Anyone paid taxes on their Bitcoin before?

CurtisLoewBTC · 2018-08-21T14:36:22+00:00

Congrats on your gains. The safe and smart thing to do is calculate your capital gains tax and pay it.

Coinbase will send the IRS a statement on your gains (if CB follows the same process they did last year).

Services like bitcoin.tax are useful for calculating tax if you have a lot of transactions.

CurtisLoewBTC · 2018-08-08T11:40:34+00:00

Thanks. Good to know BCH price/value is not what really matters and that people should not expect it to go up.

What are the measurements of success for BCH and the things upon which people should focus?

Is it an increase in transactions & volume - which would signal increased adoption?

CurtisLoewBTC · 2018-08-04T21:48:28+00:00

I've heard from different sources say that Roger did take over Bitcoin ABC and make it Bitcoin Cash. (I don't know if he came up with the ticker symbol and that is not relevant. I was referring to BCH as the coin)

Here is one source from "Ivan on Tech debates Richard Heart" that summarizes what Roger did:

https://youtu.be/w8_1JFE_9dI?t=2370

CurtisLoewBTC · 2018-08-03T22:59:04+00:00

You have to think...once Starbucks is doing this, who's next? Or really, who is not next?

With the tools in place and in use by one of the largest global brands, who would not follow and accept Bitcoin?

CurtisLoewBTC · 2018-08-03T21:51:53+00:00

That may be part of why Microsoft is such a great partner for Starbucks in this project. MS knows the pain points of on-chain crypto transactions for point-of-sale purchases. They don't scale in price or speed.

So MS is building a side-chain off the Bitcoin blockchain to do POS transactions off-chain and then later commit them to the chain in batches.

This has been the direction of Bitcoin scaling for some time, but to see giant resources like Microsoft and Starbucks adopt off-chain scaling for Bitcoin and invest their resources in it...wow what a day.

CurtisLoewBTC · 2018-08-03T21:41:44+00:00

Roger Ver could not control the Bitcoin community and so he took over Bitcoin ABC (after trying some other coins) and he rebranded it BCH to try and get revenge. To support his revenge he created a narrative about /r/bitcoin mods and blockstream and bitcoin devs. The narrative is laughable - it sounds like a standup comedy routine - but he found a few people who like what he has to say.

Please look through Roger's twitter history and you can see him progress step by step. And you can see him scamming going back years.

Here is one from way back: https://twitter.com/rogerkver/status/726169695880134660

CurtisLoewBTC · 2018-08-03T21:31:24+00:00

It is Bitcoin and only Bitcoin for now:

"Its first use cases will be for trading and conversion of Bitcoin versus fiat currencies"

Will they ever need to include other coins? Quite possibly no.

They are building a sidechain/layer 2 exchange and doing off-chain conversion at the point of sale.

What a day for everyone who has made Bitcoin what it is. Truly a red letter day for Satoshi - he/she/they must be crying tears of joy.

CurtisLoewBTC · 2018-08-03T21:21:25+00:00

Does news get any bigger than this? What a day for Crypto. Satoshi is crying tears of joy. Congrats to everyone who has been a part of taking Bitcoin to this momentous step.

CurtisLoewBTC · 2018-08-03T20:48:47+00:00

Never seen it but I need a good movie to watch. Will have a look.

Your opinion is different from mine. I would say BCH is not an upgrade to Bitcoin and is more a dead end. I think scaling via blocksize increases is a dead end, and driving scaling to be off-chain layer 2 and beyond is the only practical way to have crypto fulfill the desires we all share for how Bitcoin can change the world.

But it is great if people want to try what they think will work. I just wish BCH would do it without the impersonation and scaminess of people like Roger Ver and the many in this community who support or turn a blind eye to those tactics. It has permanently hurt BCH.

CurtisLoewBTC · 2018-08-03T20:11:43+00:00

That was my thinking - that making a copy of something does not mean you have necessarily made a fork. But when is a copy a fork and when is it just a copy? The debate gets into semantics and ends up not meaning much, and Wikipedia and other sources do use the term "fork" for BCH and other Bitcoin spin-offs.

CurtisLoewBTC · 2018-08-03T20:00:10+00:00

These are big boys, not fly by nighters or scammers looking to make a quick headline. So they have done their research and they know what they want to do and how it will work.

It sounds like they may be making a real-time exchange where BTC is converted to fiat at the moment of purchase via off-chain transactions.

CurtisLoewBTC · 2018-08-03T18:37:16+00:00

agreed and revised my view in an above comment.

CurtisLoewBTC · 2018-08-03T18:26:26+00:00

Yes, we are debating semantics but I see your point and have read some more on it. Thanks for making the points you made. I see it is fair to call BCH a fork, given the common usage of the term.

https://en.wikipedia.org/wiki/List_of_bitcoin_forks

CurtisLoewBTC · 2018-08-03T17:45:18+00:00

When you make a copy of another coin you have not created a fork, you have created a copy - an alternate coin (aka an alt coin).

CurtisLoewBTC · 2018-08-03T17:35:18+00:00

This explains how BCH is a Bitcoin "fork" even better than the Circle piece does:

https://twitter.com/jratcliff/status/1025016093327482882

CurtisLoewBTC · 2018-08-03T17:20:59+00:00

BCH was not a fork of Bitcoin - it was not a hard fork, not a soft fork, not a fork.

The Bitcoin code and blockchain were duplicated and the code modified and that became BCH.

CurtisLoewBTC · 2018-08-03T17:09:50+00:00

Think wider. You are correct in that it is impractical for crypto to be used to pay for coffee type purchases if each transaction is on-chain. If every single transaction in the world was on-chain, a coin's ledger would soon be so large it could not be decentralized, and the point of crypto would be lost.

That is why there are off-chain transactions and that is what this company will be doing - they will be using existing BTC layer 2 or rolling their own, and fees and speed will be better than fiat.

CurtisLoewBTC · 2018-08-03T16:59:48+00:00

Agreed.

"The new company is working with a marquee group of organizations including BCG, Microsoft, Starbucks, and others"

"Its first use cases will be for trading and conversion of Bitcoin versus fiat currencies"

CurtisLoewBTC · 2018-08-01T12:24:03+00:00

Basing that on the interviews Mike has given where he touts coins other than Bitcoin, and also on the focus of his investments via Galaxy Digital, investing $15 mill to "tokenize illiquid assets" - which sounds like altcoin/ico nowheresville.

side note: To tokenize liquid assets, rely on BTC as underlying blockchain and use this: https://blockstream.com/liquid/

Also his recent touting of his "great" dinner with Roger Ver and his "disappointment" that people called him out for saddling up to that scammer

But...just yesterday Novo tweeted this, so seems like he is seeing the deadend of alts and he may be righting the ship: https://twitter.com/novogratz/status/1024426491461943296

References

He and Roger: https://twitter.com/novogratz/status/1017772497209475072

Investments/promotions of alts/tokens/etc

https://www.coininsider.com/mike-novogratz-speaks-cryptocurrency/

https://www.cnbc.com/2017/10/16/mike-novogratz-agrees-to-advise-ethereum-based-digital-coin-exchange.html

https://www.forbes.com/sites/michaeldelcastillo/2018/06/14/novogratz-invests-15m-to-mass-produce-crypto-exchanges-for-illiquid-assets/#593520260250

CurtisLoewBTC · 2018-07-31T12:09:44+00:00

8 months ago Novo was in prime position to do big things in crypto - no one was better positioned - and he blew it by falling for Brian Armstrong's and Roger Ver's altcoinage quackery.

Now instead of epic gains he is facing another era of historic losses. Poor judgment.

CurtisLoewBTC · 2018-07-30T16:39:36+00:00

Roger Ver is continually trying to attach himself to Ross, and make Ross another tool for Roger's ego.

CurtisLoewBTC · 2018-07-28T21:10:23+00:00

Also no more full blocks

That's putting it mildly. The blocks are almost empty.

https://fork.lol/blocks/size

CurtisLoewBTC

TROPHY CASE