Bitcoin Take?

[ChiefRocka]

The natural evolution of money is Bitcoin

https://twitter.com/thebtctherapist/...035052024?s=46

[ChiefRocka]

[luv]

I'm sure it's been covered, but I'm not wading through 1200+ posts. The process of mining is considered a business. Any gains are taxable only if you use it in the exchange of product/services or if you convert it to cash, correct? My boyfriend is much more knowledgeable about this than I am, but I wanted to check out this side of things. In order to keep things simple for now, I have told him that any transactions done will only be the converting of any gains into cash. That cash will then be taxed. My question, I guess, is this: In keeping things as simple as possible in this regard, would it be easier to just claim the self-employment tax on any gains cashed out on my personal tax return, or would there be any need for me to form some sort of LLC?

[Taco John]

Originally Posted by luv

I'm sure it's been covered, but I'm not wading through 1200+ posts. The process of mining is considered a business. Any gains are taxable only if you use it in the exchange of product/services or if you convert it to cash, correct? My boyfriend is much more knowledgeable about this than I am, but I wanted to check out this side of things. In order to keep things simple for now, I have told him that any transactions done will only be the converting of any gains into cash. That cash will then be taxed. My question, I guess, is this: In keeping things as simple as possible in this regard, would it be easier to just claim the self-employment tax on any gains cashed out on my personal tax return, or would there be any need for me to form some sort of LLC?

You're going to need to talk to an accountant, luv.

[BossChief]

Is it profitable to mine Ethereum?

[Demonpenz]

Originally Posted by Luke Atamadong

Who? You?

Ari Chiefs. He doesn't post much but he is around

[Demonpenz]

I get flamed on facebook crypto all the time. I have as my career I have "Taco cook" and I was like **** XRP it's going down. This guy goes..."Hey guys the Taco guy says XRP is going down, better sell.

[Eleazar]

https://techcrunch.com/2018/01/15/re...m-150-to-1000/


Researchers find that one person likely drove Bitcoin from $150 to $1,000
by John Biggs (@johnbiggs)


Researchers Neil Gandal, JT Hamrick, Tyler Moore, and Tali Oberman have written a fascinating paper on Bitcoin price manipulation. Entitled “Price Manipulation in the Bitcoin Ecosystem” and appearing in the recent issue of the Journal of Monetary Economics the paper describes to what degree the Bitcoin ecosystem is controlled by bad actors.

To many it’s been obvious that the Bitcoin markets are, at the very least, being manipulated by one or two big players. “This paper identifies and analyzes the impact of suspicious trading activity on the Mt. Gox Bitcoin currency exchange, in which approximately 600,000 bitcoins (BTC) valued at $188 million were fraudulently acquired,” the researchers wrote. “During both periods, the USD-BTC exchange rate rose by an average of four percent on days when suspicious trades took place, compared to a slight decline on days without suspicious activity. Based on rigorous analysis with extensive robustness checks, the paper demonstrates that the suspicious trading activity likely caused the unprecedented spike in the USD-BTC exchange rate in late 2013, when the rate jumped from around $150 to more than $1,000 in two months.”

The team found that many instances of price manipulation happened simply because the market was very thin for various cryptocurrencies including early Bitcoin. “Despite the huge increase in market capitalization, similar to the bitcoin market in 2013 (the period examined), markets for these other cryptocurrencies are very thin. The number of cryptocurrencies has increased from approximately 80 during the period examined to 843 today! Many of these markets are thin and subject to price manipulation.”

The manipulation happened primarily via two bots, Markus and Willy, that seemed to be performing valid trades but did not actually own the bitcoin they were using. During the Mt. Gox hack a number of these bots were able to create fake trades and make off with millions while manipulating the price of BTC.

The publicly reported trading volume at Mt. Gox included the fraudulent transactions, thereby signaling to the market that heavy trading activity was taking place. Indeed, the paper later shows that even if the fraudulent activity is set aside, average trading volume on all major exchanges trading bitcoins and USD was much higher on days the bots were active. The associated increase in “non-bot” trading was, of course, profitable for Mt. Gox, since it collected transaction fees.

But the Willy Bot likely served another purpose as well. A theory, initially espoused in a Reddit post shortly after Mt. Gox’s collapse (Anonymous, 2014b), is that hackers stole a huge number (approximately 650,000) of bitcoins from Mt. Gox in June 2011 and that the exchange owner Mark Karpales took extraordinary steps to cover up the loss for several years.

The bottom line is simple: if Bitcoin wants to be taken seriously it probably shouldn’t be this easy or legal to manipulate the markets. While decentralization is supposed to replace regulation it’s clear that there is still a way to go before it can be truly taken seriously. “As mainstream finance invests in cryptocurrency assets and as countries take steps toward legalizing bitcoin as a payment system (as Japan did in April 2017), it is important to understand how susceptible cryptocurrency markets are to manipulation. Our study provides a first examination,” write the researchers.

[Demonpenz]

#bitcoin and LiteCoin and #ripple looking weak as **** right now. Pussy hands are folding like mother ****ers.

[BossChief]

I think there has to be some kind of bot/algorithm in place for Ethereum and bitcoin at times. At times maybe it’s coinbase as a whole using something that’s very fishy.

Look at the charts for the 4 cryptos on coinbase the last couple days and SOMEHOW all 4 have almost carbon copy charts.

Unless everyone that’s buying and selling is buying and selling all 4 at the same time, something just doesn’t make any sense.

[BossChief]

.

[BossChief]

Here’s what coin telegraph had to say a couple days ago...

[BossChief]

Originally Posted by BossChief

It caused Ether to drop from 1225 to 1000 and it’s already back to 1210.

In 2 weeks, Ethereum will be the top crypto in the world, overtaking Bitcoin.

Ether was 1100 bitcoin was 15000 when I said this a week ago.

Now Ethereum is 1250 and Bitcoin has fallen to 13000.

The gap is narrowing.

A month ago, Bitcoin was almost 20,000 and Ethereum was about 700.

People are valuing the superior technology of Ethereum and I think this week is going to close the gap even more.

It’s gonna be very interesting if cointelegraphs data holds true and bitcoin falls to 8000 levels if Ethereum goes down in value with it or if people that sell bitcoin move those funds to Ethereum or elsewhere.

Billions of dollars are going to go somewhere.

[JohnnyHammersticks]

Converted 5000 XRP to 8.08 ETH last week. Converted 6 ETH back to 5120 XRP today.

Pretty easy way to make 2 free ETH and 120 free XRP.

[Taco John]

Originally Posted by BossChief

I think there has to be some kind of bot/algorithm in place for Ethereum and bitcoin at times. At times maybe it’s coinbase as a whole using something that’s very fishy.

Look at the charts for the 4 cryptos on coinbase the last couple days and SOMEHOW all 4 have almost carbon copy charts.

Unless everyone that’s buying and selling is buying and selling all 4 at the same time, something just doesn’t make any sense.

You have to remember that Coinbase is the exit door into cash. It should be expected that they'd trade together in a selloff.

[Taco John]

Originally Posted by JohnnyHammersticks

Converted 5000 XRP to 8.08 ETH last week. Converted 6 ETH back to 5120 XRP today.

Pretty easy way to make 2 free ETH and 120 free XRP.

That's how to do it...