Topic: A Flood of Bitcoin Forks Coming....4 more here before Jan 2 2018! Sheesh! (Read 750 times)

it just sits on your blockchain address if they did a snapshot of your hoard on the day it launched...so I'm just not doing anything with it..in USA moving it (maybe) but moving

it and spending it would be a taxable event...at my income level 40% plus state taxes 50% I don't plan on doing anything with real BTC so the forks can sit and squat on my

BTC addresses virtual real estate...again I assume the forks will fail and at least BCH value will eventually go back into BTC price.....I know folk who moved BCH and sold it

at 280 bucks that are pissed now...me, I just won't play ..especially since the IRS has not weighed in on free money from the sky.....in 2013 they did so with mining crypto

and called that taxable income...they likely won't do that with BCH and the other forks....but then again they had 3 people cheat on taxes on coinbase and the IRS went

after all 15 million coinbase accounts (in USA and out) and demanded passwords ...so to me ...not worth the risk...just ignoring the forks ...22 so far of BTC forks so not

like the clutter is not going to continue...why start an altcoin and wait 2 years for it to get to 10c on hype over time..when you can do segwit/2 and call it bitcoin fork

and use the x11 protocol to mine it too boot..nothing ...about it is BTC......but the name..yet last I looked at futures price was $400 USD...thus expect a LOT more forks.

Hell, I heard there is gonna be a Bitcoin Cash fork! (frigging planet......ufo's will pimp for a ride off this planet)

It's kinda amusing to see so much forks happening during the developmental stage of BTC. Even if there are 500 or more forks to fall from the sky, Bitcoin will still be the trademark of cryptocurrency itself. These forks will just make bitcoin even more popular. Wait for the lightning network to be implemented in bitcoin core, that will be the time for its takeoff to the moon.

Where can we store our bitcoin in order to receive this coin? What wallet?

Yup the whole btc is limited to 21 million which adds to its value become moot if three times a month it forks.

Yes, it is literally a free money. However, one of the main reason why these forks are happening is because of the moeny. They continue to use the name bitcoin because it already has a good reputation in the community. Thinking that if a coin has a name or a brand 'bitcoin' on it, people will take a lot of interest in it which will give the developers a lot of money. They can fork any coin but they kept on doing a bitcoin fork. Why? Because of the money that can be earn from its reputation.

It will be great somehow if these fork coins can be of any value in actual and practical means and can be better than bitcoin. But its not.

I myself, expected the same by now.In other words say BCH has value, eventually, that value would just fold itself back into BTC was my view....or at worse the other alts...but

the whole crypto world is such a mess, I'm not sure anymore....as an example no more like kind in the USA on capital gains....so you used to be able to move ETH to LTC to BTC

say and if you never moved the BTC no capital gains..now for each move of coin to coin..you have to figure out capital gains at the time...now for instant xfers not a problem...

for keeping many alts etc...that ain't gonna happen with me an IRS....so my movement of such is now limited

again, I think the IRS if they want to, could dump crypto prices by half, with 1 stupid rule, likely on purpose......I mean they went after coinbase database of

15 million folks, and also demanded all passwords, because they found 3 folk cheating thru coinbase on their taxes....

thus, I expect some major idiocy in some manner to come out of IRS when they finally (after 3 years of stalling congress) come out with some rules

I can't do much about it ..I'm at 50% tax rate on mining (w/10% tax for my state in USA added) and if less than a year moving coin 40% capital gains on the old hoard

(which would be most of it) more than 1 year an day held....and again 10% of that added for the state I'm in)

Just gonna have to ride this horse till it dies I guess, but while the ride is exciting....I'm having a hard time, figuring out how to stop the damn horse and get off

w/o my ass being handed to me, by above taxes, a correction, or hell who knows what?

fun times, be careful what you wish for you may surely get it!

brad



Ah, but there is always a CATCH, on such free money..I'm not sure what it is gonna be though...before 2013 every miner was happy as hell,

then the IRS came along and really, really disliked mining $$$ from thin air..thus income tax on mining and the other 2013 rule all spent crypto

had capital gains from 2009 onward...so that 2009 BTC you got for 10c and got a T.V. with for $1,000.00, you owed IRS equivelent of $999.90 in

capital gains tax.....fun stuff like that ...Imagine what the IRS or powers that be in Gov't can do with all that free blockchain $$$ falling form the sky!

shudder!

Again, it is UNLIKELY as hell, that if you don't touch any of this forked coin (imho) that it will be taxed...but the 1 out of 20 chance, makes me

squirm, such an event as calling such income, would drop all crypto to 1/2 its current value imho.

perhaps, I just like scaring the f*ck out of myself (on the other hand I got to talk to the SEC in 2013, because my bank called them up, because

all BTC was evil drug lords, so after getting the letter from the bank, I walked around town, secretly knowing that people thought I was NOTORIOUS 

CRIME BOSS!....it was great....I'd walk into the bank...no one would make eye contact.....needless to say the SEC was NOT amused to find out I was normal and boring)

yeah, I changed banks don't ya know soon after.....frigging idiots

If the forks are worth something, I'm the last one who hates them.

I also don't think they are bad for the "true" bitcoin, so why not, it's literally free money!

Here is a list of upcoming forks:
http://cryptocurrencyfacts.com/2017/12/05/upcoming-bitcoin-forks-2017-2018/

I'm not too sure if this is good thing since at this moment it does not look like any of them is bringing any essential change. It will only confuse the potential investors. I think that the price of the forked coins will determine the frequency of the future forks.

The bulk of thes forks will disappear into obscurity and make Bitcoin look like a joke, just people trying to make a quick buck off the Bitcoin name. I hope they all start with zero value and stay that way

Supposedly, (do your own research) from what I was told by a buddy, the Segwit/2 fork coming has NOTHING to do with Bitcoin in ANY manner, but the name.

I was told a bunch of guys from Ukraine, hijacked it.I mean it is going to be MINEABLE (supposedly) as an x11 pow coin! Also was told 6 million pre-mined.

But, it is at $404 usd.  On this site https://www.worldcoinindex.com/coin/segwit2x

Supposedly, they go live on Dec 28th, today, not sure if above is live or futures price.

Thus, according to IRS, in some manner, this $$ from the air added say $400 to your income, when it hit the world per BTC.

Last I heard, there were 22 forks of BTC so far....what, am I supposed to keep track of all these for tax purposes? Even if I don't have to pay taxes on them till I move them?

or worse yet the IRS says, they are income when they hit the blockchain as taxable unicorn 'rain'?

This year was weird as f*ck, next year looks worse!

As an aside, however, I have dubious Bitmain D3 x11 miners that will never ROI>...they are evil, this forked coin is evil...maybe I should just go full evil and mine them anyway.

(typing that made me feel dirty)

Another new coins will be sbhown and will be supported by greedy miners, but what else could we say, it's all about money no other than, bitcoin can't peak it's price to the fullest because of those forks, I don't think that it is an advantage of bitcoin, and I haven't heard any forks that really contribute in bitcoin after show in for how many months it get's dumped.

yeah I posted this on wall observer...figurred I'd post here for the IRS link...it is possible the 22 plus forked coins of BTC so far
could be a pain in the ass for us with the IRS..small chance, but still...they are kinda clueless

my take below

If you move your coins in the USA it is probably a taxable event (income at the $280 that BCH hit the world, I think it was) ...spend it also (of course)

I'm going by below IRS guideline and hope they just treat it like stock going up..you don't touch it ...this does not matter ....we probably can prove

from the below that it is a hassle to get this stuff and came out of nowhere ....or at least this IRS plug leads me to believe

(on the other hand, the IRS released the 2013 guidelines 10 days before the filing deadline stating capital gains wanted on all BTC spent since 2009 (heh) also the
coinbase where they wanted all 15 million account info INCLUDING passwords....because they caught THREE GUYS using coinbase to hide taxes...so wtf they
literally could call all the forks like BCH income and expect us to pay..doubtful though)

anyway, this gives me a little pause that they are not gonna go after the BCH and other forks as long as you don't mess with them or move them or sell them kool-aid...I know zip
this is an example of what I'm doing and why I'm not even looking in the general direction of any forked coins...they can live or die on the vine...I ain't doing zip.)

https://www.law.cornell.edu/cfr/text/26/1.451-2

anyway, some modest hope I won't get screwed over...but how I am approaching this...no looky..no touchy...any forked coin...

brad

I have a killer domain name that will change everything regarding any forks of Bitcoin, if any body is interested we can work something out, I could give you the AUTH code and then unlock the domain transfer, or you could register with my hosting provider and I'll transfer it to you with full control. only if I could sell my domain for 1.5BTC (you know my long story about buying a house and bringing a girl(more like a prostitute because I don't like the commitment that comes with having a girl friend) which is a boring story?). lol.
I thought people are begging for Bitcoin up to $18000 because of these cumming forks, but when I checked the coinmarketcap to see 1M and $15 Billion volumes, they are not some low life beggars looking to get free shitcoins, not even Wall street jumpers could have poured such amounts, global demand for an easy way to launder money has increased exponentially.

Yea, the point was devs are always trying to combine it with well known names (in most cases some very expensive things ... gold, diamonds etc.) the ones you imagine a wealth once said. It's obvious marketing move with one and only one target ... TO MAKE MORE MONEY.
Luckily they'll run out such words pretty soon ... so I think there will be 10 more coins max.
I'm not fan of these forks at all, never supported single one (just claim&dump).  

Enough is enough. Let btc be the semi functioning main stream beast it and stop forking confusing the general public.

well there is only a finite number of words in any language and they will soon run out of the ways to fork bitcoin before they run out of these words!
and i don't know if people notice it but it is pretty damn hard for anyone to run these things. each of them need 150 GB hard disk space for the blockchain! and it will be even harder to sync since nobody will be running a node.
how many of these can exist?

Bittrex is nowadays famous for listing forked coins.You could keep your bitcoins there or at yobit.

In future,forked coins like bitcoin plutonium,bitcoin clay,bitcoin sand,bitcoin dust may even come.But people have lost interest in claiming these forked coins.It was earlier in BCH and BTG people rushed to buy  bitcoins to get free coins.But now,they have realized that most of these were just scam coins fit for nothing.I have never tried to claim any of the forked coins before and would not even claim in the future.

Forks originally were invented to improve the bitcoin network in whole. It comprised of two types of forks. The soft forks and the hard forks. These forks brought in new changes to network improved its efficiency and effectiveness but now people have just made it a way of creating their very own blockchain to work on.

I think the amount of altcoins today has increased so much that people no more trust ICOs they feel that every shitcoin coming in is merely a scam. So people have found a new way to gain popularity with their project. They fork the existing blockchain to create a new blockchain. This would continue until people realize that forks too are nothing more than pieces of shit.

Are you saying that people that have been forced to live under tyranny of the communist terror in Yugoslavia have been better off than they are now living in 7 democratic countries, 6 of which are members of the UN and 2 of which are EU member states? You have no clue, kiddo, no clue whatsoever.