Official BGOL Crypto Currency Thread ★★★★★
- Thread starter Matt Beesy
- Start date
Any timetable?
Just give you some perspective,
I was late in the game and bought some in August when it dropped to around 195 (it went as low as 185 if I remember correctly) . Needless to say, I am happy with my returns so far.
I don't see how the banks are just going to stand by and allow Bitcoin to take their power away without a fight . Right now banks have more money than every other entity on the planet . They can pay for the smartest , most skilled coders . Bribe any CEO,COO or any employee of any company . But , it looks like they're taking this threat to their supremacy without a fight .
There is no fight for them to have. They will find a way to make money off it like anyone else (even more so, cause they got billions and trillions to work with).
If they make money off it great. If not, they can have the government bail them out.
crazy watching the scroll and seeing people buying and selling a hundred thousand or more worth of bitcoin......10 bitcoin *poof * a hunid stacks
Is that what you think? Crypto can make the average person rich, but it can make a rich person insanely rich. The more money entering, the easier for the rich to get richer due to being able to slowly pullout without crashing an alt or btc.
If you a banker with a $100 million to play with you might be able to turn that into $1 billion in 2018. Why would they want to stop this? There was a lot of stubborn money that is just now going to start entering.
Then when the rich have eaten to their liking, they will make the game for 'qualified investors' in the guise of protecting people and more fuss about AML/KYC.
Banks aren't even in trouble yet famalama
billions of people don't even know what bitcoin is still
I'm just getting back into this but I originally bought ripple when this thread started.
Correct me if there is an easier process.
Download Coinbase app on your phone. Get verified and then add banking account and credit card.
- This whole process is buggy. I had to resubmit verification ID several times before it worked. I also had to add the same credit card twice.
Sign up for Bittrex.com or Kraken.com Get verified
Buy Bitcoin for whatever amount on Coinbase. Send the Bitcoin to Bittrex or Kraken. Purchase Ripple on their exchange with Bitcoin.
So it’s worth it? I was thinking about it. Do I need a real power rig?
It's been worth it for me. I turn a profit every month (not enough to quit my job or anything). The more GPU horsepower your system has, the more you can mine in a given time frame. I have several rigs going at the same time 24/7.
If you just have one computer with one entry level to mid range graphics card, that's obviously not going to yield much. IMO, you'd be better off just buying the cheap ones than trying to mine with one computer. The big boys (ETH, XMR) have relatively high difficulties so it'd take forever for you to get an actual payout with just one pc.
The downside of buying high end cards is that you have to make a lot more to start making a profit.
But, if you can mine a shit load of the next ethereum while the difficulty is still low
https://www.bloomberg.com/news/arti...paign=headline&cmpId=yhoo.headline&yptr=yahoo
Coinbase Loses Bid to Block U.S. Tax Probe of Bitcoin Gains
Coinbase Inc. lost a bid to block an Internal Revenue Service investigation into whether some of the company’s customers haven’t reported their cryptocurrency gains.
U.S. Magistrate Judge Jacqueline Scott Corley in San Francisco ruled that the tax agency’s demand for information isn’t overly intrusive. The price of bitcoin has been soaring and crossed $10,000 Tuesday.
With just 800 to 900 taxpayers reporting bitcoin gains from 2013 through 2015 in a period when more than 14,000 Coinbase users have either bought, sold, sent or received at least $20,000 worth of bitcoin, “many Coinbase users may not be reporting their bitcoin gains,” she wrote. “The IRS has a legitimate interest in investigating these taxpayers.”
The company, one of the world’s largest virtual currency exchanges, has been sparring since last year with the IRS over its summons -- and continued to resist turning over the information even after the agency scaled back its request in July. Coinbase and industry trade groups contend the government’s concerns about tax fraud are unfounded and that its sweeping demand for information is a threat to privacy.
The company said it’s glad that the government and the court narrowed the scope of the summons.
“Coinbase started this process more than 12 months ago, and while today’s result is not the complete victory we hoped for, it does represent a substantial and unprecedented victory for the industry and the hundreds of thousands of customers that would have been unfairly targeted if it weren’t for our action,” the company said in a statement posted on its blog.
Last year, analysts said similar demands could be made of other digital-currency companies if the IRS widens its investigation.
“The government has sensed a windfall -- any company that has a plethora of wealthy users might be in the sights,” Charles Hayter, chief executive officer of market tracker CryptoCompare, said in an email. “If there is tax to be paid the government is going to go after it if it makes an example” or a return on investment.
The IRS persuaded Corley last year to order Coinbase to approve its summons for customer records from a three-year period for an investigation into whether taxpayers failed to report income.
Coinbase resisted, and negotiations between the company and the agency resulted in a narrowed request for information to about 8.9 million transactions and 14,355 account holders. Coinbase argued at a Nov. 9 hearing the inquiry remained unreasonably broad.
Corley ruled that the company must turn over basic identifying information, records of account activity and period statements for accounts with the equivalent of $20,000 in any one transaction type during any single year from 2013 to 2015. The judge said other data need not be disclosed at this time, including public keys for all accounts, wallets and vaults.
The case is U.S. v. Coinbase, 17-01431, U.S. District Court, Northern District of California (San Francisco).
Coinbase Loses Bid to Block U.S. Tax Probe of Bitcoin Gains
Coinbase Inc. lost a bid to block an Internal Revenue Service investigation into whether some of the company’s customers haven’t reported their cryptocurrency gains.
U.S. Magistrate Judge Jacqueline Scott Corley in San Francisco ruled that the tax agency’s demand for information isn’t overly intrusive. The price of bitcoin has been soaring and crossed $10,000 Tuesday.
With just 800 to 900 taxpayers reporting bitcoin gains from 2013 through 2015 in a period when more than 14,000 Coinbase users have either bought, sold, sent or received at least $20,000 worth of bitcoin, “many Coinbase users may not be reporting their bitcoin gains,” she wrote. “The IRS has a legitimate interest in investigating these taxpayers.”
The company, one of the world’s largest virtual currency exchanges, has been sparring since last year with the IRS over its summons -- and continued to resist turning over the information even after the agency scaled back its request in July. Coinbase and industry trade groups contend the government’s concerns about tax fraud are unfounded and that its sweeping demand for information is a threat to privacy.
The company said it’s glad that the government and the court narrowed the scope of the summons.
“Coinbase started this process more than 12 months ago, and while today’s result is not the complete victory we hoped for, it does represent a substantial and unprecedented victory for the industry and the hundreds of thousands of customers that would have been unfairly targeted if it weren’t for our action,” the company said in a statement posted on its blog.
Last year, analysts said similar demands could be made of other digital-currency companies if the IRS widens its investigation.
“The government has sensed a windfall -- any company that has a plethora of wealthy users might be in the sights,” Charles Hayter, chief executive officer of market tracker CryptoCompare, said in an email. “If there is tax to be paid the government is going to go after it if it makes an example” or a return on investment.
The IRS persuaded Corley last year to order Coinbase to approve its summons for customer records from a three-year period for an investigation into whether taxpayers failed to report income.
Coinbase resisted, and negotiations between the company and the agency resulted in a narrowed request for information to about 8.9 million transactions and 14,355 account holders. Coinbase argued at a Nov. 9 hearing the inquiry remained unreasonably broad.
Corley ruled that the company must turn over basic identifying information, records of account activity and period statements for accounts with the equivalent of $20,000 in any one transaction type during any single year from 2013 to 2015. The judge said other data need not be disclosed at this time, including public keys for all accounts, wallets and vaults.
The case is U.S. v. Coinbase, 17-01431, U.S. District Court, Northern District of California (San Francisco).
Coinbase ordered to give the IRS data on users trading more than $20,000
Posted 2 hours ago by Taylor Hatmaker (@tayhatmaker)
Most digital currencies exist in a sort of twilight state just beyond the grasp of federal regulators, but the U.S. tax authority is starting to get savvy to this whole bitcoin thing.
On Wednesday, a federal judge in San Francisco ruled that Coinbase must supply the IRS with identifying information on users who had more than $20,000 in annual transactions on its platform between 2013 and 2015. After noticing that the number of tax returns claiming gains from virtual currency didn’t line up with the emerging popularity of digital currencies like bitcoin as an investment vehicle, the IRS asked Coinbase to hand over a broad swath of information on its users. Coinbase pushed back, and now the court has landed on a compromise that the company is calling a “partial victory.”
“Coinbase itself admits that the Narrowed Summons requests information regarding 8.9 million Coinbase transactions and 14,355 Coinbase account holders. That only 800 to 900 taxpayers reported gains related to bitcoin in each of the relevant years and that more than 14,000 Coinbase users have either bought, sold, sent or received at least $20,000 worth of bitcoin in a given year suggests that many Coinbase users may not be reporting their bitcoin gains,” the court documents read.
While cryptocurrency users who value the relative decentralization and privacy afforded by digital currencies won’t be happy, Coinbase succeeded in limiting the government’s initial request for information on all Coinbase users who made transactions from 2013 to 2015 to the smaller subset of high-value users.
The IRS initially requested nine kinds of user data, including “complete user profiles, know-your-customer due diligence, documents regarding third-party access, transaction logs, records of payments processed, correspondence between Coinbase and Coinbase users, account or invoice statements and records of payments.”
Rejecting some of those requests, today the court narrowed the scope of documents that the IRS can request from Coinbase to taxpayer ID number, name, date of birth, address, transaction logs and account statements, deeming the rest of the documents “not necessary.” Again, these personal data requests will only apply to accounts that have bought, sold, sent or received more than $20,000 in any of those types of transactions between 2013 and 2015.
As the court documents specify, the narrowed IRS request “applies to far fewer, but still more than 10,000, Coinbase account holders.”
You can read the court decision in full below.
Posted 2 hours ago by Taylor Hatmaker (@tayhatmaker)
Most digital currencies exist in a sort of twilight state just beyond the grasp of federal regulators, but the U.S. tax authority is starting to get savvy to this whole bitcoin thing.
On Wednesday, a federal judge in San Francisco ruled that Coinbase must supply the IRS with identifying information on users who had more than $20,000 in annual transactions on its platform between 2013 and 2015. After noticing that the number of tax returns claiming gains from virtual currency didn’t line up with the emerging popularity of digital currencies like bitcoin as an investment vehicle, the IRS asked Coinbase to hand over a broad swath of information on its users. Coinbase pushed back, and now the court has landed on a compromise that the company is calling a “partial victory.”
“Coinbase itself admits that the Narrowed Summons requests information regarding 8.9 million Coinbase transactions and 14,355 Coinbase account holders. That only 800 to 900 taxpayers reported gains related to bitcoin in each of the relevant years and that more than 14,000 Coinbase users have either bought, sold, sent or received at least $20,000 worth of bitcoin in a given year suggests that many Coinbase users may not be reporting their bitcoin gains,” the court documents read.
While cryptocurrency users who value the relative decentralization and privacy afforded by digital currencies won’t be happy, Coinbase succeeded in limiting the government’s initial request for information on all Coinbase users who made transactions from 2013 to 2015 to the smaller subset of high-value users.
The IRS initially requested nine kinds of user data, including “complete user profiles, know-your-customer due diligence, documents regarding third-party access, transaction logs, records of payments processed, correspondence between Coinbase and Coinbase users, account or invoice statements and records of payments.”
Rejecting some of those requests, today the court narrowed the scope of documents that the IRS can request from Coinbase to taxpayer ID number, name, date of birth, address, transaction logs and account statements, deeming the rest of the documents “not necessary.” Again, these personal data requests will only apply to accounts that have bought, sold, sent or received more than $20,000 in any of those types of transactions between 2013 and 2015.
As the court documents specify, the narrowed IRS request “applies to far fewer, but still more than 10,000, Coinbase account holders.”
You can read the court decision in full below.
For Gametheory and Bluecarpet
Get the app blockfolio. Add coins to watch. Learn their lows and highs and start researching them. I read a large part of this thread and added any coin I saw mentioned.
List of coins I'm watching in blockfolio
Zec, xrp, xmr, wtc, steem, neo, nebl, ltc, eth, dgb, dash, btc, bch, ada.
Read my post earlier on this page.
I'm only a week back into this so I don't know shit compared to the others in this thread.
Get the app blockfolio. Add coins to watch. Learn their lows and highs and start researching them. I read a large part of this thread and added any coin I saw mentioned.
List of coins I'm watching in blockfolio
Zec, xrp, xmr, wtc, steem, neo, nebl, ltc, eth, dgb, dash, btc, bch, ada.
Read my post earlier on this page.
I'm only a week back into this so I don't know shit compared to the others in this thread.
Pretty nice list. If you watching Neo though, watch Gas. If Neo is successful, Gas will be the same or even more. I can't believe how many folks hold NEO and believe in it but don't cop Gas. It's like getting a car and saying fuck getting wheels. Can you believe Gas was just 15 cents in June.
Don't know about DGB, but I'll be forever thankful for that June pump. I've always liked Steem. It will do numbers soon IMHO.
What do y'all think about Veritaseum?
Thank you for this post and so many others on this thread for newbies like myself. Quick question. Say i buy ETH and after two weeks, it jumps in value a ton and i want to sell it. How do i convert the profits into actual USD?
Coinbase allows you to convert to cash for bank transfer or Paypal. I think Bitstamp allows you to do bank transfer. What exchange or exchanges are you using?
I havent even gotten that deep.into it yet to answer that question lol. Any suggestions would be greatly appreciated. This is a lot to wrap ur head around initially but i have to master this.
If I would you, I would start signing up for coinbase now. Coinbase is a great way to get into the game. They let you jump in and buy bitcoin, litecoin, and eth. immediately with a credit card. However, they start you on a limit and takes forever for that limit to increase. Even if you are not planning on buying anything right now, your account will be ready when you are ready. Hopefully, the credit card limit will be where you want it to be in terms of the amount you are trying to spend.
Bitstamp is good as well, but the one time I tried to use it, it took a couple of days for me to get the bitcoin I bought, because of their verifcation process. The advantage with bitstamp ,there was no limit on how much I could buy at one time.
Amazing information bro. This is just what i needed. Wish this could be stickied at the top of every page. Thanks again.
Finally cashed out a little of my earnings since January
Copped this with the AMG package (No AMG Engine upgrade though)
Delivery in March
Mercedes GLC 300 Coupe
Will get a Tesla X Next and give this to the Wife
#Crypto
Copped this with the AMG package (No AMG Engine upgrade though)
Delivery in March
Mercedes GLC 300 Coupe
Will get a Tesla X Next and give this to the Wife
#Crypto
Last edited:
Finally cashed out a little of my earnings since January
Copped this with the AMG package (No AMG Engine upgrade though)
Delivery in March
Mercedes GLC 300 Coupe
Will get a Tesla X Next and give this to the Wife
#Crypto
Man I hope this shit can help me pay off 2 of my rental properties. After that, I'm definitely copping a Tesla.
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