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Old 01-12-2022, 04:42 AM   #81
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Originally Posted by 3jgman View Post
Any recommendation on crypto software? I have crypto in various platforms (Coinbase, Nexo, and Blockfi). I've been trading (buying/selling). Now it's time to figure how my taxes for 2021!!

I've looked at Cointracking and Zenledger. Based on my needs Zenledger would charge $150/year. I don't find this too expensive but would like to hear what others have to say or recommend.

Thanks
javier
Start here. Smart investors count their own pennies:
https://www.irs.gov/individuals/inte...y-transactions

I counted my vast earnings from HNT mining for 8 months of 2021. After expenses it was a zero in the income bucket. The educational component is vast, though, and it feels like I now have a degree from an online tech finance school, and crypto valued at about $750.00.
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Old 01-12-2022, 10:57 AM   #82
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Download as .csv is what my earlier post meant to say.
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The Cryptocurrency Thread 2
Old 01-12-2022, 12:24 PM   #83
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The Cryptocurrency Thread 2

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Originally Posted by nvgs123 View Post
I have some BTC and USDC in three different exchanges. I make 9%APY paid monthly on my USDC. I have a little over 6 figures invested and I am just seeing how real and how long this 9% can last. So far, so good on earning the interest but the centralized exchanges all suffer from underdeveloped customer service departments.


FYI - crypto.com is providing 10-12% APY on USDC locked up for 3-months. I have a USDC ladder setup on there.
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Old 01-12-2022, 01:12 PM   #84
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What would be the difference between "bitcoin ETF" vs actually having bitcoins?
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Same as gold vs a gold ETF. You do not have personal control over your bitcoin and you pay a fee for someone else to look after it for you
You don't have to open an account with some shady crypto exchange?

Just easier if you can add an ETF through an already existing brokerage account.
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Solutions
Old 01-12-2022, 01:43 PM   #85
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Solutions

You are not stuck. There is a solution that has worked. Log in to a VPN and select a foreign country server where Binance is "allowed," Germany for example. Log on to Binance and send your Crypto to your wallet and transfer as you wish. This has definitely worked in the past few months, and I suspect it still will.

Binance has no beef with you personally, as any business does, they need their customers. Good luck to you.

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nope, you're stuck.

this is where the whole "custodial" thing comes in. binance owns the keys, you can't do anything without their permission, as opposed to you owning the keys to your wallet.

the flip side, of course, is you have no one to call if you accidentally forget/lose your keys. everything is lost forever.
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Old 01-12-2022, 01:48 PM   #86
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You are not stuck. There is a solution that has worked. Log in to a VPN and select a foreign country server where Binance is "allowed," Germany for example. Log on to Binance and send your Crypto to your wallet and transfer as you wish. This has definitely worked in the past few months, and I suspect it still will.

Binance has no beef with you personally, as any business does, they need their customers. Good luck to you.
lol, wow. you'd expect a financial company with KYC to actually enforce it based on your user profile, not like netflix where you just change where you're connecting a viola, you have access to restricted content.
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Old 01-12-2022, 01:51 PM   #87
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Any recommendation on crypto software? I have crypto in various platforms (Coinbase, Nexo, and Blockfi). I've been trading (buying/selling). Now it's time to figure how my taxes for 2021!!

I've looked at Cointracking and Zenledger. Based on my needs Zenledger would charge $150/year. I don't find this too expensive but would like to hear what others have to say or recommend.

Thanks
javier
tax.crypto.com is free and supports multiple exchanges. i'm waiting for them to update it to support 2021.
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The Cryptocurrency Thread 2
Old 01-12-2022, 02:11 PM   #88
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The Cryptocurrency Thread 2

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tax.crypto.com is free and supports multiple exchanges. i'm waiting for them to update it to support 2021.

Do you provide all your login passwords etc for them to gather the data?
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You'd expect....
Old 01-12-2022, 02:15 PM   #89
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You'd expect....

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lol, wow. you'd expect a financial company with KYC to actually enforce it based on your user profile, not like netflix where you just change where you're connecting a viola, you have access to restricted content.
You might expect that, but you would be wrong. Do you think it's better for Binance to keep their customer's money? What law are they breaking by returning the rightful owner's crypto funds? Moreover, the owner has an account with them, and the request will come from a server, that is based in a country that they legally operate in? I think it's pretty straightforward.
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Old 01-12-2022, 02:28 PM   #90
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Do you provide all your login passwords etc for them to gather the data?
haven't got that far yet. but they do support extracting info directly off of the blockchain, which is all public.
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Old 01-12-2022, 02:30 PM   #91
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You might expect that, but you would be wrong. Do you think it's better for Binance to keep their customer's money? What law are they breaking by returning the rightful owner's crypto funds? Moreover, the owner has an account with them, and the request will come from a server, that is based in a country that they legally operate in? I think it's pretty straightforward.
this would never fly at a traditional bank.
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...customer service
Old 01-12-2022, 02:31 PM   #92
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...customer service

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Originally Posted by nvgs123 View Post
I have some BTC and USDC in three different exchanges. I make 9%APY paid monthly on my USDC. I have a little over 6 figures invested and I am just seeing how real and how long this 9% can last. So far, so good on earning the interest but the centralized exchanges all suffer from underdeveloped customer service departments.
Hi, One of the reasons they pay such high rates is because they have very little customer service. No brick and mortar, to speak of, few employees, and no shareholders looking for big dividends. I have found, and I have a few accounts (including overseas), that they pay as promised and exactly to the decimal point. Computers are good about that... lol. It sure beats the heck out of banks... The banks do have mediocre customer service, but it's expensive, I reckon.
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traditional bank
Old 01-12-2022, 02:38 PM   #93
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traditional bank

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this would never fly at a traditional bank.
You are correct. That is precisely the point, Binance is NOT a traditional bank. The crypto exchanges and stable coiners stated goal is to take business from traditional banks/brokerages. Hence the disruption and high rates one can earn on USD pegged stable coin, for example. DeFi versus CeFi, as it were. We won't see who wins in our lifetimes, but I think the crypto folks will give the banks a pretty good run for their money... Pun intended!
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Old 01-12-2022, 02:40 PM   #94
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Quote:
Originally Posted by 3jgman View Post
Any recommendation on crypto software? I have crypto in various platforms (Coinbase, Nexo, and Blockfi). I've been trading (buying/selling). Now it's time to figure how my taxes for 2021!!



I've looked at Cointracking and Zenledger. Based on my needs Zenledger would charge $150/year. I don't find this too expensive but would like to hear what others have to say or recommend.



Thanks

javier


Taxbit is trying to provide help with taxes.

https://www.coindesk.com/business/20...-crypto-taxes/
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Tax software for crypto
Old 01-12-2022, 02:54 PM   #95
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Tax software for crypto

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Taxbit is trying to provide help with taxes.

https://www.coindesk.com/business/20...-crypto-taxes/
If you have a lot of transactions, Koinly.io is quite good. They have multiple pricing tiers, including a free one I believe. Cheers.
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Old 01-12-2022, 05:20 PM   #96
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You are correct. That is precisely the point, Binance is NOT a traditional bank. The crypto exchanges and stable coiners stated goal is to take business from traditional banks/brokerages. Hence the disruption and high rates one can earn on USD pegged stable coin, for example. DeFi versus CeFi, as it were. We won't see who wins in our lifetimes, but I think the crypto folks will give the banks a pretty good run for their money... Pun intended!
i think it'll happen sooner than you think. you can already buy crypto directly in paypal. interactive brokers recently introduced it as well. crypto will become mainstream in the most centralized way possible because the average joe/jane doesn't care about decentralized. they just want something easy to use which is why companies like coinbase are doing so well.
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Adoption
Old 01-12-2022, 05:28 PM   #97
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Adoption

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i think it'll happen sooner than you think. you can already buy crypto directly in paypal. interactive brokers recently introduced it as well. crypto will become mainstream in the most centralized way possible because the average joe/jane doesn't care about decentralized. they just want something easy to use which is why companies like coinbase are doing so well.
You may very well be right, as it is entirely possible when one looks at the adoption rates, etc. It is the fastest growing asset class in history, but still rather small ($2.8 trillion +/-) when compared to stock and bonds, but catching up to gold quite quickly.
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Old 01-12-2022, 08:48 PM   #98
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haven't got that far yet. but they do support extracting info directly off of the blockchain, which is all public.


Ah yes blockchain public data makes sense but not sure that would include all internal trading transactions from an exchange
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Old 01-12-2022, 09:01 PM   #99
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Fidelity just added bitcoin exposure to its 60-40 and 85-15 all-in-one balanced ETFs in Canada, saying it would improve diversification and enhance returns.
https://bitcoinmagazine.com/markets/...aditional-etfs
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The Cryptocurrency Thread 2
Old 01-13-2022, 09:05 AM   #100
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The Cryptocurrency Thread 2

^^^^ Wow. There is great pressure on US regulators to allow a Bitcoin ETF here rather than making investment companies like Fidelity contort their prospectuses in order to buy the Canadian ETF. How long can the SEC keep its finger in the dyke?
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