Bitcoin

[diatoms]

bitcoin?

idon'townanybitcoinwhatareyoutalkinabout?

[Soloman Tump]

16 hours ago, Nebraska said:

when i filed my taxes this year, there was a part where i had to declare how much money  i had in cryptocurrency. curious how many other people had this question when filing their taxes. i thought the whole point of cryptocurrency is to remain anon and thus, no declare it to any government body

https://cointelegraph.com/news/us-congressman-introduces-crypto-currency-act-of-2020

If you don't declare it, can they actually trace it to you anyway?

[Nebraska]

On 3/11/2020 at 3:00 AM, Soloman Tump said:

If you don't declare it, can they actually trace it to you anyway?

sorry for the late reply:

depends on how much money we talking about and how you liquidating that dough. in the end, more money, more problems

eg:

 

Edited May 20, 2020 by Nebraska

[hijexx]

I saw a tweet later where someone debunked that but I didn't bookmark it

[auxien]

On 3/10/2020 at 12:04 PM, Nebraska said:

when i filed my taxes this year, there was a part where i had to declare how much money  i had in cryptocurrency. curious how many other people had this question when filing their taxes. i thought the whole point of cryptocurrency is to remain anon and thus, no declare it to any government body

https://cointelegraph.com/news/us-congressman-introduces-crypto-currency-act-of-2020

i'm pretty sure i've seen that on federal tax forms for a few years now. not sure how many but i wanna say about the last 3 or 4 years...could be off tho

[zlemflolia]

On 3/11/2020 at 3:00 AM, Soloman Tump said:

If you don't declare it, can they actually trace it to you anyway?

it depends how you got it.  US exchanges have to follow banking Know Your Customer (KYC) laws.  let's say some day the government sees that you paid $50 for an item shipped to your house, from an address containing $10k in BTC, or from an address sourced from another address containing $10k BTC which also sent a transaction that can be tracked back to you, etc.  Then they know you own it and they can get you for tax fraud

in summary don't break the law and just declare your BTC, barely anyone is actually smart and careful enough to truly get away with it, especially in the age of mass automated surveillance.  in fact, if you get away with it, it just means they didn't bother coming after you.  yet

that all applies to bitcoin, which is pseudonymous not anonymous.  privacy coins on the other hand...

Edited May 21, 2020 by Zeffolia

[ghsotword]

The price of Bitcoin looks like it might break the all time high soon (Coindesk shows $16,747 right now. The all time high was $19,665). Unlike 2013 and 2017, I haven't seen any media attention to the price rise for some reason

[ghsotword]

It's above 20k now (new all time high). Does anyone on WATMM care?

[dcom]

10 minutes ago, ghsotword said:

It's above 20k now (new all time high). Does anyone on WATMM care?

No.

[auxien]

47 minutes ago, ghsotword said:

It's above 20k now (new all time high). Does anyone on WATMM care?

unless you’re giving some away, then what dcom said.

[hijexx]

This site keeps updated stats on world Bitcoin energy consumption: https://digiconomist.net/bitcoin-energy-consumption/

 

[Squee]

I have yet to figure out the hell I can sell my bitcoins on Blockchain

[hijexx]

16 minutes ago, Squee said:

I have yet to figure out the hell I can sell my bitcoins on Blockchain

https://www.buybitcoinworldwide.com/tx-time/

Could take up to three days to actually make a transaction. If it doesn't go through you just send it again. And wait. Sorta makes it unreliable time wise if you just want to transact with an individual and not involve third parties.

[Squee]

It's like money, but it's all inside a computer. Totally digital. Like, it's a coin made of bits.

[dcom]

Quote

The dominant use case for cryptocurrency is speculation. Speculators want to put value into the system, somehow have it become greater, and then take more value out of the system than they put in.
[...]
The cryptocurrency ecosystem’s purported raison d’être is building permissionless money, and (descriptively) large sums of money flow between pseudonymous identities without any Compliance Department having asked any questions about them. Financial institutions, which are extremely heavily regulated by a global consensus that AML/KYC are core responsibilities for their industry, are extremely reluctant to bank cryptocurrency exchanges, even ones which (by the standards of the industry) are aboveboard.

But some cryptocurrency exchanges have an attitude towards compliance which is best described as “Bond villain.”

Tether: The Story So Far (Patrick McKenzie/Kalzumeus)

[Nebraska]

Quote

 

Tesla announced in an SEC filing Monday that it has bought $1.5 billion worth of bitcoin.

The company also said it would start accepting bitcoin as a payment method for its products.

 

https://www.cnbc.com/2021/02/08/tesla-buys-1point5-billion-in-bitcoin.html

[Nebraska]

https://www.facebook.com/zuck/posts/10112954515429031

[zlemflolia]

15 minutes ago, Nebraska said:

https://www.facebook.com/zuck/posts/10112954515429031

what a fucking loser

[Silent Member]

Can we replace the haha reaction with the above image of zucc?

Edited May 12, 2021 by Silent Member
Please

[Nebraska]

 

https://www.marketwatch.com/story/tesla-stock-and-bitcoin-drop-after-elon-musk-says-car-sales-with-crypto-will-be-halted-due-to-energy-usage-of-mining-11620858326

[chim]

It will rebound. Twitter cowboy Elon is probably having G-men at the door since they don't want people buying fancy cars with untaxed drug money. That and it's probably too volatile at this point. How stupid would you have to be to accept the idea that they haven't considered the massive energy footprint until now? Sounds like a pump and dump strategy - no word about whether they already have sold anything. 

[chenGOD]

Pfft a ~2% drop in crypto is nothing.

[cern]

CASH IS KING! 

[Rubin Farr]

On 3/10/2020 at 1:04 PM, Nebraska said:

when i filed my taxes this year, there was a part where i had to declare how much money  i had in cryptocurrency. curious how many other people had this question when filing their taxes. i thought the whole point of cryptocurrency is to remain anon and thus, no declare it to any government body

https://cointelegraph.com/news/us-congressman-introduces-crypto-currency-act-of-2020

It sounds like the 2010s really were the Wild West of crypto; avoiding taxes, one or two thefts, etc. IRS wants their cut now, I’d imagine audits will come to some crypto investors.

[Nebraska]

Quote

The government will “crack down on bitcoin mining and trading behavior and resolutely prevent the transfer of individual risks to the society

https://translate.google.com/translate?sl=auto&tl=en&u=http://www.gov.cn/guowuyuan/2021-05/21/content_5610192.htm

https://translate.google.com/translate?sl=auto&tl=en&u=http://dz.jjckb.cn/www/pages/webpage2009/html/2021-05/24/content_74130.htm

 

will be curious how "bad" this affects bitcoin transactions considering china is responsible for 75% of bitcoin mining. in the meantime: back to cold storage my coins go.