They're only doing this because of the frenzy people went into to get their bitcoincash and bitcoingold coins.
Bitcoincash was a legit fork, bitcoingold was pre-mined and their official site linked to a wallet that stole bitcoins when you put your seeds in.
People need to ask themselves whether these freebies are worth getting their bitcoins stolen.
Topic: A Flood of Bitcoin Forks Coming....4 more here before Jan 2 2018! Sheesh! - page 3. (Read 750 times)
December 05, 2017, 08:44:20 AM
December 05, 2017, 08:41:32 AM
Where shall we keep BTCs to benefit of incoming forks?
Well, I hope the IRS is not keeping track of these 'supposed' paper profits, from forks on BTC and then say at the end of the year...
*scam fork #127 hit your BTC wallet as a snapshot on dec 22nd 2017 at a price of $8.93.....being money from the air (like mining) you need to pay
this as income tax, as such*
talk about a way to muck up my life, how would you even keep track, of every tom, dick, harry ....fork falling from the sky, snapshotting off BTC?
That would put a crimper on things. (The IRS really does not like $$$ falling from the sky, even if imaginary....they find it annoying (like crypto mining)
and make you pay!
That's something I hadn't even thought about... I would be interested in seeing what kind of consequences these forks might have for your taxes in the future.
Would you still get taxed if you don't cash out your forked coins or if you don't have access to your private keys anymore?
If they start taxing all additional revenue made from these forks, you might end up owing more than you could pay.
Makes me happy that I don't live in the US.
December 05, 2017, 08:39:46 AM
Why so many forks though? I mean... I get that it gives extra currency to those with bitcoin. But whats the underlying principle behind them? Do they improve bitcoin somehow?
December 05, 2017, 08:24:34 AM
what i am interested in, is to find out how many will be a victim of these forks... these are not simply making a new coin, they are bringing in a lot of things with them.
the latest one being bitcoin gold brought a lot of scammers in. some of which were advertised by the team itself like web wallet they were advertising.
additionally there is only a finite number of characters you can use instead of "1" and "3" to make the address different to prevent dumb mistakes like sending to a wrong address.
a very risky method, better used with smaller amounts:
deposit on an exchange like Yobit and be the first one who received these fork coins and dump them when they are still high.
the latest one being bitcoin gold brought a lot of scammers in. some of which were advertised by the team itself like web wallet they were advertising.
additionally there is only a finite number of characters you can use instead of "1" and "3" to make the address different to prevent dumb mistakes like sending to a wrong address.
Where shall we keep BTCs to benefit of incoming forks?
a very risky method, better used with smaller amounts:
deposit on an exchange like Yobit and be the first one who received these fork coins and dump them when they are still high.
Also remember, if you cash out your BCH say, NOW, in time the IRS will have tools (they have 7 years) to look at blockchain etc. The IRS could have issues with this in the future.
My CPA lady said that if you move it/spend it or whatever in less than 1 year and 1 day...you would pay 40% capital gains,
BUT BECAUSE IT WAS MONEY OUT OF THE SKY and you messed with it, they could treat it like MINING and tax it as income! (The IRS really, really
hates $$$ from the sky, thus why mining is screwed as income)
LIKELY, the IRS will treat these AIR DROPS, like stock-split gains in value, if you don't touch them in 1 year and 1 day and do regular capital
gains after that fact, you'd likely be fine....
So myself, I'm not touching the stuff, it can still sit on my BTC address, like mushrooms, my BCH and BTG and BTD can all just co-mingle...
not worth the hassle/risk/etc of reporting as income, in my case, if you don't have a lot of BTC on your snapshot, yeah sell the forked coins ASAP.
But be aware, you will be taxed for them, at the very least. (good old USA and you are assumed to self-report correctly, or you will be screwed)
but again, likely, if you just leave them alone and don't sell, no issues....thus my bet
December 05, 2017, 08:16:15 AM
what i am interested in, is to find out how many will be a victim of these forks... these are not simply making a new coin, they are bringing in a lot of things with them.
the latest one being bitcoin gold brought a lot of scammers in. some of which were advertised by the team itself like web wallet they were advertising.
additionally there is only a finite number of characters you can use instead of "1" and "3" to make the address different to prevent dumb mistakes like sending to a wrong address.
a very risky method, better used with smaller amounts:
deposit on an exchange like Yobit and be the first one who received these fork coins and dump them when they are still high.
the latest one being bitcoin gold brought a lot of scammers in. some of which were advertised by the team itself like web wallet they were advertising.
additionally there is only a finite number of characters you can use instead of "1" and "3" to make the address different to prevent dumb mistakes like sending to a wrong address.
Where shall we keep BTCs to benefit of incoming forks?
a very risky method, better used with smaller amounts:
deposit on an exchange like Yobit and be the first one who received these fork coins and dump them when they are still high.
December 05, 2017, 07:35:30 AM
Where shall we keep BTCs to benefit of incoming forks?
Well, I hope the IRS is not keeping track of these 'supposed' paper profits, from forks on BTC and then say at the end of the year...
*scam fork #127 hit your BTC wallet as a snapshot on dec 22nd 2017 at a price of $8.93.....being money from the air (like mining) you need to pay
this as income tax, as such*
talk about a way to muck up my life, how would you even keep track, of every tom, dick, harry ....fork falling from the sky, snapshotting off BTC?
That would put a crimper on things. (The IRS really does not like $$$ falling from the sky, even if imaginary....they find it annoying (like crypto mining)
and make you pay!
December 05, 2017, 07:32:04 AM
*reserved* (This list of forks could *, unfortunately,* get 'damn long'. Thus this reserved post.
Additional Forks will be added below, as announced....
Bitcoin God (GOD) a December 25th, 2017 BTC Fork.
Link to article on this
https://cointelegraph.com/news/forgive-me-father-for-i-have-forked-investor-to-release-bitcoin-god
Additional Forks will be added below, as announced....
Bitcoin God (GOD) a December 25th, 2017 BTC Fork.
Link to article on this
https://cointelegraph.com/news/forgive-me-father-for-i-have-forked-investor-to-release-bitcoin-god
December 05, 2017, 07:31:45 AM
Where shall we keep BTCs to benefit of incoming forks?
December 05, 2017, 07:29:36 AM
Well we already have
Bitcoin (BTC)
Bitcoin Cash (BCH)
Bitcoin Gold (BTG)
Bitcoin Diamond (BCD)
Another 4 are below:
Feel free to add to this thread any other dubious forks, coming down the pike. Don't think any will go anyplace, but the closest thing to a crypto
train wreck on their attempts, that I'm gonna witness, real-time, on bitcointalk!
Again, feel free to add any more you trip over on this thread
consider also taking the poll
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