Official BGOL Crypto Currency Thread ★★★★★

[TheyCallMeBe]

The Chinese businesses don't even want to fuck with them. They will deal with a Chinese alternative to Ripple, whatever that might be.

The Chinese businesses don't even want to fuck with them. They will deal with a Chinese alternative to Ripple, whatever that might be.

The banking industry is as corrupt and centralized as it gets. I don't see them letting any outsiders control how they move money since that's a threat to their existence. Which is why you see Bank of America put through 20 blockchain patents this month. Why give up control? Maybe these little banks here and there but not the big boys. And without them, what's the point?

 

[guyver]

The Chinese businesses don't even want to fuck with them. They will deal with a Chinese alternative to Ripple, whatever that might be.

From my understanding, China is hard to do business in especially around anything involving ways on taking money out of China.However, I don't see Ripple going into China without some form of a plan in place.

 

[HeathCliff]

hey man I meant to ask...how did you classify your business? is it an investment company?

and did you just "move" the coins you bought personally over to the company?

With Legalzoom they classified me as other. With Bank of America its classified as consulting. If you're registering as an investment company there are other licenses and registrations with the fed and state and none of that applied to me cause I don't provide a service. I kept all the exchange accounts in my name, but I did start up a new Paypal account under my business name. I'm currently trying to upgrade my Coinbase account to a business account. Pretty much all I do is now is every time I make a sell and convert to fiat, I send the deposit to my business checking account instead of my personal account.

 

[LSN]

With Legalzoom they classified me as other. With Bank of America its classified as consulting. If you're registering as an investment company there are other licenses and registrations with the fed and state and none of that applied to me cause I don't provide a service. I kept all the exchange accounts in my name, but I did start up a new Paypal account under my business name. I'm currently trying to upgrade my Coinbase account to a business account. Pretty much all I do is now is every time I make a sell and convert to fiat, I send the deposit to my business checking account instead of my personal account.

damn man...thank you for the breakdown

 

[RoomService]

I'm currently trying to upgrade my Coinbase account to a business account.

let me know when they reply to you... it's been 2 weeks and no reply

 

[gene cisco]

Personally I feel like decentralized exchanges are popping up way to much and it's just the new thing just like masternods before it. What makes BNB any different from the rest?

What makes Binance different is that they have Chinese connections and are using BNB in multiple ways. First, it reduces fees. Second, it will be used for ICOs. Last but not least, it will 'fuel' the decentralized exchange.

Let's talk ICOs for a second. The only place Americans can get in is through Binance. Even though ICOs seem to sell out in seconds, at least Americans have a chance. What other exchange offers ICOs to Americans? Also, they seem to be doing ICOs in BNB, BTC, ETH, but they are doing so in phases. So basically, if you want in on a phase, you have no choice but to use the token of that phase. And where's the only place to cop BNB?

They are artificially driving the demand for BNB by doing ICOs in such a manner. Also, the ICO people will probably dump BTC and ETH before BNB since BNB can be pumped up more and a lot easier. Much easier to get 10 times return at BNB's current price than BTC and ETH.

People saying that Binance is trying to be like NASDAQ. Shit. They on some old De Beers shit. The like "BNB is a cryptotrader's best friend. Get it only from us."

From my understanding, China is hard to do business in especially around anything involving ways on taking money out of China.However, I don't see Ripple going into China without some form of a plan in place.

I've been looking into China heavy the last couple of months. It's amazing that they have their own everything. They will control their own shit. They'll allow some shit in only to copy it and use their copy.

 

[HeathCliff]

let me know when they reply to you... it's been 2 weeks and no reply

They did finally reply to up my weekly limit after three months. Theyre getting better. Lol

 

[LSN]

They did finally reply to up my weekly limit after three months. Theyre getting better. Lol

wow

 

[RoomService]

They did finally reply to up my weekly limit after three months. Theyre getting better. Lol

smfh.... I spoke with my credit card company about reversing charges

 

[KingFoo]

Fellas,

What is the your view on ARK (https://bittrex.com/Market/Index?MarketName=BTC-ark)? I've seen it getting mentioned in the same breath as NEO in terms of its potential

 

[HeathCliff]

wow

Yeah I hit the increase weekly withdrawal button to ask for 100,000 limit back in May. No action. Then two weeks ago I sent a help ticket asking them bitches why haven't they responded to my limit increase requests after so long. A week later they upped it to $50,000 and told me I can request higher limit after 1 year.

 

[HeathCliff]

smfh.... I spoke with my credit card company about reversing charges

I havent had any credit card problems. My credit card buys have gone through instantly and seamlessly.

 

[RoomService]

I havent had any credit card problems. My credit card buys have gone through instantly and seamlessly.

Neither have I, but I used my credit card to make deposits since they're holding my money hostage I decided to do a chargeback on all of the charges hopefully that will get their attention to release my money..

 

[DCPlaya]

Ripple is trending up

 

[badman32]

Ripple is trending up

I'm sooo pissed. I should've been patient and let em sit, now I have no xrp. I hope that it drops so I can buy back in, buying in now seems like a bad move since I sold at 15 cents. If I buy in now then it drops in a few days, I'll lose even more profit smh..

 

[p5ych3]

I'm sooo pissed. I should've been patient and let em sit, now I have no xrp. I hope that it drops so I can buy back in, buying in now seems like a bad move since I sold at 15 cents. If I buy in now then it drops in a few days, I'll lose even more profit smh..

What the hell. I did the same to get bnb and btc lol. Oh well. It was all profit so not mad.

 

[largebillsonlyplease]

Fellas,

What is the your view on ARK (https://bittrex.com/Market/Index?MarketName=BTC-ark)? I've seen it getting mentioned in the same breath as NEO in terms of its potential

its an ecosystem coin it has the potential it needs the backers and such. neo had china to push it to where it is.

 

[ceedizzle]

I'm sure there's a way around this but make sure you're prepared to pay your taxes. They're doing everything they can to get info on us.

The IRS Has Special Software to Find Bitcoin Tax Cheats
Jeff John Roberts
10:02 AM ET
contract unearthed by the Daily Beast, the IRS is paying a company called Chainalysis to help identify the owners of digital "wallets" that users employ to store their bitcoins.


In a letter to the IRS, the co-founder of Chainalysis says the company has information on 25 percent of all bitcoin addresses and that it deploys millions of tags to help track and identify transactions. Here is a screenshot of a paragraph from the letter:



The decision by the IRS to license the software of Chainalysis, which is based in Switzerland with an office in New York, appears to be part of the agency's larger campaign to target digital currency users who have failed to pay tax.

As Fortune reported earlier this year, the IRS claims only 802 people declared a capital gain or loss related to bitcoin in 2015. This is significant since the price of bitcoin soared from around $13 to over $1100 between 2013 and 2015, and hundreds of thousands (like millions) of Americans bought and sold digital currency during this time—in other words, there are many people who face bitcoin-related tax trouble, and the IRS is tracking some of them down.

Get Data Sheet, Fortune’s technology newsletter.

There are indications, though, the IRS is focusing only on the bigger fish. For instance, in the agency's ongoing legal battle with the popular digital currency exchange, Coinbase, the IRS recently agreed to limit its request for customer records only to accounts with transactions over $20,000.

Nonetheless, the IRS's use of the Chainalysis software is likely to make some bitcoin owners uneasy. Meanwhile, on bitcoin forums, some users have expressed resentment against exchanges like Coinbase, Kraken, and Mt. Gox for allegedly storing wallets in such a way that analytic companies like Chainalysis or BitSeer can identify individual users.

The forum chatter also shows some bitcoin users are thinking of switching to other digital currencies like Monero that are harder to trace.

Finally, the existence of tools like Chainalysis doesn't mean bitcoin users can't be anonymous. Those who wish to keep their identity concealed can do so by maintaining their own wallet and avoiding exchanges that collect customer information.

http://fortune.com/2017/08/22/irs-tax-cheats-bitcoin-chainalysis/

 

[largebillsonlyplease]

i dont care about taxes
pay my capital gains tax and leave me alone that's all you're getting.
either that or ill never convert a chunk to fiat

 

[HeathCliff]

i dont care about taxes
pay my capital gains tax and leave me alone that's all you're getting.
either that or ill never convert a chunk to fiat

What I got form my consultation with my tax lawyer is, any gain you get from a digital currency sell is taxable regardless if you've done the fiat conversion.

 

[LSN]

What I got form my consultation with my tax lawyer is, any gain you get from a digital currency sell is taxable regardless if you've done the fiat conversion.

 

[LSN]

What I got form my consultation with my tax lawyer is, any gain you get from a digital currency sell is taxable regardless if you've done the fiat conversion.

seriously tho I heard that you have to report it on your taxes even if you don't convert but you don't pay anything til the actual conversion tho right?

 

[TheyCallMeBe]

Only 802 people claimed it on their taxes? Holy shit lol

 

[largebillsonlyplease]

What I got form my consultation with my tax lawyer is, any gain you get from a digital currency sell is taxable regardless if you've done the fiat conversion.

Right. It don't count until I get the gain. I don't get the gain unless I sell. I won't sell I'll just HOLD forever and actually use them for the stuff they're intended

 

[ceedizzle]

This is so new that most CPAs don't have a clue on how to properly advise you. Someone mentioned awhile back about the dilemma of losing your offline wallet, how would you claim that? I'm like most people on here, I don't mind paying BUT I damn sure don't wanna overpay either.

 

[HeathCliff]

seriously tho I heard that you have to report it on your taxes even if you don't convert but you don't pay anything til the actual conversion tho right?

Right. It don't count until I get the gain. I don't get the gain unless I sell. I won't sell I'll just HOLD forever and actually use them for the stuff they're intended

All them sells ya'll been doing to get rid of XRP to buy into ICOs and other coins. Yeah...I hope you have been keeping count

 

[largebillsonlyplease]

All them sells ya'll been doing to get rid of XRP to buy into ICOs and other coins. Yeah...I hope you have been keeping count

I'm not and they not either the only thing they need to concern themselves with is BTC to USD
if they even think of coming after any of that other shit im just going to put it into my wallet and they'll never hear from me again

 

[HeathCliff]

Okay.

In all seriousness though, I'm going to do my taxes the first business day of 2018. I have a spreadhseet with all of my transactions with every coin I had. I don't fully believe we have to pay capital gains on digital property we have not converted to fiat yet (I hope I'm wrong). But I will be the first to let you all know when I sit down with a CPA. We're all still learning.

 

[HeathCliff]

I'm not and they not either the only thing they need to concern themselves with is BTC to USD
if they even think of coming after any of that other shit im just going to put it into my wallet and they'll never hear from me again

 

[LSN]

All them sells ya'll been doing to get rid of XRP to buy into ICOs and other coins. Yeah...I hope you have been keeping count

I do...plus the exchanges keep records too...I'm just mostly worried about doing the right thing and getting screwed over for doing such

 

[largebillsonlyplease]

Okay.

In all seriousness though, I'm going to do my taxes the first business day of 2018. I have a spreadhseet with all of my transactions with every coin I had. I don't fully believe we have to pay capital gains on digital property we have not converted to fiat yet (I hope I'm wrong). But I will be the first to let you all know when I sit down with a CPA. We're all still learning.

That's all. You can have the money I'm going to turn into cash
but you can't have hypothetical money that technically doesn't exist yet until I turn it into cash.
Period.

 

[LSN]

I'm not and they not either the only thing they need to concern themselves with is BTC to USD
if they even think of coming after any of that other shit im just going to put it into my wallet and they'll never hear from me again

ya I'm hoping that's truly the case and all they're concerned about

 

[largebillsonlyplease]

ya I'm hoping that's truly the case and all they're concerned about

that's it cause im not trying to dodge any taxes at all. but you not going to fuck me over with taxes in some shit you don't even believe in lol
cause then how does it work? at the time of the filing or the time of the trade?
and if i lose my money in a shitcoin that i bought for $10 and now is worth $2 then what? is that a write off?
no?
ok then

 

[HeathCliff]

That's all. You can have the money I'm going to turn into cash
but you can't have hypothetical money that technically doesn't exist yet until I turn it into cash.
Period.

ya I'm hoping that's truly the case and all they're concerned about

Oh yea, one thing I forgot to mention...the BTC that you use to make a merchant purchase...yeah that's taxable too.

Sorry I gotta laugh to keep from crying There are no two ways around this shit if the IRS really wants to lay the clamps down

 

[largebillsonlyplease]

Oh yea, one thing I forgot to mention...the BTC that you use to make a merchant purchase...yeah that's taxable too.

Sorry I gotta laugh to keep from crying There are no two ways around this shit if the IRS really wants to lay the clamps down

Yea I ain't worried about that I ain't making no merchant purchases with BTC so I'm good there.