Topic: Number 9! Ninth altcoin thread. Back to the moon Baby! - page 143. (Read 66416 times)

Switch to Gemini I got worried about my tax liability after I saw these emails were going out and emailed gemeni

Thanks for reaching out. Based on your account history, you did not meet the threshold for number of digital asset sales transactions in 2017 and 2018 and, therefore, Gemini does not have any tax statements available for you. Please note that Gemini will only send Forms 1099-K to customers and the IRS where both of the following conditions are met:

1. The customer's number of bitcoin, ether, Zcash, litecoin, and bitcoin cash sales transactions on the exchange exceeds 200 transactions per year, and
2. The customer's total sales proceeds from all sales transactions exceeds $20,000 per year.

For your reference, the amounts that would be reported on the Form come directly from an account’s transaction history Excel file, which can be accessed by following the three steps below:

Tho makes far more sense , if you are not trading like crazy over 200k trasacations no way coinbase should be farming out your info to the irs.  for the record I just use Gemini to go from crypto to fiat , sometimes I buy Btc through it but I don’t trade there , fees are too high and also to stay unde the radar.

Leave coinbase they are shitheads, btw I move well over 80 90k usd though my gemeni account each of the last two years Lol

200 not 200k.

My advice is use a non kyc exchange for your day to day trades , high volume shit and use another one far less frequently to cash out as needed no more than 2 to 3 transactions a month.  and Dump Coinbase!!

I would not point all 900 th at  bch solo  since I have partners in the clifton farm  I play it safe for the most part.

Aren't you worried about finding a stale with BCH. They got enormous block sizes correct? So if say you find a block at the same time as someone else, and their internet connection is faster to submit the block to the network, they will get the reward and you might get stuck with an orphan?

This was one of the issues that I read about was an issue with large block sizes, because if the blocks are enormous then those with slower internet connections and the same hashrate are at a disadvantage.

However at the moment I am assuming most of their network has empty blocks, so shouldn't be an issue.

I have the place in clifton since jan  about 7 full months at an average of 500th.

pps+  and we earned 4.1 btc so  the chance of a normal luck block would be about 4.1 in 12.5 or 33%

That is with an average of 500th or 35 s-9's

but a bch block is 30 times easier so if we were pointed at BCH  we would have about 9 or 10 blocks

Reminds me of the time when I had an old silent Antminer S3 that I pointed to ck solo pool and hoped I would of hit a block.

Basically I think the largest share was like 1,000,000,000 or so after a few months and maybe aside from a few lucky people with some Antminer S9, any older hardware wasn't able to find a block.

There is a thread with people who are hoping to find a block with a USB thumb miner doing like 20GH/s and they have been on there for a year or 2 and haven't found a block.

The last block that I actually found was back in 2015 with a KnCMiner Jupiter but it was with a pool so I didn't get the entire block reward, but it was probably the only known block found by myself.

I will figure a plan of action for 2020.




BCH Stratum URL:
stratum+tcp://bch.viabtc.com:3333



I may solo mine btc or bch  with a few hash
I Just pointed the r606 and 3 new pacs to viabtc bch pool

if I solo mine there it is far easier to hit a block. But not likely to do so.

Thanks Phil. I hope to snag one for a good price and set it up in Labrador.
Yes, I have been reading about your situation. My heart goes out to you. None of my business, but why not a keep few of your most efficient rigs at Clifton? I know how I would be feeling right now if I were in your shoes.  I think that once I worked thru it, I'd wish I had kept at least a couple of my most efficient rigs.

I have one and truly wished that I had purchased more of them.

I paid 2225 for mine.

A good deal to say the least.

Three speeds.

Mine does remarkable at low speed.

About 1440watts and 40th

36 watts a th.

Two plug design is good.

The only issue is some say the psu does not like 240+ volts.

I provide it 221 volts and it has been rock solid.

When I sell my share of the Clifton mine to buysolar it will pretty much break my heart 💜 to be selling this particular unit. As it can mine reasonably quiet at the low speed setting.

And it turns a profit at 15 cent power.

Does anyone here have any experience with the Antminer S17 Pro 53 THs?

I also had an account which had the hacked balance stolen and I was also waiting week after week for all the payments. If I recall, at first the program used to pay up more and it should of taken no longer than a year for the entire balance to be repaid in full.

However the payouts started to slow down and basically about 2 weeks ago I just withdrew the 75% that was owed. They got some issues with their CEO and I rather just take the 75% before there is some other hack or before BTC starts crashing again.

Because at this rate it would take a very long time to get the remainer 23% paid.

If you ever need KYC on the sales to me in the past, you got it in spades;  you can rest assured in that... I feel confident in giving any personal info you need.

I'm still speechless on all of the taxation...  from all aspects.

This is looking worse and worse when it comes to anything dealing with the FED;  and this is one way they can try and maintain a chokehold on the masses for their crown seat at controlling the value and 'money machine' of the states....

There's a long poem about taxation from an unknown author that comes to mind right about now...

"Tax his land, tax his wage, Tax his bed in which he lays. Tax his tractor, tax his mule......" Reference to avoid a silly ban....

As the yankeeswin mentions I will be getting coins from nicehash for the next 2 years.

I think it is about 0.0159 coins

since it is repayment of stolen money I am pretty sure I do not need to report it as income.

I will be listing the threadripper setup.

along with some other gear.

I will mine 3 pieces of gear

sidehack r606   ck.solopool

jstefanop       Apollo ltc solopool    2 of them

why not "donate" it to a miner? and as a 'token' of appreciation you'll receive a gift of BTC  

   I have been reading these threads for years.
I wanted to mention that nicehash is now migrated  there is old nicehash  which was the site the funds were stolen from.
If you were a 2017 victim like phil was and many other have been the payback numbers are about 75%



https://old.nicehash.com/miner/146UJM5kgzLVUV23CXCf33KQKHckoX1gx3

this address is from phil's first  page post on this thread.

https://bitcointalksearch.org/topic/number-9-ninth-altcoin-thread-back-to-the-moon-baby-5144362


"Repayment program
×
Current status
Original Old Balance:   0.00911800 BTC
Reimbursed pending:   0.00000000 BTC
Reimbursed by now:   0.00711169 BTC
Still to repay:   0.00200631 BTC


Disclaimer: By reimbursing of your old balance, NICEHASH d.o.o. does not, in any way or by any means, assume liability for the damages occurred because of NiceHash security breach on December 6, 2017."

 Thus he was paid back  0.00711169/0.00911800 =77.99%  of that account.
At current payment plan  it will take 2 years to get remaining funds of 0.00200631

I will post but won't be doing any crypto activity from Jan 2020 to Jan 2021

Along these lines I would think  the issue will be cleared up by then.

I own  960th  50-50 with buysolar   various sha-256
I own    11gh 50-50 with buysolar  l3+ units

I will sell that to him  before years end.  Maybe with a Feb 2021 buy back option.

In the house/garage  I have a lot of gpu mobo psu parts and rigs.

1  threadripper  1920x
4   not flashed    amd vega 56's
1  mobo for it
1 1500 watt corsair for it
1 ssd runs  windows 10

16gb ram

that rig mines  xmr at nicehash

I own it out rite  and  it is extra high quality  open build.

I guess when new it was :

1600 for gpus
  400 for threadripper
  100 for 2x radiator psu water cooler
  200 for mobo
  100 for ram
   100 for ssd
    300 for psu







  
  so maybe it was  2800 to build it I (would not ask 2800 for it)   that will be first to go as it is the best in home setup. I  would prefer to package sell it  all parts together.   fairly close to howell,nj meet and greet sale .

But now  my issue to sell is how do I accept funds? If I take crypto  will I need to tell government kyc info on a private sale when I report sale on my 2019 return.

So I am crippled to do sales. I could sell it 1 piece at a time on ebay (ugg)  And be subject to endless sleaze customers.  A big reason I did crypto was to lower return issues.

On another note  I have 3 nicehash  addresses that are owed funds from the 2017 theft.  I will keep them active  since they are not income they are funds owed to me.

So I will be collecting  some btc in 2020 and holding it for  at least a year.




stratum+tcp://bch.viabtc.com:3333

Just getting updated on 2 pages of posts....

Phil, hope you can find some ways to stay in the game -- too much upside this future of cryptos.

All this inconsistencies in US taxation and laws are just too premature unless they fully understand crypto-currencies.

Take the Facebook Libre case ......to allow Libre at the expense of people's privacy OR allow Bitcoin protecting people's privacy.

my biggest concern is exactly that I have sold 1000 pieces of gear using coins.  they gave me no accounting to tax guidance to cover the sales from a crypto coin sale.

I did buy a gpu for 500 = cost value mine for 2 months earn 200 - 100 in power = 100.

I reduced cost value from 500 to 400.  Sold the card for 500 marked a 100 dollar profit paid tax on the sale.  this looks like it may not be good enough  for reporting requirements.

Which is like we will see what needs to be done to make them happy.

I did far more sales and gave free instruction then mining .

2012
2013
2014
2015 most likely all of these are not to be looked at.

2016 ? not sure what to do

2017 ? not sure what to do I paid a lot of tax to them for this year. cap gains were good.

2018  for sure to be looked at

2019 yet to file and this is the year I finally cut a good power deal and became more of a miner then a seller.

thats pretty hard to hear Phil... you have done so much for the community and more.


See if you can find a lawyer that will do a quick consultation and consideration if the IRS's demands are breaching on ex-post-facto....  

because;  there was no other regulation scheme on these commodities;  only regulation on the exchange for cash.

It's like beginning a tax on ice, and charging people for every Lb they made or acquired and traded over the previous 1-2 years just because they decided to implement a tax now.

I wonder if everyone that bought an AMD/Nvidia GPU will have to pay a hardware tax because it could be used to mine crypto;  not caring if they did it or not.


At least, this is exactly how I see it.

I will post and talk next year but
 no sales
no buys
No mining.

I will file an amended 2018 in a month or 2.

I will file my 2019 with an extension around oct 2020.

And I will wait an see what develops for those two returns.

In 2021 I may mine again or may not. I may buy and sell gear again or may not.

that's the method i use when sending money and buying kitchen stuff (food, ingredients, etc.) in the US.  

I hope Americans can be officially out of business but still in the game, nature of crypto is under the radar in its core. anyway you all got things figured out there I suppose.

when gold was banned in the US, people who happened to take a risk hoarding them got rich. this is already subtle way of banning crypto, by making it almost impossible to get/own.



transferring from passbook account to ATM account works for me

passbook to ATM is same name "me" = no issue with the bank...then i withdraw from ATM, at least the machine does not ask "where are you gonna spend it?" hehe

BTW 1500 euro for a deposit is a bit low, at least in my country ~ 10,000 USD is the deposit that triggers the questions.

if you have p2p cash flow income/payment to you, you can live without a bank account. unfortunately a lot of crypto "income" which has to be converted to fiat needs to go through banks.