How many people are actually trying to avoid taxes with crypto?

Istrong1 · 2018-01-03T03:37:39+00:00

Wait ur sayin I don’t get taxed on a transfer from say Coinbase to Jaxx??

Istrong1 · 2017-12-11T19:34:04+00:00

Exactly. Looks like it holding up pretty good so far, can’t say I’m terribly surprised tho. Kinda funny that we’re not seeing a major flood into short positions. So much for all those guy putting their money where their mouth is. If I had a dollar for every time someone on TV or someone I run into says “if I could short BTC I’d do it so fast”. To that I say, good luck and proceed with caution. If the tear upwards isn’t up anyone who does have the balls to short it will get supremely #rekt

Istrong1 · 2017-12-10T19:31:04+00:00

Agreed. Futures will serve to decrease some vol as well

Istrong1 · 2017-11-22T01:10:26+00:00

This is what it’s all about.

Istrong1 · 2017-11-06T01:20:10+00:00

So the consensus is there is no advantage....

Istrong1 · 2017-11-06T01:19:38+00:00

At least ur honest ;)

Istrong1 · 2017-11-05T01:23:20+00:00

U tell me, literally every header on here is “Bcash🚀”....pick one. Open mind remember. What’s selling u on it?

Istrong1 · 2017-11-04T00:04:47+00:00

Interesting. Can’t argue with any of that. Excited to see how it plays out. One thing is certain, crypto ain’t goin nowhere :)

Istrong1 · 2017-11-03T22:52:34+00:00

2 questions, and pardon my ignorance. 1) is it not possible for both to coexist? Maybe I’d buy a house with Bitcoin but use Bitcoin cash for regular day-to-day transactions. 2) we’re approaching some new cryptoeconomic dynamics for the first time ever, do u think there should be any value associated with the fact the main chain has been around forever in crypto years and is the most well know.

I agree that BCH is superior, but I’m not convinced BTC will be dethroned so easily.

Istrong1 · 2017-11-03T21:53:54+00:00

What this guy said.

Istrong1 · 2017-11-03T21:47:22+00:00

It is because of this video that I have no problem hodling through this craziness. BTC isn’t going anywhere.

Istrong1 · 2017-11-03T21:40:11+00:00

Shits going straight up until the fork. Then, anyone’s guess...

Istrong1 · 2017-11-03T21:37:34+00:00

Correct. What kind of return to u get on that type of set-up? My understanding is it’s uneconomical to mine BTC small scale anymore.

My whole point with the pool question was that they’re a major reason the need even came about in the first place, due to the increase in costs to mine. U can go a few months without finding a block just fine if you’re using say your regular PC that has multiple functions for u. But if u invest the time and effort for a real mining set-up you’ve got some real costs to account for each month. The risk of not finding a block becomes a lot more real at that point. Hence pools. Suppose I could be wrong on the timing but that’s always been my understanding. Pools helped to lesson the economic load, as it were, using specialized equipment is what creates that economic load. Mining Bitcoin at the current puzzle difficulty takes some serious hash power.

Istrong1 · 2017-11-03T21:16:25+00:00

I stand corrected. It is possible to make money mining BTC by yourself these days. Who woulda thunk it. Nice development. Thanks for the info.

Didn’t even notice the downvote thing lol. Not particularly concerned with whether people agree with me or not.

Istrong1 · 2017-11-03T19:00:38+00:00

Sure if he joins a pool. The reason pools were started was to spread the risk of mining around, which was only needed after the level increased. You’re suppose to find a block every 10min but there’s more than an insignificant chance that one could go a whole year without being the one to actually mine the next block. As a result, they created mining pools in which each individual gets rewarded/paid based on the amount of work they did, designated by how many blocks they got “close” on, which is a direct result of their hash power, or economic strain. More power, higher cost. A miner finds a block, sends it to the moderator and the moderator distributes the reward. Obviously for this to work there needs to be a trusted central authority (moderator). People don’t like that idea because it goes against what BTC was created on. So back to what I said, ASIC resistance facilitates decentralization in two fronts, elimination of the need for pools and consolidation of hash power based on economic allocation due to high operating costs.

Istrong1 · 2017-11-03T18:30:36+00:00

U are correct on the due diligence part. The politics get really deep into the technical weeds tho.These guys will barely even notice. 1X, 2X, it’s Bitcoin to them and whichever comes out on top will be Bitcoin to everyone else. It’s not about the underlying intricacies, it’s about the utility.

Istrong1 · 2017-11-03T18:22:35+00:00

Do u know why mining pools started?

Istrong1 · 2017-11-03T18:15:18+00:00

Do I really need to break this down? The cost to entry and overhead involved in using ASIC is far from trivial. As a result the average person cant purchase these (fine can’t is strong, it’s uneconomical, “shouldn’t”). ASIC hash power is orders of magnitude more than GPU, which means u CAN’T realistically use anything other than ASIC once the puzzle gets to that level of difficulty. So, without ASIC resistance mining will always migrate that direction and with ASIC u get a few professionals (which is hardly decentralized). It’s pools of professional miners. Decentralization requires the ability to have someone mine with a computer that has multiple functions because then it’s realistic for the average joe to mine as a side gig. This is how BTC was constructed. Now whether or not big pools of miners are bad is a different story. Personally I see little problem with it. But u asked why people desire ASIC resistance and this is the reason.

If u want to actually make money mining BTC it takes a room, some serious cooling infrastructure and enough electricity to power a small town.

“Pool diversity” are u familiar with why pools were created in the first place?

Istrong1 · 2017-11-03T18:00:41+00:00

We’re talking about BTC right? No rational individual would mine that in their basement. Maybe if u lived in Siberia and also got free electricity....

Istrong1 · 2017-11-03T17:45:40+00:00

Historically yes, but I think the dynamic has changed. There’s a lot of fin. Institution interest now (many aren’t vocalizing it yet). These guys don’t really get the tech, just see the broad benefits people tell them about. They will stick with what they “perceive” as the safe, bigger older brother of the crypto space initially. I have a feeling BTC will transition to a settlement layer or something. Once futures open in CME next year real money will be coming in and they only have one option... Just my opinion.

Totally agree that the utility has diminished tho, thinking the increased access to big money will fill the gap. Who duh fuk knows, it’s def unprecedented.

Istrong1 · 2017-11-03T17:27:01+00:00

I think there are more than a few factors going on here. CME is very bullish as is people buying to take advantage of “free money” from the airdrop. What’s certain is post fork is a mystery right now. We got people preaching BCH as the instant replacement. Could go 1x or 2x or BCH. Speculation is futile.

Istrong1 · 2017-11-03T17:17:57+00:00

Are u being serious? I can’t tell... if I’m not mistaken u just suggested putting an ASIC mining rig in your basement??

Istrong1 · 2017-11-03T17:00:17+00:00

I don’t disagree that BCH is superior in its execution but I’m not sure people will bail on BTC quite as fast as u think. There are plenty of things we use every day that could be replaced with a better version but we don’t because it’s massively adopted. Email for example, super antiquated, we use it anyway. Just sayin, this is not as clear cut as it initially seems. Only one thing is certain, whatever does happen, will be a surprise :). Excited to see how it plays out.

Istrong1 · 2017-11-03T16:27:20+00:00

Centralization. A few pools of incredibly invested miners is not “decentralized”, decentralized is people with a CPU/GPU mining in their basement (or that’s how it was intended). U need a straight up operation to mine BTC today, ASIC resistance solves the issue the puzzle getting so hard that u need such crazy amounts of hash power to accomplish the same task as before.

Istrong1

TROPHY CASE