THE IRS IS COMING FOR CRYPTO USERS BUT THEY
HAVE MODERATED THEIR “OVER-REACH”
About a year ago IRS attempted to get Coinbase.com to
disgorge ALL clients transactions regardless of triviality.
But now, a compromise was reached so that only clients
with transactions totalling $20,000 will be reported to IRS
by Coinbase.
Notwithstanding this fact, Crypto income is a taxable
event, which is basically a capital gain.
So, we all need to get to grips with what is available to help
us prepare our IRS taxes when we engage in Crypto
to USD transactions (this thread is for U.S. persons).
A lengthy video with a Tax Expert discusses the IRS
increasing interest in foreign assets, and Crypto in
particular. It is lengthy.
Two websites offering Crypto accounting:
http://Coinbase.Info service
http://Bitcoin.Tax
OK, well not being an expert I’ll wait until somebody
knowledgeable chimes in ! 
LOL
hyperscalper
SEGWIT STRUCTURAL CHANGE TO BITCOIN BLOCKS
Explained very well, graphically.
hyperscalper
Segwit fork scrapped, BTC goes parabolic (Edit…and then dumps lol)
SETWIT2X POST MORTEM EXPLANATION
A good source of BitCoin and other Crypto
understanding.
I keep putting this on the “Going Offshore…” thread
because this is one of our mechanisms to avoid
strangulation by conventional blocked money
transfer methods… So I think it’s relevant for us
U.S. persons…
hyperscalper
DEEPER HISTORICAL OVERVIEW OF BITCOIN
I don’t want to abuse this thread, so this is my last
post for the week on the subject 
To me, the recent events with BitCoin give me faith
in exchanges such as Evolve.Markets which holds
your trading account in BTC (actually BIT units).
hyperscalper
Anyone have experience with https://www.n1cm.com/?
While we’re on the subject of bitcoin and brokers, N1CM confirmed in a chat that they do accept BTC deposits. It is not listed with their deposit methods.
On a related note, an email from Bitwala today stated:
“Following the Foreign Account Tax Compliance Act (FATCA), we regret to announce that we have made the decision to suspend our service for U.S. persons.”
Agreed, Evolve Markets is excellent.
SimpleFX spreads are not as good, but they have more pairs to trade and allow accounts denominated in several different cryptocurrencies. BTC is most popular crypto, but slow and has relatively large transaction fees. Funding an account in ETH or LTC and trading XRPUSD is quite nice, especially if you expect the cryptocurrency you are using to fund your account to go up.
Also, it’s not a great idea to have all eggs in one basket.
I’ve had good experience with both of these brokers.
FINPROTRADING WITHDRAWAL OF USD FUNDS TO BITCOIN
I haven’t seen any problems buying BitCoin within FinPro, using funds
in an MT4 USD trading account. These BitCoin are placed in FinProTrading’s
BitCoin Wallet which is provided to each account holder. Of course
this takes place at some exchange rate BTC/USD.
Withdrawals are reviewed by their accounts department, so there are
a few hours up to 24 hours delay before withdrawal is made. This
of course poses a risk in USD/BTC exchange rate between the time
the withdrawal request is made, and when it is completed. In this
case, the withdrawal occured into the BitCoin Wallet at FinPro as
some prevailing exchange rate, unspecified.
Then moving the BTC amounts to another wallet, such as a Coinbase
wallet is OK, but is rather clumsy. If you specify the full amount, the transaction
fails, apparently due to the lack of any additional funds for the BitCoin
FEE. So you need to “guess” a little bit less than the total amount, so that
a FEE can be sent along, and those transactions can then succeed. This
is confusing, but it works, leaving a few “residual” fractional BTC remaining
behind.
So, clumsy, but working very smoothly. For U.S. clients seeking a "smooth"
method of interacting with these brokers, BitCoin is a very good method
in general as the transfer method.
Obviously, moving between “fiat” currency like USD, into and out of BitCoin
presents risk of exchange rate volatility. On the other hand, this can be an
additional “trading opportunity” if one chooses an advantageous time to make
those exchanges.
hyperscalper
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So Global Brokerage, FXCM’s former partner and stakeholder, filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code and is planning to restructure.
In the official statement the company also said it is delisting from NASDAQ and is parting ways with some of its board members and senior managers.
According to the official statement, Global Brokerage has entered into into a restructuring support agreement with around 70% of its noteholders.
Well, I wouldn’t recommend holding bitcoin in FINPRO’s online wallet.
I had a small amount in my wallet from a deposit early this year. Wasn’t much. But given the big appreciation recently thought I could add it to my trading account. So I just checked the wallet It was empty. Checked the transaction log. Someone sent the remaining bitcoin out of my wallet to some other bitcoin address a few weeks ago. Not sure if FINRPO did that or the wallet got hacked.
Are you saying finpro stole your bitcoin / money? did you ask them what happen? please keep us posted
Yes, that would be a concern for me also… What does FinPro support say about the
disappearance of the BTC ??
hyperscalper
I also checked them. Just had a chat with their support, seems to be a nice broker to me. Has opened the demo account with them and liking their trading conditions so far. Will keep you guys posted. Anyways, bitcoin and all other cryptos are going crazy. Not sure what bitcoin is upto. It broke off its $8000 mark as well. The way it is picking up, it can cross $10000 mark also in just couple of days
Itsnt it funny how we are getting all these talks about bitcoin being in a bubble. The total market cap of all the crypto combined is merely 200 billion while just the top 10 stocks in US are sitting at a combined valuation of 4.5 Trillion. Compare that with the GDP of America! American stocks are trading at highest GDP/MCap ever in history (with the only exception being dotcom bubble)
What I find funny is that Facebook is trading at a valuation of 550 billion roughly 2.5 times of all the crypto currency valuation combined !
So Yes we are all living in a bubble
I fail to understand why BTC is even considered a bubble and is compared to every bubble we have experienced in the past from Tulip mania, dot com bubble to 2009 financial crisis. All these comparisons are erroneous. The currency is not comparable to any of these history lessons. BTC is of a totally different character. Its supply, blockchain technology, security and its decentralized structure makes it what SPECIAL & different.
Whenever btc reaches all times highs, its compared to tupil mania. What separates btc form the tulip mania is simply SUPPLY. BTC is eternally limited to 21M coins as opposed to the supply of tulip bulbs that could increase in any quantity rendering the store of value tulip bulbs to minuscule levels. Btc is certainly not a dot com company that could lose profitability & fail neither is it controlled by the central banks that it could crumble under government pressure.
The currency has recovered from the 3 Bitcoin bubbles per se in the last seven years. We’ve only seen surprising recoveries in its value every time it corrected. BTC price might mirror a bubble today, but its present market capitalization is of $222 billion which is 16 times more as much as it was a year ago, with no significant change in tangible economic value. All time highs are not indicative of a bubble. Its high time that we acknowledge that Bitcoin isn’t a bubble. It’s the most legitimate and the transparent monetary system that exists today.
When naysayers have nothing constructive in their rationale they dismiss such ideas. Like Tesla value was a bubble back in April and Amazon stocks have always been overvalued throughout its life cycle. Any technology, company or idea that increases in value or witnesses an accelerated growth is considered a bubble. Let’s stop buying into such stories
Got a response back. They said they are doing an upgrade to the FinPro bitcoin wallets, and my bitcoin should be visible again by the end of the week. Support did offer to send the bitcoin for me now if I wanted to withdraw or load to trading account. So I guess this turned out to be no big deal.
But it would have been helpful to warn us about this upgrade ahead of time.
Hyperscalper, I guess you didn’t experience this issue? I hadn’t used my bitcoin wallet for the past six months, so maybe they only did this with the inactive wallets.
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No, didn’t have a problem at FinPro. Pulled USD to BTC and sent it off to Coinbase.
It wasn’t “instant” since they have an approval process; but it was pretty
good and all worked fine…
hyperscalper
1 Like
ok good to hear, thanks for the update
FINPROTRADING IS A VERY INTERESTING BROKER FOR SCALPERS
Hi,
28 major Forex pairs only…
I think I mentioned earlier that FinProTrading (aka TurnkeyFX feed) has some
very interesting properties. When the market is being pushed up, the
liquidity providers are “falling all over themselves” to become Best BID,
and when being pushed down, they fight to be Best OFFER. So it’s
possible to quantify this, and pick out the Forex instruments which are
momentarily pushing, for scalps in the 5-10 PIP range with some
reliability. I’ll just put a BOT on that, and see how much can be
“nibbled” … I am able to scan continuously over the 28 major
pairs, and pick out the “low hanging fruit”… LOL
hyperscalper
[EDIT] I realized it’s best to give you some idea of the visual
when this is happening, see attached screenshot on a rising
pair in EUR/AUD …
Has anyone had any further contact from CCM ?
