Number 9! Ninth altcoin thread. Back to the moon Baby!

[adaseb]

I think the reason why we got this IRS mess is because there were too many people who were involved in crypto who had no idea that crypto was actually taxable.

There are so many people on Bitcointalk or miners who either have no idea they are obligated to pay taxes or they just right out refuse. And there are those who had crazy crypto capital gains in 2017 and owed more than their holdings in 2018 at tax time.

Hence the reason why the IRS is cracking down. I think if you always filed your taxes and you make a small mistake then you shouldn't worry. Correct the mistake, pay the small penality and interest if there is a balance owing and move on. I think the people that should worry are the ones who have been making 5 plus figures and haven't filed anything in the past couple of years. I think IRS is after those people.

[philipma1957]

I think the reason why we got this IRS mess is because there were too many people who were involved in crypto who had no idea that crypto was actually taxable.

There are so many people on Bitcointalk or miners who either have no idea they are obligated to pay taxes or they just right out refuse. And there are those who had crazy crypto capital gains in 2017 and owed more than their holdings in 2018 at tax time.

Hence the reason why the IRS is cracking down. I think if you always filed your taxes and you make a small mistake then you shouldn't worry. Correct the mistake, pay the small penality and interest if there is a balance owing and move on. I think the people that should worry are the ones who have been making 5 plus figures and haven't filed anything in the past couple of years. I think IRS is after those people.

I paid and filed  I will  most likely be okay.
Annoys me that  the filing is more complex then I thought it would be.  and that the long returns done in 2016 2017 2018  were not good enoguh for their standards.

Especially no like kind trades.  Ie bch to btc in 2018  triggers cap gains and reporting.

or btc  to ltc .  I am fortunate I don't trade much

[JaredKaragen]

I have been doing lots of tax research on this and can tell you if you are USA based and move your coins around multiple exchanges and accounts you may end up with an insane amount of paperwork for very little profit

We're so free it's amazing..  for a system the IRS admits is voluntary 

Voluntary is a word right at the beginning of the tax code itself...


FYI there is no law or statute that requires you to pay the Federal Income Tax... 

There's only provisions in the tax code itself  (that is written by a private entity) that give disciplinary actions for not following that very same set of codes/rules.

Enforcement by the FED is done in a manner fitting a RICO charge.

[Stubo]

I have seen no mention of this yet so I thought I would bring it up:

https://www.ivymclemore.com/blog

The Bitcoin inventor Satoshi Nakamoto is actually James Caan (James Bilal Khalid Caan):

I mined 980,000 Bitcoins using a remote computer and my laptop in 2009. As Hal Finney explained this in his 2013 Bitcointalk post quite accurately, “those were the days when difficulty was 1, and you could find blocks with a CPU, not even a GPU.”

The real news is that the 980,000 BTC is lost forever. I am a bit surprised that news of the loss of 4.67% of the total supply of BTC has had no impact on the price.

Now, it could be worse, Phil. I know your IRS dealings are a PITA but at least you did not lose $19 billion like James did.

[philipma1957]

I have seen no mention of this yet so I thought I would bring it up:

https://www.ivymclemore.com/blog

The Bitcoin inventor Satoshi Nakamoto is actually James Caan (James Bilal Khalid Caan):

I mined 980,000 Bitcoins using a remote computer and my laptop in 2009. As Hal Finney explained this in his 2013 Bitcointalk post quite accurately, “those were the days when difficulty was 1, and you could find blocks with a CPU, not even a GPU.”

The real news is that the 980,000 BTC is lost forever. I am a bit surprised that news of the loss of 4.67% of the total supply of BTC has had no impact on the price.

Now, it could be worse, Phil. I know your IRS dealings are a PITA but at least you did not lose $19 billion like James did.

 We all need proper perspective for sure.

[dragonmike]

I have seen no mention of this yet so I thought I would bring it up:

https://www.ivymclemore.com/blog

The Bitcoin inventor Satoshi Nakamoto is actually James Caan (James Bilal Khalid Caan):

I mined 980,000 Bitcoins using a remote computer and my laptop in 2009. As Hal Finney explained this in his 2013 Bitcointalk post quite accurately, “those were the days when difficulty was 1, and you could find blocks with a CPU, not even a GPU.”

The real news is that the 980,000 BTC is lost forever. I am a bit surprised that news of the loss of 4.67% of the total supply of BTC has had no impact on the price.

Now, it could be worse, Phil. I know your IRS dealings are a PITA but at least you did not lose $19 billion like James did.

 We all need proper perspective for sure.

Don't you worry, that's just another scammer.

bch to btc in 2018  triggers cap gains and reporting

Now now. Are you saying that the IRS is taxing unrealised gains?
Here in the UK, anything you do within cryptoland is considered unrealised, and isn't taxable. You only tax whatever profit you make... when exchanging back to GBP. Not before. And certainly not open positions!

[judypug1956]

I have seen no mention of this yet so I thought I would bring it up:

https://www.ivymclemore.com/blog

The Bitcoin inventor Satoshi Nakamoto is actually James Caan (James Bilal Khalid Caan):

I mined 980,000 Bitcoins using a remote computer and my laptop in 2009. As Hal Finney explained this in his 2013 Bitcointalk post quite accurately, “those were the days when difficulty was 1, and you could find blocks with a CPU, not even a GPU.”

The real news is that the 980,000 BTC is lost forever. I am a bit surprised that news of the loss of 4.67% of the total supply of BTC has had no impact on the price.

Now, it could be worse, Phil. I know your IRS dealings are a PITA but at least you did not lose $19 billion like James did.

 We all need proper perspective for sure.

Don't you worry, that's just another scammer.

bch to btc in 2018  triggers cap gains and reporting

Now now. Are you saying that the IRS is taxing unrealised gains?
Here in the UK, anything you do within cryptoland is considered unrealised, and isn't taxable. You only tax whatever profit you make... when exchanging back to GBP. Not before. And certainly not open positions!

Yep  no like kind exchanges other then real estate.

So  10 ltc to 1 bch   triggers reporting.

or any coin to any coin triggers reporting.  this is as of jan 1 2018.   the trump tax laws are directly attacking the exchange of crypto coins for crypto coins.  If it was jan 1 2018  and you had 1000 usd and purchased 1000 of any crypto coin  and made 1000 trades in 2018 of coin to coin  to coin ending up with 1000 in coin on Dec  31 2018   even though you never  made any profit for the year and never converted into cash once you purchased the 1000 in coin.  you will need to report it all line by line to be in full compliance.  

At most I owe under 1000 usd for 2013 to 2018  taxe returns.  maybe even due a refunbd of under 1000.  I don't give a shit about the $ amount it is the reporting requirements.

Especially since 2018 I am lucky I don't trade much at all..  I hold and or convert to cash .  I estimate. I will do a few long reports.  And either or get back a little money.  But anyone that did lots of coin to coin trading in 2018 or 2019  will be in for a rude awakening if they are USA based.


Note this pc does not access my philipma1957 account so I did my alt to post.

[vapourminer]

Yep  no like kind exchanges other then real estate.

So  10 ltc to 1 bch   triggers reporting.

or any coin to any coin triggers reporting.  this is as of jan 1 2018.   the trump tax laws are directly attacking the exchange of crypto coins for crypto coins.  If it was jan 1 2018  and you had 1000 usd and purchased 1000 of any crypto coin  and made 1000 trades in 2018 of coin to coin  to coin ending up with 1000 in coin on Dec  31 2018   even though you never  made any profit for the year and never converted into cash once you purchased the 1000 in coin.  you will need to report it all line by line to be in full compliance.  

At most I owe under 1000 usd for 2013 to 2018  taxe returns.  maybe even due a refunbd of under 1000.  I don't give a shit about the $ amount it is the reporting requirements.

Especially since 2018 I am lucky I don't trade much at all..  I hold and or convert to cash .  I estimate. I will do a few long reports.  And either or get back a little money.  But anyone that did lots of coin to coin trading in 2018 or 2019  will be in for a rude awakening if they are USA based.

Note this pc does not access my philipma1957 account so I did my alt to post.

i used tax software (bitcoin.tax) to keep track of trades so it wasnt bad once i imported all the data from the various exchanges.

but now that i sometimes mine odd shitcoins in exchange for btc/whatever i will only use an autoconvert pool that pays in that coin i want, simply because it will be easier than trading a shitcoin at some sketchy exchange no ones ever heard of.

[badbart]

From now on I'm only using kyc exchanges to chashout and send to my bank.  Trade/mine to non kyc exchange sell to xmr and tansfer to wallet.  Transfer from xmr wallet and swap to btc and send to kyc exchange to cashout.  Still paying tax on your mining/trading earnings but with simple transactions.

I've been day trading for 20 years and always reported my gains with on the schedule D with two entries long and short term same with crypto and never had a problem.

[adaseb]

I have seen no mention of this yet so I thought I would bring it up:

https://www.ivymclemore.com/blog

The Bitcoin inventor Satoshi Nakamoto is actually James Caan (James Bilal Khalid Caan):

I mined 980,000 Bitcoins using a remote computer and my laptop in 2009. As Hal Finney explained this in his 2013 Bitcointalk post quite accurately, “those were the days when difficulty was 1, and you could find blocks with a CPU, not even a GPU.”

The real news is that the 980,000 BTC is lost forever. I am a bit surprised that news of the loss of 4.67% of the total supply of BTC has had no impact on the price.

Now, it could be worse, Phil. I know your IRS dealings are a PITA but at least you did not lose $19 billion like James did.

I read it out of boredom, and I think who ever wrote this spent a great deal of time on writing it and trying to connect many events and so forth. Here is what I don't understand?

Most programmers know that hard drives have a very high failure rate, why in the world wouldn't he have a backup? He stated that he didn't want to use any cloud backups because his wallet.dat wouldn't be secure, why not just put it on an old hard drive and put that drive in storage. Or a USB drive or burn it on a CD/DVD or even put it on an old floppy drive?

Also right after he lost his wallet.dat, why didn't he say anything about losing all those bitcoins in the forum?

Some people already analyzed this article and concluded that its false.

[philipma1957]

I have seen no mention of this yet so I thought I would bring it up:

https://www.ivymclemore.com/blog

The Bitcoin inventor Satoshi Nakamoto is actually James Caan (James Bilal Khalid Caan):

I mined 980,000 Bitcoins using a remote computer and my laptop in 2009. As Hal Finney explained this in his 2013 Bitcointalk post quite accurately, “those were the days when difficulty was 1, and you could find blocks with a CPU, not even a GPU.”

The real news is that the 980,000 BTC is lost forever. I am a bit surprised that news of the loss of 4.67% of the total supply of BTC has had no impact on the price.

Now, it could be worse, Phil. I know your IRS dealings are a PITA but at least you did not lose $19 billion like James did.

I read it out of boredom, and I think who ever wrote this spent a great deal of time on writing it and trying to connect many events and so forth. Here is what I don't understand?

Most programmers know that hard drives have a very high failure rate, why in the world wouldn't he have a backup? He stated that he didn't want to use any cloud backups because his wallet.dat wouldn't be secure, why not just put it on an old hard drive and put that drive in storage. Or a USB drive or burn it on a CD/DVD or even put it on an old floppy drive?

Also right after he lost his wallet.dat, why didn't he say anything about losing all those bitcoins in the forum?

Some people already analyzed this article and concluded that its false.

I am hoping it is true. But most likely it is not true. I think that btc was created as a response to the banks

Crashing the world economy back in 2008.  Btc was used to keep banks in line since it could replace banks if banks fuck up again.

[fr4nkthetank]

Its not Satoshi.  There is no need for Satoshi to use > 2019 by Ivy McLemore & Associates. All rights reserved.<  IMO, In 2008 the curtain fell on the American financial system.  The monetary system isn't coping very well with the fact that since 2001 China and export nations have kept their currencies low and expanded on a huge scale.  They bought unprecedented amounts of USD debt/money with their massive trade surplus keeping the USD stronger than it should be, which led to de-industrialization/globalization accelerating.  This also directly kept the interest rates lower in America than they should have been, fueling loan creation and that over time culminated with the financial orgy that was collateralized mortgage debt obligations and their insurance products.  Nothing has been done to change it.  Structural problem which requires a structural change.  

Bitcoin is the structural change.

[adaseb]

Anyone up to date what is going on with Ethereum?

Looking at Ethermine it looks like the ProgPOW audit should be released in Late August which is now. Also it looks like the ETH devs have finalized the next Ethereum fork (Istanbul) and looking at the EIP posted it doesnt look like there is any type of algo change in there.

Anyone know what is going on with ProgPOW? I remember watching a ETH dev conference and they said they are going to go with ProgPOW unless they encounter difficulties however since then we haven't heard much.

[jasta more]

Anyone up to date what is going on with Ethereum?

Looking at Ethermine it looks like the ProgPOW audit should be released in Late August which is now. Also it looks like the ETH devs have finalized the next Ethereum fork (Istanbul) and looking at the EIP posted it doesnt look like there is any type of algo change in there.

Anyone know what is going on with ProgPOW? I remember watching a ETH dev conference and they said they are going to go with ProgPOW unless they encounter difficulties however since then we haven't heard much.

Progpow is delayed for next year,it should be part of second hard fork

[vapourminer]

Anyone up to date what is going on with Ethereum?

Looking at Ethermine it looks like the ProgPOW audit should be released in Late August which is now. Also it looks like the ETH devs have finalized the next Ethereum fork (Istanbul) and looking at the EIP posted it doesnt look like there is any type of algo change in there.

Progpow is delayed for next year,it should be part of second hard fork

thanks, i too have not much paid attention to my eth that i mined back in the day. i just keep hearing about eth 2.0, sharding, progpow, blabla. since i just hodl eth now and not mine it anymore im out of the loop. although should be getting bag into eth soonish as i have an fpga on its way that can do it as a side bitstream.

so. anything i need to do with my old skool eth that are in my trezor/MEW? i assume not but it sure would suck if i blow it by not asking a simple question.

[rs1x]

Its not Satoshi.  There is no need for Satoshi to use > 2019 by Ivy McLemore & Associates. All rights reserved.<  IMO, In 2008 the curtain fell on the American financial system.  The monetary system isn't coping very well with the fact that since 2001 China and export nations have kept their currencies low and expanded on a huge scale.  They bought unprecedented amounts of USD debt/money with their massive trade surplus keeping the USD stronger than it should be, which led to de-industrialization/globalization accelerating.  This also directly kept the interest rates lower in America than they should have been, fueling loan creation and that over time culminated with the financial orgy that was collateralized mortgage debt obligations and their insurance products.  Nothing has been done to change it.  Structural problem which requires a structural change. 

Bitcoin is the structural change.

this is a very cool post.  Wanted to quote it in the event I wanted to reference it in the future.

Anyone up to date what is going on with Ethereum?

Looking at Ethermine it looks like the ProgPOW audit should be released in Late August which is now. Also it looks like the ETH devs have finalized the next Ethereum fork (Istanbul) and looking at the EIP posted it doesnt look like there is any type of algo change in there.

Progpow is delayed for next year,it should be part of second hard fork

thanks, i too have not much paid attention to my eth that i mined back in the day. i just keep hearing about eth 2.0, sharding, progpow, blabla. since i just hodl eth now and not mine it anymore im out of the loop. although should be getting bag into eth soonish as i have an fpga on its way that can do it as a side bitstream.

so. anything i need to do with my old skool eth that are in my trezor/MEW? i assume not but it sure would suck if i blow it by not asking a simple question.

I have my bags of eth on Trezor.  It's been pretty smooth thus far.  No changes I am aware of.

[badfad]

Anyone up to date what is going on with Ethereum?

Looking at Ethermine it looks like the ProgPOW audit should be released in Late August which is now. Also it looks like the ETH devs have finalized the next Ethereum fork (Istanbul) and looking at the EIP posted it doesnt look like there is any type of algo change in there.

Anyone know what is going on with ProgPOW? I remember watching a ETH dev conference and they said they are going to go with ProgPOW unless they encounter difficulties however since then we haven't heard much.

https://ethereum-magicians.org/t/progpow-audit-delay-issue/3309/143

You have an ASIC manufacturer reasoning why eth shouldn't change algo. Meanwhile eth devs seem to have zero will or capacity to make a decision on this subject.

I have lost interest in eth, I still mine it with a few undervolted AMD gpus but that's it.

[philipma1957]

Anyone up to date what is going on with Ethereum?

Looking at Ethermine it looks like the ProgPOW audit should be released in Late August which is now. Also it looks like the ETH devs have finalized the next Ethereum fork (Istanbul) and looking at the EIP posted it doesnt look like there is any type of algo change in there.

Anyone know what is going on with ProgPOW? I remember watching a ETH dev conference and they said they are going to go with ProgPOW unless they encounter difficulties however since then we haven't heard much.

https://ethereum-magicians.org/t/progpow-audit-delay-issue/3309/143

You have an ASIC manufacturer reasoning why eth shouldn't change algo. Meanwhile eth devs seem to have zero will or capacity to make a decision on this subject.

I have lost interest in eth, I still mine it with a few undervolted AMD gpus but that's it.

eth is pretty much a joke.  actually  you can argue for

2 coins:

 xmr  since they actually  fight asics
ltc since they have a shit ton of asics already


all other alt coins are pretty much bullshit.  this is general statement as there are a few good ones.

POS coins = piece of shit  that are simply  bank clones.

the truth is  without asic resistant algos  we don't need a lot of alt coins.

their best selling point was they work with gpus and that allowed millions of gpu owners to make some money.

Once they betrayed the asic resistant promise they damaged the entire altcoin movement.

My signature is still pretty much true.

BTC  can not scale  with out altcoins. =  fact   yeah some think it can scale it can't

LTC scales better the BTC

xmr has extra privacy

Eth  has become the stupidest coin I have ever seen. I am pretty sure it's king and or boss  has been fully compromised.



I will be doing a full make over of my business  due to the tax reporting issues. So frankly I have lost a lot of interest in many coins.

BTC
LTC
XMR   
DOGE will be all that I mine.

Raven as I am holding them
BCI     as I am Holding them

[TheYankeesWin!]

Phil  looks like banks  are trying a new twist?

I pulled/quoted some of the article under the link

https://www.yahoo.com/finance/news/negative-interest-rates-japan-germany-france-150324580.html

"What if I said I wanted to borrow $100 from you and pay you back $99 five years later? Would you do it?

Hell no!

And yet this is exactly what’s happening right now in the banking systems of Japan, Germany, France, and other European countries.

Negative interest rates — where the lender gets paid back less than they’ve loaned — now add up to 30%, (and counting), of the global tradable bond universe, according to JPMorgan (JPM). You may have seen for instance that Germany just sold the first negative yielding 30-year bond issue.

In case you’re wondering, yes, this is crazy.

“It’s really unusual and really distorting the global financial system,” says Torsten Slok, chief economist at Deutsche Bank Securities (DB). “I spend all my time talking about it.”

This is not going to end well

Negative rates are counterintuitive, unprecedented — and to my mind — mind-bendingly insane and downright scary. They are like a parallel universe where everything you’ve ever learned about finance and human behavior is turned upside down. ..."



Note I was amazed to read this new twist on reality.


Can you imagine buying a negative yielding 30-year bond issue?

I can't but germany did wtf?

I went to the link it is nuts it states 45% of the worlds bonds are negative interest rates!!

https://finance.yahoo.com/news/negative-interest-rates-japan-germany-france-150324580.html


"... Exactly how big is the negative rates universe now? According to Deutsche Bank’s Slok, there’s some $15 trillion of negative yielding bonds in the world (out of a total of some $115 trillion), up from zero five years ago. All German government bonds are negative yielding now. And if you exclude the U.S., some 45% of the worlds’ bonds have negative yields. So not chicken feed. ..."

Damn that is fucked up.

[badfad]

The upcoming change to XMR's algo has got me excited, I don't expect any profits but it's doing things different and than anyone else at the moment.

Maybe other coins would follow, maybe it will fall flat.Any bets?