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Old 25th January 2021, 13:36     #441
crocos
 
Does anyone here actually mine, or just trade? If so do you ASIC or use a PC?

Just curious - I've been regretting not getting into mining when I first found out about it freaking years ago, now wondering if getting into mining is worth it or better just trading.
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Last edited by crocos : 25th January 2021 at 13:38.
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Old 25th January 2021, 13:42     #442
Ab
A mariachi ogre snorkel
 
Quote:
Originally Posted by Nich
ETH ATH incoming...
ding ding ding
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Old 25th January 2021, 14:05     #443
Ab
A mariachi ogre snorkel
 
HEY BITCOIN

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Old 25th January 2021, 19:15     #444
Ab
A mariachi ogre snorkel
 
Quote:
Originally Posted by Lightspeed
I wonder.

I see what you're saying. We have the current set of "early adopters", largely just people buying in. Leveraging the platforms beyond currency handling is nearly non-existent. However this white, male, monied crowd in the best position to buy in are going to be stymied by traditional systems they're already bought into.

On the flip-side the bulk of people do not enjoy the benefits of robust, transparent, corruption free financial and legal systems. They will have strong incentive to develop and use these new systems. And there is so much untapped potential to be unleashed. I'm anticipating developing nations leap frogging past Western institutions.
Today:

https://techcrunch.com/2021/01/24/ho...aching-crypto/

Quote:
How emerging markets are approaching crypto

From Brazil to Nigeria, people turn to Bitcoin for different reasons than most of their speculating counterparts in North America. Namely, because it’s the most advantageous way for them to conduct international transactions.

Such is the case with a 28-year-old poker player in Brazil who simply goes by Felipe, for safety. Poker is a legal form of gambling in Brazil, so Felipe can use Brazilian banks and regulated exchanges to earn income from home. He dropped out of law school because playing poker against foreigners with Bitcoin to spend was more profitable than becoming a partner at a local law firm. Felipe said he now outearns his brother, a middle-tier executive at one of Brazil’s top corporations.

“Bitcoin is the best medium of money exchange in the poker community,” Felipe said. “I withdraw earnings as Bitcoin, or as Tether, to a Brazilian crypto exchange and sell it there.”

Felipe said he is wary of his government because he believes the Brazilian economy will experience a catastrophic shock in the next few years. Back in 1992, President Fernando Collor de Mello was impeached after confiscating millions of civilian savings accounts to offset national debts. Felipe doesn’t want his bank account forcibly emptied when the next crisis hits. This inspires him to accumulate Bitcoin, avoiding more traditional options stocks.
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Old 25th January 2021, 19:42     #445
Ajax
Architeuthis
 
^ Great plan, Felipe. He’ll find himself selling trinkets along Copacabana beach when the market collapses.
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Old 26th January 2021, 02:40     #446
DrTiTus
HENCE WHY FOREVER ALONE
 
Quote:
Originally Posted by crocos
Does anyone here actually mine, or just trade? If so do you ASIC or use a PC?

Just curious - I've been regretting not getting into mining when I first found out about it freaking years ago, now wondering if getting into mining is worth it or better just trading.
I mine with Nicehash these days, but had an ASIC years ago (Block Erupter). I regret not having the foresight to realise that "breaking even" back then would have meant large profits today, and some of the BTC I did mine, I converted into gold with goldmoney.com which then implemented fixed rate storage fees and ate away my balance

With Nicehash you mine whatever algorithm your card does best, you get paid in Bitcoin based on people renting your computational power. Everything is automated. It's not immediately profitable if you go out and buy all the equipment, and then pay for electricity. It can be profitable if the price of Bitcoin multiplies (as it has since I started mining). You can easily download Nicehash and see what your current card produces. Recent cards can generate roughly $3USD a day, and probably cost that to run them, so you're effectively just buying BTC very slowly. If its an old card, it'll be much less and not worth it at all.

I'd say you're better off just buying and HODLing, or trading if you're seeking short term gains (or losses, as the case may be).
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Old 29th January 2021, 12:47     #447
Ab
A mariachi ogre snorkel
 
At crocos's suggestion I've spun off the WSB posts. So we can all get back to loving Stellar today.
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Old 29th January 2021, 14:03     #448
Nich
 
That $DOGE. Makes your eyes water. Yes that is 455% gain in 24hr
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Old 29th January 2021, 14:30     #449
Ab
A mariachi ogre snorkel
 
stop it, I'm trying not to look!
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Old 29th January 2021, 16:06     #450
blynk
 
Quote:
Originally Posted by Nich
That $DOGE. Makes your eyes water. Yes that is 455% gain in 24hr
Haha, Maybe I might sell my whole $50 I invested.
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Old 29th January 2021, 16:43     #451
Nich
 
update: 800%. good lord.
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Old 29th January 2021, 17:05     #452
Ab
A mariachi ogre snorkel
 
bUt FuNdAmEnTaLs
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Old 29th January 2021, 17:21     #453
blynk
 
How annoying, apparantly my wallet is not synced. And its not syncing.

Haha, it will be back a 0.01 by the time Ive finished. That was foolish of me
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Old 3rd February 2021, 05:18     #454
Ab
A mariachi ogre snorkel
 
While everyone's *distracted boyfriend meme* over XRP and DOGE, Stellar is actually getting shit done:

https://www.forbes.com/sites/billyba...h=131f2e373a55
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Old 3rd February 2021, 12:13     #455
Nich
 
Quote:
Originally Posted by Nich
Got to have an exit strategy. Mine is not so much a number, but rather the crazy -eyed euphoria I got in Dec 2017. That's when I sell. I worry tho, Seeing bitcoin jump almost $4k in a day only gets a smirk and a raised eyebrow these days so I may need to recalibrate my investing emotions.
I've got my number to start scaling out: $2,500 AUD / ETH

However, I still believe it's going to $10,000 in 2021. I'm not greedy, I just want to retire before I'm 40
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Last edited by Nich : 3rd February 2021 at 12:14.
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Old 3rd February 2021, 12:28     #456
pxpx
 
What are the recommended methods of converting back to Fiat?
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Old 3rd February 2021, 12:33     #457
Nich
 
Sell on an exchange (I use Melbourne-based company btcmarkets.net)

Has anyone done the work researching charities? I want to find a good'un and share the love.
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Old 3rd February 2021, 13:29     #458
Ab
A mariachi ogre snorkel
 
Effective altruism is a whole can of worms. Lots to talk about.

But basically - if you want to do the most bang for your charity buck, start here:

https://www.givewell.org/charities/top-charities
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Old 3rd February 2021, 17:08     #459
Ab
A mariachi ogre snorkel
 
Jeez - a good day to be holding ETH, XLM, BTC...
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Old 4th February 2021, 13:13     #460
Ab
A mariachi ogre snorkel
 
Quote:
Originally Posted by Nich
I've got my number to start scaling out: $2,500 AUD / ETH
it's not entirely unlikely that ETH will hit 2500 within the next 24 hours. It's basically gone in a straight line from 1700 to 2200 since the early hours of Wed morning
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Old 4th February 2021, 13:26     #461
Nich
 
Eth strong on ETHUSD and ETHBTC (coming off of all time low) pairs. Slingshot time.

All I need is:
- A house with a garden for the family and our chickens
- Settle all debt
- Cancel all subscriptions
- cost of Jui Jitsu classes
- A motorcycle to ride to Jui Jitsu classes (and live my Zen and the Art of Motorcycle Maintenance dreams)
- annnnnd an Arturia Polybrute
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Old 4th February 2021, 13:41     #462
pxpx
 
I've only put in NZ$240 into ETC and BTC since early december and based on current rates that's now 'worth' NZ$500.

wtf.
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Old 4th February 2021, 13:47     #463
pxpx
 
ETH*
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Old 4th February 2021, 14:08     #464
Ab
A mariachi ogre snorkel
 
At a quick glance ETH has hit a new ATH every five minutes for the past 25 minutes.

update: awww, c-c-c-combo breaker.

I think when you're measuring not "all-time highs" but "streaks of consecutive all-time highs" things are getting silly.
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Old 4th February 2021, 17:19     #465
Ajax
Architeuthis
 
Don't make the rookie mistake of assuming it's organic demand.





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Old 5th February 2021, 10:51     #466
Ab
A mariachi ogre snorkel
 
+1, Insightful
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Old 6th February 2021, 09:11     #467
blynk
 
Does anyone have a good tool/spreadsheet set up for tracking Buying and Selling for tax?

Most of the templates i have seen seem to be when you buy 1 thing and then you sell that exact same amount.
But thats not really real life, where sales can be across multiple purchases.

I have a file created, but its just manual, that every sale I need to manual split the transactions to make it fit.
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Old 6th February 2021, 11:38     #468
Nich
 
If your exchange allows downloading buy/sell order history as spreadsheet, get that.

From ATO info:
From a tax perspective, it's just like stock / currency exchange except you're dealing with multiple decimal places.

group your buy orders separate from your sell orders (group further by older than 12mo / younger than if in Aus). Get a total for each group

I would further categorise by purchased from exchange vs mined / air dropped. From tax perspective mined / air dropped / contentious hard fork are like stock buy back dividends / stock split.

Taxable Sell / disposal event includes:
- selling on exchange for fiat
- using crypto debit card
- gifting
- shapeshifting to other coin
- moving to Thailand and living off crypto gains

If you are planning to share capital gains with your partner (to stay under a tax bracket) make sure you can prove you entered into crypto investing as a joint venture. Being married helps this immensely, but let's face it, you're probably like me where I bought in, then got glazed eyes when raving about being my own bank, immutable transfers, and Aristotle's definition of money.
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Last edited by Nich : 6th February 2021 at 11:40.
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Old 6th February 2021, 15:37     #469
pxpx
 
Waddaya mean, taxable gains? :pepeface
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Old 6th February 2021, 16:05     #470
Ab
A mariachi ogre snorkel
 
my version:

Quote:
If your exchange allows downloading buy/sell order history as spreadsheet, get that.

send it to your accountant

stop thinking about it
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Old 6th February 2021, 16:36     #471
Nich
 
Well shit, I need to find a better accountant then, my last 2 have asked me to arrange my CGT data as per their attached spreadsheet template.
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Old 6th February 2021, 23:50     #472
blynk
 
Yeah, all my stuff is a little more basic (I assume the NZ Tax laws are similar to AU).
But its easy enough to track. NZ uses FIFO, and I had already kept an Excel of them.

While the file will be used for Tax, Im more interested in tracking it for ROI
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Old 7th February 2021, 10:41     #473
wazza
*flex*
 
Quote:
Originally Posted by Nich
Aristotle's definition of money.
I like that, nice ;>
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Old 7th February 2021, 17:45     #474
Ab
A mariachi ogre snorkel
 
Quote:
Originally Posted by blynk
Yeah, all my stuff is a little more basic (I assume the NZ Tax laws are similar to AU).
But its easy enough to track. NZ uses FIFO, and I had already kept an Excel of them.

While the file will be used for Tax, Im more interested in tracking it for ROI
Someone just suggested this to me in a parallel discussion:

https://koinly.io

It advertises itself as a "connect your exchanges via their APIs or your wallets via their public addresses and we will generate your tax statement for you" service. I might give it a try and report back.
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Old 9th February 2021, 09:38     #475
Nich
 
Elon has joined the game.
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Old 9th February 2021, 10:17     #476
Lightspeed
 
Wacked

And another bounce...
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Old 9th February 2021, 10:19     #477
pxpx
 
Is that the largest BTC transcation ever?
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Old 9th February 2021, 10:31     #478
Nich
 
Yes it would be the largest transaction if it was done in one TX. But the whale trackers would have picked it up i reckon.

Rumour is Apple is next to announce buying in. Yes, that Apple that has famously had insane cash reserves.

Michael Saylor's conference got quite a few corporations on board. Maybe even the City of Miami too.
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Last edited by Nich : 9th February 2021 at 10:34.
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Old 9th February 2021, 12:02     #479
Nich
 
This is shaping up to be the biggest daily candle in BTC history.
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Old 9th February 2021, 14:16     #480
Ajax
Architeuthis
 
imo Tesla has made a serious error of judgement in getting involved with BTC. The whole crypto ecosystem is in a massive inflationary bubble fueled by funny money.
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