threats and then gave them the name of my attorney on retainer (which at least in the world I live in would invoke some type of response) and got nothing. All for $50 |
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hello, i'm looking for professional Technical analyst on trading altcoins, please message me if intereste
qualifications:
*2 or more years experience in trading crypto currency
*must have an acount in poloniex.
Will be hard to "hire" them. If they wanted to trade, they would do it on their own. So it is useless unless you just want advice on altcoins. The only reason that maybe they would accept is if you have lots of bitcoin for them to trade. Then again margin trading means they don't even need that. . Eh I've been almost too transparent on here so here's why I would do it (or anyone else with the capability): Low capital reserves (modest 40k income a year) to invest into btc but i'm one of those optimists who see huge growth in the sector. Since the market is new I'll start it at the fiat rate (USD) of around 45k a year (so about 20 USD/hr of work) per http://www.payscale.com/research/US/Job=Technical_Analyst/Salary/f2664773/Entry-Level. Mind you that's the lowest 10% of the median salary of ENTRY LEVEL work as listed per your ad. Not sure where your located by I have pretty strong speaking skills if you want to video conferencing calls I can simply just break down raw data into easier to digest information. Also I'm sure your aware that as someone who is entering in such a contract with you the most accurate advice I can give will require at least a surface level of personal info (age, long-short term, how much to buy/sell, what your goals are etc) along with an even deeper level of assets information (total liquid to equity, capital reserves, your current stake, etc). I'm not sure how we would measure that but you could simply pm me the info you want analyzed and I can prepare a presentation via videoconferencing as proof of the services rendered along with PP slides.. I don't think you really want spreadsheets on something like this with someone you hired via a forum although I've seen sloppier at some workplaces. Another option is to simply do what rockie suggested and just sell me the BTC at a discount via cash deposit at bank or credit union at a lower cost. Right now i'm a little hesitant on buying from non-domestic markets |
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People dont like bitcoin simply because they dont know it, we can help them to like bitcoin by educating them. i have a friend who dont like bitcoin the first time i told her about it, as the time past by and bitcoin are being recognize in many countries she is now interested to invest in bitcoin.
my g/f right now is one of the best i've ever had and most educated: MD, dentistry. I'm definitely no slouch either when it comes to the natural sciences but my education is a lot more well rounded.. she simply does not trust BTC even when i've tried to break it down to her in the simplest terms. BTC and why it's so difficult to explain to me seems like why some of the newer math and physics theories are so hard to break down even to someone willing to learn: the idea of counter-intuitiveness. We as human beings learn by experiencing: playing, experimenting, making mistakes then adjusting. Some of these new approaches to some of the most fundamental problems in math and physics (string theory, linear algebra, multiverse, idea of our system of math itself breaking down at some point right before the big bang) is making us question our entire system at large. I believe time itself will fix all these problems and while I know this is a huge claim I believe the chances of us seeing some huge advancement in tech that helps everyone on earth (most optimistic crackpot theory: https://en.wikipedia.org/wiki/Technological_singularity) are way greater than that of us suffering from us disaster that will stop or even make growth and innovation and a negative growth value. |
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Although I think that your assumptions could be true in some periods of Bitcoin's adoption, I don't believe you can generalize them to form a theory about an eternally rising value. The reason is that there are also Bitcoin users having bad experiences. Examples are those that did not well with their speculation intents - e.g. bought BTC in late 2013 for $1000 and then sold for <$500 one year later, or those that used Bitcoin as a currency in early 2017 (remittances or as merchants) and got hit by the high fees (and/or slow confirmations), letting them feel that other solutions are better. These users can leave and some of them won't return. So there could be also a negative feedback cycle that leads to a decline. Also, the theory does not handle the case that another cryptocurrency could emerge as a competitor and take users away from Bitcoin. Last, this statement ... [computing power] getting 50% cheaper each year
is too optimistic; that was only true in the 1950s and 1960s and since about 1975 it is 50% cheaper every two years, now, since about 2015/16, even this mark (25% per year) could not be held anymore ( Moore's Law is dead, now what?). Your theory is better than most bullish statements from Bitcoin speculators, but you should not ignore the possibility of negative feedback cycles. thanks for the honest criticism, i'm still learning so any type of elaboration into more laymen terms would be appreciated. moore's law was more of corroborating evidence and that's why i was asking about the basic structure of btc's algorithm (sha-2 base with hexadecimal from what i'm garnered) compared to eth or ltc if what cafu said was true about the ability of btc's algorithm to completely change or modify via this "fork" then what is the point of using altcoins at all if u have the capital to dump into btc? also yes exponential growth on an infinite timescale ofc is impossible but over lets say a 10-20 or even 50 year sample size what would really slow down the overall long-term trend in growth if you can still assume my basic assumptions.
Thus if you believe in these few premises the value of bitcoin is still bound to make a huge jump
1. The people who know and use bitcoin will only go up
2. Bitcoin's foundation and core design principle of blockchain only improve and the public's understanding of how it works will only improve
while you are spot on about the possibility of these negative feedback cycles wouldn't these cycles either decrease or even possibly be NON-EXIST once better exchanges, more consumer friendly regulation, legal framework are finalized and then perfected over time? And btw Moore's Law has been predicted to decline for years now only to see new innovations in hardware (transistors, microchips, nano to silicon based and now quantum computing) simply verify his theory over and over again. I just don't see how human beings would stop innovating, yes WW3 can break out you can speculate all you want but maybe it's just the idealist or optimistic in me that just doesn't allow me to think we are inherently "greedy" or "evil" and that there is any "growth limit" on our capacity as human beings to grow, adapt, think and evolve. Now with AI making philosophers re-defining/re-thinking the term "sentience" and "self-awareness" as well as theories such as https://en.wikipedia.org/wiki/Flynn_effect being better understood I don't see BTC being replaced anytime soon especially if the algorithm is as adaptive as that one user said it was. Also this doesn't even take into effect breakthroughs that we've seen throughout history that have led to massive betterment of living conditions for everyone in the world. |
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You should really add a TDLR; version of your posts. They are way too long for a read, took me around 10 mins to read all the replies here.
Thereotically, bitcoin should stablilize over time as mass adoption happens. Mass adoption leads to market capitalization expanding, therefore harder for traders to manipulate the price of bitcoin. Mass adoption also will lead to more merchants accepting bitcoin as what it is instead of having to calculate the fiat currency value of bitcoin every single transaction, because they know they have others that they can pass on the btc for at the same value. This also lead to price stabilization.
It's all very psychological, as more people use bitcoin the perceived value of bitcoin becomes concrete, and therefore the actual value of bitcoin becomes in line with inflation as well due to its disinflationary model.
I don't see altcoins ever overtaking bitcoin because without bitcoin, no altcoin would have ever existed. Simple as that.
thanks for the reply, I tried to simply as much as I could it's just hard to get into the pure science (inner workings) of it all without a lengthy type of post.. Also just trying to do the diligence required to establish myself as an analyst. Sorry about the lengthy dissertation. One question.. can the logarithm of BTC be improved as well? cause if it can than that should do away with any speculation as to whether any e-currency can compete with BTC. Ray Kurzweill was recently quoted as saying (phrasing) "while i do see long term potential growth in e-currency I just don't think we've found the right algorithm" https://cointelegraph.com/news/ray-kurzweil-embraces-blockchain-technology-cites-instability-in-bitcoinIt could through a fork. Anything could be achieved through a hard fork. For example max block size could be increased through a hard fork, basically the whole bitcoin network can be changed through a fork. Thing is though, it's best to stick with SHA-256 for now. Lifting the block size has generated enough controversy already and to change the algorithm altogether would be a whole another level. Also by implementing an algorithm such as Scrypt, bitcoin will basically succumb to altcoins such as litecoin and doge which both you Scrypt as well. So whats the point of using bitcoin anymore? But with quantum computing possibly becoming mainstream it could very much be possible that such a change has to be done in teh near future. But that's probably not gunna happen for a long while. Thanks for the explanation, so from how I understand it bitcoin's algorithm could be changed completely through this "fork" you speak of? Also this SHA-256 algorithm you refer to (laymen at the hard IT behind this, did quick wiki review) is your opinion of the best algorithm? I guess then my question is why the increase or change at all from btc to eth to litecoin? I take it eth and litecoin are on a completely different system or the variation of the system is so great than it was just easier to create another e-currency? Sorry for the newbie questions it's just the digger I deep the harder the science becomes (a good sign to me of robustness of the system). You seem very well versed in security/blockchain matters so if i may ask a second question: I've read some things on how this algorithm relies on hexdecimal? Is this because it MUST be hexadecimal or something that can be converted into binary or what was the reason? |
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You should really add a TDLR; version of your posts. They are way too long for a read, took me around 10 mins to read all the replies here.
Thereotically, bitcoin should stablilize over time as mass adoption happens. Mass adoption leads to market capitalization expanding, therefore harder for traders to manipulate the price of bitcoin. Mass adoption also will lead to more merchants accepting bitcoin as what it is instead of having to calculate the fiat currency value of bitcoin every single transaction, because they know they have others that they can pass on the btc for at the same value. This also lead to price stabilization.
It's all very psychological, as more people use bitcoin the perceived value of bitcoin becomes concrete, and therefore the actual value of bitcoin becomes in line with inflation as well due to its disinflationary model.
I don't see altcoins ever overtaking bitcoin because without bitcoin, no altcoin would have ever existed. Simple as that.
thanks for the reply, I tried to simply as much as I could it's just hard to get into the pure science (inner workings) of it all without a lengthy type of post.. Also just trying to do the diligence required to establish myself as an analyst. Sorry about the lengthy dissertation. One question.. can the logarithm of BTC be improved as well? cause if it can than that should do away with any speculation as to whether any e-currency can compete with BTC. Ray Kurzweill was recently quoted as saying (phrasing) "while i do see long term potential growth in e-currency I just don't think we've found the right algorithm" https://cointelegraph.com/news/ray-kurzweil-embraces-blockchain-technology-cites-instability-in-bitcoin |
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using wellsfargo surepay
just want to see how fast this goes.. i can upload the transfer receipt, says mostly instant but can take UP TO 2 business days (shouldn't)
need someone cool enough to give me the benefit of the doubt and release after i show the deposit receipt.
Just looking for trusted seller preferably local so I don't have to deal with LBC's stupid support system.
and in the future I can do cash deposits and if you need receipts for record keeping we can do escrow or
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This is why I use multiple exchanges and have actually found this forum to be promising cause it's pretty much LBC without having to deal with LBC's middle-maning BS.
I do this for fun I get that may be a lot of money to him but he's a 100+, .5-1 BTC volume exchanger.. nothing is happening on his end.. i'm hoping it's just the weekend but i just want to play some hands of poker and can't use LBC and too scared to use coinbase because of all their bad PR/weird happenings around that company.
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Can a saudi arabian report a US sitizen to the FBI?I don`t believe this.
I read your thread and i can`t understand why this guy had made three negative claims and reported you to the FBI?Is he trying to scam you,or he thinks that you are trying to scam him?
This is why i trade only with LBC traders with 1000+ positive reviews,who are from Europe or USA.
Nothing personal,but from my experience most of the asian and african traders are suspicious.
Right.. and I'm not getting a response from support either after giving them my lawyer's name, whom i legally have on retainer.. to most people that should be yes sir sorry for the inconvenience... have made multiple requests to support.. it's not even the money here it's like .003, nothing in the grand schemes again hell the retainer fees i pay on that lawyer justifies itself, looks to me like this guy is trying to just make it difficult for me or who the hell knows but my i have 10+ confirmed trades and my trusted and positive reviews are all 1000+ transaction 5-10 BTC volume per day traders based out of the US.. i'm only doing domestic now.. I have friends who are screwed up emotionally protecting those stupid oil fields and this guy has the gall to REPORT ME? a U.S citizen to the FBI, gtfo. i've been entirely transparent with the man though.. he has all the leverage while i know nothing about him, btw this was the "link" he provided as proof that he "reported me to the authorities". \ https://complaint.ic3.gov/default.aspx (FBI). First off nobody gives a damn in the U.S about $50, especially after i've provided proof of bona fides including a U.S PASSPORT that in itself is worth $100 i believe including the name/location of my LAWYER which is easily another $500 if not MUCH MORE in legal fees over this bs. Even a small claims court would laugh his ass out of the courtroom |
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they are launching an "investigation".. absurdness, over a dispute with a vendor in saudi arabia of all places. I've been trying to talk to support but haven't received an answer in almost 24 hours. Have given them the name of my lawyer and my full legal name and have blatantly transparent while the seller uses just his username and some company called "BTCWORLD" or something anonymous and shady sounding.
I thought LBC was one of the most reputable exchanges? It's barely anything they did this for and how do people feel about this? I'd feel more comfortable with a regulatory body honestly doing the investigation or a more federally protected/publicly traded exchange..
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The maximum bitcoin that can be created are 21 million, eventually a lot of them will be lost or inaccessible. It may even get broken by something like quantum computing, which could crack wallets or slurp up all the remaining bitcoin to be mined. Bitcoin has made a great foundation for cryptocurrency, but it is almost inevitable it will be surpassed by a future digital currency.
If regular updates can be done to the network according to the needs and changes in the technology then it can be surpassed.A future digital currency which would perform better have to find a better technology which is not available right now,so if we find a new technology then we can always upgrade keeping the basic principles. Right but why is gold still the reserve currency when there are other such precious metals that are much more valuable and useful? Historically gold was the first and since systemically it serves the same purpose as any other precious metal I don't see us switching to having diamonds or platinum as being the reserve standard simply because of practicality. Wouldn't this be true of BTC. Systemically speaking nothing any of these altcoins are really any different than bitcoin in that as long as the 1. decentralized, 2. transparent (blockchain) 3. (not sure if I have full conceptualization) but 0 inflation rate?? don't change nothing else of value is really being created in terms of innovation. They are simply other mediums of exchange for smaller or larger transactions or a way for speculators to make money off the volatility of the futures market. Plus the tech of BTC is constantly being updated all the time.. segway, more streamlined blockchain updates, etc. Meh.
I think the growth is just that exponentially more Average Joes have figured out how easy it is to log into a Coinbase, Gemini, or BitPay acct, set up a form of payment, and hit the 'Buy' button.
Done.
Really not that hard, lol. See: https://bitcointalk.org/index.php?board=52.0my services as a broker and portfolio manager as well as hiring: technical analysts. Don't worry though this one is on the house. I'm a neophyte here. but effects of these "random events" have always been short. for example the latest panic sell ended as fast as it started. or as an older example i remember all the halvening hype and the big rise of that time followed by a very similar drop like this recent one. and again that lasted very short.
so it must be something else that is driving bitcoin price. like the growing demand. and as Torque said it is getting easier to buy bitcoin these days with all these services such as Coinbase which only need one click! It's a combination of things, see: legal precedents and bitcoin growth or look at my post history for more free analysis. Pretty much the latest trend we are seeing I've noticed has a lot to do with https://bitcointalk.org/index.php?topic=96118.120Pretty much the opposite of the silkroad bust and successful prosecution (criminal).. this time an appeals case against the brokerage regulatory body of the state of NY (trading capital of the world) against the overreach of the executive branch to "arbitrary" target a BTC NY based exchange to use them as "guinea pigs" to test the waters of how much regulation the public will allow from federal/state regulatory agencies. Basically to me sounds like a bunch of combined private/(government) interests wanting a piece of the action by charging fees for some "arbitrary" license just to be able to trade in BTC. That's the gist of the defense from what I've read (very surface level, not going to start looking up discovery yet since I'm providing real value here and have a stake in the game (BTC's invested already) Just a taste gentlemen of what I can provide. This is all in the public record so anyone can look it up by gl trying to piece it together. |
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Some examples of current opinions of my analysis. https://bitcointalk.org/index.php?topic=1971052.0;topicseenMy theory on why BTC's value is only going to rise and become more consistent over time: Recently someone on here made a astute observation that the boom we are witnessing has something to do with the public's increasing awareness of BTC and most importantly the public's ABILITY TO USE AND EXCHANGE said currency, i.e BTC's learning curve. What this poster pointed out is that if you look at BTC's growth over the last few months it seems to be off-the-charts level, i.e: exponential in it's growth. He pointed out that BTC'S somewhat steep learning curve is what has held people back, and is still what holds some people back. After mentioning his educational background focus being in sociology and learning his theory is that we are witnessing an https://en.wikipedia.org/wiki/Experiential_learning curve on the btc growth chart which is essentially an exponential growth curve. e is the base of all logarithms and without getting too textbook about it it's simply happens in many fields of the life and physical science (nature, technology, human activity) and the this experiential learning curve (exponential growth) happens only when these 4 conditions are met: → Concrete Experience ↓ Active Experimentation Reflective Observation ↑ Abstract Conceptualization ← As time goes on even with this current MINOR decline I see this still occuring and my favorite collaborating theory to prove that it's not only bound to happen but bound to happen more than later is that with BTC at least 3 of these conditions in it being more user friendly (if not 4) has to do with https://en.wikipedia.org/wiki/Moore%27s_law#/media/File:Transistor_Count_and_Moore%27s_Law_-_2011.svg, a law being proven truth more and more over time and that has been around for 50+ years. It basically states that as computing power doubles each year/few years the COST of running said computing power will REDUCE by a factor of 2 (getting 50% cheaper each year). This will only speed up this poster's theory and validate his claim as BTC's value literally comes from PEOPLE not by some arbitrary belief in the value of some government or corporation. This makes getting an accurate value of BTC way easier than the fiat system because of the transparency in blockchain and that better technology in computing as well as time will only validate and increase the public's ability to meet those 4 criteria. Thus if you believe in these few premises the value of bitcoin is still bound to make a huge jump 1. The people who know and use bitcoin will only go up 2. Bitcoin's foundation and core design principle of blockchain only improve and the public's understanding of how it works will only improve Thus making BTC as a surefire bet I've seen single... ever... has any type of commodity/stock/good risen THIS much that people are making comparisons to its graph and that of exponential growth? Cause when i first saw the jump that is the first thing that came into my mind too: "holy crap this is an e curve" and "what is causing this growth explosion" |
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Mods please tell me and lock this thread if i am validating by-pass by not stating collateral (simply nothing I want to wait in the mail for or I want to put up like a title to a 160,000 mile reliable car (2009 Camry). Basically I will do anything I need to short of blindly depositing money or stupid stuff like that to provide my bona fides and how I'm not in it for a short-term buck (don't need an extra 500 that made even if it was within an hour-24 hours). To me it's more about the sincerity, worthlessness and ability for identity confirmation of a much needed partner into this and after a payment of your choosing i will write anything you want in simple terms how at least 110% of your investment is guaranteed . Like I said this is an ol money )old money)
Are you using google translate to translate your words  Half of this doesn't make any sense. Sorry this was just a sloppy post on my part. My point is that since what i'm offering that is of true value (very trusted family name out there in the public domain) including my own credentials and reputation and most importantly education/pedagogy services even outside all of the documents I can provide (a lot btw investors have every right to be every bit the skeptic) there's gotta be an easy way to provide bona fides on my background and education. There are just some concepts even a few hours reading on google and the internet won't be able to provide compared to a one on one session with a private knowledgeable, formerly educated tutor who is able to break down central concepts into simple to understand terms. So, hypothetically, I send you 1 bitcoin.. What happens after? I have read plenty, and I got no clue what you are offering. Please explain what you would do with my 1 bitcoin, and what would be required of me afterwards, including when I'd see my bitcoin again. Regards  After you send 1 Bitcoin, you will get 100 buttcoins. Surely this is either a ponzi scam that he's running, i.e. paying the investors with their own money just that it's staggard and you won't get back everything. Or plainly he will just disappear after receiving the coins. I'm doing the legal research on it now but I would charge it under "services rendered: fiduciary duty (meaning I have a legal obligation to protect/invest/sell/buy/manage your BTC to the best of my knowledge and it has to pass a strict legal diligence). I would do the legwork in finding vendors, exchange rates, when and where to sell due to volatility of BTC and as best as I could explain the ins and outs of the market as best as I could to you whenever you request (in a timely manner). So a broker essentially, doing work on analyzing trends in the BTC market as well as providing up-to-date verdicts on pending or on-going legislation/litigation on the legal framework of BTC (still in very rough developmental stage). I would provide you with a legal agreement stating this and can guarantee an agreed amount of your investment in case of loss and a commission on my end for any profit you receive. From how I understand it I would basically be LEGALLY responsible for your BTC and how to invest it and would have to do the legwork in finding an exchange. This is on top of the diligence I've done on legal precedents (not that many but a few notable pending and some wins by the regulating agencies in settling up a fraud case). As far as the withdrawal.. I don't have enough stake in the game to act as a bank and wouldn't feel right or legally able to be able to pass a strict legal diligence test to say I know the inns and outs of BTC banking (still in rough infancy). I HAVE been briefed on BTC wallet security since 2010 when it was nearly .40 USD to 1 BTC and can sign any legal document guaranteeing protection of your funds. Paperwallet is most secure but I like to provide people with a nice 64gig tails or ubuntu USB using linux and a two stage (strong 10+ char PW + PGP) security wallet of your choosing. To me tails is the most user friendly along with electorum. Basically if I say too much I think it might fall in line with the "trade secrets" language of what I'm trying to do here, and yes it's everyone's right to be skeptical but I am trying to do this honestly so the price of BTC rises for everyone invested. I myself currently have a modest stake in the currency and want to see better oversight especially in the U.S where there is at least SOME legal framework for what to do. This can be done through a lawyer (for a charge OFC) of your choosing or my own. After you send 1 Bitcoin, you will get 100 buttcoins. Surely this is either a ponzi scam that he's running, i.e. paying the investors with their own money just that it's staggard and you won't get back everything. Or plainly he will just disappear after receiving the coins. I know it does look like that, someone actually said the same thing to me.. since there is no definitive international regulating body I'm not sure how that would work but from a legal standard this seems solid even internationally as long as the diligence is done (which is a lot of paperwork on my part, record-keeping, dotting the I's, etc. Keep in mind I've already done research into this and imo a ponzi scam is so short sighted for something such as this. Also I think it's ironic that it's the loansharking service on here that's stating this fact. (another example of why more legal tracking/analysis and diligence from J.Ds is needed) Also thinking of contacting a CPA so these are all service fees that are costing me money that can be traced and taxed. This is what the friendly BTC lawyer thought of my questions btw: https://bitcointalk.org/index.php?topic=1724798.0;allYou would also have the ability to liquefy your BTC as fast as reasonably possible (U.S eastern banking hours cash deposits into an account 9-5pm are instant, other methods would vary) but from my end would have to sign a waiver saying that you agree to not plan to use these BTC/fiat for any illegal or fraudulent activities . Also keep in mind this is a startup so if your local i'm looking for a competent partner. I make around a modest 40k a year in the health-care industry, but who wants to make that forever right?I've done about 3 months hard research into BTC from a variety of different sources and the best ones seem to be the legal cases which unfortunately are all in its infancy stages. If you want you can pm for free consultation or email. so please correct me if any of my wording seems confusing but to pass even the strictest legal standard this would be charged under: services rendered: feduciary duty+security? How would I charge for my legal and political networks such as CPA and the cost of my legal retainer. So in the most simpliest laymen terms possible I would be an investment portfolio manager/broker right? Also i've noticed that what i have to offer is also similar to: DO NOT POST SESC LINKS (needed: two technical analysts) except I already have my own monies invested so what I'm providing is so much more. |
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Unbelievable. So I chose LocalBitcoins as an exchange as I've heard good things and that its the safest. Have been completely transparent with this guy I've now learned is from Saudi Arabia?? who has made three negative claims against me (all other feedback is good, now I only do cash deposit through banks/credit unions) from U.S vendors. I'm virtually positive those three were all done by him as I've had 0 ISSUE with anyone else This idiot reports me to the FBI. Now as someone who is serious about a future in this exchange have to do the diligence to either know what's going on or clear my good name. It's been 12 hours since LBC support has reported but I just can't provide a utility bill because I pay a flat rate for utilities included and said in replace of that I could just as easily provide a lease, mail, drivers license, title of properties (vehicles, etc), whatever is needed. Have been blatantly transparent, told him to contact my lawyer (who btw is probably going to think that some crazy guy from saudi arabia is trying to scam him) All this for 50 bucks.. I feel like my reputation in of itself is of value in a market such as this. Can anyone give me some advice as what to do? This is the last post I posted to support: Please get back to me within a timely manner, due to the volatility of BTC I lose or gain determining on bank opening and closing times as that seems like the most transparent and traceable way to prove it was me. This is based off eastern standard time in case of this ridiculous matter moving past this.
I have been blatantly and painful transparent throughout all of this, like I said I've heard a case in which you guys were hacked and actually compensated the users back some 21mil worth of BTC a few years ago so I'll be patient with you guys and understand this is just protocol but some questions I'd like answered are
1. What is happening on his end?
2. When I do provide bona fides on documentation how soon can I trade
3. Is there a way to clear the negative rep he made against me? (seems like he did it on three accounts cause not a single other seller I've had problems with)
And on your end: While I've provided documentation and transparency on my end where is the fiduciary duty of the seller? How long a time frame must escrow be released and what steps can be taken to be insure transparency on his part? It's honestly about principle at this point... while I've been completely honest on my end who the hell knows WTF he's doing on his end based out of SAUDI ARABIA (0 transparency, public beheadings and stonings still legal? As far as I know it's a autocracy or whatever the word is for family run state government "saudi royals"). Looks to me like he's trying to strongarm me out of the market and as an honest tax-paying American who has done civil service and grown up all my life in a huge medical/military community this is an insult to me. I have friends and treated families with PTSD defending their oil friends and while I know the U.S isn't perfect we sure as hell aren't run by a single shady family. |
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It is my understanding that if you bought the Monero with BTC then you have not made a conversion to fiat and it is not a taxable event. Best: George D. Greenberg, Esq. www.attorneybitcoin.comThis is brilliant and the first time that I've seen a good answer on the crypto -> crypto currency conversion. Just to break this down further let's say someone does the following: 1) Acquire DCR (so cost basis is $10) 2) Trades the DCR for BTC after 1 year 3) Trades the BTC for ETH within 1 week 4) After 1 week sells the ETH for $500 Using the concept of "like kind" transaction is the only taxable event (4), when you convert the crypto over to $ for a profit of $490? Also since the period from (1) to (4) is >1 year is it seen as long-term capital gains? thanks! But eventually you will have to declare it as something or turn it into fiat or straight deposit into an exchange if you want easier liquidity of your assests.. Am I missing something where? |
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Hello Mr. Greenberg J.D. I am planning on starting up a business using bitcoins by essentially making money through the good pricing and robust exchange of goods to btc (such as having a good ratio on btc to walmart card, or btc to said property etc). I live in a relatively small/medium (pop 300,000) town with a lot of good old boys and money. I want this to be legitimate as my family are rather neophytes in this very small and established community and I feel like me and mine still have dues to pay "before we're full members of the club", if you get my drift sir.
I have done some fair/surface amount of diligence into federal and state laws but it seems like everything is in its infancy stages with all three branches of government confused as to what to do and no judges wanting to determine important precedents yet. From my understanding you should report your BTC as property to the IRS but there is no commercial law.. how are my earnings taxed? How is this fair financially from my viewpoint when another federal judge defined BTC as "funds" (vague) and the currency itself is regulated by the futures trading commission. Wouldn't the FTC have the final say in what will happen next? And from an honest fiduciary standpoint if it's already being regulated as "digital currency" why should I be taxed on currency I've already earned fairly through my salary and file it as property? Honestly it sounds like a lot of passing the buck to me and there is no definitive legal framework even in place on any level.. federal or state.
Also on a more concrete practical note if I may get in a 2nd more simple question.. this business will essentially be providing a service. I will be providing my knowledge of the market as well as the BTC system to act as portfolio manager and broker. I am confident in this system and with amounts of more than $5000 I'm sure me as well as my clients would like a legal retainer agreeing to some fixed amount of risk that kinda covers my end but also legally gives me some type of fiduciary responsibility with the man's money so that I am covered and in the event I make a profit of more than $100k or something like or lose whatever difference that ill guarantee that as to attract attention I would have proof of said responsibility for services rendered and that I'm doing everything by the book.
BTW you may have guessed but that state is GA... would registering it as an llc or something like that be MORE RISKY practically in that it would draw attention or less in that it would appear i have been completely transparent.
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Up to a certain point yes,
been wondering about this case as well about the state of NY's executive power overreach in which it "arbitrarily and inappropriately by using Bitcoin companies as "Guinea Pigs" when it promulgated its virtual currency regulation."
Looks to me like the wall street crowd got greedy, wanted to force the independent BTC brokers out once they saw the real value of BTC and their way of getting just a little bit more was to force the independent brokers to be fully licensed (not in itself a bad thing) but still a bold move by a single branch of government with possible conflict of interest motives going on since it's NY
And honestly speaking BTC law at all levels, federal, state, local, are still in its infancy stages of being regulated with elected officials still needing to be briefed and lawyers with 20+ experience in regulatory and tax law STILL needing to do their diligence because of how new the currency is. From what I've read from the stickied legal precedents and via wiki: The U.S. Treasury classified bitcoin as a convertible decentralized virtual currency in 2013.[18] The Commodity Futures Trading Commission, CFTC, classified bitcoin as a commodity in September 2015. Per IRS, bitcoin is taxed as a property.[19]
In September 2016, a federal judge ruled that "Bitcoins are funds within the plain meaning of that term". Which doesn't say much as I believe there are still issues of states rights here whether or not to implement the tax (FL has no property tax) and that sept 2016 ruling sounded like the judge just wanted to pass the buck to another judge to have his name on the books as setting the precedent. Basically as long as your not running a business and needing things like payroll and receipts for write-offs i think you should be fine with the IRS (who is really who you should be concerned about reporting) and not state and local. BTW I live in GA |
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Up to a certain point yes,
been wondering about this case as well about the state of NY's executive power overreach in which it "arbitrarily and inappropriately by using Bitcoin companies as "Guinea Pigs" when it promulgated its virtual currency regulation."
Looks to me like the wall street crowd got greedy, wanted to force the independent BTC brokers out once they saw the real value of BTC and their way of getting just a little bit more was to force the independent brokers to be fully licensed (not in itself a bad thing) but still a bold move by a single branch of government with possible conflict of interest motives going on since it's NY
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to the op
generally you are on point.
for those wanting to trade in and out of fiat, the exchanges are the main route where people need to deposit funds into custodian services. but the liquidity and volatility is less related to AML/KYC headaches, but more so the trust of these custodians.
with the 'we been hacked' excuses to just disappear with peoples funds, many people simply do not trust custodian services. so do not deposit very much with them, nor keep much locked with them for long.
this then creates issues with people who only want to trade a few hundred dollars vs those with hundreds of thousands.. it ends up with many orderlines with 0.xx btc and then a wall(resistance) of multiple bitcoins. this then leads to the large orders getting split up or sold over many orderlines just to fill orders in any appropriate timescale. due again to people not trusting the custodians long term.
that happens anyways does it not as even on wall street and other exchanges a good/serious broker is going to recommend buying in "blocks" if he is moving around a lot of money (at this rate a traditional block can be definitely less than $2800 worth of investment or stock) for a multitude of reasons the "big-boy capital reserve" legitimate reason being not to alarm the market that a takeover or a large increase in the ownership of a stock is taking place, thus attracting "ride-alongs" who simply notice the market trend of a bigger shark buying up massive amounts of x stock and riding his coattails up the market. |
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