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Author Topic: ⚡⛏️[ANN] Giga Watt: Best Home for your Mining. Starts today!  (Read 158785 times)
cuteman
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August 08, 2017, 04:57:10 PM
 #1101

if they find out who you are and that you mined with the intention of profit (and we all do that) they will check if you are registered or declared the gains in your tax.
Profit arises when one sells crypto for fiat money, doesn't it?  This they can't figure out, unless you show them your wallets, sales on exchanges etc.

Another point,  If you just keep crypto on your wallet, it can't be considered a profit, because crypto is not considered to be money by governments, so there is no profit.     Imagine you bought some game tokens for $1, and just keep them. One day these tokens' price increases to $2.    Will tax authorities demand from you to pay $1 difference ?  Smiley

Another example - you bought 5 years ago one ounce of gold for $1000, and now it costs $1300.  Do you need to pay taxes just because it's market price increased??    Wink

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August 08, 2017, 06:38:28 PM
 #1102

if they find out who you are and that you mined with the intention of profit (and we all do that) they will check if you are registered or declared the gains in your tax.
Profit arises when one sells crypto for fiat money, doesn't it?  This they can't figure out, unless you show them your wallets, sales on exchanges etc.

Another point,  If you just keep crypto on your wallet, it can't be considered a profit, because crypto is not considered to be money by governments, so there is no profit.     Imagine you bought some game tokens for $1, and just keep them. One day these tokens' price increases to $2.    Will tax authorities demand from you to pay $1 difference ?  Smiley

Another example - you bought 5 years ago one ounce of gold for $1000, and now it costs $1300.  Do you need to pay taxes just because it's market price increased??    Wink



Ok just for the fun.


1)  

If they know you were mining. e.x. they know its your miner (your american) they will google how much the hash rate is, look up the info since when the miner is active and they can simply calculate it. The IRS person who is responsible for your account is getting paid to do exactly that.

Second they can just ask GIGA since they manage your miner and will have (or should have) every payment of every miner.

And believing that you can hide your crypto is naive since we see Silk Road vendors getting busted because of money trails years after the takedown....

2)

Crypto is considered legal tender in multiple countries. If you blindly spread informations stating its not considered money, people without knowledge will read that and get tanked....  So please try to at least structure it in a way ppl see you are talking about america.

3)

It is considered profit when you exchange it. This might be the case in america right now, won't stay like this a lot longer.  The simple fact that you can buy with BTC is enough to say the newly generated coins are equal to legal tender that can be used to buy products and services in RL


After that argumentation you would not need to pay any taxes on anything you earn as long as you are payed in BTC.  You are selling/renting hashing power to the network and get payed for it. Your input is electricity. Output BTC.   Thats profit.


4)

Your gold example is basically right. You need to pay taxes on increase of value.  You might have a rule in america like we have, that every gain is tax free as long as between buy and sell is 1 year or more.   And this goes for gold only since it is considered a capital asset.

I don't know that, but as long as it would be under 1 year yes you need to pay taxes on it.  When you buy a painting and it increases in value you got to pay tax on the sale also.  This is not a capital asset, therefore it would be normal sales tax.


Regarding your game token, they will not come after you for 10 bucks. We are talking about more than 10 bucks here.  People will be able to pull thousands of dollars out of their miners. And yes if they can collect tax, they will.




If you are not residing inside the US, they might put you on a list to pull you out of immigration check on your next holiday.  But that is not my concern. Its that GIGA gets fined because they don't make sure they are safe and in the end go belly up and everyone looses their shit.



BTC-e had good people trading their and now look what happened. Money gone, Site gone   the IRS and FBI are partying hard and don't give a shit that thousands of people lost money.  They got their guy right  Roll Eyes


Another example could be coinbase where the IRS and FBI ordered the data of every user that could be of interest

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bobcaticus
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August 08, 2017, 06:46:53 PM
 #1103

I am not a lawyer. 

Washington State established Bitcoin regulation in 2014.   

Coinlab, Bitcoin Foundation and Bittrex were/are from here -  along with Dave's first venture MegaBigPower, now Giga-Watt.

http://www.dfi.wa.gov/bitcoin

As with most commodities, you are supposed to report net gains.  Do with it what you will.



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August 08, 2017, 08:54:31 PM
 #1104

2)

Crypto is considered legal tender in multiple countries. If you blindly spread informations stating its not considered money, people without knowledge will read that and get tanked....  So please try to at least structure it in a way ppl see you are talking about america.

"virtual currency is not the legal tender of any particular country" - says Professor of Law at Louisiana State University:
https://www.bna.com/taxation-virtual-currency-n73014449855/

Here are a few paragraphs from IRS  FAQs:

FREQUENTLY ASKED QUESTIONS
Q-1: How is virtual currency treated for federal tax purposes?
A-1: For federal tax purposes, virtual currency is treated as property. General tax
principles applicable to property transactions apply to transactions using virtual
currency.

Q-2. Is virtual currency treated as currency for purposes of determining whether
a transaction results in foreign currency gain or loss under U.S. federal tax laws?
A-2: No. Under currently applicable law, virtual currency is not treated as currency that
could generate foreign currency gain or loss for U.S. federal tax purposes.

Q-6: Does a taxpayer have gain or loss upon an exchange of virtual currency for
other property?
A-6: Yes. If the fair market value of property received in exchange for virtual currency
exceeds the taxpayer’s adjusted basis of the virtual currency, the taxpayer has taxable
gain. The taxpayer has a loss if the fair market value of the property received is less
than the adjusted basis of the virtual currency.

Q-7: What type of gain or loss does a taxpayer realize on the sale or exchange of
virtual currency?
A-7: The character of the gain or loss generally depends on whether the virtual
currency is a capital asset in the hands of the taxpayer. A taxpayer generally realizes
capital gain or loss on the sale or exchange of virtual currency that is a capital asset in
the hands of the taxpayer. For example, stocks, bonds, and other investment property
are generally capital assets. A taxpayer generally realizes ordinary gain or loss on the
sale or exchange of virtual currency that is not a capital asset in the hands of the
taxpayer. Inventory and other property held mainly for sale to customers in a trade or
business are examples of property that is not a capital asset.

Q-8: Does a taxpayer who “mines” virtual currency (for example, uses computer
resources to validate Bitcoin transactions and maintain the public Bitcoin
transaction ledger) realize gross income upon receipt of the virtual currency
resulting from those activities?
A-8: Yes, when a taxpayer successfully “mines” virtual currency, the fair market value
of the virtual currency as of the date of receipt is includible in gross income.

Q-9: Is an individual who “mines” virtual currency as a trade or business subject
to self-employment tax on the income derived from those activities?
A-9: If a taxpayer’s “mining” of virtual currency constitutes a trade or business, and the
“mining” activity is not undertaken by the taxpayer as an employee, the net earnings
from self-employment (generally, gross income derived from carrying on a trade or
business less allowable deductions) resulting from those activities constitute selfemployment
income and are subject to the self-employment tax.

https://www.irs.gov/pub/irs-drop/n-14-21.pdf

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August 09, 2017, 05:24:20 AM
 #1105


So guys this is really cool now that WTT Tokens have been distributed I have made an account on Giga-Watt.com I have transfered my WTT from Cryptonomos.com to Giga-Watt.com easily and free of charge.
hm, i don't see account section on giga-watt.com.   Where is it located?


The top right corner, sign up or log in. If you are really having trouble with the account section, let me know then I will show your screen shots.

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August 09, 2017, 05:45:12 AM
 #1106


So guys this is really cool now that WTT Tokens have been distributed I have made an account on Giga-Watt.com I have transfered my WTT from Cryptonomos.com to Giga-Watt.com easily and free of charge.
hm, i don't see account section on giga-watt.com.   Where is it located?


The top right corner, sign up or log in. If you are really having trouble with the account section, let me know then I will show your screen shots.
i don't see it...  The top right corner is Contact us.



---------------------------------
Strange, when I entered under incognito mode, Login/signup menu appeared!  Thanks Smiley

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August 09, 2017, 06:08:11 AM
 #1107


So guys this is really cool now that WTT Tokens have been distributed I have made an account on Giga-Watt.com I have transfered my WTT from Cryptonomos.com to Giga-Watt.com easily and free of charge.
hm, i don't see account section on giga-watt.com.   Where is it located?


The top right corner, sign up or log in. If you are really having trouble with the account section, let me know then I will show your screen shots.
i don't see it...  The top right corner is Contact us.

http://imgur.com/a/YSbpG

---------------------------------
Strange, when I entered under incognito mode, Login/signup menu appeared!  Thanks Smiley

so i have to create gigawatt acc right? and how can i transfer my token to giga watt accout and miners as well
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August 09, 2017, 08:26:48 AM
 #1108

I have 3000 WTT tokens to sell, planned to use them for miners that I have since sold
is it trading somewhere, I am interested in buying some. may be a good bet.
Were you able to figure this out if you can transfer the WTT coins?
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August 09, 2017, 08:37:31 AM
 #1109


@Dev team - what do you plan to do with the unsold tokens - BURN?
Tokens are issued after sales - not purchased will not be released.
Not sure whether "cryptonomos" visit this branch, or maybe smb else can answer:  Will giga-watt start another round of WTT tokens sale in future, maybe?  

Unfortuately i was not following the project from the very beginning, because discovered it's existence in July only.    I bought some tokens and a few miners.  In fact I would like to buy more tokens now, in order to put more miners.  I did not have enough money on hands then, but have now.  

As I know giga-watt builds more facilities than sold tokens, so maybe there is a possibility to start another tokens' round sale? Smiley

At this time, we are not planning a future sale. However once all tokens are distributed, they will be available through Open Exchange.
Would be nice in the future to have another token sale because some of us would want to upgrade or will need to upgrade our machines with more power & simply add more machines since we are going to profit. Like what he said "I did not have enough money on hands then, but have now." Just one of the scenarios. Thanks
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August 09, 2017, 09:38:50 AM
 #1110

Txs for the tax input. Still it is all way to mutch for me to interpetate all english definitions and how to handle it. Goverments are to surve people and i am willing to coperate if it make sense and if its fair. I can't help it if they play boegieman and destroy people. The reality for me is that almost all my my money went to tokens and the L3+ miner. So i think the first year i don't have profit for getting back my money.

This issue puts me down and way to complicated so my energy for it stops here. But it was a good point for mine at home and keep things simple.  Grin
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August 09, 2017, 10:15:20 AM
 #1111

Quote
Would be nice in the future to have another token sale because some of us would want to upgrade or will need to upgrade our machines with more power & simply add more machines since we are going to profit. Like what he said "I did not have enough money on hands then, but have now." Just one of the scenarios. Thanks

Well I assume that my choice is renting so this better not to occur... what's the interest of token launch for a period if they allow to sell other ones ?!

Btw, how much do you expect when renting tokens ?

Thx
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August 09, 2017, 12:44:36 PM
 #1112

After you've signed up on Giga-Watt.com log in and go to your dashboard show here.


The plus button is the receive function and the minus button is the send function. Click the receive function  and your personal WTT wallet will show up with your own address. There is a copy on to clipboard feature as well.
 

Log on to your Cryptonomos.com account that you already have from the token sale. Click WTT on your dashboard and click Send. This is where you enter your own address from the Giga-Watt dash board. You should try to send a small amount first to test things out.


Good luck mining/hosting.

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OVER 7 MILLION+ USERS
SECURE AND TRUSTED
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August 09, 2017, 01:16:34 PM
 #1113




Wow they sent up the dashboard quick, the dashboard looks great I'll go in and check it out. I am impressed with how smooth this ICO has gone. great work!

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August 09, 2017, 02:07:10 PM
 #1114

After you've signed up on Giga-Watt.com log in and go to your dashboard show here.


The plus button is the receive function and the minus button is the send function. Click the receive function  and your personal WTT wallet will show up with your own address. There is a copy on to clipboard feature as well.
 

Log on to your Cryptonomos.com account that you already have from the token sale. Click WTT on your dashboard and click Send. This is where you enter your own address from the Giga-Watt dash board. You should try to send a small amount first to test things out.


Good luck mining/hosting.

why i can not click send
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August 09, 2017, 03:11:08 PM
 #1115

After you've signed up on Giga-Watt.com log in and go to your dashboard show here.


The plus button is the receive function and the minus button is the send function. Click the receive function  and your personal WTT wallet will show up with your own address. There is a copy on to clipboard feature as well.
 

Log on to your Cryptonomos.com account that you already have from the token sale. Click WTT on your dashboard and click Send. This is where you enter your own address from the Giga-Watt dash board. You should try to send a small amount first to test things out.


Good luck mining/hosting.

why i can not click send
I think this is because your tokens are not issued yet.  They are issued in batches, depending on when you bought them.

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August 09, 2017, 03:32:14 PM
 #1116

What will happen to the last batch tokens? That one did not fully invested.

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August 09, 2017, 06:04:13 PM
 #1117

What will happen to the last batch tockens? That one did not fully invested.

You have to wait depending of the batch you purchase your tokens, log in to criptonomos account and click in WTT, there are the dates
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August 09, 2017, 06:20:15 PM
 #1118

What will happen to the last batch toKens? That one did not fully invested.

You have to wait depending of the batch you purchase your tokens, log in to criptonomos account and click in WTT, there are the dates
Yes, but what about the batch that fails to gather enough investment?

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August 09, 2017, 07:29:41 PM
 #1119

What will happen to the last batch toKens? That one did not fully invested.

You have to wait depending of the batch you purchase your tokens, log in to criptonomos account and click in WTT, there are the dates
Yes, but what about the batch that fails to gather enough investment?
there is no need for them to build it, i assume.

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August 10, 2017, 01:07:52 AM
 #1120

Regarding WTT token transfer from Cryptonomos and miner deployment, this is how it works.



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