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Chat archive · 2018-12

Forum notification · · #90975

has started a new topic: payment

Forum notification · · #90976

has started a new topic: E3 mining coming today, along with price fixes

Forum notification · · #90977

has started a new topic: Looking for more information from equihash miners

olkah · · #90978

@ Steve Sokolowski when Chris is ready to begin adding coins for antminer X3 ?

Forum notification · · #90979

has started a new topic: Status as of Sunday, December 2, 2018

alim · · #90980

thanks @CSZiggy - I thought is was still a stumbling block to going live with CN mining. I believe they have an autotrade API (as does TradeOgre) - now that they have reduced their commission rate it is at least on par with others.

CSZiggy · · #90981

@Steve Sokolowski : </strong> said "Stex is different than all other exchanges because it does not have a withdrawal API, so the only way we can use it is to sell coins there." viewtopic.php?f=4&t=6033&p=22865&hilit=stex#p22865

Dr_Soos · · #90982

Is there an issue with Komodocoin payout? It states there is no default currently available.

Steve Sokolowski · · #90983

Dr_Soos wrote: Is there an issue with Komodocoin payout? It states there is no default currently available.
Please submit a support ticket and we’ll be glad to assist

CSZiggy · · #90986

Sweet monday morning, 10AM another 10% market drop

GregoryGHarding · · #90987

hold for future, thats all i can say, pay your bills and hold the rest in crypto

CSZiggy · · #90988

cant really afford to hold them for the next 18 months hoping they ever rebound. And for taxes need to cash most of them out before the end of the year.

CSZiggy · · #90989

mined too many coins at the start of the year when prices were up, now owe 33% taxes on everything mined...while the coins have dropped almost to the point where selling them will pay the tax I was charged to even make them...net 0.

CoffeeCup · · #90990

Correct me if I am wrong, but I don’t beleive the IRS will Tax crypto unless you cash it out for money.

Steve Sokolowski · · #90991

CSZiggy wrote: mined too many coins at the start of the year when prices were up, now owe 33% taxes on everything mined...while the coins have dropped almost to the point where selling them will pay the tax I was charged to even make them...net 0.
When we pay people, we always set aside money for taxes at the time of payment

Steve Sokolowski · · #90992

if you are trading without setting aside money for taxes at every trade, then you’re making a mistake

CSZiggy · · #90993

CoffeeCup wrote: Correct me if I am wrong, but I don’t beleive the IRS will Tax crypto unless you cash it out for money.
The sell of coins, HOPEFULLY for more than they were when they were mined, triggers a CAPITAL GAINS event, if held over a year 15%, under a year 33%. Just for MAKING the coins out of thin air, you immedediately owe 33% of it.

CSZiggy · · #90994

if you live in the USA, 18% income tax bracket for most, and an additional 15% self employment taxes.

CSZiggy · · #90995

if you mine and make 2$ a day, and think you got that whole $2....you didnt, the USA IRS gets a third of it at the time it was mined.

GregoryGHarding · · #90996

i love how Canada considers crypto a commodity.

CSZiggy · · #90997

GregoryGHarding wrote: i love how Canada considers crypto a commodity.
https://goo.gl/Pk6YR3 -- If your employer has paid you with cryptocurrency, it’s like being paid with money. You will be required to pay income tax on your earnings. If you are an independent contractor and you have been paid with cryptocurrency, again, from a tax perspective, it’s like being paid with money. You need to pay income tax and collect GST/HST, but you can also deduct associated expenses and claim input tax credits.

CSZiggy · · #90998

and yet our miners across the borderd are also due to pay taxes just for mining them also.

GregoryGHarding · · #90999

Do tax rules apply when digital currency is used? Yes. Where digital currency is used to pay for goods or services, the rules for barter transactions apply. A barter transaction occurs when any two persons agree to exchange goods or services and carry out that exchange without using legal currency. For example, paying for movies with digital currency is a barter transaction. The value of the movies purchased using digital currency must be included in the seller’s income for tax purposes. The amount to be included would be the value of the movies in Canadian dollars.

GregoryGHarding · · #91000

dont worry, i know how to file my taxes. the globe and mail is incorrect

CSZiggy · · #91001

https://goo.gl/8iYNSD - When a miner receives a new unit of a cryptocurrency such as Litecoin through their mining activity, the miner will not have an income inclusion until the miner disposes of that Litecoin. The new Litecoin will be considered part of the inventory of the business and be subject to the inventory valuation rules of the Canadian Income Tax Act. OR you could be a hobbyist, in which case you dont owe, but also cannot deduct your expenses. You guys at least get a choice.

CSZiggy · · #91002

Greg if you mined the coins all by yourself then maybe would would be fine. But you had a JOB. You got paid in $. You were working for a company as an employee, independant contractor, but still an employee. Can you cross the border to USA and work at a mcdonald’s, collect a paycheck, and not be taxed on it?

CSZiggy · · #91003

If that is the case, I would suggest always living in Canada, working in the USA and never paying any tax on any money you ever earned right?

GregoryGHarding · · #91004

i get my sources from the government websites. i think they know the right way

GregoryGHarding · · #91005

if you mine personally or recreationally, there is no tax, tax only applies if youre exchanges goods or services, in this case, if i was mining on prohashing im providing a service to prohashing and being paid in crypto, however my gains are not realized until they are converted to canadian dollars, as the canadian government does not recognize cryptocurrency as a currency.

GregoryGHarding · · #91006

if it was for a good. then i would have to pay tax on its dollar value converted to CAD

GregoryGHarding · · #91007

im not offering a good, im offering a service

CSZiggy · · #91008

GregoryGHarding wrote: i get my sources from the government websites. i think they know the right way
so like from here? https://www.canada.ca/en/revenue-agency ... ncome.html

GregoryGHarding · · #91009

its more open to interpretation in canada than it is anywhere else, because they consider it a commodity but does not recognize it as a legitimate store of value or currency

CSZiggy · · #91010

actually, you are WORKING for a foreign company, getting a paycheck. Pay what you have to I guess.

GregoryGHarding · · #91011

youre forgetting we label cryptocurrency transactions as barter transactions

GregoryGHarding · · #91012

working for someone is providing a service under the barter transaction system

GregoryGHarding · · #91013

bartering services in canada does not apply to capital gains/losses until its converted to canadian dollars, the government does not consider crypto a currency, therefore by their definition there is no dollar value to realize until its sold for market value

CSZiggy · · #91014

so...live in canada...work as a USA contractor. make $100,000 a year, and never pay income taxes on it? As long as it is paid to you in crypto you don’t owe taxes on it? Sounds like the CA govent would still like to tax your 100K income.

GregoryGHarding · · #91015

take payment in crypto.. and not cash it out? sure.. but how you gonna live? youre gonna have to cash some out, then its taxed as cap gains

CSZiggy · · #91016

if what you are saying is true, im moving there tomorrow. working for a USA company as an indepentant contractor, requesting my payment in crypto and never paying income taxes ever again.

GregoryGHarding · · #91017

so how are you going to live here if you have no income? also keep in mind, you cant simply choose to live in canada. you cant live without money, therefore when you cash out to buy your groceries, youre taxed cap gains, which is higher than regular taxes

GregoryGHarding · · #91018

by definition you are not taxed until you realise the income, and because canada does not strickly recognize crypto as currency, you dont realize income until you sell it

CSZiggy · · #91019

https://www.thebigcoin.io/

GregoryGHarding · · #91020

because goods have a set value in cad, you are taxed via barter transactions on set value goods in cadian dollars

GregoryGHarding · · #91021

youre buying set value goods with crypto is called a barter transaction, which is taxed

GregoryGHarding · · #91022

i fail to see how you dont understand it

CSZiggy · · #91023

guess not being canadian I dont have to worry about it, just the 33% irs charges us here in the USA.

GregoryGHarding · · #91024

1) if you are using crypto to buy set value goods, it falls under barter transactions, which is taxed at the cad value of the fixed value good

GregoryGHarding · · #91025

2) if you are using crypto to buy or sell a service, your realised gains are taxed, however because the government strictly only reconizes canadian dollars as currency, realizing income only occurs when you sell the crypto at market value

GregoryGHarding · · #91026

keep in mind, i know your next argument is that if i have my money in USD then im not taxed, FLASE, USD is a currency and has a set CAD value, whereas in canada crpytocurrency is a commodity not a currency

dohckiller10 · · #91027

why prohahing stopped showing eth/ltc profits?

dohckiller10 · · #91028

payout just went blank except for btc

dohckiller10 · · #91029

damm now its not even mining , something is up with the server

carey76 · · #91030

yeah its down

carey76 · · #91031

mining has become so unprofitable here and probably everywhere

Chris Sokolowski · · #91032

I’m trying to fix the issue with the mining right now. The price updates are taking a very long time to download from exchanges, and I am trying to find out why.

dohckiller10 · · #91033

wow server down and nobody from support to post any news about it

Chris Sokolowski · · #91034

I think this is an issue with Comcast. I’m calling their enterprise support right now.

Forum notification · · #91035

has started a new topic: Comcast connectivity issue identified

bmyatt99 · · #91036

BTC is still mining okay atm, my l3+ is waiting on a connection though. Milwaukee area.

bmyatt99 · · #91037

L3 just came back online, payout stats look normal now

bmyatt99 · · #91038

looks good thanks for the quick work guys :D

ultiman2 · · #91039

working for me now, im in Canada

dohckiller10 · · #91040

same here in the USA , its working now

bayudness · · #91041

soo are payouts not working ? I haven gotten paid out in 2 days now

CSZiggy · · #91042

which coin are you getting payment in?

CSZiggy · · #91043

put in a support ticket

Steve Sokolowski · · #91044

bayudness wrote: soo are payouts not working ? I haven gotten paid out in 2 days now
We’re not aware of any system-wide issues - feel free to submit a support ticket and we’ll be glad to assist

CSZiggy · · #91045

It is also close to end of the year, if been mining here the whole time, making around $2 a day, make sure you have tax info on file or payments wont process.

CSZiggy · · #91046

once you hit the 600 limit on payouts.

ajs · · #91047

What’s up with "Expected Payouts" and "Coins Mined by Day" on "Charts" page? Expected payout for base coin is $0.00, and there has not been data on Coins Mined by Day" for a while.

CSZiggy · · #91048

@ajs :  without knowing the price you are being charged for the coin you are getting for a payout in, does what you earned in $ really matter though?

GregoryGHarding · · #91049

dont they get an alert saying their payments are withheld until forms are submitted?

Forum notification · · #91050

has started a new topic: Algorythm Parent coins are showing 0 profitability

Forum notification · · #91051

has started a new topic: When mining is no longer profitable

Forum notification · · #91052

has started a new topic: All Coinbase services temporarily offline

GregoryGHarding · · #91053

@Steve Sokolowski : </strong> novaexchange is now open for trading, will you be investigating the possibility of integration?

CSZiggy · · #91054

https://novaexchange.com/terms_and_conditions/ -- 3. ELIGIBILITY -- 3.2. You represent and warrant that you are not located in, under the control of, or a national or resident of the United States.

CSZiggy · · #91055

by law I would guess...NO

CSZiggy · · #91056

unless they relocate the servers to canada.

CSZiggy · · #91057

and become residents

CSZiggy · · #91058

technically.... https://crex24.com/terms -- Extra: The service operates in all countries except the USA and Canada.

CSZiggy · · #91059

NM they use STEX not CREX

Chris Sokolowski · · #91060

I’m glad you pointed that out. We were considering adding CREX24 but I guess that’s off the table now.

CSZiggy · · #91061

so is novaexchange sadly

CSZiggy · · #91062

why i was never able to make an account there before it revamped

CSZiggy · · #91063

OK I dont normally post about political stuff, but just WOW. https://www.msn.com/en-us/money/compani ... -in-doubt/

CSZiggy · · #91064

US asked canada to extradite Huawei’s founders daughter over selling to iran with us sanctions in place.

CSZiggy · · #91065

puts the whole trade-truce in jeopardy.

GregoryGHarding · · #91066

they could always drop an exchange access server in canada, and skirt the no us trading rule

GregoryGHarding · · #91067

i know a crypto friendly university

GregoryGHarding · · #91068

university is censored?

GregoryGHarding · · #91069

uni ver ic ity

Forum notification · · #91070

has started a new topic: Status as of Thursday, December 6, 2018

Steve Sokolowski · · #91071

GregoryGHarding wrote: uni ver ic ity
this is one of the common keywords that spam bots use

CSZiggy · · #91072

GregoryGHarding wrote: they could always drop an exchange access server in canada, and skirt the no us trading rule
would still be owned by United State nationals, so unless they are becoming canadian as well as moving the servers...

GregoryGHarding · · #91073

but the trading is taking place in canada

GregoryGHarding · · #91074

i would compare it with coming to canada to smoke recreational weed, its not legal in usa, but the person dosent have to change nationality to do it.. its in relation to usa laws, not the nationality

GregoryGHarding · · #91075

americans can travel to cuba, as long as the do so through canada

GregoryGHarding · · #91076

and so on and so fourth