Crypto lounge thread

M'bare

Woodpecker
Other Christian
Gold Member
What are you all doing in regards to taxes and cyrpto?


Unfortunately when I first got into crypto, I started with Coinbase. Slowly working away from it.

Coinbase sent an email about tax forms, etc.

I've only bought various coins, and transferred to my wallet -- I haven't sold any and I don't receive income from crypto.

Yet their tax forms are trying to get me for short and longterm capital gains. What's that about considering I haven't sold?
 

road_runner

 
Banned
Other Christian
I have to say I tried that Wise multi-currency account mentioned above and refuse to deal with this stuff: not worth it.
It wants to link that account to your "phone number" and if you later don't have access to that phone, good luck, they'll want some "selfie" sent and takes days to change the number. The account is supposedly for international travelers - but the phone isn't going to work overseas, obviously. Ridiculous, the beast system, which Wise is part of, is going beyond absurd.
No, I don't have a "phone number" (I actually change my numbers as lot, use prepaid phones and have 4 numbers which aren't active at the same time but intermittendly, I grew up without a phone and the idea of having some "phone number" your life and money access are tied to is completely alien to me).
I'll stick to my simple older-style bank accounts that don't require a "phone number" for every step, or "selfies".
These new fintech tendencies are disturbing, I like crypto without KYC and ok with old banking style still practiced by some banks before overzealous KYC.
Those "selfies" they collect are probably sold to the highest bidder on darknet next.
I feel safer traveling with cash than sending my money using the system that can lock you out based on no access to your "phone number".
Reading horror stories how Wise froze large sums of money based on 'suspicions', with no clear timeline for releasing the funds.
 
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Coja Petrus Uscan

Crow
Orthodox Inquirer
Gold Member

Wishing he hadn't lost ~50% on his crypto net work on this slump.

Screenshot-from-2022-03-19-00-17-12.png



The one week view MACD is about to turn green. This has generally been bullish. Need more volume though.
 

skeptic

 
Banned
Catholic
I say avax is a pretty good coin, will surpass Solana soon.

For all the people who are fans of monero or other anonymous coins, just keep in mind that money laundering exists for a reason, you need the money to be linked to you somehow. If you want to spend say 10M dollars on a house you need to be able to explain to tje IRS where you got there money for instance, anything worthwhile buying can’t be annonymous. So while I see where people who like monero come from, the only people who hold money anonymously are criminals and then they launder their money. So I think obsessing over anominity is a mistake, I think DEFI is the future
 

BasedBaker

Robin
Trad Catholic
I say avax is a pretty good coin, will surpass Solana soon.

For all the people who are fans of monero or other anonymous coins, just keep in mind that money laundering exists for a reason, you need the money to be linked to you somehow. If you want to spend say 10M dollars on a house you need to be able to explain to tje IRS where you got there money for instance, anything worthwhile buying can’t be annonymous. So while I see where people who like monero come from, the only people who hold money anonymously are criminals and then they launder their money. So I think obsessing over anominity is a mistake, I think DEFI is the future
Why do you think it will pass Solana soon? I hold neither, but am curious of your views.
 

skeptic

 
Banned
Catholic
Why do you think it will pass Solana soon? I hold neither, but am curious of your views.
Because I’ve been holding avax for a while and Solana was way ahead, now they are pretty close in price. Solana was about double the cost of an avax coin and now they’re only a few dollars away, the market cap of avax has held while Solana dumped.
 

COtrailrider

Sparrow
Gnostic or New Age
I say avax is a pretty good coin, will surpass Solana soon.

For all the people who are fans of monero or other anonymous coins, just keep in mind that money laundering exists for a reason, you need the money to be linked to you somehow. If you want to spend say 10M dollars on a house you need to be able to explain to tje IRS where you got there money for instance, anything worthwhile buying can’t be annonymous. So while I see where people who like monero come from, the only people who hold money anonymously are criminals and then they launder their money. So I think obsessing over anominity is a mistake, I think DEFI is the future
Buy a house for many is a once-in-a-lifetime event - the use case for many cryptos will be how well it's used in frequent transactions. Below are two directories that may be useful. I hope in the near future I'll be able to visit coffee shops, bars, and similar and spend Monero rather than some fiat CBDC.

 

Mikeyd03

Woodpecker
I remember in 2019 I was playing around on Decentraland....there were hardly any users. I listened to Barry Silbert discuss the potential of the metaverse. I even browsed OpenSea (not thinking anything of it or having any clue what a Crypto Punk was). A missed opportunity indeed....at the very least I bought DCL at .02 to claim a DCL name.

The point is I feel like the overlooked sector now is privacy. Silbert has also recently tweeted about allocating towards privacy coins (although he's a big proponent of Z-Cash).

It's just hard for me to imagine a future where privacy coins aren't necessary. "Web 3" has already shown it's inclined towards cancel culture: https://cointelegraph.com/news/ens-dumps-director-of-operations-in-condemnation-of-homophobic-tweets

"But Matt Damon, Tom Brady, and Jack Dorsey are now telling me I should own crypto."

Makes you pause.

Anyways, just a reminder....don't sleep on the privacy coins!

 

Coja Petrus Uscan

Crow
Orthodox Inquirer
Gold Member

scr.png


Malaysia should adopt Bitcoin and other cryptocurrencies as legal tender, the deputy minister of the Communications and Multimedia Ministry said.

“We hope the government can allow this,” Zahidi Zainul Abidin said in Parliament on Monday, responding to a question from an opposition member of the legislature.

So far, El Salvador is the only country to adopt Bitcoin as legal tender -- and with mixed success. A survey of companies by its Chamber of Commerce published this month found that just 14% had transacted in Bitcoin since September, when El Salvador recognized it as legal tender.

Malaysia’s Communications and Multimedia Ministry oversees the digital and broadcasting sectors, with tasks ranging from the rollout of 5G mobile networks to attracting investments into the technology industry. Zahidi didn’t specify what involvement the ministry has in digital assets.


While financial regulation falls under the Finance Ministry and entities under it such as the central bank and the securities regulator, The Ministry of Housing and Local Government also has jurisdiction over “digital financial activities,” Zahidi said.

The central bank hasn’t announced any formal position on adopting Bitcoin as legal tender. It told Bloomberg News in January that it’s assessing whether to introduce a central bank digital currency, or CBDC. Bank Negara Malaysia didn’t immediately respond to requests for comment on Zahidi’s remarks.

In September, the country joined forces with the Bank for International Settlements, Australia, Singapore and South Africa to test the use of CBDCs for international settlements via a shared platform in a project dubbed Project Dunbar.
 

BasedBaker

Robin
Trad Catholic
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