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Chat archive · 2018-01

AppleMiner · · #70392

number of workers has looked down 2K or so the past few days.

travelinmusic · · #70393

The answer to fighting scam tax is to vote out those who installed the tax and in with libertarians, or revolt.

travelinmusic · · #70394

As they say,, the answer to 1984 is 1776

ifeco · · #70395

good morning from my time zone

ifeco · · #70396

its anybody online

AppleMiner · · #70397

here sorta

ifeco · · #70398

@appleminer please am getting red warning lights in my d3

pavvappav · · #70399

@deathlessdd - The TIN can be your SSN if you do not have a company. It may also be your ITIN if your a non-us citizen, or your EIN if you have a registered businuess.

ifeco · · #70400

in status dash board its said calculating shares

deathlessdd · · #70401

im not in the usa

pavvappav · · #70402

@searing - All the 1099s will do is draw the IRSs attention. I suspect when they look at PH, review PH’s businuess model. Perhaps the biggest risk is actually to PH that they be deemed a money transmission businuess due to converting USD payments into crypto, and their failing to do KYC or AML checks.

pavvappav · · #70403

The ITIN is for non-us persons.

pavvappav · · #70404

While PH says that they don’t require you to submit a 1099, that may or may not jive with what the IRS ultimately belives. PH will be the first legitimate mining pool running in the US, so could expect to be made a test case.

deathlessdd · · #70405

well im not filling anything out

pavvappav · · #70406

However, in reality, unless they are required to implement KYC and AML verification, there is likely no way for the IRS to come after you if your outside the US.

travelinmusic · · #70407

Just say no to inventory tax

NowMortimerJames · · #70408

do you have to wait 48 hours for a payout even if you’ve hit the minimum requirement?

pavvappav · · #70409

It will occur within 48 hours. Normally within 12 hours of getting a check mark. If its not a coin that the pool mines it sometimes takes longer (e.g. IOTA).

deathlessdd · · #70410

1 D3 is making 25 a day on NH

pavvappav · · #70411

For those in the US, the risk is the computed value of earnings differes between PH and what you may compute if your using a service (like bitcoin.tax). For example, bitcoin.tax monitors your payment address and computes earnings on the value of the coin when the payment was transmitted (cash accounting method). PH may compute payment based on their running value (accrual accounting method). In some cases the PH value may be lower (in the case of coins going up in value), or higher (in the case of coins declingin in value).

pavvappav · · #70412

Where it gets messy is computing capitol gains / losses. If you use the accrual method based on PH values, then you have to compute capitol gains against each part of a coin awarded to you. The problem is that this data just isn’t available.

deathlessdd · · #70413

Think its a mess all around

pavvappav · · #70414

The more managable way of computing capitol gains / losses based on a cash method of accounting using the transmission as the taxable event for income means you have a limited (and documented) time of payment, which one can use to compute the basis value for the coin paid out per day.

deathlessdd · · #70415

Govt is going to fuck everyone

pavvappav · · #70416

It is.

pavvappav · · #70417

I am debating leaving, not because of the 1099, but because of the capitol gains clusterfuck that will result if I use the 1099 PH sends me vs the results from bitcoin.tax.

deathlessdd · · #70418

Giving up 1099s are going to get the govt involved in crypto

deathlessdd · · #70419

Im not filling anything out

pavvappav · · #70420

Then I have to deal wth the risk of justifying the difference when I have a system which is legit and works already.

deathlessdd · · #70421

Then when you get paid out they gonna take the taxes off the top

deathlessdd · · #70422

and make even more off us

pavvappav · · #70423

The goverment is already involved in crypto, its just that the accounting methods aren’t easily able to handle crypto yet.

deathlessdd · · #70424

the usa cant control crypto in china or anywhere in the world trading it

deathlessdd · · #70425

people will find other ways to cash out without the us knowning

pavvappav · · #70426

Nope, but they can control a mining pool located in the United States that is making payments to China.

deathlessdd · · #70427

75% of mining is in china

deathlessdd · · #70428

and iceland

deathlessdd · · #70429

yeah but people will stop mining in the usa

deathlessdd · · #70430

for that reason

pavvappav · · #70431

Honestly, doubt it. Even if people have to pay taxes, its still profitable.

pavvappav · · #70432

If the Cryptocurrency Tax Fairness act passes it will get better too.

deathlessdd · · #70433

Not really

FastCashMining · · #70434

no way around that

deathlessdd · · #70435

ontop of paying for power

deathlessdd · · #70436

Its not that profitable

deathlessdd · · #70437

after you pay for the machines you buy

FastCashMining · · #70438

yea i wont make profit for atleast 18 months at this rate.

deathlessdd · · #70439

exacly and whatever you get they will tax you on it

deathlessdd · · #70440

They dont care if you havent paid off your machine

deathlessdd · · #70441

they just see $$$$

pavvappav · · #70442

Since Bitmain accepts the free BCH given to us by Roger, the miners don’t cost anything :)

FastCashMining · · #70443

FeelsBadMan

deathlessdd · · #70444

Not everyone got free BCH

FastCashMining · · #70445

no deathless i think thats wrong, you can deduct losses for a certain amount of time

deathlessdd · · #70446

I paid for my miners with money

deathlessdd · · #70447

I mean either way im not filling out a 1099

FastCashMining · · #70448

and you can deduct the purchase of a machine given some stipulations

FastCashMining · · #70449

i have no option

pavvappav · · #70450

Yea, buying miners on ebay is bad -- people jack up the prices to crazy levels.

wrightjason · · #70451

SIB

deathlessdd · · #70452

Im in canada so

pavvappav · · #70453

I saw someone trying to sell a L3+ for almost 6k USD.

FastCashMining · · #70454

i make more than 150k a year through family partnerships and llc and employment without mining

FastCashMining · · #70455

lol

deathlessdd · · #70456

i seen people selling D3s for 10k

deathlessdd · · #70457

l3+ for 10k

deathlessdd · · #70458

Im mining for fun

pavvappav · · #70459

Perhaps I should just import and resale L3+’s. :)

deathlessdd · · #70460

paying for taxes for mining for fun = no fun

deathlessdd · · #70461

im already paying high power bill

deathlessdd · · #70462

fuck paying taxes

deathlessdd · · #70463

oh and S9 selling for 10k

deathlessdd · · #70464

You gotta be crazy and retarded to actually pay for it

FastCashMining · · #70465

i overpaid for my l3+

deathlessdd · · #70466

least it wasnt 10k

FastCashMining · · #70467

but i figured the diff would rise too much in march to actually make it worth it

FastCashMining · · #70468

nah it was 4800

deathlessdd · · #70469

yeah still alot but you will prob make it back in a year or so

deathlessdd · · #70470

maybe

FastCashMining · · #70471

which obviously was too much

deathlessdd · · #70472

but bitmain is releasing more l3+

FastCashMining · · #70473

and if i could resell it for 4k now id take an 800 loss

deathlessdd · · #70474

I wish I didnt buy my other 2 D3s when i did

deathlessdd · · #70475

but i already made my money back

deathlessdd · · #70476

from the other 2

Stereotype1 · · #70477

deathlessdd wrote: 1 D3 is making 25 a day on NH
- wow how are you accomplishing this?

deathlessdd · · #70478

NH is paying alot right now

pavvappav · · #70479

I didn’t think you could cash out of NH currently?

deathlessdd · · #70480

u can to coinbase

deathlessdd · · #70481

and im trying to see if its true

pavvappav · · #70482

o.0 just saw that.

pavvappav · · #70483

interesting.

pavvappav · · #70484

Yea, its posted on their site.

pavvappav · · #70485

https://www.nicehash.com/news/227

deathlessdd · · #70486

ive already made more on NH then i have anywhere else so far today

deathlessdd · · #70487

least what it says

Stereotype1 · · #70488

77 w/10 D3s

pavvappav · · #70489

If not for the L3s, I would use it for my GPU rigs.

Stereotype1 · · #70490

I am underclock t0 15-16000 range

pavvappav · · #70491

I just hate the constatn capchas on NH.