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I never dabbled in cryptocurrencies and read the Reddit story about the guy owing the IRS fifty grand due to crypto trade, but apparently spending cryptocurrencies on a transaction, like simply buying something, is a taxable event because you're trading property. I wonder how the alt-coiners feel about that.
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Mar 20, 2018 01:39
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#taxationistheft
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Mar 20, 2018 02:10
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Olive Branch posted:I never dabbled in cryptocurrencies and read the Reddit story about the guy owing the IRS fifty grand due to crypto trade, but apparently spending cryptocurrencies on a transaction, like simply buying something, is a taxable event because you're trading property. I wonder how the alt-coiners feel about that. Not taxable if you buy high and sell/exchange low! IRS agents HATE him!
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Mar 20, 2018 02:16
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You can even take losses, reducing the amount of tax you pay! Being BWM is GWM.
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Mar 20, 2018 03:59
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Olive Branch posted:I wonder how the alt-coiners feel about that. Something evil gubment something Cryptoanarchists don't seem to get that the stability provided by said gubment and "worthless fiat currency" is pretty much everything why their blockchains even have value
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Mar 20, 2018 04:29
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That miner guy is great. I feel he forgot something during his research, based on his power confusion.MarksMan posted:Well, I'm going to wait for the power company to come out before having the 2nd opinion, but I will call an EE and see what they are talking about after I hear from the power company. And no on the cooling already existing, but I've been putting a lot of time and talking to people regarding cooling these things since they run insanely hot. Thankfully my former business has literally mirrored issues (heat generation, moving fresh air in and warm air out, cooling, keeping the environment clean, etc) to the coin mining so I'm decently versed in that from experience, but not on this large of a scale and obviously these miners generate a good bit *more* heat. That's why I've been researching for the last 30 to 50 days about how people doing large miner facilities handle their heat issues, how data facilities do it, etc. just to get ideas and concepts. On a side note it's actually really interesting how (some?) large data centers keep that poo poo cool, I wish I could visit one sometime just to see all the infrastructure involved with the whole place
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Mar 20, 2018 06:06
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The best part is he's getting into mining when the entire crypto market is exploding as the house of cards is falling. The upfront cost alone is probably a million if he has to do electrical work, hell the step down transformer is 100j before you get the electrical workers to install it!
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Mar 20, 2018 11:27
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Some players have spent as much as $70,000 playing Sony's Fate/Grand Order game. You can pay to improve your rolls, It is Sony's best grade-A 100% pure whale-bait, and the WSJ says its revenues are expected to be about $1B for the past year. According to the game wiki, 1 "quartz" costs between $1 (buying them individiually) and $0.57 (buying them $80 at a time). It's all random chance, but getting any given "5-star" character costs about $214, and getting the one you want... good luck. "If you are aiming for a specific servant, only roll when that servant is featured, and be prepared to roll 200+ times (800 stones) to have about a 48% chance for the featured 5☆ servant."
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Mar 20, 2018 15:10
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My (25f) fiance (25m) of 3 years lost his entire savings betting on the NCAA tournament (about $30000). This isn't "my" money but I have to leave him right? https://www.reddit.com/r/relationships/comments/85slpf/my_25f_fiance_25m_of_3_years_lost_his_entire/ quote:I know this is a dumb question and the answer should be obvious but I've never been in love like this and I never saw this coming from a million miles away Based on the comments it looks like he bet large sums on favorites with low payouts and lost.
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Mar 20, 2018 15:12
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On the one hand, some guys wouldn't take a week to lose that much at sports betting, the could do it on a single day. On the other hand, all of them are gambling addicts and so is your fiance. Yes dear, the rules say you have to leave him.
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Mar 20, 2018 15:30
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Olive Branch posted:I never dabbled in cryptocurrencies and read the Reddit story about the guy owing the IRS fifty grand due to crypto trade, but apparently spending cryptocurrencies on a transaction, like simply buying something, is a taxable event because you're trading property. I wonder how the alt-coiners feel about that. I've already brought this up to someone on Reddit, who thought he had "one weird trick" for not paying taxes, since he was getting paid in buttcoin and wanted to buy some other shitcoin with it. Got a bunch of bitcoiners all riled up about "the government is trying to tax cryptocurrency out of existence! It's a conspiracy!" to which I responded something like: "There is no intent. If you trade work for coffee beans and then trade those beans for rice you generated the exact same taxable events." They did not appreciate that explanation. SiGmA_X posted:That miner guy is great. I feel he forgot something during his research, based on his power confusion. Lol, I missed that part. Dude hasn't even been in a datacenter before. Just wow.
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Mar 20, 2018 15:32
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She should take consolation in the fact that at least he didn't blow it on bitcoin. He lost it like a man, the old-fashioned way!
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Mar 20, 2018 16:02
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Uterine Lineup posted:Based on the comments it looks like he bet large sums on favorites with low payouts and lost. This is the most BWM sports gambling there is—you don’t get the rush of a huge win, you’re not making a long-term winning play, and the risk is potentially disastrous
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Mar 20, 2018 16:26
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Kind of a sportsbook version of all the dudes who got blown up trading XIV a few weeks ago. Ouch.
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Mar 20, 2018 16:31
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Olive Branch posted:I never dabbled in cryptocurrencies and read the Reddit story about the guy owing the IRS fifty grand due to crypto trade, but apparently spending cryptocurrencies on a transaction, like simply buying something, is a taxable event because you're trading property. I wonder how the alt-coiners feel about that. You can't have it both ways, either they are regulated currencies or securities and subject to the same capital gains rules as all other regulated Securities, or they are property subject to the capital gains rules related to property.
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Mar 20, 2018 16:35
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Motronic posted:Lol, I missed that part. Dude hasn't even been in a datacenter before. Just wow.
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Mar 20, 2018 16:55
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On my run yesterday through kitsalano I passed a car with a magnetic decal advertising chiropractic services for horses and dogs.
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Mar 20, 2018 19:40
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Surprise surprise, essential oils have all kinds of weird side effects. I'm sure that's just big pharma keeping down all the #bossmoms, though.
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Mar 20, 2018 21:03
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legendof posted:Surprise surprise, essential oils have all kinds of weird side effects. I'm sure that's just big pharma keeping down all the #bossmoms, though. Well how else are you supposed to sell them LuLaRoe poo poo later in life? Its called building a customer base, and all true #bossbabes know how to capitalize on this exciting market opportunity!
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Mar 20, 2018 21:49
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Should I sell my bar of gold in order to invest with my uncle who provides an average of a 9% ROI? Location NYC https://www.reddit.com/r/personalfinance/comments/85uc1c/should_i_sell_my_bar_of_gold_in_order_to_invest/ quote:Edit: my uncle manages the families money and gives out mortgages and loans. He gives out 9% ROI every year to the family. This is brokerage is located in Canada. I already have $131k with him so this would add to that money.
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Mar 20, 2018 22:13
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Uterine Lineup posted:Should I sell my bar of gold in order to invest with my uncle who provides an average of a 9% ROI? Location NYC Lots of comments saying that you can do better on your own in the stock market Do people really not remember a time before the post-recession runup?
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Mar 20, 2018 23:19
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Not a Children posted:Lots of comments saying that you can do better on your own in the stock market Heh, look at this old-timer history nerd. Who cares about the "Post Recession" or whatever poo poo you're babbling on about. Put the batteries in your hearing aid, and I'll tell you how he's making the big bucks He has identified a certain clientele (low credit or high debt/income ratio customers) that can't get typical loans, and he capitalizes off of them by charging them 9%. We call these loans Super Ultra Big Payouts, Recommend Investing Money Extensively and they're a slam DUNK as long as the borrowers never stop making payments
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Mar 20, 2018 23:28
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GoGoGadgetChris posted:Super 
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Mar 21, 2018 00:17
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Not a Children posted:Lots of comments saying that you can do better on your own in the stock market That "average 9% ROI" his uncle is touting is probably from the post-recession run-up period anyway.
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Mar 21, 2018 00:49
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Vox Nihili posted:That "average 9% ROI" his uncle is touting is probably from the post-recession run-up period anyway. Yeah, the sub-prime mortgage industry is doing gangbusters in Canada right now, we're very much in 2007 territory at the moment.
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Mar 21, 2018 01:39
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Uterine Lineup posted:My (25f) fiance (25m) of 3 years lost his entire savings betting on the NCAA tournament (about $30000). This isn't "my" money but I have to leave him right? Can someone explain to me the upside of the money line bet? Someone in the Reddit thread replied with "UVA was -2000, so that means if he bet $10,000 he would have only won $500 if UVA won!" and I don't get it.
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Mar 21, 2018 01:39
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Sirotan posted:Can someone explain to me the upside of the money line bet? Someone in the Reddit thread replied with "UVA was -2000, so that means if he bet $10,000 he would have only won $500 if UVA won!" and I don't get it. The guy thought it was a sure thing, so he'd make maybe a couple grand with close to no risk of losing literally all his money! Too bad close only counts in horseshoes and curling.
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Mar 21, 2018 01:42
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Vox Nihili posted:That "average 9% ROI" his uncle is touting is probably from the post-recession run-up period anyway.
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Mar 21, 2018 01:54
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Sirotan posted:Can someone explain to me the upside of the money line bet? Someone in the Reddit thread replied with "UVA was -2000, so that means if he bet $10,000 he would have only won $500 if UVA won!" and I don't get it. People convince themselves that the risk rounds to zero, so any return is an incredible deal! 5% in a day, wow!
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Mar 21, 2018 01:55
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Square Peg posted:The guy thought it was a sure thing, so he'd make maybe a couple grand with close to no risk of losing literally all his money! Oh never mind, looks like its me that's dumb, I was reading it like you'd bet $10k and only get $500 if you won, not your $10k back plus $500 on top. 
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Mar 21, 2018 02:04
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Sirotan posted:Can someone explain to me the upside of the money line bet? Someone in the Reddit thread replied with "UVA was -2000, so that means if he bet $10,000 he would have only won $500 if UVA won!" and I don't get it. The $500 is the payout, and he'd get back his initial wager. so he'd put down $10,000 and get $10,500 back; he wouldn't lose the money he bet. (efb, yeah) All 135 times before this year that a 1 seed has played against a 16 seed, dating back to 1985, the 1 seed has won. 135-0. It definitely seemed like a sure thing, so he was willing to accept a small "guaranteed" profit. Welp! That said, nowhere reputable was offering -2000, it was closer to -5000 at vegas books. The UMBC line was +2000 and there's a huge vig (house edge) on one-sided games, so he was probably wagering $10,000 against $200 or $250. worse with money!
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Mar 21, 2018 02:06
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Sirotan posted:Oh never mind, looks like its me that's dumb Nope. The dumb one is still that guy. Because you didn't go out and bet money on something you fundamentally didn't understand. You asked questions first.
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Mar 21, 2018 02:10
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Yond Cassius posted:Some players have spent as much as $70,000 playing Sony's Fate/Grand Order game. You can pay to improve your rolls, It is Sony's best grade-A 100% pure whale-bait, and the WSJ says its revenues are expected to be about $1B for the past year. Blizzard: We are making huge bank with WoW Mobile P2Ware: Hold my beer
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Mar 21, 2018 03:03
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GoGoGadgetChris posted:Heh, look at this old-timer history nerd. Who cares about the "Post Recession" or whatever poo poo you're babbling on about. Put the batteries in your hearing aid, and I'll tell you how he's making the big bucks To be fair, subprime is a decent market segment to be in if the lender knows WTF they are doing and every major bank is not out there writing thousands of them a day with investor money. Even people with crappy credit scores have a need to borrow money. There are people out there with lower scores because of past sins that have always managed to make the payment on their house and car notes and will probably contribute to do so. If you manage to keep LTV in check and have a decently diverse portfolio in terms of borrowers, you can make s good buck. It was 100% LTV liar loans being given to anyone with a pulse coupled with over leverage by banks that screwed everything up.
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Mar 21, 2018 03:46
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Palladium posted:Blizzard: We are making huge bank with WoW Hearthstone money tho
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Mar 21, 2018 04:06
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therobit posted:and have a decently diverse portfolio in terms of borrowers, Luckily we’re all really good at determining risk correlation.
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Mar 21, 2018 04:08
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Subjunctive posted:Luckily we’re all really good at determining risk correlation. We don't all need to be, just portfolio managers. I'm starting to see LTV restrictions in Colorado and Washington State, along with some energy industry intensive markets that we already had them in for a few years. Someone is thinking ahead anyway. Also risk correlation is thing for prime borrowers as well. Not every bet is going to be a sure thing. Even with the best borrowers a certain percentage of them will lose a job or get hit by a bus and be unable to pay. You just want to have a idea of the likelihood. Sub prime borrowers (that I would consider lending to) usually pay up for thier home and car for add long as they can even if they quit paying on unsecured debt. A big part of the problem was stated income loans that people couldn't afford from day one. I don't think we will see those again for sub prime mortgages for a long time. Lenders have been reminded about the 3 legged stool again and if credit isn't there then they are looking to collateral and income to make up for it unless they are stupid. I guess what I am saying is that there are not-stupid ways to lend to a lot of those people, not that all of them deserve loans or that sub prime lenders are always smart.
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Mar 21, 2018 05:35
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therobit posted:unless they are stupid. hmm, see a problem
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Mar 21, 2018 05:47
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therobit posted:To be fair, subprime is a decent market segment to be in if the lender knows WTF they are doing and every major bank is not out there writing thousands of them a day with investor money. Even people with crappy credit scores have a need to borrow money. There are people out there with lower scores because of past sins that have always managed to make the payment on their house and car notes and will probably contribute to do so. If you manage to keep LTV in check and have a decently diverse portfolio in terms of borrowers, you can make s good buck. It was 100% LTV liar loans being given to anyone with a pulse coupled with over leverage by banks that screwed everything up.
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Mar 21, 2018 06:12
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SiGmA_X posted:Translation: owning a buy here pay here lot AND a repo tow truck is a good business plan. Or real estate paper, if you know what you are doing. I have had a couple clients that got wealthy off of that, but sure you could also lose your shirt, just like any business. In the current regulatory environment I am actually s lot motes concerns about the sub prime car bubble than I am about sub prime real estate loans, because the latter are once again a niche industry as they should be.
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Mar 21, 2018 06:18
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