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ButtFace
Registered: 08/06/08
Posts: 1,547
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects *DELETED* [Re: gopher]
#28197124 - 02/21/23 08:36 AM (11 months, 9 hours ago) |
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Post deleted by ButtFace
Reason for deletion:
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budmanman
OTD Masterbater



Registered: 02/07/07
Posts: 17,974
Loc: PNW
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: ButtFace]
#28200035 - 02/22/23 11:15 PM (10 months, 29 days ago) |
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if you're just doing it as an investment and don't care about paying taxes, you don't need to hide your identity just pay the tax and chill yo.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
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gopher
Coffee Bean Extraordinaire



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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: budmanman]
#28200936 - 02/23/23 04:22 PM (10 months, 29 days ago) |
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Im worried my accountant is too old and won't know how to do my taxes now that I have crypto
I havnt even finished the adjusted cost base information for 2022
And I made one trade in 2023 so I dont know how do I give my tax person this information
-------------------- For most of the normies out there, an operating system is just a bootloader for Google Chrome. Since Disney has obtained tremendous value from the public domain, knows how important the public domain is, and is firmly determined to never contribute anything to it. My pronouns are He and Him, and my adjectives are Fat and Jazzy
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geokills
∙∙∙∙☼ º¿° ☼∙∙∙∙


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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: gopher]
#28201116 - 02/23/23 06:01 PM (10 months, 29 days ago) |
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Not sure how exactly it's treated in Canada, but in the US cryptocurrency is defined as property and subject to standard capital gain/loss tax treatment. It's not complicated, you just have to know what your cost basis (purchase/acquisition cost) was for whatever you sold. There are websites that can help streamline the calculations for you. I've used Koinly.io the past two years and it's worked well. I've also used CoinTracking.info which worked pretty well also. Only switched to Koinly because I had a promotional discount and they offered slightly more detailed reports.
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-------------------- ┼ ··∙ long live the shroomery ∙·· ┼ ...╬π╥ ╥π╬...
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geokills
∙∙∙∙☼ º¿° ☼∙∙∙∙


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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills] 2
#28202521 - 02/24/23 01:02 PM (10 months, 28 days ago) |
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Some interesting perspective on "smart money" using 2022 to accumulate bitcoin in a big way... i.e. net flows into bitcoin during 2022 were larger than flows into gold, oil and agricultural funds combined. You can listen to the find by clicking here. The whole podcast is fairly interesting (especially the part that touched on artificial intelligence), but I found the aforementioned segment on crypto investment activity particularly relevant to crypto, and it builds my confidence in the continued longer term prospects of the sector.
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-------------------- ┼ ··∙ long live the shroomery ∙·· ┼ ...╬π╥ ╥π╬...
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LotKid
Never.Trust.A.Prankster



Registered: 01/07/17
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
#28203196 - 02/24/23 08:02 PM (10 months, 27 days ago) |
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i've always thought that it wouldnt be surprising if some of the biggest fuders out there are and have been accumulating behind the scenes. along with the ones who have been open about it.
fuding to push price down in order to accumulate is probably one of the oldest tricks in the book.
keeping an eye CVD (cumulative volume delta) and open interest is good way to see actual buying and selling from the big boys.
TPO (time price opportunity) can be handy too.
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budmanman
OTD Masterbater



Registered: 02/07/07
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: LotKid]
#28203459 - 02/25/23 02:55 AM (10 months, 27 days ago) |
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That means Koods is a whale.
-------------------- Everything I have ever said is total bogus bs I am full of crud therefore everything I say should never be taken literal. And I am mentally unstable.
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tak
geo's henchman




Registered: 11/20/00
Posts: 3,776
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: budmanman]
#28204234 - 02/25/23 02:34 PM (10 months, 27 days ago) |
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With Coinbase launching their L2 "Base" for tighter integration with their products, reduced fees, etc, do you think that centralized exchanges will need to move into the DeFi space to remain relevant?
I personally believe there will always be a place and use case for decentralized and centralized. The Kraken NFT platform for example allows off-chain purchases of collectibles, where on-chain fees can be prohibitively expensive for many users. Uniswap has 30k active wallets, even less active users right now, though we're in a bit of a rut across the ecosystem.
Curious what everyone else thinks on whether there is a place for CEX's in the future, and also any opinion on the launch of Base.
-------------------- The DJ's took pills to stay awake and play for seven days.
Edited by tak (02/25/23 09:03 PM)
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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: tak]
#28205088 - 02/26/23 08:36 AM (10 months, 26 days ago) |
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I can't imagine CEX's having no place, as our legacy financial system is so entrenched that it will take decades if ever to move to a purely decentralized digital alternative. Thus, for individuals to maintain the ability to interact within the broader global economic system, the on/off-ramps provided through CEX's will remain a necessity. Now of course, this doesn't necessarily mean that CEX's will have excellent growth prospects, but I don't think they're going to just disappear either.
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-------------------- ┼ ··∙ long live the shroomery ∙·· ┼ ...╬π╥ ╥π╬...
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johnn122
Stranger
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
#28221679 - 03/09/23 01:19 AM (10 months, 15 days ago) |
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New to this. Been struggling to find a platform that sells XMR. Any one got any recommendation or point me in the right directions?
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ChemicalSpark

Registered: 10/08/15
Posts: 2,057
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: johnn122]
#28222128 - 03/09/23 11:38 AM (10 months, 15 days ago) |
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If you’re in the US, Kraken is the only KYC exchange I’m aware of that sells monero. But, if you don’t mind getting slightly less for your money, there’s always the option of buying some other coin and exchanging it for monero on a non KYC exchange like tradeogre. Or Bisq, the somewhat clunky p2p desktop application that runs over the tor network and allows users to buy/sell/exchange btc/monero anonymously.
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johnn122
Stranger
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: ChemicalSpark]
#28222797 - 03/09/23 07:12 PM (10 months, 14 days ago) |
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Quote:
ChemicalSpark said: If you’re in the US, Kraken is the only KYC exchange I’m aware of that sells monero. But, if you don’t mind getting slightly less for your money, there’s always the option of buying some other coin and exchanging it for monero on a non KYC exchange like tradeogre. Or Bisq, the somewhat clunky p2p desktop application that runs over the tor network and allows users to buy/sell/exchange btc/monero anonymously.
Thanks, i will look into the non KYC exchanges.
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gopher
Coffee Bean Extraordinaire



Registered: 11/22/17
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: johnn122]
#28223454 - 03/10/23 08:39 AM (10 months, 14 days ago) |
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Looks like my XLM is doing horrible
My app says my xlm is down $20
But if I add all my buys up it equals $70
And my coin is worth $75
Whydosnt it say up $5?
-------------------- For most of the normies out there, an operating system is just a bootloader for Google Chrome. Since Disney has obtained tremendous value from the public domain, knows how important the public domain is, and is firmly determined to never contribute anything to it. My pronouns are He and Him, and my adjectives are Fat and Jazzy
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syncro
Registered: 01/14/15
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: tak]
#28224678 - 03/11/23 04:32 AM (10 months, 13 days ago) |
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Quote:
tak said: With Coinbase launching their L2 "Base" for tighter integration with their products, reduced fees, etc, do you think that centralized exchanges will need to move into the DeFi space to remain relevant?
I personally believe there will always be a place and use case for decentralized and centralized. The Kraken NFT platform for example allows off-chain purchases of collectibles, where on-chain fees can be prohibitively expensive for many users. Uniswap has 30k active wallets, even less active users right now, though we're in a bit of a rut across the ecosystem.
Curious what everyone else thinks on whether there is a place for CEX's in the future, and also any opinion on the launch of Base.
I think the powers that be are after crypto's perhaps low hanging fruit, which is yield stuff in CEX, Gensler going on about whatever he can. I don't know if it's related but got an email from Coinbase talking about changes in staked assets, emphasizing, "You earn rewards from the protocol, not Coinbase."
Also by the way, saw this tweet:
"I fear that on Monday, Circle, that is blackrock, will sell BTC and ETH to recover the 3 trillion lost. I think it's time to wait and observe..."
That is assets lost in Silicon Valley Bank run. I was in Celsius, so want little to do with centralized yield anymore, or even holding much on centralized exchanges, which we knew.
A friend has some assets on Coinbase that I helped her buy, and I'm wondering if it's worth it to move it to defi, though she wants nothing to do with learning it. She will sell as soon as the next bulls are running.
Edited by syncro (03/11/23 04:44 AM)
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syncro
Registered: 01/14/15
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: syncro]
#28224691 - 03/11/23 04:58 AM (10 months, 13 days ago) |
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USDC depegged. https://coinmarketcap.com/currencies/usd-coin/

Frack. More motivation to move stuff off CEX.
Edited by syncro (03/11/23 05:00 AM)
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syncro
Registered: 01/14/15
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: syncro]
#28224696 - 03/11/23 05:16 AM (10 months, 13 days ago) |
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Coinbase tweet: "We are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During periods of heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to re-commence conversions."
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CapSlinger


Registered: 05/17/11
Posts: 983
Loc: Colorado rocky mountain high
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: syncro]
#28224763 - 03/11/23 07:31 AM (10 months, 13 days ago) |
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ashfiken
TotalCrazyasshole


Registered: 09/06/06
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: CapSlinger]
#28224788 - 03/11/23 07:48 AM (10 months, 13 days ago) |
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Sitting down ~10c off the dollar. Surely not good. And the "biggest" exchange in us halting conversion. Is that hope they can peg It back before then? Bc I see it coming to Monday, if still depegged, and then sell pressure absolutely Flooring this thing
-------------------- hmm... "I'm naked and fearless... And my fear is naked." "life isn't worth living without the threat of death" "I got my plans in a ziploc bag, let's see how unproductive we can be" "nobody lives their lives fully except for bull fighters" My Trade List
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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: ashfiken] 1
#28224876 - 03/11/23 09:18 AM (10 months, 13 days ago) |
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Very unfortunate news regarding USDC. On the upside, USDC has 77% of their assets in short term (6 month or less) US Treasury notes. Because they are short term notes, they have minimal to no interest rate risk, and a floor of $0.77/USDC if the entirety of their remaining liquidity is lost. There is however reason to expect a better recovery than that, as Circle (the company operating USDC) held their liquid treasury amongst a handful of different banks, and has stated that only $3.3 Billion was directly encumbered by the Silicon Valley Bank collapse. This is for an asset with nearly $41 Billion in circulating value.
Furthermore, Silicon Valley Bank is in receivership with the FDIC, and in prior cases where this has happened, it's not like all the money just disappeared. For example, Southern Pacific Bank went into receivership February 7, 2003. 62.839% of the encumbered assets were repaid via “advanced dividend” by June 10th of that same year (4 months). It took quite some time longer, but by November 21st, 2008, over 94% of encumbered assets were returned. Keep in mind that the majority of assets held to back USDC are generating interest, and so, over time, the limited loss from Silicon Valley Bank can be rebuilt. Furthermore, the FDIC has indicated insured deposits will be available Monday, and that an advanced dividend will be payable within the week after (considerably quicker than the 4 months it took for the bank in the above example).
The bigger issue here is contagion, and whether we continue to see banks toppling over. On the one hand, this will work to stay the Fed's hand when it comes to aggressively raising interest rates. But that will be limited consolation to the entities that have money tied up in undercapitalized institutions (or in other companies/products with exposure to them).
As an aside, it's a cruel twist of irony that a regulated stablecoin such as USDC is suffering this fate, while the considerably more opaque US Tether stablecoin, which the majority of market critics have highlighted as a systemic risk, continues on without incident.
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-------------------- ┼ ··∙ long live the shroomery ∙·· ┼ ...╬π╥ ╥π╬...
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gopher
Coffee Bean Extraordinaire



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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
#28224925 - 03/11/23 10:08 AM (10 months, 13 days ago) |
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On the extreme precious metal sub's, they say that tether(or at least stable coins in general) is holding up the entire crypto market
I thought about putting money in usdc but went with paxg instead, maybe inwant to be selling paxg right now? I got like $400 in I think, which is a lot for me
-------------------- For most of the normies out there, an operating system is just a bootloader for Google Chrome. Since Disney has obtained tremendous value from the public domain, knows how important the public domain is, and is firmly determined to never contribute anything to it. My pronouns are He and Him, and my adjectives are Fat and Jazzy
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