Cryptocurrency Daily Discussion - July 29, 2019 (GMT+0) |
- Daily Discussion - July 29, 2019 (GMT+0)
- Rule 4 Reminder: Do not encourage Tax Evasion
- Currently ranked second-largest exchange in the world, Binance has had a remarkable rise to success since its inception in 2017. With more than 300 employees and an average income of $1.27B a year, Binance is becoming more successful than a big bank.
- 5 Problems With eCommerce (And How To Solve Them)
- A Must Watch Video: Exposing the Federal Reserve.
- IRS Letter Writing Campaign Info From Insider
- One bank in one country of the world (a relatively poor one still) with 100 billion assets is bailed out and people still think Bitcoin is in a bubble.
- U.S. Tax Implications of Using Cryptocurrency to Buy a Coffee
- JPM strategist says,"We believe the dollar could lose its status as the world's dominant currency..."
- Google’s interest and capacity to move toward a disease-detecting CAPTCHA? What the hell? Can we put this on a Blockchain?
- Ripple Open Letter to Congress
- Mr Robot literally predicts Libra coin happening - Check out this video now!
- Venezuela Is Turning Airport Taxes Into Bitcoin to Avoid Sanctions
- Mr Robot predicted Bitcoin vs Libra
- First, there was centralized, then decentralized and now hybrid crypto exchanges are looking to steal the show.
- The Most Significant Use Cases For Cryptocurrency
- Sentinel decentralized VPN, interesting tech!
- Draft legislation from Australia’s Department of Treasury has proposed limits on cash payments exceeding $10,000. Interestingly, cryptocurrency is not negatively mentioned in the document.
- The DeFi ecosystem powered by Atomic Swap technology. Looking for feedback on the concept and MVP
- From Belarus to Bahrain, the small states going big on cryptocurrency
- Chromia - Empowering Scalable Dapps by Relational Blockchain
- ⚡Asure Network & Decentralized Social Security: just 2 days left until our TGE (1st of August, 2019)
- New version of our licensed payment operator - BitBayPay.com !
- Keiser Report: Time value of money disappears (E1415 )
- is kraken legit?
| Daily Discussion - July 29, 2019 (GMT+0) Posted: 28 Jul 2019 05:20 PM PDT Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating. Disclaimer: Though karma rules still apply, moderation is less stringent on this thread than on the rest of the sub. Therefore, consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here. Rules:
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| Rule 4 Reminder: Do not encourage Tax Evasion Posted: 28 Jul 2019 08:31 PM PDT With the IRS letters going out, this is a good time to remind everyone that Rule #4 does not allow for Tax Evasion. This is a site wide rule and a subreddit rule. Do not endorse, suggest, advocate, instruct others, or ask for help with tax evasion. Do not be coy and sarcastically recommend against it or suggest using a privacy coin in response to an IRS inquiry. We've seen it all, so please steer clear of anything like this. Note: Tax discussion is allowed as long as the above rules are not violated. [link] [comments]  | ||
| Posted: 28 Jul 2019 11:37 PM PDT
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| 5 Problems With eCommerce (And How To Solve Them) Posted: 29 Jul 2019 04:11 AM PDT
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| A Must Watch Video: Exposing the Federal Reserve. Posted: 28 Jul 2019 08:33 PM PDT A MUST WATCH VIDEO: Exposing the Federal Reserve. This video explains why, ultimately, governments aren't the main cause of the poor financial state of countries. Those that control the money supply are. They do so by indebting countries. This puts them above the law. This, my friends, is why Bitcoin and cryptocurrency exists. And this why, regardless of what country we are from, we should all be united in this common cause. I highly, highly recommend you watch this video if you haven't already. As someone who has watched many videos on the subject of money, it still helped me form a more complete understanding of the scam at work. [link] [comments]  | ||
| IRS Letter Writing Campaign Info From Insider Posted: 28 Jul 2019 06:14 AM PDT I just made throwaway account for obvious reasons but I'm a regular poster here. I actually have first hand experience with these "letter writing campaigns" from the IRS side. I worked for the IRS and helped them with a different "letter writing campaign" as they call them a few years ago. These are broad and very error-prone fishing expeditions on their part. They do these for a few reasons. First is they simply don't have the resources to go after everybody and instead do a letter writing campaign to try and scare as many people possible into paying more voluntarily so they don't have to do anything. Second is they're not really sure if you owe more money or not since they have really bad data. They are almost certainly joining up some of their internal tax filing database tables with external datasets (probably coinbase) and trying to estimate how much they think you owe. For example the coinbase data might have shown that you sold $20K worth of BTC in 2014 but your tax filings only show that you paid taxes on approximately $5K. And that could be because you had a $15K loss on Bitfinex but the IRS doesn't know that because they don't have any Bitfinex data and you didn't make this clear on your taxes. Or maybe you reported the transactions with the loss as "crypto" and they only joined the data with a clause searching for "BTC" or "bitcoin". It just *appears* from their incomplete picture that you might owe more than they see that you've paid. For the people that actually didn't pay or underpaid, they're trying to scare you into paying what you actually do owe. Based on my experience with the IRS, that's a best case scenario on their part. Whatever they're actually doing is probably much more error-prone and dirty. Their own internal taxpayer database tables have horrific data quality problems. It strikes me that this letter writing campaign in particular is very unethical, as they're blindly scaring thousands of people shitless who very well may have done absolutely nothing wrong. Many of these people will seek legal or professional tax help at a large cost to them, and the IRS won't be responsible for picking up the bills of innocent taxpayers that they unjustly threaten. In a fair world they'd face a class action lawsuit for for this predatory behavior. What they will most likely do is create a prioritized list of everybody who they sent letters to, and only pursue audits of a small minority at the top of the list who does not end up paying what the IRS is estimating (guessing) they still owe. They're looking for return on investment. They have a small team dedicated to this campaign (maybe 5 people part time) and are looking to generate more revenue from voluntary payments from the letter campaign then they spend on the staff running it. The small minority at the top of the list that they refer to the audit teams works the same way. Audits are resource intensive for the IRS and they are very short staffed. They can only afford to go after the biggest fish. Unless you have egregiously not been paying your crypto taxes, you won't be referred to the audit team, and you will most likely get forgotten about. If you got one of these letters and know you reported correctly, I wouldn't worry about it. [link] [comments]  | ||
| Posted: 28 Jul 2019 05:26 PM PDT
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| U.S. Tax Implications of Using Cryptocurrency to Buy a Coffee Posted: 28 Jul 2019 12:57 PM PDT If you're a US citizen, buying a coffee or any other goods with cryptocurrency has serious tax ramifications that takes several steps to ensure that all requisite taxes are paid to the U.S. Treasury and the state taxing authority. As an exercise, let's go through a rather simple purchase of a cup of coffee using the cryptocurrency Monero and see how you might account for this purchase in your year-end tax filing. (I am not a lawyer, US citizen, or tax professional - please correct any errors or omissions that you see in the following description) Action: Buy a coffee with Monero (XMR) Details: 0.05 XMR sent from your private wallet to a shop's XMR wallet to purchase a coffee Accounting steps: 1) Calculate your cost basis of XMR sent 1a) Using First-In-First-Out (FIFO) accounting, identify the oldest unspent XMR in your records of all cryptocurrency trades that you've ever made 1b) Calculate the USD value of these oldest unspent coins at the time of original purchase. If the XMR was purchased with BTC, go to a lookup table of averaged exchange data for USD/BTC price at the time of XMR purchase and convert the BTC purchase price to USD. 1c) Be sure to include a calculation of cost basis for the XMR transaction fee as there will be capital gains on this as well. 1d) Repeat this process if XMR used in purchase can be tracked to multiple purchase transactions according to FIFO designation 1e) Update your FIFO records to reflect that these oldest XMR are now "spent" 2) Calculate the USD value of XMR and XMR fees at the time of the transaction 2a) Using a lookup table, calculate the average exchange price for BTC/USD at the time of purchase 2b) Using a lookup table, calculate the average exchange rate for XMR/BTC at the time of purchase 2c) Using exchange rates from Steps 2a and 2b, multiply (XMR + XMR transaction fee) by BTC/XMR ratio from 2b, then multiply by USD/BTC rate to calculate the USD value of XMR and XMR fees used in the current transaction 3) Calculate Gain/Loss of XMR and XMR fees 3a) Subtract the cost basis determined in Step 1 from the USD value determined in Step 2 for USD value of XMR plus XMR transaction fees 3b) Identify whether the oldest unspent coins from Step 1a were purchased more than a year ago 3c) If coins older than a year, record the Gains/Losses from Step 3a as a long-term capital gain/loss 3d) If coins held less than a year, record the Gains/Losses from Step 3a as a short-term capital gain/loss 4) Pay taxes for 2019 tax year 4a) File Form 1040 to the IRS for tax year 2019 which includes the Gains/Losses calculated in Step 3 as long-term gains recorded on Line 13 or as short-term gains recorded on Line 14 in the form. Include all cost basis, timing, and price details in an attached 1099-K of the XMR transactions used to purchase the coffee. This could include multiple line items if multiple purchase transactions were identified through FIFO as being the source of unspent coins used during the coffee purchase transaction. 4b) Calculate federal taxes owed by determining your applicable capital gains tax rate for 2019 and multiplying by your long-term capital gains from the transaction. Calculate short-term gains according to your applicable short-term rate. Depending on your tax bracket, these may be as high as 18% and 38% of gains, respectively. 4c) Calculate state taxes owed (varies drastically from state to state). Determine tax liability from both long-term and short-term gains or losses. 5) If a gain was determined in Step 4a and tax liability is owed, then pay federal and state tax authorities the owed tax liability. 6) Make four estimated tax payments in 2020. If you expect to continue buying coffee in 2020, then file a federal Form 1040-ES and make quarterly estimated payments to the US Treasury for the approximate annual gains to be made in the underlying cryptocurrency asset being used in the expected purchases. A defensible position is to take the tax liability calculated in Step 4b and divide these totals by 4 to determine how big of quarterly federal tax payments to make. Depending on your state of residence, you make be required to make quarterly payments to your state taxing authority as a function of 2019 gains calculated in Step 4c.
Did I miss anything? [link] [comments]  | ||
| Posted: 28 Jul 2019 06:39 PM PDT
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| Posted: 28 Jul 2019 11:43 PM PDT AI developments detect Parkinson's from your mousepad and won't tell youIf you've ever gone on the internet you've probably encountered CAPTCHA — an intelligence system that uses tests like identifying pictures to prove users aren't robots. You may have also noticed the CAPTCHA system has evolved; now, users only need to check a box labeled "I'm not a robot," all thanks to Google. But have you ever wondered how Google can distinguish bot from human with one simple click? It's easy — Google already knows you're human before you even click anything. Google's simplified CAPTCHA — ironically called "No CAPTCHA reCAPTCHA" — uses Botguard technology and employs encryption to conceal its activity. Here's how it works: Botguard determines whether a user has a Google cookie on the machine. It then proceeds to drop its own Google cookie into your browser and extracts personally identifiable information like screen resolution, date, language, browser plug-ins, Javascript objects, IP address, CSS information and mouse movement patterns. Java itself, embedded in almost all web pages, can track a user's keystrokes and the position of their cursor without making any kind of visual display; all of this information is being pulled in the background unknown to users. So what is Google doing with all of this personal information? Why are they asking you to click on anything when their tech already knows you're a human and not a robot? Google is most likely doing exactly what it's done with its reCAPTCHA system in the past: finding a way to profit massively and discreetly. When Google bought CAPTCHA in 2009, we thought that in answering the security questions we were proving we weren't a robot — in reality, we did far more than that. The blotched words and numbers we typed helped Google's AI system transcribe a variety of documents, from books to addresses. In doing so, Google made millions off its users under false pretenses, and it's geared to do it again. Researchers at Stanford reported in March 2018 how digital tracks left by a computer mouse may reveal involuntary tremors or shakes, most commonly attributed to Parkinson's disease. Eric Horvitz, one of the researchers, believes this information, along with other user web search data, could help diagnose Parkinson's in people before they're even aware of it. Or, Google could indirectly raise premiums by alerting that individual's insurance company. In reference to the newly advanced and simplified CAPTCHA system, Vinay Shet, product manager for Google's CAPTCHA team, revealed that human users can be discerned by using subtly ingenious clues, like a user's mouse movements in the brief moments before flagging themselves as human. With the new ability of AI to detect Parkinson's via mouse movements, it's within Google's interest and capacity to move toward a disease-detecting CAPTCHA. Much like it has done in the past, Google will try and sell that information to the highest bidder: your insurance company or maybe even your employer. Insurance companies would undoubtedly pay top dollar to predict their clients' future health risks, proceeding to either raise premiums or drop clients entirely, and they would never have to disclose why. Our searches, mouse patterns, IP addresses are all inextricably linked with us in a personal, distinguishable way. Google already knows who you are, but now it can know details and characteristics about you which you may never know yourself. Google may know you have a life-changing disease before you do, and it will make money off your medical data while keeping you in the dark. When Google was planning to go public in 2004, its code of conduct included the words "don't be evil" — they have since been removed from Google's corporate philosophy. By its own silent admission, it's not a question of whether Google will use this technology against us, or even when. It's a question of how. This article was taken from https://theaggie.org/2019/05/03/googles-captcha-ring-all-your-data/ [link] [comments]  | ||
| Ripple Open Letter to Congress Posted: 28 Jul 2019 11:18 PM PDT | ||
| Mr Robot literally predicts Libra coin happening - Check out this video now! Posted: 29 Jul 2019 01:09 AM PDT There was another thread with a screenshot of bitcoin logo and ecorp logo, but this video really deserves it's own thread. The level of similarity between eCorp's eCoin and Facebook's libra is astonishing. Check out the video and share your thoughts https://www.youtube.com/watch?v=gHOAKWzDH-Q I personally feel like this is very similar. Maybe even Zuck watched mr robot and got the idea there [link] [comments]  | ||
| Venezuela Is Turning Airport Taxes Into Bitcoin to Avoid Sanctions Posted: 28 Jul 2019 07:32 PM PDT Well it seems that Venezuela are now leveraging tax revenue and cryptocurrencies in an effort to evade economic sanctions. I read that a newspaper uncovered a scheme in which President Maduro were using a digital wallet app to turn tax revenue from their airports into bitcoin and other crypto's that were then transferred to exchanges around the world. Apparently the government has a ban from using US bank accounts which is forcing it to look at cryptocurrency as a way to obtain dollars. It always surprises me how the Venezuela government makes it so difficult for their citizens to access a stable currency but are doing it themselves. Does anyone have any knowledge of this? [link] [comments]  | ||
| Mr Robot predicted Bitcoin vs Libra Posted: 28 Jul 2019 07:59 AM PDT
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| Posted: 29 Jul 2019 05:01 AM PDT Is a non-custodial solution the problem solver for crypto traders to keep their funds safe??? [link] [comments]  | ||
| The Most Significant Use Cases For Cryptocurrency Posted: 29 Jul 2019 04:38 AM PDT
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| Sentinel decentralized VPN, interesting tech! Posted: 28 Jul 2019 11:09 PM PDT
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| Posted: 29 Jul 2019 12:19 AM PDT
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| The DeFi ecosystem powered by Atomic Swap technology. Looking for feedback on the concept and MVP Posted: 29 Jul 2019 01:49 AM PDT
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| From Belarus to Bahrain, the small states going big on cryptocurrency Posted: 28 Jul 2019 11:27 PM PDT
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| Chromia - Empowering Scalable Dapps by Relational Blockchain Posted: 29 Jul 2019 05:04 AM PDT Chroma is a metatoken native to Chromia. It serves as a medium for exchange and an economic balancing tool for dapps deployed on Chromia. It:
Use cases with Partnerships : 1) LANTMÄTERIET The Swedish Land Registry (Lantmäteriet), Chromaway, Kairos Future, Telia Company, SBAB Bank, Landshypotek bank and Evry investigate Smart Contracts and Blockchain for the process of selling a house. 2) STOCKHOLM GREEN DIGITAL FINANCE In collaboration with Stockholm Green Digital Finance, Chromaway is building a plattform for validating green investment claims and reporting on the impact of green projects. 3) FUNDERBEAM As an investor, you can invest in startups around the world and trade your investment tokens whenever you wish. All transactions on Funderbeam are recorded on the blockchain, making investing and trading fast, transparent and secure. 4) LHV Cuber, that ChromWay built for LHV Bank, can transfer euros as tokens on the Bitcoin network without being affected by fluctuations on the price of the bitcoin currently. Stable coin, since 2015 .Asset security and options for hot and cold storage : Chromia token ( ticker id $chr) is an Erc20 token and can be stored in any Ethereum wallet. Hardware wallets like Trezor are preffered Mobile wallets include Trust wallet by Binance Desktop wallets like My ether wallet offline version Chromia will swap the tokens to their own mainnet by September 2019, a chromia wallet is already in testing phase and will be out soon. Transaction times and fees As Chromia is currently a Erc20 tokens until they swap to there own mainnet so current transaction times and fees are same as ethereum network. Once shifted to mainnet transaction times will be ~1 sec and users are free to choose the fees. Ease (or difficulty) acquiring the asset: Chr is currently available on a number of Exchanges and is planning to list on more exchanges further Some exchanges names include Bithumb Global, Kucoin, Bilaxy and Bitmax Almost all these exchanges allow to trade without kyc so it takes just few mins to setup a account and buy some tokens Investor experience: Chromia completed its IEO on Kucoin exchange at a price of 0.05 cents per token and raised $2 M in ieo. They also had a private round in which Chromia raised $8.6 M at a token price of 0.058 cents At the time of writing this review token price is 0.051 which is still above the IEO price. Thoughts on future price movement: Being a low marketcap and strong fundamental coin , Chromia has potential of very large upside can reach $0.30-0.50$ by EOY. Check out Chromia at : www.chromia.com [link] [comments]  | ||
| ⚡Asure Network & Decentralized Social Security: just 2 days left until our TGE (1st of August, 2019) Posted: 29 Jul 2019 04:53 AM PDT
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| New version of our licensed payment operator - BitBayPay.com ! Posted: 29 Jul 2019 04:33 AM PDT
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| Keiser Report: Time value of money disappears (E1415 ) Posted: 28 Jul 2019 05:12 AM PDT
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| Posted: 29 Jul 2019 03:42 AM PDT has anyone experience with this exchange? how do deposit usd funds? it says they support ach, but according to chat support they dont support ach. i just need to send a little bit to test, and if it doesnt work send via wire (which is 25$ per transfer) I need help here... kraken support has left me completely dumbfounded [link] [comments]  |
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