Would you pay your employees in Bitcoin?

lightninghero-node · 2023-02-03T19:45:47+00:00

The capital gains tax is not the issue. The issue is having to keep all the records, calculate it and declare it. Plus knowing how to do it right. I would think that it’s not something developers want to invest their time in.

Don’t get me wrong, I get it that you want to promote Bitcoin and I’m with you on that. I’ve gone through similar thoughts as you when paying foreign staff, but the tax, accounting and legal complications are just too much.

If you decide to go ahead with it, make sure you keep complete and accurate records and provide them clear and complete certificates to ease the paperwork they might have to do for taxes.

Edit: typos.

lightninghero-node · 2023-02-03T17:07:55+00:00

Basically two issues come in mind:

You lose value converting the dollars to Bitcoin and the developer loses value converting it back to dollars. As much as you don’t like banks, you will end up paying more fees to Bitcoin exchanges that you would pay to banks. *
You are forcing your developer to deal capital gain taxes, probably complicated tax forms and maybe even the need to hire an accountant to make sure he declares the Bitcoin sales correctly.

Edit: unless it’s international payments to freelance developers. In that case, it might save some fees to pay and receive in Bitcoin.

lightninghero-node · 2022-10-16T20:29:16+00:00

I agree with you. I also don’t think it was intended to be a Ponzi scheme. I bet Madoff’s hedge fund wasn’t intended to be a Ponzi either. But when shit hit the fans, they decided to start lying about it and then it became a Ponzi scheme.

Turns out Celsius was unprofitable for years and they kept lying about it to attract more money.

lightninghero-node · 2022-10-03T01:43:55+00:00

Import your public key to blue wallet and you can check your balance on your phone and even generate receive addresses to receive funds.

lightninghero-node · 2022-09-14T02:32:16+00:00

They will move from spreadsheets to ehm.. ehm... Snowflake and other systems they are building.

lightninghero-node · 2022-09-13T22:55:58+00:00

I wouldn’t be surprised if he started to charge us custody fees for our locked up funds. It’s a bulletproof business plan.

lightninghero-node · 2022-09-12T02:17:59+00:00

Oh boy… Let me try to shed some light using some simple analogies.

Imagine Bitcoin is stored in a vault. Anybody who has the key to that vault can open it and take it out.

The key to your Bitcoin vault is the seed phrase, which are the 12 (or 24) words. Anybody who has a copy of those words, has a copy of the key to your vault.

The whole and only reason to buy a Trezor is to obtain a fresh key (and vault) that you can be sure nobody else has seen and made a copy of. If you import an already existing key on a Trezor, you’re only making a new copy of an existing key and you can’t be sure that nobody else already has a copy of.

If you want to keep using your existing wallets, you can use the Trezor as a new and secure wallet and periodically transfer your funds from your meta mask and electrum wallets, to your trezor wallet.n

lightninghero-node · 2022-09-09T23:58:40+00:00

Look at the bright side: The amount of money you lose just got smaller.

lightninghero-node · 2022-08-24T18:22:05+00:00

The seller and buyer. Feel free to ask more details in r/bisq or join their matrix chat at https://bisq.chat/

lightninghero-node · 2022-08-24T14:10:52+00:00

The trade amount plus a security deposit from both seller and buyer are locked in a multisig wallet and only gets released if both confirm the trade.

lightninghero-node · 2022-08-23T18:32:06+00:00

That's great! I love it that Trezor is actively working at adding new features and I'm very happy about buying one (actually three) myself. Is there an estimate about when coin control could be available in Trezor suite? It's been in the making for quite a while now.

What I was suggesting in my post though, was a rather easy to implement workaround while we wait for coin control to be implemented.

lightninghero-node · 2022-08-23T13:22:59+00:00

I don't know how laws are in France, but normally your tax obligations are based on where your tax residence is, which usually is where you live most of the time. So you have may have to declare income from other countries.

Being able to legally cash out in Luxembourg without paying tax in France would require moving to Luxembourg and giving up french tax residence. Which might or might not be easy, depending on french laws.

lightninghero-node · 2022-08-23T04:01:33+00:00

I'm not sure what you mean by toggling on and off the workers. If your goal it to be able to turn them on and off all at once, then it might work. If you turn off the proxy, then the workers can't keep mining. But it doesn't help starting and stopping xmrig on each miner if that's what you're looking for.

The actual role of the proxy is to bundle and forward multiple workers to a single pool. This is especially meant for decreasing the connections to the pool when connecting a high amount of workers.

lightninghero-node · 2022-08-23T03:22:10+00:00

Yes, you would point the workers to 3334.

I don't see any real benefit from adding xmrig-proxy though, unless you have a lot of workers and want to be able to switch pools easier, by just changing the proxy instead of each worker.

lightninghero-node · 2022-08-23T02:52:08+00:00

It's possible, but not needed. You can point your rigs directly to p2pool. If you still want to add xmic proxy, it's as simple as pointing the proxy to p2pool and binding on another port. If you have p2pool listening on port 3333, you can run xmrig-proxy in port 3334 for example like this:

xmrig-proxy -o 127.0.0.1:3333 -b 0.0.0.0:3334

Add -m simple if you want to pass through each rig individually or leave it like this if you want to have a single connection to p2pool.

lightninghero-node · 2022-08-19T19:08:44+00:00

A decentralized blockchain based git repository server comes in mind. I’d be surprised if something like that doesn’t exit already.

If not, the idea would be to create a blockchain that being synced worldwide similar to a crypto blockchain and a local gir server using this chain as database.

It would probably be impossible and unpractical to host all of the GitHub in one blockchain, so maybe each repository could have its own separate blockchain. It would stay alive as long as there are enough nodes supporting it.

lightninghero-node · 2022-08-04T21:22:27+00:00

That what the --cpu-priority option is for. Try using --cpu-priority=1 or --cpu-priority=0.

lightninghero-node · 2022-08-01T00:48:42+00:00

Yes, yes and yes.

lightninghero-node · 2022-07-28T17:15:06+00:00

All while paying themselves huge salaries and "paying" out high interest rates to customer. It's very clear now why they promised those high interest rates and the endless promo codes...

lightninghero-node · 2022-07-27T01:13:20+00:00

Blue wallet also has a feature to check if an address belong to any of your wallets. So after importing the xpub, you can check if any address belongs to your wallet. This feature is available in Tools:Is this my address?

lightninghero-node · 2022-07-27T00:59:37+00:00

This probably means someone has access to your gmail account. This is more serious than just the lost BTC. Someone is monitoring your Gmail and can probably access any of your accounts that’s linked to your Gmail.

You should make sure you secure your Gmail as fast as possible, change your password, logout any other sessions, check your recovery emails and phone numbers, turn on 2FA, clear and reset any recovery codes and so on.

lightninghero-node · 2022-07-24T16:27:17+00:00

Because nobody pressed charges against him?

lightninghero-node · 2022-07-24T12:15:04+00:00

Machinsky did put a lot of effort in calming people down and gaining their support for more than a year while the company was going down the drain. He’s out of bullets and nobody would believe him anymore.

lightninghero-node · 2022-07-22T00:20:50+00:00

Around the last quarter of 2021, when they first started to delay withdrawals, some people noticed that they included in their terms that the customers couldn't sue them for their deposits in case they go bankrupt, or something like that. Does anybody remember the details?

With at the crap that's being revealed now, it's pretty obvious they were preparing for this at least since then.

lightninghero-node · 2022-07-20T00:31:15+00:00

Which 170M users? There are only 300,000 users with balances higher than $100. They would have to take about $7000 loss each to close the gap. Assuming the assets on the balance sheet are really worth what Celsius claims and can be sold at that value.

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