KanoPool since 2014 🐈 - PPLNS and Solo 0.5% fee - Worldwide - 2437 blocks

[nhando]

I chatted with coinbase and they said they were not doing 1099's.
But I just got one from them for last year.
They said I must have been one of the select few? wtf?
I see that moving BTC in and out of coinbase without converting to USD may still be taxed in the link nhando sent.
You could bankrupt yourself moving btc in and out of coinbase without cashing out or buying with btc if this is the case.

The limit for the reporting is very standard with any financial institution.  They lock it down even when you're selling stuff on Ebay or Amazon.  Over 200 transactions and over $20,000.  I don't plan on cashing out over $20K with just my account per year.  There are many other exchange, wallet and of course people (partners) you can have cash out for you.  I use many different wallets including Blockchain wallet, and I prefer to have my accountants handle all that rather than myself as I'm too lazy with the amount of transactions.

[clgrissom3]

They don't force anything yet it but if you have high activity they send an email questionnaire with only one question:

For Coinbase's record-keeping and tax-reporting obligations, we are required to collect certain information from all Coinbase Accounts which are used primarily for business purposes. Your account came to our attention as one which might be used for business activity and which might require our collection of additional tax-related information.

By Friday, January 22, 2015, please respond "yes" or "no" to the following question:

Is your Coinbase Account primarily used for business activity? 

If it is primarily used for business activity you reply yes and they send you the forms to fill out.  If it is used primarily as a hobby and you say no, then they reply back saying "OK, thanks so much for letting us know!" and move on to the next account.  This may change in the future as the tax laws dealing with bitcoin evolve.

Awesome. Thanks for the clarification!

They said they would suspend activity on my account if i didn't send the forms.
I got a 1099 from them stating all the cashing out that was done for each month of 2015.
So I guess if you just leave the bitcoin in the account no taxes are levied? Just when you cash out? Just bitcoins coming in are not taxed?

A 1099 is just a statement of activity...the amount the IRS considers taxable depends on each person's situation.  You know that reinvesting in hardware and rentals reduces your tax burden.  The IRS is only interested in the amount of Total Gains/Losses on the bottom line.  After all the activity I had in 2015 I came out with a gain of ~$420 and that is what I paid taxes on.  I was kind of surprised but extremely pleased with that result...

See, just being here on kano makes everything work out right!

[wolfen]

Thanks clgrissom3.
12 hours no block? No fair.
One block please.
I want to hear zach's text sing baby!

[citronick]

Juvia. ...  pls send us blocks now!!!

[bctmke]

nearing 300% but that's ok.  we've been on a killer streak!  near 108% lifetime luck!  (this next block will roll that back a bit - but not a ton)

[tlhIlwI]

I hope y'all manage to get things fixed with Coinbase.  I'm still dealing with them on missing BTC from last July.  In my case the amount of the transaction shows up as received in the wallet, but my balance is short by the amount of the transaction (the wallet balance does not add up to the sum of the listed transactions).  Interestingly, if I run one of their reports (either the transaction or the tax one) my balance shows correctly, but in the Coinbase wallet UI the balance is short by the July transaction amount.  I haven't made any progress on getting it resolved (I just keep getting the problem acknowledged and then passed on to someone else who never responds to it).  The problem is escalated up to the non-existent 13th floor I guess.

Between that and the potential tax problems (exactly how I'm supposed to exclude moving between my own non-Coinbase wallet to Coinbase from being counted as "income" on their 1099 that I risk getting if I do more than 200 transactions--- that would be a mess), I've stopped mining to Coinbase completely (I mine to my own wallet now) and only use them to buy/sell coins.  It's too bad, since mining to Coinbase was an easy workaround to the input consolidation problem (too many small rewards = higher fees when spending coins).  I would rather deal with extra transaction fees than lose more to Coinbase.  I do look forward to Kano getting the daily payout working to reduce the number of inputs in my transactions.  

[fr4nkthetank]

I hope y'all manage to get things fixed with Coinbase.  I'm still dealing with them on missing BTC from last July.  In my case the amount of the transaction shows up as received in the wallet, but my balance is short by the amount of the transaction (the wallet balance does not add up to the sum of the listed transactions).  Interestingly, if I run one of their reports (either the transaction or the tax one) my balance shows correctly, but in the Coinbase wallet UI the balance is short by the July transaction amount.  I haven't made any progress on getting it resolved (I just keep getting the problem acknowledged and then passed on to someone else who never responds to it).  The problem is escalated up to the non-existent 13th floor I guess.

Between that and the potential tax problems (exactly how I'm supposed to exclude moving between my own non-Coinbase wallet to Coinbase from being counted as "income" on their 1099 that I risk getting if I do more than 200 transactions--- that would be a mess), I've stopped mining to Coinbase completely (I mine to my own wallet now) and only use them to buy/sell coins.  It's too bad, since mining to Coinbase was an easy workaround to the input consolidation problem (too many small rewards = higher fees when spending coins).  I would rather deal with extra transaction fees than lose more to Coinbase.  I do look forward to Kano getting the daily payout working to reduce the number of inputs in my transactions.  

meh I just have Kano pool pay to the exchange where I trade, then when it hits 0.2btc I withdraw to my real storage.  Solves that problem

[maxsettings]

Block Thursday is the new Block Friday?  

Edit: Also the network hashrate spike... Yikes!

[Crispyato]

I say we keep block party Friday too. Maybe some payouts  and restarts would help...

[thedreamer]

I say we keep block party Friday too. Maybe some payouts  and restarts would help...

LOLOL... See? Not just me.

[wolfen]

Can I have two user accounts on kano with one email address?

[ZACHM]

Yes, I do so I can track my rentals separately. My other username is zental (Zach's Rentals  )

[omega015]

This block could be the next highest cdf..... come on block  

[cavaliersrus]

somebody put this block out to pasture already

[maxsettings]

Yes, I do so I can track my rentals separately. My other username is zental (Zach's Rentals  )

That's a great idea... Easier than estimating the portion of payouts that are from rental vs hardware. Although, since I've only got one S3 it's pretty easy to guess that the % it contributes is "not much"!

[oblvnxknight]

the variability over the past two weeks has been pretty insane. Feast or famine it seems

[ZACHM]

I would say that it has pretty much been feast, look at the block statistics. 

[clgrissom3]

There is a lot of fantastic green stuff on the Block Statistics page.  It's hard to get upset over a few long blocks every once in a while.  Of the 48 blocks in March, only 6 have been 200% or more  

We are living the dream here on the Kano CKPool!

EDIT:  It looks like kano has recently opened the payout floodgates!

[flikflak]

I'm with kano.is since block No 388 (388 591). We are @ 638 (402 133) now, so thats 250 blocks found with this pool.

Thanks @ all for the work (and the 117.7% luck of course ) ...

[wolfen]

Zach with afterburners on, thanks Zach
Come on mr block!