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Messages - bkelly

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1
Legality & Taxation of Cryptos / Tax Calculators and Risk
« on: March 28, 2021, 01:29:48 AM »
After much thought my tentative position is that using an existing app to calculated my gains/losses for the IRS will be easier and much more accurate that trying to do it myself.  I looked at cryptotrader and cointracker.  In both of them I must log on to my account in the exchanges through the application.  They proclaim it grants them read only access. 
However, I don’t recall anything in the log in process for Coinbase or Gemini that allows me to log in with read only access.  My interpretation is that regardless of the read only proclamation, they can capture my credentials and everything in my account may be stolen.
It might be mitigating to immediately change my password as soon as the tax app gets the data.
Still, I find this a bit distressing.  Maybe I am missing something.  Your opinion please.

2
I have been holding some coins for the last Some month and now I start trading in those coins and now my amount is double.  I think crypto trading is the best option for earning better than keeping the currency for one-two  years.

What criteria do you use to trigger a buy or sell?
What quantities are you trading?  I prefer USD but coin counts will be helpful.
Where do you check the prices? 
Which exchange do you use for trading?
I realize these can be in-depth questions so anything you can spend the time to write about will be appreciated.

3
General Discussion / Re: How do you make money online
« on: March 25, 2021, 02:14:20 AM »
In my not so humble opinion:  If you need to buy a new car, and need to ask about crypto trading, then this is not the right endeavor. On line trading, with anything, is not for the novice out for a substantial short term profit.  I don't know for a fact, but my readings tell me that more people lose money that make it in short term trading.

4
General Discussion / Re: Gold or Cryptocurrency ?
« on: March 25, 2021, 02:10:41 AM »
In about 2015 I bought 10 ounces of gold at a bit over $1000 per ounce, call it $10K. It is now a bit over $1700 for about 70% gain.  That is pretty good, but I will take a big  commission hit to sell it.  Keeping it for now.  I had not checked it for a while and am surprised that its gone up that much.

In 2017 bought a bit over 5 bitcoins for about $1,100 each.  That was all I could afford.  Now they are over $50K for $250,000.
 
I am sweating over holding them or taking the profit.  That one is tough.

And am investing in some Ether, Doge, ADS, and something else.  Suggestions?  Maybe $20K spread out over several coins, mostly the lower cost ones.  With COVID and all the stimulus checks the US government is sending, my expectation is that inflation will be rather high and cryptos will be a major hedge against them.

So my answer is definitely crypto, and in large part for the ability to sell easy without major commissions.

5
General Discussion / Re: Can we ever kick out Racism in this world
« on: March 25, 2021, 01:53:34 AM »
I don't think we can ever git rid of racism.  That said, I did little good deed.  I contacted several universities and found one that would help me get in touch with a couple of black female students in engineering degrees.  I sent each one a $300 check and plan to so so again next semester.

That was more difficult than it seems because a) they cannot discriminate and b) student privacy.  But I persevered and was successful.  I am wondering if a go-fund-me for this might be successful.

6
General Discussion / Crypto Mining
« on: March 25, 2021, 01:44:47 AM »
I would like to do some mining and seek your opinion.
We live in the desert and have a couple of Kilowatts of solar panels on the roof helping out with our bills.  This computer is moderately recent with 4Ghz clock, AMD 8 cores, and plenty of RAM.  The display is Nvidia Geforce GTX 960.  I am willing to spend maybe $2,000 or so for hardware.
What type of coin is most likely to be worth the time and effort?
I do not expect a "killing," but to hope for a modest return.

7
Crypto currency Mining / Re: Ethereum mining at home
« on: March 22, 2021, 11:05:47 PM »
Good answers here.  Now the question is: WHEN will ETH go to the POS?
I have been searching for articles on that, but nothing definitive.

I remain a beginner here but read the tea leaves as saying that the shift to POS eliminates the mining of ETH.  The question then becomes, in part, can the same mining hardware work for other coins.

I have close to 30 ETH and think that sitting on them for a bit is a good idea.  Along with looking for other coins to buy/hold and/or mine.  We live in the desert with a couple of Kw of solar panels so that tilts the table a bit towards mining.

8
After reading the OP, we can all see how Ripple when up for a month, down severely for a month, and now sits about halfway.  What are the expected long term effects of these SEC activities?  Can Ripple be de-listed, or something to that effect?  Is it viable for long term use and investment? Speculation?

9
Cardano Forum / Re: What is Cardano?
« on: March 22, 2021, 08:45:13 PM »
As I understand it now, Cardano ADA may be held and/or traded like any commodity.  Is that true?

But I still don't understand something.  Why does Wikipedia take the extra effort to include the statement about contracts when that statement is not present when describing some other cryptocurrencies?  Is there something special about Cardano ADA?  Or maybe something special about "Cardano?"

10
Cryptocurrency Trading / Re: Calculating Taxes
« on: March 21, 2021, 07:50:22 PM »
re: Hmm, you can always call up where you made the trades in your exchange, can't you?

The exchanges I use, Coinbase, Gemini, Kraken, provide the numbers.  But each one has its own format.  Some do not provide the fiat price at the time of exchange and that must be calculated.

There are two basic problems.  First: getting the numbers into a spread sheet such that the format is the same for all exchanges.  This is expected to require significant effort.  Second: organizing and calculating the profit/losses such that my numbers will agree with the IRS numbers.  I think I can do that, but, have no confidence that the IRS will be happy with my results.

At least one site notes that crypto is treated like stocks and real estate.  But it does not state exactly the same.  I am looking for Excel or other utilities to do this.

Edit:
Key Point: How should transfers between exchanges be treated?

First: Gemini and Coinbase trade reports are different.  The thought is to keep track of Gemini trades in a sheet just for Gemini, and Coinbase in another sheet.  And to go further, each coin should have a separate sheet.

Second: Coinbase does not trade in Dogecoin, Kraken does.  But I was not able get Kraken configured to accept a bank transfer in US Dollars.  So I buy Ethereum using bank funds on Coinbase, then transfer Ethereum to Kraken.  On Kraken, sell Ethereum and buy Dogecoin.

But: I really don’t want the complexity of the Kraken worksheet depending upon the Coinbase worksheet and the reverse.  So what is the best way to handle those transactions?

I am Googling and looking for rules, hints, and maybe spread sheets or utilities to buy.
Or maybe create some Excel VBA to do the imports and formats.

11
Cryptocurrency Trading / Calculating Taxes
« on: March 21, 2021, 06:39:01 PM »
I have done a small amount of trading, keeping reports of all the transaction.  However, each exchange shows different values in their records.  I am not at all confident in my ability to sort out what is needed for taxes.
What do you use and recommend for this task?

Edit: Per the first reply, I should have stated my residence is the United States.
Regarding contacting the exchanges, and so far, all of them are very difficult to contact and take much time to respond.  For example, I have an account on Gemini and added some accounts to transfer coins from Gemini to another exchange.  They require 7 days to authorize a transfer address.

12
Cardano Forum / What is Cardano?
« on: March 21, 2021, 06:32:18 PM »
I am new at this and need some explanations.
From Wikipedia: Cardano is a cryptocurrency network and open source project that aims to run a public blockchain platform for smart contracts.
So if I buy some Cardano, then have a bought a contract?  What is the meaning of:  … platform for smart contracts?

13
Cryptocurrency Trading / Overly Simplified Interface?
« on: March 16, 2021, 01:39:58 PM »
I am a novice at market trading, with market meaning any type of public trading such at crypto currencies, stocks, or any type of commodity.  A small amount of reading and thought reveals there are multiple aspects to a market.  For openers there are offers to buy, offers to sell, and only when there is a price match is there a transaction.   And this ignores quantities and I suspect additional aspects.
 
I have read some of the thread “Great Art of a Trader” and things read there lead to this/these questions.

When I use Coinbase, Gemini, or Kraken, the only controls I have detected are to buy or sell and how much.  That indicates much is hidden from me. 
Keeping this simple, at least to start, where can I discover more of the details of the crypto currency market and how it functions?

And where should I look to read about software I can use/create to downloading trading data to my computer?

14
trading -vs- holding?  I bought five BTC back in 2017, about $1,100 each.  I could not afford more that that.  I have held them and you know the results.  Holding is much less riskier than trading, but holding needs quite a bit more time and patience. 
From a novice trader/holder.

15
Cryptocurrency Trading / Re: fetching price/transaction data
« on: March 13, 2021, 08:37:12 PM »
Thank you for taking the time to reply.  I need to back up a level and go for more the beginner perspective.  When looking at the investing.com site, and selecting their Tools items, then sub items, I did not recognize anything tells me how the data gets from their site into a CSV or Excel file.  What do I need to do on my end to initiate that transaction?  And please, I am hoping for a link somewhere as I am sure this has been explained many times.
A day or two ago I found that Excel has a built in feature called "Get <something>" that does that.  Now I cannot find a trace of it.  My ability to create search terms that others use is rather poor and often frustrating.  But just now I did find something different that looks like a formula: "=STOCKHISTORY(...)  Are one of those two the way to go?

Oh please, something someone has written is much preferred over a video.
Edit:  Oops, I now see that stock history is only with MS 365, which I do not use. I have Office 2019.

Edit: Please point me to an example app that will go to a site and download the data for a selected crypto-coin.  I will have to edit in my API key and some information about the specific coin and the time frame.  But other than that, I need a function app rather than a subroutine. 

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