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    [Daily Discussion] Sunday, February 25, 2018 Bitcoin Markets

    February 25, 2018

    [Daily Discussion] Sunday, February 25, 2018 Bitcoin Markets

    [Daily Discussion] Sunday, February 25, 2018

    Posted: 24 Feb 2018 08:05 PM PST

    Thread topics include, but are not limited to:

    • General discussion related to the day's events
    • Technical analysis, trading ideas & strategies
    • Quick questions that do not warrant a separate post

    Thread guidelines:

    • Be excellent to each other.
    • Do not make posts outside of the daily thread for the topics mentioned above.

    Other ways to interact:

    submitted by /u/AutoModerator
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    [DISCUSSION] Your U.S.A. 2017 Cryptocurrency Tax Guide :

    Posted: 25 Feb 2018 05:59 AM PST

    Edit 1: As has been pointed out this process is most useful if you have hardware wallets or paper wallets and you don't really remember what trades/transactions you did throughout 2017. If you only used Coinbase and exchanges that allow you to export your transactions you can skip to step 9.

    Warning: I am just a guy on the internet and if you believe everything you read on the internet you are going to get burned. Do your own research and come to your own conclusions. You were smart enough to "invest" in cryptocurrency and you should be smart enough to "research" your taxes.

    It's no joke when I say some of us "investors" are not here because we want to see cryptocurrency take over the world. We are here because we want to be filthy rich and driving a new Lamborghini for every day of the week. And the only way for U.S.A. "investors" to keep their money is to pay their taxes.

    My guide below is for U.S.A. individuals who want to keep all their rightfully earned money by giving the IRS (internal revenue service) it's share. This guide is made for those of who didn't quite make enough to spend ($1,000-$5,000) on a tax expert but also for those who made more than a month's worth of salary (100 to 9,999 transactions in 2017). This guide is also for those who plan on treating their crypto-to-crypto trades as not like-kind. That is, a BTC -> ETH trade will be counted as BTC -> FIAT -> ETH even if no FIAT was involved. This guide is not for those of us who did any cryptocurrency mining in 2017. I am not a miner and cannot guide you through taxes for mining.

    The recipe for paying your taxes is simple and will take a weekend of your time if you are diligent. We are going to create a timeline of all your cryptocurrency events from 2017.

    Step 1) Open a secure, non-malware invested, computer. Open excel or an excel equivalent.

    Step 2) For each cryptocurrency you believe you traded or held onto at any point in 2017 go to coinmarketcap.com and scroll down to the tab 'Historical Data', change your search range to all of 2017, and copy the historical data into its own tab on your excel workbook. Label the excel sheet respectively based on what you copied. Repeat for each possible coin you held at any point in 2017.

    Step 3) Begin listing out every cryptocurrency address you own or owned in 2017. (Nano-ledger addresses, Coinbase addresses, exchange addresses, etc.)

    Step 4) For each cryptocurrency address in step 3 create a new spreadsheet ('Address_1', 'Address_2', 'Address_3', … , 'Address_x'). Begin listing out all transactions related with each address. In the case of Bitcoin or Litecoin you are listing out all Ledger transactions or all Coinbase transactions or all Exchange transactions on a single spreadsheet because you own that account and all addresses related to that account. For other cryptocurrency like Ethereum I would use Etherscan.io and export your addresses transactions using the websites export functionality. In your spreadsheet ('Address_1', 'Address_2', 'Address_3', … , 'Address_x') the key columns of information you need are going to be the following: 'Date', 'Source', 'Action', 'Symbol', 'Volume', 'Currency', 'Price', 'Fee', 'FeeCurrency'. These columns are needed in a later step.

    Date' = DD/MM/YYYY HH:mm:ss

    'Source' = "Coinbase", "LEDGER", "EXCHANGE", "PAPER WALLET", etc.

    'Action' = Buy/Sell

    'Symbol' = 'BTC', 'ETH', 'BCH', 'XRP', etc.

    'Volume' = Whatever amount this trade was for. (So 10 ETH and you would list 10).

    'Currency' = This will probably always be 'USD'

    'Price' = Price in USD you paid per coin at the time (Use historical data).

    'Fee' = USD preferably

    'FeeCurrency' = USD preferably

    Step 5) Print out ('Address_1', 'Address_2', 'Address_3', … , 'Address_x'), grab a highlighter, and begin highlighting all transactions where you were moving coins from wallet A to wallet B. These are the non-taxable events from 2017. Highlight any other non-taxable events.

    Step 6) Begin highlighting transactions that you know were trades for one coin for another. These will be your taxable events.

    Step 7) You are going to find out now that there are many transactions not highlighted. This is where you have to explore online sources and records to find out what the hell you were doing that Sunday morning at 3pm 9 months ago. You are the detective and this is your mission. Eventually you will give up or admit there is a mystery transaction. (Coinbase even threw me a few fake transactions that only existed in one of its reports and not the others.) For the mystery transactions that you can't highlight you will have to decide if you want to report them to the IRS as taxable or not report them and hope that 1% change of an audit doesn't come back to bite you. (Personally I bit the bullet and reported them as taxable events.)

    Step 8) Begin entering all your taxable events into a single spreadsheet with the columns mentioned in step 4 above. Save this spreadsheet under a new name of type ".csv" and open a web browser.

    Step 9) Open up bitcoin.tax/home and sign up for a premium account for 2017. (Cost = $20). It will cost $20 for each year you want but we only want 2017 today. Under the 'trading column' look near the bottom for a place to import our custom worksheet from step 8. Import all the data into bitcoin taxes, jump to the calculate column, pick your tax bracket for the year, pick how you want your coins to be moved around. (So first-in first-out (FIFO), first-in last-out (FILO), etc.) When everything looks sort of ok jump to reports & export.

    Step 10) Under the reports & export column we want to check that your closing report matches what you actually do have in reality. If you have 10 ETH, and 1 BTC then the closing report should show you have/own that amount. If you are off by more than $100 then you probably missed a taxable transaction or entered some data wrong. So you will need to go through the ".csv" file created in step 8 and figure out what is missing or isn't supposed to be there.

    Step 10a) I found that my opening report was incorrect because I had trades from 2016 unaccounted for. This is where knowing your opening position is important. To make your final report accurate you need to fix your opening report or find the unaccounted for transactions in 2017.

    Step 11) Once you have finalized everything under the Reports & Export tab hit download and select the format for TurboTax (CD/Download). Head over to TurboTax CD/Download and follow the steps to get the software based on your situation. Based on my tax situation and wanting TurboTax to take care of my state taxes I selected the Deluxe software for $70. Once you get started with TurboTax you will eventually arrive at a screen with tabs at the top. Have TurboTax walk you through everything but once you get to 'Federal Taxes' under 'Investment Income' you can add your exported spreadsheet from Bitcointax under 'Stocks, Mutual Funds, Bonds, and Other'.

    Step 12) TurboTax will walk you through everything else, submit your federal form, submit your state form, and rest in peace knowing even if an audit comes you did your best keeping the IRS happy and they might go easy on you.

    Noob Notes: I was surprised to find out capital gains count as part of my adjusted gross income even though they are taxed differently. So I was bumped up a bracket which changed how I was taxed. I was also surprised to find that I now owed even more in state taxes because of this. Other than that everything went smoothly and I hope your journey goes well also.

    Thank you for your time and good luck in 2018.

    submitted by /u/the_kak_god
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    Market analysis is irrational?

    Posted: 25 Feb 2018 05:55 AM PST

    So help me understand this. Governments are very positive lately to crypto. Putin says it's an important technology. Korea is getting to be a leader again. Litecoin is rolling out VISA payments. Volkswagen are enthusiastic about IOTA. Robinhood starts bringing crypto to the masses.Lightning network is around the corner. Bitcoin prices continue to drop.

    What am I missing? The only possible explanation is a big whale/gov cashing out (seized?) funds.

    submitted by /u/aelaos1
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    PSA - Posts about opening or closing positions and/or adding to them and/or holding them aren't analysis

    Posted: 24 Feb 2018 10:22 PM PST

    Since the dailies are full of people posting their trading journal entries without any detail about the reasoning, I wanted to quickly encourage people looking to learn something to completely disregard this type of post. You should not allow them to influence you in the slightest.

    If you feel perhaps you should listen to this more experienced trader who is sharing their moves, please do the following. Go back and track all of their entries and exits (usually the exits don't make the message board though) and make sure you see a track record of success which significantly beats buy and hold over an extended period of time. If you don't want to spend the time doing this, feel free to trust me that very few post a complete enough trading history to analyze and those that do rarely are an improvement over buy and hold or very simple methods like buy and sell based on 4hr stoch crosses.

    I am NOT saying you can't learn anything from this subreddit. There are informative posts. There is analysis you can read and consider. There is a lot of misinformation as well, but you can learn from that if you are objective and take the time to evaluate what is written.

    The posts which provide the most value are usually buried. Most of the time the real reasons to buy, sell, or hold bitcoin aren't changing much on an hourly or even a daily basis. Just because news isn't posted repeatedly and fundamental analysis doesn't fill the daily, don't forget that in the long run this matters significantly more than short term technical analysis.

    Short term trading, especially on leveraged products like futures, is a zero sum game. Winning traders need people to take the other side. We aren't all going to get rich together. This is not to discourage attempting to have success with trading, but please understand the basic realities of what is going on.

    Good luck!

    submitted by /u/xxDan_Evansxx
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    Big list of airdrops and other free coins. each item has a description and non-referral link available

    Posted: 24 Feb 2018 06:36 PM PST

    Here is a huge list of airdrops and bounties currently going on. I'll try my best to keep it curated with others I find and remove expired links. I put the best and easiest ones to sign up for at the top, other than Refereum, which is at the bottom, due to needing telegram as well as the nature of the bounty.

    You need an erc20 wallet for most, metamask or something similiar, and a few require telegram in order to register for the airdrop. Other than that, none of these required any posting on social media or so forth(did have to follow a few, but if that isn't your thing just move on to the next one :))

    I have included links without referrals as well for all that are applicable (which is most), I would be greatly appreciative if you used the referral links, but understand some people don't like that. In which case feel free to use the plain links.

    https://codepen.io/userboi/full/yvBBNE/

    submitted by /u/tokyogai
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    Cryptos flagged as potential opportunities from analyzing reddit data, week ending 2018-02-24

    Posted: 25 Feb 2018 07:26 AM PST

    Here are this week's stats on the most discussed cryptos on reddit!

    Update this week: I'm working on an indicator that flags cryptocurrencies that are being mentioned on reddit for the first time, to expose potential investment opportunities earlier. In backtesting, the indicator was able to flag NEO/Antshares in July 2017, Vechain in October 2017, and ICON in November 2017: all three went onto 10x in price. I'm sharing the cryptos flagged this week below.

    Background: I wrote a program that scrapes reddit posts from r/cryptocurrency and r/altcoin, and calculates how much certain cryptocurrencies are mentioned, to help give an early indication of the next potential 10x crypto. Crowd sentiment has proven to be a good place to start for more research. I'm always working to make my insights more useful so please reach out with any comments, and stay tuned for updates!

    If you prefer to follow along via email and get more kinds of insights every week, you can do so here.

    Note: always do your own research. Not all cryptos with a lot of mentions are being talked about for good/positive reasons (e.g. BitConnect). Keep reading for info on getting a list of all recent posts so you can browse the headlines and gauge sentiment. Sentiment is also only one piece of the puzzle: fundamental research on the project and team itself is required to make a good investment decision.

    RECENTLY TRENDING CRYPTOS

    Highlights:

    1. This week, a high throughput blockchain platform (Zilliqa), a blockchain powered internet, operating system, and runtime for dApps (Elastos), and a blockchain project for crypto-asset and other digital information inheritance (DigiPulse) appeared on our list of cryptos that the community is talking more about for the first time. All three are recent ICOs.

    2. The founder of Nebulas, who is also a former co-founder of NEO/Antshares, did an AMA this week here.

    3. Nano's price is rebounding after a string of positive news: a new core update, a new Android wallet, and news of Twitch streamers accepting donations in Nano.

    Crypto Name Market Cap 7 Day Price % Chg Post Count Post Count Week Over Week % Change Total Post Score Score Week Over Week % Change
    Bitcoin 166.9B -8.58% 65 -26.14% 7295 -33.38%
    Ethereum 82.4B -12.98% 45 25.00% 5225 -31.74%
    Ripple 37.1B -19.28% 24 14.29% 1214 -73.05%
    Litecoin 11.2B -10.84% 16 -27.27% 1659 -22.98%
    Nano 1.8B 40.28% 16 14.29% 9020 128.88%
    OmiseGO 1.7B -6.10% 11 175.00% 2329 138.38%
    IOTA 4.9B -19.30% 10 -41.18% 3836 31.01%
    Lisk 2.1B -40.70% 10 42.86% 620 8.96%
    Bitcoin Cash 20.4B -21.95% 8 33.33% 1028 65.01%
    Dogecoin 722.4M -8.94% 8 inf 465 inf
    NEO 7.7B -12.57% 8 -33.33% 321 -65.15%
    ICON 1.4B -31.12% 7 75.00% 1864 45.74%
    Stellar 6.6B -24.36% 7 -46.15% 1644 -48.19%
    Ambrosus 75.1M -18.85% 6 200.00% 278 434.62%
    BitConnect 28.6M -27.13% 6 -33.33% 11291 71.10%
    EOS 5.6B -19.10% 6 200.00% 2028 3655.56%
    Aion 279.1M -23.37% 5 66.67% 123 89.23%
    Genesis Vision 81.2M -9.81% 5 66.67% 161 130.00%

    You can access the Google Sheet with all the stats and links to the scraped reddit posts here (reddit won't let me post a direct link to the Sheet because it looks like a referral url)

    *"Post Count" means the number of posts that had titles that mentioned the specified crypto. "Week Over Week Change" means the change in the specified metric over the last 7 days, compared against the metric over the previous 7 days before last week. "Total Post Score" means the sum of net upvotes (or score) for all posts that mentioned the specified crypto.

    STAY UPDATED

    If you'd like to follow along via email and get more kinds of insights every week, you can do so here. I'm always looking to improve and provide more useful and interesting info, so don't be afraid to reach out!

    submitted by /u/smbdata_t
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    How are you dealing with the "notification in writing" when filing like-kind exchanges?

    Posted: 25 Feb 2018 09:40 AM PST

    Let's say you used Shapeshift to trade Bitcoin for Ether. No fiat was involved and Shapeshift didn't act as a broker but was directly the other end of the exchange.

    As far as I understand the like-kind exchange guidelines there needs to be a signed identification in writing that identifies the exchanged property. Obviously that's not going to be the case with Shapeshift. Are there any ways around that rule or is it not possible to use a like-kind exchange in that case?

    submitted by /u/satoshicoinftw
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    The big three, technical analysis and critical support lines

    Posted: 24 Feb 2018 03:36 PM PST

    Why do 12hr and 6hr candles start at 1am and 7am?

    Posted: 25 Feb 2018 04:34 AM PST

    Why don't they start at 0:00am? see coinbase and bitcoinwisdom charts for examples of 1am and 7am starts.

    submitted by /u/26EM
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    Community knowledge base for crypto

    Posted: 25 Feb 2018 03:28 AM PST

    I created a few publicly editable lists the crypto community deserves. Take what you wish, leave some of your knowledge behind before you go ;)

    If you have ideas for other public lists we can make, please share!

    submitted by /u/toplexon
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    Hitbtc and ZB.com unable USDT withdrawal

    Posted: 24 Feb 2018 09:48 PM PST

    Did hitbtc and zb.com unable usdt withdrawal since long time? When do they plan to enable withdrawal?

    submitted by /u/YunbiBUG
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    Has anyone used apollodae.io?

    Posted: 24 Feb 2018 07:21 PM PST

    Apollo DAE is a new exchange. I'm wondering how legit they are.

    https://apollodae.io/

    submitted by /u/nothingduploading
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    Arbitrage INR/USD

    Posted: 25 Feb 2018 12:37 AM PST

    I'm looking for partners in US to begin an arbitrage opportunity for exchanges in India. Hit me up if you're interested and I'll be happy to take things forward.

    submitted by /u/Pmmeurshit
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