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Forum » MISC Crypto Crew (MCC) Vol.3 Fork it ...im all in!
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Thread: MISC Crypto Crew (MCC) Vol.3 Fork it ...im all in!

post 1534529561 11-14-2017, 08:12 AM
-
#8461
  1. jinda628
  2. Lol ty.
  1. jinda628
  2. Lol ty.
  3. Join Date: Mar 2011
  4. Location: New York, United States
  5. Posts: 11,828
  6. Rep Power: 72581
Originally Posted By 2020Wellness⏩
I don't think they do. You have to track every trade you make and the USD value of the buy and sell based on BTC's USD value at the time of each trade.
Originally Posted By eXistenceLies⏩
cointracking
I'm not sure but I said this more than once before and I'm not an accountant. This is just my own understanding of it:[ul]
  • Any transaction we make inside or within the exchanges doesn't matter when filing tax. Because any gains are not considered profit unless we take into account the money we put in and the money we took out and deposit back into our bank account.

  • It's a simple money in vs money out. If you invested a total of $5000 for year 2017 and you played it within crypto exchanges and it became about $20,000 by end of 2017. You are not gonna pay the tax for $15000 yet unless you withdraw the whole $20k. Revenue will be $20k while expenses will be $5k so taxable profit is $15k.

  • No matter how many trades you did to reach that $20k, it doesnt matter since the $20k unless its withdrawn and deposited to your bank as $$$ are still speculated amount as long as it stays in the exchange.

  • Now let's say you only withdrew $10k of your $20k portfolio by end of 2017. Then revenue should be $10k, expenses is $5k, then taxable profit is only $5k. The other $10k that stayed in the exchange is not yet taxable because you have not officially earned it until you withdraw it.

    • [/ul]That is the most common sense way I could think of. Any gains or losses within the exchange are all speculations until its transferred back into your actual banks as FIAT.
    Steam - jinda28
    Origin - jinda628
    XBLive - jinda628
    Btag - blood#1648 / blood#1816
    post 1534529651 11-14-2017, 08:13 AM
    -
    #8462
    1. myfacewhen
    2. Cultivating mass
    1. myfacewhen
    2. Cultivating mass
    3. Join Date: Aug 2010
    4. Location: United States
    5. Age: 37
    6. Posts: 12,569
    7. Rep Power: 5280
    Raiden is gaining ground now. I think it could be become a big mid-cap just purely off hype and being tied directly to Ethereum
    EXTREME yellow fever crew
    Will wife an Asian HBB in the future crew



    ~keep hustling cuz~
    post 1534529691 11-14-2017, 08:14 AM
    -
    #8463
    1. ineed$
    2. Registered User
    1. ineed$
    2. Registered User
    3. Join Date: May 2007
    4. Posts: 9,636
    5. Rep Power: 17322
    Originally Posted By propreffered7⏩
    i remember him saying something about a friendship, which i remember because i was like how the fuk do you know.
    Originally Posted By wickedman⏩
    I for one enjoy Ineed$'s posts as a source of endless entertainment and hope he continues to post here.
    lol thanks brahs, and thanks for having character and not being envious of ur fellow misc brahs
    Originally Posted By Mythenthefang⏩
    JP Morgan **** #1: heh, those nerds seem to be making lots of money in crypto currencies

    JP Morgan **** #2: lol it's a bubble, lol tulips. hey, you know how we "worked with" woodrow wilson to get the federal reserve act signed and then with Nixon to get gold confiscated so we could essentially control the money supply in america and by extension the world?

    JP Morgan **** #1: LOL yeh we did, fuk we're awesome

    JP Morgan **** #2: we should try to manipulate these crypto thingies

    and thus, CME bitcoin futures were born

    rules in crypto - if it smells like wall street, get the fuk out
    LOL repped on rc
    Originally Posted By Parkerscott⏩
    Eth about to go to orbit
    what happened fundamentally?
    post 1534529821 11-14-2017, 08:15 AM
    -
    #8464
    1. gixxer0.6g
    2. Maximum Effort
    1. gixxer0.6g
    2. Maximum Effort
    3. Join Date: Apr 2008
    4. Location: Montana, United States
    5. Posts: 43,865
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    All I care about is making money. Four people have done that in here; Jamal, GOAT, PBC and Ineed$. My worst buy/sells have been from some of the most respected members in here.

    Originally Posted By ineed$⏩
    what happened fundamentally?
    I've been in crypto for 3-4 months and Eth has been the slowest moving coin I've seen. I'm not getting my hopes up.



    Are we all just going to ignore that BCH is still sitting there peacefully at $1,300+ wtf
    Originally Posted By jinda628⏩
    So you mean you are going to pay tax for your speculated earnings? What if you lose half of its value in January of 2018? So the tax you paid would be for nothing and you overpaid for it.
    That's why I think it's not taxable yet until it's transferred as FIAT to your bank. Anything within the exchange can still fluctuate. How will you tax that?
    That's how I've always seen it. Until profit/loss is actually taken, why would the IRS care? If you want to be a rule book ronnie then go for it. But I think daily minuscule crypto gains are the least of the IRS's concerns.
    Toxic Masculinity
    post 1534529931 11-14-2017, 08:16 AM
    -
    #8465
    1. jinda628
    2. Lol ty.
    1. jinda628
    2. Lol ty.
    3. Join Date: Mar 2011
    4. Location: New York, United States
    5. Posts: 11,828
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    Originally Posted By 2020Wellness⏩
    It would be if you waited until the end of the year to do it, sure. If you do a little math alongside each trade you make, it's really nothing. Either way, it's how the IRS classifies cryptos.
    So you mean you are going to pay tax for your speculated earnings? What if you lose half of its value in January of 2018? So the tax you paid would be for nothing and you overpaid for it.
    That's why I think it's not taxable yet until it's transferred as FIAT to your bank. Anything within the exchange can still fluctuate. How will you tax that?
    Steam - jinda28
    Origin - jinda628
    XBLive - jinda628
    Btag - blood#1648 / blood#1816
    post 1534530401 11-14-2017, 08:22 AM
    -
    #8466
    1. ineed$
    2. Registered User
    1. ineed$
    2. Registered User
    3. Join Date: May 2007
    4. Posts: 9,636
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    Originally Posted By Parkerscott⏩
    As soon as you sell at a profit it becomes a taxable event. You can technically hold, and not have to pay taxes. Coinbase is also cracking down on tax evaders btw. About two weeks ago I had to send them proof of where my income was coming from.
    Cliff us on ur tax research brah, Smart is a privacy coin but it still has small market cap
    Originally Posted By goonsondeck⏩
    is the bcash pump done and dusted or nah
    nah brah
    long term hold
    dont get weak if it falls a bit, will rise back faster
    Originally Posted By Parkerscott⏩
    I just pay my taxes like a good little goyim. The tax man is usually a couple steps ahead of normies. Good luck explaining how you managed to purchase a porsche when your income tax says you are pulling in 30k a year.
    LOL jokes on them, no job
    Originally Posted By DavidL913⏩
    https://qz.com/1126398/inside-devcon...reum-diehards/


    not a single person there lifts.
    I am still pretty pissed none of the misc virgins who trade crypto knew about this Tropical paradise with HBs year round and no one bothered to mention it here.

    Flights were $50-100 to MX that week also

    LOL at those nerds....would have easily taken all the crypto sloots and various tourists.
    post 1534530561 11-14-2017, 08:24 AM
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    #8467
    1. eXistenceLies
    2. Tiptoe Through the Tulips
    1. eXistenceLies
    2. Tiptoe Through the Tulips
    3. Join Date: Jun 2006
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    Originally Posted By gixxer0.6g⏩
    Are we all just going to ignore that BCH is still sitting there peacefully at $1,300+ wtf



    BCH = BCC, yes?
    █ ٩(�̮̮̃�̃)۶ Random Crew ٩ █
    █ 1K Club █
    █ Official Melanotan 2 Thread (http://forum.obnoxiousbrutes.com/showthread.php?t=132097293) █
    █ PC Master Race Crew http://imgur.com/a/G4uVM & https://pcpartpicker.com/b/qmd6Mp █
    post 1534531511 11-14-2017, 08:37 AM
    -
    #8468
    1. Tommy12Orr4
    2. Jeffrey Kessler
    1. Tommy12Orr4
    2. Jeffrey Kessler
    3. Join Date: Jul 2014
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    Originally Posted By ineed$⏩
    Nice to wake up to $1500+ profit on that Powr trade. Bought before bed, put sell order and went to sleep. Now its all sold and slightly down. Will power be a good long term buy?
    Getting a 150 $10 referrals is damn impressive.
    *Looking at sats makes me cry crew*
    *Lack of sats coping crew*
    *ZEN crew*
    *Please moon crew*
    post 1534532141 11-14-2017, 08:46 AM
    -
    #8469
    1. jamalfudge
    2. Throbbing Member
    1. jamalfudge
    2. Throbbing Member
    3. Join Date: Jan 2013
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    Originally Posted By eXistenceLies⏩
    BCH = BCC, yes?
    BCH = BTC cash
    #
    post 1534532211 11-14-2017, 08:48 AM
    -
    #8470
    1. luckynrslevin
    2. no pms
    1. luckynrslevin
    2. no pms
    3. Join Date: Dec 2015
    4. Posts: 2,002
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    btc, eth, bch all looking bullish
    post 1534532431 11-14-2017, 08:50 AM
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    #8471
    1. propreffered7
    2. Registered User
    1. propreffered7
    2. Registered User
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    is anybody else not that confident in wtc in the short term?

    their blockchain and wallet release is supposes to be jan. february but im not sure why thst would cause huge pumps

    i actually think a bigger pump will be if they get added to bittrex or some other exchange
    post 1534532551 11-14-2017, 08:52 AM
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    #8472
    1. gixxer0.6g
    2. Maximum Effort
    1. gixxer0.6g
    2. Maximum Effort
    3. Join Date: Apr 2008
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    Originally Posted By luckynrslevin⏩
    btc, eth, bch all looking bullish
    Even most alts are having a good day. If this keeps up, we might get back to where we were before the bit cash fukd everything up.
    Originally Posted By propreffered7⏩
    is anybody else not that confident in wtc in the short term?

    their blockchain and wallet release is supposes to be jan. february but im not sure why thst would cause huge pumps

    i actually think a bigger pump will be if they get added to bittrex or some other exchange
    WTC, OMG, Zen, Loop, Link hardly move. All the top alts are just sitting there like a low interest savings account. Short term bags with the exception of random pumps across the board. Short term is all about the latest and greatest and it changes daily.
    Toxic Masculinity
    post 1534532661 11-14-2017, 08:54 AM
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    #8473
    1. luckynrslevin
    2. no pms
    1. luckynrslevin
    2. no pms
    3. Join Date: Dec 2015
    4. Posts: 2,002
    5. Rep Power: 5582
    Originally Posted By gixxer0.6g⏩
    Even most alts are having a good day. If this keeps up, we might get back to where we were before the bit cash fukd everything up.
    it's hard to tell right now but we either go to 10k with this run or to 4k then 10k where are the TA bros at
    post 1534533171 11-14-2017, 08:59 AM
    -
    #8474
    1. propreffered7
    2. Registered User
    1. propreffered7
    2. Registered User
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    Originally Posted By gixxer0.6g⏩
    Even most alts are having a good day. If this keeps up, we might get back to where we were before the bit cash fukd everything up.



    WTC, OMG, Zen, Loop, Link hardly move. All the top alts are just sitting there like a low interest savings account. Short term bags with the exception of random pumps across the board. Short term is all about the latest and greatest and it changes daily.
    yea i just see people saying jan., feb. is supposed to be huge for walton.

    but its the actual release of the stuff they were supposed to release in october

    and, to me, its not the biggest advancement

    now i wouldnt be surprised if it moves then but the blockchain and wallet arent huge imo. unless youre just looking at it as reassurance the team is actually doing something

    thats not to say they cant release something else during that time
    post 1534533561 11-14-2017, 09:04 AM
    -
    #8475
    1. Gringo12
    2. Registered User
    1. Gringo12
    2. Registered User
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    Originally Posted By Tommy12Orr4⏩
    Getting a 150 $10 referrals is damn impressive.
    Lmao
    Fck u james
    post 1534534171 11-14-2017, 09:11 AM
    -
    #8476
    1. WinningBrah
    2. Cheers
    1. WinningBrah
    2. Cheers
    3. Join Date: Apr 2011
    4. Location: Illinois, United States
    5. Posts: 5,066
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    Originally Posted By Gringo12⏩
    Y'all remember that project we were talking about that involved Walmart? Well this supply chain project just won the 2017 Walmart food safety award.


    OriginTrail

    presale starts on the 1st

    http://www.the-blockchain.com/2017/1...unces-presale/
    Are you getting in on the presale? 50 ETH minimum is too steep for me

    $22.5m hard cap with 50% of tokens distributed so $45m target market cap. That's higher than Modum and 1/3 of Walton
    post 1534534261 11-14-2017, 09:12 AM
    -
    #8477
    1. ineed$
    2. Registered User
    1. ineed$
    2. Registered User
    3. Join Date: May 2007
    4. Posts: 9,636
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    Originally Posted By RespectYourself⏩
    He's not a peado ffs. Guy is a legit genius but awkward as fk, was trying to make a point about something but used the worst example possible lol.
    what point was he making? I missed it sleeping few hours. lol
    Originally Posted By gixxer0.6g⏩
    What's on the agenda today? What are you chasing? Getting back in powr? I see a lot of buy orders and it's taken a 10% dip. Solr still running strong.

    For me, I'm going to HODL powr and solr until I either here twitter is 90% certain it's not the coin or 20 mins after PBC makes the announcement.
    I will post the report on the "certified" as soon as I get it
    I am getting up. Might go to gym, For now I am holding BCH SMART ETH and buying POWR on the dips. Looking for the next big pump

    BCH is long term hold. It will pass BTC eventually

    SMART will pump double or triple before the rewards on the 25th, Happens every fukin month.

    What u think of B3 coin?
    Originally Posted By jinda628⏩
    I'm not sure but I said this more than once before and I'm not an accountant. This is just my own understanding of it:[ul]
  • Any transaction we make inside or within the exchanges doesn't matter when filing tax. Because any gains are not considered profit unless we take into account the money we put in and the money we took out and deposit back into our bank account.

  • It's a simple money in vs money out. If you invested a total of $5000 for year 2017 and you played it within crypto exchanges and it became about $20,000 by end of 2017. You are not gonna pay the tax for $15000 yet unless you withdraw the whole $20k. Revenue will be $20k while expenses will be $5k so taxable profit is $15k.

  • No matter how many trades you did to reach that $20k, it doesnt matter since the $20k unless its withdrawn and deposited to your bank as $$$ are still speculated amount as long as it stays in the exchange.

  • Now let's say you only withdrew $10k of your $20k portfolio by end of 2017. Then revenue should be $10k, expenses is $5k, then taxable profit is only $5k. The other $10k that stayed in the exchange is not yet taxable because you have not officially earned it until you withdraw it.

    • [ul]That is the most common sense way I could think of. Any gains or losses within the exchange are all speculations until its transferred back into your actual banks as FIAT.
    This is also what I believe.
    post 1534534681 11-14-2017, 09:15 AM
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    #8478
    1. ineed$
    2. Registered User
    1. ineed$
    2. Registered User
    3. Join Date: May 2007
    4. Posts: 9,636
    5. Rep Power: 17322
    Originally Posted By gixxer0.6g⏩
    All I care about is making money. Four people have done that in here; Jamal, GOAT, PBC and Ineed$. My worst buy/sells have been from some of the most respected members in here.


    I've been in crypto for 3-4 months and Eth has been the slowest moving coin I've seen. I'm not getting my hopes up.



    Are we all just going to ignore that BCH is still sitting there peacefully at $1,300+ wtf


    That's how I've always seen it. Until profit/loss is actually taken, why would the IRS care? If you want to be a rule book ronnie then go for it. But I think daily minuscule crypto gains are the least of the IRS's concerns.
    IMO ETH and BCH will be long term safe "blue chip stocks" that will rise. BCH much faster but idk if it will correct due to the unprecedented rise and highs.

    Teeka said to buy BCH "up to $1400" so I am assuming that is a safe support? That level has been supported in other coins he mentioned I think. CORRECT ME IF I AM WRONG
    post 1534534801 11-14-2017, 09:16 AM
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    #8479
    1. 2020Wellness
    2. Author/Trainer
    1. 2020Wellness
    2. Author/Trainer
    3. Join Date: Feb 2007
    4. Location: Minnesota, United States
    5. Posts: 14,775
    6. Rep Power: 55757
    Originally Posted By jinda628⏩
    I'm not sure but I said this more than once before and I'm not an accountant. This is just my own understanding of it:[ul]
  • Any transaction we make inside or within the exchanges doesn't matter when filing tax. Because any gains are not considered profit unless we take into account the money we put in and the money we took out and deposit back into our bank account.

  • It's a simple money in vs money out. If you invested a total of $5000 for year 2017 and you played it within crypto exchanges and it became about $20,000 by end of 2017. You are not gonna pay the tax for $15000 yet unless you withdraw the whole $20k. Revenue will be $20k while expenses will be $5k so taxable profit is $15k.

  • No matter how many trades you did to reach that $20k, it doesnt matter since the $20k unless its withdrawn and deposited to your bank as $$$ are still speculated amount as long as it stays in the exchange.

  • Now let's say you only withdrew $10k of your $20k portfolio by end of 2017. Then revenue should be $10k, expenses is $5k, then taxable profit is only $5k. The other $10k that stayed in the exchange is not yet taxable because you have not officially earned it until you withdraw it.

    • [ul]That is the most common sense way I could think of. Any gains or losses within the exchange are all speculations until its transferred back into your actual banks as FIAT.
    I honestly hope this is the way it is. But viewing each currency as property as the IRS classifies it seems to point to it being different.

    There are people in this thread that mention doing this for years and even for a living. Isn’t lowstrife one of them?

    Lowstrife, can you end this dilemma once and for all?
    trainingwithryan.substack.com
    post 1534534871 11-14-2017, 09:18 AM
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    #8480
    1. WinningBrah
    2. Cheers
    1. WinningBrah
    2. Cheers
    3. Join Date: Apr 2011
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    @Taxes, isn't this all speculation? The IRS hasn't said officially what their stance is. Scenario A (best case) is fiat deposits vs. fiat withdrawals. Scenario B (worst case) is tracking every coin to coin trade like an equities day trader.
    post 1534534891 11-14-2017, 09:18 AM
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    #8481
    1. Dota2Brah
    2. Registered User
    1. Dota2Brah
    2. Registered User
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    HOLY FUK GUYS I FOUND A HIDDEN GEM

    It's called AERON. Some chit about improving flight travel logs using the blockchain. Stupid, I know.

    However, it's confirmed that IT WILL BE LISTED ON BINANCE VERY SOON.

    $5 million market cap

    I just watched HUNDREDS OF ETH IN BUYS over the last hour (I joined in too)

    I'm gonna sell it on Binance with the quickness.

    It's good enough for $10 million market cap IMO. On top of that, Chinese investors on Binance will just ride the hype since the whitepaper is in English.

    DON'T MISS OUT.
    post 1534535151 11-14-2017, 09:20 AM
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    #8482
    1. Gringo12
    2. Registered User
    1. Gringo12
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    Originally Posted By WinningBrah⏩
    Are you getting in on the presale? 50 ETH minimum is too steep for me

    $22.5m hard cap with 50% of tokens distributed so $45m target market cap. That's higher than Modum and 1/3 of Walton
    Currently talking with one of the developers on ******** asking about the presale
    Amount. Trying to convince him that large buy-in minimums like that encourage only whales to get in which will scare away regular investors lol
    Fck u james
    post 1534535161 11-14-2017, 09:20 AM
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    #8483
    1. ineed$
    2. Registered User
    1. ineed$
    2. Registered User
    3. Join Date: May 2007
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    Originally Posted By eXistenceLies⏩
    BCH = BCC, yes?
    NO

    BCH is BITCOIN CASH but it is BCC on bittrex only.
    Originally Posted By Tommy12Orr4⏩
    Im mad because I did not listen to ineed$ when he PMed me to buy Smart at a penny when he thought I was his friend
    Yeah u should be made as the high was 16 cents weeks later.

    I should have taken your free ETH offer instead of tellin u to send it to another miscer due to his fake sob story
    Originally Posted By luckynrslevin⏩
    btc, eth, bch all looking bullish
    LOL shows how much u know

    BOTH BCH and BTC cant be bullish
    post 1534535641 11-14-2017, 09:27 AM
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    #8484
    1. 2020Wellness
    2. Author/Trainer
    1. 2020Wellness
    2. Author/Trainer
    3. Join Date: Feb 2007
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    Originally Posted By WinningBrah⏩
    @Taxes, isn't this all speculation? The IRS hasn't said officially what their stance is. Scenario A (best case) is fiat deposits vs. fiat withdrawals. Scenario B (worst case) is tracking every coin to coin trade like an equities day trader.
    According to the IRS, crypto currencies are viewed as properties and property sale rules apply with each transaction.
    trainingwithryan.substack.com
    post 1534535751 11-14-2017, 09:28 AM
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    #8485
    1. ineed$
    2. Registered User
    1. ineed$
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    Originally Posted By Dota2Brah⏩
    HOLY FUK GUYS I FOUND A HIDDEN GEM

    It's called AERON. Some chit about improving flight travel logs using the blockchain. Stupid, I know.

    However, it's confirmed that IT WILL BE LISTED ON BINANCE VERY SOON.
    We PMed each other on this one right?

    I just don't understand how a token is needed for flight safety


    Hasn't there been times when coins getting listed on Biannce dropped? Please look into it
    post 1534536311 11-14-2017, 09:34 AM
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    #8486
    1. Dota2Brah
    2. Registered User
    1. Dota2Brah
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    Originally Posted By ineed$⏩
    We PMed each other on this one right?

    I just don't understand how a token is needed for flight safety


    Hasn't there been times when coins getting listed on Biannce dropped? Please look into it
    apparently someone asked the CEO himself on slack and he confirmed. in addition, they announced the HitBTC listing much in advance as well, and it happened. also, you can see hundreds of ETH in buy orders recently. there is a sell wall from people trying to recover the ICO price of $0.50. dont know why, though. clearly investors are interested.
    post 1534537541 11-14-2017, 09:44 AM
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    #8487
    1. Gringo12
    2. Registered User
    1. Gringo12
    2. Registered User
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    Originally Posted By ineed$⏩
    NO

    BCH is BITCOIN CASH but it is BCC on bittrex only.




    Yeah u should be made as the high was 16 cents weeks later.

    I should have taken your free ETH offer instead of tellin u to send it to another miscer due to his fake sob story




    LOL shows how much u know

    BOTH BCH and BTC cant be bullish
    Aren't u 700k down? You haven't made any money
    Fck u james
    post 1534537601 11-14-2017, 09:45 AM
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    #8488
    1. lordpatrick
    2. Registered User
    1. lordpatrick
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    Originally Posted By propreffered7⏩
    yea i just see people saying jan., feb. is supposed to be huge for walton.

    but its the actual release of the stuff they were supposed to release in october

    and, to me, its not the biggest advancement

    now i wouldnt be surprised if it moves then but the blockchain and wallet arent huge imo. unless youre just looking at it as reassurance the team is actually doing something

    thats not to say they cant release something else during that time
    Stratis : 98,621,744 STRAT *
    When they released master nodes, price pumped 2 dollars


    Walton : 24,898,178 WTC *
    If we want to talk in relative proportion, price should pump 8 dollars on that news alone

    Market cap is 130 M right now, IMO it can reach 500 Million easily, but if you don't want to be very optimistic, with news coming out, it can easily hit 250 M, which will double your investment.

    No solid project is gaining traction at the moment, and that's normal. It's very frustrating, I know. Tell me about it. I think everyone who's in on OMG / WTC has been waiting for months now. But that's fine, they're both great projects with good partnership. If you ask me, I rather put my money in projects like that, than to risk it on hype coins. Patience is a virtue.

    Ask yourself, are you in it for the short term or the long term ? What is your end goal ?

    Also, boxmining will be visiting Walton very soon for interviews, there are rumours about demos and stuff. That should boost the price a bit.
    post 1534537891 11-14-2017, 09:48 AM
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    #8489
    1. ineed$
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    1. ineed$
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    Originally Posted By Gringo12⏩
    Aren't u 700k down? You haven't made any money
    tell yourself whatever that helps u sleep at night knowing in reality you don't measure up to chit.
    Originally Posted By lordpatrick⏩
    Stratis : 98,621,744 STRAT *
    When they released master nodes, price pumped 2 dollars


    Walton : 24,898,178 WTC *
    If we want to talk in relative proportion, price should pump 8 dollars on that news alone

    Market cap is 130 M right now, IMO it can reach 500 Million easily, but if you don't want to be very optimistic, with news coming out, it can easily hit 250 M, which will double your investment.
    brah u gotta remember that in any crypto, coins will be mined and sold or sold from premine. CONSTANT new money needs to come in just to keep the price stable

    If nothing is happening it slowly bleeds. I call it the slow bleed.
    post 1534537991 11-14-2017, 09:49 AM
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    #8490
    1. jinda628
    2. Lol ty.
    1. jinda628
    2. Lol ty.
    3. Join Date: Mar 2011
    4. Location: New York, United States
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    Originally Posted By 2020Wellness⏩
    According to the IRS, crypto currencies are viewed as properties and property sale rules apply with each transaction.
    The loophole is, how will IRS even know if the crypto in the exchange is yours? We can register in exchanges with emails only and no SSN required as basic requirements.

    The only one what will require bank info are the exchanges that has the capacity to transfer back money to our banks like Coinbase etc.
    IRS wouldn't even know you have millions of cryptos until you withdraw them. So how will they tax those in the exchange. And aside from that, those are speculated values that fluctuates every second.

    The value of your crypto will only be fixed once you withdraw and convert them to FIAT. That's the only time there's a way to tax them.

    Edit:

    Its the same with miners. IRS wont have a way to know I mined 10 ETH for example. Even if I trade that 10 ETH in bittrex, they wont know its mine. Only time it will register to me is when I transfer it to my bank as US$.
    Steam - jinda28
    Origin - jinda628
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