The Bitcoin Thread

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bigboy529 said:
Where can I follow the btc price and reasons for it going lower and higher? For example I see on the Luno website that the price took quite a dip in the last 10 days or so of March before starting to rise again. Why was this, what happened, are there upwards and downwards trends?
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Keep in mind that it is early days for crypto-currencies, with mostly speculators it seems. Sometimes the prices spike and dip just because.

If you're going to try to assign a reason for every price movement, you're going to have a bad time. Of course sometimes there really is a reason, but it's still the wild west out there, prepare yourself.
 
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C4Cat said:
My wallet generates a new address for every transaction
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Reason why I ask, I got a code of Coinbase and mined a whole to that address, when I went to check again, the code changed. I stopped and am mining to my Luno address, will see on the 22nd what gets paid to where.
 
Knyro said:
Keep in mind that it is still early days for crypto-currencies, with mostly speculators it seems. Sometimes the prices spike and dip just because.

If you're going to try to assign a reason for every price movement, you're going to have a bad time. Of course sometimes there really is a reason, but its still the wild west out there, prepare yourself.
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Not really looking for a reason for each movement, more trying to figure out what to look out for, when to maybe expect a few low days and a few high days etc.
 
C4Cat said:
FTFY
Bitcoin does provide anonymity though. There is nothing to tie a specific bitcoin address to a specific person.
If I ask you to please donate bitcoins to 17qcceJf1p5StSVQ5pinNU41fsx3CgZeup you still have no idea who you're donating money to and looking at the ledger won't help you with that
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Well, it provides "pseudonymity". Transactions are traceable but wallets are not (depending). The way I understand it is that if you create your own wallet (not on an exchange website), there is no way of tying it to your identity, unless you have traceable transactions - e.g. you pay for something that can be traced back to you or transfer directly out of your exchange wallet. Of course that would require whoever was tracing you to have access to that other party's transaction records. There are also "Bitcoin blender" services that take your Bitcoin and slice and dice it with many other people's Bitcoin before sending it on to a wallet address you've designated, making it practically impossible to trace it's origins.
 
Anyone in to cloud mining with Genesis Mining? Is it worthit, how much do you spend and what is your return?
 
jacosmit said:
Reason why I ask, I got a code of Coinbase and mined a whole to that address, when I went to check again, the code changed. I stopped and am mining to my Luno address, will see on the 22nd what gets paid to where.
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Even though a new address is generated per transaction all the previously generated addresses will still work. So if I give you the address 17qcceJf1p5StSVQ5pinNU41fsx3CgZeup this will always work. If I have my phone with me and I want to give you an address to send money to I just click the Receive button and it generates a new address for me to give you, but if I don't have my phone with me I just give you the above address and that will work too. Not sure if that's relevant to what you were asking, I don't really know the technical details of what's going on there
 
bigboy529 said:
Anyone in to cloud mining with Genesis Mining? Is it worthit, how much do you spend and what is your return?
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I invested a few bucks, but personally don't bother! It's very expensive and Return-On-Investment (ROI) is a few years away, depending on the hashrate amount you buy.
 
bigboy529 said:
Not really looking for a reason for each movement, more trying to figure out what to look out for, when to maybe expect a few low days and a few high days etc.
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It's still volatile to almost the point of randomness IMO. Neither a $100 spike or dip over the next week, or even the next 5 minutes would surprise me.
 
Knyro said:
It's also been formally recognised as an asset class by the Japanese Financial Services agency, subject to tax etc.
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I am curious as to how they're going to make that work. If I receive money into a wallet how will they know that I should be taxed on it? Assuming it's not a wallet on an exchange where you have to provide identifiable info. I could theoretically, for example, be making a living getting paid in Bitcoin providing a service "off the books". How would any tax authority have a clue?
 
garp said:
I am curious as to how they're going to make that work. If I receive money into a wallet how will they know that I should be taxed on it? Assuming it's not a wallet on an exchange where you have to provide identifiable info. I could theoretically, for example, be making a living getting paid in Bitcoin providing a service "off the books". How would any tax authority have a clue?
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If you currently receive cash from someone, how does the government know that you should be taxed on it?

Basically Japan is now going to look at regulation - yes, people can still work 'off the books' as it were but it will be illegal to withhold this information from the tax authorities - people can do this now anyway, so introducing regulation is not going to change that. I think you'll find stores and companies that want to operate legally will work through exchanges, so if you want to buy stuff with your bitcoins from a legit company you'll need to be legit yourself - plus it means you can pay your taxes in bitcoin too!

https://cointelegraph.com/news/japan-officially-recognizes-bitcoin-and-digital-currencies-as-money
 
garp said:
I am curious as to how they're going to make that work. If I receive money into a wallet how will they know that I should be taxed on it? Assuming it's not a wallet on an exchange where you have to provide identifiable info. I could theoretically, for example, be making a living getting paid in Bitcoin providing a service "off the books". How would any tax authority have a clue?
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I assume it would be only in cases where you have to provide identifiable info.

But if you go be an idiot and live normally with a house, car, utilites etc. with no "normal" income and try to dodge tax via bitcoin any tax organisation with their eyes open would catch you eventually.
 
C4Cat said:
If you currently receive cash from someone, how does the government know that you should be taxed on it?

Basically Japan is now going to look at regulation - yes, people can still work 'off the books' as it were but it will be illegal to withhold this information from the tax authorities - people can do this now anyway, so introducing regulation is not going to change that. I think you'll find stores and companies that want to operate legally will work through exchanges, so if you want to buy stuff with your bitcoins from a legit company you'll need to be legit yourself - plus it means you can pay your taxes in bitcoin too!

https://cointelegraph.com/news/japan-officially-recognizes-bitcoin-and-digital-currencies-as-money
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That article is misleading. Bitcoin is recognised as an asset class, like gold, not as an official currency or money.
 
Knyro said:
That article is misleading. Bitcoin is recognised as an asset class, like gold, not as an official currency or money.
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I don't know any stores that will accept gold as payment

As a Japanese Cabinet-signed law recognizing virtual currencies like bitcoin as a legal method of payment goes into effect on April 1, bitcoin companies and adopters are short on answers about accounting standards specific to cryptocurrencies.

In February 2016, Japan’s Financial Services Agency (FSA), the country’s financial regulator, looked into proposals to consider legislative revisions that would recognize bitcoin and digital currencies as equivalents to conventional currencies. The revision, if approved, would see bitcoin as “fulfilling the functions of [a] currency.”

Come March, the Japanese cabinet passed a set of bills recognizing virtual currencies like bitcoin to contain asset-like-values that can be used to make payments and be transferred digitally. Fundamentally, bitcoin and digital currencies are to be officially recognized alongside fiat currencies, fulfilling a similar purpose.

Amending the Payment Services Act to include digital currencies as payments is related to a separate bill passed by Japan’s legislature in May 2016, one which mandated the regulation of digital currency exchanges by the FSA in Japan. CCN previously reported on an early draft of the proposed regulations in 2015.

Bitcoin and virtual currencies will be officially recognized as payments starting Saturday. However, the accounting framework for the use of digital currencies is still about six months away, leaving adopters and bitcoin companies in limbo.

As reported by Nikkei, the Accounting Standards Board of Japan has, on Tuesday, decided to consider the development of an accounting framework for digital currencies. It is expected to take up to six months to reveal a viable accounting method, the report adds.
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https://www.cryptocoinsnews.com/bitcoin-in-japan-officially-recognized-in-april-asset-or-expense/
 
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