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Author Topic: Number 9! Ninth altcoin thread. Back to the moon Baby!  (Read 9797 times)
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h311m4n
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July 30, 2019, 02:13:11 PM
Merited by vapourminer (1)
 #261

It is pretty sad and somewhat depressing.
This is why I rail against the government getting involved in things. They ruin everything.

  If I was a sneaky prick  I would not have been picked up.
I am picked up because I efforted to be a complainant taxpayer.
I have a degree in accounting  which really annoys me  as a lot of the rulings make no sense on an accounting level.
I a going to drive to the beach and have some fund walking the boardwalk with my wife when I come back I will do some more research on how to correctly comply.



I'm happy I'm not a US citizen/resident. We live in a world where the honest man is usually the one getting it up the poophole, while the rich and powerful have schemes upon schemes to hide money away and not pay taxes. There's a scandal coming up about every three months, everyone's shocked, yet nothing ever changes. The rich get richer.

I'm really looking forward to crypto taking over fiat money. It won't happen tomorrow, but it will, someday. Just like the internet has fundamentaly changed the way we interact with each other. Why do you think they pressure all the big centralized exchanges to force KYC on everyone and ban anonymity/privacy coins? Because they are scared to lose control over their own citizens. Fiat money, your bank account, your credit card, are all ties to centralized systems. Have you tried to live without a bank account? Pretty much impossible...I know in France for example, you can't withdraw more than 1500€ without having to justify why. It's your own money, but you can't do what you want with it. If you're getting a deposit of more than 1500€, the bank will call you because they blocked the deposit, requesting you justify where the funds come from. wtf seriously.

Oh well, I guess I'm becoming a paranoid hippie while I'm getting older :-p
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July 30, 2019, 02:35:21 PM
Last edit: July 30, 2019, 03:51:53 PM by arielbit
 #262

this might work  Cheesy



Bob can also withdraw to any of his 2nd or 3rd bank account and deposit over the counter to his ATM account that Adam has to use in the USA

Bob can also request to increase withdrawal limit to his ATM so the 'abroad withdrawal fee' for Adam (Bob's ATM card) can be minimized over all.

some banks charge higher withdrawal fee abroad, choosing the right bank to withdraw is a must.
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July 30, 2019, 02:42:53 PM
 #263

Those are some epic drawing skills  Cheesy
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July 30, 2019, 04:39:42 PM
 #264

this might work  Cheesy



Bob can also withdraw to any of his 2nd or 3rd bank account and deposit over the counter to his ATM account that Adam has to use in the USA

Bob can also request to increase withdrawal limit to his ATM so the 'abroad withdrawal fee' for Adam (Bob's ATM card) can be minimized over all.

some banks charge higher withdrawal fee abroad, choosing the right bank to withdraw is a must.

 Not legal I don't want to run under the radar. Simply not my style.

I will knock out the paper work and shut the business down this year.

Only way to go.

I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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July 30, 2019, 06:24:23 PM
Last edit: July 30, 2019, 06:38:13 PM by vapourminer
 #265

I will knock out the paper work and shut the business down this year.

Only way to go.

man that sucks. looked like you had a pretty good plan figured out.

i always stayed a hobby miner, so record keeping is far simpler of course. no deductions, expenses, or inventory tracking etc. just need to keep track of the cost basis as coins come in.

even still plenty of ways to mess up the hobbyist front too.
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July 30, 2019, 07:41:36 PM
 #266

this might work  Cheesy



Bob can also withdraw to any of his 2nd or 3rd bank account and deposit over the counter to his ATM account that Adam has to use in the USA

Bob can also request to increase withdrawal limit to his ATM so the 'abroad withdrawal fee' for Adam (Bob's ATM card) can be minimized over all.

some banks charge higher withdrawal fee abroad, choosing the right bank to withdraw is a must.

 Not legal I don't want to run under the radar. Simply not my style.

I will knock out the paper work and shut the business down this year.

Only way to go.

are you going to shutdown your solar mining farm?
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July 30, 2019, 09:07:47 PM
 #267

In Canada there is an even bigger mess with Crypto taxes.

I don't know if you guys heard of QuadrigaCX, it was the largest exchange in Canada that went bankrupt at the beginning of the year. Apparently the owner sent all the customer's Bitcoins to Bitmex and Bitfinex and margin traded it all and got liquidated when BTC broke $6K last year and faked his death.

Most Canadian's used this exchange including me. I stopped using it 2 years ago due to withdraw issues was a blessing in disguise. However I think that more than 75% of all Canadian's probably used the exchange and when it went bankrupt the website went offline.

Now here is the part where it gets crazy. People couldn't login to get their trading records for taxes. And basically the CRA (IRS equilvaent) told people to "guess" how much they made and to try to guess higher rather than lower because when the website comes back online in a few years they might need to do a final adjustment.

Yes- I quit using them when it took more than two weeks to get out $$ in January 2018. A friend had even bigger amounts that took him 6 weeks to get out ...just before Quadriga went extinct 11 months later.

I haven't cashed out into CAD $ since Jan 2018. I've been holding some of my crypto in TUSD and USDC instead. Once I find a safe Cdn Exchange, then I'll cash out some.

Currently, I'm exploring:

A. Coinsquare and Coinberry. Not sure i like their fees.
or
B. I might set up a USD bank Account thru TD or RBC... and cash out in USD through Bittrex or Gemini. But that will mean other bank fees when I convert it to CAD $.

How are other Canadians on this thread doing this?

Yes I did that in the past, had to open up a US bank account and set it up with Gemini. It was a pain in the ass however because due to their strict KYC, you have to send them a wire first and then they send you wires out.

The issue was that my bank didn't know how to send the wire correctly, finally they decided to call the receiving bank and got the proper instructions and it went through. Almost gave up... so you might have better luck then me. If you get some lazy teller then most likely they won't send it properly.

And yes the fees are very high. Gemini upped its fee again to like 1.5% from I think 0.5% when I joined and you also get charged a 2.5% fee when you convert into CAD funds.
Guess I won't bother with Gemini. Have you tried Kraken, BitNational, Coinberry or Coinsquare?

Old account was Hero member: ATCkit https://bitcointalk.org/index.php?action=profile;u=180016
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July 30, 2019, 10:40:28 PM
 #268

this might work  Cheesy

[img height =125]https://i.postimg.cc/nzMY3PqT/tx.jpg[/img]

Bob can also withdraw to any of his 2nd or 3rd bank account and deposit over the counter to his ATM account that Adam has to use in the USA

Bob can also request to increase withdrawal limit to his ATM so the 'abroad withdrawal fee' for Adam (Bob's ATM card) can be minimized over all.

some banks charge higher withdrawal fee abroad, choosing the right bank to withdraw is a must.

 Not legal I don't want to run under the radar. Simply not my style.

I will knock out the paper work and shut the business down this year.

Only way to go.

are you going to shutdown your solar mining farm?

No as I am a partner with buysolar we own all gear and have the power deal  with the warehouse owner. 50-50.

So i will most likely need to sell all sha-256 to buysolar and sell all the l3+ miners to him.

about 925th  and 11gh.  of which ½ is his already

I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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July 30, 2019, 10:45:36 PM
 #269



Trade using their API. Costs 0.1% if maker trade, or 0.35% for taker.

How hard is it to use their API to do this?

Because I can't even switch from the simple interface to the ActiveTrader interface. Its a big hassle and you need to email them and wait to be approved first.

A few weeks back when ETHBTC was low, I wanted to buy some ETH with my BTC which was sitting there doing nothing and turns out you can't even do that.

You can only Buy or Sell the Fiat based cryptos like BTCUSD, ETHUSD, LTCUSD,BCHUSD, and you can't do ETHBTC or BTCLTC, etc. You could do this a year back or so but with this simple interface you don't even have that option.

So to get the API trading going, do I need to be aproved first or can anyone do this?

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July 30, 2019, 11:36:00 PM
 #270

Part of what is wrong  is simple transfers of coin out of coinbase.

Coinbase does not know where the coin goes so they  show it as a cap gain or cap loss.

but if you moved it to your core wallet it is nothing a wash and coinbase reported the transfer as a liquidation thus causing a cap gain or loss.


I still think that it is coinbase fault as transfer out should not be a liquidation by default.
If I send btc to coinbase, do they consider it a BUY?
If yes, then it is ridiculous and a REALLY bad accounting standard.

Example: Say, I send 1 btc to coinbase when the price is 15K. Now I am withdrawing the same 1btc at 9K.
Do they think that it is a $6K loss? If they do, then they are negligent/in error.
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July 30, 2019, 11:48:26 PM
 #271

Part of what is wrong  is simple transfers of coin out of coinbase.

Coinbase does not know where the coin goes so they  show it as a cap gain or cap loss.

but if you moved it to your core wallet it is nothing a wash and coinbase reported the transfer as a liquidation thus causing a cap gain or loss.


I still think that it is coinbase fault as transfer out should not be a liquidation by default.
If I send btc to coinbase, do they consider it a BUY?
If yes, then it is ridiculous and a REALLY bad accounting standard.

Example: Say, I send 1 btc to coinbase when the price is 15K. Now I am withdrawing the same 1btc at 9K.
Do they think that it is a $6K loss? If they do, then they are negligent/in error.


Yeah  but it does not help me in my case. 

What kills me is I don't owe money once I do what is wanted it most likely will mean I have a larger cap loss not a lower one.

I have looked at  most materials that were provided. Once I generate a new 2018 amended return I will do a quick recap of time and length of the report.  My 2018 cap losses were 3300 and my ebay/bitcoin sales earned under 5000 for 2018.  I will let you all know how much time it will take me to make reports. and how much money  it makes as a difference.

BTW so far coinbase is refusing to send me a 1099-k.  Which makes for more work for me.

I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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July 31, 2019, 12:19:54 AM
 #272

It is pretty sad and somewhat depressing.
This is why I rail against the government getting involved in things. They ruin everything.

  If I was a sneaky prick  I would not have been picked up.
I am picked up because I efforted to be a compliant taxpayer.


  I have a degree in accounting  which really annoys me  as a lot of the rulings make no sense on an accounting level.
I a going to drive to the beach and have some fund walking the boardwalk with my wife when I come back I will do some more research on how to correctly comply.

Part of what is wrong  is simple transfers of coin out of coinbase.

Coinbase does not know where the coin goes so they  show it as a cap gain or cap loss.

*snip*

This is my beef;  the FED needs to stay out of things that are not of their nature.

If they want to tax the act of trading coin for cash, that is one thing... but the rest is completely obsurd; and I am pretty sure if we fought them with very expensive lawyers, it could be won... but since the  FED has always been known to strongarm people out of everything due to their own feelings.... this is getting ugly... fast...

Example:  The federal income tax code book says verbatim: "voluntary compliance" wherein they interpret it as "you can voluntarily chose not to pay, and get punished for it"... which the very statement of being based around voluntary compliance;  is 100% the opposite.  This is how they 'complied' with the 16th amendment and it was deemed it gave them no new powers of taxation, but they are using their interpretation to do 100% the opposite.

Same goes with things like the second amendment:  "... shall not be infringed" which is CLEAR text;  yet the "regulation" on how you may exercise these "inalienable rights" does exactly that.

Makes me want to change to a different existence some days... so disheartening.

YoBit is not to be trusted.   They magically show volume that is 10-100x the amount of coins that the total network has on a certain shitcoin;  and it all happened while the wallet was "offline" and about half of the actual coins in the network are in private wallets.

Be warned;  stay away from them.  -JK
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July 31, 2019, 04:26:54 AM
Merited by vapourminer (1)
 #273



Trade using their API. Costs 0.1% if maker trade, or 0.35% for taker.

How hard is it to use their API to do this?

Because I can't even switch from the simple interface to the ActiveTrader interface. Its a big hassle and you need to email them and wait to be approved first.

A few weeks back when ETHBTC was low, I wanted to buy some ETH with my BTC which was sitting there doing nothing and turns out you can't even do that.

You can only Buy or Sell the Fiat based cryptos like BTCUSD, ETHUSD, LTCUSD,BCHUSD, and you can't do ETHBTC or BTCLTC, etc. You could do this a year back or so but with this simple interface you don't even have that option.

So to get the API trading going, do I need to be aproved first or can anyone do this?

It's simple for me (but I'm a software dev)

1) Install python 3 and Pycharm

2) Copy this code from gemini: https://docs.gemini.com/rest-api/#new-order

3) Change the currency symbol, price, order type(market or limit), and use your own api keys. In gemini you can create api keys, no permissions needed.


Then run the code whenever you wish to order. You can cancel in the gemini user interface. It's really great, just 0.1% fees. For extra safety, I delete the api key after every trading session.

I got activetrader for my account after a week of wait, and it does have the features you mentioned. Active trader is 1% fee though, and the rubbish new interface is 2% iirc. Api trading fees: https://gemini.com/api-fee-schedule/#api-fee-schedule
 


Also, I built this after their fees increased to 2% and run a copy locally: https://gemini-interface.com/dashboard?side=buy&symbol=ETHUSD

This way I get a decent UI yet pay the api trading fees.
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July 31, 2019, 05:53:29 AM
 #274

snip


This way I get a decent UI yet pay the api trading fees.

Wow, never knew this was possible. I will definately try it out. It doesn't make sense to pay the 2% fees.

I knew they charged low fees but I assumed it was only for high volume client, never knew all you had to do was use their API.

They seem to be the only exchange to do this. Most of the other exchanges whether you use API or GUI online the fees are the same. I find it very strange.


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August 01, 2019, 02:23:32 PM
 #275

I'm happy I'm not a US citizen/resident. We live in a world where the honest man is usually the one getting it up the poophole, while the rich and powerful have schemes upon schemes to hide money away and not pay taxes. There's a scandal coming up about every three months, everyone's shocked, yet nothing ever changes. The rich get richer.

I'm really looking forward to crypto taking over fiat money. It won't happen tomorrow, but it will, someday. Just like the internet has fundamentaly changed the way we interact with each other. Why do you think they pressure all the big centralized exchanges to force KYC on everyone and ban anonymity/privacy coins? Because they are scared to lose control over their own citizens. Fiat money, your bank account, your credit card, are all ties to centralized systems. Have you tried to live without a bank account? Pretty much impossible...I know in France for example, you can't withdraw more than 1500€ without having to justify why. It's your own money, but you can't do what you want with it. If you're getting a deposit of more than 1500€, the bank will call you because they blocked the deposit, requesting you justify where the funds come from. wtf seriously.

Oh well, I guess I'm becoming a paranoid hippie while I'm getting older :-p
I'm 29 and feel 100% the same...

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August 01, 2019, 06:09:11 PM
 #276

this might work  Cheesy

-snip-

Bob can also withdraw to any of his 2nd or 3rd bank account and deposit over the counter to his ATM account that Adam has to use in the USA

Bob can also request to increase withdrawal limit to his ATM so the 'abroad withdrawal fee' for Adam (Bob's ATM card) can be minimized over all.

some banks charge higher withdrawal fee abroad, choosing the right bank to withdraw is a must.

 Not legal I don't want to run under the radar. Simply not my style.

I will knock out the paper work and shut the business down this year.

Only way to go.

that's the method i use when sending money and buying kitchen stuff (food, ingredients, etc.) in the US.  Cheesy

I hope Americans can be officially out of business but still in the game, nature of crypto is under the radar in its core. anyway you all got things figured out there I suppose.

when gold was banned in the US, people who happened to take a risk hoarding them got rich. this is already subtle way of banning crypto, by making it almost impossible to get/own.


-snip-
Have you tried to live without a bank account? Pretty much impossible...I know in France for example, you can't withdraw more than 1500€ without having to justify why. It's your own money, but you can't do what you want with it. If you're getting a deposit of more than 1500€, the bank will call you because they blocked the deposit, requesting you justify where the funds come from. wtf seriously.

Oh well, I guess I'm becoming a paranoid hippie while I'm getting older :-p

transferring from passbook account to ATM account works for me

passbook to ATM is same name "me" = no issue with the bank...then i withdraw from ATM, at least the machine does not ask "where are you gonna spend it?" hehe

BTW 1500 euro for a deposit is a bit low, at least in my country ~ 10,000 USD is the deposit that triggers the questions.

if you have p2p cash flow income/payment to you, you can live without a bank account. unfortunately a lot of crypto "income" which has to be converted to fiat needs to go through banks.
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August 01, 2019, 11:40:49 PM
 #277

this might work  Cheesy

-snip-

Bob can also withdraw to any of his 2nd or 3rd bank account and deposit over the counter to his ATM account that Adam has to use in the USA

Bob can also request to increase withdrawal limit to his ATM so the 'abroad withdrawal fee' for Adam (Bob's ATM card) can be minimized over all.

some banks charge higher withdrawal fee abroad, choosing the right bank to withdraw is a must.

 Not legal I don't want to run under the radar. Simply not my style.

I will knock out the paper work and shut the business down this year.

Only way to go.

that's the method i use when sending money and buying kitchen stuff (food, ingredients, etc.) in the US.  Cheesy

I hope Americans can be officially out of business but still in the game, nature of crypto is under the radar in its core. anyway you all got things figured out there I suppose.

when gold was banned in the US, people who happened to take a risk hoarding them got rich. this is already subtle way of banning crypto, by making it almost impossible to get/own.


-snip-
Have you tried to live without a bank account? Pretty much impossible...I know in France for example, you can't withdraw more than 1500€ without having to justify why. It's your own money, but you can't do what you want with it. If you're getting a deposit of more than 1500€, the bank will call you because they blocked the deposit, requesting you justify where the funds come from. wtf seriously.

Oh well, I guess I'm becoming a paranoid hippie while I'm getting older :-p

transferring from passbook account to ATM account works for me

passbook to ATM is same name "me" = no issue with the bank...then i withdraw from ATM, at least the machine does not ask "where are you gonna spend it?" hehe

BTW 1500 euro for a deposit is a bit low, at least in my country ~ 10,000 USD is the deposit that triggers the questions.

if you have p2p cash flow income/payment to you, you can live without a bank account. unfortunately a lot of crypto "income" which has to be converted to fiat needs to go through banks.

I will post and talk next year but
 no sales
no buys
No mining.

I will file an amended 2018 in a month or 2.

I will file my 2019 with an extension around oct 2020.

And I will wait an see what develops for those two returns.

In 2021 I may mine again or may not. I may buy and sell gear again or may not.

I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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August 03, 2019, 04:32:50 AM
 #278

thats pretty hard to hear Phil... you have done so much for the community and more.


See if you can find a lawyer that will do a quick consultation and consideration if the IRS's demands are breaching on ex-post-facto....  

because;  there was no other regulation scheme on these commodities;  only regulation on the exchange for cash.

It's like beginning a tax on ice, and charging people for every Lb they made or acquired and traded over the previous 1-2 years just because they decided to implement a tax now.

I wonder if everyone that bought an AMD/Nvidia GPU will have to pay a hardware tax because it could be used to mine crypto;  not caring if they did it or not.


At least, this is exactly how I see it.

YoBit is not to be trusted.   They magically show volume that is 10-100x the amount of coins that the total network has on a certain shitcoin;  and it all happened while the wallet was "offline" and about half of the actual coins in the network are in private wallets.

Be warned;  stay away from them.  -JK
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August 03, 2019, 05:18:38 AM
 #279

thats pretty hard to hear Phil... you have done so much for the community and more.


See if you can find a lawyer that will do a quick consultation and consideration if the IRS's demands are breaching on ex-post-facto....  

because;  there was no other regulation scheme on these commodities;  only regulation on the exchange for cash.

It's like beginning a tax on ice, and charging people for every Lb they made or acquired and traded over the previous 1-2 years just because they decided to implement a tax now.

I wonder if everyone that bought an AMD/Nvidia GPU will have to pay a hardware tax because it could be used to mine crypto;  not caring if they did it or not.


At least, this is exactly how I see it.

my biggest concern is exactly that I have sold 1000 pieces of gear using coins.  they gave me no accounting to tax guidance to cover the sales from a crypto coin sale.

I did buy a gpu for 500 = cost value mine for 2 months earn 200 - 100 in power = 100.

I reduced cost value from 500 to 400.  Sold the card for 500 marked a 100 dollar profit paid tax on the sale.  this looks like it may not be good enough  for reporting requirements.

Which is like we will see what needs to be done to make them happy.

I did far more sales and gave free instruction then mining .

2012
2013
2014
2015 most likely all of these are not to be looked at.

2016 ? not sure what to do

2017 ? not sure what to do I paid a lot of tax to them for this year. cap gains were good.

2018  for sure to be looked at

2019 yet to file and this is the year I finally cut a good power deal and became more of a miner then a seller.

I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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August 03, 2019, 08:09:33 AM
 #280

thats pretty hard to hear Phil... you have done so much for the community and more.


...


At least, this is exactly how I see it.

my biggest concern is exactly that I have sold 1000 pieces of gear using coins.  they gave me no accounting to tax guidance to cover the sales from a crypto coin sale.

I did buy a gpu for 500 = cost value mine for 2 months earn 200 - 100 in power = 100.

I reduced cost value from 500 to 400.  Sold the card for 500 marked a 100 dollar profit paid tax on the sale.  this looks like it may not be good enough  for reporting requirements.

Which is like we will see what needs to be done to make them happy.

I did far more sales and gave free instruction then mining .

2012
2013
2014
2015 most likely all of these are not to be looked at.

2016 ? not sure what to do

2017 ? not sure what to do I paid a lot of tax to them for this year. cap gains were good.

2018  for sure to be looked at

2019 yet to file and this is the year I finally cut a good power deal and became more of a miner then a seller.

Just getting updated on 2 pages of posts....

Phil, hope you can find some ways to stay in the game -- too much upside this future of cryptos.

All this inconsistencies in US taxation and laws are just too premature unless they fully understand crypto-currencies.

Take the Facebook Libre case ......to allow Libre at the expense of people's privacy OR allow Bitcoin protecting people's privacy.

If I provided you good and useful info or just bring a smile to your day, consider sending me merit points to further validate this Bitcointalk account ~ useful for future account recovery...
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