Page 4 of 5 FirstFirst ... 2345 LastLast
Results 61 to 80 of 81

Bitcoin and Other Cryptocurrencies - Page 4

| Off Topic Discussions
  1. #61
    SMF Badges of Honor



    Member since
    Apr 2015
    Posts
    1,196
    Thanks
    462
    Thanked 1,921 Times in 765 Posts
    IMHO, very volatile.

    https://www.reuters.com/article/us-g...-idUSKBN1DU1Z3

    The art of survival is a story that never ends. American Hustle.


  2. #62
    CapitalRecovery's Avatar
    SMF Badges of Honor

    Member since
    Aug 2015
    Location
    United States
    Posts
    254
    Thanks
    165
    Thanked 169 Times in 95 Posts
    Now at the time of this post its up to 9700 happy investing whatever you do.

  3. #63
    hobo finds's Avatar
    SMF Badges of Honor


    Member since
    Nov 2010
    Location
    tucson, az
    Posts
    4,177
    Thanks
    5,129
    Thanked 4,944 Times in 2,138 Posts
    Bitcoin’s emerging popularity has also been brought to the attention of the Internal Revenue Service. So if investors cashed out their Bitcoins after holding it for a year, they’d be subject to a capital gains tax, which is typically around 15%. So if investors cashed out a Bitcoin investment that was initially worth $100 but appreciated to $13,820 in a year, their tax could be around $1,923. But a short-term Bitcoin investor, who spent or sold their Bitcoin within a year of first buying it, they’d be taxed at the ordinary income tax rate, which can be as high as 39.6%. Capital gains taxes max out at a lower 20%.
    Better than the dump!

  4. #64
    HipoGear's Avatar
    SMF Badges of Honor


    Member since
    May 2015
    Location
    Rochester, NY
    Posts
    662
    Thanks
    1,811
    Thanked 782 Times in 350 Posts
    One key factor of Bitcoin is anonymity. Who is going to report and pay taxes on that?
    Copper, brass, and Leather. 3 of my favorite things.

  5. The Following User Says Thank You to HipoGear for This Post:


  6. #65
    auminer's Avatar
    SMF Badges of Honor


    Member since
    Nov 2012
    Location
    Allen, TX
    Posts
    896
    Thanks
    441
    Thanked 1,657 Times in 596 Posts
    Anyone that isn't a thief?
    Out of clutter, find simplicity. --Albert Einstein

  7. #66
    HipoGear's Avatar
    SMF Badges of Honor


    Member since
    May 2015
    Location
    Rochester, NY
    Posts
    662
    Thanks
    1,811
    Thanked 782 Times in 350 Posts
    Not paying Taxes makes you Smart ~ Donald J Trump

  8. The Following 2 Users say Thank You for This Post by HipoGear:


  9. #67
    t00nces2 started this thread.
    t00nces2's Avatar
    SMF Badges of Honor


    Member since
    Jul 2014
    Location
    Sarasota, FL
    Posts
    1,025
    Thanks
    572
    Thanked 1,517 Times in 597 Posts
    Quote Originally Posted by auminer View Post
    Anyone that isn't a thief?
    I'm not sure I understand your question. I am not a thief.

  10. #68
    CapitalRecovery's Avatar
    SMF Badges of Honor

    Member since
    Aug 2015
    Location
    United States
    Posts
    254
    Thanks
    165
    Thanked 169 Times in 95 Posts
    Your not anonymous when you connect a valid bank account to your exchange.

  11. #69
    SMF Badges of Honor


    Member since
    Apr 2012
    Location
    Youngstown, OH
    Posts
    589
    Thanks
    6
    Thanked 265 Times in 183 Posts
    Somebody who makes say $50K a year end up with $2M in bitcoin money. Go buy anything pricey with cash or put that money in any of your bank accounts and the IRS will be visiting you shortly. Might as well be drug money if you don't pay taxes on it.

  12. #70
    t00nces2 started this thread.
    t00nces2's Avatar
    SMF Badges of Honor


    Member since
    Jul 2014
    Location
    Sarasota, FL
    Posts
    1,025
    Thanks
    572
    Thanked 1,517 Times in 597 Posts
    Quote Originally Posted by unknownk View Post
    Somebody who makes say $50K a year end up with $2M in bitcoin money. Go buy anything pricey with cash or put that money in any of your bank accounts and the IRS will be visiting you shortly. Might as well be drug money if you don't pay taxes on it.
    .... or, fly down to Costa Rico on vacation. Cash in some Bitcoin and purchase a nice little chateau, apply for citizenship, and spend your BTC there.

  13. The Following 2 Users say Thank You for This Post by t00nces2:


  14. #71
    Earther's Avatar
    SMF Badges of Honor

    Member since
    Aug 2017
    Posts
    85
    Thanks
    2
    Thanked 32 Times in 18 Posts
    Hey I got a brand new bit mining machine. It's a bit miner D3 19.3ghz and as of yesterdays prices if operating at nominal speeds it would be making $359 a day. I am kicking myself for not having a place to operate it. You need really fast internet and we'll I just got booted from. My place from the city because apparently you cant live In a shopping container in a warehouse commercially zoned area.
    Anyway I paid close to 2k for it and I want to take Home after fees and shilling at minimum $1,000. Other than eBay and the norms where do I go d bitcoin people that will she'll out for this thing?

  15. #72
    armygreywolf's Avatar
    SMF Badges of Honor


    Member since
    Dec 2013
    Location
    Germantown, WI
    Posts
    996
    Thanks
    177
    Thanked 1,855 Times in 584 Posts
    Bitcoin is no different in trade than the stock market or money market, it has ALWAYS been subject to capitol gains. Like gains, they are only real when exchanged, for example, if you think you can buy ten tvs on newegg with BTC and that liquidity isn't reported your wrong, what you have to do is treat it like pulling from your money market account to pay for things. The IRS has said this for YEARS about barter and trade. If you get real value off of trade you need to report it, likewise on losses. This is elementary stuff, I buy and sell cars with wins and losses and you better believe we report a loss on a trade if it ends up bad. Inventory can be treated the same way...and coinage digital or otherwise.

    I personally use coindesk, I report capitol gains, and then the losses in electricity, equipment and guess what, when a business buys a car or truck it can take depreciation...you can do that with ANY depreciable asset. You have to be smart about mining and crypto in general, definitely DO NOT buy and sell on whims, don't flinch because of a 1500 drop in a day...or even a week. always look at trade volumes and if volume is low and still dropping, then its time to make a decision, high volume...leave it be.
    WI ITAD LLC, IT Liquidation Services, we remarket, buy and sell scrap electronics No customer too large or small!

  16. The Following User Says Thank You to armygreywolf for This Post:


  17. #73
    CapitalRecovery's Avatar
    SMF Badges of Honor

    Member since
    Aug 2015
    Location
    United States
    Posts
    254
    Thanks
    165
    Thanked 169 Times in 95 Posts
    I want to try my hand at crypto mining but I want to study more up on it. Does anyone have a good site I could read up on?

  18. #74
    t00nces2 started this thread.
    t00nces2's Avatar
    SMF Badges of Honor


    Member since
    Jul 2014
    Location
    Sarasota, FL
    Posts
    1,025
    Thanks
    572
    Thanked 1,517 Times in 597 Posts
    Quote Originally Posted by CapitalRecovery View Post
    I want to try my hand at crypto mining but I want to study more up on it. Does anyone have a good site I could read up on?
    I am using a cloud mining website... genesis-mining.com/ You can mine several different cryptocoins. A friend of mine and I were talking about the run up and he told me about him the site. If interested, you can use my affiliate promo code rZMpnm to get a 3% discount on price. I have gotten some coin after just a couple days, but the payout seems small, but consistent. I am mining bitcoin and monero. At this point, the monetary equivalent seems close, but BTC may have taken a bit of a lead with the run up. I am looking at the other coin options to see if there may be a better choice to mine once the payouts accumulate to the point where it makes sense to pay the fee to transfer.
    Last edited by t00nces2; 12-06-2017 at 07:25 AM.

  19. The Following User Says Thank You to t00nces2 for This Post:


  20. #75
    auminer's Avatar
    SMF Badges of Honor


    Member since
    Nov 2012
    Location
    Allen, TX
    Posts
    896
    Thanks
    441
    Thanked 1,657 Times in 596 Posts
    Ask Al Capone how serious the IRS takes tax evasion. That dude KILLED PEOPLE. But he went to jail for taxes.

    It's cheaper to just render unto Ceasar up front and not worry about the inevitable knock on the door.

  21. #76
    SMF Badges of Honor


    Member since
    Dec 2013
    Location
    eastern kentucky
    Posts
    26
    Thanks
    3
    Thanked 19 Times in 10 Posts
    Quote Originally Posted by auminer View Post
    Ask Al Capone how serious the IRS takes tax evasion. That dude KILLED PEOPLE. But he went to jail for taxes.

    It's cheaper to just render unto Ceasar up front and not worry about the inevitable knock on the door.
    Crypto currency is a Ponzi scheme. I don't keep up with how many crypto currencies there are now days. If you cant hold it in your hand its not real.

    Crypto currency is something that is unaccounted for. At this time Bitcoin is to costly for the average person to invest in.

    Crypto currency is a Ponzi scheme. You may not believe me now but within 1 or 2 years it will be a bust and all the people that fell for something that is to good to be true will be crying foul.

  22. #77
    CapitalRecovery's Avatar
    SMF Badges of Honor

    Member since
    Aug 2015
    Location
    United States
    Posts
    254
    Thanks
    165
    Thanked 169 Times in 95 Posts
    if it last 2 or 3 years I'll be in good shape lol.

  23. The Following User Says Thank You to CapitalRecovery for This Post:


  24. #78
    Breakage's Avatar
    SMF Badges of Honor


    Member since
    Aug 2016
    Posts
    201
    Thanks
    135
    Thanked 155 Times in 91 Posts
    Can you short on crypto? I heard about the futures trading and it made me wonder if people were now legitimately buying in on an expected crash. I also wasn't clear if buying in on crypto falls under SEC compliance. I assume it does not but that the futures market does.

  25. #79
    hobo finds's Avatar
    SMF Badges of Honor


    Member since
    Nov 2010
    Location
    tucson, az
    Posts
    4,177
    Thanks
    5,129
    Thanked 4,944 Times in 2,138 Posts

  26. #80
    t00nces2 started this thread.
    t00nces2's Avatar
    SMF Badges of Honor


    Member since
    Jul 2014
    Location
    Sarasota, FL
    Posts
    1,025
    Thanks
    572
    Thanked 1,517 Times in 597 Posts
    I watched as Eth smoked higher the past couple days and today Litecoin surged. I have been grappling with the question of how long to hold and when to sell. I decided today to sell some and buy all new appliances for the kitchen. I am going to HD this aft and let DaBabe pick out the range and DW she wants and I am going to pay off the fridge we bought a month ago. She will be so happy with me tonight I might even get lucky... and she will cook me dinner.

    I don't want to see this crash and have gotten nothing of value out of it.

  27. The Following 2 Users say Thank You for This Post by t00nces2:



  28. Similar threads on the Scrap Metal Forum

    1. Bitcoin Mining Server Board
      By HiTechMike in forum General Electronics Recycling
      Replies: 7
      Last Post: 09-28-2016, 08:11 AM

Page 4 of 5 FirstFirst ... 2345 LastLast

Thread Information

Users Browsing this Thread

There are currently 2 users browsing this thread. (0 members and 2 guests)

 
Browse the Most Recent Threads
On SMF In THIS CATEGORY.





OR

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

The Scrap Metal Forum

    The Scrap Metal Forum is the #1 scrap metal recycling community in the world. Here we talk about the scrap metal business, making money, where we connect with other scrappers, scrap yards and more.

SMF on Facebook and Twitter

Twitter Facebook