Arden
Blackwing Lair Raider
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That's what I'm banking on. It also seems to drop at night. Just need to time it right and maybe I can catch it back at around 2k.
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Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
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Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!
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That's what I'm banking on. It also seems to drop at night. Just need to time it right and maybe I can catch it back at around 2k.
Threelions
Victory Through Harmony
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Definitely think we’ll dip again below 2k. I’m looking to buy again. Slowly increasing my ETH balance. Not sure I’ll get lucky again at $1660 range like we did last week.
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Some dumb questions since I don't know a whole lot about crypto.
How do you guys safely store large amounts (i.e. thousands, or even tens of thousands,) of crypto?
Do you use stuff like Coinbase? Or the private wallets...I understand those hardware wallets are the best for safety? I assume with any of this you don't want all your eggs in one basket and you spread it around?
If you keep coins in shit like Coinbase you're paying taxes , but if you just have it on your own wallet and use it to pay for things, can that even be tracked? I'm so clueless on this stuff. I hear a lot about taxes and crypto lately but I always thought the underlying draw was the fact no one could tell that you had it, but when you put it into financially regulated systems obviously that's off the table.
Hypothetical, if you bought $50,000 worth of Ethereum right now, how would you go about storing it?
How do you guys safely store large amounts (i.e. thousands, or even tens of thousands,) of crypto?
Do you use stuff like Coinbase? Or the private wallets...I understand those hardware wallets are the best for safety? I assume with any of this you don't want all your eggs in one basket and you spread it around?
If you keep coins in shit like Coinbase you're paying taxes , but if you just have it on your own wallet and use it to pay for things, can that even be tracked? I'm so clueless on this stuff. I hear a lot about taxes and crypto lately but I always thought the underlying draw was the fact no one could tell that you had it, but when you put it into financially regulated systems obviously that's off the table.
Hypothetical, if you bought $50,000 worth of Ethereum right now, how would you go about storing it?
I’m on for the ride. Switched from btc to eth on 2 miner. Only 1 1/2 days worth for 1 card. This is the 3080. Damn thing runs hot compared to 60,70,90. I have a laptop with 2060s and my old beast 1080. Looks like it’ll give me around 19 dollars a day after electric costs with all combined. Not too bad.
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Threelions
Victory Through Harmony
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I’m sure it’s been said here before that the colloquialism for removing your coins off an exchange is “not your keys, not your coins”.
Personally I’ve invested in a Trezor (hardware wallet - cold storage) for my BTC, ETH and ADA (currently staking).
It has a nice communal interface with the Exodus exchange (iOS/PC) for view-only stats on my coins. Gives you a nice breakdown of everything.
I bet you are probably safe keeping it on a high profile exchange, but I sleep better at night knowing I have control of everything. As long as you aren’t prone to fire or misplacing things, it’s the way to go.
as far as taxes go, I’ve been trying to find every loophole possible. I have not found a good answer yet. I have a feeling I may look into a crypto debit card for transfers and purchases and I assume as long as it’s under 10k transfers it may not be automatically reported to the IRS?
6 Ways To Eliminate & Reduce Your Crypto Tax Rate
Below are some tax strategies you can use to eliminate and reduce your tax bill on cryptocurrency & bitcoin profits.
www.forbes.com
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Arden
Blackwing Lair Raider
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I've always heard keep it off the exchange in cold storage (unless you are staking it). Binance was hacked a few years back and they got a couple hundred million in BTC. Apparently Binance has a really robust "insurance" system though, so anyone who lost BTC in the hack was immediately reimbursed in full.
Frankly I don't see the harm in keeping it on an exchange with the big caveat that you would have to trust the exchange. But that begs the question if you don't trust the exchange, why are you using it in the first place?
I'm trying to decide if keeping crypto in cold storage at your house is wise or if it's just burying your cash in mason jars in your back yard.
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Kithani
Blackwing Lair Raider
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Yes because companies on Wall Street have never pulled shenanigans before, the fear of public accountability is clearly a good deterrent.
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Izo
Tranny Chaser
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Caliane
Avatar of War Slayer
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lets see.
1. Personally, I still am on coinbase and kraken. I got a ledger nano s, which I was real disappointed in, but have not moved the main funds to it. I really should. splitting between a few exchanges would be safer then just 1. On an exchange, you are trusting the exchange to hold your passwords. Which, its still the wild west. people have lost coins to Binance being cut out of the US. hacking of exchanges. mt. Gox. etc.
Conversely... if you put the coins offline, on your own device. YOU are now responsible for the security of it. Which just as many, or more horror stories on that.
it should be noted here, that your coins never actually leave the internet. they are on the blockchain. what you are putting on the offline device is basically just your passwords.
your private key for crytpo, is an address. Then, when you create a wallet, you create a 24 word phrase. its my understanding, that all you actually need is that 24 word phrase. like, you put your coins onto a ledger, take your 24 word phrase. then, say, throw that ledger into a volcano. you can then go buy another ledger, enter that 24 word phrase, and recover your coins.
So, the real key there, is making sure that passphrase is safe. hence the engraved galvanized steel thing people do. so it wont burn, tarnish, or get ruined by flood.
2. taxes and privacy. different coins have different levels of privacy innate. some are more anon then others. at most, innate most simply state address z sent x coin to address y. no public disclosure of who owns those addresses. if, those addresses are an exchange... then yes, they know.
still the wild west a bit. if you buy an sell on a private wallet. yeah, probably could get away with it. buy on a public exchange and then sell on a private wallet? if they ever audit, they may ask where those coins went.
3. staking, requires you to give your keys to someone else, unless you can solo stake. 32 eth. or 16 eth on rocket pool.(other people give YOU their eth) Ada solo stake is high too. don't remember how much atm. I think alot of people all gung ho on "not your keys", forget you need to trust someone for this too.
4. this shit is complicated, if you have any real amount, be sure to give good instructions in a will.
5. so the 50k question. well. as already noted, I'm still on exchanges. I could move btc/eth to ledger, which are 99% of my holdings. 1 issue there, is atm, only have passphrase on paper, in 1 location.
Basement safe is "fireproof". but, that'd be a crapshoot still, and its a smallish safe. probably 200lbs. could be stolen in theory. so I would need to do a better job securing that phrase, before considering the ledger any safer then the exchanges.
then the next element goes back to the staking issue. I don't have enough to solo stake. so, going to have to trust someone else with it, to stake anyway.
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I’m sure it’s been said here before that the colloquialism for removing your coins off an exchange is “not your keys, not your coins”.
Personally I’ve invested in a Trezor (hardware wallet - cold storage) for my BTC, ETH and ADA (currently staking).
It has a nice communal interface with the Exodus exchange (iOS/PC) for view-only stats on my coins. Gives you a nice breakdown of everything.
I bet you are probably safe keeping it on a high profile exchange, but I sleep better at night knowing I have control of everything. As long as you aren’t prone to fire or misplacing things, it’s the way to go.
as far as taxes go, I’ve been trying to find every loophole possible. I have not found a good answer yet. I have a feeling I may look into a crypto debit card for transfers and purchases and I assume as long as it’s under 10k transfers it may not be automatically reported to the IRS?
6 Ways To Eliminate & Reduce Your Crypto Tax Rate
Below are some tax strategies you can use to eliminate and reduce your tax bill on cryptocurrency & bitcoin profits.
Thanks everyone.
Damn, storing a lot of crypto any way you slice seems moderately scary (compared to everything else.)
That's good to know about the 24 word phrase. I created a few different wallets for the small amount I have, and of course I created those pass phrases, which I wrote on a piece of paper. Engraved galvanized steel, that sounds cool!
I figured as much on the taxes...I didn't think there was really any way to audit things if you kept them off exchanges. Staking and having to give up the keys, well fuck that sounds scary when you're dealing with possibly hundreds of thousands or millions in the future.
What tweaking have you done to the card? With my 3080 I average over 96 MH/s now on nicehash, and could go higher if I wasn't more conservative with my tuning. When I first started with stock settings my card was thermal throttling due to the memory junction temp.
I’m running 100% stock. Getting 5 more hash rate isn’t worth burning the card up. I got an Alienware referb with the 3080 with an amd 5800x in it for 1800 about 3 weeks ago. Looking back it’s a sucking steal. I read after buying that Alienware has shit cooling and the cards aren’t that great. Turns out it’s being a little beast. 3080s need to be cool. I have a small fan and the room is 72 degrees. It seems to do the trick.
I may also try this. It sounds fantastic. 3080s just have more power being sucked into them compared to all others. Looking back I’d get 2 3060tis for 600 vs 3080 but I don’t regret my decision. I also have 2 years accidental damage through dell too since I might be clumsy while drinking and fry the card.
Caliane
Avatar of War Slayer
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yeah. to be clear staking doesn't "require" you hand over to someone else to stake. its just most solo staking has a minimum.
32 eth. at 2k that is 64k worth of Eth needed to solo stake, on your own hardware.
looking at ADA, I thought their was a min, but what I'm seeing is, there is no min, however, use/rewards are based on being selected to run a block.
Larger pools/amounts of ADA then will be more likely to be picked. so while total % rewards are mathematically equal, a large pool may be picked weekly, and payout weekly, while someone trying to stake ADA with 1 ada may be chosen to host a block once every 10 years.(hypothecial, not real numbers)
Either way, if YOU have personally hundreds of thousands of eth or ada, etc... you can do it yourself.
And yes, that 32 eth number is going to just keep going up. absolutely may hit the point, its well out of the range of the "average" person. quite soon even.
What temp is your memory junction at while mining stock? Mine actually went down by undervolting power and overclocking memory. The major problem with leaving it totally stock is the fans are based on main GPU temp, but it is actually the memory junction that is usually thermal throttling. 20MH/s is a pretty decent difference (while using less power due to the undervolt).
* Just ticked mine back to stock for a bit. Thermals shot up from 89 avg to 106 on my memory junction which is thermal throttling. I run fans at 95% on my custom tune, and even putting fans to 95 with stock settings I couldn't keep the memory junction under 95. I also went from 97 to 85 MH/s. Custom uses 220 watts vs 315 watts stock (440.KH/J efficiency vs 270).
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Threelions
Victory Through Harmony
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Planning on using my mined BTC to purchase this at some point. Seems unnecessary, but I love the idea.
Steel seed word capsule
Also a great point was made in that you really need to inform your significant other about any hardware storage you have. I told my wife where it's located and what's needed, but to go to my brother-in-law for help if i eat shit.
Flobee
Vyemm Raider
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Be very careful trying to be clever with taxes and crypto. The IRS is using services like Chainalysis to track transactions. You gave exchanges your KYC information when you bought the coins presumably. You are very trackable unless you do significant work to hide your coins. Even if you do hide the coins, they still know how much you bought.
Blockchains are entirely transparent on the base layer when it comes to transactions. If a UTXO can be assigned to you as an individual then your usage can be tracked. Trying to outsmart the IRS is gunna be a bad idea unless you really know what you're doing.
Worth at least skimming this. Its not correct to assume you're safe by default from tracking.
Privacy - Bitcoin Wiki
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