[GradyFuson]

Money pit! Good movie.

You're making sense to me Papa, thanks

[SEAHAWKHARRY]

Buckle up here we go

[shocka1212]

Back like it never left and it brought eth and ltc with it

[ThaWoj]

Fing bs that it had to bottom out the one day I actually cash out winnings

[ans61201]

Curious where people see eth going?

[JAKEPEAVY21]

nice to see we are above 7k again

hopefully this is the start of a big upswing

[TheMoneyShot]

nice to see we are above 7k again

hopefully this is the start of a big upswing

[TheMoneyShot]

Let's Get It Up

[bitcoinLuke]

Curious where people see eth going?

Back in July I predicted it would be around $550 by the end of the year and $450 by now, so its way behind predictions. Many different coins have taken market share from ETH so it hasnt risen as much as more expected. It will go up, just might not skyrocket again

[bitcoinLuke]

Been busy, guys, but hope all the bitcoin panic is now over. I should have stuck with my first prediction of 5000-5500 being the bottom because 5500 was all the lower it got. Really thought it would make that last leg down to 5000 but didnt happen. Hope no one panic sold at the end and are much happier now that were back to $7000+.

That should be the last big retrace until we hit $10,000

[shocka1212]

Besides completely trying to boil my blood, whys coinbase make me wait so long to transfer from my bank to my usd wallet? They took the money out in an hour and have held it a day longer than the promised 4 days

[bitcoinLuke]

Besides completely trying to boil my blood, whys coinbase make me wait so long to transfer from my bank to my usd wallet? They took the money out in an hour and have held it a day longer than the promised 4 days

I hear ya. Coinbase is slow about everything....deposits, repsonding to emails, even bitcoin confirmations (most places require 3, they require 6).

Really wish someone would come along and compete against them. Hopefully Square getting into the Bitcoin business will do that

[ans61201]

Besides completely trying to boil my blood, whys coinbase make me wait so long to transfer from my bank to my usd wallet? They took the money out in an hour and have held it a day longer than the promised 4 days

Dealing with the same thing, cost me over 2,000 now, the money was withdraw from
My bank on Friday of last week but no show in my balance as of today still.

[ans61201]

What are the best/most accurate prediction sites you guys are using

[mrpapageorgio]

Besides completely trying to boil my blood, whys coinbase make me wait so long to transfer from my bank to my usd wallet? They took the money out in an hour and have held it a day longer than the promised 4 days

They're promising by the end of the year the purchases from your bank will be instant for all accounts. I emailed them asking if that includes deposits to your USD wallet, but have yet to get a reply. I'm waiting for that email from them saying my account is now enabled, but probably doesn't help I've been mainly using GDAX instead of Coinbase and selling through the platform instead of buying for them to put me on priority.

ETA: (It looks like Coinbase and Bitpay may be facing competition soon)
It looks like Square Cash is beta testing on a small group of people a feature where you can buy and sell bitcoin on their app. This would be huge as a lot of people have the Square Cash app, and having this feature would help it distinguish itself from Apple Pay which will soon compete with SC. Most importantly for people here, it would offer an alternative to Bitpay where you can send Bitcoin to the Square Cash wallet and sell the Bitcoin and either deposit the funds into your bank account or use the debit card they offer to spend the funds.

https://www.wsj.com/articles/square-...64780?mod=e2tw

[ans61201]

https://www.google.com/amp/s/amp.the...cryptocurrency


Thoughts? In short, btc burst eventually happening due to government, because of tax invasion, money laundering/creating a similar currency of their own that they regulate

[JAKEPEAVY21]

8k is on the horizon, lads

[PaperTrail07]

damn right

8k is on the horizon, lads

[ans61201]

*can anyone put this in dumb man terms to make sure I am understanding this correctly. One thing I'm taking from this is my already way overdue/past due transactions are going to be delayed further


Dear Coinbase customer,

There have been a number of developments with Bitcoin Segwit2x since our last update. No action is required and all funds stored on Coinbase remain safe.

Last week, the Segwit2x development team announced they would no longer continue with the project. In addition, a significant portion of miners and other community leaders withdrew their support for the fork. However, despite these developments, a small number of miners may attempt to go forward with a fork.

We wanted to provide clarity about the potential outcomes of the fork and what Coinbase will do in each scenario.

To protect customer funds, Coinbase will disable Bitcoin sends and receives at 2 am Pacific Time on November 17th, and disable buys and sells an hour before the fork, which is currently predicted to occur between 6am to 8am Pacific Time on November 17th. All functionality will be re-enabled shortly afterwards.

Scenario 1: Network is unusable
If support for the fork remains at current levels or decreases, the Bitcoin2x network will be unusable. Coinbase will not support withdrawals or trading as it will not be possible to move these assets. Currently we believe this is the most likely scenario.

If the network gains support at a later date, we will enable Bitcoin2x withdrawals from the platform.

Scenario 2: Network is usable
If transactions are being confirmed at a reasonable speed and miner support is strong, we will allow Coinbase customers to withdraw Bitcoin2x. We will not immediately enable buys and sells as previously stated, but we may enable them at a later date.

We will keep customers updated through our blog.

Thank you,

Coinbase Team

[mrpapageorgio]

They're basically saying that the upcoming fork that was recently called off may still happen as there is a small group of miners that may attempt to make the fork happen anyway (even though all of the major backers have withdrawn). Because of this, they're going to temporarily halt transactions around the time the fork was originally scheduled to go through in case this group does make an attempt to make the fork happen.

If the new chain crashes and burns (not enough computing power to confirm transactions and mine the new coins), you're not going to get the 2X coins from CB you may have been entitled to from the Bitcoin you had stored on their site.

However, if enough miners jump in to make the new chain viable, then you'll be able to withdraw the new coins, but won't be able to trade it on their exchange.

[ans61201]

Thank you. That’s what I gathered. And the freeze of action will be relatively short lived?

[mrpapageorgio]

I'd say by noon Eastern Time trading will resume (likely earlier) based on their prediction of when the "fork" may happen.

[ans61201]

Tax question:

Say I invest 10k in bitcoin, and make 50k, on that long term investment, when I cash out, I report that to IRS as a capital gain on that 50k.

Now they start snooping, and see all of these other smaller transactions with coinbase/etc for bitcoin for my sports account/ buys and sells for other goods.

For instance I deposit 1k to coinbase to upload to bookmaker, then make 3k on bookmaker, and withdraw 4K from bookmaker via btc but don’t plan on investing that and immediately withdraw it to my bank. I may have 20+ of these transactions for the year. Also sent btc to people for purchases and had people send me btc. How are these transactions where I’m essentially using coinbase as a transaction service looked at/reported/will they be a problem when it comes time to report the money I deposited as an investment for capital gains

[SEAHAWKHARRY]

If there ever is this "fork" i have my bitcoin in bitcoin wallet blockchain.will I see a split of my Btw and have both in there (newbie and were talking cpl Hundo from sbr deposits)

[mrpapageorgio]

If there ever is this "fork" i have my bitcoin in bitcoin wallet blockchain.will I see a split of my Btw and have both in there (newbie and were talking cpl Hundo from sbr deposits)

Blockchain hasn't announced any intention to support it after it was called off AFAIK so you likely won't see it in their software. But since you own the keys with the Blockchain app, you can pull up your funds in a wallet that would support the 2x coin by using the 12 word backup phrase. However if this fork fails it won't even be worth the trouble of retrieving it.

[SEAHAWKHARRY]

Yeah I have mine in a blockchain wallet is that what you are sayin?

[mrpapageorgio]

Yeah I have mine in a blockchain wallet is that what you are sayin?

As long as another wallet will support the new coin, you can pull them up using the 12 word backup phrase in the Blockchain app.

[SEAHAWKHARRY]

Whats this 12 word backup pharse?

[shocka1212]

Tax question:

Say I invest 10k in bitcoin, and make 50k, on that long term investment, when I cash out, I report that to IRS as a capital gain on that 50k.

Now they start snooping, and see all of these other smaller transactions with coinbase/etc for bitcoin for my sports account/ buys and sells for other goods.

For instance I deposit 1k to coinbase to upload to bookmaker, then make 3k on bookmaker, and withdraw 4K from bookmaker via btc but don’t plan on investing that and immediately withdraw it to my bank. I may have 20+ of these transactions for the year. Also sent btc to people for purchases and had people send me btc. How are these transactions where I’m essentially using coinbase as a transaction service looked at/reported/will they be a problem when it comes time to report the money I deposited as an investment for capital gains

They'd only count the gains you made while you held the funds in their account, so if you made 30% on 1k but then transferred 3k to your coinbase account and cashed that out the second it hit your account along with the 1k (4K total) you'd only have to report the $300 as a capital gain.. that's why it's tricky with blockchain accounts. Going to be an interesting next 2 years when they start cracking down

[mrpapageorgio]

Whats this 12 word backup pharse?

The Bitcoin is not on your phone/computer itself, it's on the Bitcoin chain that you access with a "key". What the Blockchain app does is uses that key to help you manage your Bitcoin so you can send/receive bitcoin.

Because of this, you can backup your funds by obtaining a 12 word passphrase which you would enter into a new Wallet app to generate the key so that app can manage your Bitcoin instead of Blockchain if you no longer want to use them or they go under. It also helps you access the new coins you may be entitled to from a fork if your current app doesn't support the new coin. To access the passphrase, on the bitcoin tab (make sure you're not on ether), tap the three horizontal bars on the top left side and tap "Backup Funds". It will walk you through giving you a 12 word password which you would then enter into the new app. In this case, if you enter it into an app that supports 2x, it will generate a wallet showing your current Bitcoin and another wallet showing your new 2x coins.

However, anyone that has access to this phrase has access to your Bitcoin just as someone would have access to your car if they had a copy of the key. So your best bet is to write it down on paper (I don't recommend storing it on your computer on Microsoft Word) and store it in a safe.

[ans61201]

They'd only count the gains you made while you held the funds in their account, so if you made 30% on 1k but then transferred 3k to your coinbase account and cashed that out the second it hit your account along with the 1k (4K total) you'd only have to report the $300 as a capital gain.. that's why it's tricky with blockchain accounts. Going to be an interesting next 2 years when they start cracking down

I think that's partially true. What I'm concerned with is when I deposit into a book, I'm technically sending someone else money/btc. (Send 1k) then get 4K back, say i immediately send it to my bank and it's exactly what I got it at, 4K usd.

and say I do this a total of 10x throughout the year, and also in a separate transaction sell an investment capital gain of 50k, if they were to take a look and see all of those 4K transactions from books being deposited into my bank, where am I saying to the tax man that that came from? With the anominty of btc it may even look like a 4K gift unless I'm
Able to give a legitimate answer

. I'm just cautious that I've invested in btc for long term, and if on one day decide to sell a big chunk and make a capital gain, now that I am also using btc as my primary way to upload money onto sports books and withdraw that it may cause problems or have questions asked that I may not have good answers to lol

[TheMoneyShot]

It's quite interesting (about this fork) that only Coinbase released this info. Yes, I received the same email... but there's no other information from any exchange.... nothing.

[ans61201]

i guess to simplify:

1. If the time comes where I'm able to make a big sell from my investment where I'm going to pay a capital gain tax, and also have a bunch of btc deposits in that same year from sportsbooks totally over 20k, how I am going to explain the difference? In the coinbase account it just shows someone sending you x amount in btc then you sending it to your book

2. For the sports betters playing large enough amounts for this to matter, how are they reporting with the btc transactions to their taxes? reporting it as capital gain, reporting gambling wins, both, or just hoping and praying lol

[shocka1212]

I think that's partially true. What I'm concerned with is when I deposit into a book, I'm technically sending someone else money/btc. (Send 1k) then get 4K back, say i immediately send it to my bank and it's exactly what I got it at, 4K usd.

and say I do this a total of 10x throughout the year, and also in a separate transaction sell an investment capital gain of 50k, if they were to take a look and see all of those 4K transactions from books being deposited into my bank, where am I saying to the tax man that that came from? With the anominty of btc it may even look like a 4K gift unless I'm
Able to give a legitimate answer

. I'm just cautious that I've invested in btc for long term, and if on one day decide to sell a big chunk and make a capital gain, now that I am also using btc as my primary way to upload money onto sports books and withdraw that it may cause problems or have questions asked that I may not have good answers to lol

if you held it under a year, 35% tax... over a year, you're looking at 15% or so.... constant transactions with a sports book they'll most likely Catch on and close your account (coinbase)..

[ans61201]

if you held it under a year, 35% tax... over a year, you're looking at 15% or so.... constant transactions with a sports book they'll most likely Catch on and close your account (coinbase)..

I've also heard that bitcoin sites don't like you dealing with sportsbooks, and can even close accounts such as coinbase. But sportsbooks are pushing them as the main method to pay and withdraw, and it's the quickest/most effective way to get large amounts. (Gambling primary source of income poker/sports) so trying to figure the best route.

Interesting haven't heard anyone confirm account closure dealing with sportsbooks, and seem to be the most often reported withdraw method on SBR each month on the payout report.

My brain hurts.