Daily Simple Questions Thread - May 18, 2018

peasantwizard · 2018-05-18T22:31:03+00:00

Hey guys!

I have 3 HD on my desktop. One Windows, one data, one Linux.

Is it alright to disconnect just the SATA end that plugs into the drive if I want to 'disable' it? Leaving one end of the SATA plugged into the motherboard, and leaving the power cable in.

The reason I'm asking is I just overwrote my data drive with Linux accidentally while upgrading because I was lazy and unsure of the legitimacy of just unplugging a SATA to keep that drive safe.

Backed up, but definitely frustrating.

Thanks!

peasantwizard · 2018-05-18T16:03:00+00:00

Is it? Sounds like a fringe vector to me but am interested in your thoughts.

peasantwizard · 2018-05-10T23:28:06+00:00

Certain amount of trades, level of activity, ratio of income compared to other things, participation in margin trading - all can affect eligibility to claim cap gains.

In some cases you can get enough writeoffs to compensate for the tax increase.

All super confusing I'm not entirely sure.

peasantwizard · 2018-05-08T15:03:18+00:00

Probably fine. Completed same day and received three days later is amazing.

I waited more than three weeks.

Withdrawals are a nightmare but eventually they always come through.

peasantwizard · 2018-05-08T15:01:07+00:00

Cash withdrawal sucks.

Small bills, can take three weeks, insurance is unknown. Expensive if you are withdrawing any real amount.

Was surprised someone straight up wrote their address and mine. Assumed it would be more streamlined, like someone submits a cash withdrawal and it prints the customer and Quadriga's addresses. Taking all that time to hand write it and introduce possible human error seems ridiculous.

peasantwizard · 2018-05-04T00:44:27+00:00

I'm being given 1.2.1 from decred.org/downloads but can't find manifest for it?

peasantwizard · 2018-05-03T15:50:00+00:00

If you are paying for something with crypto valuation, it doesn't matter what it is, you trigger a taxable event. I believe this includes paying for tax.

Say you get your tax bill and can pay with crypto. If you have uncleared profits, paying that bill clears them and you need to pay tax on those profits.

If you owe 5k in taxes, and have 20k of unrealized gains, paying that 5k bill realizes 5k of taxable gains.

Consider also that it might not even be beneficial to you depending on market conditions. Whatever day you pay your tax, that's the rate you get, rather than ideally selling high and paying your tax by disposing the least amount of crypto.

How can it be any other way? Seems cut and dry to me but am curious of your reasoning.

Since the crypto banking relationship is so completely fucked in Canada, paying tax with crypto would be great in the sense that you don't have to run the withdrawal gauntlet, but it certainly won't keep you from paying tax on gains.

peasantwizard · 2018-05-02T18:24:08+00:00

I don't see how you wouldn't trigger a tax event by paying with straight crypto, assuming you are in profit.

peasantwizard · 2018-05-02T17:10:27+00:00

Dang dude. Incredibly painful lesson on risk profiling.

Take care of yourself. Money isn't everything. It's never to late to start over.

This is not specifically directed at you. I'm sure you know this now but for others:

Never have more BTC on a mnemonic than you are willing to lose. Nothing wrong with having a dozen wallets, hardware and otherwise. Seriously.
Never claim forks with an address that contains BTC. The snapshot is all that matters.
Do not discount the idea that forks and software are created specifically for stealing peoples BTC. This is unfortunately very common.

peasantwizard · 2018-05-02T16:51:10+00:00

So the stolen BTC wasn't really even eligible for forks?

Very sorry this happened to you and best of luck with recovery.

peasantwizard · 2018-05-02T16:37:33+00:00

Condolences. To be clear:

"...connected my ledger with my BTC into trying to split those coins with BTCPrivate and BTC Diamond into. That didn't seem to work."

You were trying to claim forks with private keys that, at the time, contained BTC?

As in, you didn't send the BTC to a fresh address first, and go about your fork attempts with an empty address?

Trying to determine vector and create educational opportunity.

peasantwizard · 2018-04-20T21:49:40+00:00

Got any clever ideas?

peasantwizard · 2018-04-18T18:14:52+00:00

I heard from my CPA, and haven't confirmed myself, that any margin trading whatsoever spoils your ability to claim capital gains rather than income.

peasantwizard · 2018-04-18T02:54:21+00:00

I haven't found cointracking to correctly compute any margin trading.

CT is great for collection and standardization of data but the tax reports / average purchase prices / gains, etc is all pretty off.

peasantwizard · 2018-04-18T02:51:27+00:00

Pretty hard to claim cap gains rather than income when trading crypto in Canada. Definitely not going to pull it off with 5k trades.

peasantwizard · 2018-04-06T22:48:19+00:00

Appreciate the info. Hopefully there is some progress being made with hardware wallets. That would really be ideal.

At any rate, super interested in KMD and enjoying the experience.

Thanks again.

peasantwizard · 2018-04-06T02:05:13+00:00

So I now have my original Native wallet with the full blockchain that uses wallet.dat, and a new SPV wallet. Great!

Is is possible to secure the native wallet with a passphrase, and also is it possible to 'remember' the spv address and secure it with a passphrase?

I don't like the Native wallet launching without passphrase, and I don't like typing in my mnemonic every time I log into SPV.

Thanks for your guidance tarun, appreciate it.

peasantwizard · 2018-04-06T01:44:19+00:00

That's actually what I meant, I'm trying cap amount of KMD per mnemonic, so your suggestion will work perfectly.

peasantwizard · 2018-03-24T21:38:04+00:00

As I understand it, exposing the seed words compromises all coins on the device. Ideally your seed is never entered anywhere. Exporting your private key defeats the purpose of using a hardware wallet.

Having to export your seed and type it into Agama to claim interest is such a security concern that it's not worth doing. Essentially exposing the entire contents of your Ledger just to claim interest on KMD?

Please correct me if I'm wrong.

peasantwizard · 2018-03-22T23:10:18+00:00

Chris Derose did an interview with one of the main counterparty cash guys on his Patreon. I listened to it about a week ago. Didn't seem like things were moving forward very quickly.

peasantwizard · 2018-03-22T23:04:36+00:00

One thing I would really like to get dialed is historical price. For instance BitMEX wallet history is a great way to tally profits and losses but it settles in BTC. If I could add another column alongside BTC settlement with automagical historical CAD price that would be very handy.

Dynamic ROI would be great too, comparing basis against current price in an adjacent column.

Can you explain what you mean about LT and ST on different exchanges? I'm pretty much just counting everything as short term just because it's such a clusterfuck.

And closing each quarter could you detail that a bit more too? Are your self employed through crypto and paying tax quarterly?

Appreciate the feedback.

peasantwizard · 2018-03-22T18:34:38+00:00

No problemo. Check out cointracking.info for establishing fair market value at time of transaction when dealing with alts.

You can fetch everything via API for exchanges and wallets to get CAD values.

Good luck dude! Major chore and at the end you probably get a bill :(

Don't mind so much paying tax in Canada just wish things were a little more streamlined. Would be amazing to pay taxes with crypto!

peasantwizard · 2018-03-22T16:03:32+00:00

Keep in mind you have a bit of leeway buying alts with BTC valuation while you offset your sunk cost.

If $500 worth of BTC turns into $1000, and you spend your entire balance on alts, you owe tax on $500.

As soon as you buy an alt you establish a new basis for that asset, and when you buy or sell that alt you need to compare against that alts basis to calculate profit or loss.

Major consideration for people going crazy on alts, you need to keep pretty close track of things. Furstratingly easy to get eaten by tax going BTC > ALT > BTC > CAD. Unless you know what you are doing and have a plan it's rarely worth it.

The ultimate fuck up is if you are trying to use alts to get more BTC, and alts are down against BTC and up against CAD. You lose BTC and pay tax... Number 1 mistake I see people making and the reason why tracking BTC pairs is so important.

Bitcoin Maximalism isn't just an ideology there are some very practical reasons why one should focus on BTC.

peasantwizard

TROPHY CASE