Hello
Bitfinex Compliance Team asking to fill FATCA and CRS to exchange that information with the tax authorities of the customer’s country of residence
I have friends they live in a country trading/buying/selling cryptocurrencies is prohibited what should they do any advice?
The question is, did Bitfinex specifically said they would exchange such information to those other countries tax authorities? The issus of tax would come only when crypto is allowed. You don't expect a country that prohibits crypto currency expects to generate tax from such avenue, its contradictory. They might send the details for other reasons, but not for tax purposes. What you should you advise your friend is that, if he is not sure that Bitfinex would keep his information safe without sending it to his home country which might lead to some form of punishment because it had already been prohibited, he should just end his relationship with Bitfinex and move somewhere else. There are lots of other trading platforms although ask for KYCs but not going to send your details home. |
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This is one of the reasons why I don't keep hopes high when news broke about "Russia is planning to legalize bitcoin" or "New bill will make bitcoin legal in Russia" and all of related news as such that until we see the implementation happening, there is nothing to rejoice about because bills are meant to be discussed and until when its signed, discussions can swing in any direction which could either be good or bad. However, there is something to rejoice about this news because if its any consolation, it gives hope that eventually, everything we wanted would happen and that is something worth happy over in this era of discouraging prices of crypto currencies.
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I wouldn't need any analysis or experts to know that the chances of price to go lower at this point is very high and its because the signs are there for every observant of the market to know. Currently, it sounds like there is quietness in the market which is an indication of slow activities. Also, there is no major event to happen in the near future to have necessitated massive holding that could have influence the jump in price. Now to question as to whether to buy or not, my advice still stay the same and that is, if you can afford it, get it because even if everybody agree that its going to go down further, its not a certainly but some chances so you don't blame yourself on how you could have bought now and imagine the amount you would have saved or gain if only you have the guts to act now. |
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I would rather choose an accountant who knows how to manage my books on everything rather than an accountant or bookkeeper that specializes on one thing. Accountants should be well-rounded at everything as even though cryptocurrencies are a new thing they should know where this earnings go into the books. Just like lawyers, when there is a new law you don't expect to go someone new who specializes on that already but you expect that your old lawyer must have known it by now and knows how to adjust to it. Also one quick advice is I would stay away from "accountants" and "lawyers" who are giving their service online as based from what I am seeing nothing good ever came out of it.
I am an accountant by profession with some little stint in business law. You cannot compare the two with each other by concluding that once a new law is out, your old lawyer must surely know about it but that is not the case. Lawyers specialize too. Some are versatile in criminal matters, while others are just for civil cases. Some lawyers would visit the court maybe once in 10 years because of the clients they represents where they only draft agreements and nothing else. Which means that some laws will be promulgated and your lawyer wont have any business to do with it. In the case of crypto, its better to have just an accountant who knows how to keep the books for now. Not because its wrong to have one that specializes in crypto but the users of the information who are not aware of crypto and again accountants have a way particular transactions are recorded in the books which is guided by the standard and until a standard is issued on a particular topic every accounting treatment is subject to interpretations. |
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do you think that to be sucesfull trader one needs to be lucky or not but rather work hard, learn etc. my opinion is that luck plays big part. i know i myself am not realy somewhat enough lucky in lottery, gaming and similar. evan worse, used to be highly unluck to the point i would feal the world is going against me on purpose. i know some people like me, who simply cant succide evan if they work extra hard, like givin more then 100 percent. something happens, always. so you can see how realy bad fealing it is when it happens over and over again, to the point one starts to cry. then the oposite ones. ones who simply have lucky hand. so which one are you?, or do you evan think there is such thing as luck, and does it play any part in this cryptogame?
I had always downplayed the importance of luck in crypto trading because I believe with adequate historical analysis and understanding of the market, it becomes easy to predict the next time price would increase or decrease but over the time, I then realize that depending absolutely on those analysis in a market like this, would be oblivious of things that really happen because of human manipulations of the market which is way common and more effective than those skills if one really wants to make decent income in trading. I have been lucky a few times, where I just stumble on a coin, didn't even bother to read or know the history behind it, then buy the following day, it has appreciated over 208% which was mainly as a result of pump that have nothing to do with me. Other times I have made such impulse decision too and till today, I am still stuck with the worthless coin. The conclusion is I was lucky at first and later was not. |
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Is there a resource for looking at project overlap for cryptos? Maybe its just me but a great many of these cryptos seem to be just doing the same thing. I know there is really only going to be so many variations before they start to be the same, but I think it would help me from an investment standpoint to be able to say something like "Ok coin x has 90% of the same goals as coin y." In some cases its starting to seem like 100%.
If you could easily tell which projects were the same, then you could make better decisions on which ones you wanted to invest in. So maybe you guys know of a site that gives a comprehensive comparison of the various cryptos? Not necessarily in terms of investing, but rather sort of telling you what sets them apart, if anything. I've been doing a lot of research lately and I'm tellin ya, they're all starting to sound like clones of each other.
Not a whole lot of people talk about how similar a new project is to existing ones. Seems like all the youtubers and such are glad to talk about some newer coin, but they don't ever really say that its the same as this other one that is 2 years older. So it would be really cool if there was a site somewhere that said "Look, this coin is just like this coin" or "There is little difference between project x, and project y, as you can clearly see".
Sometimes when I happen to storm on some ANN thread and I read what the project is all about, something just tells me, I have seen this before or read about it before even though I cannot go back to where I saw it first despite the fact that the developer is claiming his own to be the first in the crypto space. I think its a good idea of what you are asking because If you look at the series of projects coming out on a daily basis over a period of time, while they are not the same thing, you can actually categorized them based on similarities but those who don't know just invest based on the nice ANN thread or the huge bounty its paying and the bonus for early birds not knowing its not offering anything special. However, if someone is going to start that, its going to be an hardwork because I have not seen any site like that, where historical analysis of projects have to be done to have a solid comparison to be done with those launching fresh. |
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I recently stumbled upon a project called Algebraix and they brought up some really good points about data exploitation on their blog ( https://medium.com/algebraix-data). So it brought me to ask the question: do we really care if our data is exploited? With huge scandals like Facebook and Cambridge Analytica, this issue is brought into the lime light. I'm really curious if you guys care or not I care about my data so also a lot of other people even outside the crypto world that even have no use for it. When your data is released to the public without authorization, it makes you feel naked despite the fact that you willingly gave the information in the first place and that is why the scandal of Cambridge Analytica led to the end of that company and would have dealt a huge blow on Facebook if Zuckerberg didn't handle it in a more mature way. One reason why I refrain in participating in ICOs, bounties, some exchange sites that asks for details before allowing participation is because I cannot just trust them with my email at the least and because they have not proved themselves to merit my information on their platforms. |
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Bitcoin and other cryptocurrencies will collapse by 90% within the next 12 months, analysts predict, but those coins that survive this correction are expected to grow tremendously. On 7 May, US financial regulators, the US Commission on Futures Trading (CFTC) and the Securities and Exchange Commission (SEC), will hold a meeting at which they will discuss, whether Ethereum tokens should be classified as securities. Source: http://www.coinfox.info/news/9391-forecast-cryptocurrency-market-to-suffer-from-strong-correctionThis report is a contradictory one. The first paragraph about the prediction of collapse while the other is about boost confidence in the crypto industry because by virtue of mere being talked about for a decision to be made, is worth mentioning as a boost and whether the decision would be favorable or not is another thing entirely. Predictions come and go, now this set of analysts are predicting that over the next 12 months which is 2019 that price are going to suffer a huge dip and some set of other analysts also believe that from next month, the price of crypto would start seeing some upward trend and May will be the end of this low prices across the market. While people and enthusiasts are quick to relegate the former to mean FUD, I can say the latter is not any different. What makes the difference is those of us who use the information and chose to believe what we wanted and make a decision based on that. |
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I can say that you narration is all about hasty generalization which is based on the experience you have or someone close to you had. I gamble and the beginning you enumerated does not in any way related to what I witnessed neither was it borne out of the quest to be rich or envious of those who made some money out of it. I actually started because I participated in the bounty of gambling sites that made it mandatory that the payment should be wagered at least once before being eligible for withdrawal while to others, it was as a result of payments made to their compulsory account created on the betting site.
And when I decide to tone it down, it was not because I became addicted and couldn't move on with life. It was borne out of the feeling of 'its a waste of time" and nothing else. Anytime I feel like making a run for my money, I try it out with the hope of losing and when I get disappointed, I am happy.
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So I recently read and article about FedEx Corporation is investing in blockchain. What do you think will be the effect of this in the crypto market? Do you think big companies will also follow what FedEx did?
It would have been better if you had insert the link as to where the reading happened as this would give a better understanding about what is being discussed and the angle which the comment can be directed. The interest on the part of FedEx would be more about the blockchain technology rather than bitcoin itself. Its no longer a gossip that companies are investing in the technology to have a seamless and more efficient process in their activities. A company like FedEx with international presence dealing with goods and human beings handling all of this would definitely see the need for blockchain and because they have the fund to experiment and develop to be tailored for their needs, its worth a try. I believe when this is rolled out, other companies would have no other choice than to fall in line. |
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OP seems to be ignoring the question on escrow and on top of that it seems to good to be true. If OP wont use escrow and dont post pictures of a operational iphone x with his name and timestamp written down then it may just be a scam.
Of course he never intend to use escrow and would not use it any way all I see him doing having read the whole thread is deflecting on questions raised on the issue of escrow. I wonder how someone would join the forum new and could locate the exact section of the forum to post his IPhone X with market value close to a $1000 at a ridiculously price lower than $300 and still won't use escrow. As @bill gator has pointed out, reading through that alone has scam written all over it just waiting for some to claim he has been scammed after reading all of these comments. |
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What I like the most about the online casinos is the bonuses they offer. They offer bonuses up to 400%. This means for $25 deposited, you get $100 as a bonus. However, there are various hidden conditions and also there are some other types of bonuses. What is your opinion and experience related to online casino bonuses ?
Most times when gambling sites post bonuses, there is always a small worded sentence "Terms and conditions apply" which a lot of people don't bother to read and deposit only to start shouting scam when they could not have unrestricted access to what they initially had in mind. I can relate with this from the experience of a friend who was promised deposit bonus and decide to try it out with the intention that when he made the deposits and get the bonus, he can withdraw the original deposit then continue playing with his bonus whether he lost or not, it does not matter. Unfortunately, when he could not withdraw and started writing support, before it was explained to him that he will only be able to withdraw his winnings from amount wagered on the initial deposit which is going to happen, after he must have exhausted the bonus while the winnings from the bonus will have to stay for a minimum of 30 days. These are common for gambling sides and its important to read it through before going ahead to deposit. |
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The Supreme Court has struck down a 1992 federal law that effectively prevented most states from legalizing sports betting, clearing up a legal gray area and opening a door for state governments to join in what has become a lucrative industry.
"Congress can regulate sports gambling directly, but if it elects not to do so, each State is free to act on its own," the court wrote in a decision released Monday.SourceI was extremely surprised that the current right leaning court would be the ones to overturn sports betting but a 6-3 decision is a pretty strong one. This can only be a good thing for gambling, as there will be an influx of US bettors and more competition, leading to lower juices, better UIs, etc. I think its only fair for the court to overturn such judgement that have disenfranchised some people from making money out of what they are passionate about. I didn't know that such law exist though only thought that gambling sites disallowing US citizens on their sites is due to regulations and nothing else. But its sheer hypocrisy for a country that boast to have the largest home for casinos and other forms of gambling activities but against sport betting. However, I think the basis for this is because they felt there is need for people to be free to do what they like if they can allow the LGBT to have their way, or those passionate about marijuana to do same, why not allow sport bettors have their ways also? |
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While it is noble to fight abuse of power, I don't think offering a service of what you can't guarantee is the best way to go. Whether abuse of power or not, I don't see the need for intermediary in getting people to clear unmerited negative trust. I have seen thread where someone was called out and he received a negative trust at the same time I have seen someone who announce he got unmerited negative trust but a further look at it, earn him more reds.
How do you mediate for someone who got a red trust for trying to sell an account because he feels its not against the forum rules but we know the cancerous effect that cause for the community. Would you then say its illegal or its immoral. You end up putting yourself in a position of conflict which you won't be able to resolve objectively. You want to help the community, remove the price tag do it as service, stand by your conviction and be known for it and maybe tomorrow you will be recognised by the guy that maintain balance of trust issues.
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This way beyond the normal coming from BitStamp while I don't have anything against KYC but this is to the extreme that should not be condone in the community. I don't understand what they would start asking the moment government start getting serious with the regulations we should start getting ready for blood group questions, HIV test questions, police reports, health history, next of kin and other ridiculous questions. Its really not their fault because they know that no matter how, the interest of people to make money would supersede any other reservations they might have concerning the information they are being asked to provide for that process. Unfortunately, there is no where to turn to as peer to peer sites are equally implementing this too. |
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https://localbitcoins.com/gdprMost people knew this was coming but here's the confirmation anyway. ID verification will be required when you hit certain volume limits. Thank the EU rather than them. I presume this'll speed up decentralised options. We had seen this that it will come and its happening but the people to be blamed is who I won't subscribe to because the EU cannot just come up with rules and regulations without having something to rely upon. We have read about several activities perpetuated on that platform, disputes that is left with the moderator to decides who is right and wrong without any deep investigation while they frustrate every move to get external help from the police simply because they have nothing to give. Even though ID verification would come eventually, it should not be this early and the people I blame are those who have turn the crypto market into a funnel of scam, to carry their activities without any fear of being caught because there is no data of them that can be used against them and they can create so many accounts using disposable emails once one account is busted those are the people to be blamed and not EU or any government agency. |
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In a Tweet on May 3, Sherman-Founder of Bitcoin Foundation Charlie Shrem announced that this month the Bitcoin market would mark an important turning point.
May 2018 will be Bitcoin's "last time" at under $ 10,000. That was Shrem's statement, which made the digital money community flutter. From less than $ 6,500 in the first quarter of this year, BTC / USD prices rose by over 30% in April and have kept rising ever since. Previously, there was a long-term trend analysis indicating the beginning of the 'hold' phase for Bitcoin. Right from the first week of the month, we have seen one of the most obvious signs that an uptrend may begin soon. Currently, Bitcoin has been traded at $ 8,397.10 and Ethereum at $ 700.10.
With Shrem's strong statement, do you believe from June 2018, Bitcoin and Ethereum will change drastically and the value will start to increase rapidly?
June is just about 16 days away and we will see what is really going on whether this is just one of those speculations or he is actually someone who knows what he is predicting but really I don't see anything special in what is being paraded as predictions here and there. Price increasing, yes I believe that would happen but rapidly is not what I would subscribe to because it would cause more harm than good no matter how we want to look at it. A rapid increase would only cause unnecessary noise with various unwarranted comments from unwarranted people but a gradual increase with solidified base is what is needed at this time. |
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https://www.youtube.com/watch?v=NBVDqAHQ4-MLooks like Bitcoin is working: The people whose empires depend on Bitcoin not going up, are scared and have to show up national television to trash it. This is a good indicator to start looking for an entry point if you haven't already. Noobs will get shaken out of the market with fake news like these, and smart money will jump in when the opportunity is right (that's once all the noobs have sold and there's only hodlers). Remember: Bitcoin IS working. 21 million coins, unhackable, uncensorable, unconfiscable. What anyone says on any TV or website is irrelevant, only these fundamentals matter. Responding to statements like this is a waste of time because it does not change anything and the attacks will keep on coming. Whether bitcoin continues to blossom or be in doom, they will always have something to say. If price is growing up, they will make comments about how something like that happened in the past and how it eventually ended while during the trying times like this, they talk about how their predictions are coming through. It is then safe to say that they say things for them to always be in the news and nothing else. However, there is a subject of concern which is "I don't have to believe in a thing to make money out of it" I don't sit behind the TV to watch football but I place my bets on it when the time permits which means all of this comment could mean a way to expand their wealth rather than being threatened by it like Op has alluded. |
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47% is a whole lot of figure to consider which would make a difference but unfortunately, the article did not state the total number of the tested population which is something that is key here before anyone can begin to rejoice. The total population of South Africa is 57,398,421 which is 0.75% of the world population which means if the whole of the population should choose to invest in crypto, it still does not change anything as the effect would't be felt and we all know there is no way the whole of the population could have completed that survey. In addition, surveys cannot be totally relied upon because of several factors such as the category of people being asked, the type of questions whether its leading question or not, there is also the issue of incentive that might be involved which would influence the decision of the respondents. But in all, the fact that they plan to, does not mean they would be willing to if they have the opportunity as the action is what really makes the difference. |
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Is it better to borrow cash using BTC as collateral, or just to sell BTC?
In terms of the taxes in the US.
Selling makes income, income have to be declared and paid taxes of it.
Borrowing means no income = no taxes.
Is it right?
Thanks for answering.
Based on the scenario you have painted, you also need to consider some other factors aside from what is being obvious to everybody who might want to pick borrowing over selling just by thinking tax is not going to be paid but some other things that are important are 1. What is the interest rate being charged and the duration of the loan. If the interest rate is more than the tax to be paid, then its not wise to go for it and again the duration, if its going to be too short to cause a distorted cashflow, then I wouldn't suggest going for the loan. . 2. What is your plan for your bitcoin is another important factor. If you so much love holding for a very long teem, then the loan is the best option because the appreciation that would accrue over it would cover for whatever interest you will have to pay but if your reason for using it as collateral is because price is low now and you would sell the moment price increases and there is no certainty that it will happen anytime soon and you might ended up losing on two ends. One the interest and secondly the low price might have to eventually sell. |
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