buttcoin: my kids know me as this ape

The Something Awful Forums > Discussion > Serious Hardware/Software Crap > YOSPOS > buttcoin: my kids know me as this ape

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haveblue: Aug 15, 2005; Toilet Rascal

Mercury_Storm posted:

Kind of interesting how all these ponzis are now hiring legal people to help them get out instead of just loving bailing like in the past

you have to do that when you get big enough that you're strongly tied to real financial institutions with real lawyers and real regulatory scrutiny

# ? Jun 17, 2022 18:31

Adbot: ADBOT LOVES YOU

# ? May 13, 2024 19:42

Khorne: May 1, 2002

kw0134 posted:

Still just a standard 8949 form, if the broker has any sense whatsoever it'll be a block you import and then Turbotax creates the schedule of trades and computes your bottom line. It'll be all short term so subject to standard taxes.

If not, then, uh, good luck with that.

you get a transaction log in pdf form with "estimates" that are "not the real numbers to put on form xxx" and instructions like "read the irs directions at this url to figure it out yourself we are not accountable if these estimates are incorrect"

you need to punch in those estimates

but also need to review the transactions and they'll largely be ambiguous if you bought multiple of the same coin -- they won't say when you initially obtained the coin and frequently have incorrect or not-in-agreement-with-the-irs esimates on how long you held it

then you have to submit every single transaction to the IRS, and the easiest way to do this is by mailing it for 2021 taxes for most people.

And that's the story of how you can find questions like "How can I mail 200,000 pages of transactions to the IRS?" littered around the internet.

To be mildly fair, in 2021 most platforms send you correct estimates and you can just print their pdf & send it and the IRS will be okay with you. With turbotax you might be able to import digitally but it doesn't really save you any effort other than not having to mail something. It's still really dumb compared to how easy taxes are with normal brokerage stuff.

I haven't personally touched crypto but I do have a dumbass family member that I did taxes for due to them downloading robinhood or whatever their crypto version is named and trading $150 back and forth racking up tens of thousands of crypto transactions.

Khorne fucked around with this message at 19:18 on Jun 17, 2022

# ? Jun 17, 2022 19:00

MarcusSA: Sep 23, 2007

i like these returns

https://twitter.com/OracleHawk/stat...ingawful.com%2F

# ? Jun 17, 2022 19:20

Deep Dish Fuckfest: Sep 6, 2006; Advanced
Computer Touching; Toilet Rascal

still not enough. i won't be satisfied until all crypto reaches its true value, which is gently caress all, or negative if you include externalities

# ? Jun 17, 2022 19:23

Alan Smithee: Jan 4, 2005; A man becomes preeminent, he's expected to have enthusiasms.

Enthusiasms, enthusiasms...

MarcusSA posted:

i like these returns

https://twitter.com/OracleHawk/stat...ingawful.com%2F

Is there anything actually up or at least where it was last month

# ? Jun 17, 2022 19:34

Loving Africa Chaps: Dec 3, 2007; We had not left it yet, but when I would wake in the night, I would lie, listening, homesick for it already.

I recovered 6 figgies of butts for someone who thought they were being hacked and locked themselves out of all their accounts and told them this was their opportunity to get out. This was a year ago.

They doubled down on it as their retirement strategy instead and I'm dreading asking them how they're doing.

# ? Jun 17, 2022 19:35

post hole digger: Mar 21, 2011

hope they broke you off a piece of that and you cashed out while the getting was good.

# ? Jun 17, 2022 19:38

Deep Dish Fuckfest: Sep 6, 2006; Advanced
Computer Touching; Toilet Rascal

Loving Africa Chaps posted:

I recovered 6 figgies of butts for someone who thought they were being hacked and locked themselves out of all their accounts and told them this was their opportunity to get out. This was a year ago.

They doubled down on it as their retirement strategy instead and I'm dreading asking them how they're doing.

hang on, you mean that after coming this close to losing all of their money with absolutely no recourse, the lesson they learned is "i should put more of my money into this"?

# ? Jun 17, 2022 19:42

MarcusSA: Sep 23, 2007

Deep Dish Fuckfest posted:

hang on, you mean that after coming this close to losing all of their money with absolutely no recourse, the lesson they learned is "i should put more of my money into this"?

this is the crypto brain way.

# ? Jun 17, 2022 19:46

haveblue: Aug 15, 2005; Toilet Rascal

well they didn't lose all their money did they

# ? Jun 17, 2022 19:49

Boxturret: Oct 3, 2013; Don't ask me about Sonic the Hedgehog diaper fetish

I wonder how that guy that had some youtube hacker man break in to his hardware wallet to recover his millions in bitcoin is doing now :thunk:

# ? Jun 17, 2022 19:52

HolHorsejob: Mar 14, 2020; Portrait of Cheems II of Spain by Jabona Neftman, olo pint on fird

haveblue posted:

well they didn't lose all their money did they

just 60% of it

# ? Jun 17, 2022 20:03

Blotto_Otter: Aug 16, 2013

Deep Dish Fuckfest posted:

hang on, you mean that after coming this close to losing all of their money with absolutely no recourse, the lesson they learned is "i should put more of my money into this"?

sunk cost fallacy baybeee

# ? Jun 17, 2022 20:05

kw0134: Apr 19, 2003; I buy feet pics🍆

Khorne posted:

you get a transaction log in pdf form with "estimates" that are "not the real numbers to put on form xxx" and instructions like "read the irs directions at this url to figure it out yourself we are not accountable if these estimates are incorrect"

you need to punch in those estimates

but also need to review the transactions and they'll largely be ambiguous if you bought multiple of the same coin -- they won't say when you initially obtained the coin and frequently have incorrect or not-in-agreement-with-the-irs esimates on how long you held it

then you have to submit every single transaction to the IRS, and the easiest way to do this is by mailing it for 2021 taxes for most people.

And that's the story of how you can find questions like "How can I mail 200,000 pages of transactions to the IRS?" littered around the internet.

To be mildly fair, in 2021 most platforms send you correct estimates and you can just print their pdf & send it and the IRS will be okay with you. With turbotax you might be able to import digitally but it doesn't really save you any effort other than not having to mail something. It's still really dumb compared to how easy taxes are with normal brokerage stuff.

I haven't personally touched crypto but I do have a dumbass family member that I did taxes for due to them downloading robinhood or whatever their crypto version is named and trading $150 back and forth racking up tens of thousands of crypto transactions.

that's hilariously janky, I dunno why i expected any better

# ? Jun 17, 2022 20:06

Beeftweeter: Jun 28, 2005; Can't post for 2 hours!

kw0134 posted:

that's hilariously janky, I dunno why i expected any better

everything the IRS does is hilariously janky

i made an account on irs.gov to submit my taxes directly and like 3 weeks later i got a letter in the mail from the irs. they wanted to inform me my account was successfully created

e: i get why they do this but considering the amount of info they ask for beforehand it's a bit silly. at that point whatever damage that could be done has already happened

Beeftweeter fucked around with this message at 20:11 on Jun 17, 2022

# ? Jun 17, 2022 20:09

trucutru: Jul 9, 2003; by Fluffdaddy

Beeftweeter posted:

everything the IRS does is hilariously janky

i made an account on irs.gov to submit my taxes directly and like 3 weeks later i got a letter in the mail from the irs. they wanted to inform me my account was successfully created

e: i get why they do this but considering the amount of info they ask for beforehand it's a bit silly

Around here the local IRS only accepts faxes for direct communication.

# ? Jun 17, 2022 20:12

Agile Vector: May 21, 2007; scrum bored

trucutru posted:

Around here the local IRS only accepts faxes for direct communication.

i like to take that to mean they do that in their office, too. a circle stands in the break room furiously scribbling and dialing

# ? Jun 17, 2022 20:45

GenJoe: Sep 15, 2010; Rehabilitated?

That's just a bullshit word.

Shageletic posted:

What are you gonna declare on your taxes?

normally, this works like it does with any other broker -- they send you (and the IRS) a 1099-B which is a summary of the transactions you've had with their exchange, and then you send the 1099-B alongside the consolidated cost basis for each asset type you've traded and pay the tax (or harvest the loss) on that. the key here is that, as long as you have the 1099-B, you can send the consolidated form and don't have to report every single transaction.

because the space is so lol, in 2021 the exchange I used, citing "changing regulations around cryptocurrency", decided not to file 1099-Bs for any of their customers "at this time." when that's the case, the IRS wants a paper record of each transaction alongside each individual cost basis, which puts me in the hugely funny situation of having to send something like, several million transactions? over to the IRS

so rip me I guess. I just consolidated all of the transactions anyway, paid taxes on that, and now I'm waiting for the IRS to send me a letter and we'll go from there

Khorne posted:

To be mildly fair, in 2021 most platforms send you correct estimates and you can just print their pdf & send it and the IRS will be okay with you.

my broker did this in 2020 but decided to just not bother in 2021

# ? Jun 17, 2022 20:59

Beeftweeter: Jun 28, 2005; Can't post for 2 hours!

not a big one but another one bites the dust:

https://www.reuters.com/markets/funds/babel-finance-suspends-withdrawals-crypto-markets-slump-2022-06-17/

quote:

(Reuters) - Hong Kong-based Babel Finance temporarily suspended the withdrawals and redemption of crypto assets on Friday, as the crypto lender scrambles to pay its clients after the recent slump in the digital currency market.

Cryptocurrency valuations have plunged in recent weeks as investors dump risky assets in a rising rate environment, with bitcoin, which reached a record high of $69,000 in November, having lost more than half its value this year.

�Recently, the crypto market has seen major fluctuations, and some institutions in the industry have experienced conductive risk events. Due to the current situation, Babel Finance is facing unusual liquidity pressures,� the company said.

Crypto lenders gather crypto deposits from retail customers and re-invest them, proclaiming double-digit returns and attracting tens of billions of dollars in assets. However, the recent meltdown has lenders unable to redeem their clients� assets.

Babel, which has 500 clients and limits itself to bitcoin, ethereum and stablecoins, raised $80 million in a funding round last month, valuing it at $2 billion. It had ended last year with $3 billion of loan balances on its balance sheet.

# ? Jun 17, 2022 21:21

PostNouveau: Sep 3, 2011; VY till I die; Grimey Drawer

Beeftweeter posted:

not a big one but another one bites the dust:

https://www.reuters.com/markets/funds/babel-finance-suspends-withdrawals-crypto-markets-slump-2022-06-17/

Naming my financial company after something that's famous for being torn down.

Titanic Capital

# ? Jun 17, 2022 21:24

haveblue: Aug 15, 2005; Toilet Rascal

have you invested in my blockchain-based metaverse company, Hinden Labs

# ? Jun 17, 2022 21:25

Loving Africa Chaps: Dec 3, 2007; We had not left it yet, but when I would wake in the night, I would lie, listening, homesick for it already.

Hindenburg Finance

# ? Jun 17, 2022 21:26

Just-In-Timeberlake: Aug 18, 2003

World Trade Center Lending

# ? Jun 17, 2022 21:27

haveblue: Aug 15, 2005; Toilet Rascal

going to the moon with N1 Holdings

# ? Jun 17, 2022 21:28

hekaton: Jan 5, 2022; sure wish i could understand what the hell was going on with my life
so i could be properly upset when things happen

Jericho Security

# ? Jun 17, 2022 21:28

Just-In-Timeberlake: Aug 18, 2003

Challenger Credit Union

# ? Jun 17, 2022 21:29

FAUXTON: Jun 2, 2005; spero che tu stia bene

Chernobyl Capital

# ? Jun 17, 2022 21:29

Loving Africa Chaps: Dec 3, 2007; We had not left it yet, but when I would wake in the night, I would lie, listening, homesick for it already.

Announcing our new hardware wallet: maginot

# ? Jun 17, 2022 21:30

PostNouveau: Sep 3, 2011; VY till I die; Grimey Drawer

Here at Takoma Narrows Bridge Technology, we understand that you're sick of the twists and turns of the market. You want a steady return of 15% APY, and we can help span the gap between your dreams and reality.

# ? Jun 17, 2022 21:30

Just-In-Timeberlake: Aug 18, 2003

PostNouveau posted:

Here at Takoma Narrows Bridge Technology, we understand that you're sick of the twists and turns of the market. You want a steady return of 15% APY, and we can help span the gap between your dreams and reality.

I was trying to come up with one for that bridge but nothing sounded good.

# ? Jun 17, 2022 21:31

Agile Vector: May 21, 2007; scrum bored

Enron Trading

# ? Jun 17, 2022 21:32

AnoHito: May 8, 2014

it�s fine, we�re backed up by this hot new regulatory system, �league of nations auditing�

# ? Jun 17, 2022 21:34

ultrafilter: Aug 23, 2007; It's okay if you have any questions.

Cooperation among an anonymous group protected Bitcoin during failures of decentralization

quote:

Bitcoin is a digital currency designed to rely on a decentralized, trustless network of anonymous agents. Using a pseudonymous-address-linking procedure that achieves >99% sensitivity and >99% specificity, we reveal that between launch (January 3rd, 2009), and when the price reached $1 (February 9th, 2011), most bitcoin was mined by only sixty-four agents. This was due to the rapid emergence of Pareto distributions in bitcoin income, producing such extensive resource centralization that almost all contemporary bitcoin addresses can be connected to these top agents by a chain of six transactions. Centralization created a social dilemma. Attackers could routinely exploit bitcoin via a "51% attack", making it possible for them to repeatedly spend the same bitcoins. Yet doing so would harm the community. Strikingly, we find that potential attackers always chose to cooperate instead. We model this dilemma using an N-player Centipede game in which anonymous players can choose to exploit, and thereby undermine, an appreciating good. Combining theory and economic experiments, we show that, even when individual payoffs are unchanged, cooperation is more frequent when the game is played by an anonymous group. Although bitcoin was designed to rely on a decentralized, trustless network of anonymous agents, its early success rested instead on cooperation among a small group of altruistic founders.

It's whales all the way down.

# ? Jun 17, 2022 21:38