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6222
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Economy / Speculation / Re: $3B Ponzi Scheme is Dumping BTC by the Hundreds
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on: August 20, 2019, 01:45:19 AM
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This story begun when someone called Dovey Wan begun to suspect some large movement of bitcoins by some wallets and begun to spread ehat she has discovered in twitter.
Carlton Banks might be right and Dovey Wan might be wrong. However, where are the large amount of bitcoins going? Are they going to exchanges? How much has been sent to them? What are the exchanges not telling us? Are those coins frozen by exchanges?
Many questions.
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6226
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Economy / Gambling discussion / Re: Andy Ruiz vs Anthony Joshua II
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on: August 19, 2019, 01:57:18 AM
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There could be legal battle here if Andy Ruiz doesn't want to go to Saudi Arabia. On the other hand, maybe he just wanted more money, after all he is the champion here. But make no mistake about it, Anthony Joshua here is still the A-side so if I'm Andy Ruiz he should be better moving his ass and fight in Saudi and prove that he fight is no fluke. Ruiz might be hyping the fight so that he is showing that kind of attitude. Yes, maybe he just wanted more money being offered to him because he is the champion. But he needs to realized that he sign a contract that a rematch would happen. He might not agree with the venue, but he doesn't want to go to a legal battle here because in the end it will just damage his career and reputation. He is acting like a diva now, I think upsetting Joshua and winning the belt gets into his mind and it is not a healthy sign. I agree that Ruiz is hyping the fight, and will just sign the contract to fight Anthony Joshua in Saudi. Eddie Hearn is also a powerful man in boxing, so Ruiz needs to cooperate otherwise his career can be ruin by these powerful boxing managers in the industry. https://www.boxingscene.com/andy-ruiz-on-rematch-not-everything-correct-contract--141777No. Andy Ruiz really wants the fight in America. This is not something similar to Dana White's UFC storyboards hehehe. However, he has no choice because there was a clause in his contract with Anthony Joshua that if Anthony loses, Anthony chooses the place of the rematch. Andy Ruiz's only choice is to reject the contract by not fighting. I predict that this fight might be cancelled. |
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6230
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Economy / Gambling discussion / Re: Andy Ruiz vs Anthony Joshua II
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on: August 17, 2019, 03:17:51 AM
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Why Saudi Arabia? Is Anthony Joshua scared to fight Andy Ruiz again in America? I reckon the Staples Center in Los Angeles would be the best place for the rematch. It has plenty of Mexicans heheheheeh.
It's the promoter who dictate where the fight is held and when both fighters agree, things happened and it's a done deal. Why not Saudi Arabia? Boxing is not only for Americans and Mexicans, there's a lot of fan based all over the whole, and this fight being held in Saudi Arabia is good in promoting Boxing globally. You can also read this - https://edition.cnn.com/2019/08/15/sport/joshua-ruiz-boxing-saudi-arabia-hearn-spt-intl/index.htmlHowever, it is also open to negotiation, which also opens this to politics. Anthony Joshua wanted the fight to be in London, Andy Ruiz wants it in America. I have not read everything yet, but it appears that the promoter wanted a neutral location to make them sign the deal. |
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6231
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Economy / Speculation / Re: Speculating with Tom Lee
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on: August 17, 2019, 02:47:27 AM
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Tom the great permabull has given another piece of his wisdom. Thank you Tom, we shall hold you accountable if you are wrong again and post many words of hate and insults on you hehehe. Fundstrat's Lee is not out of the bitcoin price prediction business. After last year's bullish call for BTC $25,000 didn't work out, Lee backed off from making price forecasts for a while. With the wind seemingly at its back, bitcoin could make a strong finish in 2019 similar to its record display in 2017, and Lee doesn't want to miss out. He tells Fox Business host Stuart Varney:
"I think it's going to be much higher by the end of the year and potentially at new all-time highs. I think anyone who wants to have a 2 percent or 1 percent allocation to bitcoin as a hedge against a lot of things that could go wrong it's a smart bet."Read in full https://www.ccn.com/bitcoin-could-break-through-to-a-new-high-in-2019-predicts-tom-lee/ |
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6232
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Bitcoin / Press / Re: [2019-08-15] New IRS Warning Target Crypto Investors Who Misreported Trades
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on: August 17, 2019, 02:11:13 AM
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This article explains what we need to know about form 1099-K. It appears that the IRS should develop another system for investor tax calculation. It might also be good to suspend tax collection until they have evaluated everything and have the new system ready. They might have none hehehehe. The IRS has already forced a Coinbase to report users on form 1099-K, the same form home-share and ride-share companies use to report transactions with homeowners and drivers. The federal reporting threshold for the 1099-K is currently set at $20,000 and 200 transactions per year.
The 1099-K lacks the cost basis details required to capture the capital gain/loss calculation that would ultimately determine taxable income and tax revenue for the IRS.
The reason that 1099-K are not usually accurate is that they do not report the relevant cost basis data necessary to accurately calculate capital gains/losses. Additionally, this form does not reconcile trades across multiple exchanges.Source https://cryptoiq.co/form-1099-k-what-cryptocurrency-investors-need-to-know-in-2019/ |
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6233
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Economy / Gambling discussion / Re: Andy Ruiz vs Anthony Joshua II
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on: August 16, 2019, 01:32:51 AM
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Why Saudi Arabia? Is Anthony Joshua scared to fight Andy Ruiz again in America? I reckon the Staples Center in Los Angeles would be the best place for the rematch. It has plenty of Mexicans heheheheeh.
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6234
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Economy / Gambling discussion / Re: The UFC Info and Prediction Thread
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on: August 16, 2019, 01:08:15 AM
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Last fight of Nate Diaz was at UFC 202 last August 20, 2016 when he fought Conor Mcgregor for the second time. Thats exactly 2 years and 11 months and 26 days today. While Anthony Pettis is still active in the octagon and his last fight was March 23, 2019 at UFC Fight Night versus Thompson. Diaz being absent in the octagon for quite sometime may have an effect on this fight.
However, the Diaz brothers are always training and they participate in triathlons as a routine. Also, Dana's storyboard for the heavyweight division might be Daniel Cormier versus Jon Jones 3 if Daniel wins or Stipe versus Francis Ngannou 2 if Stipe wins hehehe. |
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6236
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Bitcoin / Press / Re: [2019-08-15] New IRS Warning Target Crypto Investors Who Misreported Trades
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on: August 16, 2019, 12:16:34 AM
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Not sure the guys interviewed got it right. I'm very sure losses in trading can be reported properly, because others have done it off and their trading losses have been recorded as eligible for tax write off/relief. And that's to me the point of the article. Help IRS do proper by you by filling out your forms and reporting all income and losses correctly.
Not on the side of IRS or states by any means, but sometimes people make a mountain out of a molehill really.
The IRS might have made a mistake by telling the exchanges to make users fill out 1099-K forms which are for merchants. That form reads any fiat received as taxable, does not matter if the fiat received was a result of a loss in trading. |
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6237
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Alternate cryptocurrencies / Speculation (Altcoins) / Re: [XRP] Ripple Speculation
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on: August 15, 2019, 03:12:59 AM
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We are witnessing the death of xrp, bad news almost every day. Not even fudding!
Can you share some of those bad news? This lawsuit. It will always come back with different amendments and different versions to trouble Ripple if it is not settled or resolved immediately. A new amended complaint against Ripple draws on the SEC’s framework for digital assets to outline how XRP might be a security – likely the first federal case to do so.
The filing also cites California advertising law, in addition to federal securities law, to argue that investors were misled by Ripple’s promotion of XRP.
While the case is a year old and has not yet received class-action status, the new complaint is the first that Ripple must respond to with a substantive answer.
Ripple has until mid-September to file its response.Read in full https://www.coindesk.com/investors-suing-ripple-cite-sec-guidance-to-argue-xrp-is-a-security |
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6239
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Economy / Speculation / Re: Bitcoin Price On Way To $250,000 By Q1 2023: Tim Draper
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on: August 15, 2019, 02:01:39 AM
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We've seen so many such prediction before and I really can't understand like people stick to that. It's like it will come true just because someone said it, like these so called Bitcoin experts or predictors are some kind of prophets. The more exaggerated prediction is, the more people trust it. Don't beleive everything you hear or read.
People holding on to exaggerated predictions by experts might be something similar to someone who bought a lottery ticket. Winning the jackpot is their only hope for a better life for that week before the draw hehehe. |
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6240
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Bitcoin / Press / [2019-08-15] New IRS Warning Target Crypto Investors Who Misreported Trades
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on: August 15, 2019, 01:45:12 AM
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I reckon the best solution to avoid this problem is the follow the permabulls' advice. Hodl hehehe. It will also be good for the price because it might discourage active buying and selling and increase stability. However, what would the IRS say if I have bitcoin to trade to an altcoin and earn profit in bitcoin? Is that taxable?  The U.S. Internal Revenue Service (IRS) is sending another round of warning letters to cryptocurrency users, this time to taxpayers it believes to have misreported income from exchange transactions.
In addition to the three letters sent last month to crypto traders advising them they may have incorrectly filed their taxes, the IRS is now also telling certain investors that they did, in fact, report the wrong amount of income from crypto transactions. And the agency is looking to collect.
According to the letter shared with CoinDesk, the recipient reported $0 in income from crypto transactions to the IRS in the 2017 tax year. However, information through Coinbase indicated the recipient should have reported more than $12,000 in income.
Neither the IRS nor Coinbase immediately responded to requests for comment Wednesday.
It is possible that such discrepancies come from how exchanges are reporting transactions.
Woodward said this likely comes from the exchanges issuing 1099-K forms, rather than 1099-B forms. Because 1099-K forms are typically used to report income for merchants, most transactions would be reported as revenue, rather than any losses that may have occurred.
Aaron Cohen, who received one such letter, confirmed that the IRS based its estimation of his tax burden on a 1099-K which dramatically overestimated how much he made on his trades.
“I’m not sure if it’s a lack of understanding from the IRS or if they’re just blindly sending out these letters hoping people are too scared [or] too lazy to look at the letter and say ‘hey they made $13,000’ when they didn’t make $13,000,” he said.
He worked with CoinTracker to estimate a more accurate total on capital gains, which he plans to report to the IRS, he said.
“People that have received a 1099-K from an exchange but have not filed an IRS 8949 in the 2017 tax year are the ones that we’re seeing received the most letters and who this is typically applying to right now,” Woodward said.
In such cases, “we’ve been sending letters back that outline the deficiencies in 1099-Ks … and we’ve helped [traders] and with the proper 8949,” Woodward said.
He described how filing the merchant form could lead to a trader receiving the CP2000, saying:
“The amounts on the form, what they’re doing is if I make a trade for $100,000 on a platform, I buy 1 bitcoin for $100,000 and I sell it a couple weeks later for $90,000 I could have a $10,000 loss but I have a 1099-K that says I received $90,000.”Read in full https://www.coindesk.com/new-irs-warning-letters-target-crypto-investors-who-misreported-trades |
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