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1  Economy / Gambling discussion / Re: The reason why Crash Games usually crash at lower values on: July 13, 2022, 04:34:39 PM
CRASH MULTIPLIER = [(E*100 - H)/(E-H)]/100

i got Formula.
but i don't understand  E.
How can i take E value and where is it is?
How can i get E value?

How can i get lowest probability for graph?

E means extreme. It is the upper limit of the range. Casinos usually keep the range between 1 and 252 so E is 252. However, you can take any number as E just make sure E is a very large number and your RNG can precisely calculate and show such number.

Hey,
How would i generate a random crash number with a 2% house edge in C#?

I don't know how to code in C#
2  Local / India / TDS on Cryptocurrencies [Explained] on: June 29, 2022, 07:56:34 AM
CBDT has finally issued the guidelines in regards to TDS provisions on cryptocurrencies and I will try my best to explain everything in the easiest manner possible. Let’s start then,
There can be two possible scenarios – either person trades on Exchange or Peer-to-Peer. In both the case, the primary responsibility to deduct TDS lies with the buyer. However, to simplify the process, the onus of TDS has been shifted to the Exchange in the first case, so, let’s discuss it first:

CASE I: A person buys/sells crypto via Exchange
   
As a buyer:

  • Deposits INR on the Exchange via UPI, net banking or other means – No TDS applicable
  • Converts INR to cryptocurrency – e.g., buys USDT with INR balance – No TDS applicable
  • Trades one coin for the other – e.g., buys BTC with USDT – TDS applicable

As a seller:

  • Trades one coin for the other – e.g., sells BTC for USDT – TDS applicable
  • Converts cryptocurrency to INR – e.g., sells USDT for INR – TDS applicable
  • Withdraws INR to the bank – No TDS applicable

In all the cases above where TDS is applicable, the Exchange will deduct 1% TDS automatically and credit you the remaining 99% amount. Nothing changes for you as a user, no additional compliance. However, like I said above, the primary responsibility to deduct TDS lies with the buyer, so make sure to only use reputable exchanges which are deducting TDS, else, the department will catch you, not the exchange.

CASE II: A person buys/sells crypto peer-to-peer

As a buyer:

  • Sends INR, receives cryptocurrency – e.g., buying BTC with bank transfer – No TDS applicable
  • Trades one coin for the other – e.g., buying BTC with USDT – TDS applicable

As a seller:

  • Receives INR, sends cryptocurrency – e.g., selling BTC and receiving INR in bank – TDS applicable
  • Trades one coin for the other – e.g., selling BTC for USDT – TDS applicable

Since, there is no middleman in peer-to-peer trade, the responsibility to deposit TDS lies with the counterparty. Thus, the buyer has to deposit TDS to the government if he directly buys coins from a seller. For example, I buy 2 BTC for Rs. 40,00,000 from Amit. Now, it is my duty to keep Rs. 40,000 aside, deposit it to the government and only credit Rs. 39,60,000 to Amit.

In second case, where two parties are exchanging coins, for example, I sell 2 BTC to Amit for 40 ETH, both of us are buyer and seller. So, both me and Amit are required to deduct and deposit TDS. The TDS amount will be 1% equivalent of 2 BTC at the prevailing market price.

Now, the question arises – how to deposit TDS? The government has divided the traders into 2 groups:
 
  • Specified Persons – If you don’t do any business or profession. For example, you are salaried employee and invest in cryptos as a side-activity. Or you have business or profession (for example, in the form of freelancing or crypto trading) but your total revenue doesn’t exceed Rs. 1 crore.
  • Others – Any person other than mentioned above.

If you lie in the category of specified person, the process is rather simple for you. Every time you do a P2P trade, you have to file 26QE form. Here is how this form looks - 26QE FORM. Basically, this form needs to be filed online, you have to visit this link: E-Payment, select Form 26QE (will be available from 1st July), fill in all the details about yourself and the seller, proceed and deposit amount equals to 1% value of the trade. That’s it, no need to acquire TAN number.
However, if you are not a specified person and do trading with volume in excess of Rs. 1 crore during the year, you will have to follow more detailed process which involves acquiring TAN number and filing quarterly 26Q statements. Better consult CA in this case.
Note: You only have to file above statements if you do P2P trades. No need to worry about TDS compliance if you are doing trades on the Exchanges.


Other questions:

Q1. What if I buy/sell coins from/to foreign person?
A1. TDS provisions are only applicable if the seller is a resident of India. If you buy coins from a foreign person (including foreign exchanges), you aren’t required to deduct TDS.  Conversely, if you are a seller, the foreign person is required to deposit TDS but since it is not practically possible, NO TDS applicable when you buy or sell coins from or to a foreign person.

Q2. Is TDS a tax or will I get the refund?
A2. The main purpose of TDS is to identify the taxable transactions, however, TDS in not your final tax. So, you will get the refund of TDS when you will file the income tax return. For example, your tax liability for the year comes out to be Rs. 70,000 and your TDS deducted during the year was Rs. 50,000 so you will only need to pay Rs. 20,000 more, TDS of Rs. 50,000 will be adjusted against the tax. If it is in excess of the tax, e.g., tax liability is Rs. 70,000 and TDS deducted is Rs. 80,000 then the remaining amount of Rs. 10,000 will be credited to your bank.

Q3. Is there any minimum amount not chargeable to TDS?
A3. For specified persons, the limit is Rs. 50,000 and for non-specified person, the limit is Rs. 10,000. However, this limit counts from April 1st, not 1st July. Let suppose, you have already sold coins worth Rs. 45,000 via P2P from 1st April to 30th June and now you are selling coins worth Rs. 10,000 then TDS will be applicable and the buyer will have to deposit Rs. 100 to the government and only credit Rs. 9,900 to you because the limit of Rs. 50,000 is breached (45K+10K).
3  Local / India / Re: Did anyone read this about TDS? on: June 26, 2022, 02:22:06 PM

It's time to grow our network of trusted members. I already have some though. May be this will help us evading tax.
I hope webtricks doesn't read this else he will start with tax evasion and stuff. Lol  Grin . I'm kidding webby!!

4  Economy / Trading Discussion / Re: [GUIDE] Williams %R Indicator on: June 16, 2022, 08:19:48 AM
Good thread. Williams %R is one of the handy tools in TA. However, it is not an absolute measure. We always take Williams %R as relative measure in cumulation with the price movements. So, the following observation from you may not be entirely correct:

..
A reading above -20 is considered the peak area, which means that a correction may be close, and therefore it is an exit or selling point for the assets.
The exact opposite happens to the reading below -80, the oversold area, and therefore it is an entry or buying point for assets.
..

Reading above -20 as an absolute measure shows an overbought position but such overbought position isn't a signal of upcoming correction/fall unless we see sharp downtrend in the prices along with the simultaneous decline in William %R below -20.
5  Economy / Exchanges / Re: Is OKX wallet noncustododial? on: June 16, 2022, 07:39:26 AM


But it is indicated that the wallet is decentralized but I am not sure.

Has anyone used this wallet before, is it truly decentralized and it will generate seed phrase? Or it is just centralized like Coinbase.com?

With the increasing trend of NFT and metaverse, Okx launched their Web3 wallet, MetaX along with the whole portal for dApps and NFT, but weird that they branded it as 'wallet'.

Yes, they generate client-side seed phrase and you can see it while doing back-up of the wallet. Also, they claim to be truly decentralized (100% client-side wallet) however, they failed to incorporate one important feature which somewhat loosens the claim. Most of the web-based non-custodial wallets (such as MetaMask) allow the users to generate seed and derive keys and addresses from it in the offline-mode. Only sending transactions requires network connection. However, OKX wallet requires the internet connection to initialize the wallet. This may be due to a poor app design which requires APIs to retrieve the price data before wallet could be loaded but is surely a big red alert.
6  Economy / Games and rounds / Re: Sportsbet.io ⚽ São Paulo FC ⚽ Prediction Contest (Thursday) on: June 15, 2022, 05:43:14 PM
Game 1:  11' SPFC 4-0
7  Local / India / Re: Crypto Taxation in India on: May 27, 2022, 06:43:02 AM
...

Well then that is bad isn't it. If a person is earning only 3 lakhs per annum through freelancing in crypto then he should be paying 30% of it as tax.
That costs around 90,000 INR which is a huge amount if his net income is only 3 LPA.
I think the government of India should reconsider the guidelines and allow some rebate upto 5 LPA just like how it's done in ITR.

I don't think this is going to happen any soon. Government has added the taxation of cryptocurrencies in Chapter XII which deals with 'Determination of tax in certain special cases'. No benefit of Chapter VI-A, rebate u/s 87A and basic exemption limit is allowed for the incomes taxable under this chapter (with certain exceptions).

Also, government is currently working on a specific bill for cryptocurrencies and since there isn't much of a protest against the government's decision to tax crypto @ 30%, I don't see government changing it anytime sooner than the bill is finalized. However, we may see detailed guidelines on the taxation in coming days from the Income Tax Department (possibly before 30th June), which will clear many doubts.
8  Economy / Games and rounds / Re: Sportsbet.io ⚽ UEFA Champions League Final ⚽ LFC vs Real Madrid ⚽ (Saturday) on: May 27, 2022, 06:22:43 AM
1. Liverpool
2. Over
3. Over
4. Under
5. Yes
6. Second
7. Yes
8. No
9. No
10. Hell No
11. No
12. Yes
13. No
14. No

15. 42nd min
9  Economy / Gambling discussion / Re: The reason why Crash Games usually crash at lower values on: May 25, 2022, 11:40:38 AM
CRASH MULTIPLIER = [(E*100 - H)/(E-H)]/100

i got Formula.
but i don't understand  E.
How can i take E value and where is it is?
How can i get E value?

How can i get lowest probability for graph?

E means extreme. It is the upper limit of the range. Casinos usually keep the range between 1 and 252 so E is 252. However, you can take any number as E just make sure E is a very large number and your RNG can precisely calculate and show such number.
10  Other / Beginners & Help / Re: WHY BITCOIN USERS EMBRACE THE THEORETICAL ASPECT TO TECHNICALITY IN [btc] on: May 17, 2022, 08:36:16 AM
Bitcoin is quite technical and the technical aspect is more difficult to understand and embrace by ordinary Bitcoin users, since that requires a good knowledge in various aspects such as Bitcoin mining software and equipment installation and other technical development with good computer programming knowledge since Bitcoin deals more with mathematical codes that are generated through programming algorithm, this technicality is not easily understood so most Bitcoin users only focus on the theoretical aspect of Bitcoin because is easier to understand and do not involve computer programming knowledge to carry out basic Bitcoin functionalities such as sending and receiving Bitcoin, storing Bitcoin in a cold wallet and spending Bitcoin this just requires basic knowledge to get it done and that is why most Bitcoin users rather limit themselves within this circle and that jas made the technical aspect of Bitcoin to lack the necessary man power and is leading to technical support bankruptcy in the system. It is best we now shift attention to the technicality of Bitcoin 80% of users in this forum will agree with me that the level of Bitcoin technical knowledge is low compared to the theoretical knowledge which can easily be gotten everywhere on the internet.

You can't expect everyone to start coding wallets for themselves, just like you can't expect everyone to code game, code messaging app, code operating systems, etc. Majority of the people will always be the consumers and it is perfectly okay. In fact, it is good for Bitcoin. Bigger the consumer base, more align the developers will be to do innovation in Bitcoin and create new apps.

Also, the technical knowledge about Bitcoin is widely available on the internet. You can easily understand Bitcoin from core-to-top with the online resources free of cost. The main reason why I think people aren't very interested in Bitcoin development these days is the relative benefit in altcoins. Learning to develop dApps on alternate blockchains is relatively easier and people are making millions developing shitty protocols and projects. Money drives the folk after all.
11  Economy / Games and rounds / Re: Bitcasino.io 💜 — BTC Predictor April 🚀 Take a guess & WIN 🎯 on: April 12, 2022, 02:39:06 PM
43,971.28

webtricks
12  Other / Beginners & Help / Re: What is NFT? & How to get free NFTs on coinmarketcap on: April 06, 2022, 02:44:42 PM
I had one question to all NFT lovers.
Is there any really free NFT worth anything?
Probably we can get many free nft over different platform (not cmc only). But what we can do with them? Is it possible to sold them whenever we want? Or just need to wait something special?
Unlike the usual tokens we know, selling an NFT is a shit load of pain. You have to wait for someone foolish enough to buy it and give you their ETH or BNB.
It's why I have never bothered owning even one

Okay, I am curious now. Why do you think NFT = shit load of pain when both 'usual tokens' and 'NFT' are same except for the fact that NFTs have an additional metadata field? Yes, there are hundreds of scams and low-quality cash-grabs and several influencers are taking advantage of the trend and making millions. But lashing the whole concept doesn't make sense to me. If you ask me, I consider NFT superior to the fungible tokens. With metadata, we can create much better Web 3.0 applications by saving the users' unique data directly on the blockchain. The blockchain-lead future we all are imagining right now won't be possible without NFTs.

And this is the way with decentralized world, Ethereum opened the world of tokens to the people and we saw the huge inflow of low-effort ICOs/IDOs stealing millions from the people few years ago. The same thing is happening now with NFTs (plus vanity thingy also kicked in due to rarities). But when the dust will settle, we will see that the NFTs are net-positive for the blockchain industry.
13  Economy / Gambling discussion / Re: 🔥 BTC365.com 🔥 IPL Prediction Pool 2022 & Discussion(Participants Only) on: April 06, 2022, 02:11:18 PM
..
Mumbai playing against Kolkata. They would like to open their account. SKY should be available for selection, although bowling department looks more damaged right now.

Pat cummins is also available for KKR but Boult-Yadav duo is doing fairly good job for them and they can't leave Narine and Russell. Sam Billing is WK-Bat, so i guess Patty is going to sit out today?

Boult doesn't play for KKR so I guess you wanted to say Tim Southee. Southee is having a wonderful IPL so far, he has already got 5 wickets in a couple of matches but when you got someone like Pat Cummins, you have to make the difficult decisions. KKR's batting lineup is strong but you can't rely on six batsmen in a run-chase. Narine hasn't shown his batting instinct for quite a time now so seeing a bigger picture, it is better to have someone like Cummins down the order than Southee.

Btw, first match in Pune, can we say dew won't be a dominant factor tonight? Really wasn't a good feel to see factors like weather influencing matches to this extent so far this season. 
14  Local / India / Re: Tax on Crypto Trading as per New Tax Law - Explained on: March 30, 2022, 04:20:44 PM
@webtricks Regarding Q2, I understand that every transfer is a taxable event. But how will they ascertain that I have realised profit in the exchange of BTC to USDT.? I acquired BTC using INR and then exchanged it for USDT. So unless I convert them back to BTC or INR which shows an increase in the original holding, how can they ascertain that I booked profit in those trades ?


They might not but India follows the system of self-assessment tax. While filing the return, it's you who will mention what your incomes are during the year, how much you made from the trades, etc. Government may or may not be able to catch you, that's a separate thing. I was only telling you what is correct as per the Act.

For a simple analogy, first you asked me - is it legal to kill someone? To which I simply replied - No! It is crime as per the law. Now, you are asking, what if I hide the body smartly so no one would be able to catch me? They might not able to catch you killing but that doesn't make the killing legal. Hope this clears the above.
15  Local / India / Re: Tax on Crypto Trading as per New Tax Law - Explained on: March 30, 2022, 01:46:14 PM
@webtricks @teosanru I got few questions.

1. What if I buy BTC for 1 lakh at the start of a financial year let's say 1 April 2022 but didn't sell it in the financial year and the price was 2 lakhs on 31st March 2023. But I sold it in the next financial year for 2.1 lakhs on 1 April 2023 or later. Will I be taxed for 1.1 lakh or 0.1 lakh for the year 2023-24 ?

2. Let's say I bought BTC when it dumped using INR and when the price pumped I exchanged BTC to USDT. I will then never exchange my USDT to btc or INR. Should I pay tax for this? If so why.

3. How to calculate the profits in BTC pairs. If I trade in BTC pairs and make a realised profit of 0.1 BTC should I pay 0.03 BTC as Tax? Or equivalent inr value at the time of trade or filing tax?

Thanks in advance.


I am not very active in the forum nowadays, so quote me when you answer this so that I get notified. Thanks

1. You will be taxed on Rs. 1.1 lakh in FY 2023-24. Only cost of acquisition is allowed to be deducted and your cost of acquisition will remain Rs. 1 lakh forever, no benefit of indexation will be provided.

2. Yes. This will still be taxable. Since, the tax is on 'transfer' which includes exchange, selling BTC for USDT will also be considered as transfer as you are exchanging one crypto for the other. Liquidating USDT doesn't matter. Your one trade is over which is a separate taxable event. When you will sell USDT, it will be second taxable event and separate tax calculation on it will be required if there is a change in its value.

3. INR equivalent of 0.03 BTC will be taxed as on the date of trade. However, the formula to calculate INR value is not yet published. Usually, it is not a part of Section but announced separately as Rules or Notifications. So, we have to wait for more clarity on this one from the government.
16  Economy / Gambling discussion / Re: (OPEN)🔥 BTC365.com 🔥 IPL Prediction Pool 2022 & Discu -Will begin on 26 March- on: March 25, 2022, 06:44:17 PM

Extremely sorry man was pretty tied up with some stuff these days. Moreover, I thought IPL isn't starting until mid-April didn't know it was starting early this time.  Thanks for your PM. Please add my name into the pool, I have transferred the fees: Hash: https://www.blockchain.com/btc/tx/45c721324766d8b5a05cfe9e84e1971e1721f7dc05744b5612de27150e9fd1da . I think I am in time Cheesy . Let the game begin. Without Kohli & Dhoni Captaining their sides this time, it's really is a new age of IPL from this season onwards. Where is Vishnu this time? is he not joining?
That's completely fine bhai and welcome again. I've noticed that you and 1 more participant probably @Vaskiy still didn't join the pool on superbru  . I've already sent the pool link via pms so please make sure to "Click" and "Join" on timely manner.  Wink

As i recall you followed the same pattern during last WC too and missed the couple of matches.  Huh

Haha yes I remember bro actually since last year I have moved away from my hometown to new place for my job which is why I have become pretty busy, but yes the advantage of being in this city is that I might get to see IPL live in the stadium this time Cheesy I'll ping webtricks tomorrow morning and ask whether he wants to join in or not. Looks like he too has been quite inactive on forum these days.

Yeah! Consider me in. I would love to join in. Please send me the pool link, I will send the joining fee in coming days.
17  Local / India / Re: Tax on Crypto Trading as per New Tax Law - Explained on: March 24, 2022, 10:15:01 PM

This line makes it quite clear that no set off will be allowed against any gain that you have made in cryptos.

Thank you but webtricks wrote:

Quote
The clause (a) made it very clear that nothing is allowed to be deducted against the profit earned from crypto trade except cost of acquisition i.e. the buy price. However, clause (b) contradicts the above clause. It states that any loss from the crypto trade cannot be set-off against any income under any other provision of the act. The term 'other' here signifies that loss cannot be set-off against any income other than the crypto income which means that the loss from the one trade can be set-off from the profit made on the other crypto trade.

My take: Investors will be allowed to set-off losses from the profits and they will only have to pay tax on the net profits earned during the year. The clause (a) has a typo and most probably will be rectified and the term 'other' will be included in the first clause as well when the act will be enacted in March 2022.

Like I said earlier, there was a typo in the bill and government corrected the same in the final draft of the bill but guess what, the correction is entirely opposite to what I was expecting. Instead of including the term 'other' in the first clause, government has removed it from the clause (b) as well. Here's the copy of the final bill amendments:



So, the bottom line is we can no longer set-off losses from the profits. Government will only consider absolute profits for the tax purposes which is highly inappropriate and as a member of Indian Crypto Community, I will try to oppose it. But as of now, this is the legal position from the government.
18  Local / India / Re: Tax on Crypto Trading as per New Tax Law - Explained on: March 08, 2022, 05:26:21 AM
Thanks for making this, what about futures and options traders? can you please shed some light on those.

For example, I trade futures on binance and then transfer the USDT profit to some exchange, preferably unocoin and then sell it for INR. How does taxation work in that case?

F&O trading in crypto is same as the normal trading for profit calculation. The realized gains i.e. the net of the profit and loss from all of your closed positions shall be taxable @ 30%.
However, if you send the whole amount to the Unocoin and convert it to INR, simply pay tax on the INR amount withdrawn to the bank.
For Options, you can further take the deduction of amount paid as premium as it will be considered as your Cost of Acquisition.
19  Economy / Games and rounds / Re: Bitcasino.io 💜 — BTC Predictor ↕️ Take a guess & WIN 🎯 on: March 08, 2022, 05:14:53 AM
€38,970.5420

webtricks
20  Other / Meta / Re: Fluent with multiple languages, can i join multiple local boards? on: February 21, 2022, 05:16:54 PM
I didn't expect to find this in the "FAQ" session of the Unofficial list of (official) Bitcointalk.org rules, guidelines, FAQ because it is not a common and frequently asked question. However for the benefit of people who may be in this unique position and will need clarity;

-If i can speak, understand and write correctly in two or more languages, can i be a member of multiple local boards and engage in their various local discussions in their respective languages? Is there any rule against it?



Why not
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