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Wow. Bitcoin is almost $1,500

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JEDI

Lifer
Sep 25, 2001
26,299
781
126
Honestly I was actually making money GPU mining, I just stopped because of the tax implications, it's just too complicated to try to figure out how to claim taxes as there's not much details on how to do that and even my tax accountant did not know anything about crypto. It was putting a pretty big dent on my hydro usage too so that was another factor that made me stop. I was probably close to breaking even really once I factored in hydro.

If I went large scale and bought land to put a solar/wind farm to power it then I'd just hire a full time CPA to figure out the taxes for me. Now would be way too late to do any of that though.
why even bother telling the govt about your bitcoin stuff?
 

Red Squirrel

No Lifer
May 24, 2003
56,769
7,697
126
www.uovalor.com
why even bother telling the govt about your bitcoin stuff?
It's fully trackable. They threaten jail time if you don't do it, or don't do it properly.

I mean you could probably mine through a VPN, and never convert it to cash and probably be ok though. But if that wallet address sees your home IP or a bank account in your name even once in one way shape or the other everything from there can be tracked back to you.

But the fact that it's fully trackable should mean that the tax stuff should be easier. They should offer a place on their site where you submit your wallet addresses and they tell you how much you owe and have a printable form that you give to your tax person. If they want money they should at very least do all the legwork for us.
 

ultimatebob

Lifer
Jul 1, 2001
22,511
973
126
(Sigh) I miss crypto mining. It seemed a like a nice way to pay for your new video card before the mining difficulty shot through the roof and the feds started wanting their cut of the action.
 
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destrekor

Lifer
Nov 18, 2005
28,728
332
126
What's funny is that the halving didn't seem to do much positive for the price.
Yet.
I don't recall it having a significant effect right away the last time, but it did then build up later in the year and then explode on the exponential charts. I'm not sure how long it can trend exponentially, as there is also a lot of talk about how it's already priced into the asset already, meaning this was an expected event and investors already accounted for that in determining the value. With the market now having the major whales and big legit investors heavily involved, it's coming to behave more like many other investment assets, whereas 2016 was kind of the last period of major control still resting in the supply side.
 

Staples

Diamond Member
Oct 28, 2001
4,898
84
91
I think the halving will have the effect of people not wanting to mine anymore. It is already not profitable and boy, lets cut the profitability in half. I am not sure if the creators thought this far down the line. The halving may be the death of bitcoin unless the price per bitcoin goes up enough to where it is break even or profitable.
 

ultimatebob

Lifer
Jul 1, 2001
22,511
973
126
I think the halving will have the effect of people not wanting to mine anymore. It is already not profitable and boy, lets cut the profitability in half. I am not sure if the creators thought this far down the line. The halving may be the death of bitcoin unless the price per bitcoin goes up enough to where it is break even or profitable.
One nice thing about Bitcoin is that the difficulty adjusts depending on how many people are mining. If a bunch of people quit mining it (and they should, it's a waste of electricity and the profit just isn't there anymore), it should eventually adjust to the point where at least the big miners with cheap electricity and cooling will break even.
 

brianmanahan

Lifer
Sep 2, 2006
19,830
2,027
126
holy crap

they must've bypassed the two-factor to twitter, maybe there's some sort of backdoor?

that's nuts
 

Red Squirrel

No Lifer
May 24, 2003
56,769
7,697
126
www.uovalor.com
There are actual people on Twitter that give away money/crypto and are legit so I can kind of see it. The issue is trying to filter out who is legit and who is not... I don't really partake into any of it unless it's something simple like just having to retweet or like a tweet. I don't think you can get hacked by just retweeting something... at least I don't think so? lol.
 

DrMrLordX

Lifer
Apr 27, 2000
16,365
5,273
136
There are actual people on Twitter that give away money/crypto and are legit so I can kind of see it. The issue is trying to filter out who is legit and who is not... I don't really partake into any of it unless it's something simple like just having to retweet or like a tweet. I don't think you can get hacked by just retweeting something... at least I don't think so? lol.
The profit offered was insane, and it's a classic Nigerian Prince scheme where you are offered money but have to provide funds to unlock the profits.
 
Mar 11, 2004
20,303
2,446
126
There are actual people on Twitter that give away money/crypto and are legit so I can kind of see it. The issue is trying to filter out who is legit and who is not... I don't really partake into any of it unless it's something simple like just having to retweet or like a tweet. I don't think you can get hacked by just retweeting something... at least I don't think so? lol.
I don't think those ask you to send them money first?

holy crap

they must've bypassed the two-factor to twitter, maybe there's some sort of backdoor?

that's nuts
They got access to accounts via Twitter employee(s).
 

KB

Diamond Member
Nov 8, 1999
5,077
133
106
Its amazing what people would believe. Joe Biden wouldn't be handing out money he would be asking for donations to his campaign.


There is a good solution for this. Just delete Twitter, permanently.
Or delete Bitcoin. Its a scammers paradise.
 
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ultimatebob

Lifer
Jul 1, 2001
22,511
973
126
Seconded. Also anyone who falls for this crap is insane. Why would Elon Musk want to double your bitcoin? Really?
On the flip side, this is Elon Musk we're talking about. It's not the dumbest thing he's posted on Twitter under his account.

The Bill Gates one would have been a bit more specious, though.
 

DrMrLordX

Lifer
Apr 27, 2000
16,365
5,273
136
On the flip side, this is Elon Musk we're talking about. It's not the dumbest thing he's posted on Twitter under his account.

The Bill Gates one would have been a bit more specious, though.
Elon would just send you the money, he wouldn't "double it". If he wanted to do that.
 

njdevilsfan87

Golden Member
Apr 19, 2007
1,937
47
91
One nice thing about Bitcoin is that the difficulty adjusts depending on how many people are mining. If a bunch of people quit mining it (and they should, it's a waste of electricity and the profit just isn't there anymore), it should eventually adjust to the point where at least the big miners with cheap electricity and cooling will break even.
I was definitely fun "getting paid" to builds rigs, tweak and benchmark cards, and/or go for optimal power efficiency.

I wouldn't do it for break-even though. The incentive was not only paying off the entire rig in ~3-6 months, but holding and waiting for the big run ups where you could 5-10x your initial hardware + electricity investment. And if the run up never happened, you at least have paid off your hardware. Now you're looking at hardware depreciation and time/energy spent on little to no ROI.
 

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