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Official BGOL Crypto Currency Thread ★★★★★

Don't know where @LegalMoney is but if you cash out under 10Gs and throw it in your bank account your not gonna have to pay capital gains tax right?

Thinking about taking some profits and throwing some into by bank account for the holiday season
 
Tha Great Muta said:
That's obvious. I need a more detailed explanation than that
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All withdrawals are taxable. If you hold longer than a year, you qualify for long-term capital gains tax instead of short-term. You have to also remember their structuring bullshit and multiple deposits that seem like they trying to avoid the supposed 10k threshold.
 
gene cisco said:
All withdrawals are taxable. If you hold longer than a year, you qualify for long-term capital gains tax instead of short-term. You have to also remember their structuring bullshit and multiple deposits that seem like they trying to avoid the supposed 10k threshold.
Click to expand...

This needs to be emphasized. Structuring (making a lot of deposits under 10k to try to avoid being reported to the IRS) is ILLEGAL and the bank will know exactly what the fuck you're doing when they see 20 deposits for $9500.
 
gene cisco said:
All withdrawals are taxable. If you hold longer than a year, you qualify for long-term capital gains tax instead of short-term. You have to also remember their structuring bullshit and multiple deposits that seem like they trying to avoid the supposed 10k threshold.
Click to expand...

I'm guessing short term is more $$$ to.uncle sam. I'm coming up a year in February if that's the case I'll just say fuck it and just hold
 
praetor said:
This needs to be emphasized. Structuring (making a lot of deposits under 10k to try to avoid being reported to the IRS) is ILLEGAL and the bank will know exactly what the fuck you're doing when they see 20 deposits for $9500.
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naw son , try 2 deposits within 2-4 days over 7 thousand and you might get 2-3 forms filled out on you
 
Tha Great Muta said:
Don't know where @LegalMoney is but if you cash out under 10Gs and throw it in your bank account your not gonna have to pay capital gains tax right?

Thinking about taking some profits and throwing some into by bank account for the holiday season
Click to expand...

Long-term capital gains treatment is when you've sold a capital asset that you've held longer than a year. Long-term gains is around 15%.

Short-term is a sale less than a year which is taxed at nominal income tax rate, meaning up to 42%.

What I believe you're referring to is whether the banks will flag your account for deposits more than $10k per month or whether Coinbase will issue a 1099 to the IRS for your sale.

Generally banks won't flag your account under KYC/AML laws unless they see odd deposits. But with crypto more mainstream I doubt they do so unless you really depositing anything more than $10k.

On the tax end if you bought and sold crypto within this year it's all likely subject to short term capital gains.
 
praetor said:
This needs to be emphasized. Structuring (making a lot of deposits under 10k to try to avoid being reported to the IRS) is ILLEGAL and the bank will know exactly what the fuck you're doing when they see 20 deposits for $9500.
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Here's the problem. I(and I'm sure there are others) don't like moving large chunks in crypto. Even if I'm moving over 10k from one exchange to another, I break that shit up into pieces. Also, with coinbase horror stories, who wants a large junk in limbo? These bloodsuckers just make everything a pain in the ass. If you try to deposit like 25k, places might give you shit because of the IRS. If you break it up, they fill out forms.

Best to just talk to the bank manager and explain why small chunks will be coming in. If I knew coinbase or bitstamp would just give me my money without a problem, I'd just transfer 75k at a time.
 
this tax talk is good knowledge to have in advance, for when I get my crypto stack up.

I need to change my portfolio up, my shit ain't bouncing the way its supposed too. I got too much Wabi an its fucking up my gains from QTUM an TRX. Learning the balancing act on these coins is were the work comes in. I bought ripple on a pump (newbie mistake), but that shit will come back so I ain't tripping.
 
gene cisco said:
Here's the problem. I(and I'm sure there are others) don't like moving large chunks in crypto. Even if I'm moving over 10k from one exchange to another, I break that shit up into pieces. Also, with coinbase horror stories, who wants a large junk in limbo? These bloodsuckers just make everything a pain in the ass. If you try to deposit like 25k, places might give you shit because of the IRS. If you break it up, they fill out forms.

Best to just talk to the bank manager and explain why small chunks will be coming in. If I knew coinbase or bitstamp would just give me my money without a problem, I'd just transfer 75k at a time.
Click to expand...

The exchanges also make money on trades and transfers, plus they need to maintain liquidity. So they artificially limit how much you can move around too.
 
at the point of getting desktops wallets
I've tired this with ripple and Bytecoins but received this both times....


"Ripple-Wallet-osx64-1.4.1” can’t be opened
because it is from an unidentified developer."

went to stem and selected allows anyway and it still didn't work
 
wallet is a question I've tried to get answered a few times in here. The consensus seems to be the ledger s. I'm sure there needs to be multiple copies though because if that shit malfunction or gets misplaced then all your money gone.

SO vets, what's your practice for the safe storage of your assets? Thanks in advance
 
cincitystudios said:
wallet is a question I've tried to get answered a few times in here. The consensus seems to be the ledger s. I'm sure there needs to be multiple copies though because if that shit malfunction or gets misplaced then all your money gone.

SO vets, what's your practice for the safe storage of your assets? Thanks in advance
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I usually split coins up 4 ways and store them separately. If I lose access to one, at least I have 3/4 of my shit left and it's not all gone.
 
cincitystudios said:
wallet is a question I've tried to get answered a few times in here. The consensus seems to be the ledger s. I'm sure there needs to be multiple copies though because if that shit malfunction or gets misplaced then all your money gone.

SO vets, what's your practice for the safe storage of your assets? Thanks in advance
Click to expand...



right
 
is this accurate

DQ2cRPWWsAALsmy.jpg
 
gene cisco said:
I usually split coins up 4 ways and store them separately. If I lose access to one, at least I have 3/4 of my shit left and it's not all gone.
Click to expand...
You have been putting us new folks on game. Can you use the same currency that's in your online wallet an copy it on the ledger for the backup? An do you have any recommendations for the wallet, plus an minuses etc.
 
cincitystudios said:
You have been putting us new folks on game. Can you use the same currency that's in your online wallet an copy it on the ledger for the backup? An do you have any recommendations for the wallet, plus an minuses etc.
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I don't have a ledger, but I think it supports only 5 coins at a time. You transfer them directly to the device. I know folks with Qtum had problems because of the transaction fee set by Ledger.

I usually go with official wallets on different devices. Some people think I'm too paranoid, but I've seen folks lose their entire stack of one coin keeping it all in one location.
 
From a FB post

What will governments look like 5 years from now? Today Dubai announced its plan to be “The World’s first blockchain powered government” with a plan to move 100% on blockchain by 2020:

> ArabianChain is moving all Dubai’s government paperwork onto the blockchain, so it doesn’t need lawyers and government departments for verification.

> ObjectTech is providing digital passports and blockchain security to Dubali International airport to deliver seamless entry and exit from the country.

> The Dubai Land Department has launched a blockchain system to record all real estate contracts and record all property-related transactions such as rental, utility and telcom bills.

> In October, Dubai launched emCash, its own cryptocurrecny for citizens to pay for all services via digital cash.

> The country has set up the 46-member Global Blockchain Council, including companies like Microsoft, IBM and Cisco, to lead the way in the country’s adoption of blockchain technology.

Blockchain smart contracts and cryptocurrency track all transactions that take place with any agreement or transferable asset. That means the end-point of Dubai’s blockchain adoption is that there will be no further need for the middlemen in our day-to-day transactions.

No more laywers.

No more accountants.

No more bankers.

No more immigration officers.

No more government officials.

Dubai estimates that by putting its 100 million documents each year onto the blockchain, they will save 25 million man hours and $1.5 billion in tax dollars.

It would also massively shrink the size of the Dubai government. Why would they do that?

As Dr Aisha Bin Bishr, Director General of Smart Dubai Office, the country’s department in charge of making Dubai the world’s smartest city says:

“The Dubai government differs from others around the world in that it aims to make Dubai the ‘Happiest City on Earth’. In short, we want to give people back time they would have otherwise spent on filing paperwork.”

Could Dubai’s Blockchain initiative lead to a revolution in happy countries reducing the size and influence of their goverhments?

Could an end point be no government at all?

“The Internet is becoming the town square for the global village of tomorrow.” ~ Bill Gates

When asked how he would set up a government on Mars, Elon Musk said the “Most likely the form of government on Mars would be a direct democracy - it would be people voting directly on issues.”

In other words, in this new technological age where the best middle man is no middle man, the best government may be no government at all.

“Lets go invent tomorrow instead of worrying about what happened yesterday.” ~ Steve Jobs
 
gene cisco said:
I don't have a ledger, but I think it supports only 5 coins at a time. You transfer them directly to the device. I know folks with Qtum had problems because of the transaction fee set by Ledger.

I usually go with official wallets on different devices. Some people think I'm too paranoid, but I've seen folks lose their entire stack of one coin keeping it all in one location.
Click to expand...
its a fee to put it on the ledger? So you have to buy the hardware an pay to put your crypto on it. I thought the ledger was basically a hardrive that stores the info. Damn, they nickel and dime you
 
cincitystudios said:
wallet is a question I've tried to get answered a few times in here. The consensus seems to be the ledger s. I'm sure there needs to be multiple copies though because if that shit malfunction or gets misplaced then all your money gone.

SO vets, what's your practice for the safe storage of your assets? Thanks in advance
Click to expand...
Exodus is the best wallet out now.. easy to use and they will be updating coins soon
 
cincitystudios said:
its a fee to put it on the ledger? So you have to buy the hardware an pay to put your crypto on it. I thought the ledger was basically a hardrive that stores the info. Damn, they nickel and dime you
Click to expand...
No, it's the blockchain. It's like how you need enough gas to move eth. Stakers for Qtum were asked to lower the fee so that Qtum stuck from ledger transactions could get through.

So much to keep up with in this game.
 
ok heres where I'm at


just shipped some Ethereum from Coinbase to Binance
purchased XVG with ETH just to get a feel for the operation(along with the short confirm time)

I'm downloading exodus like 6supaman9 suggested

now my next question is will i be able to send those coins from Binace to exodus or coinbase
 
Mask said:
ok heres where I'm at


just shipped some Ethereum from Coinbase to Binance
purchased XVG with ETH just to get a feel for the operation(along with the short confirm time)

I'm downloading exodus like 6supaman9 suggested

now my next question is will i be able to send those coins from Binace to exodus or coinbase
Click to expand...

I have a similar question. How can I cash out my alt coins from bittrex that are not on coinbase? I assume I send them to another online wallet that will allow me to cash out?
 
Llano said:
I have a similar question. How can I cash out my alt coins from bittrex that are not on coinbase? I assume I send them to another online wallet that will allow me to cash out?
Click to expand...
Don't work that way. You got to convert it to something that they sale. Then you transfer to coinbase, then you sell them for USD.
 
Raymond said:
The verge market cap is $1 billion. But yeah that's how we've been doing it with other coins.
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I never thought it would hit $1 billion this quick. During that pump in June that helped me a lot it was in the 20 million range and went up like 4 times.
Llano said:
I have a similar question. How can I cash out my alt coins from bittrex that are not on coinbase? I assume I send them to another online wallet that will allow me to cash out?
Click to expand...

You sell alts for btc, ltc, or eth to sell on coinbase. You can also just sell to btc and use bitpay.
 
gene cisco said:
I never thought it would hit $1 billion this quick. During that pump in June that helped me a lot it was in the 20 million range and went up like 4 times.


You sell alts for btc, ltc, or eth to sell on coinbase. You can also just sell to btc and use bitpay.
Click to expand...


ok.....i got cha bro(i think, I'm see if it goes as smooth as you typed it)

I'm try and and what i just purchased on Binance to Exodus or coinbase



noriega said:
Come on already Amazon... Make us all rich with one simple announcement
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what coins would instantly be affected that type of announcement
 
having problems withdrawing money from Kraken. i was already tier 4 verified, so i was under the impression i could move 100k. now they are telling me i need to provide proof of source of funds. so i dont even have a problem sending them my tax returns or whatever, but as most of you all know, customer service on these exchanges suck, at best. so i am stuck, waiting to see if i will even be able to withdraw what i want, or if i am going to have to play the withdraw at a lower limit every month game.
nothing is more frustrating than niggas holding and playing with your fucking money. #heated

*UPDATED
the main point of me sharing this is to have your exit plan ready BEFORE you are ready to liquidate your funds. avoid being held up at the last minute when you need your money. prepare your exit strategies ahead of time. PEACE
 
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