You can't "win" when you accept defeat, like you two are interested in.
You make it sound like they are entitled to it. Like there is something lawful about taxes on cryptos before conversion to fiat. There is not. The reason it hasn't been in court yet is because best case scenario FUD like you two want wins general perception so no one challenges something unlawful.
Coinbase is the one that might be skipping out on taxes. If they sell Bitcoin and gain income, they must pay tax. It's simple... If Coinbase acquires a bunch of wealth in the purview of the state, the stake of obligation of protection & service to Coinbase increases for the state. Hence they have a reason to tax Coinbase. That's precisely why taxes exist.
Nah, Im just being a realist. They are entitled to your records, at least, this is a condition of living in the United States unfortunately (well, the sovereign citizen folks dont agree with that , but thats a different conversation). I havent examined it, but Im pretty sure that the Coinbase TOS gives them the right to release these records (I am proud that they are doing this, but in this particular administration, I havent seen too many corps win against requests for information). Sessions isnt having that noise on his watch. I think that they could seize these records with a "legitimate" concern of criminal activity, even if just by the reporting requirements that make up KYC/AML. Understand, I live on 95% crypto (I use Gyft and the Shift card, which is offered by Coinbase, on a daily basis). I just, have been around long enough to know how inevitable taxes are, and how persistent the tax man can truly be, when you get in their sights  ) |
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Hehe darkangel, I see your point, but, work is work. In this crazy land that is the forum, some people pay exorbitant sums of advertising revenue to kept a nostalgic relic alive (*cough* this forum *cough*) Im being coy, but the agreement that is the signature campaign on this forum is a fair, pre agreed exchange of value. Hell no its not hard, LOL, but it could pose some challenges for the non english speaker, which tends to be a more frequent visitor here than the older heads/newer English speaking users. If you earn the coin and get paid, well dammit, I believe its yours. The bar is quite low, I agree, but, maybe then the bar should be raised, and actually enforced by camp manangers. But that is probably hard when you have more than 60 peeps to read after But given the generally shitty quality of post nowadays; if people are getting paid for this shit, well, thats not fair at all. |
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They're not going anywhere with this. It's only a prevention tool that was developed to make people scared and start thinking about paying their crypto taxes. I wonder why they're so interested in BTC but not altcoins. I'm pretty sure that if bitcoiners aren't paying their taxes altcoiners aren't doing it either. Also, I'd like to see the IRS sweat while deciding the point at which ownership of a coin changes. Does this address still belong to this guy or maybe it's another one? Was there an exchange or is he sending money to himself?  I don't think this is a prevention tactic. The hiring of Chainalysis was done a couple of years back and hasn't been publicised. If they wanted to scare the public into compliance, they would be issuing press releases on these kind of deals. Give this man a cookie. Exactly. If they wanted to scare folks into compliance, they would use the same modus that they have been using this whole time; issuing a public statement like the recent SEC guidances, or Session's comments about dark markets. It is not a coincidence that the IRS issued that monolithic subpoena for all that user data on Coinbase; and trust and believe that any criminal activity that is uncovered in the course of a tax evasion investigation would be referred to the proper law enforcement agency. I kinda believe they have access to the same software, but even if they didnt, they could ask the IRS to submit its evidence, which would pretty much be the same thing as them accessing it themselves. This has been in effect for a while, and they are obviously onto something bigger and better if this was kept quiet all this time, and is now being revealed for absolutely no reason |
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Well fellas, it took two different transaction about an hour each to get just three confirmations. Does this have to do with the fork? Or is it because a lot more people are using bitcoin?
Well, this depends. I havent really tested out the network since all the shit (the fork, segwit, bitcoincash sweet jesus its been crazy). but, what were your fees looking like when you sent the transaction, and what time of day did you originate the transaction? latent network congestion is always a factor, and despite the changes, a low ball fee will make you wait. with that being said, once you get confirmed, the subsequent confirmations should roll along at a steady clip, if all is well. 20 minute confirmations are kinda the norm for me at the moment (i usually transact in DOGE/ETH for the very reason, the speed is vastly superior, let alone the fees). |
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Nope i dont belive that . In fact they are hunting it and trying to destroy the all network of blockchain
They just want like we to pay fees and to be dependent by a goverment
This is plain stupid. Have you heard of the FBI arresting somebody for running a bitcoin node? And now you don't pay fees? Of course you pay, but to the minervent. Actually, the FBI most likely does hold the biggest number of Bitcoin. The US gov and all other govs would be unwise to at least get a piece of the pie before it hits $1,000,000... then good luck!
No they don't. And the FBI is not the government, this is not communist Russia where everything is run by the same person. In reality the FBI has already sold at an auction the coins they have seized. Let me explain it to you in the simplest way possible. Silk Road is an online black market and best known platform for drug dealing. Ross Ulbricht is an alleged silkroad mastermind. FBI has seized his bitcoins. Guardian said the digit is 26,000 and Forbes said it is 30,000. Actually, different websites show different value. In order to seize anyone’s bitcoin, you need his private key and a BTC address of your own. I am sorry to say but I did not hear a word about what FBI has done with the seized bitcoins. I know what happened to those coins, but we will get to that in a bit: https://www.wired.com/2013/12/fbi_wallet/The FBI now controls more than 144,000 bitcoins that reside at a bitcoin address that consolidates much of the seized Silk Road bitcoins. Those 144,000 bitcoins are worth close to $100 million at Tuesday’s exchange rates. Another address, containing Silk Road funds seized earlier by the FBI, contains nearly 30,000 bitcoins ($20 million). Thats 120 million dollars when bitcoin was crazysauce cheaper. To be fair, they did auction these off, but I am not sure if they auctioned off ALL of them ( I stopped paying attention on the third tranche; and Im too lazy atm to look it up). Since then, we have had: Hansa, with a total compromise (wallets were seized) Alpha, the same, and BTCE (which many members of the board can describe to you with colorful language). They havent even reported the amounts of coins in the last seizures, and that does not include the less publicized, more frequent smaller confiscations |
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That might be true. But I do not believe Ethereum will be able to hold their gains for long. Sooner or later the price has to go down simply because that is what markets do.
So always remind yourself not to get lost in the mania and try to stay objective. In a market like this, it is easy to think that the good days will never end.
I'm not even holding ethereum, was for a bit but sold it. I bought lbry and don't regret it. The 5x profit margin of the top 5 coins don't really compare to the 20x I've made since buying lbry. I hope some of the other shitcoins I'm holding go back up, they spiked during the last bull run and I didn't sell, now they seem to be sliding down. 100% agree with you. One can't make good profit by buying coin at 100$. There are many coins that are mere cents now and has a good potential. Even if these cents just become 1$ that would be nice profit. The growth on ETH really isnt that much different than the growth on bitcoin, or LTC. Its not as prolonged simply because it hasnt been around as long, and the speculative leaps havent been marred by as many scandals as our old pal bitcoin. I will admit though, if you are looking for potential upside, forget about bitcoin. as early as it is in the ride, the train has already left the station. there are plenty of really cheap, smaller cap coins in the top 10-15 that have more promise for immediate upward growth. Think about it. BTC is already almost 5k. If we get to the hallowed 10K, thats only 200% growth. And that might take years. Inversely, ETH could see 500 in a speculative spike within 6-12 months, and no one would really question that growth (it would still be in a bubble, imo). You would have literal years to move through other assets, and accrue even more percent gain |
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Some problems: 1. Transaction time and transaction costs are too high 2. Proof or work costs are too high (energy spend on mining is non negligible ( http://digiconomist.net/bitcoin-energy-consumption) 3. Lack of monetary flexibility as economic conditions change, make this currency too rigid to handle changes in economic landscape over time (ie recession) 4. Limited supply of crypto makes them fundamentally volatile and deflationary (people hoard instead of spend hoping to capture financial gains from limited supply) Bitcoin was never intended, by design, to replace fiat. Our greed has grown this into the monolith that it is currently; this was for small, informal debt settling and value transfer. |
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Any Paypal user, whether a buyer or a seller, will at some point run into issues with Paypal’s centralized structure. For instance, Paypal can kiss my ass after they basicall yfroze my account for no reason ( a conversation with a CSR, that I annoyed, prompted a full security review of my account), and all attached cards and banks were banned from future Paypal use. I had to create an entirely new bank account just to use Paypal due to arbitrary freezing of my first account. Bitcoin, on the other hand, is decentralized; I rest assured that nobody ( reasonably) has the ability to limit my access to my Bitcoin wallet, or to move funds from my Bitcoin wallet.
I trust my security more than I trust PP's shifting interpretation of its TOS. Paypal, can eat a dick.
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Yes they can, Hackers have all the tools to exploit all of your information. On my opinion hackers are the most powerful in terms of digital or technology matter.
Hackers are only as powerful as your security is lax. 1) When using an online service such as an bitcoin exchange: Enable 2-Factor-Authentication (like Google authenticator) on your account! 2) Always have direct control of your bitcoins (private keys). If you don’t have the keys, you don’t control the bitcoins. 3) Make regular backups of your bitcoin wallet! 4) The device that hosts your wallet, determines the security of your wallet. Always use the most updated, effective virus scanning available, and practice safe web browsing standards (porn is your enemy). |
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I think it is used by some people there, government can't ban Bitcoin as long as there is Internet connection accessibility.
HA. Man, they like, gave a dude brain damage because he tried to steal a banner. Yes, a banner. What I would absolutely not be willing to do is piss off an totalitarian government like NK; given the amount of government monitoring of internet traffic, and the amount of censorship; I dont think its really worth it to play with something like this in this particular country. I even have trouble, as I type this, finding the legal status of bitcoin in NK ( i thought it was illegal, but I cant confirm that as I actually look). Even if bitcoin is totally legal, given the legal climate, is it smart to have undeclared financial value in a regime like this? Seems like a way to get mad prison time, IMO, even if you have good intentions |
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I think it would be great if you could pay your Taxi-drive with Bitcoin! U agree with me?
Where have you been, broseph? https://www.gyft.com/buy-gift-cards/uber/Uber Gift Card
REDEEM ONLINE
Gift Uber rides to the people you care about, or add value to your Uber account.
The Uber app connects you to a reliable ride in minutes. From low-cost to premium, every option feels like an upgrade to the everyday. And payment is automatic—no cash, no card, no hassle. this has been a thing, for quite some time at this point. they used to have lyft, but it kinda of fell by the wayside (Uber is was more ubiquitous in the cities i frequent). at the very least, you can use a bitcoin/eth denominated debit card. and I wont even address the various services in the US that allow you to buy public transportation credits in select markets. |
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First of all, bitcoin is pseudonymous, not anonymous. This means that you don't know exactly who the other person is, but you have someway to identify them.
Secondly, blockchain.info does not give you the ip address of the person. It only gives you the ip address of the node that relayed the transaction to them, which is most likely not the person that sent the transaction. It is very difficult, next to impossible, to determine the ip address of the node that created the transaction.
Thirdly, you should not be reusing bitcoin addresses. By keeping your addresses separate for each transaction, then whoever is sending you Bitcoin will only know that you have at least the amount they sent you. They don't know how much you actually have. Services who also use new addresses for every transaction also protect your anonymity since others won't know who owns that new address. It could be your own wallet, your friend's, or that porn site you pay for.
There are also some services that can help you anonymize like mixers or CoinJoin transactions.
But everything seems baseless when it comes to converting your Bitcoin into fiat using an exchange that has almost all your information and is connected to bank. Governments while making Bitcoin legal are now regulating exchanges and thus can have hold of these information when needed. Also there is a risk of hacking. Until Bitcoin stays on internet, there are various ways of keeping it anonymous. But when it is converted to fiat. There is an identity threat. Exactly. The fines for not performing proper AML/KYC on a customer transferring over 10k value in x time frame are steep, and the ultimate risk on an aggregious enough violation would cost the exchange the ability to operate period. Ask BTCE and the myriad, pissed off BTCE users on the board (the furor on that one died pretty quick, no? ). It is the governments job to ensure there is no malfeasance associated with its currency, unless it is getting a cut of the action (ask Ollie North about that one). If you want to skirt the rules, dont buy anything that is highly government regulated. That would include fiat (you are buying fiat when you exchange btc for USD) and specie (precious metals). its hard enough with the regulations that concern fiat, without even involving bitcoin. they will report a 2K transaction if they deem it 'suspect', this has happened to me personally, many, many times. |
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In terms of availability, gold is still superior compared to bitcoin. Gold has been around since time immemorial, and the total market capitalization dwarfs bitcoin. The amount of gold in a country STILL determines its economic power and wealth. You cant really use tge price as a consideration for 'the best'. People arent so speculative on the price of gold; we established a reasonable price basis a long time ago. Bitcoin remains the number one crypto. But just not superior to gold |
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First of all, bitcoin is pseudonymous, not anonymous. This means that you don't know exactly who the other person is, but you have someway to identify them.
Secondly, blockchain.info does not give you the ip address of the person. It only gives you the ip address of the node that relayed the transaction to them, which is most likely not the person that sent the transaction. It is very difficult, next to impossible, to determine the ip address of the node that created the transaction.
Thirdly, you should not be reusing bitcoin addresses. By keeping your addresses separate for each transaction, then whoever is sending you Bitcoin will only know that you have at least the amount they sent you. They don't know how much you actually have. Services who also use new addresses for every transaction also protect your anonymity since others won't know who owns that new address. It could be your own wallet, your friend's, or that porn site you pay for.
There are also some services that can help you anonymize like mixers or CoinJoin transactions.
Wow this answer changed everything. I was almost becoming agitated when I saw his question on IP. So our IPs are impossible to be revealed.. Bitcoin is a beautiful technology. For the record, IP tracking is possible if they are running a compromised node (the IRS wouldnt go here, but a law enforcement org certainly would, esp if there is a decent amount of money to be seized). Proper address hygiene is vital, and takes away like 75% of what would be used to catch you up. Take it from the deep web dudes; the gov has enough money to find out who is behind an address if there is enough activity, or if the funds ever touch an exchange or financial institution that is regulated by a gov (they have KYC/AML requirements that they MUST observe). if you have a buddy that can convert your crypto to fait, that helps alot but if he is sloppy, your security is only as strong as his address hygiene/ security paradigm. |
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Unless you convert your Bitcoin into fiat and transfer it to your bank. Government isn't involved at all. You are taxed on the gain you made that are calculated through fiat amount. Nobody is interested in your Bitcoin movement over the internet.
Kinda. They will certainly care if you "you convert your Bitcoin into fiat and transfer it to your bank", its both the bank and the governments job to care; esp if the transaction is over a certain size. But since you can buy thing with a fiat value via bitcoin; I mean you can buy things that can easily be converted to fiat (consumer goods, precious metals), they also want you to record and report those transactions as well. Essentially, if you convert your bitcoin to any real world asset, it would need to be reported. Fiat value isn't the only measure of value that a government considers. |
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If you live in an european country that knows Bitcoin, the police application will not be wrong, the police will lead you, the computer is no different than the crime, after all the crimes related to hacking are not punished.
Exactly. Crime is crime, if its offline or online. The police want to see crime reduced , it is literally their tax funded job to assist you with this. Depending on where you live, they will refer you to the cybercrime department (like, everyone has one of these, you have to live in the freaking outback for this not to be the case). If they can't/don't, your federal government has a cyber crime division; if it doesn't, as a bitcoin user, you should actually consider moving away if possible, LOL. if you were defrauded by a known business/ public actor, you also have the option to file a civil suit in most jurisdictions; the burden of proof will be on you in this case, and its difficult to subpoena financial records from wary institutions when you are not a LEO. |
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Well if you really want to be avoided by being audited by the IRS you mus include your earnings from the ICO In your income tax report. It could be classified as 2 kinds you can either make it as an income or you can put it as capital gains like in real estate and stocks. It is really up to you on which it can be tax lower. Hiding your true income is really a pain in the ass, so if you don't want to be bothered by the IRS you must be truthful.
That's the thing, I am 100% for paying rightful taxes and plan on doing so. From my understanding, you only pay taxes on a taxable event (like a trade/sell) correct? If I buy and hold without selling/trading, does this need to be reported also? This is a new field to a lot and I want to do it the right way. If you are just holding, you are fine. When you convert a crypto to real world value,however, you have experienced a "capital gain" and would be subject to the relevant taxes. This isnt just sellig a crypto for a fiat; this would include purchasing anything with crypto that has an appreciable "real world value" and that could be sold for fiat (the government, while heavy handed, is not stupid). Make sure to establish your basis (purchase price) of the crypto each time you buy more, in your records. Exchanges track this for you, but you will have a much more organized record if you do it yourself, rather that examining your trading history across multiple exchanges with a shifting bitcoin rate |
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The only reason most of us are here is because of the volatility  Essentially, the class of investor would change. The majority of the sphere right now is kids, old heads, and click workers. We thrive on the volatility. If the price stabilized, you would see more institutional investors, and accredited individuals. The thing that makes crypto so great to trade makes it toxic to long term, traditional investors; stability is a desirable trait for a long term holding. If the price stabilizes, however, it will stabilize far above this price. But the lack of a value basis makes me wonder if we will ever get there, and how long that will take. |
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Well if you really want to be avoided by being audited by the IRS you mus include your earnings from the ICO In your income tax report. It could be classified as 2 kinds you can either make it as an income or you can put it as capital gains like in real estate and stocks. It is really up to you on which it can be tax lower. Hiding your true income is really a pain in the ass, so if you don't want to be bothered by the IRS you must be truthful.
A note to all the bros on the board: You do know the IRS knows all of us, personally, and has been tracking our transactions for years at this point? Sit down and let me rap to you https://www.coindesk.com/irs-using-bitcoin-tracking-software-since-2015/The Internal Revenue Service is using bitcoin transaction tracing tools developed by startup Chainalysis, according to a new report.
Documents obtained by Washington publication The Daily Beast show that the tax agency has been using the startup's software since 2015.
Additional data from the General Services Administration, which handles the US government's logistics, indicates that the IRS has an active contract with Chainalysis that is valid through the beginning of September. To date, the IRS has paid Chainalysis more than $88,000.
The IRS states in the documentation that it's using the software to "trace the movement of money through the bitcoin economy," going on to explain:
"This is necessary to identify and obtain evidence on individuals using bitcoin to either launder money or conceal income as part of tax fraud or other Federal crimes." Yes. This is why the dark markets, and exchanges, have been getting run on by the LEOs so much lately. Besides this particular piece of software, understand that the NSA has every reason in the world to watch this forum, esp. the Legal and Politics subs. Assume that there is a file on you, and that if you have every publically posted an address under one of your avatars, it is associated with your real life persona. Unless you have newly minted coins on a paper wallet, or coins that are completely "isolated", the IRS already knows what you have. If you have enough, and convert it to fiat, they are simply waiting to garnish your value. Low hanging fruit arent worth it; there are multimillionaires among us. Thats worth climbing the tree for |
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Hi,
if I understand correctly BTC has a 21M cap as far as the total circulation is concerned and at the same time is PoW type of crypto, so it needs constant mining. So, how are the miners going to be rewarded after all 21M BTC will be already in circulation?
What am I missing here?
On the other hand, ETH has unlimited circulation, so it's inflationary by nature. Right now it's PoW type of crypto, but it's supposed to switch to PoS at some time in the future, so my understanding is that ETH holders will be rewarded just for possessing the crypto and no more mining will be needed. How would the switch between PoW and PoS work exactly?
Thanks!
If your question is referring to the ETH network, after the switch miners will still be able to collect mining fees, blocks will not have an ETH reward attached As far as POS rewards, hodlers are incentivized to vest ETH for a time, which yields a static percent return in ETH in exchange for stabilizing the currency. My concern is, what will the effects of all these ICOs mean for POS; ETH is being concentrated in ICO wallets instead of being spread around the ecosphere. Vitalik isn't too fond of the ICO craze, I wonder if this is delaying the switch |
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