Official BGOL Crypto Currency Thread ★★★★★

RoomService

Dinner is now being served.
BGOL Investor
Yeah, It almost happened to me. I forgot it and sent a 'mean' email to customer support. In between the email and the response, I remembered it was in my notes. I got into my account before using the last try.

It's crazy because if you try to reset it you don't find out until damn near the end that you got to KYC. I was hot as fuck man. The email they sent back was the usual canned bullshit, so I would have been stuck. It took damn near 2 weeks for the email.
The simplest mistakes are going to cost people tens of thousands of dollars.
One of the first things you do when you sign up on an exchange it’s make a back up copy of the QRL for Google authenticator. Lose your phone and your fucked
 

Mrfreddygoodbud

Rising Star
BGOL Investor
The simplest mistakes are going to cost people tens of thousands of dollars.
One of the first things you do when you sign up on an exchange it’s make a back up copy of the QRL for Google authenticator. Lose your phone and your fucked

Holeeeee shit you are not lying, you dont even have to lose your phone, I just changed my number and didnt realize

once you change that you are fucked...

I was lucky I had an old samsung phone with my google account with authenticator logged into it..

So VERY VERY IMPORTANT FACTS YOU SPOKE

IF YOU USE TWO STEP AUTHENTICATION WHICH MOST EXHANGES REQUIRE FOR SECURITY PURPOSES

MAKE SURE YOU HAVE A BACK UP PHONE, LAPTOP, WITH YOUR CURRENT GOOGLE ACCOUNT/WITH GOOGLES

AUTHENTICATOR..

without it you will lock yo ass out your OWN funds. ALMOST as bad as losing your hard wallet SEED PHRASE

but thats worse, because IF you lose that, aint nobody to call, there is NO glimmer of hope....

your crypto is gone untill you remember it...
 

trappstarr82

Rising Star
BGOL Investor
Holeeeee shit you are not lying, you dont even have to lose your phone, I just changed my number and didnt realize

once you change that you are fucked...

I was lucky I had an old samsung phone with my google account with authenticator logged into it..

So VERY VERY IMPORTANT FACTS YOU SPOKE

IF YOU USE TWO STEP AUTHENTICATION WHICH MOST EXHANGES REQUIRE FOR SECURITY PURPOSES

MAKE SURE YOU HAVE A BACK UP PHONE, LAPTOP, WITH YOUR CURRENT GOOGLE ACCOUNT/WITH GOOGLES

AUTHENTICATOR..

without it you will lock yo ass out your OWN funds. ALMOST as bad as losing your hard wallet SEED PHRASE

but thats worse, because IF you lose that, aint nobody to call, there is NO glimmer of hope....

your crypto is gone untill you remember it...
The more reputable exchanges you can prove your identity by submitting photo ID and security questions if you lose your authenticator access.
 

stizz3000

Rising Star
BGOL Investor
The more reputable exchanges you can prove your identity by submitting photo ID and security questions if you lose your authenticator access.
gate.io is NOT one of them. i forgot to backup my authenticator when i switched to a new phone. A simple email/text etc could verify me, but they need me to TAKE A PICTURE HOLDING MY ID, WITH A PAPER STATING MY ACCT NUMBER


WHAT KINDA MICKEY MOUSE SHIT IS THIS?

After i did it, i still havent gotten any help. all they need to do is turn off the 2fa and let me log in.

never even used the acct..smh
 

RoomService

Dinner is now being served.
BGOL Investor
gate.io is NOT one of them. i forgot to backup my authenticator when i switched to a new phone. A simple email/text etc could verify me, but they need me to TAKE A PICTURE HOLDING MY ID, WITH A PAPER STATING MY ACCT NUMBER


WHAT KINDA MICKEY MOUSE SHIT IS THIS?

After i did it, i still havent gotten any help. all they need to do is turn off the 2fa and let me log in.

never even used the acct..smh
Now imagine if we were in the middle of a bull run and you were up 700% without access to your funds. Most people are so eager to jump from coin to coin, but refused to learn the basics.
 

gene cisco

Not A BGOL Eunuch
BGOL Investor
Now imagine if we were in the middle of a bull run and you were up 700% without access to your funds. Most people are so eager to jump from coin to coin, but refused to learn the basics.
Folks also have to check for the bait-and-switch shit. These centralized pieces of shit are good for allowing users to make deposits. When trying to withdraw that shit they hit folks with KYC. The bullshit can be hidden in updated terms of service, so even if a person has withdrawn before without issues, it's always wise to keep up.

I always advise breaking shit up, even though it's an inconvenience. If the shitcoin is in a few places, just get it in a few places. Position it so you can dump it in a few places. One bag gets frozen because of centralized fuckery, other options open -- especially if shit goes parabolic and folks making runs.
 

DjMorpheus

Rising Star
BGOL Investor
Got a question.

If you get a crypto.com debit visa and load it up. will making purchases with that card (which is backed by your crypto) be subject to capital gains tax?
 

gene cisco

Not A BGOL Eunuch
BGOL Investor
3 year old video


Nice drop. Crazy to think it the hype got worse with the dog/meme coin shit and the China FUD still fucking works to this day. Just shows how cyclical all of this shit is. Dog/meme coins have replaced shit like Omisego(and their Mcdonalds pictures) and Stratis.
 

RoomService

Dinner is now being served.
BGOL Investor
Nice drop. Crazy to think it the hype got worse with the dog/meme coin shit and the China FUD still fucking works to this day. Just shows how cyclical all of this shit is. Dog/meme coins have replaced shit like Omisego(and their Mcdonalds pictures) and Stratis.
And that’s exactly why you have to be careful with information being provided in this thread… jumping from coin to coin and buying small amounts, but not holding enough to truly make a huge return.

An RnB Thug pointed out a few weeks ago the amount you should be holding in order to maximize gains.

Not investment advice, but investment opinion.
 

Mr.Chuckles

Chuckle
BGOL Investor
Yo...hope no one in here jumped on that TZSUKI INU. Rugpull

I been listening to the livestream on twitter , and they are REAMING the dev. He's actually in there

Yall better stop listening to these youtubers with a new token every other day talking about they found another GEM, they be in on that shit as well, they gon play with the wrong people and someone gon come up missing or fucked up!
 

stizz3000

Rising Star
BGOL Investor
Yall better stop listening to these youtubers with a new token every other day talking about they found another GEM, they be in on that shit as well, they gon play with the wrong people and someone gon come up missing or fucked up!
Exactly....

The problem is people aren't watching enough. I've made PLENTY of money from just listening to a few youtubers. Your fault if you get kept holding the bag. Tzsuki checked all the boxes though. Luckily I slept on them
 

DjMorpheus

Rising Star
BGOL Investor
Great question

I googled that shit. IRS is a mothafucka. Yes it is taxed as capital gains when you use a card backed with crypto.





Some of the biggest credit card companies on the planet are trying to make it easier than ever to spend and earn bitcoin.
But accountants and financial advisers tell CNBC there is a massive catch. Every time you swipe one of these crypto cards, you’re logging a “taxable event.”

“The one thing that a lot of people don’t realize is that whenever you spend cryptocurrencies to buy a cup of coffee, or any type of consumer item, that triggers a capital gains event,” said Shehan Chandrasekera, a CPA and head of tax strategy at CoinTracker.io, a digital currency tax software company that helps clients track their crypto across virtual wallet addresses and manage their corresponding tax obligations.
There’s always a difference between how much you paid for the cryptocurrency, which is the cost basis, and the market value at the time you spend it. That difference can trigger income capital gains taxes, in addition to the other taxes you have to pay, such as sales tax.
But a lot of people don’t seem to care about the tax headache.
Visa, which partners with Circle, BlockFi and Coinbase, told CNBC in July that more than $1 billion worth of cryptocurrency was spent by consumers globally on goods and services through their crypto-linked cards in the first six months of 2021.
Meanwhile, this summer, MasterCard will launch a credit card with crypto exchange Gemini, co-founded by billionaires Cameron Winklevoss and Tyler Winklevoss.

The perks are indeed enticing: no annual fees, up to 4% back in crypto rewards whenever you buy something, and it offers an easy off-ramp for your crypto cash.
But perhaps the biggest reason these tax implications aren’t getting people down is that they have no clue they are racking up a tax bill every time they use their card.
“Some people are like, ‘Oh, I’m not selling my crypto, so I don’t have to pay capital gains taxes.’ But that’s completely wrong,” said Chandrasekera.
Buying coffee is a ‘taxable event’
The IRS treats virtual currencies such as bitcoin as property, meaning that they are taxed in a manner similar to stocks or real property.
“Anytime you receive, sell or exchange cryptocurrency, income would need to be recognized,” according to Shivani Jain, a certified public accountant and partner at accounting, tax and advisory firm Sax LLP.
“When you make a payment using a Coinbase card, you are deemed to have sold the cryptocurrency, which results in a tax event,” she said.
The government essentially says that if you buy something with crypto, it is as though you liquidated your crypto, no different from selling any other property. The IRS also doesn’t care how small the transaction is — it’s still taxable.
“There’s no minimum for capital gains. It applies for even a penny of gains or even less than a penny, in the case of a micro transaction,” said Neeraj Agrawal of Coin Center, a cryptocurrency policy think tank.
While it is probably unlikely that the IRS is going to come after you for a penny, Agrawal said, it does mean that you are technically not complying with the law if you make a penny’s worth of gains when you buy a coffee and fail to track that as a gains event.
Experts tell CNBC that it is nearly impossible for bitcoin to work more like the cash that it was intended to be with rules like these, which are difficult to comply with completely.
 

praetor

Rising Star
OG Investor
I don’t understand to hoopla about getting salary in Bitcoin when you can buy Bitcoin with your salary

It'd be more of a hassle for them to buy it themselves. They'd have to take hundreds of thousands of dollars, move it to an exchange, then actually make the purchase. They'd probably have to jump through all kinds of hoops with their bank to move that much.

It'd be way easier to just have the team send it straight to their bitcoin wallet. Plus buying it themselves would probably make their tax situation much more complicated too.

I think the real significance is that a lot of people still view crypto as something that's unsecure and easy to hack. Pro athletes trusting bitcoin enough to put millions of dollars in it could increase consumer confidence.
 
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