883
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Bitcoin / Bitcoin Technical Support / Re: Testing old wallet.dats
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on: September 05, 2017, 06:09:22 PM
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Why does core create a new wallet file every time i insert a new wallet.dat and i end up with one named wallet and the one i inserted named wallet.dat.?
It can get confusing. Each time the core software runs it checks for a wallet.dat file. If one is not present it will make a new wallet and run that one. I rename all the wallets I work with then change the name back to wallet.dat when I put it in the bitcoin folder. Otherwise I risk overwriting a full wallet with an empty one. if you use Winxx you should be able to find your hidden bitcoin folder by running in the run box. If you are using Linux (which you should) you can find the .bitcoin folder by showing hidden files in your home folder. Hope this helps. Thanks for the reply. Why is it not attempting to use the wallet.dat file that i have inserted, at the very least it could say wallet corrupted. Hmmm. It should. Are you sure it is the correct folder? It will be the one that core created the wallet.dat folder in. You will have to excuse my ignorance of windows, if that is what you are using. But I sort of recall that windows hides the folder with the wallet but displays another "bitcoin" folder. Also make sure that the name is "wallet.dat". Anything else will be ignored. If it's corrupted I would expect an error, but maybe not? Did that help?
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884
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Economy / Speculation / Re: Is Speculating A Bad Thing?
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on: September 05, 2017, 05:53:25 PM
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Speculation is risky, sometimes foolish. It distorts the market and exacerbates bubble cycles. But... One of the bitcoin values is that your money is your business. We don't tell each other what to do with each others money.
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885
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Bitcoin / Bitcoin Technical Support / Re: Testing old wallet.dats
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on: September 05, 2017, 05:43:05 PM
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Why does core create a new wallet file every time i insert a new wallet.dat and i end up with one named wallet and the one i inserted named wallet.dat.?
It can get confusing. Each time the core software runs it checks for a wallet.dat file. If one is not present it will make a new wallet and run that one. I rename all the wallets I work with then change the name back to wallet.dat when I put it in the bitcoin folder. Otherwise I risk overwriting a full wallet with an empty one. if you use Winxx you should be able to find your hidden bitcoin folder by running in the run box. If you are using Linux (which you should) you can find the .bitcoin folder by showing hidden files in your home folder. Hope this helps.
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886
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Economy / Economics / Re: why is it so hard to buy bitcoin
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on: September 05, 2017, 05:25:22 PM
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The "hard" part is dealing with fiat currency. Here is how to buy bitcoin.
1. Set up an account at a licensed exchange in your own country. Never trust an unlicensed business! Use your real identity. If you try lying about your identity you are going to get your account locked and you may be unable to recover your bitcoin. Exchanges MUST follow AML and KYC laws. They will turn over your info to the IRS, They will not help you if you lie. That's just business.
2. Fund your account from a bank account. You can use a credit card or PayPal, but it will cost more and involve more entities. Since this involves fiat money it will take days to clear in the mail. Bitcoin is fast, fiat is slow. Once it does clear you will have dollars/Euros/whatever in your account that can be used to buy bitcoin. At that point you can buy in a variety of ways. You can place a low bid and hope someone comes down to your price or just buy at current market price. Note that you are now also set up to sell coins.
3. Move the coins you buy immediately. You will want to have a wallet synced on a secure computer. As soon as a trade is confirmed You should send the newly bought coins to your wallet. Until you have your coins in a wallet that you have sole possession of the private key, you do not have bitcoin. It is possible for the exchange to go out of business or be crooks. Get that money under your keys ASAP! Same is true selling coins. After a sale for fiat do a bank deposit into your bank account.
4. Record everything. Keep careful records of how much you paid for your coins. When you sell or spend them you will owe taxes on any gain you see. In the U.S. typically you will owe 0% - 15% of the profit you made, depending on your tax bracket.
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888
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Bitcoin / Legal / Re: irs and coinbase
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on: September 01, 2017, 01:43:25 PM
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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.
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892
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Economy / Economics / Re: Bitcoin vs Taxes
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on: August 31, 2017, 08:11:27 PM
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Bitcoin was created as an anonymous uncontrolled currency, and taxes would deprive it of such an opportunity. I think that you do not need to pay taxes for using crypto-currencies.
That will make a poor legal defense at your trial. In the USA it is this simple: Did you make money? YESThen you owe tax on it. No exceptions.
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894
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Bitcoin / Bitcoin Discussion / Re: Bitcoin fees are too low!
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on: August 30, 2017, 05:59:42 PM
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Some says it is too high and some says it is too low. I am confused.
If it is "too low" (unprofitable) then it won't get done. If it is "too high" then someone will do it for less. Bitcoin is full of incentives and disincentives that keep the transaction price trending toward the lowest profitable value. Of course at any one moment it may be higher or lower than the optimal value.
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895
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Alternate cryptocurrencies / Altcoin Discussion / Re: the value of a coin.
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on: August 30, 2017, 05:51:49 PM
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It's a good question. Some scam alt-coins calculate it this way. 1. Pre-mine 10,000 dumcoins. 2. Sell one to your buddy for $120. 3. Now advertise dumcoin as having a 1.2 million dollar marketcap. 4. Vacuum up money from people who can't do math.
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899
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Economy / Economics / Re: Pros and cons of bitcoins for consumers and businessmen
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on: August 29, 2017, 01:12:54 PM
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... the cons would be mainly affected on businessmens since price is volatile they might gain or lose money anytime because of such movement. This is why most merchants do really see that bitcoin is a risky thing to decide to accept it on business venture world.
I think you are right about that, but it is completely unfounded. It is the same reason why credit cards were created. With a payment processor a business can take bitcoin without ever touching bitcoin. They face no price volatility because the processor immediately buys the coins and deposits dollars into their bank account. That means they receive their money days or weeks before a credit card transaction and generally for about a third of the cost. The only real CON for business is ignorance.
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900
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Economy / Speculation / Re: Cashing out could destroy crypto?
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on: August 27, 2017, 02:37:48 PM
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I think you have a point Duck. I don't think it will destroy crypto, but a speculative economy will see endless bubbles. As long as people want dollars rather than bitcoin they are just trading tokens. When we see more adoption of bitcoin for payments, remittances and other economic activity then we will really ramp up.
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