Tax Tips for Bitcoin and Virtual Currency
https://turbotax.intuit.com/tax-tool.../INF29402.html
Just like that I'm taking a time-out from bitcoin...
I listened to the June 13th interview of Trace Mayer about the August 1st "BIP 148 fork" of bitcoin chains...
Bitcoin Knowledge Podcast – Learn about blockchain and fintech | Interviews with top people in Bitcoin, blockchain and fintech
...and then read this reply from coinbase regarding their plans for this event on August 1st (where I owned bitcoin until moments ago) which basically says, "sorry, but you are going to lose your bitcoin if you're still holding it on August 1st"...
https://community.coinbase.com/t/wha...g-bip148/15391
...then I sold my 1.0000 bitcoins back into my bank account...over a 20% profit in four weeks so can't be too upset, but until the dust settles on this confusing BIP 148 thing, I'm worried there will be more and more sellers, so I'm out until that's resolved.
Still holding the ethereum though since that's immune to this issue and could even benefit from it if people flip from bitcoin to ethereum.
I may exit GBTC on Monday as well, for a small gain currently.
Tax Tips for Bitcoin and Virtual Currency
https://turbotax.intuit.com/tax-tool.../INF29402.html
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
for all those engaged in digital currency activities, there are many danger points well worth taking under advisement. do ignore the article headline, pay attention to the logic detailed in the article itself. written by a lifelong highly successful tech guy.
https://market-ticker.org/akcs-www?post=232141
"life can only be understood backwards, but it must be lived forwards" - soren kierkegaard
Sobering, and good to know and consider.
I bet that guy is a blast at parties.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
I still don't get it be this was interesting http://www.cnbc.com/2017/06/07/crame...n-one-day.html
What's this world coming to?
There's an appeal to bitcoin / crypto-currencies from many angles but yeah, some are nefarious. It was actually this side that first took advantage of bitcoin. The crooks seem to be smarter than the good guys, unfortunately. But it also makes an easy way to move money across borders, in particular developing countries, avoiding the large fees of a Western Union, so that's also one of the drivers of the cryptos.
The South Koreans, Japan, and China have been all over this and that has been a big part of driving the price up lately.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
A site he recommended for BIP 148 info...
https://www.weusecoins.com/uasf-guide/
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
i read the whole article, but do not feel like i know much more about how the magic works. this part at the end caught my eye though:
Another reason why there don't immediately have to be two parallel chains is that the "Old-chain" will accept BIP148-blocks (because of the SOFT fork characteristics) such that there is no reason to immediately fork-off.
100g
Ah! Now I get it.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
By the way, get yourself a hard wallet or at least one on your PC. That's what I have learned from my research. If you have your bitcoin stored (the addresses) it is more safe than storing it on a 3rd party service like coinbase. I use jaxx.
Tom
Market Commentary | My Blog | TSP Talk Plus | |
I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
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