https://www.google.ca/amp/s/www.coindesk.com/ethereum-improvement-proposal-1559-london-hard-fork%3famp=1

I’m quite new to crypto, but am curious what everyone thinks of this for ethereum. Does it solve their high transaction fees? Will it be catastrophic for miners? I’m just trying to understand if this is a big deal, if it’s a large positive move for ether, or if it is too early to tell how this affects things.

Edit: sounds like transaction fees will stay around the same, this just offers the ability to have more of a clear, set transaction cost. But miners will lose a lot of profit when this comes into play.

Not good for mining...

Ultimately it'll improve ETH, but it could result in miners get ticked off and cause the price to drop, or price goes up becase because EIP 1559 fixes some core issues with the chain. Pick your poison

I pick...both. An initial drop...followed by a steady rise.

If the miners are set to lose a fair bit of profit, and they move to mining other crypto in place of ethereum, will that have much of an effect on ethereum? I would think that it would, but I don’t know much about the mining aspect.

This^
I mine whatever is most profitable and trade monthly earnings into bitcoin.

Smart move

https://www.nicehash.com/blog/post/stop-using-phoenix-miner-immediately

euh? Phoenixmixer?

I tried to edit my original post and remove the link. I guess I need to get a moderator involved. Can you remove the Phoenix Miner section that you quoted in my post and I'll PM a mod?

Anyone know who I should PM?

Try TigerLaw

As a general side note, and as a computer security professional, be super careful downloading random files from places like mega without knowing the exact source. Especially things that tell you to make an exclusion in your anti-virus to be able to run it. Please.

Good safety tip. I should have probably put a disclaimer in there about not using a computer for mining that you're using for sensitive data. It was a trusted link distributed by the developer with a verified hash, but you are definitely correct.

I checked the hash before I downloaded it and it was legit.

From what I'm reading, it's an ongoing situation and current speculation is that NiceHash bundled an infected copy in with their software. Whoops. It doesn't help though that the developer went dark about a month ago. I guess NiceHash was packaging PhoenixMiner as v15.9 in their installation package. The link I posted was directly from the developer. The scary part is that this could be a developer in the process of executing an exit strategy.....

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For anyone that still has the .ZIP file, you can run this command inside of powershell in the directory were the file is located to verify the hash of what you downloaded.

certutil -hashfile PhoenixMiner_5.5c_Windows.zip

So I was going to transfer some funds from Etrade to Coinbase and pick up some more BTC on March 4th...but then I happened to catch this: https://ycharts.com/companies/GBTC/discount_or_premium_to_nav

So I bought GBTC at a historic discount to Nav. Still not sure that was the best move though...pulled the trigger without fully thinking it through when I saw the historic discount. I only say that because you still pay a fee to hold GBTC vs just holding it yourself. Oh well.

Historically GBTC runs at a 30% premium over Nav.

My UNI popping off this weekend.

Just sent my tax stuff to my accountant. What a pain in the ass. Dealing with Coinbase Earn Rewards, Staking Rewards, Airdrops and mining revenue. I had 293 transactions just for the income report that amounted to a few hundred dollars worth of income. There were only about 3 disposition transactions so that was easy.

I'm glad I'm using that tracking software, because trying to do that manually would have been absolutely impossible. Especially if you want to use any reporting method other than FIFO.

Ugh. Doing this legally is a pain in the ass.

I have zero transactions to report.

So asking hypothetically for a friend, can someone chime in and tell me when TurboTax 2020 asks you about the crypto stuff with that question, what's the next question if you say "yes"? My friend is curious.

There isn’t a next question on the standard IRS forms.

Be careful though, the IRS is outsourcing this stuff and are calling it Operation Hidden Treasure.

From what I’m reading, they aren’t screwing around. On the flip side, their current guidance is pitiful.

“Operation Hidden Treasure is comprised of agents who are trained in cryptocurrency and virtual currency tracking, and who are focused on taxpayers who omit cryptocurrency income from their tax returns. Operation Hidden Treasure is a partnership between the civil office of fraud enforcement and the criminal investigation unit to root out tax evasion from cryptocurrency owners.”

Take it for what it’s worth. I decided that I’ll play by the rules just like I would with stocks and my retirement.

Well I wasn't joking...I haven't sold any crypto in years. I still have 100% of everything I bought in 2017.

Me either, I have to get my taxes done and I just haven't gotten to that part of the program yet. Legitimately curious.

You'll just have to answer that one question on the 1040 form.

This is NOT TAX advice and I am NOT and CPA. But, the IRS does have some guidance on their website that they just clarified.

Cointracker says;

You can answer "No" if you only held or transferred between wallets. “A transaction involving virtual currency does not include the holding of virtual currency in a wallet or account, or the transfer of virtual currency from one wallet or account you own or control to another that you own or control.”

You have to answer "Yes" if you have come across following situations in the tax year:

Received crypto (include from an airdrop or hard fork)
Sold crypto for fiat (ex:- cashing out bitcoin on Coinbase)
Traded crypto for another crypto (ex:- spending bitcoin to buy Ethereum)
Used crypto to buy goods or services (ex:- using a crypto debit/credit card to buy a cup of coffee)

Selling crypto into fiat, trading crypto for another crypto and using crypto to buy goods and services are taxable events and subject to income tax. You are responsible of calculating the cost basis and resulting tax liabilities.

https://www.cointracker.io/blog/irs-clarifies-cryptocurrency-question-on-form-1040

Apparently that clarification comes from this IRS publication:

https://www.irs.gov/pub/irs-dft/i1040gi--dft.pdf

I'm interested in all this talk (and money) going into NFTs. The problem is that I'm having issues identifying the platform on which these things run. Meaning, I don't want to spend $1,000 on the NFT, but want to invest in the governance token for the platform that handles the NFTs. I know the majority run on Etherium, but I know there are others.

So far, I know that MANA is one (which I've owned for years) and it looks like ENJ and GHST are also platforms. Anyone know of any others?

Damnit, dammit, dammit. I know I should have grabbed MATIC a month ago at $0.04. Or even last week when it was $0.17.

And that boys and girls is the Coinbase Premium.

Anyone care to guess at what time Coinbase announced its listing?

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That’s why I keep hoping for coinbase to list Ada. But for all I know that could be tomorrow, or two years from now.

Any reason why BTC is climbing that much again?

Will this create another pullback tomorrow?

I'm guessing its to do with the stimulus package getting passed. That should result in new funds flowing into crypto, while also slightly hurting the existing US dollar's value.

This is the bull year right after a halving. I would be very surprised if Bitcoin does not get to at least 100k by the end of the year. Just wait until 2025...the year after the next halving.

Alright as of late February I've gotten into crypto. Friend of mine had some old towers laying around so I'm starting to gut them out and build from scratch. Already have two workers running for about 2 weeks now. Mostly going ETH and XMR. I originally had Ryzen 5 CPU chips but after learning about XMR, I upgraded to 9's. I was able to snag a few GPU's at a reasonable price and have a couple more in the mail. I've been exchanging some for BTC and RVN. If ETH goes PoS there are going to be alternatives too.

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Nice! Which GPUs?

I got in at beginning of January. Started with a few pc’s mining ETH individually. Got lucky and was able to snag some lower end GPUs at good prices. Tore my home pc apart, ordered a server psu, cables/risers and built a small 6 card rig. Five 1660 Supers & one Rx 580.

At work i got another Rx 580 & a 1070 mining.

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I want to build rigs, but finding reasonable gpus is proving to be very difficult

I think you spelled the word “impossible” wrong.

I almost said impossible lol

But I'm considering chinese knockoffs, yes I'm desperate

I got my 1660 for my pinball live stream computer before I had the thought of mining and that was still reasonably priced back in Jan. Had I known what was on the horizon I would have bought 5 or 6 of them.

I have a 980 on loan from my computer guy. He has a strict "try it before you buy it" policy. I don't think I'll be keeping it because I can barely keep my head above water if it's working on Bitcoin Gold which I'm not really attracted to.

It looks like I have a different variant of a 1660 coming and other is a....oh crap I have a 5500 sitting on my front door.....talk soon time to geek out.

I love BlockFi, 8% staking fee daily!

Nexo also good

Alright the 5500 is plugging away at ETH and the fans are hardly spinning. I’m bouncing around 22-25 Mh factory specs. Somehow I ended up with some 32bit monitoring software I downloaded which is odd so I think I’ll let it run overnight and find the proper 64bit software tomorrow and learn more about it. Using Phoenix for this one.

8% daily or is it 8% APY paid out daily? Their site says you get 8% APY, unless I'm missing something?

Would you recommend Ledger nano S or X?

Or is another brand better?

APY of course but daily interest, monthly payout. So interest on interest

If I was buying one today, it would be the Trezor Model T.

The ledger might be better than it was, but deleting one coin to add another always scared the shit out of me. I honestly still have a ledger in the box that I never used because of that fact.

I was going to upgrade from the Trezor One to the T so I could hold some of the newer coins, but I’m finding myself staking them so it wouldn’t do me much good until I unstaked them.

Any new thoughts on Cardano (ADA)? Seems really cheap right now.

Remember 1 month ago?

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Found a neat bitcoin website

https://bitcointreasuries.org/

Fun read, but makes you feel like a dust-speck on a grain of sand on the beach
Thanks John

I still think its an ok price to buy at. I'm doing small bi-weekly buys at this point.
I think on March 18th, Charles Hoskinson will deliver some more news about Cardano's Africa/Ethiopia deal, and that will generate some positive buzz for Ada. I'm quite green to crypto though, and March has been a pretty flat month so far, so who knows what direction Ada will actually go over the next while.

I think cardano has unlimited potential, I'm still figuring out the nuances myself, but it should really take off next cycle, I plan to buy an hold with cardano,Vechain, and a few obscure coins

I too think that by the next bitcoin halving, Ada will have really established itself nicely. I'm trying not to get too overly bullish on it, as I feel alt coins are still a bit of a horse race type bet. But Ada is definitely the one I have my bets on.

I've been watching hbar and agi as well for about a month, and I wish the exchange I use carried them. I think they will continue to do well too.

I just did another small buy at $1.12, it's just too tempting. I almost prefer that it's going a little sideways and consolidating as opposed to some moon shot that's just going to crash and burn later.

Yeah after looking online the Trezor T looks to be the best one it’s a little more spendy but at this point in the game that shouldn’t matter.

I ended up with Nano S and pretty happy with it. It’s not something I plan to use on a regular basis. I like the fact you can set it up to loan out/ borrow to other companies if you want to earn interest similar to what people have been talking about with BlockFi.

It’s a little misleading when they say you can store many coins on it...which is true but not all at once.

Think of it like partitioning a disk first THEN you can start adding for a particular coin. Problem is with BTC and ETH you are about half full already on one key. I got my Monero on there too as a 3rd and then if I want to store anything more I’d need another key....glad I bought two. Second one I’m going to keep NIB until I actually need it. For any other coins I take on I won’t plan to have holdings large enough to feel a need for cold storage.

You can buy Ada,Hbar,Vet,many others on Voyager

Seems to be a decent day for buying most crypto.