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MDawg
MDawg
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January 20th, 2021 at 1:35:48 PM permalink
So it's not lost among the balderdash, Bluejay let me know what you think about the below.

Quote: MDawg


Bluejay: That is disconcerting, to say the least. Probably what I will do then is ACH the funds from a personal account. I can't afford to have them close my business accounts as I rely on them too much. For the moment, all I will be doing is sending funds out, in this case to buy stablecoins, but, the idea, at least for the interest accrued on these stablecoins, is to withdraw it eventually, for use as income, so some money will come back eventually, and I hope the banks don't bother me when that happens.

One thing they were saying at least at my blockchain is that the incoming wire to them must match the account holder's name. If I send a wire from a business account, or an ACH for that matter, it wouldn't match the blockchain wallet holder's name as that is personal, so I assume that means that your hosted wallet doesn't care where the funds are coming from?
For example - stock accounts, they will not accept cashier's checks, because they don't know who bought them. However, I do know that SOME stock accounts will accept an ACH from any account that is linked, no matter in whose name that account is, and others are much more careful and won't allow the bank account to be linked unless the account holder's name matches the stock account holder name exactly.

*** Just a thought: is it possible that what flagged all this was initially that the incoming ACH or wires to your account were from (I assume hosted) wallets, and then they noticed as well that the name on the incoming wire or ACH was a personal name (yours I assume) versus your business name? Maybe they didn't like the crypto related funds, but used the excuse of a mismatch in account holder title to shut you down.

Now, I get ACHs all the time incoming to my business accounts that are in my name, other people's names, various business names, etc. no one has ever cared, but technically even ACHs are supposed to match the recipient account holder's name, whether business or personal. I think that's a rule that is little enforced though, for the most part - it's all numbers to banks.



Quote: MDawg



Anyway, probably what I will do is send about five grand and buy stablecoins, then ship it to the interest bearing account within my blockchain, then send some more USD and repeat the process, then the rest. That should be no problem, right Bluejay? But I gotta get the interest accrued back at some point in dollars after I sell it off. If the banks are really that touchy about it, maybe I could send the stablecoins to my coinbase wallet, which I don't use much but do have, then from there to a personal Chase account. As mentioned Chase has an interest in coinbase, I am hoping they wouldn't stop transactions emanating from their own associate.

I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
AxelWolf
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January 20th, 2021 at 2:16:11 PM permalink
Quote: OnceDear

Hi Axel. I don't recognise that name? Is he a comedian (that you admire)?
[Comment redacted, because it would end in my suspension]

Admire, that seems like a good description since I don't go all gaga over celebrities.

He was on Saturday Night Live 1985 to 1990. One of his better known characters was Tommy Flanagan(A pathological liar) the, "Yeah! That's the ticket! guy.



And mr. Mistoffelees


Honorable mention to Dennis Miller Who was on SNL for the same time period + or minus a year or so. I really liked his style(very clever and quick witted), especially when he was on SNL's The Weekend Update.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
AxelWolf
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January 20th, 2021 at 2:27:53 PM permalink
Quote: MDawg

OD: I keep my coins in a HOSTED wallet. It just happens to be overseas.

WTF, WHYYYYYYYYYYYYYYYYYYY?
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
BTLWI
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January 20th, 2021 at 3:45:21 PM permalink
Quote: ChumpChange

So if you don't pay the balloon payment at the end, they take your bitcoin? What if bitcoin is worth much more then, will they refund whatever is above the $25K in bitcoin? If bitcoin is worth a lot less, maybe the 2.3 btc can cover the $25K and if not, you'll owe more bitcoin. Seems like an advance of some sort.



At the end of the loan either I send them $25,000 USD or enough crypto to pay it or they take $25K worth of my 2.3 BTC collateral, sell it and return the remaining BTC to me. If the 2.3 BTC doesn't cover it they liquidate the BTC at that point - that would be a BTC freefall to the $13K number in my previous post. But at any time I can simply add more BTC as collateral to prevent that from happening. But unless that happens in a few hours and I miss it, I'll just pay off the $25,000 + remaining interest owed early with no penalty - they return my BTC and I sell it and buy stablecoins for high APY (10%+) and investigate whatever is taking market from Bitcoin.

My objective is to swap as much USD for as much "other" as possible. Right now "other" is heavy on crypto. Maybe I'll wait 2 months, see where crypto is at and take out a $50K crypto loan to buy some stonks. With this first $25K I bought 59,000 ADA, 2.85 ETH and 36 BNB.
billryan
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January 20th, 2021 at 5:33:13 PM permalink
Quote: AxelWolf

Quote: OnceDear

Hi Axel. I don't recognise that name? Is he a comedian (that you admire)?
[Comment redacted, because it would end in my suspension]

Admire, that seems like a good description since I don't go all gaga over celebrities.

He was on Saturday Night Live 1985 to 1990. One of his better known characters was Tommy Flanagan(A pathological liar) the, "Yeah! That's the ticket! guy.



And mr. Mistoffelees


Honorable mention to Dennis Miller Who was on SNL for the same time period + or minus a year or so. I really liked his style(very clever and quick witted), especially when he was on SNL's The Weekend Update.





I'm reminded of good old Joe Isuzu, for reasons I can't fully exlain.
The difference between fiction and reality is that fiction is supposed to make sense.
PokerGrinder
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January 20th, 2021 at 10:11:26 PM permalink
Did you actually just type that you were afraid selling 10 btc would tank the price?!? That comment means you have no understanding of btc if that small a sum who do anything to the price lol.
You can shear a sheep a hundred times, but you can skin it only once. ó Amarillo Slim Preston
AxelWolf
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January 20th, 2021 at 11:44:19 PM permalink
Quote: PokerGrinder

Did you actually just type that you were afraid selling 10 btc would tank the price?!? That comment means you have no understanding of btc if that small a sum who do anything to the price lol.

Only that comment? You are being super generous today.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
PokerGrinder
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OnceDear
January 21st, 2021 at 12:22:36 AM permalink
Quote: AxelWolf

Only that comment? You are being super generous today.


Iím trying to not get suspended today
You can shear a sheep a hundred times, but you can skin it only once. ó Amarillo Slim Preston
MDawg
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January 21st, 2021 at 3:24:20 AM permalink
What I said, my dear PG, is that back then, at the end of 2017, it was hard to sell even ten bitcoin at the peak prices because the peak prices lasted for such a short period of time that even trying to sell ten bitcoin might've crashed the price given how long it would've taken for me to sell even ten bitcoin let alone all I have to sell - Because, back then coinbase had a maximum of 50000 USD that could be sold in one shot, and gemini, which someone suggested I try but did not, I was told had a maximum of 100000 USD that could be sold in one shot, and both figures would have taken me forever to sell everything I have, which is part of why I never did it. I suppose I should have said "effectively" crashed the price because what I meant was just that back then, end of 2017, trying to sell a lot of bitcoin at the peak prices was effectively impossible, versus today where demand is unprecedented.
Anyway - When bitcoin went down over the next few years, some of my friends said, you should have sold, but there were a number of reasons why I didn't, including that, at that time, my hosted overseas wallet didn't even allow US people to sell anything - and back then, my wallet was entirely anonymous and even if I had KYC verified myself they would have not allowed me to sell which meant that I would have had to transfer all the crypto to coinbase or some such for selling purposes, anyway, the list goes on as to why I have never sold any crypto, I'm not interested in selling anything until BTC reaches at least 50000, and maybe not even then. I don't need the money. Don't you think BTC will hit at least 100000 someday? I'm not in any hurry.

A friend of mine says that a friend of his in the movie business received 5000 bitcoin back when they were worth about nothing, and blew 4000 of them, still has 1000 left and is planning to sell or already sold about 500 of them. Assuming this is true, I want to find out what this guy had to go through as a US resident to sell that many and get the cash. It's not as easy as all that, I don't think.

BTLWI - what hosted wallet are you with? Looks like you have the option of interest, but did a loan. The advantage of my hosted wallet, no doubt because it is overseas - even after I did their KYC verification, I did have to supply my US passport but - no social security number. With coinbase where I had a few BTC only that I received much more recently, I had to give a full SSN from Day One, and they even verified my exact address. My overseas place accepted the address I gave them. No social security number - no 1099.

Also, BTLWI, I'm just curious, what was the process like when you had to transfer your coins to whatever blockchain for them to hold? When I transferred my coins from my wallet to the interest bearing account it was scary in that it just looked like a regular transfer, which I'd never before sent any bitcoin anywhere, and now here I was sending all of that was in that hosted wallet at once. It took all day before it was verified, I guess because it had to be not only blockchain verified, but then further manually verified and accepted by the outfit, and during that interim my bitcoin balance was 0. Cost only about seven bucks to transfer all the bitcoin though to the interest account, which was lower than the about twenty bucks it cost to transfer just a few BTC from coinbase to this overseas wallet, so I assume that the inter wallet transfer or whatever they call it has lower fees than a regular transfer. This was my first experience ever with sending out or transferring, I have always been a recipient. I did all that late last year and have been collecting interest since, which makes me even less concerned about selling.

Soopoo - I'm a little cash heavy these days. Perhaps not so much in terms of % but in terms of dollars, so I am thinking to get some of it into this overseas outfit and buy stablecoins with it, then ship all that to the interest bearing account and collect 12%. Stablecoins stay at a dollar always and they seem secure to me. Anyway, maybe I'm too young but I trust crypto. One thing that was weird, was that when I transferred the stablecoins I had that clients had paid me in fairly recently, I had to pay a little ETH just to transfer it to the interest bearing account - not much, just several dollars worth as I recall. Luckily I have ETH too, as some clients have paid me in that. I also put all of my BCH into the interest bearing account - at some point in 2017, I got a gang of it free when BTC forked. I didn't even know about that just one day I logged in and noticed that my balance seemed a little high, and it turned out that it was from free BCH. As I recall when I transferred the BCH to the interest bearing account it cost almost nothing though, so I suppose that's one advantage to BCH, very low transaction costs. One thing I do regret but then hindsight is 50-50 is not selling all of my BCH back when it was something like 4000 at the end of 2017, but again, it wasn't that high for very long, and I would have run into all the same issues as described above for liquidating bitcoin. What do you think Soopoo, am I crazy to put a half million dollars into stablecoins? 12%! I am serious about doing it. Maybe I'll put even more. But for that particular stablecoin related interest I'd want to sell it and withdraw it somewhat regularly, which is why I was alarmed at what Bluejay said. With the bitcoin I don't care - I am just going to let the btc interest stay in there and add to the principal for compound interest collection. See what happens over the next few years.

I love crypto. It may be like gold buried in the ground, but it's all good as far as I am concerned.

Soopoo, what do you think about yesterday in the stock market? 😁 Looks like the market loved January 20th! I'm awake right now waiting until 4am because I am thinking of selling some extra AMZN I picked up at the open yesterday, to sell when the pre- opens in twenty minutes. I was trying to get 3285 for it yesterday didn't quite get there but it should get at least that today. A clean hundred bucks, quite a home run.
Last edited by: MDawg on Jan 21, 2021
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
PokerGrinder
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January 21st, 2021 at 3:59:28 AM permalink
My dear Dawg, you said that your sale would directly cause a crash not that the price could have crashed while trying to sell them. The price could have also gone up while you tried to sell 10 btc. By the way in 2017 I could have sold and had friends who did sell 10+ btc for cash in a matter of hours.
You can shear a sheep a hundred times, but you can skin it only once. ó Amarillo Slim Preston
MDawg
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January 21st, 2021 at 4:11:24 AM permalink
You're talking to a guy who has - luckily - never sold any bitcoin. Up until the end of last year, I had never even transferred any bitcoin. Recipient only.

If I were going to sell I would have sold ten years ago. Or nine. Or eight. Or seven. Etc. Etc. Who knows where the top is?

I don't really care what price it's at. Whenever a client has wanted or wants to pay me in crypto, I have accepted it / will accept it.

HODL ALL THE WAY.

Talk to me when it's 50 or 100 thousand, maybe then...in the meantime at least I am collecting interest.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
PokerGrinder
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January 21st, 2021 at 4:21:58 AM permalink
Itís amazing how you always manage to avoid the subject when you get caught in I would say lie but youíd get your panties in a knot if I said that so Iíll say when you get caught trying to be an expert in something when you clearly arenít.
You can shear a sheep a hundred times, but you can skin it only once. ó Amarillo Slim Preston
MDawg
MDawg
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January 21st, 2021 at 4:30:40 AM permalink
You guys have no idea what you're talking about. You've never transferred any sum of bitcoin to any interest bearing account so how would you know. Also whatever you're talking about with regards to sale of any sizable amounts of bitcoin is all second hand hearsay. And AxelWolf not understanding what the advantages are of an overseas hosted wallet are because he's just a guy who moves around a microscopic fraction of bitcoin to pay some casino. I'd never waste my bitcoin like that. If AW had collected bitcoin and held it all these years he'd have something now.

So who's the fool, the idiot (me) who accumulated and held all his bitcoin from day one, and still has it in a wallet that he knows the password to and has access to, or those who want to make a big deal out of theory that they have never first hand experienced at this level. I've never sold any bitcoin and probably won't for a long time.
Last edited by: MDawg on Jan 21, 2021
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
terapined
terapined
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January 21st, 2021 at 5:07:04 AM permalink
Damm
I just lost money on bit coin
I was so tempted to sell after I bought last week due to the big dip and was up a healthy 15% in one day
It's now just slightly lower then what I paid
Its just a forum. Nothing here to get obsessed about.
MichaelBluejay
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January 21st, 2021 at 6:28:11 AM permalink
Quote: MDawg

One thing they were saying at least at my blockchain is that the incoming wire to them must match the account holder's name. If I send a wire from a business account, or an ACH for that matter, it wouldn't match the blockchain wallet holder's name as that is personal, so I assume that means that your hosted wallet doesn't care where the funds are coming from?

I can't engage with you because your posts are so ambiguous, e.g. (questions are rhetorical):

"One thing they were saying..." Who the hell is "they"?

"at least at my blockchain..." You don't have a blockchain. No telling what you're actually referring to.

"If I send a wire from a business account..." TO WHOM?!

"it wouldn't match the blockchain wallet holder's name..." There is no such thing as a "blockchain wallet holder's name". The blockchain is a global list of BTC transactions. Every time you say "blockchain", when you clearly mean something else, it muddies the waters.

Skipping and skimming:

Quote: MDawg

Just a thought: is it possible that what flagged all this was initially that the incoming ACH or wires to your account were from (I assume hosted) wallets, and then they noticed as well that the name on the incoming wire or ACH was a personal name (yours I assume) versus your business name?

(1) I never said ACH, I said wire.
(2) I never said the wallet sent the wire, I said the buyer sent the wire.
(3) Your use of unidentified pronouns is maddening.
(4) Name mismatch, no, no, no, no, no. I was very explicit about what the actual problem was.
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SOOPOO
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January 21st, 2021 at 6:28:15 AM permalink
Answering MD's question about buying stablecoins...

I have no idea if you are crazy for putting $500,000 in them! I would need to know your total investable assets, yearly income, how many more years do you plan on working, etc... But like gold, art, collectibles.... having a small % of your assets in a new investment seems reasonable, just I do not have the ability to figure it out. It seems like you have the regular stock market figured out, and don't have the worries over the liquidity of those investments. So sure, put some of your 'play money' into crypto as an investment.

I'll answer your stock question in one of the other threads.
PokerGrinder
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January 21st, 2021 at 6:42:37 AM permalink
Quote: MDawg

You guys have no idea what you're talking about. You've never transferred any sum of bitcoin to any interest bearing account so how would you know. Also whatever you're talking about with regards to sale of any sizable amounts of bitcoin is all second hand hearsay. And AxelWolf not understanding what the advantages are of an overseas hosted wallet are because he's just a guy who moves around a microscopic fraction of bitcoin to pay some casino. I'd never waste my bitcoin like that. If AW had collected bitcoin and held it all these years he'd have something now.

So who's the fool, the idiot (me) who accumulated and held all his bitcoin from day one, and still has it in a wallet that he knows the password to and has access to, or those who want to make a big deal out of theory that they have never first hand experienced at this level. I've never sold any bitcoin and probably won't for a long time.


I literally have all my btc in an interest bearing account lol but thanks for coming to the party. My knowledge of buying and selling large of btc is very good btw even though I HODL.
You can shear a sheep a hundred times, but you can skin it only once. ó Amarillo Slim Preston
SOOPOO
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January 21st, 2021 at 7:22:14 AM permalink
Quote: PokerGrinder

I literally have all my btc in an interest bearing account lol but thanks for coming to the party. My knowledge of buying and selling large of btc is very good btw even though I HODL.



How much interest? Is the interest paid in BTC or $? Do you have BTC as an investment or as a tool to be able to easily access on line +EV opportunities?
MDawg
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January 21st, 2021 at 7:40:11 AM permalink
First off it is a well known fact that anyone living north of the 54 40 or fight line isn't allowed to collect interest. They are barred from all fun reindeer games in life. So that rules out PokerGrinder.

On BTC I get a little under five percent. On stablecoins, over ten percent. It is paid in like kind but may be sold obviously. To sell it, must first transfer it out of the interest bearing account then sell it. Doing either of those things will be new experiences for me.

Bluejay: I call it "my blockchain" partly because I'm not interested in getting specific with the people on this forum as to where exactly I keep my bitcoin, or even on exact percentages I get in interest or anything else too specific. When I say that I refer to my hosted wallet. Why? Just the way I am, same as when I refer to "the casino across the street" instead of naming it specifically. I trust no one.

Anyway, after reading what you wrote, it doesn't seem that your business banking accounts were shut down solely or even at all because you received wires from your own hosted wallet. Whatever you were doing doesn't sound very banking friendly, and drew flags. I don't think I will be shut down for receiving legitimate ACH or wires from my hosted wallet, but I suppose I will have to find out, and anyway the amounts I receive will be only whatever is accrued interest on the stablecoins only. The only reason I started posting in this thread at all was because I weighed the risk of disclosure with the benefit of your having something useful to advise me on. Then I got sucked into talking a little too much. If I am vague, it's deliberate.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
MDawg
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January 21st, 2021 at 8:50:42 AM permalink
Bitcoin geniuses, here is something I have been wondering about for a while. For example right at this moment I have two different clients standing by to send me bitcoin. I went into my hosted wallet and created one address for the one. I am waiting for him to send to that address. I prefer to create a unique hash address for each incoming payment.

My hosted wallet doesn't seem to allow me to create a new unique receipt address until after the first one has received its incoming bitcoin. Is there any way around this? within a hosted wallet I mean. I have run into this situation many times over the years.


Just an aside I thought it was interesting/odd how when I have a client who wants to send me ETH and at the same time one who wants to send me Tether that the receipt addresses are the same. I wouldn't have even noticed except that this created the same issue as above. Apparently ETH and Tether arrive into the same sort of address.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
PokerGrinder
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January 21st, 2021 at 8:58:33 AM permalink
Wow you really have no idea then dawg. So I canít get interest and yet Iím collecting better interest than you, interesting. Where is all this free btc that I get coming from then? The btc ferries?
You can shear a sheep a hundred times, but you can skin it only once. ó Amarillo Slim Preston
MDawg
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January 21st, 2021 at 9:07:32 AM permalink
I thought the Swiss had no sense of humor, does this include Canadians?

Looks like I...GOTCHA!
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
ChumpChange
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January 21st, 2021 at 10:16:09 AM permalink
Quote: MDawg

First off it is a well known fact that anyone living north of the 54 40 or fight line isn't allowed to collect interest. They are barred from all fun reindeer games in life. So that rules out PokerGrinder.



I must have been sleeping in history class that day...
29b. 54° 40' or Fight https://www.ushistory.org/us/29b.asp

Clearly western Canada was drawn as above the 49th parallel.

How much of Canada is below the 49th parallel?
(roughly 72%)
While the 49th parallel is often thought of as the border between the US and Canada, the vast majority of Canadians (roughly 72%) live below it, with 50% of Canadians living south of 45°42′ (45.7 degrees) north or the red line above. - Oct 8, 2015

Why did Canada not buy Alaska?
There are two main reasons. First, Canada wasn't its own country in 1867. Second, Great Britain controlled the Canadian colonies. Russia did not want to sell Alaska to its rival.
Last edited by: ChumpChange on Jan 21, 2021
MichaelBluejay
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January 21st, 2021 at 10:57:58 AM permalink
Quote: MDawg

Bluejay: I call it "my blockchain"...

And again you say this without first identifying what "it" is!

Quote: MDawg

When I say that I refer to my hosted wallet....same as when I refer to "the casino across the street" instead of naming it specifically.

No, that's like referring to "the casino across the street" as "my International commodities exchange". It makes sense to refer to "a restaurant across the street" (which actually exists), but zero sense to refer to "my blockchain" (which doesn't exist in reality). When you say "up" when you mean "albatross", it adds a hell of a lot of noise to the channel.

Quote: MDwag

Anyway, after reading what you wrote, it doesn't seem that your business banking accounts were shut down solely or even at all because you received wires from your own hosted wallet.

Like I actually said, multiple times, I received a wire from a *customer*.

Quote: MDawg

Whatever you were doing doesn't sound very banking friendly, and drew flags.

Lol! Receiving a wire in USD for a sale isn't "banking friendly"? That's the *normal* use of a wire. And like I said, Chase reversed a wire because the sender cried fraud, which is a likely reason that Chase closed my account. And regardless of my personal situation, banks do start asking questions when you start moving lots of money.

Quote: MDawg

I don't think I will be shut down for receiving legitimate ACH or wires from my hosted wallet...

I don't think so either, because, according to you, the original source of your BTC was payment for professional services unrelated to gambling. So when you give that explanation, the bank will likely be satisfied. Three different financial institutions weren't satisfied with my explanation, since from my honest answer they knew that the source of my BTC was related to online gambling.

Quote: MDawg

If I am vague, it's deliberate.

Vague is understandable. "No idea what you're talking about" is not.
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MichaelBluejay
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January 21st, 2021 at 11:06:37 AM permalink
Quote: MDawg

My hosted wallet doesn't seem to allow me to create a new unique receipt address until after the first one has received its incoming bitcoin. Is there any way around this?

Some hosted wallets let you re-use a previously-used address, but if you want a new, unused address before you've used the existing unused address that your wallet is giving you, then no, you can't get two unused addresses from your wallet host simultaneously. However, you absolutely shouldn't have all your BTC at a single host anyway. BTC accounts are typically not insured and wallets/exchanges have been hacked and the account holders have lost all their BTC. Open at least one account somewhere else and put half your BTC there. And once you have a second account, you can generate a second receiving address. A transfer isn't a taxable event, only sales are taxable events. And/or, you could create a paper wallet, either to transfer some of your existing BTC, or to have a new address for clients to pay to. You can generate an address for a paper wallet at BitAddress. If you ever need a new address, just create a new paper wallet. Articles on the net say that the caution with paper wallets is that when you're ready to spend the BTC or transfer out of the paper wallet, you have to spend or transfer the entire balance, that if you spend or transfer just a portion, you'll lose the remaining balance in your paper wallet.
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AxelWolf
AxelWolf
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January 21st, 2021 at 12:12:31 PM permalink
Quote: MDawg

You guys have no idea what you're talking about. You've never transferred any sum of bitcoin to any interest bearing account so how would you know. Also whatever you're talking about with regards to sale of any sizable amounts of bitcoin is all second hand hearsay. And AxelWolf not understanding what the advantages are of an overseas hosted wallet are because he's just a guy who moves around a microscopic fraction of bitcoin to pay some casino. I'd never waste my bitcoin like that. If AW had collected bitcoin and held it all these years he'd have something now.

So who's the fool, the idiot (me) who accumulated and held all his bitcoin from day one, and still has it in a wallet that he knows the password to and has access to, or those who want to make a big deal out of theory that they have never first hand experienced at this level. I've never sold any bitcoin and probably won't for a long time.

Unlike some people(not you of course), I don't make up stuff. I don't search around the internet trying to quickly learn something just so I can half assed regurgitate it on the forums hoping people think i'm special and have knowledge of crap I actually dont. If you don't truly have knowledge of something that could easily backfire as you might say something totally idiotic, and then have to do more research online, come back and try to cover up your BS.

I don't know what you consider a "microscopic fraction of bitcoin" since that's not a term I have ever seen used.

There are at least 3 people on this forum that can verify I have made transfers, sold, bought, own 10's of thousands worth of BTC. I don't even know how much BTC I own since I have 3 hard wallets and im on multiple exchanges.

Again, you have nothing but a bunch of words that you post up on the internet. You Haven't showed one iota of proof that you have or own anything of value that is actually yours, you have dogged any chance at meeting anyone even after claiming you wanted to. Anything you have posted up can be easily faked as we have seen this before. It's not just one or two things you have said that raise eyebrows, you have made multiple outrageous unbelievable claims. By all accounts, considering what you have said in the past, you are worth 50 million in just BTC alone.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
BTLWI
BTLWI
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January 21st, 2021 at 12:16:26 PM permalink
If anyone wants to bridge mine some secret tokens (SCRT) I can send you 2 for gas as long as you send 2 back later. There's about 5 weeks of bridge mining left. You'll need MetaMask and Keplr wallets and one of the assets listed at https://bridge.scrt.network/earn for mining. It's pretty easy if you understand metamask. I'm currently mining with ETH, UNI, TUSD. You'll have to pay ETH gas (dollars) and secret gas (pennies).

This video explains it - https://www.youtube.com/watch?v=RmKkBPDpzgo

TL;DW

Basically you're locking your ETH assets into a smart contract on Ethereum Network. That contract mints you equivalent secret assets (sETH, sUNI, etc..) on the Secret Network. You then use those secret assets for mining secret secret tokens (sSCRT).

Let's say you have 5 ETH. You send them to the smart contract and receive 5 sETH (secret ETH). You then start mining with the sETH and start earning sSCRT (secret secret). You can freely change sSCRT back to SCRT (it will use SCRT for gas costs). When you're all done mining, you can send your sETH back to a smart contract. That burns your secret ETH and releases your original ETH on the Ethereum blockchain. After X hours of mining you will have 5 ETH and either some SCRT or sSCRT (if you didn't convert). You can also then stake your SCRT and earn 35% (for now).

Post your Keplr address and I'll send you 2 secret for gas.
ChumpChange
ChumpChange
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January 21st, 2021 at 12:31:05 PM permalink
I can buy 2,500 microbitcoin at the BTM, right? Or I could buy a $100 Amazon gift card for myself.
I'll have to see what the local LibertyX Bitcoin ATMs are about. I hadn't noticed them before. I'd have to go to a laundromat for one of them.
How do I buy bitcoin from LibertyX? https://libertyx.zendesk.com/hc/en-us/articles/360045268431
Looks like the ATMs only accept a bank debit card. A kiosk will accept cash, and a couple chain store pharmacies will accept cash but charge a $4.95 transaction fee. Laundromat BTM has an 8% fee, debit card only. No cash-only kiosks within 35 miles. No Rite-Aid stores listed as participating. It's cheaper to pay the $4.95 transaction fee if you are buying $62+ worth. Probably should buy traveler's checks for a 1% fee and it'd be safer if not just as useless because they're not accepted anywhere anymore.

Crypto Exchange Gemini Launching Credit Card That Pays ĎCashbackí in Bitcoin - Wait List Sign-up
https://dailyhodl.com/2021/01/20/crypto-exchange-gemini-launching-credit-card-that-pays-cashback-in-bitcoin/

What Do I Need To Know About Cryptocurrency Tax Reporting?
https://support.gemini.com/hc/en-us/articles/360000032643-What-Do-I-Need-To-Know-About-Cryptocurrency-Tax-Reporting-

Hereís what can happen if you donít pay taxes on bitcoin
Published Wed, Feb 21 2018, 9:30 AM EST
https://www.cnbc.com/2018/02/20/how-to-know-whether-you-owe-taxes-on-bitcoin.html

Bitcoin Cash Explained ( BTC vs BCH ) https://www.youtube.com/watch?v=bMG2Nq44gzc

Bitcoin vs. Bitcoin Cash (Which is Better?) https://www.youtube.com/watch?v=-8DQHBDLUhY

Will Janet Yellen Kill Bitcoin? https://www.youtube.com/watch?v=b6xmIF4aWZU

Bitcoin Double Spend | Why Bitcoin is Crashing | Ark Invest https://www.youtube.com/watch?v=PiX2D1LZfgQ

Bitcoin leads $100 billion crypto sell-off right as Biden becomes president: CNBC After Hours https://www.youtube.com/watch?v=x4cDNfYf08w
Last edited by: ChumpChange on Jan 21, 2021
MDawg
MDawg
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January 21st, 2021 at 4:29:19 PM permalink
ChumpChange is a good guy. I like him. Someone else on here...eh, not so much.

I could rehash the specific instances where he has demonstrated that he knows little or nothing about high end table game play, how markers work or how a high roller would cash out a seven figure win (show me the CTR? anyone?), but...WHY? The main reason I know his sense of intuition is as loused up as his knowledge of high end gaming is that he's so utterly wrong, about me.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
ChumpChange
ChumpChange
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January 21st, 2021 at 4:37:36 PM permalink
Since I'll never be in the high limit room until I win big, I really enjoy your posts about life from the high limit rooms. There's not many high limit players around this forum. If somebody thinks your chips and markers are fake, they shouldn't try to copy you fakely.
ChumpChange
ChumpChange
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January 21st, 2021 at 5:24:41 PM permalink
Bitcoin is down $2K, at $29.5K, since 5 hours ago when I started my previous posting.

An hour later it's up $1K, at $30.5K.
Last edited by: ChumpChange on Jan 21, 2021
BTLWI
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January 21st, 2021 at 6:01:36 PM permalink
Quote: ChumpChange

Bitcoin is down $2K, at $29.5K, since 5 hours ago when I started my previous posting.



That just means everything is on sale right now.
ChumpChange
ChumpChange
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January 21st, 2021 at 6:22:54 PM permalink
Buy the dip!
*************
Did I ruin my life by trading crypto? (2 years ago, reddit) - https://www.reddit.com/r/tax/comments/9tcnu8/did_i_ruin_my_life_by_trading_crypto/

I feel like I ruined my life by dabbling into cryptos as a clueless college kid.

I first caught wind of it when a buddy of mine said he was going all in on ETH in May of last year. I said hell with it, signed up on Coinbase and threw $5000 into crypto. Mind you this is like half of my life savings, but in the grand scheme of things it's not too much to lose.

Well, I went down the rabbit hole and struck gold a few times, hitting 10x's on multiple alt coins... I brought my 5k initial all the way up to a $880k portfolio in December 2017.

Now I should have listened. I should have cashed out, yes. Once I hit $1 million I was going to... I would have been set. And then, JUST like that the market tanks going into the new year.

I didn't know anything about taxes so I never bothered to set aside anything. They really never do teach this stuff. I gambled in more than a few bad ICOs to start 2018, had some money in coins that absolutely plummeted with no chance of recovering, etc. Today my portfolio sits at $125k, a far cry from my $880k . My estimated tax liability for 2017 is about 400k (live in California).

I'm a student and I work part time making $12/hr as a retail associate at Barnes & Noble. I haven't paid any taxes or filed any returns for 2017. I wanted to but I have no idea where to begin.

Here's the 1099-K Coinbase reported this spring: https://imgur.com/a/cpPwR9u

Is my life over?

tl;dr: poor college kid invests 5k in crypto last year, ends up with 875k short term gains for 2017, lost most of it in 2018, hasn't paid taxes or filed any returns yet

--

EDIT: Yes, these were crypto-to-crypto trades (i.e. Bitcoin for Ethereum, Ethereum for Litecoin). These are considered taxable events from what I understand. At no point did I ever cash out to fiat and transfer any USD into my bank accounts from these tradings.

EDIT 2 (11/2/2018): Thank you all so much for the support and advice. I realize I can't reply to all of you but I am definitely reading each and every one of your comments. I've scheduled a consultation with a tax attorney that specializes in cryptocurrency and alternative investments. I appreciate it all very much, these last few months have been mentally trying.

*********************

1099K amount is not your profits, it's the sum of sales you made, so it's NOT the amount you need to pay tax on. You need to subtract the sum of buys from it.

There is a site that tons of people used to file their 2017 crypto trading taxes: https://Bitcoin.Tax - you connect it to the exchanges (with read only token) and it calculates everything for you. I've had some friends who got 1099k work over $1m on it - you can imagine their panic. But after calculating sales-buys that $1m would convert into $10k profit or so which you part income tax on.

So don't panic, and either calculate your gains magically or using something like the aforementioned site. Their service is like $30, well worth it.

Disclaimer: obviously, none of the above is a financial advice.

******************************************************************
Crypto Taxes 101: The Complete Step-by-Step Crypto Tax Guide https://www.youtube.com/watch?v=r4pN22laLTI
The Ultimate Crypto Tax Guide (2020) https://cryptotrader.tax/blog/the-traders-guide-to-cryptocurrency-taxes
Last edited by: ChumpChange on Jan 22, 2021
ChumpChange
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January 21st, 2021 at 6:45:00 PM permalink
So if you're going to do trades of $20K or more, just do less than 200 of them in a year, (and hold on to your coins for more than a year).
PokerGrinder
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January 21st, 2021 at 9:28:23 PM permalink
Mdawg just spouts and sometimes he does his research well enough to not sound ridiculous and then there is this thread where his research sucks and it is clear he doesnít own any btc or an inconsequential amount if he does. I.e. less than 10k
You can shear a sheep a hundred times, but you can skin it only once. ó Amarillo Slim Preston
AxelWolf
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PokerGrinder
January 21st, 2021 at 9:37:12 PM permalink
Quote: PokerGrinder

Mdawg just spouts and sometimes he does his research well enough to not sound ridiculous and then there is this thread where his research sucks and it is clear he doesnít own any btc or an inconsequential amount if he does. I.e. less than 10k

It would stand to reason, less than 5K.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
MDawg
MDawg
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January 22nd, 2021 at 7:21:13 AM permalink
You guys are funny. Not just because you're so wrong, but because the sum of the two figures you mention is exactly what a client was supposed to send me yesterday. He didn't send it until last night though, and now he's saying that because of price fluctuations he didn't have enough and sent .45 instead of .49. Usually I insist on that the value of the crypto at the instant sent must equal what is owed, but in this instance I might have to just eat the nine hundred dollars or so. I'm not selling it or withdrawing it anytime soon. It's back to being worth closer to 15K now anyway, but at the time he sent it I think it was worth only around 14175. Still light no matter what though.

This wallet used to indicate exactly what the BTC was worth at the time of transfer, but I don't seem to notice that feature any longer.

So if you two jolly characters think I've been accumulating and hodling BTC for a decade and have no more than fifteen grand worth, you're in your own world. Which you two are anyway. Have fun together.

And now the second client needs to send 4K I created the link for him. Yes Bluejay, I agree in this instance, it would have been better to use more than one wallet. But I transferred most everything out of coinbase last year and now it's all in this offshore wallet. As far as cold storage non hosted wallets I have never tried one of those, but I couldn't get any interest that way, right? Part of why I swallowed and accepted the KYC verification is that I had to do it to be eligible for interest.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
MDawg
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January 22nd, 2021 at 7:29:00 AM permalink
At end of 2017, this overseas client sent me 10 bitcoin, for a $95,000. payment when it was 9500. Actually I think it was $98,000. when it was 9800., I have to look back.
Then when it got to almost double that, he kept saying that I should do more work for him because it was worth so much more now. I told him - I'm not selling it. He said, Okay. He was flabbergasted that I still had it and hadn't sold. I was feeling silly when it went down to 3000, but, so what, I've been hodling so long and most of my coins date from when it was very low. HODL ALL THE WAY. You can't half a** hodl. Either you hodl or you don't. You're not a hodler PokerGrinder, and AxelWolf, you certainly aren't one.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
SOOPOO
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MichaelBluejay
January 22nd, 2021 at 8:15:10 AM permalink
Quote: MDawg

At end of 2017, this overseas client sent me 10 bitcoin, for a $95,000. payment when it was 9500. Actually I think it was $98,000. when it was 9800., I have to look back.
Then when it got to almost double that, he kept saying that I should do more work for him because it was worth so much more now. I told him - I'm not selling it. He said, Okay. He was flabbergasted that I still had it and hadn't sold. I was feeling silly when it went down to 3000, but, so what, I've been hodling so long and most of my coins date from when it was very low. HODL ALL THE WAY. You can't half a** hodl. Either you hodl or you don't. You're not a hodler PokerGrinder, and AxelWolf, you certainly aren't one.



How ridiculous that a client would pay a bill, then somehow later think that he was entitled to more services because the underlying currency had a change in value related to the dollar? And how would a client know whether you liquidated the BTC immediately or not? I'm guessing most firms do NOT want the variance and just want the money! And allow BTC payments because that is how a customer wants to pay!

I assume for tax purposes you must declare the income of $98k, and if it happens to go up you have a capital gain of the value over $98k, but ONLY when you sell the BTC. So you may have $300k in BTC from that original $98k, but you have a tax liability of $40k or so(I think) if you liquidate. (I need such problems!)
MDawg
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ChumpChange
January 22nd, 2021 at 8:57:33 AM permalink
As far as a client's paying me, that's straightforward. Whatever the realized gain will be when that day comes, will have to deal with it then. Probably by then the government will have a way of finding out. Already coinbase from what I understand was notifying the US government of higher dollar crypto sale transactions, as I recall the figure was $20,000. or higher. That didn't apply to me as I have never bought or sold anything within coinbase, all I did was receive in my coinbase for a few years, then transfer the few bitcoin that were in there to my overseas hosted wallet, which I call "my blockchain." The overseas hosted wallet has always been my main man. 😎

I do know that for 2021 there will be a question on the first page I believe it is of the US tax return "At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?" which I shall have to answer yes. From what I understand, there were sections of the regular tax return in prior years where we might've been obligated to make some kind of disclosure too, but I never did, because I assumed it applied only to sales of crypto, which I have not done. I've actually never even talked to my accountant about crypto, other than offhandedly, but will have to, this year. All I ever list for him as far as any of this is what my clients paid me in dollars.

I assume there are two tiers of tax for crypto sales, like with stocks. Short and long term capital gains. Mine will all be long term. HODL.

I suppose I can understand the government's desire to regulate crypto, which is behind the most recent drop in value. I mean, I push a button (and hold my breath), and I transfer some ungodly sum of BTC to my wife or child, and...then what? They must declare it? Does this fall under the $15,000. per year I am allowed to give away to a child each year without either of us having to declare it? I suppose so, but if there are no regulations you'd have to be a pretty honest person to transfer and declare the entire crypto transfer if it is above that 15K threshold, let alone at full value and basis.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
MDawg
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January 22nd, 2021 at 9:12:50 AM permalink
When a client offers to pay in crypto (I have made it clear for a decade now that I will accept it), I just say yes. Now, if EVERY client started paying in crypto I might arrive at a situation where I'd want to sell some of it for income. But, that hasn't been the case so far. So, whatever they pay, I HODL.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
PokerGrinder
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January 22nd, 2021 at 11:40:15 AM permalink
Lol Iím not a Hodler? I literally buy and hold. You on the other hand make up stories that are nonsense.

Btw Iíve bought large amounts of btc from 3 different forum members including Wizard when he posted he was selling lol. But nice take mr story teller
You can shear a sheep a hundred times, but you can skin it only once. ó Amarillo Slim Preston
MDawg
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January 22nd, 2021 at 11:56:47 AM permalink
Whatever makes you feel better to say, PokerGrinder! Besides the fact that I know what I have, what I also know is that you publicly failed to lose weight, which is evidence of lack of resolve. Is it possible that a person lacking resolve could stick to any sort of decision? And that's based on the reality of what is before us, not AxelWolf-esque speculation.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
MichaelBluejay
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January 22nd, 2021 at 12:02:32 PM permalink
I had $10k in BTC in 12/19/2016. Had I held onto it, it would be worth $426,000 today. If I held onto all the BTC I had in 2016-17 I'd have $3-5M. Oh well.
Presidential Election polls and odds: https://2605.me/p
MDawg
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January 22nd, 2021 at 12:10:37 PM permalink
You can't ever know. I accepted $3000. from a client when it was 38,500. It went up from there, but it's far down from there now. Just hodl and see what happens.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
MichaelBluejay
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January 22nd, 2021 at 12:31:30 PM permalink
Why are so many of your clients interested in paying in Bitcoin?
Presidential Election polls and odds: https://2605.me/p
MDawg
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January 22nd, 2021 at 12:33:40 PM permalink
I wouldn't say that so many are. The minority pay that way. I've advertised (made it known) for a decade that I will accept it. I received some litecoin and ethereum and tether along the way too. As I recall one or so, paid with bitcoin cash.

Sometimes they say they will pay with crypto then don't, and ask to pay some other way, so I started a policy where I would tell them that it's a great deal of trouble to login securely to create the wallet for the transfer, and not to ask me to do so until they are ready to send immediately. That's a line that worked well to weed out the ones who were thinking about it but not serious.
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people. https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
Ahigh
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MichaelBluejay
January 22nd, 2021 at 2:11:35 PM permalink
Quote: MichaelBluejay

I had $10k in BTC in 12/19/2016. Had I held onto it, it would be worth $426,000 today. If I held onto all the BTC I had in 2016-17 I'd have $3-5M. Oh well.



If I had participated in Counterfactual thinking, I would have wasted my time thinking.
aahigh.com
MichaelBluejay
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January 22nd, 2021 at 2:13:10 PM permalink
If youíve held any appreciable amount of BTC since 2016 or earlier, you could sell and retire in comfort. Why wouldnít you?
Presidential Election polls and odds: https://2605.me/p
ChumpChange
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January 22nd, 2021 at 2:20:00 PM permalink
So if bitcoin gets back down to $300 by next year, is that a good time to buy, or is it the end of bitcoin? Seems big investors are manipulating the market and someone could send them running away.
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