Cryptocurrencies Part II - No more forks for you

[Fledgemyhedge]

Yeah, Katy Perry tweeted about cryptocurrencies the other day. It's just weird to see...

 

[The Crypto Guy]

Yeah, Katy Perry tweeted about cryptocurrencies the other day. It's just weird to see...

I’m excited to see how huge crypto will be from 5 years from now...Coin base was on the #1 trending apple store app this weekend, word was certainly getting out at thanksgiving dinners last week

 

[Fledgemyhedge]

I’m excited to see how huge crypto will be from 5 years from now...Coin base was on the #1 trending apple store app this weekend, word was certainly getting out at thanksgiving dinners last week

Look at this picture of trending apps I found on reddit

 

[beowulf]

And now the IRS wants their cut in the US.

https://gizmodo.com/the-irs-has-come-knocking-at-bitcoins-door-1820877550

According to Bloomberg:

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.”​

 

[Shadow Journal]

Vertcoin (VTC) is taking off today, hitting $6.21 usd last I looked. Not sure if it will last, but it's nice to see it up over double the price at which I invested a bit (~$3 usd).

 

[The Crypto Guy]

And now the IRS wants their cut in the US.

https://gizmodo.com/the-irs-has-come-knocking-at-bitcoins-door-1820877550

According to Bloomberg:

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.”​

This is nothing new. You’re suppose to claim all your gains to the irs. People just weren’t.

Some people arent very smart , if all of a sudden they have $20,000 extra in their bank accounts the IRS will come knocking and have some nice hefty fines for them.

 

[What the Faulk]

Every coin I follow in my Blockfolio is double digit green except Coss. FINALLY a rebound.

And now the IRS wants their cut in the US.

https://gizmodo.com/the-irs-has-come-knocking-at-bitcoins-door-1820877550

According to Bloomberg:

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.”​

Meh. They've said something like this a few times.

 

[beowulf]

This is nothing new. You’re suppose to claim all your gains to the irs. People just weren’t.

Some people arent very smart , if all of a sudden they have $20,000 extra in their bank accounts the IRS will come knocking and have some nice hefty fines for them.

They just seem to be more proactive about collecting now and actually went to court trying to get the information. I am still not sure what the rules are here in Canada.

 

[The Crypto Guy]

They just seem to be more proactive about collecting now and actually went to court trying to get the information. I am still not sure what the rules are here in Canada.

Makes sense since it's starting to get popular and some people have collected in on some very good profits.

Getting the information from companies will be tough unless they are from the US (which not all of them are obviously). Again though, they will start asking question to people who all of a sudden get a nice chunk of money in their bank accounts that went unclaimed. It's not worth trying to pull a fast one over them since if you're caught you will end up paying far greater penalties than the 15% tax you should have just paid.

 

[The Crypto Guy]

The crypto world is recovering nicely after the correction this week.

 

[Pirate King Luffy]

They just seem to be more proactive about collecting now and actually went to court trying to get the information. I am still not sure what the rules are here in Canada.

They have a digital currency page regarding cryptos on the government website. Digital currency - Canada.ca

 

[SuperScript29]

A noob here, obviously I've heard about Bitcoins long ago but never really paid too much attention. Am I late to the party? Or is it still good to jump in? Also can someone pls explain it to me in layman's terms and how to get started? Thanks.

 

[CokenoPepsi]

A noob here, obviously I've heard about Bitcoins long ago but never really paid too much attention. Am I late to the party? Or is it still good to jump in? Also can someone pls explain it to me in layman's terms and how to get started? Thanks.

Too late i think it hard to buy and you would need a bunch to get started

 

[What the Faulk]

A noob here, obviously I've heard about Bitcoins long ago but never really paid too much attention. Am I late to the party? Or is it still good to jump in? Also can someone pls explain it to me in layman's terms and how to get started? Thanks.

The entire crypto market has more than doubled in the last three months and is up like 10x since last year. It's still way early. I'm on mobile, but there's a few posts earlier in this thread (or a previous iteration) on how to get started. Maybe a mod can stick them in the OP?

 

[Shadow Journal]

Looks like it's doing the alts some favors. VTC hit $6.41 overnight. WTC and OMG also spiked a bit but are now back downish. Ready for those to make more noise and not delays.

I missed that VTC went up to $6.41 last weekend. Today it's up to $7.41, which has to be an ATH, no?

 

[What the Faulk]

I missed that VTC went up to $6.41 last weekend. Today it's up to $7.41, which has to be an ATH, no?

Looks like it, yup. It was better against Bitcoin at the end of October but that was back when BTC was worth like 6.3k putting VTC around $5.45.

 

[Bixby Snyder]

100K by the end of 2018.

 

[SuperScript29]

Too late i think it hard to buy and you would need a bunch to get started

I read that less than 5% of the world actually uses crytocurrencies. I can't imagine that it's too late, though you're absolutely right about the up front money, I just looked at the value of Bitcoin and it's way too high.

 

[What the Faulk]

I read that less than 5% of the world actually uses crytocurrencies. I can't imagine that it's too late, though you're absolutely right about the up front money, I just looked at the value of Bitcoin and it's way too high.

Keep in mind that a) you can buy fractions of a bitcoin or b) you can buy something like WTC that crushed its ATH and is currently at $9.25. EDIT: $10.65

 

[The Crypto Guy]

I read that less than 5% of the world actually uses crytocurrencies. I can't imagine that it's too late, though you're absolutely right about the up front money, I just looked at the value of Bitcoin and it's way too high.

It's far less than 5%.

 

[Intoewsables]

Heh, I remember being pissed that I bought into VTC at 60 cents rather than the 40 cents it was at when I first heard about it. The growth it's gone through over the last couple months is ****ing incredible. Curious to see what sort of effect the block reward halving has on the price.

As for Walton, I was going to buy in when it was down at around $4.50 the other day, but didn't want to move money over to Binance just for that. What a mistake that was.

 

[Fledgemyhedge]

Heh, I remember being pissed that I bought into VTC at 60 cents rather than the 40 cents it was at when I first heard about it. The growth it's gone through over the last couple months is ****ing incredible. Curious to see what sort of effect the block reward halving has on the price.

As for Walton, I was going to buy in when it was down at around $4.50 the other day, but didn't want to move money over to Binance just for that. What a mistake that was.

Looks good, the AMD miner is finally getting released and it's going to be before the halving (12th). Vertcoin was less than 1.50 usd when I ordered my Ledger nano s specifically for it, when it arrived it was at 4.00. Pissed

 

[Fledgemyhedge]

Thoughts on Tether blowing up? Someone enlighten me please this has been worrying me for some time?

 

[Shadow Journal]

Heh, I remember being pissed that I bought into VTC at 60 cents rather than the 40 cents it was at when I first heard about it. The growth it's gone through over the last couple months is ****ing incredible. Curious to see what sort of effect the block reward halving has on the price.

Haha, nice. I didn't get in until it was at around $3.

My crypto regret right now is selling my LTC when it was around $75. I bought in under $50, but after shooting up near $100, it went on a prolonged dive and I got nervous and gave up on it. Stupid, obviously.

 

[Shadow Journal]

Looks good, the AMD miner is finally getting released and it's going to be before the halving (12th). Vertcoin was less than 1.50 usd when I ordered my Ledger nano s specifically for it, when it arrived it was at 4.00. Pissed

Is it worth buying more before the 12th, or is that unlikely to change the price at all?