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Official BGOL Crypto Currency Thread ★★★★★

LegalMoney said:
Have good risk management.

For instance, I use Blockfolio to track my investments and when I hit the target I take 10% of profit and transfer to my personal Bitcoin "savings" in another wallet. The remaining goes into other trades but I make sure to pay myself.

After my savings reaches a certain amount I transfer some to Coinbase and sell into USD just in case Bitcoin takes a wild swing down I can buy the dip. I also keep some Bitcoin savings in Coinbase.

Y'all got to prepare for the worst. Even if your coins aren't on exchanges how are you going to cash out when its a market panic and everyone is trying to cash out at the same time?

You think transaction speeds are bad now wait until a market panic.

You want to make sure you can execute a sell order to USD as fast as possible. Transferring from wallets to Coinbase during a sell off is costing you thousands per second.
Click to expand...

I'm thinking about cashing in some of my digitbyte. I got in on it in January since it was so cheap but not sure it's gonna do anything else anytime soon
 
Gods_Debris said:
I can see it doubling or more in the next 2 months. It's getting more hype than XRP and digi combined
Click to expand...

Yea looks like there is no stopping it. Glad I got in when I did a few years from now I'll probably be looking back and consider it being $255 as dirt cheap :lol:


On a side note this website has weekly "What coins to Buy" articles. Including.what to set your stop limit to exactly

http://www.livebitcoinnews.com/altcoins-buy-week-6th-june-2017/


Looks like Litecoin is gonna be on Bitstamp
 
Last edited:
How would we go about cashing out if our holdings are in Bittrex?

Im assuming we sell our coins for Bitcoins then transfer the Bitcoins to Coinbase but how do we that on bittrex? (Im not at my desktop so I cant browse around too tough on bittrex to figure it out)
 
Tha Great Muta said:
At this point you HAVE to have some ETH. I was salty I had to buy in when it was expensive and I've already made profit. Shit outside of XRP and BTC it's making me the most money.

It will be $1000 someday.
Click to expand...

Yeah I first got in i didn't know any coins besides xrp and btc. I had 2 Eth coins at $90 each but sold them for xrp during it's run. Now that was a good move but I didn't know to buy back in. I was 2 weeks into the game it happened so fast.

I learned about other coins but was trying to maximize my profits. I am now 9 coins deep including BTC and ETH thanks to 2 weeks of xrp awesomeness.

I invested 7.4k and have turned it into 14k in a month. Next stop 20k!

I sold some of my dgb to scoop Eth. Only could afford a few but that's a good start.

Thanks for all the feedback.
 
LegalMoney said:
Peace family,

I know we're all making money and making moves but remember this is still a Game and you don't win until the cash is in your hands.

Worrying about taxes and fees on crazy amounts of money that hasn't been realized is silly.

The Bitcoin scaling issue could have serious ramifications on the entire market because if there is a problem EVERYTHING suffers.

Ethereum and every alt will tank if Bitcoin suffers. It is the proof of work for every coin.

Be smart and at very least sell off a decent amount into Coinbase USD wallet. Coinbase doesn't report your holdings to the government just like every other bank. If you need time to think of an exit strategy you can do that.

Be smart and get this money!
Click to expand...

Peace. Good points, no argument except for one. Help me understand. You think it's silly to keep accurate records for tax purposes? I've made a nice chunk of change, and plan to keep stacking. You don't think it is wise to report on my year end taxes?
I'm not being a dick. I'm trying to learn.
 
fourthstbully said:
Peace. Good points, no argument except for one. Help me understand. You think it's silly to keep accurate records for tax purposes? I've made a nice chunk of change, and plan to keep stacking. You don't think it is wise to report on my year end taxes?
I'm not being a dick. I'm trying to learn.
Click to expand...

And I'll just add to your question. All of these places have your SS#. Won't they send you some forms come tax season
 
fourthstbully said:
Peace. Good points, no argument except for one. Help me understand. You think it's silly to keep accurate records for tax purposes? I've made a nice chunk of change, and plan to keep stacking. You don't think it is wise to report on my year end taxes?
I'm not being a dick. I'm trying to learn.
Click to expand...

Tha Great Muta said:
And I'll just add to your question. All of these places have your SS#. Won't they send you some forms come tax season
Click to expand...

No problem fam, no its far from silly to keep good records!

What I'm saying is cats are worried about fees and taxes on money they haven't earned yet.

Put it like this, let's say Bitcoin and the entire market crashed yesterday and your entire portfolio lost 50% in a day. Now you'd be kickin yourself in the ass because whatever amount you did save you STILL have to pay taxes on.

And yes you're going to have to pay taxes on your Bitcoin profits one way or another because even the technological challenged IRS can find you, all they need is your Coinbase / Krakken transaction history.

Oh before I go any further, for an example of how easy this is to link those accounts to you, yall go here...

https://blockchain.info/

And under Search enter your Bitcoin deposit address on your exchange of choice and have fun.

It will list EVERY transaction that this address has made a long with the full amount in Bitcoin that was transferred. Oh it will also show how much is currently sitting in that wallet.

So lets say you don't report your Bitcoin profits, they wont find out now..... But soon enough Congress will pass a law that requires Coinbase and any other fiat exchange to issue a 1099 whenever a new account is opened.

Right now there is no requirement to do so, but when they do it will be punitive for those who never reported. This is UBS all over again.
 
LegalMoney said:
No problem fam, no its far from silly to keep good records!

What I'm saying is cats are worried about fees and taxes on money they haven't earned yet.

Put it like this, let's say Bitcoin and the entire market crashed yesterday and your entire portfolio lost 50% in a day. Now you'd be kickin yourself in the ass because whatever amount you did save you STILL have to pay taxes on.

And yes you're going to have to pay taxes on your Bitcoin profits one way or another because even the technological challenged IRS can find you, all they need is your Coinbase / Krakken transaction history.

Oh before I go any further, for an example of how easy this is to link those accounts to you, yall go here...

https://blockchain.info/

And under Search enter your Bitcoin deposit address on your exchange of choice and have fun.

It will list EVERY transaction that this address has made a long with the full amount in Bitcoin that was transferred. Oh it will also show how much is currently sitting in that wallet.

So lets say you don't report your Bitcoin profits, they wont find out now..... But soon enough Congress will pass a law that requires Coinbase and any other fiat exchange to issue a 1099 whenever a new account is opened.

Right now there is no requirement to do so, but when they do it will be punitive for those who never reported. This is UBS all over again.
Click to expand...

I'm holla at you when they start sending out W2 this year
 
LegalMoney said:
No problem fam, no its far from silly to keep good records!

What I'm saying is cats are worried about fees and taxes on money they haven't earned yet.

Put it like this, let's say Bitcoin and the entire market crashed yesterday and your entire portfolio lost 50% in a day. Now you'd be kickin yourself in the ass because whatever amount you did save you STILL have to pay taxes on.

And yes you're going to have to pay taxes on your Bitcoin profits one way or another because even the technological challenged IRS can find you, all they need is your Coinbase / Krakken transaction history.

Oh before I go any further, for an example of how easy this is to link those accounts to you, yall go here...

https://blockchain.info/

And under Search enter your Bitcoin deposit address on your exchange of choice and have fun.

It will list EVERY transaction that this address has made a long with the full amount in Bitcoin that was transferred. Oh it will also show how much is currently sitting in that wallet.

So lets say you don't report your Bitcoin profits, they wont find out now..... But soon enough Congress will pass a law that requires Coinbase and any other fiat exchange to issue a 1099 whenever a new account is opened.

Right now there is no requirement to do so, but when they do it will be punitive for those who never reported. This is UBS all over again.
Click to expand...
I'll believe the dude who interned at the IRS
 
LegalMoney said:
No problem fam, no its far from silly to keep good records!

What I'm saying is cats are worried about fees and taxes on money they haven't earned yet.

Put it like this, let's say Bitcoin and the entire market crashed yesterday and your entire portfolio lost 50% in a day. Now you'd be kickin yourself in the ass because whatever amount you did save you STILL have to pay taxes on.

And yes you're going to have to pay taxes on your Bitcoin profits one way or another because even the technological challenged IRS can find you, all they need is your Coinbase / Krakken transaction history.

Oh before I go any further, for an example of how easy this is to link those accounts to you, yall go here...

https://blockchain.info/

And under Search enter your Bitcoin deposit address on your exchange of choice and have fun.

It will list EVERY transaction that this address has made a long with the full amount in Bitcoin that was transferred. Oh it will also show how much is currently sitting in that wallet.

So lets say you don't report your Bitcoin profits, they wont find out now..... But soon enough Congress will pass a law that requires Coinbase and any other fiat exchange to issue a 1099 whenever a new account is opened.

Right now there is no requirement to do so, but when they do it will be punitive for those who never reported. This is UBS all over again.
Click to expand...

I see your point but let me say this. Its not a simple matter of "cats are worried about fees and taxes on money they haven't earned yet." I was pointing out that there is a glitch in the system that all of us will have to deal with sooner or later. We all were here when ripple was at .005. No one but each individual knows what they have now vs back in January, and all of us probably have an amount we intend to pull out when the time comes

I agree that what your talking about is a more pressing issue for the present, but what I was discussing was the fact that some of these sites need for the individual to have 250k in their acct, and 1million in assets before you are able to withdraw large amounts. I have no issue paying the IRS, but getting killed by doing 100 mini withdraws is costly as well.

If its something that most don't think is relevant now, cool. But its just information sharing for when that time comes. I have seen a lot during this thread for the past 5 months, but one thing I didn't see, or maybe missed, is an actual realistic exit strategy for when our investment is lucrative.

Anyway like I said before it will get dealt with, just bringing up a point because there might be some peeps on hear who are actually ready to pull a large amount and I'm curious to learn the process.
 
LegalMoney said:
W2s are for wage earners, Coinbase will issue a 1099-K to the IRS if your account receives 200+ transactions and the total value of those transactions is over $20k.

Right now most of us haven't hit 200+ inbound transactions but if you do watch the value.
Click to expand...
What if you've been working with bitstamp. I haven't done many transactions with Coinbase less than 5. Will they still send the form?
 
LegalMoney said:
W2s are for wage earners, Coinbase will issue a 1099-K to the IRS if your account receives 200+ transactions and the total value of those transactions is over $20k.

Right now most of us haven't hit 200+ inbound transactions but if you do watch the value.
Click to expand...
Good info. Thanks
 
kbanna said:
I see your point but let me say this. Its not a simple matter of "cats are worried about fees and taxes on money they haven't earned yet." I was pointing out that there is a glitch in the system that all of us will have to deal with sooner or later. We all were here when ripple was at .005. No one but each individual knows what they have now vs back in January, and all of us probably have an amount we intend to pull out when the time comes

I agree that what your talking about is a more pressing issue for the present, but what I was discussing was the fact that some of these sites need for the individual to have 250k in their acct, and 1million in assets before you are able to withdraw large amounts. I have no issue paying the IRS, but getting killed by doing 100 mini withdraws is costly as well.

If its something that most don't think is relevant now, cool. But its just information sharing for when that time comes. I have seen a lot during this thread for the past 5 months, but one thing I didn't see, or maybe missed, is an actual realistic exit strategy for when our investment is lucrative.

Anyway like I said before it will get dealt with, just bringing up a point because there might be some peeps on hear who are actually ready to pull a large amount and I'm curious to learn the process.
Click to expand...

Yeah the tiered withdrawal structure sucks and it is also game theory to keep the exchanges solvent.

If there were no withdrawal limits they wouldn't have enough liquidity and assets not in cold storage to handle 60k people pulling all their money out at once.

I understand the pain now having to withdraw $7k a day from Polo but thankfully I pulled my largest investments off Polo before they shot up in value.

You asked about an exit strategy, well mine would be to only keep total assets under $20k on an exchange at a time.

If you have large amounts of Bitcoin on an exchange start moving them to wallets slowly.

If your hold coins are off exchanges and you want to sell them off, have a Polo, Bittrex, Krakken account ready and send the max withdrawal per day per exchange and sell off that way.
 
LegalMoney said:
Yeah the tiered withdrawal structure sucks and it is also game theory to keep the exchanges solvent.

If there were no withdrawal limits they wouldn't have enough liquidity and assets not in cold storage to handle 60k people pulling all their money out at once.

I understand the pain now having to withdraw $7k a day from Polo but thankfully I pulled my largest investments off Polo before they shot up in value.

You asked about an exit strategy, well mine would be to only keep total assets under $20k on an exchange at a time.

If you have large amounts of Bitcoin on an exchange start moving them to wallets slowly.

If your hold coins are off exchanges and you want to sell them off, have a Polo, Bittrex, Krakken account ready and send the max withdrawal per day per exchange and sell off that way.
Click to expand...

Makes sense. Thanks
 
posting some knowledge....




21:30 farmer vs paper money
22:00 financial market closure worldwide/ wire funds freezing.
could xrp help with this? XRP could be a game changer and buffer with a huge credit freeze and liquidity at an all time loww. i know he is right bc it is happening now in china and they are restricting and trying to control capital flight.... im buyng more xrp.


potential ICO: https://bnktothefuture.com/pitches/pandai
 
has anybody seen the BS from Kraken?

Dear XXXXXXX,

Please note the following changes to our bitcoin (XBT) and tether (USDT) withdrawal fees, and the Gnosis token (GNO) address fee.

Bitcoin (XBT) withdrawal fee

  • Now 0.0025 XBT
Why the change? Kraken always pays a miner fee that is sufficient to ensure transactions are processed quickly. However, the average miner fee required to prioritize and confirm Bitcoin transactions has been increasing for some time without a corresponding increase in the fee we charge to clients. The update brings the withdrawal fee more in line with our cost for the miner fees. Note that the fee is static and represents our average cost per transaction, so the fee may not match the actual miner fee we pay in every case. Sometimes the fee we pay will be higher and sometimes lower than the fee you pay. Soon we will be moving to a more dynamic fee system that will match the fees more closely in each case - see below.

Tether (USDT) withdrawal fee

  • Now 5 USDT
Why the change? Since USDT is issued and transferred on the Bitcoin blockchain, the fee required to transfer USDT quickly has also gone up.

Gnosis token (GNO) address fee

  • Now 0.004 GNO
Why the change? The fee in terms of GNO has gone down, so we are passing the decrease along to clients.

Moving to more dynamic fees soon

In the near future network fees for bitcoin and tether (and possibly other tokens if needed) will be updated dynamically to better match the fee to our costs. The fee may change each time you withdraw, so if you want to know the withdrawal fee you should check it each time you withdraw. You can find the current withdrawal fee for any asset by navigating to Funding > Withdrawal > Asset in your Kraken account.

Thank you for choosing Kraken, the trusted and secure digital assets exchange.

The Kraken Team
 
im going to acquire some dash as a fundamental coin in addition to ether, btc, and ripple. i like the fundamentals and game plan behind the coin and its vision toward longevity. its a long video and i dont have the time mark for the statement but its worth a listen for those of us who do research,

 

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