https://www.coindesk.com/gmo-mined-millions-dollars-bitcoin-already/The cryptocurrency mine launched by Japanese IT firm GMO Internet has generated more than $3 million in revenue over the past three months.
According to a mining report released on March 5, the publicly-traded company disclosed that it had generated 23 BTC, 93 BTC and 124 BTC in December, January and February, respectively. All told, those coins are worth approximately $2.67 million as of press time according to CoinDesk's Bitcoin Price Index.
In addition, the firm further reported a total mining income of 525 bitcoin cash during the same period, an amount valued at $654,000 at current prices. All told, GMO's mining venture brought in a little over $3.3 million in revenue within months since its start.
That said, the data provided by GMO doesn't offer a complete picture of the mine's financial status, including the cost at which those coins came. It's unclear whether the number of cryptocurrencies brought in exceeded operating expenses at any point during the three-month period.
GMO's report also detailed its growth in processing capacity.
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If volume increases suddenly and the price starts trending downwards, we're likely to see a dip as selling pressure gathers momentum. We saw something like this today with a $500 move downwards.
Bitcoin seems to be holding on to $11,000 for dear life though.
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Similarly, is it also a crime for a buyer to purchase Bitcoins or other cryptocurrencies in a similar fashion without providing any ID? Isn't it also possible for the authorities to track via the seller's bank accounts the buyer's transaction details and trace back to the buyer, considering that a Bank to Bank transfer has taken place?
I think it depends on the amount. $20,000 a month or less isn't considered important. But that kid sold $50,000 without asking for ID. He was SELLING bitcoins for cash - in a hypothetical situation a drug dealer would try to turn his cash into bitcoin by purchasing from him. With stuff like this, stick to the law people. And don't deal with huge amounts, it just triggers flags. |
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What a BS title!!! "Americans" !!!! It's like all the people from Chester County have grabbed their forks and torches and are shouting to burn him in front of the Chester County Justice Center. Also he was not convicted for selling bitcoins without asking for an id. Have you even read what you have posted there? He has been convicted for conducting an unlicensed money transmitting business between January 2015 and November 2016 and failing to report the fiat to bitcoin transactions.
But yeah, all Americans are evil! Good job on spreading the word comrade! Calm down! The Department of Homeland Security is a national agency, is it not? This isn't to do with local police at Chester County. |
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So I'm confused, was this about tax evasion or about not getting people's IDs. I could see the government being upset about both, but I think we have bigger fish to fry these days than busting some kid for making $40k.
It was about being a money transmittor. Bitcoin and cryptocurrency is not regulated - but fiat is. You need a licence if you handle fiat. If you have bitcoin to sell, you are better off using GDAX or Gemini which both have bitlicences from New York state and whatnot. That means checking the ID of the buyer is their responsibility. You just press sell and withdraw your cash. |
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http://everycryptonews.com/24-year-old-jailed-selling-bitcoin-without-asking-id/US law agencies can celebrate another success in their tireless crusade to stop ‘unlicensed money transmitting’ in the land of the free. The latest victory is sending a 24-year old crime kingpin to federal prison for making $40,000 from trading bitcoin offline.
Eldon Stone Ross, a 24-year-old from Kennett Square borough of Chester County, Pennsylvania, has been sentenced on Wednesday to serve a year and a day in federal prison for buying and selling large amounts of bitcoin to people without reporting the transactions to the US government.
The young man supposedly sold $1.5 million in bitcoin for almost two years but made only $40,000 (a mere 2.6%) in commissions, which he now has to hand over to the government in addition to his year-long prison sentence. He has been convicted for conducting an unlicensed money transmitting business between January 2015 and November 2016 and failing to report the fiat to bitcoin transactions.
Ross admitted in October 2017 to selling $50,000 worth of bitcoin to undercover federal agents related to Homeland Security Investigations. In each case, they reported he “failed to obtain identifying information from the agents,” according to court records. Like in previous such cases across the US, the authorities claim that by not conducting exchange-like know-your-customer (KYC) procedures and reporting to the Department of the Treasury, the bitcoin seller was enabling money laundering. I think he was using local bitcoins to make his sales. People are better off buying and selling on the exchanges, because that way the responsibility to check ID lies with the exchanges and not you.
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Lots of merchants started adding Ethereum, Litecoin, Dash and others when bitcoin encountered it's transaction problems last year.
But we simply don't have the stats to tell whether people are actually using those other coins. (the transactions for ETH remain high, but that might be down to ICO activity).
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Traders love the sudden spikes because they trade volatility. The newspapers also love spikes because it gives them a chance to write "bitcoin is a bubble" stories.
From the point of view of bitcoin's long term future, steady growth would be better. It's easier to use something steady as a payment processor, and we'd get away from the bubble stories.
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The big bear market of 2014-2015 was triggered by Mt Gox going down. It was a HUGE exchange and loads of people had coins on there.
The ones who lost money lost heart in bitcoin completely and noobs were frightened off.
This time, the big risk is people taking loans to purchase bitcoin. If you have purchased with cash, you can hold and wait for a market correction. But those who borrow tend to make forced sales, and a lot of forced sales can tank the market.
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Rather than make a new thread, I'm going to put this piece about the Australian tax office here as well: https://cointelegraph.com/news/australian-tax-office-to-crack-down-on-crypto-tax-evadersThe Australian Tax Office will be going after cryptocurrency investors to ensure they are accurately filing their crypto gains on their taxes this year, Business Insider Australia reported Feb. 28.
The Australian Tax Office will use data matching and “100-point identification checks" to track down crypto investors, as well as bilateral tax treaties and anti-money laundering commitments to get more information out of the traditionally anonymous crypto sphere and markets.
Paul Drum, a member of the National Tax Liaison Group said that this move is a “watershed moment for the ATO” and would “[enable] them to access and thoroughly review cryptocurrency exchange account data for the first time:” I've no idea what these 100-point identification checks are - if anyone knows, please chime in. |
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https://cointelegraph.com/news/belgian-tax-authority-to-search-for-taxpayers-using-foreign-crypto-exchangesThe Belgian Special Tax Inspectorate (STI) is looking for Belgian individuals who have invested in cryptocurrencies in foreign exchanges, local news outlet De Standaard reported Friday, March 2.
After receiving information from Finnish authorities that several Belgian taxpayers had been trading on Finnish crypto exchanges, the STI started looking into the cases of three Belgians involved, with a fourth file closed as a “non case,” The Brussels Times wrote.
According to a rule introduced in Belgium last year, crypto speculators are obliged to pay a 33 percent tax on crypto profits, filed under the “various income” section on the tax form.
Due to the anonymous nature of crypto trading platforms, De Standaard writes that the crypto tax rule has been hard to enforce. However, the STI plans to follow the example of the US’s Internal Revenue Service (IRS), which legally compelled US-based crypto exchange and wallet Coinbase to turn over the data on around 13,000 customers for tax enforcement purposes.
Belgian tax authorities will try to use the double taxation treaty between Belgium and the US as a way to get information about possible Belgian Coinbase users, according to De Standaard. The STI also plan to send similar requests for information to crypto exchanges generally to find out whether any Belgian taxpayers are customers.
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Roger Ver has weighed in on The Flippening: https://www.newsbtc.com/2018/03/05/roger-ver-ethereum-will-overtake-bitcoin-in-market-cap/According to Roger Ver, Ether is well underway to surpass Bitcoin. All it takes is doubling in price one more time to effectively reach this goal. That is, assuming the Bitcoin price doesn’t increase further.
More specifically, Ether has surpassed Bitcoin in a few other key metrics. It is cheaper to use most of the time, and a lot faster in terms of confirmations. Ethereum’s throughput has also surpassed that of Bitcoin on multiple occasions in the past.
Roger Ver is also impressed with Ethereum’s developers, by the look of things. In his opinion, Bitcoin no longer holds the top spot in a lot of regards. Once people start to realize that is exactly the case, things will get very interesting across all markets. |
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https://eventreg.oracle.com/profile/web/index.cfm?PKwebID=0x520620abcdSo what is the fundamental difference between a blockchain application like cryptocurrency and the blockchain technology? Are you asking yourself what this disruption would mean to our company? Or are you trying to grasp which Blockchain use case make sense a in an enterprise setting like yours? If any would make sense? - 10% of the Global GDP will be stored in blockchain technology by 2027
- 9 out of 10 enterprises will do a blockchain project
[/li] [/list] It's interesting that they think it's possible to have a blockchain without a currency. If 10% of global GDP is stored in a blockchain, it will be stored in a cryptocurrency...
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The price of gold is horribly manipulated, and trying to sell gold on the high street to either pawnshops or those "we buy gold" places will see you pay a fortune in fees (they adjust the selling price with their fees).
You are better off with bitcoin plus some other cryptocurrencies to diversify.
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Yup, I read that news recently. But I don't know what's the meaning of government putting pressure on them. Do the Indian government has started to clamp down on their local exchanges as well? Is this the start, and they are now going to every Indian exchanges?
India has capital controls, and I think the Indian government, like the Chinese govt, thinks that cryptocurrency is being used to get money out of the country. Because India is a democracy, they will struggle to ban crypto (too many competing parties in the Indian parliament who will dissent), but they can and will tighten up regulations, KYC, and tax collection etc. |
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Have lost so much money on coins that doesn't work well for me. I know I'm being impatient and ignorant this maybe a good time to find some insight and good answers on how to get better
Everyone loses money when they first start to trade - it's called "paying for your trading education". The key thing is to start with only small amounts. Understand that you can't win on every trade. Practice risk management - the only people who go all-in are in the movies. In real life, if you go all-in and are on a losing trade, that is you wiped out. Also your emotions affect your trading. If you are upset about stuff, or don't understand what is going on in the market, then sit on the sidelines. Holding cash is a respectable position. Sometimes the best thing to do is wait. |
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It's at $11,486 at the moment, so the battle of the bulls and bears means a standoff.
I know that people are hoping something pushes it over the $12,000 line, but that would require new money to enter the market (perhaps a big fund because the retail investors have taken fright).
The only thing going for bitcoin at the moment is that it is holding it's value while the stock exchanges fall.
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Coinbase is a very scummy company. Never trust coins there. I used them as a newbie and used to go in to "frozen coins mode" all the time. Prob have gotten better, doubt their morality has though.
I use Coinbase on a daily basis, and can pretty much confirm that as long as you don't need to seek any sort of email support, their service works flawlessly, and is basically the best out there. I am not verified at Coinbase at all, and haven't faced a single obstacle preventing me from doing what I want to do. As long as you stay away from anything related to fiat, there isn't much to worry about at all.I mainly use Coinbase's centralized ecosystem to distribute small payments to people's Coinbase accounts for free and instantly, but in some cases withdraw Bitcoin to external addresses as well. I can definitely say that their withdrawal fees are insanely low right now, so there is nothing unfair or scummy about Coinbase. For actual usage it's a great option, but if you just want to store coins, offline storage is the best option. The bit in bold is key. Most of the people who have had problems with Coinbase have done huge trades or bought large amounts using credit cards and triggered Coinbase's safety algorithms. I can't blame Coinbase for being careful - who on earth buys large amounts with a creditcard? |
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The online payment service company, Square, is now planning to add Bitcoin support into its payment process, which will promote the adoption of Bitcoin. Jack Dorsey, CEO of Square, states that "Square will go further with Bitcoin than Buy/Sell option". Square has integrated Bitcoin transactions in its Square Cash service in November, 2017 and Q4 sales has increased dramatically. Source: https://holdernews.com/s/I7lRR7/Square-is-preparing-to-support-Bitcoin-in-its-payment-servicesIt seems to be a bit vague - what does "go futher with bitcoin" mean? Are they preparing to have online bitcoin wallets? Pre-paid cards? |
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