1)It is possible to change the code through a miner vote or a fork and change the total supply or anything. DASH did it : they reduced the total supply from 84M to 18.9M a few years ago. They could also increase it to 999 Trillions if they wanted to so that millions of DASH are mined every week. 2)You can also fork bitcoin anytime , start over from 0 and claim it's the real bitcoin. (BCH , BSV , BTG , LTC , BCD etc) 3)Why would you pay $10,000 for a digital collectible unit called BTC when you can use BCH or TRX or LTC .. you name it. They work just as fine and cost less. There is no rarity like in gold. 4)Think of any amount you hold in ethereum as a gift card to use smart contracts on the ETH blockchain. Ridiculous. You’d rather hold a wal mart gift card or even simply cash. 5)Private keys may be bruteforced as we speak. Quintillions entries a second. When they’ll have enough bitcoins under control , they could move them all at once instantly.(At least 45,000 ETH have been stolen this way for now through ethereum bandit)SHA 256 is too old , bitcoin is 10 years old , it is not secure enough , quantum computing could potentially break it. 6)And that’s if people don’t find a way to create an infinite amount of coins to sell on exchanges.. it happened with monero , stellar , bitcoin , zcash , zcoin , eos , etc.. proofs : “Bitcoin , Coindesk : “The Latest Bitcoin Bug Was So Bad, Developers Kept Its Full Details a Secret”an attacker could have actually used it to create new Bitcoin — above the 21 million hard-cap of coin creation — thereby inflating the supply and devaluing current bitcoins.” Stellar : “Stellar Inflation: Glitch Leads to 2.25 Billion Extra XLM Printed” Monero : “A bug in the Monero (XMR) wallet software that could enable fake deposits to exchanges has been recently brought to public attention through a Medium post” Zcoin : Forged coins were created, but not exceeding 1% of the circulating supply. We will release further details on exact numbers when Sigma is released. EOS : “Hackers Forge Billion EOS Coins to Steal Real Crypto From DEX “ Zcash : “Zcash Team Reveals It Fixed a Catastrophic Coin Counterfeiting Bug” etc.. 7)Segwit , and especially Lightning network is a very complex technology and it will inevitably have flaws , bugs , it will be exploited and people will lose money. That alone can cause bitcoin to drop very low levels. 8)Then miners may be losing millions so they will stop mining , blocks may be so slow , almost no transaction will come though , and bitcoin may not have enough time to reach the next difficulty adjustement. This is reffered to as a death spiral. Then every crypto even those with no mining involved may crash hard. 9)Many crypto wallets are unsafe and have already caused people to lose all their investment , including the infamous “parity wallet”. 10)It is NOT trustless. you have to trust the wallet you’re using is not just generating an address controlled by the developper , you have to trust the node the wallet connects to is an honest node , you have to trust a Rogue state or organization with enough computing power will not 51% attack the network. etc.. 11)Bitcoin is NOT deflationary. Bitcoins are created every blocks (roughly every 10 minutes) and you wil be dead by the time we reach the 21 million current hard cap. 12)Bitcoin price may artificially be inflated by Tether. 13)It’s an energy waste , an environmental catastrophy. 14)The only usecases are money laundering , tax evasion , gambling , buying on the dark net , evading sanctions and speculation. 15)Governments will ban it if it gets too big , and they have a big incentive to do so , not only for the obscure usecases but also because it threatens the stability of sovereign currencies. Trump could kill bitcoin with one tweet , force fiat exchanges to cease activity. 16)Most cryptos are scams , the rest are just crazy speculative casino investments. 17)It is pyramidal : early adopters intend to profit massively while last comers get crushed. That's not how money works. The overwhelming majority of crypto holders are buying it because they think they will be able to sell it to a higher price later. Money is supposed to be rather stable. That's why the best cryptocurrencies are USDT USDC etc.. 18)The very few stores accepting bitcoin always have the real price in the local currency , not in bitcoin. And prices like 0.00456329 BTC are ridiculous ! 19)About famous brokers listing bitcoin : they have to meet the demand in order to make money , it doesn't mean they approve it , some even short it (see interactive broker's CEO opinion on bitcoin) 20)People say cash is backed by nothing and losing value slowly , and yes it is very flawed , but there is a whole nation behind it , it's accepted everywhere , you can buy more things with it. 21)Everybody in crypto thinks that there will be a new bullrun and that then , they will sell. But because everybody thinks it will happen , it might not happen. The truth is past performance doesn’t indicate future performance and it is absolutely not guaranteed that there will ever be another bullrun. The markets are unpredictable. 22)Also BTC went from about $0.003 to the price it is today , so don’t think it’s cheap now. 23)There is no recourse if you’re scammed/hacked/made a mistake in the address etc. No chargebacks. But it might be possible to do a rollback (blockchain reorganization) to reverse some transactions. BSV did it. 24)In case of a financial crisis , the speculative assets would crash the most and bitcoin is far from being a non speculative safe heaven ; and governments might ban it to prevent fiat inflation to worsen. 25) Having to write down the private key somewhere or memorize it is a security flaw ! It’s insane to think a system like this will gain mass adoption. 26) The argument saying governments can not ban it because it is decentralized (like they banned drugs) doesn’t work for cryptos. First , drugs are much harder to find and much more expensive and unsafe because of the ban , and people are willing to take the risk because they like it. But if crypto is banned , value will drop too much , and if you can’t sell it for fiat without risking jail , goodluck to find a buyer. Fiat exchanges could close. Banks could terminate every crypto related bank account. And maybe then the mining death spiral would happen and kill all cryptos. 27) Crypto doesn’t exist. It’s like buying air. It’s just virtual collectibles generated by a code. Faguzzi, fugazzi, it’s a whazzie, it’s a whoozie.. it’s a.. fairy dust. It doesn’t exist. It’s never landed. It’s no matter, it’s not on the elemental chart. It… it’s not fucking real! 28) Most brilliant guys have come out and said Bitcoin was a scam or worthless. Including Bill Gates , Warren Buffet , The Wolf Of Wall Street… 29) Inflation is necessary for POW , BTC code will have to be changed to bypass the 21M cap or mining will die ! If BTC code is not changed to allow for miners to be paid reasonably , they will cease mining when the bitcoin block reward gets too low.Even monero understood it ,the code will have to be changed to allow for an infinite bitcoin supply (devaluating all current bitcoins) or the hash will decrease and the security of bitcoin will decrease dramatically and be 51% attacked 30) Don’t mix up blockchain and cryptos. Even blockchain is overrated. But when you hear this or that company is going blockchain , it doesn’t mean they support cryptocurrencies. 31) Craig Wright had a bitcoin mining company with Dave Kleinman (he died) and on january 1 2020 he claims he will be able to access the 1.1M BTC/BCH/BTG from the mining trust. He may or may not dump them on the market , he also said BTC had a fatal flaw and that by 2019 there will be no more BTC. 32) Hacks in cryptos are very common and usually massive. Billions of dollars in crypto have been stolen in the last 6 years. In may 2019 Binance was hacked and lost 7,000 BTC (and it’s far from being the biggest crypto hack). 33) Bitcoin was first. It's an ancient technology. Newer blockchains have privacy, smart contracts, distributed apps and more.Bitcoin is our future? Was the Model T the future of the automobile? (John Mc Afee) 34) IOTA investiguating stolen funds on mainnet. IOTA shuts down the whole network to deal with trinity wallet attack. 35) Compared to bitcoin other cryptos work just as fine and don't waste so much energy. 36 ) Everytime miners disagree on the updates it will create another version of bitcoin : problem of governance and legitimacy. 37) Cryptos are only legitimate if they act as a credit for a redeemable asset like USDT or gold backed coins. While the native language of the writter is not english , I think you get the point and it doesn't make it any less relevant.
Currently working intern at a company and just received a large windfall due to inheritance from family member, how do I legally invest a large portion into stocks and cryptocurrencies in the US?
I'm already making a decent amount at the company while finishing up my 2nd BA and working towards Masters. Due to the death of a family member, I have received a fairly large (by state standards) inheritance. How would I go about investing 75% into retirement/investment and 25% into cryptocurrencies? I know I should invest the 75% into my growing Index Fund (already have one, but not alot in it). However, I'm curious about how to legally invest and pay taxes on Cryptocurrencies. I already own a couple Bitcoin and various other crypto's due to the EXTREMELY early days when I was starting Highschool due to my uncle who gave me some as a gift for my Bday, however I have not paid any taxes on them as it wasn't required at the time (this was late 2011, early 2012 ~) . I heard there was new rules and laws dictating currencies and such. Do I have to pay taxes on the crypto from 6+ years ago? For the amount I'm planning to put in is greater than 10k, I already have a coinbase, binance, and bittrex account. I heard they automatically report to the irs after a certain amount. Again, I'm not looking to break any laws, just asking for what I need to do legally. Posted here instead of personal finance since it got removed.
Link to January's list Crypto moves way too fast for me to keep up, so I started making a list of each day's biggest headline. Below is my list for last month. My main news source was reddit. My main holdings are ETH and NANO, but I tried to make the list as unbiased as possible. Starting next month, I plan on including a source for each headline. Hope you like this, and let me know if you have any feedback! 2/1 - The Proof of Weak Hands smart contract is hacked, resulting in the theft of over 800 ETH. 2/2 - Nano trading opens on OKEX and Binance at the same time. 2/3 - Vitalik Buterin donates $2.4 million in Ether to the SENS Foundation to research therapies against age-related diseases. 2/4 - Days after Facebook banned cryptocurrency related ads from its website, Chinese search engine Baidu and social network Weibo do the same. 2/5 - China bans citizens from accessing foreign crypto exchanges and large western banks ban crypto purchases with credit cards as regulations around the world tighten and the crypto market cap falls to 50% of the all time high. 2/6 - CFTC chairman Christopher Giancarlo advocates a “do not harm” approach to cryptocurrency regulation (and gives a shoutout to hodlers) in his testimony to the US Senate Banking Committee. 2/7 - IOTA announces the IOTA Ecosystem Platform, which will house educational and developer resources, pair up organizations with developers, and support hackathons and philanthropic initiatives. 2/8 - Technical issues with Binance’s database cause it to go down for over 24 hours for maintenance. This leads to accusations by several members of the crypto community, including John McAfee, that the exchange was hacked or is exit scamming, which are debunked by Binance staff. 2/9 - A team of programmers for MyEtherWallet break away to form MyCrypto, hijacking MEW’s Twitter account and causing confusion in the process. 2/10 - Chat logs between the Nano core dev team and BitGrail reveal that the exchange has been insolvent for several months due to critical software issues. Deposits and withdrawals remain frozen. 2/11 - Kyber Network’s decentralized exchange goes live. 2/12 - ICON partners with biometrics tech company Raonsecure to develop a blockchain based identity authentication system. 2/13 - Washington Post’s head of innovation Jarrod Dicker announces he is stepping down to become the CEO of Po.et. 2/14 - Prices across the market rise as the Central European Bank and the South Korean government backpedal on their threats to regulate or ban cryptocurrency. 2/15 - Coinbase issues continue as users report random, unauthorized withdrawals from their linked bank accounts, leaving some with overdrawn accounts. Coinbase confirms the reports and begins to rollback the transactions. 2/16 - Visa issues a statement clarifying that the unauthorized transactions are not the fault of Coinbase. 2/17 - The CFTC urges investors to avoid crypto pump-and-dump schemes and offers a bounty to whistleblowers of such groups. 2/18 - Pro gaming team NRG utilizes Enjin Coin in their fan rewards system to educate their followers on blockchain technology. 2/19 - The Wyoming state senate proposes a bill that would exempt cryptocurrencies from tax considerations. 2/20 - OmiseGo signs a deal to produce both a payment and identification system for the Thailand government. 2/21 - Venezuelan president Nicolas Maduro announces that the first round presale of the Petro, the country’s new oil-backed cryptocurrency, has raised $735 million. 2/22 - Robinhood’s Bitcoin and Ethereum trading platform goes live in 5 U.S. states. 2/23 - Coinbase completes implementation of full Segwit support on GDAX to reduce Bitcoin transaction times and fees. 2/24 - TD Bank becomes the latest large bank to ban cryptocurrency purchases with credit cards. 2/25 - During a meet with Sberbank, Russia’s largest bank, Vladimir Putin stresses the importance of staying ahead of the curve in blockchain technology. 2/26 - P2P payment tech company and ex-Bitcoin purchasing service Circle, which is backed by Goldman Sachs, acquires cryptocurrency exchange Poloniex for $400 million. 2/27 - In a Reddit AMA, Microsoft founder Bill Gates condemns cryptocurrency, saying that it is a rare technology that directly causes deaths, and that investing in an ICO is extremely risky. 2/28 - OmsieGo releases its open source e-wallet software development kit (SDK) which allows developers to integrate OMG wallet services into websites and phone apps.
Bitcoin left the major support and resistance levels untested at the start of the week. Binance Coin Reversing a 0.30% loss from the previous week, Binance Coin ended the week at $28.99. High volatility of the Bitcoin exchange rate can lead to tax liabilities for those who use Bitcoin to pay for goods and services (in particular, the obligation to pay tax on capital gains). In the fall of 2017, the U.S. Securities and Exchange Commission (SEC) opened its first case involving the fraud with an ICO. Binance has lost 7000 BTC from their hot wallet. This is 2% of their total bitcoin holdings. They have funds to cover customers according to their announcement. Here is the transaction. Bitcoin isn't dead, as usual. This is a fluid situation and we will direct other post duplicates to this thread. Death, Taxes, and Bitcoin - Robert Kiyosaki and Robert Breedlove . By The Rich Dad Channel. Share Tweet "There are three certainties in the world. We said death, taxes, and now we have the third, which is 21 million Bitcoin," says Robert Breedlove, investor, entrepreneur, and CEO of Parallax Digital, a digital asset hedge fund and digital securities advisory firm. Read More. In this episode of ... Two things in life are certain: death and taxes. The first one is a bit beyond the scope of this website, but if you’re looking to maximize your returns and minimize your liabilities, we can help you calculate crypto taxes on Binance. When am I liable to pay tax? You are liable to pay tax on any transactions that are considered taxable events. The exact definitions vary by jurisdiction. To ... You are here: Home / Crypto Blog / Bitcoin / Death of Coinbase? Binance to Introduce Euro Trading Pairs This Year. Death of Coinbase? Binance to Introduce Euro Trading Pairs This Year June 19, 2018 / in Bitcoin / by BTC Manager. Crypto exchange giant Binance might take cryptocurrencies to a whole new level this year, bringing them a bit closer to the mainstream financial market. Changpeng Zhao ... Only death and taxes… How to use Bitcoin.tax? To make use of the platform you have to log in to your exchange and export your trades. For example, with Bittrex you open up your order history page and click on “LOAD ALL” below the completed headline. This will generate you a CSV file and download it to your computer. Open it with Excel or Numbers and remove all the items before and after ... Three things are Certain; Death, Taxes, and 21 Million Bitcoin. This is the perfect summation of what was discussed in the show. Robert has an incredible ability to articulate what makes bitcoin the superior money, and superior gold. As he puts it, there are five properties of money that we should be paying attention to when selecting a money ... Instead, the blockchain and its coins acquire a “use disvalue,” which is their cost in terms of surveillance and taxes, including inflation. Rumors of Bitcoin’s death are exaggerated, but ... It’s said that in this world, only two things are certain: death and taxes. While the invention of Bitcoin may cast a little doubt on the certainty of taxes, death remains sadly inevitable. However, one consolation of mortality is the ability to pass on one’s values, knowledge and accumulated wealth to others.
How to file your cryptocurrency & bitcoin taxes with ...
This demo shows how you can connect your Binance US account to CryptoTrader.Tax to automate your cryptocurrency tax reporting. Simply import your trades and ... This video demonstrates how you can import your Binance trades into CryptoTrader.Tax to generate one-click tax reports. For more information on doing your Bi... CoinTracker tutorial on how to file your cryptocurrency and bitcoin taxes with CoinTracker and TurboTax. Import your transactions from top exchanges includin... Binance Has Been Hacked Jumping on live to discuss what is going on with the Binance Bitcoin Hack! #Binance #Bitcoin #Hack. Firstly, thanks for watching I appreciate your support! Robert Kiyosaki interview: Blockchain technology, AI, Crypto, Bitcoin BTC Halving 2020 Robert Kiyosaki 58,261 watching Live now BITCOIN VS WORLD DICTATORSHIP + Cypherium Review (Stack vs Register ... This video is unavailable. Watch Queue Queue. Watch Queue Queue - Binance is changing USDT Market To USDⓈ Market for multiple stable coins - 600,000 to 800,000 miners have shut off in the most recent weeks - Ohio approves bitcoin tax payments DISCLAIMER: I AM NOT A TAX PROFESSIONAL, PLEASE DO YOUR OWN RESEARCH ON THIS IMPORTANT TOPIC! Many people have been wondering how their crypto transactions/d... Molly from Cointelegraph and I discuss some of the latest news in Bitcoin and crypto, including Binance and Coinbase. Subscribe to Cointelegraph: https://goo.gl/JhmfdU Free Cryptocurrency Course ... Bitcoin Tax Myths: There are a lot of questions and misinformation circulating in our community about crypto & taxes. This is my attempt to clarify some impo...