Bitcoins/Litecoins/Virtual Currencies

  • Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!



    Go here and give us your nominations!
    Who's been the biggest Asshat in the last year? Give us your worst ones!
Flobee

Flobee

Vyemm Raider
2,674
3,072
Get your Bitcoin off exchanges. Exactly the kind of thing you can expect the West to try to overreact on IMO. They can't stop it, but they can make life a lot harder for you by trying

bitcoinmagazine.com

Russia Is Open To Selling Natural Gas For Bitcoin

Russia can trade with ‘friendly’ countries in national currencies or bitcoin, the chairman of the State Duma committee on energy said.
bitcoinmagazine.com bitcoinmagazine.com

EDIT: Digging a bit deeper, this article is true but I wouldn't be confident that any trading in Bitcoin is actually happening anytime soon. Was some context missing in translation. Plenty of bullish stuff happening today though:

Bloomberg - Are you a robot?

www.bloomberg.com
 
Last edited:
Rajaah

Rajaah

Honorable Member
<Gold Donor>
12,516
16,539
Tmac said:
If you listen to the podcast, this shit happens regardless of the user. They're exploiting password/username leaks, using Coinbase's own security gaps, and then literally stealing a manager's tablet (or paying them off) at Verizon, ATT, or T-Mobile to sim swap so they can verify fund withdrawels.

Not sure how a user's savyness can avoid this. It's happening in spite of the user.
Click to expand...

Weird, I just got called in to T-Mobile to do a sim swap, since they merged with Sprint and apparently Sprint sims are gonna be non-functional at some point.

I doubt I got scammed because how would they know what store I'd go to, out of the 60 stores in the area? I did make sure to get back and destroy my old sim after they switched it. I don't keep anything crypto-related on my phone anyway, as it's my device most likely to get stolen. I guess it could be used to get into an exchange via verification access though.

With widespread sim-swaps going on due to that huge merger, it's a primo time for scam artists to strike.
 
Rajaah

Rajaah

Honorable Member
<Gold Donor>
12,516
16,539
Break said:
I know this will probably drop back down, but it's interesting to see these spikes. Something has been slowly pushing the average price up in the last 2 weeks.

View attachment 404863
Click to expand...
Flobee said:
Get your Bitcoin off exchanges. Exactly the kind of thing you can expect the West to try to overreact on IMO. They can't stop it, but they can make life a lot harder for you by trying

bitcoinmagazine.com

Russia Is Open To Selling Natural Gas For Bitcoin

Russia can trade with ‘friendly’ countries in national currencies or bitcoin, the chairman of the State Duma committee on energy said.
bitcoinmagazine.com bitcoinmagazine.com

EDIT: Digging a bit deeper, this article is true but I wouldn't be confident that any trading in Bitcoin is actually happening anytime soon. Was some context missing in translation. Plenty of bullish stuff happening today though:

Bloomberg - Are you a robot?

www.bloomberg.com
Click to expand...

Bitcoin is even higher today, think it hit 47k a little while ago. I'm up significantly from a couple months ago. The thing is, I've been fully hands-off with it for those months, and I was mulling over whether the Russia stuff is going to tank BTC (at least temporarily) so I was considering going on there to pull my funds for now. Was very surprised to find that I was actually way up, and the past week has seen a continual rise.

Wasn't planning to sell any BTC until it got back into the 60's but right now might be a good time to pull it and wait to see what happens. 47k is definitely higher than I expected it to be given current events and I'm not sure what's propelling this but it seems like a temporary anomaly.
 
  • 1Like
Reactions: 1 user
Caliane

Caliane

Avatar of War Slayer
15,324
11,617
A reminder on the tax thing. If you are using turbotax, it asks you if you bought crypto.. but then, does not actually work you through entering your gains at all.
You'll need to do it manually.

Here's intuits guide on doing it.
turbotax.intuit.com

Your Crypto Tax Guide

Is there a cryptocurrency tax? If you've invested in cryptocurrency, understand how the IRS taxes these investments and what constitutes a taxable event.
turbotax.intuit.com turbotax.intuit.com
 
Last edited:
Rajaah

Rajaah

Honorable Member
<Gold Donor>
12,516
16,539
Creating as few taxable events as possible is something we should all keep in mind going forward. The IRS is basically militarized now and audits are going to be a lot more common than they used to be. Wouldn't surprise me to see people on the wrong side of the political spectrum finding themselves being audited repeatedly.
 
  • 1Like
Reactions: 1 user
Kithani

Kithani

Blackwing Lair Raider
1,251
1,573
Rajaah said:
Creating as few taxable events as possible is something we should all keep in mind going forward. The IRS is basically militarized now and audits are going to be a lot more common than they used to be. Wouldn't surprise me to see people on the wrong side of the political spectrum finding themselves being audited repeatedly.
Click to expand...
I think there was enough PPP fraud to keep them busy for decades
 
Mist

Mist

REEEEeyore
<Gold Donor>
31,198
23,367
Yeah I'm pretty sure the whole "IRS is militarized" thing is just some bad Rajaah BS statement, they're still absolutely drowning from being understaffed.
 
  • 1Like
  • 1Dislike
Reactions: 1 users
Tmac

Tmac

Adventurer
<Aristocrat╭ರ_•́>
9,970
16,988
Mist said:
Yeah I'm pretty sure the whole "IRS is militarized" thing is just some bad Rajaah BS statement, they're still absolutely drowning from being understaffed.
Click to expand...

They hired 60,000 new employees and will now track anything bigger than a $400 transaction.

IDK what you call that, but it's not business as usual.
 
Mist

Mist

REEEEeyore
<Gold Donor>
31,198
23,367
Tmac said:
They hired 60,000 new employees and will now track anything bigger than a $400 transaction.

IDK what you call that, but it's not business as usual.
Click to expand...
If you're talking about the Venmo/Paypal/Cashapp 1099 thing, it's 600 dollars and it's not per transaction, its per year.

So yeah, if you've got an untaxed sidehustle you're not paying taxes on, you better register it as a business so you can report your expenses.
 
Deathwing

Deathwing

<Bronze Donator>
16,739
7,767
Tmac said:
They hired 60,000 new employees and will now track anything bigger than a $400 transaction.

IDK what you call that, but it's not business as usual.
Click to expand...
How? That's a ridiculous number of new hires for even the largest of corporation, let alone the federal government in the "fuck working" era.
 
Flobee

Flobee

Vyemm Raider
2,674
3,072
Deathwing said:
How? That's a ridiculous number of new hires for even the largest of corporation, let alone the federal government in the "fuck working" era.
Click to expand...
IRS is also considered one of the 'shittiest' Fed jobs as I understand it. A decent % of those hires will just use it as a jump off to transfer elsewhere I bet. IRS is definitely beefing up, but questioning how well it is going to work is legit imo.
 
C

Captain Suave

Caesar si viveret, ad remum dareris.
5,254
8,953
Tmac said:
They hired 60,000 new employees and will now track anything bigger than a $400 transaction.
Click to expand...
Citation needed.

Articles I find say they're hiring 5,000 this season and 5,000 next. That would bring the staffing level to 10,000 less than in 2010. They're paying $15/hr, which is sure to get some top-tier talent auditing you.

1648604544398.png

IRS Budget and Workforce | Internal Revenue Service

SOI Tax Stats - IRS Data Book - IRS Budget & Workforce section page.
www.irs.gov www.irs.gov

www.nytimes.com

The I.R.S. plans to hire 10,000 workers to clear a tax return backlog. (Published 2022)

More than 20 million returns remain unprocessed, the agency said.
www.nytimes.com www.nytimes.com
 
  • 1Like
Reactions: 1 user
You must log in or register to reply here.