With all the inane and pointless threads we tend to get in this forum, the ones containing useful advice like this should really stay somewhere near the top and not drift down to page 8 without a single reply. If anyone used faucets in the past, you may well have dozens, or perhaps even hundreds of "dust" inputs piled up in an old address somewhere. Now you can turn them into something you might actually be able to spend. Take advantage of this time. It may not last. If anyone needs help understanding the process, there's another thread here in the technical support forum. That's a great topic by Loyce. I didn't knew that Electrum would allow you to use Coin Control-like features. I guess it will be easier for people to get their private keys in Electrum and make all the transactions on there rather than having to download the entire blockchain, even if I don't really like SPV wallets but that's for another thread. I guess it's a cool way to do it temporarily and safe enough. You consolidate your coins into single addresses with Electrum, then you can eventually download the entire blockchain and send them into a wallet.dat for cold storage (or a hardware wallet if you use that). It's just that most interfaces i've seen suck compared to Coin Control from Bitcoin QT. Even if by then the mempool starts getting filled again, the fee will be waaay cheaper due less inputs. I confess im too lazy and still haven't done it. Im just waiting for 0.16 to be released. Also indeed, faucets are a nightmare if you got any that way. Or just any miner that hats hundreds of mining rewards from back then when you could mine and actually get rewards. I saw a wallet with tons and tons of payments. The resulting fee of a such a transaction would be a pain. But I think the most relatable case for most of us is having being in here for years participating in signature campaigns and having tons of small payments, then you try to spend it and the fee is huge if the mempool is filled. |
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But I can't have 12 Ferrari's and 10 Lambo's neither  Someone will ask me how I got those. I would pay taxes if they legalize the crypto. This. What's the point of having millions if you can't enjoy it? The point of having a lot of money is having a great quality of life. You can't buy a nice house if you can't explain where the money came from. Taxes cannot be avoided unless you want to have millions worth of bitcoin which you can only spend on irrelevant things, and I don't see the point. This is why you must keep track of everything and save as much information as possible about how you got your bitcoins. |
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The IRS has always been working with Coinbase, I don't know why anyone would be surprised to find out about that. You never had any privacy using Coinbase. Everything you do is automatically reported to the IRS, so you better keep track of all of your movements or else you'll have problems. I am always surprised at how little people know about taxes. I guess it's a combination of an ever more complex system and a total lack of teaching taxes in schools.
In the USA you owe tax anytime you make money. If you earn money from work you owe income tax.
If you see a gain in value when you trade something, be it money or anything, you owe capitol gains tax.
Even if you find a gold ring buried in your yard you owe on it. ALL MONEY IS TAXABLE. This is not the government attacking bitcoin. It has been the law for decades.
Cost basis is not the simple equation with all things bitcoin related.. proving cost basis gets pretty tricky as well. No central exchange to say what was the price on any given day during the Mt Gox fiasco (there was insane arbitrage.. so what WAS the price during those days?) Not everything was simple bought & sold on one exchange with one price... mark to market is the devil in the details.. mining, alt coins, gifts.. how long you held which parts of which bits can make for short term / long term gains.. hacked, lost, scammed... etc There are MANY voids when it comes to tracking the bitcoin price back what it was a certain date. This is why I haven't sold a single bitcoin yet. For example, my trading history in Mintpal and Cryptsy is gone as the exchanges are dead, so what the hell im supposed to do now if I want to sell these coins? I don't have a clear track history of my gains on there... this sucks. If you sell, you are taking a gamble to see what they will do about it. They may steal all of it for all I know. Since I have not seen any precedents, im not going to sell until someone else does it first to see what happens exactly on that situation. |
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It's impossible, simply because Bitcoin is not a person or institution, you cant knock on the door of the "Bitcoin headquarters". They have killed previous attempts at internet money because they were centralized and they indeed had some sort of centralized point of failure.
Similarly, they can't kill BitTorrent, and BitTorrent has a well known creator, but decentralized networks, once they are in the wild, cannot be shut down, so what they would win by putting the creator of BitTorrent in jail? nothing, other than bad press.
What we've had is cases against people using Bitcoin (which is why im very paranoid about it) but not against Bitcoin itself.
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It depends on the exchange.
If it's an US registered exchange doing all the KYC stuff then MAYBE you can get away with a class action lawsuit and try to get a case out of it.
If the jurisdiction is anywhere else then you are most likely going to lose more money in lawyers than you would get from the coins which you should have gotten out of the fork, to be honest. Not to mention by the time you get them, the price will have tanked because long term all these forks are going to 0.
So when you consider all the variables I think the best think you can do is forget it. Just treat anything Crypto as the wild wild west. Threat ALL exchanges as potential scammers (so do not give them your information, and do not give them your private keys). Keep records of your transactions in case they disappear when you want to cash out and buy a house, all information will be useful. For example, I lost my Cryptsy trading history, because they disappeared out of nowhere, and I was not able to save my .csv trading history file in my computer, I also lost a small amount of coins. Now I worried to cash out all the coins that went trough my Cryptsy account, since I lost my trading record, and who knows if they counterfeit my coins when I try to explain to them how I lost my trading record for these coins..
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Look at this and rejoice: https://jochen-hoenicke.de/queue/#1,30dThe mempool is looking pretty empty right now. Transactions are CHEAP and pretty fast. It would be a good idea to get all of your coins into a single address (of course, use "Coin Control" or any other equivalent in your wallet and do due diligence privacy-wise) Why do this? example: You have a business and get payments in a Bitcoin address, you will have a ton of small payments if what you sell is cheap stuff, and assuming your business is successful, you'll have many inputs. Other examples include receiving donations, or being part of a signature campaign. You'll have a bunch of weekly payments if you've been here for years, so if you wanted to move that now, it would be way cheaper than doing it a couple of weeks ago when blocks were full. In fact it would have been a disaster doing a transaction with many inputs back then, the fee would have been insane. Now you can get all these payments and put them together for cheap. Unfortunately, fees will come back when organic traffic + spammers (Ver, Wu, etc) come back. The problem of receiving many payments and then later on wanting to do a transaction consisting of all these inputs being a resulting very expensive transaction will always be there, I think even with segwit, years of tons of payments worth into a single transaction will always be a very expensive move, so take advantage of times like this to save money, since sooner or later you would want to move your coins. |
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In the future I would like to buy some property with my BTC once it's worth a lot. Even small amounts made on signature campaigns in here could be worth a lot and may I want to diversify into real state in say 5 years or so.
I was wondering how would this be done? Im scared because we get daily news of any bank account that has to do with Bitcoin being frozen. I wouldn't like to be treated a criminal when I obtained my Bitcoin posting here... any help?
cashouting huge amount of money everyday will become suspecios. but if you can prove where your money came from then nothing to worries. the government cannot forced you to pay some tax from the money you earn in signature campaign they are concern only about money laundering. if your country is open minded about btc then prove your hardwork so that you can freely buy property without fear. Like I said before, this is easier said than done. Bitcoin is too new, earning income with Bitcoin is too new. There are no precedents that I know off. Show me someone cashing out $10,000+ worth of signature campaign gains, and explain me how to the process went (and say where are you from too). Otherwise you are taking a risk because you don't know what will happen. You don't know what they will ask for. And don't get me started if you mixed of your coins, or you lost some trading history because stupid exchanges are now dead (Cryptsy, Mintpal, etc) |
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Scammers such as Roger Ver and Craig Wright are trying to push their BCash scam by FUDding Bitcoin with videos like "How The Banks Bought Bitcoin | Lightning Network", if you haven't seen it, im not going to link it for you and give them more views. Andreas Antonopoulos made a video in his channel explaining why that video is bullshit: https://www.youtube.com/watch?v=c4TjfaLgzj4Lightning Network will be a success. It will be easy as fuck to use, and everyone will be using it for shopping. Give it 2 years and really nice looking, user friendly interfaces will be all over the world. Steam will be accepting Bitcoin again for their games in 2 years thanks to LN, as well as a ton of other merchants, all of this while still being able to run your own Bitcoin node unlike BCash. Let all the idiots sell now and stockpile on cheap BTC. In the next 2 years everyone that sold now will kill themselves in regret. |
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It's just not possible to accurately assess the situation thanks to complete fucktards called Roger Ver, Jihan Wu and probably Craig Wright too, spamming the network when there are bull runs.
Naturally, during bull runs idiots FOMO into exchanges and fill the mempool up, but to what extent? We don't know, because it's precisely when bitcoin FOMOs that these BCash scammers spam the network to make things worse.
Now with segwit, transaction batching, and soon lightning network too, they will have it way harder to fill the blocks with trash.
When the next bubble to $100k happens, we will test the technology improvements in a real life scenario. For now, be happy to get BTC back again for cheaper prices while all the idiots that came from the latest FOMO sell.
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Switzerland always has many referendums like these. Im sure that eventually there will be a Bitcoin referendum and if it doesn't pass the first time, it will pass in the future. Switzerland will become a Bitcoin safe haven in which you can go and buy real estate there and life comfortably without losing most of your hard earned money in massive ass taxes.
I wish I could buy a house in Switzerland. I would most likely not live there tho, things are too expensive, but I would buy it so I can make money out of it. When BTC goes to $1,000,000 I will be able to permanently live on there if I want to.
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Still don't see how one is supposed to believe their cryptocurrency (the so called PETRO token) is going to properly and accurately represent their supplies of oil, gas, gold and diamond at any rate. Why would you believe that? Is the process open source? where can I check if the PETRO token is presented by current natural resources in possession of the Venezuelan' government?
Give me a break. I wouldn't believe any of this unless it's all open source, and I doubt a government like Maduro's would make it all accessible for everyone to see.
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This is huge news, the implications are just too big. I can't believe this is the only thread I've seen on these news, this should be on a sticky thread to remember how governments are already trying to manipulate the opinion of people to stop the fiat leak.
And then I have to hear how complete morons want to make the blocks huge when that would only make Bitcoin less censorship resistant.
Bitcoin is under attack on the media and on the technical side with the forking scammers. Stay alert.
It's not really huge news. Poland is just a small ex communist country that is quite poor. Most Poles haven't adopted bitcoin, most of them don't have enough money to invest. Lets face it, even if they were successful in deteriing people, it makes no difference to bitcoin's price. Bitcoin's future will be decided in the financial capitals of the world - the US, the UK, Switzerland and Singapore. If those countries adopt bitcoin (and it looks like they are all legalising it), then it's unstoppable. And the reason they're adopting it is because they see a future in being the financial capitals that allow crypto, as opposed to the oppressed countries that have banned it. Poland, dont write them off - https://en.wikipedia.org/wiki/Economy_of_PolandThe economy of Poland is the eighth largest economy in the European Union as of 2017 the Polish economy has been growing steadily for the past 26 years, a record high in the EU Poland is classified as high-income economy by World Bank This report shows that the banks are afraid, enough to fork out $30,000. how was the $30,000 approved? how far up did the approval go I wonder? ECB? Another question arises, how many more banks have done this? Turns out that youtuber was not the only one, so it was more than $30,000 most likely, they paid tons of polish youtubers, see here: https://www.ccn.com/polands-central-bank-admits-sponsoring-smear-campaign-cryptocurrencies/Im sure ALL big youtubers in Poland that made FUD-ish videos during that period were part of the smear campaign. Very sad! Keep your eyes open because this is only the beginning. If Poland can do it, imagine what the US Government can do with their budget. They could pay huge 10+ million subscriber youtubers to start a FUDfest. Do not believe youtubers, they are clueless rich kids. |
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LOL look like Poland can into crypto!  I wonder how much they managed to buy cheaply because of this and if it was worth the money they shelled out on that guy. You can find this website https://uwazajnakryptowaluty.pl related to this hashtag. Central Bank of Poland has admitted that ‘it carried out a campaign on the issue of virtual currencies in social media’. Poland’s Central Bank and FCA portrays digital currencies as risky investment without having any guarantee which are not even classified as electronic money. Well at least they didn't try to deny it. They should be forced to disclose how much they spent on this campaign though, people have to know where their money is going. This is huge news, the implications are just too big. I can't believe this is the only thread I've seen on these news, this should be on a sticky thread to remember how governments are already trying to manipulate the opinion of people to stop the fiat leak. And then I have to hear how complete morons want to make the blocks huge when that would only make Bitcoin less censorship resistant. Bitcoin is under attack on the media and on the technical side with the forking scammers. Stay alert. The implications are big but I don't think they are what everybody currently thinks about it. On the face of it this looks negative but if you look closely it is actually a huge positive. Ask yourself why would a government try and stop something like blockchain and bitcoin? Simple, because they are scared and fear it they try and take it down any way they can. Another analogy I can give to paint this picture is if your girlfriend is upset when you do something stupid (that is good!) because she cares and wants to figure it out, if she gives no fucks then that is bad (either you are useless or not enough to care about). The very fact that governments care and are willing to go to these lengths means we got something good here boys! Im not saying it's negative, it's positive since Bitcoin in its nature is a very disruptive technology, and a big government like the Polish one going as far as contacting the Central Bank of Poland to try to FUD cryptocurrencies through a famous Youtuber proves how they are scared of Bitcoin and they consider it a real thing and not just a joke. Who knows, probably there are MANY paid Youtubers by tons of banks from many different countries right now, FUDing Bitcoin and other cryptos for a paycheck. Im sure we will see more cases of leaks like this in the future. |
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LOL look like Poland can into crypto! I wonder how much they managed to buy cheaply because of this and if it was worth the money they shelled out on that guy. You can find this website https://uwazajnakryptowaluty.pl related to this hashtag. Central Bank of Poland has admitted that ‘it carried out a campaign on the issue of virtual currencies in social media’. Poland’s Central Bank and FCA portrays digital currencies as risky investment without having any guarantee which are not even classified as electronic money. Well at least they didn't try to deny it. They should be forced to disclose how much they spent on this campaign though, people have to know where their money is going. This is huge news, the implications are just too big. I can't believe this is the only thread I've seen on these news, this should be on a sticky thread to remember how governments are already trying to manipulate the opinion of people to stop the fiat leak. And then I have to hear how complete morons want to make the blocks huge when that would only make Bitcoin less censorship resistant. Bitcoin is under attack on the media and on the technical side with the forking scammers. Stay alert. |
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Marcin Dubiel – Polish Youtuber who has around one million subscribers was offered with a payment of approximately $30,000 (over 90 000 zl) by the Central Bank of Poland. In exchange Youtuber had to cooperate with Polish Financial Supervision Authority and was asked to display cryptocurrencies from negative side without letting viewers know about payment for such ‘advertising’. The conspiracy is now confirmed. Governments are spreading fake news everywhere in order to stop the fiat leak into bitcoin and other cryptos. They don't want their citizens to be holding big amounts of bitcoin since when the time comes they will not be able to steal their saving accounts. Read the full story here: http://www.cryptovibes.com/crypto-news/youtuber-was-paid-by-polish-bank-to-slander-crpytocurrencies/There are leaked documents confirming this is real. I wouldn't be surprised the 400 million buy order was from some government buying cheap coins after FUDding the market. |
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I always saw Bitcoin like a gold alternative but better, since you can carry it and move it around without being stopped and put to prison on every border if you tried to escape your collapsing government.
As far as debt goes, technically it's possible via payment channels. Just like on Poloniex people ask for coins to get loans, you put them there and they pay you back with an interest, but done right, decentralized with payment channels. I think the lightning network will make it possible to make passive income by decentralized loans. Of course im not sure how that would work in practice since there must be some kind of collateral but we'll see.
What has caused the massive collapses has been uncontrollable debt, they print too much money, and the debt never stops growing, at some point it becomes a bit of a joke. Having a finite supply doesn't mean there isn't people out there willing to put their bitcoins somewhere so people can get loans. There could be not enough offer for people wanting to get loans tho, this is all very difficult for me to theorize since I don't know how it would work in practice.
In any case, other cryptos could be delivered for that, the challenge is how to do it in a decentralized way.
Gold wasn't a suitable currency instrument either, which is why the whole world has abandoned gold-based currency. It limits economic growth because it can't be produced at will. Currency (money) is just a representation of value that exists in the world (value = goods/services) so the worth of money is how much money exists divided by how much value exists. When value increases faster than the money supply, you have deflation (money increasing in value) and when the money supply increases faster than value, you have inflation (money decreasing in value). The trick is to marry the currency growth rate and economic expansion so money stays mostly stable, and this is the job of the Fed. It cannot be accomplished with a decentralized, uncontrollable currency, which is why crypto is never going to replace fiat. Economic growth depends on taking stored value (savings) and loaning it to someone who will create something new of value to repay the debt with interest. This is sustainable because the new thing of value increases the overall amount of value in the world, which did not exist previously, and justifies the increase of the money supply (the loan). A crypto-based system would inhibit this, and inhibit economic growth, because the money supply cannot be increased. But since they can print fiat at will, we end up with delusional, unsustainable hopes of constant growth, which is why capitalism is collapsing, it's based on constant growth and this is not how things work in real life. In any case, like I said before, bitcoin for me was never meant to replace fiat, but to act as a catalyst against it when fiat goes full retard thanks to corrupted fiat policies. When they bailout corrupt bankers and your savings go to hell you will see the need for bitcoin as a neutral safe haven that's limited in amount and basically immutable. |
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First question, did Doug Polk make this video for the channel you shared or is it just infringement? Secondly, no offence to Doug (he's a legend in poker) but I'm really not a fan of his crypto stuff. Finally, yes bitcoin can and probably will reach $120,000 at some point.
Looks like this guy is one of these guys that steal someone else's youtube videos and adds ads on them to get adsense ad revenue basically doing nothing. I would report his video but I can't be bothered. I guess Youtube has already given a strike to his channel and demonetized it. Anyway, Doug has been wrong in the past, he said he sold right when the bull run to $20k started if im not mistaken, not a good call.. Will it reach $120,000? yes and more, but we can't know when. My guesstimate is that it will happen within the next decade. 2024 will be a pivotal point for BTC due the halving, buy by 2020 we should see a massive increase compared to current prices. |
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Im holding PoSW (aka Poswallet, and now known as Stakenet) since a year ago and I predicted it would hit $1 and it did. Now I predict it will hit $10, and it will hit a new bitcoin all time high, namely, something like 100k satoshis at some point. We are now at 8k satoshis this year, with a previous ATH of 20k. https://coinmarketcap.com/currencies/posw-coin/The reason I believe this will take off is because ETH will go PoS and people will want a way to stake their coins online, and also people that speculate with PoS coins will love this site. |
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I always saw Bitcoin like a gold alternative but better, since you can carry it and move it around without being stopped and put to prison on every border if you tried to escape your collapsing government.
As far as debt goes, technically it's possible via payment channels. Just like on Poloniex people ask for coins to get loans, you put them there and they pay you back with an interest, but done right, decentralized with payment channels. I think the lightning network will make it possible to make passive income by decentralized loans. Of course im not sure how that would work in practice since there must be some kind of collateral but we'll see.
What has caused the massive collapses has been uncontrollable debt, they print too much money, and the debt never stops growing, at some point it becomes a bit of a joke. Having a finite supply doesn't mean there isn't people out there willing to put their bitcoins somewhere so people can get loans. There could be not enough offer for people wanting to get loans tho, this is all very difficult for me to theorize since I don't know how it would work in practice.
In any case, other cryptos could be delivered for that, the challenge is how to do it in a decentralized way.
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There are some companies (like bloq, founded by ex bitcoin developer Jeff Garzik) that will try to monitor the blockchain and track down who owns what. Jeff Garzik is possibly working for the NSA now or something like that. It could be a problem if mixers aren't strong enough. For example, if Wikileaks accepts donations in a bitcoin address, everyone knows what Wikileaks owns: https://blockchain.info/address/1HB5XMLmzFVj8ALj6mfBsbifRoD4miY36vSo we know they have received a total of: 4,042.08608062 Now everytime that Wikileaks sends money somewhere else, the person receiving it would know it's Wikileaks. This pretty much forces them to mix their coins before sending money, which means extra fees etc... it's a problem. PS: I once tried to mix coins to test things out and now im afraid to sell these coins because I don't know where they came from, so if I wanted to buy a house for example, I couldn't use these funds because since they were mixed, who knows what the IRS (or the equivalent in your country) will say... when I realized this I stopped mixing coins since I have nothing to hide anyway, all my coins were obtained legally and at some point I would like to buy a house, but if you are Wikileaks you better be mixing your coins if you don't want to be saying "im Wikileaks" everytime you make a transaction. |
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