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[criesofthepast]

What's the tax situation with all this? In Canada (Ontario) specifically. After how much profit does it need to be claimed as something on your tax return? If I make $1-$5000 in profit does it have to be claimed? $5000+ absolutely? I don't know much about tax law & don't want to be burnt one day when CRA shows up on my door.

I assume a deposit of $5000 going into my bank account would be reported to CRA from my bank. I'm using $5000 as a guess because I don't actually know what the number is if one exists or even if $1 profit needs to technically be claimed.

 

[Makabe]

I've no clue why the other alternate currencies are rising in value when you aren't even able to exchange/buy them.

Potential, and the hope for big, quick profits. I doubt any of them will reach the heights of Bitcoin, although some are useful.

 

[TheExodu5]

I'm curious about whether or not this can somehow be funneled into a TFSA in Canada.

 

[Javaman]

If anybody here is absolutely desperate to purchase Litecoin, I have a quantity that I am happy to sell.

Because I'm awesome and nice, I'll even do Paypal and slightly below the market rate.

PM me if interested.

Thursday, Nov 28th 2013. That was the day it all went to shit. What began with a simple post on a popular gaming website called Neogaf turned into the downfall of crypocoins. Kurtrussell had no idea the ramifications of his post. Once his request was made the bubble was no more. Panicked sellers who couldn't get out due to mtgox being swamped by sellers were seen throwing themselves and their ps4s off the roof tops. ---the end of it all.

 

[diamount]

What's the tax situation with all this? In Canada (Ontario) specifically. After how much profit does it need to be claimed as something on your tax return? If I make $1-$5000 in profit does it have to be claimed? $5000+ absolutely? I don't know much about tax law & don't want to be burnt one day when CRA shows up on my door.

I assume a deposit of $5000 going into my bank account would be reported to CRA from my bank. I'm using $5000 as a guess because I don't actually know what the number is if one exists or even if $1 profit needs to technically be claimed.

I thought deposits of over 10k get reported to tax authorities.

 

[Ty4on]

Holy shit, double value in less than two weeks? I hope this crash won't be too nasty :/

 

[Ether_Snake]

Someone create a new VR currency named Bytcoin and Lytecoin.

 

[cdkee]

Coinbase is taking forever to verify. They say 3 hours during business hours, which it is in Canada, right?

 

[TheQueen'sOwn]

How long is their verification process? I've ready started the process as of last night and I'm still not verified.

How long did it take you?

Mind letting me know if/when you get verified?
I started the process last night as well and haven't heard back one way or the other (ie. I'm good to go or I need to provide more info).

 

[Petrie]

If anybody here is absolutely desperate to purchase Litecoin, I have a quantity that I am happy to sell.

Because I'm awesome and nice, I'll even do Paypal and slightly below the market rate.

PM me if interested.

Money sent. Thank you!

 

[Lagspike_exe]

In standard markets, arbitrage is a low risk (usually...) way of making money, and it helps keep markets efficient and liquid.

In a highly volatile market like bitcoin, with some liquidity limitations due to wait times and without a big wallet to back up your trades, it's much riskier and it's possible to lose money quickly.

Best of luck to anyone engaging in arbitrage, and be careful how much of your stake you're risking at any given time.

You're spoling all the fun. I'm eagerly awaiting for someone to attempt to do heavily leveraged arbitrage transactions. Bitcoin is the new dot com. Free money for everyone!

 

[criesofthepast]

I was creating an official bitcoin OT but then realized it was a ton of work and quit. My title would have been: Bitcoin & Alt Currency |OT| Buying a Yacht With Monopoly Money.

someone make an OT that answers a lot of the basic question people are asking in here.

 

[whitehawk]

I was creating an official bitcoin OT but then realized it was a ton of work and quit. My title would have been: Bitcoin & Alt Currency |OT| Buying a Yacht With Monopoly Money.

someone make an OT that answers a lot of the basic question people are asking in here.

Well, I liked the title.

 

[EloquentM]

waiting for vault of satoshi to verify me. pay stubs are a legit proof of residence, correct?

 

[kurtrussell]

Not sure if this is the right place to rep fellow GAFfers, but:

I just sold ltc to velociraptor and petrie.

Both transactions were Paypal (them) for ltc (me).

Both paid quickly and both confirmed they received the ltc. Very smooth transactions, thanks guys.

11/10 would trade again.

A++++++++++++

A valued customer

A credit to NEOGAF

etc etc

 

[Harry_Tequila]

Not sure if this is the right place to rep fellow GAFfers, but:

I just sold ltc to velociraptor and petrie.

Both transactions were Paypal (them) for ltc (me).

Both paid quickly and both confirmed they received the ltc. Very smooth transactions, thanks guys.

11/10 would trade again.

A++++++++++++

A valued customer

A credit to NEOGAF

etc etc

Have you got any more that you'd be interested in selling?

 

[Petrie]

Not sure if this is the right place to rep fellow GAFfers, but:

I just sold ltc to velociraptor and petrie.

Both transactions were Paypal (them) for ltc (me).

Both paid quickly and both confirmed they received the ltc. Very smooth transactions, thanks guys.

11/10 would trade again.

A++++++++++++

A valued customer

A credit to NEOGAF

etc etc

I return the positive feedback!

Even helped me figure it out a bit!

Would buy again! Thanks!

 

[kurtrussell]

Have you got any more that you'd be interested in selling?

I think I have a wallet with around 20 or so in on another box. I'll be checking that out tomorrow.

I'd advise against going in *too* heavy on Litecoin though - just have a few for fun... this is why I'm trying to reduce my position on them and I figured that so many GAFfers are struggling to get them without being ripped off or having to provide 8 forms of ID, that I'd kill two birds with one stone and help some fellow GAFfers out.

My recommendation for anyone who cares: Buy into btc, even if it's only 0.01s and try and hold for 6 months or so. Litecoins, maybe, but I certainly wouldn't go more than $400ish. Other alt currencies I wouldn't touch with a bargepole, especially as many of these currencies are pre-mined, meaning that someone is sitting on a LOT, waiting to dump and screw the other investors over royally!

can you PM me on that if you're up for trading?

Yup - will look tomorrow and let you know if I find them

 

[EloquentM]

I think I have a wallet with around 20 or so in on another box. I'll be checking that out tomorrow.

can you PM me on that if you're up for trading?

 

[EloquentM]

I think I have a wallet with around 20 or so in on another box. I'll be checking that out tomorrow.

I'd advise against going in *too* heavy on Litecoin though - just have a few for fun... this is why I'm trying to reduce my position on them and I figured that so many GAFfers are struggling to get them without being ripped off or having to provide 8 forms of ID, that I'd kill two birds with one stone and help some fellow GAFfers out.

My recommendation for anyone who cares: Buy into btc, even if it's only 0.01s and try and hold for 6 months or so. Litecoins, maybe, but I certainly wouldn't go more than $400ish. Other alt currencies I wouldn't touch with a bargepole, especially as many of these currencies are pre-mined, meaning that someone is sitting on a LOT, waiting to dump and screw the other investors over royally!



Yup - will look tomorrow and let you know if I find them

gracias!

 

[Harry_Tequila]

I think I have a wallet with around 20 or so in on another box. I'll be checking that out tomorrow.

I'd advise against going in *too* heavy on Litecoin though - just have a few for fun... this is why I'm trying to reduce my position on them and I figured that so many GAFfers are struggling to get them without being ripped off or having to provide 8 forms of ID, that I'd kill two birds with one stone and help some fellow GAFfers out.

My recommendation for anyone who cares: Buy into btc, even if it's only 0.01s and try and hold for 6 months or so. Litecoins, maybe, but I certainly wouldn't go more than $400ish. Other alt currencies I wouldn't touch with a bargepole, especially as many of these currencies are pre-mined, meaning that someone is sitting on a LOT, waiting to dump and screw the other investors over royally!



Yup - will look tomorrow and let you know if I find them

Good advice. I'd like to get a few just to hold onto for a while and it seems like there's more scope for litecoin to go up in the near future. I was looking at the verification process today and fuck that, it sounds crazy.

Let me know if find that you've got a few available.

 

[mattx5]

I think I have a wallet with around 20 or so in on another box. I'll be checking that out tomorrow.

I'd advise against going in *too* heavy on Litecoin though - just have a few for fun... this is why I'm trying to reduce my position on them and I figured that so many GAFfers are struggling to get them without being ripped off or having to provide 8 forms of ID, that I'd kill two birds with one stone and help some fellow GAFfers out.

My recommendation for anyone who cares: Buy into btc, even if it's only 0.01s and try and hold for 6 months or so. Litecoins, maybe, but I certainly wouldn't go more than $400ish. Other alt currencies I wouldn't touch with a bargepole, especially as many of these currencies are pre-mined, meaning that someone is sitting on a LOT, waiting to dump and screw the other investors over royally!



Yup - will look tomorrow and let you know if I find them

Hey, sent you a PM but not sure if it went through as im on my phone atm. Im interested!

 

[Rawket Lawnchair]

So how much did a bitcoin cost before all this?

 

[magenta]

I have been watching fiatleak.com for the past hour. China accounts for more than 80% of the trades.

 

[IceCold]

.

 

[Jibbed]

I think I have a wallet with around 20 or so in on another box. I'll be checking that out tomorrow.

I'd advise against going in *too* heavy on Litecoin though - just have a few for fun... this is why I'm trying to reduce my position on them and I figured that so many GAFfers are struggling to get them without being ripped off or having to provide 8 forms of ID, that I'd kill two birds with one stone and help some fellow GAFfers out.

My recommendation for anyone who cares: Buy into btc, even if it's only 0.01s and try and hold for 6 months or so. Litecoins, maybe, but I certainly wouldn't go more than $400ish. Other alt currencies I wouldn't touch with a bargepole, especially as many of these currencies are pre-mined, meaning that someone is sitting on a LOT, waiting to dump and screw the other investors over royally!

Great advice. If you're willing to do some more PayPal trading then give me a holler via PM.

Aside from looking around these past few days, I'm completely new to BTC/LTC trading and could do with a push in the right direction!

 

[Stinkles]

I have been watching fiatleak.com for the past hour. China accounts for more than 80% of the trades.

seems super safe.

 

[EloquentM]

Approved on Satoshi. 2 lite coins get. Shit, my girlfriend was telling me how bit coins are being talked about all over her Facebook feed.

 

[Switch Back 9]

Excuse my ignorance but what's to stop a government agency or corporation from building a giant super computer to mine these things?

 

[whitehawk]

Approved on Satoshi. 2 lite coins get. Shit, my girlfriend was telling me how bit coins are being talked about all over her Facebook feed.

Just got approved myself. How was your process getting cash in your account like?

 

[Ashodin]

Excuse my ignorance but what's to stop a government agency or corporation from building a giant super computer to mine these things?

For Bitcoin, most already have. It just makes it harder and harder for them to be gained, which drives the price up for those who already have them.

 

[criesofthepast]

Just got approved myself. How was your process getting cash in your account like?

Its easy but if you can exercise a little bit of patience it will get a lot easier and cheaper in a week or two. I seriously doubt youll have missed the big train on LTC by then. Satoshi is adding Canadian funds and also direct bill payment so you won't have to go to BMO and pay in cash. The american money requirement can really eat into your deposit depending on how much your depositing.

Also CAVirtex is adding litecoins soon. They said December to January. That will drive the price up a lot as well. CAVirtex is the biggest Canadian owned exchanges by far. Satoshi is getting really big though as volume seems to be picking up. Good for us.

 

[kick51]

this pumpndump shit on btce is out of hand.

they'll ban you for typing in all caps, but not for spamming a 10 minute old Twitter account telling you that FTC is the future.

 

[SapientWolf]

We are so late on this. Late to the point where it's risky. But say, a year a two ago, PC gaming GAF could have been making tens of thousands of dollars doing almost nothing. But on the plus side, the Bitcoin threads have gotten really entertaining.

I guess you'll still be able to mine LTC for another a week or two, before the custom hardware starts coming out.

 

[Eusis]

Yeah, this is the kinda stuff that requires dumb luck, seeing the future, or just having a really good sense for what can/can't take off and I figure that's just being better at guessing anyway.

 

[kick51]

Yeah, this is the kinda stuff that requires dumb luck, seeing the future, or just having a really good sense for what can/can't take off and I figure that's just being better at guessing anyway.

it's pretty simple. BTC and LTC are solid. the rest are pump and dumps that are so cheap, you may as well throw a hundred at them to live or die.

It's not really dumb luck, you just buy and hold.

buy and hold has beat any bot out there 100% of the time.

 

[ty_hot]

How is the easiest way to get some BTC/LTC here in Europe (Hungary)?

I have a card with both Euros and Dollars in it, so I could buy using it.

In Brazil the biggest BTC market takes more than 5% of the money involved, so I guess in Europe it must be better.

 

[cdkee]

Vault of Satoshi is taking a while to verify me...

 

[Slavik81]

We are so late on this. Late to the point where it's risky. But say, a year a two ago, PC gaming GAF could have been making tens of thousands of dollars doing almost nothing. But on the plus side, the Bitcoin threads have gotten really entertaining.

I guess you'll still be able to mine LTC for another a week or two, before the custom hardware starts coming out.

It was risky before too. This take up wasn't guaranteed.

 

[Drazgul]

How is the easiest way to get some BTC/LTC here in Europe (Hungary)?

I registered with Bitstamp myself, but the verification is still pending after 2 days or so (no doubt they're being swamped by increased traffic). BTC-e recently increased minimum SEPA (EU bank transfer) to 2000€ which I'd rather not do just yet - getting BTC from Bitstamp and transferring that to BTC-e should be much faster, and using that you can then buy the altcoins that they've available.

 

[Coreda]

I really wish the currency would stabilize as I'd like to see it used more generally as an alternative currency.

When I first created a wallet a while back and make some (very) small transactions to test it I realized the process was simpler than originally thought.

Just wish there were sexier apps to interface with the network than those available, as well as better summaries of the tech for everyday people to understand. I end up explaining it to people I know as no one seems to be clear how it works.

 

[mercenar1e]

i had over 300 LTC in June... sold them at $3 each

 

[Deleted member 1235]

How is the easiest way to get some BTC/LTC here in Europe (Hungary)?

I have a card with both Euros and Dollars in it, so I could buy using it.

In Brazil the biggest BTC market takes more than 5% of the money involved, so I guess in Europe it must be better.

www.kraken.com

easy verification, easy deposits (SEPA) easy withdrawals (SEPA)

 

[CTE]

Vault of Satoshi is taking a while to verify me...

Me, too. I'll send in more info if needed, but I need to know something so I can go forward. Hopefully by morning...

 

[movie_club]

yeah just set up a coinbase account and it will take 4 days to get a bitcoin??

Sorry, the maximum number of purchases on Coinbase has been reached. This is a 24 hour rolling limit with no specific start time. Please try again later. We'll continue raising this limit over time.

 

[Deleted member 1235]

quite a big sink for litecoin, down from 40 euro high to 28 euro now.

I sold at 40 and it feels sexy.

 

[movie_club]

good, im not going to get BTC until 12/5 if lucky..want to get in on LTC while low

 

[MikeHattsu]

The coinmarketcap.com site fell down?

Bought a bitcoin from a localbitcoins seller here. Have to be extremely careful if you do this though since it's a transaction between private persons, but I got it faster than I would have waiting for verification from one of the other sites.

 

[criesofthepast]

quite a big sink for litecoin, down from 40 euro high to 28 euro now.

I sold at 40 and it feels sexy.

Sold at 45 to get my initial investment + $500 profit back. Now playing with a few grand in additional profit from that initial investment. It's been a good few days. I'm done now until it reaches $100+ or when it goes on MTGOX and then I'll start contemplating my next move.

 

[SquiddyCracker]

So what is the estimated post-crash price going to be?

I guess last year's price?