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Lockback posted:I have the cheapest 1070 listed in the Twin Cities @ $400 but no buyers. My plan is to sell at $400 and then scoop up a 1080 on the crash but I am starting to lose patience anyway. I have had offers at $380, which is still a nice price, but not really worth it for me. I've found that you pretty much never want to have the cheapest Craigslist listing because people assume there is something wrong with it. Also everyone is going to try and knock a few bucks off the price. Use it to your advantage and price higher so they can negotiate you down and feel like they are getting a deal.
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Jul 18, 2017 14:35
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Shifty Pony posted:I've found that you pretty much never want to have the cheapest Craigslist listing because people assume there is something wrong with it. Yeah, I had that going too and still had a lot of lowball offers. I think the buying market is just drying up quickly. The 2-4 weeks until flood sounds about right.
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Jul 18, 2017 14:40
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Shifty Pony posted:I've found that you pretty much never want to have the cheapest Craigslist listing because people assume there is something wrong with it. This guy uses CL, he knows whats up.
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Jul 18, 2017 14:47
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FWIW right before the crypto craze took off I got a 1070 on craigs for 280 and a 1080 from facebook marketplace for 320.
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Jul 18, 2017 15:08
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Christ. I don't know what to do with all this stuff. There's still more to pick up. 13 R9 380's 4 RX 460's 3 R9 370's 6 AM3+ 970 mobos 7 PSUs ^ Just in this pic alone 
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Jul 19, 2017 05:24
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I would put the GPUs on ebay or sell them on craigslist ASAP, with the other hardware it's less urgent because it's not going to crash in value.
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Jul 19, 2017 05:26
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MaxxBot posted:I would put the GPUs on ebay or sell them on craigslist ASAP, with the other hardware it's less urgent because it's not going to crash in value. Did get a nibble on CL for the whole lot of 380s, but they have not yet counter offered/replied. Is $2k too much to ask for 13 R9 380s? My ad has them up for 200ea OBO.
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Jul 19, 2017 05:30
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Post all that poo poo for sale on ebay/CL/forum sales site of choice NOW and then start cleaning it up and getting it ready to go over the next few days while you wait for the lowballers and looky-loos to clear out and you actually end up selling it all. Pro tip: best to sell a bit under "market value" now and actually get some still decent cash rather than trying to get $$$absolute top dollar$$$ since it looks like things may be on the tipping point of crashing. edit: heh you posted while I was typing this up, seems like you got the right idea
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Jul 19, 2017 05:32
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PC LOAD LETTER posted:Post all that poo poo for sale on ebay/CL/forum sales site of choice NOW and then start cleaning it up and getting it ready to go over the next few days while you wait for the lowballers and looky-loos to clear out and you actually end up selling it all. Fair enough. Lowered my asking price to $150 each which seems a bit lower than market. e: Eugh stupid buttcoins. e2: Put em in SA-Mart, too, if anyone needs a video card. https://forums.somethingawful.com/showthread.php?threadid=3827434 Prescription Combs fucked around with this message at 07:09 on Jul 19, 2017 |
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Jul 19, 2017 05:46
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another cryptocurrency caper, $37m in ether jacked http://gizmodo.com/37-million-in-ether-stolen-as-people-refuse-to-learn-t-1797075264
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Jul 20, 2017 03:42
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Cygni posted:another cryptocurrency caper, $37m in ether jacked This is actually good for ETH, because... gently caress I don't know but the price went slightly up I self owned myself this week, I've been wanting a Switch for a few weeks now and I had the cash but for some reason I decided to buy a couple ETH with it instead of a Switch and Zelda. 
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Jul 20, 2017 17:00
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Comfy Fleece Sweater posted:This is actually good for ETH, because... gently caress I don't know but the price went slightly up Yeah, it jumped from 1.60 to 2.00 a day for me on a 1070. This poo poo is so loving stupid.
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Jul 20, 2017 17:10
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3.70 on a 1080ti, i wont stop until its below 2. Crash is still a fair bit away at these prices. I might even pay off the 1080ti at these rates
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Jul 20, 2017 19:34
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I still don't understand the crypto market fully, what would make the decline pause like this? Looking at the difficulty chart for ZCash it was steadily going up for a while but seems to have leveled off. https://www.coinwarz.com/difficulty-charts/zcash-difficulty-chart
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Jul 20, 2017 20:18
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MaxxBot posted:I still don't understand the crypto market fully, what would make the decline pause like this? Looking at the difficulty chart for ZCash it was steadily going up for a while but seems to have leveled off. Profits have declined to the point where people are no longer comfortable buying new hardware, I guess. poo poo seems very weird right now, there seems to be a lot of uncertainty about the Segwit2X patch (a relatively large conceptual change being deployed onto a 'production' system), to the extent that when it looks like it might kick in the prices dive, which tanks the price enough that miners move to other currencies. There might be a degree of capital flight from Bitcoin to other currencies, but normally Bitcoin is the anchor and other coin prices move against Bitcoin rather than against USD. When Bitcoin goes up and down, the other currencies move up and down proportionally (in USD) as well. It also doesn't help that Ethereum is going through a huge change to their core algorithm too, and there's some real questions in terms of security with larger pools (not majority but plurality) who might be able to do stake-grinding rewrite attacks. Paul MaudDib fucked around with this message at 20:53 on Jul 20, 2017 |
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Jul 20, 2017 20:32
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Also things are gonna be lolworthy in buttland now because a couple massive darknet markets got busted hard by the Dutch police today. Millions in illegal transactions, all tracked and IDed.
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Jul 20, 2017 20:41
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Kazinsal posted:Also things are gonna be lolworthy in buttland now because a couple massive darknet markets got busted hard by the Dutch police today. Millions in illegal transactions, all tracked and IDed. To be clear, they shut down the most popular site, and silently took over the 2nd most popular site for a while while they straight-up pocketed the site's transactions.
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Jul 20, 2017 20:56
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univbee posted:To be clear, they shut down the most popular site, and silently took over the 2nd most popular site for a while while they straight-up pocketed the site's transactions. They also silently broke the automatic pgp encryption feature built into the messaging system of the second market, so they have plaintext of all the messages sent since some time after the 20th of June. Including addresses.
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Jul 20, 2017 21:41
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MaxxBot posted:I still don't understand the crypto market fully, what would make the decline pause like this? Looking at the difficulty chart for ZCash it was steadily going up for a while but seems to have leveled off. In addition to what others have said, you can't expect crypto markets to be rational. It is an entirely speculative commodity. There is no underlying fundamental value or utility for most of these 'currencies'. A few of them can be used to buy illegal things online, but most of them have no use at all. The price is buoyed solely by the hope that they will somehow be worth more in the future. It is hilariously unstable. Trying to predict the highs and lows is like trying to predict a roulette wheel. Comfy Fleece Sweater posted:This is actually good for ETH, because... gently caress I don't know but the price went slightly up 
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Jul 20, 2017 22:10
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Glad these cards are selling fast! Already offloaded almost all the 380's.
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Jul 20, 2017 23:19
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Wow you're losing out on untold riches man
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Jul 21, 2017 00:00
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Comfy Fleece Sweater posted:Wow you're losing out on untold riches man The riches of Rigberries™.
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Jul 21, 2017 00:08
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HELL YEAH! Bitcoin is now worth nearly $3,000 a coin! Now I can afford EVEN MORE CRYPTO BURRITOS! WOO HOO!
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Jul 21, 2017 01:04
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And of course I cashed out $200 worth of bitcoins immediately before this big rally  I've made over $700 from this poo poo so far so I can't really complain, probably close to $800 when I total up all of the card flipping profits and such. But I did spend like half of it on burritos, well worth it. MaxxBot fucked around with this message at 01:13 on Jul 21, 2017 |
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Jul 21, 2017 01:10
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I wish I understood the tax rules etc surrounding this poo poo. It seems like "burritos" has become a meme because it doesn't produce enough income to live independently without a job, I get that. But it does seem to produce enough money that if you are without any other income being supported by people that you'll likely have to report it. If you make $700 off it, I imagine you at least have to file for self employment tax, since the trigger on that is $400.
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Jul 21, 2017 03:04
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Craptacular! posted:I wish I understood the tax rules etc surrounding this poo poo. It seems like "burritos" has become a meme because it doesn't produce enough income to live independently without a job, I get that. But it does seem to produce enough money that if you are without any other income being supported by people that you'll likely have to report it. Yep, if you mine it you pay taxes on it as if it were normal income, valued the day you got the mining payout. If you buy it and it it goes up in value and you sell it you pay capital gains.
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Jul 21, 2017 03:27
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Lol just don't pay taxes, idiots 😂
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Jul 21, 2017 03:40
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Clarification for IRS agents: the previous comment was a "joke" meant for personal amusement and in no way indicative of my intense respect for taxation laws and institutions, which I obey to the fullest extent of the spirit and letter of the law
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Jul 21, 2017 03:41
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lol that reminds me I guess I need to remember to claim $32 in capital gains for converting some utterly worthless when mined doge meme coins into a video game on steam.
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Jul 21, 2017 03:53
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Craptacular! posted:I wish I understood the tax rules etc surrounding this poo poo. It seems like "burritos" has become a meme because it doesn't produce enough income to live independently without a job, I get that. But it does seem to produce enough money that if you are without any other income being supported by people that you'll likely have to report it. Self-employment tax is for people who are self-employed, not people who happen to make some money selling their assets. You still have to report the income regardless but that's not a big deal so long as you keep accurate records
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Jul 21, 2017 11:59
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QuarkJets posted:Self-employment tax is for people who are self-employed, not people who happen to make some money selling their assets. You still have to report the income regardless but that's not a big deal so long as you keep accurate records My understanding is that if you are using NiceHash, you are selling your compute time, which would be self-employment income. Then, you're paid in BitCoin (an asset). If the value of that BitCoin appreciates before you sell it the next week or whatever, you'd also owe short-term capital gains tax.
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Jul 21, 2017 16:10
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QuarkJets posted:Self-employment tax is for people who are self-employed, not people who happen to make some money selling their assets. You still have to report the income regardless but that's not a big deal so long as you keep accurate records So, the IRS guidance has been pretty clear that crypto mining income counts as ordinary income which you will owe self-employment tax on whenever it's mined, and then any difference in price between when you mine it and when you sell it is taxed as capital gains or loss. You will owe the 15.3% off the top for all self-employment income, followed by regular income taxes at whatever your marginal bracket happens to be.
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Jul 21, 2017 16:24
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my 7970 that i shut off for being unprofitable is back to making 1.70 a day. What the hell bitcoin?
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Jul 21, 2017 20:46
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Twerk from Home posted:So, the IRS guidance has been pretty clear that crypto mining income counts as ordinary income which you will owe self-employment tax on whenever it's mined, and then any difference in price between when you mine it and when you sell it is taxed as capital gains or loss. It doesn't say that: https://www.irs.gov/pub/irs-drop/n-14-21.pdf If you're using Nicehash, then you're classified as an independent contractor (providing a service for which you are paid in bitcoins) and you need to pay self-employment taxes. But mining cryptocurrencies is just the generation of capital assets, which is immediate income but not self-employment income. It's the difference between selling junk at a yard sale and being paid to sell junk at a yard sale
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Jul 21, 2017 20:57
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QuarkJets posted:It doesn't say that: It very clearly says that quote:Q-8: Does a taxpayer who “mines” virtual currency (for example, uses computer resources to validate Bitcoin transactions and maintain the public Bitcoin transaction ledger) realize gross income upon receipt of the virtual currency resulting from those activities? Fair market value of virtual currency on the date of receipt is includable in gross income. This 100% means that you're paying income taxes on it, not capital gains tax. Which as you don't have an employer who is paying the other half of the payroll tax, leaves you on the hook for self-employment tax. Edit: Question 9 is even more relevant: quote:Q-9: Is an individual who “mines” virtual currency as a trade or business subject to self-employment tax on the income derived from those activities?
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Jul 21, 2017 21:02
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Self-employment taxes aren't for all types of income earned outside of an employer. They're for all types of income earned while self-employed. For instance, if you sell a car that's a form of immediate gross income but that does not mean that you are a self-employed car dealer. As a person using the GPU in your desktop to mine cryptocurrencies, you are generating immediate income in the form of a capital asset. But this isn't self-employment; you report the income but you don't pay self-employment taxes e: Obviously that may change if you're an idiot installing racks of GPUs in your garage QuarkJets fucked around with this message at 21:16 on Jul 21, 2017 |
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Jul 21, 2017 21:12
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QuarkJets posted:Self-employment taxes aren't for all types of income earned outside of an employer. They're for all types of income earned while self-employed. For instance, if you sell a car that's a form of immediate gross income but that does not mean that you are a self-employed car dealer. You're right that coin trading gains or losses are capital gains. However, coin mining is ordinary income. If you build a car and then sell it, that's income that you would owe self-employment tax on, not capital gains. If you sell a car that you previously bought for a profit, that's capital gains. The IRS is being very explicit that mining counts as income and you owe self-employment tax. https://ttlc.intuit.com/questions/3268778-where-to-report-bitcoin-mining-income-not-capital-gain-loss-from-trading Edit: If I'm a very gifted painter and I make a painting then sell it for $50k, did I have a capital gain of $50k, or income of $50k? Do I have to pay self-employment taxes? The IRS says that's income, and yes you owe self-employment taxes. Twerk from Home fucked around with this message at 21:21 on Jul 21, 2017 |
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Jul 21, 2017 21:16
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Obviously all miners should just hire a chartered accountant to do their taxes from now on. Pay an accountant like 200 bucks to declare your $47 worth of burritos.
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Jul 21, 2017 21:23
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Twerk from Home posted:You're right that coin trading gains or losses are capital gains. However, coin mining is ordinary income. If you build a car and then sell it, that's income that you would owe self-employment tax on, not capital gains. If you sell a car that you previously bought for a profit, that's capital gains. The IRS is being very explicit that mining counts as income and you owe self-employment tax. If you regularly produce and sell paintings for a living then yes, that is a business. But if you paint in your free time and happen to sell 1 painting for $500, are you self-employed then? I don't think so, the IRS doesn't seem to say that you are, and that's more akin to what we're talking about now than a professional painter. Back to the IRS notice, I'm quoting this section: quote:If a taxpayer’s “mining” of virtual currency constitutes a trade or business, and the The notice is explicitly differentiating between personal income and income earned as part of a business. And the IRS defines self-employment in the following way: https://www.irs.gov/individuals/self-employed quote:Who is Self-Employed? I don't think that mining cryptocurrency on your PC's single GPU constitutes running a business any more than selling a single painting would constitute running a business. Heading to a casino and suddenly winning a bunch of money on the slots would not constitute being self-employed; making a living as a professional poker player constitutes being self-employed. QuarkJets fucked around with this message at 21:39 on Jul 21, 2017 |
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Jul 21, 2017 21:37
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QuarkJets posted:If you regularly produce and sell paintings for a living then yes, that is a business. But if you paint in your free time and happen to sell 1 painting for $500, are you self-employed then? I don't think so, the IRS doesn't seem to say that you are, and that's more akin to what we're talking about now than a professional painter. If you sell a single painting that you made for $500, you sure as hell owe self-employment tax. The cutoff is $400 for reporting income like that, and if you made the painting, then that's earned income, which is subject to the self employment tax. You can owe self employment tax on hobby income. http://finance.zacks.com/income-subject-selfemployment-tax-9330.html The reason why gambling winnings don't have self employment tax is because the IRS considers gambling winnings unearned income. Coin mining is considered earned income. Twerk from Home fucked around with this message at 21:45 on Jul 21, 2017 |
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Jul 21, 2017 21:42
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