• There has been a recent cluster of spammers accessing BARFer accounts and posting spam. To safeguard your account, please consider changing your password. It would be even better to take the additional step of enabling 2 Factor Authentication (2FA) on your BARF account. Read more here.

bitcoins

Last week, the Segwit2x development team announced they would no longer continue with the project. In addition, a significant portion of miners and other community leaders withdrew their support for the fork. However, despite these developments, a small number of miners may attempt to go forward with a fork.

We wanted to provide clarity about the potential outcomes of the fork and what Coinbase will do in each scenario.

To protect customer funds, Coinbase will disable Bitcoin sends and receives at 2 am Pacific Time on November 17th, and disable buys and sells an hour before the fork, which is currently predicted to occur between 6am to 8am Pacific Time on November 17th. All functionality will be re-enabled shortly afterwards.

Scenario 1: Network is unusable
If support for the fork remains at current levels or decreases, the Bitcoin2x network will be unusable. Coinbase will not support withdrawals or trading as it will not be possible to move these assets. Currently we believe this is the most likely scenario.

If the network gains support at a later date, we will enable Bitcoin2x withdrawals from the platform.

Scenario 2: Network is usable
If transactions are being confirmed at a reasonable speed and miner support is strong, we will allow Coinbase customers to withdraw Bitcoin2x. We will not immediately enable buys and sells as previously stated, but we may enable them at a later date.
 
A bunch of folks are going to be pulling money out of BTC before the fork.

Edit: BTC out of Coinbase before the fork*
 
Last edited:
panthera said:
your getting stuck on "fee's". there are ways to avoid fees. I buy lunch every day with bitcoin and incur no fees. Also at point of sale we could transfer btc to and from hardware wallets with no fees.
Click to expand...

I believe you'll get fees when the tax man comes at the tune of regular income tax. Coinbase complies with federal law and reports every transaction.

https://en.bitcoin.it/wiki/Tax_compliance
Are my bitcoins taxed as income, or as capital gains?
Income that is earned through the exchange of services with another person, whether in the form of bitcoins, dollars, or barter; is included in gross income, and would be subject to income tax at applicable rates. Also these bitcoins could be subject to self employment tax.

In some jurisdictions, income earned through the process of buying and selling bitcoins would also be included in gross income, but would be treated as capital gains.

Note: The above interpretation is based on the assumption bitcoins are treated as a store of value such as gold, or other such commodity. If instead they are treated as a currency or debt, the full gain could be taxed based on market value at the end of each tax year. 3858 IRS Ends Currency ETN Advantage Simply put, the IRS never considers currency a long-term investment. Consequently, if bitcoins are treated as a currency, you will be taxed the same as holding an account in any non-functional (foreign) currency.

How do you interpret this?

More info on buying sandwiches with crypto.
https://www.cnbc.com/2017/10/20/usi...tml?view=story&$DEVICE$=native-android-mobile

"Recently, the IRS has gotten more serious about ferreting out bitcoin holders who are not reporting and paying their taxes. Just last year, the Justice Department filed a court petition to access the identities of Bitcoin traders who use the crypto currency trading platform, Coinbase"

panthera said:
I use GDAX to buy btc. I think I had one fee for $2.99 on a purchase. If you are day trading thats where the fees happen most. I buy btc on gdax, send the btc to Coinbase, then I use my debit card to buy stuff. The retailer pays the fee to visa as they normally do for debit and credit card deals. Also if you have a hardware device you and I can transact between our hardware wallets for free. When you use an exchange you incur fees. You can spend btc at the microsoft website, Overstocked.com, and expedia.com just to name a few and you dont pay any fees.
Click to expand...

Gdax doesn't charge fees if you limit with post only. It's how I getting around fees from trading.

RightCoastBias said:
A bunch of folks are going to be pulling money out of BTC before the fork.

Edit: BTC out of Coinbase before the fork*
Click to expand...

4 hours away from Coinbase maintenance. Fingers crossed they don't fuck this up.
 
Last edited:
I never said that I would not pay taxes. Every transaction I do contains the price of bitcoin at the time of sale. Not really all that hard to figure out how much of that is taxable. I have alway advocate that people not try to skirt the law. You will get caught.
 
panthera said:
I never said that I would not pay taxes. Every transaction I do contains the price of bitcoin at the time of sale. Not really all that hard to figure out how much of that is taxable. I have alway advocate that people not try to skirt the law. You will get caught.
Click to expand...

My mistake. I consider taxes a fee. Thanks for explaining your position on it.

Another question. Since your bitcoin purchases are taxed as income won’t you pay more for purchases then you would if you used cash/debit/credit and paid state tax?
 
Most of my purchases have been with recently bought btc. I regularly put new btc on the card so the tax lot I will use will be the latest btc purchased. I never use btc that has appreciated a lot. I really believe that the community needs to use bitcoin as Satoshi envisioned, as a currency not store of value. That said I do have btc that I'm holding only because I don't want to have to use banks anymore. Btw I'm trying to start a Saturday morning crypto group if anyone is interested. Probably in the San Mateo area.
 
panthera said:
Most of my purchases have been with recently bought btc. I regularly put new btc on the card so the tax lot I will use will be the latest btc purchased. I never use btc that has appreciated a lot. I really believe that the community needs to use bitcoin as Satoshi envisioned, as a currency not store of value. That said I do have btc that I'm holding only because I don't want to have to use banks anymore. Btw I'm trying to start a Saturday morning crypto group if anyone is interested. Probably in the San Mateo area.
Click to expand...

I'd love to go for a ride and talk crypto.
 
panthera said:
Most of my purchases have been with recently bought btc. I regularly put new btc on the card so the tax lot I will use will be the latest btc purchased. I never use btc that has appreciated a lot. I really believe that the community needs to use bitcoin as Satoshi envisioned, as a currency not store of value. That said I do have btc that I'm holding only because I don't want to have to use banks anymore. Btw I'm trying to start a Saturday morning crypto group if anyone is interested. Probably in the San Mateo area.
Click to expand...

just shot you a PM.

NEO is mooning, China lifted their ICO ban!
 
panthera said:
Most of my purchases have been with recently bought btc. I regularly put new btc on the card so the tax lot I will use will be the latest btc purchased. I never use btc that has appreciated a lot. I really believe that the community needs to use bitcoin as Satoshi envisioned, as a currency not store of value. That said I do have btc that I'm holding only because I don't want to have to use banks anymore. Btw I'm trying to start a Saturday morning crypto group if anyone is interested. Probably in the San Mateo area.
Click to expand...

Also, you might want to check out Basic Attention Tokens.

Company was started by the founder of Firefox. I bought a good amount of coins and I am holding. But obviously, do your own research and don't take my word.
 
panthera said:
Honda-Im all over BAT. I even run their Brave browser. Great concept and they are even using bat on youtube.
Click to expand...

Excellent. I bought the first hour they got listed on Bittrex

Holding for the long term. I absolutely love the team and the product.
 
So for those that are interested I will be at Phils on B st in San Mateo tomorrow around 9am with a few like minded folks and would love to speak crypto. I have a guy form work that mines ethereum and a few others that have been on the scene for a bit as well as newbies. Lets start a weekly group. Address is 113 S B St, San Mateo, CA 94401
Lets talk all things crypto related.
 
panthera said:
So for those that are interested I will be at Phils on B st in San Mateo tomorrow around 9am with a few like minded folks and would love to speak crypto. I have a guy form work that mines ethereum and a few others that have been on the scene for a bit as well as newbies. Lets start a weekly group. Address is 113 S B St, San Mateo, CA 94401
Lets talk all things crypto related.
Click to expand...

I'm out of country, but may join one of these weekends. I'm also a eth miner and interested in crypto.
 
Three person turn out but some very lively discussions. Met a guy with wife and kids ear hustling and joined the conversation. Turns out he was in on the ether ico. Awesome meeting crypto folks naturally. Lets do another meet.
 
couldn't make it either. I'll be in Santa Barbara this Saturday for my bday, but hopefully the weekend after I can make it out!
 
E.HONDA said:
couldn't make it either. I'll be in Santa Barbara this Saturday for my bday, but hopefully the weekend after I can make it out!
Click to expand...
That would be great.
TripleSeven said:
I’m up $60 :laughing
Click to expand...

Dude thats like 4 lunches for free essentially. I bought this morning at 5:50am because of the volume I saw coming in told me that most likely there would be a rally. I sent a text to a few close buddies hoping they would get in on the action as well. They are sad they didnt jump on board. Its times like this I reload my debit card. With todays gains it will buy me lunch all this month.
 
You must log in or register to reply here.
Back
Top