Just as a reminder to everyone, like @JayS and myself, don’t forget to include crypto in your taxes. If you exchange one crypto for another on a profit (bought a coin at X, sold it to buy another coin at X+Y) you have to pay taxes on it, just like stocks.
I’m getting a spreadsheet ready to hand in to the IRS with my taxes. Coinbase can give info to the IRS if it is requested.
EDIT!!!: I read that the trade from one crypto or another IS NOT subject to taxes THIS year. Trump’s new tax plan in 2018 takes this benefit away. So if you withdrew any profits into say your bank account, I believe that is what you owe taxes on.
So I owe 1.97 from profits taken from free bitcoin cash LoL
Sounds like I’m good for this year since I’ve moved $0 back to my bank account. All my trades were done on Binance and based on our chilly relationship with China I doubt they’ll be sharing anything with the IRS anyway.
Anyone heard of interledger? https://interledger.org/
Developed by ripple it seems like a pretty interesting path to integrating crypto and the standard currencies while reducing the cost and time it takes to transfer money.
I’m surprised that a company like amex or visa didn’t buy up all these companies in their infancy, maybe bitcoin was created the way it was to prevent that? Otherwise why not just create the currency like ripple.
I added some ripple tonight and will ride it out. I wanna be one of those guys who held for 3 years until it’s $500 each and I’ll have tens of thousands with an avg cost under $20
^ This. Bitcoin, at it’s peak during the last runup hit a peak of almost 500k transactions per day. Because of how Bitcoin works each transaction takes 15+ minutes to get it’s 6 confirmations and up to 16 hours at one point during peak trading.
Mastercard? 160 million PER HOUR with an average response time of 130ms (yeah milliseconds).
In the same amount of time it takes Bitcoin to complete a transaction when things are running smoothly (15 minutes) Mastercard has processed 40 million transactions.
To put it another way, if Bitcoin got hit just once with 160 million transactions in a hour like Mastercard does 24/7/365 the confirmation time based on the current system of miners would exceed the average human’s lifespan.
The numbers involved with payment processing are unreal. Some good reading here:
There isn’t any reason for major credit card companies to offload their workload onto some public blockchain lots of companies are already researching doing this internally.
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lol @ people keep saying XRP going to $100+ #marketcap
