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Started By
Message
re: Official CryptoTalk Thread
Posted on 5/13/22 at 11:52 am to BottomlandBrew
Posted on 5/13/22 at 11:52 am to BottomlandBrew
quote:
How does this work for taxes?
I get taxed. The same as any other income.
quote:
Is the conversion from ETH > BTC
I don't convert it. The mining pool allows me to get paid in BTC. I avoid ETH gases this way.
quote:
BTC > USD
There are no conversion fees on FTX.US.
quote:
Are there fees for ACH deposits/withdrawals?
$0.50 per ACH is the standard fee. One ACH deposit over $10 USD a week is free.
quote:
And what's the advantage of converting it to BTC before selling it for USD?
Avoiding Gas fees on the ETH network.
quote:
What are your plans for after the Merge?
You mean if ETH ever moves to Proof of Stake and away from Proof of Work?
Mine other coins and do the exact same thing I am doing now.
Example, right now I am dual mining ETH (paid in BTC) and TON. Ton does not take away from ETH at all. In other words, I make the same amount if I dual mine or not in ETH.
TON is not on the ETH networks. Many coins are not.
1
Posted on 5/13/22 at 12:36 pm to Jjdoc
quote:
I get taxed. The same as any other income.
No shite. That's why I'm asking how it works.
quote:
I don't convert it. The mining pool allows me to get paid in BTC. I avoid ETH gases this way.
This answers my question. I thought you were taking your ETH, selling it for BTC, then selling that for USD.
quote:
There are no conversion fees on FTX.US.
But it's taxable, which is why I was asking.
quote:
Avoiding Gas fees on the ETH network.
Makes sense.
quote:
You mean if ETH ever moves to Proof of Stake and away from Proof of Work?
Mine other coins and do the exact same thing I am doing now.
Example, right now I am dual mining ETH (paid in BTC) and TON. Ton does not take away from ETH at all. In other words, I make the same amount if I dual mine or not in ETH.
TON is not on the ETH networks. Many coins are not.
Gotcha. I didn't know if you had plans to run an ETH validator or not.
Posted on 5/13/22 at 12:41 pm to CarRamrod
quote:
If you swap that to BTC asuming it is still valued at 100, thats a taxable event
Yeah, that's what I was wondering, I guess, if there was any lag, and subsequent value change, between the ETH to BTC and BTC to USD steps. JJ clarified for me that he does not actually sell the ETH, rather he just gets paid in BTC from the get-go, so that simplifies what I was asking.
Posted on 5/13/22 at 12:46 pm to The_Duke
quote:
Crypto is a scam---there is no tangible value in crypto.
I have bad news for you regarding the USD and fiat in general.
quote:
but the only crypto that will mean anything is the one the US government backs. 99.999% of Cryptos will be rendered unless. You can't do any research on it because you have no clue who's running what and how the government will pick.
well there are local governments that have opened up mining operations. so yea you do have a clue who will be picked as more local governments then state govs start opening shop.
also crypto doesnt exist only in america. other governments could adopt other cryptos and their value would also increase. crypto is global it doesnt need gov adoption, source: current reality. plenty already have value and use.
This post was edited on 5/13/22 at 12:55 pm
Posted on 5/13/22 at 12:57 pm to BottomlandBrew
quote:
Yeah, that's what I was wondering, I guess, if there was any lag, and subsequent value change, between the ETH to BTC and BTC to USD steps. JJ clarified for me that he does not actually sell the ETH, rather he just gets paid in BTC from the get-go, so that simplifies what I was asking.
Yea most mining pools that pay in BTC swap before they give you the BTC. So your only transaction starts with receiving BTC.
Posted on 5/14/22 at 8:17 am to BottomlandBrew
Is crypto still dead? Should I stop my recurring purchases? Did I lose all my money? What can I do with these leftover BTC? Will they get me a hooker?
Posted on 5/14/22 at 8:20 am to Tower_Tiger12
I've never been a Hex fan, probably because of the cult like following it had on the discord and several individuals attacked those who questioned it. Not saying it isn't a solid coin or couldn't be but from past experiences when that is happening I avoid.
Nothing tangible I am aware, just saying why I avoided Hex to begin with. I did end up throwing money at it awhile back and well I'm down on that right now. Although I've liked everything I've read and seen from Pulse.
Nothing tangible I am aware, just saying why I avoided Hex to begin with. I did end up throwing money at it awhile back and well I'm down on that right now. Although I've liked everything I've read and seen from Pulse.
Posted on 5/14/22 at 8:40 am to tduecen
quote:
I did end up throwing money at it awhile back and well I'm down on that right now. Although I've liked everything I've read and seen from Pulse.
Sit tight. Has done this many times.
"Went down 81%, 72%, 58%, 67%, 86%, 69%, 55%, 46%, 64%, 79%, and 72% in just 822 days lol. So many dumps! Guess what % it's at now!
Up 235,257% from the bottom. BUT HOW?
Because it also went up 748%, 4888%, 135%, 604%, 979% 123% 267% 397% 521% 624% 219% 90%"
This post was edited on 5/14/22 at 8:40 am
Posted on 5/14/22 at 8:57 am to FnTigers
I mean we can look at a lot of coins and say the same thing, especially if you've been investing in crypto longer than 2 years.
Posted on 5/14/22 at 8:58 am to tduecen
quote:I never said we couldn't. i simply posted the dips and rips to show him what it's done a million times already. Dipped a lot and ripped a lot.
mean we can look at a lot of coins and say the same thing, especially if you've been investing in crypto longer than 2 years
This post was edited on 5/14/22 at 10:39 am
Posted on 5/14/22 at 1:26 pm to tduecen
quote:
tdeucen
You’re all over the place. You’re in the why is crypto crashing thread and said “crypto is a scam and those that own it deserve this”. Meanwhile you’re in here admitting you own it and like what you have read and seen from Pulse. So what is it?
Posted on 5/14/22 at 1:40 pm to Chuckiee
Anyone concerned with the CBDC that is inevitably on its way? I bought some hex (shocking I know Hex fanboys) hoping for the copies to swap for pulse. I’m worried you guys got me all jacked up about pulse only for this CBDC coin and regulation to mess it all up
Posted on 5/14/22 at 1:51 pm to MikeHatesPETA
everyone should be concerned about a CBDC, frankly; but not from an investment perspective but a privacy one.
I think a CBDC in many ways legitimizes the idea of purely digital stores of value and would be bullish for many crypto projects, but Bitcoin stands to gain a lot of ground with that kind of adoption because “digital gold” will be all the more appealing. Just my two sats worth.
I think a CBDC in many ways legitimizes the idea of purely digital stores of value and would be bullish for many crypto projects, but Bitcoin stands to gain a lot of ground with that kind of adoption because “digital gold” will be all the more appealing. Just my two sats worth.
This post was edited on 5/14/22 at 1:52 pm
Posted on 5/14/22 at 3:03 pm to MikeHatesPETA
I don't see why a CBDC would affect anything negatively unless it meant it's now illegal to buy other cryptos. I only see it being a good thing for crypto. A solid backing for stable coins avoids another UST situation.
Posted on 5/14/22 at 3:46 pm to MikeHatesPETA
quote:Why would a CBDC have any effect on Pulse or Hex? A CBDC would have a serious effect on stablecoins and the US Dollar, not Pulse.
Anyone concerned with the CBDC that is inevitably on its way? I bought some hex (shocking I know Hex fanboys) hoping for the copies to swap for pulse. I’m worried you guys got me all jacked up about pulse only for this CBDC coin and regulation to mess it all up
Posted on 5/14/22 at 4:10 pm to TigerTatorTots
I guess I’m more concerned with government involvement
ETA: as I am with anything
I do share your concern about government involvement and regulation but CBDC won’t affect Pulse. You good there baw. Congrats on the hex
ETA: as I am with anything
quote:
MikeHatesPETA
I do share your concern about government involvement and regulation but CBDC won’t affect Pulse. You good there baw. Congrats on the hex
This post was edited on 5/14/22 at 4:23 pm
Posted on 5/14/22 at 7:52 pm to tduecen
Have you ever thought opposite and wondered why Hexicans are attacked constantly? The smart contract has run flawlessly for over 2 years, price has increased 10000x, nearly 20000x for stakers, has been talked down on by all communities and influencers, and gate kept by coin market cap. Yet, you and everyone else can’t give one solid argument against it. You just said you bought Hex, but hate it. What does that even mean?
Posted on 5/14/22 at 9:16 pm to Chuckiee
I've been in crypto for about 10 years, chill out
Posted on 5/14/22 at 9:17 pm to Tower_Tiger12
Actually "hate" was never typed out. I said I wasn't a fan of it, but yes I did buy some. Why not when it is getting hyped? Isn't that how most of our crypto purchases go, through hype?
Posted on 5/14/22 at 9:20 pm to tduecen
Just like everyone else who calls it’s poo coin, you can’t put up a legitimate argument.
As far as telling people to chill, you do realize this was your last post..
Is crypto still dead? Should I stop my recurring purchases? Did I lose all my money? What can I do with these leftover BTC? Will they get me a hooker?
As far as telling people to chill, you do realize this was your last post..
Is crypto still dead? Should I stop my recurring purchases? Did I lose all my money? What can I do with these leftover BTC? Will they get me a hooker?
This post was edited on 5/14/22 at 9:22 pm
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