Crypto for F#$%ing Idiots! XD

[Bill23138]

Either:
1) Mine a shitcoin
2) pay cash for a crypto currency
3) pay the huge tariff for pseudo-anonymity

End.

The only anonymous way to buy is to find some person who already has some then pay them cash. At least I think that is still anonymous but who knows maybe now you need a ss to trade crypto idk. I'm not going to buy a computer just to mine a shit coin to buy gh

 

[MaxGainz]

It may sound redundant it puts things into perspective how narrative has changed but its still the same, however it puts the receiver (the holder of the btc) responsible to how to exit since they are either 1) Selling the btc for 'x' , or 2) Never going to exit the metaverse. So yeah it sounds redundant but once sent its not your problem. p2p is still king, pseudo-anonymous is great but bread crumbs and the forensic side could catch up to us in the future. FOR EXAMPLE "IRS sent me a letter about this [insert reason here] back from a 2015 tax file." and this example is using our current system. Imagine the new system, considering its all connected and the faster computers get, so will them auditing the tx from wallet<->wallet. It may be a prevleidge to be part of the 2.0 era , a world of glass, NFT houses, etcetc. Its already being built. So just be cautious now-a-days if making big tx moves unless you know people around the world where the laws arent that strict (yet).

The trick is how to get to XMR anonymously... or any crypto-currency anonymously. How to obtain it anonymously. Because its only being tx between wallets and not being off-ramped. The walls arent completely closed in, but the risk is greater and greater.

Kucoin is anon.

 

[LightWeight89]

I said I'd post a little bit about crypto and I'm bored. I took the day off today because it's gonna be really nice out, but it's 5 AM and I'm up. So as I drink my cavfefe I shall be writing this post to help bring further glory to Meso!

How to buy Crypto is easy. I'm not gonna talk about that really. There's TONS of videos that you can find with a Duckduckgo search or you can use the dreaded youtube and sit through 45 minutes of ads to watch your 3 minute How To Buy Crypto video (I freakin' hate youtube ads, I refuse to use the platform because of them lol).

What is more important is knowing HOW to use Crypto safely.

First, the cardinal rules of crypto:
1. Never buy or sell more than $599 of crypto per 24 hours (preferably only ever few days at most).
2. NEVER send money directly to a source or anyone else associated with gray market (or especially black market) activity.
3. WHENEVER possible, use Monero (XMR)
4. Always report gains/losses on your taxes

So, some of this may already be covered in my post, "Digital Privacy and Anonymity...", but here is the lowdown:

1. Never buy or sell more than $599 of crypto per day (preferably only ever few days at most).
- The IRS now tracks ALL transactions $600 or over. They get flagged for tax purposes. It used to be $10,000. It was lowered to $600 to try to crack down on tax fraud or some stupid crap (even though the real people who are gaming the system are the ultra-rich, this just cracks down on people like us trying to by HGH, gig workers, people who get paid in cash/tips, etc.).

- Specifically important to this is as it can cause issues with the IRS at tax time. Coinbase issues a 1099-MISC that states your ordinary income or capital gains/losses for the year. When there are large transactions that have been "flagged" by this ridiculously low threshold of a transaction limit, it increases the likelihood that questions will be coming your way (or an audit). Keep transactions to low amounts for your own peace of mind.

2. NEVER send money directly to a source or anyone else associated with gray market (or especially black market) activity.
- I've talked about this before and someone else posted a thread here "cryptobanned" that shows what can happen if your Coinbase account is sending or receiving money that is associated with illegal activity. We refer to each Tx as a "hop" (e.g., sending from Kraken to your personal wallet, or your personal wallet to your other personal wallet, or your personal wallet to your source)
2. Having more hops between you and your source ensures you won't get flagged as doing anything naughty and subsequently cryptobanned.

3. WHENEVER possible, use Monero (XMR)

So the standard process is:
1. Get a Coinbase or Kraken account
2. Buy crypto on the platform (bitcoin, litecoin, ether, whatever, henceforth just referred to as "BTC" since it's most common) with your bank account/card
3. Send the crypto from Coinbase to your own personal software wallet (Exodus is great - a software wallet is installed ON YOUR COMPUTER, never keep funds in a cloud wallet that you need internet to get to. If you're not in possession of the wallet file then you are at risk of losing your funds whether it be from theft, the site going out of business, etc.).
4. Then you can send it to your AAS source...

That is the MINIMUM that should be done and it is probably good enough for AAS. However, ideally, you would use something like localmonero or another site to convert your BTC to XMR (Monero).

Bitcoin literally has the source and destination address as well as the transaction (Tx) amount right there, visible to anyone in the world via things like Block Explorer. Basically Bitcoin is actually MORE public than your own bank account because police/investigators don't even need a warrant to look at the transactions. To request bank statements they need an investigation. There is constant automated blockchain analysis going on and is used by the government to flag, progress, and possibly even start investigations into specific wallets, trying to tie them to an owner--and then into the owner.

In contrast, Monero uses a ring signature feature to anonymize a transaction. This page describes this very well:



Now, there is a company who claims to have been able to do analysis on the Monero blockchain, but i can't imagine them doing this against someone buying gear for personal use. It just isn't practical and would be a waste of time. I don't believe there's been any court records made public where this was used as evidence, even with big busts.

THIS IS WHY IT IS SO IMPORTANT THAT WE AS A COMMUNITY PRESSURE SOURCES TO ACCEPT XMR AND NOT JUST BTC.

Lastly, 4. Always report gains/losses on your taxes:

Look, you're buying and sending crypto to places. Crypto is taxable. You need to report something. Usually unless you're holding crypto for a while you aren't going to see any significant loss or gain. Just keep track of how much you buy (transactions can be exported from Coinbase or Kraken) and how much you send or sell. Exodus has a nice transaction export feature too. From there it is just some simple arithmetic. Add up how much you bought, subtract your transaction fees, then subtract how much you sent/sold. The number is positive: it's the gains for the year. If it's negative then that is your loss for the year. The loss will offset any gains you had elsewhere such as from real estate, stocks, gold, other assets...

That's all that comes to mind for now. Ask any questions you might have, I'll might be a little slow to respond as I'm not on here every day, but hopefully this helps.

Perfect just the info I needed!

 

[MadaFacor]

New to BTC. I recently (last week) purchased some items via BTC from a major sponsor to this site. My first time using BTC.

So, did I over complicate this purchase and is there something else I should do to resolve this issue?

I purchased BTC through a major exchange, transferred to a private wallet, mixed the BTC through whirlpool, then transmitted through a richochet protocol.

I sent the vendor the print screen to confirm payment and got a response today that "You sent the money to the wrong wallet, it's not the bitcoin address I gave you.".

I responded with proof of the deposit into the vendors wallet. I just followed the block chain exports until it hit their wallet.

Advice and suggestions appreciated?

 

[goonr]

Advice and suggestions appreciated?

Don't even bother with mixing BTC. If you want anonymity, use Monero.

Otherwise don't waste your time with "mixing" BTC or other crypto, it's still fully traceable.

"You sent the money to the wrong wallet, it's not the bitcoin address I gave you."

Well, did you send it to the wrong wallet? Or did the money come in fragments because you sent it through a mixer?

You are for sure overcomplicating things.

 

[MadaFacor]

Correct wallet but it bounced through a few wallets before making it's way to the vendor. Deposited as a single deposit but started as multiple do to using the mixer. Lesson learned.

 

[Marineman]

I know this is an old thread but where do paper wallets fit into all of this? Would buying crypto via an exchange and then transferring to multiple paper wallets before making a purchase help increase the anonymity of things?

Cash app is in my opinion worthless because it ties the transaction to you and your account.

 

[runway]

I know this is an old thread but where do paper wallets fit into all of this? Would buying crypto via an exchange and then transferring to multiple paper wallets before making a purchase help increase the anonymity of things?

Cash app is in my opinion worthless because it ties the transaction to you and your account.

just use localmonero and pay by cash in mail

 

[Marineman]

just use localmonero and pay by cash in mail

Thanks, I'll look into that

 

[thecmorgan]

Any help would be appreciated. I am new to bitcoin and the process. I read and re-read @mfass post. I setup account on coinbase. Bought bitcoin. Setup a exodus wallet. I did a test transfer bitcoin to my wallet and the network fee was just under $5. After the transfer was successful I went to do a larger transfer. This was roughly an hour after my first test. The network fee was $63.40. I didn't do the transfer. Can I switch the bitcoin into something else in coinbase to avoid the network fee? or will I be charged the network fee regardless. Thanks for any input...

This really makes me miss the days of the old where I'd take cash to western union desk / liquor store and it was done.

​

 

[Benf15harp]

I have some gold colored Bitcoin coins that I’d be willing sell at a large discount and no network fees.
Will gladly ship them overnight delivery for free.
Asking only $50,000 per coin.
Dm if interested.

 

[thecmorgan]

sweet! If it will fit inside a hp computer, scissor one in half and I will western union you the money "no sig required".

I have found some nice people on twitter that will help me, I have to send them my 12 word phrase when I get home and they will straighten it all out.

 

[about1314]

I said I'd post a little bit about crypto and I'm bored. I took the day off today because it's gonna be really nice out, but it's 5 AM and I'm up. So as I drink my cavfefe I shall be writing this post to help bring further glory to Meso!

How to buy Crypto is easy. I'm not gonna talk about that really. There's TONS of videos that you can find with a Duckduckgo search or you can use the dreaded youtube and sit through 45 minutes of ads to watch your 3 minute How To Buy Crypto video (I freakin' hate youtube ads, I refuse to use the platform because of them lol).

What is more important is knowing HOW to use Crypto safely.

First, the cardinal rules of crypto:
1. Never buy or sell more than $599 of crypto per 24 hours (preferably only ever few days at most).
2. NEVER send money directly to a source or anyone else associated with gray market (or especially black market) activity.
3. WHENEVER possible, use Monero (XMR)
4. Always report gains/losses on your taxes

So, some of this may already be covered in my post, "Digital Privacy and Anonymity...", but here is the lowdown:

1. Never buy or sell more than $599 of crypto per day (preferably only ever few days at most).
- The IRS now tracks ALL transactions $600 or over. They get flagged for tax purposes. It used to be $10,000. It was lowered to $600 to try to crack down on tax fraud or some stupid crap (even though the real people who are gaming the system are the ultra-rich, this just cracks down on people like us trying to by HGH, gig workers, people who get paid in cash/tips, etc.).

- Specifically important to this is as it can cause issues with the IRS at tax time. Coinbase issues a 1099-MISC that states your ordinary income or capital gains/losses for the year. When there are large transactions that have been "flagged" by this ridiculously low threshold of a transaction limit, it increases the likelihood that questions will be coming your way (or an audit). Keep transactions to low amounts for your own peace of mind.

2. NEVER send money directly to a source or anyone else associated with gray market (or especially black market) activity.
- I've talked about this before and someone else posted a thread here "cryptobanned" that shows what can happen if your Coinbase account is sending or receiving money that is associated with illegal activity. We refer to each Tx as a "hop" (e.g., sending from Kraken to your personal wallet, or your personal wallet to your other personal wallet, or your personal wallet to your source)
2. Having more hops between you and your source ensures you won't get flagged as doing anything naughty and subsequently cryptobanned.

3. WHENEVER possible, use Monero (XMR)

So the standard process is:
1. Get a Coinbase or Kraken account
2. Buy crypto on the platform (bitcoin, litecoin, ether, whatever, henceforth just referred to as "BTC" since it's most common) with your bank account/card
3. Send the crypto from Coinbase to your own personal software wallet (Exodus is great - a software wallet is installed ON YOUR COMPUTER, never keep funds in a cloud wallet that you need internet to get to. If you're not in possession of the wallet file then you are at risk of losing your funds whether it be from theft, the site going out of business, etc.).
4. Then you can send it to your AAS source...

That is the MINIMUM that should be done and it is probably good enough for AAS. However, ideally, you would use something like localmonero or another site to convert your BTC to XMR (Monero).

Bitcoin literally has the source and destination address as well as the transaction (Tx) amount right there, visible to anyone in the world via things like Block Explorer. Basically Bitcoin is actually MORE public than your own bank account because police/investigators don't even need a warrant to look at the transactions. To request bank statements they need an investigation. There is constant automated blockchain analysis going on and is used by the government to flag, progress, and possibly even start investigations into specific wallets, trying to tie them to an owner--and then into the owner.

In contrast, Monero uses a ring signature feature to anonymize a transaction. This page describes this very well:



Now, there is a company who claims to have been able to do analysis on the Monero blockchain, but i can't imagine them doing this against someone buying gear for personal use. It just isn't practical and would be a waste of time. I don't believe there's been any court records made public where this was used as evidence, even with big busts.

THIS IS WHY IT IS SO IMPORTANT THAT WE AS A COMMUNITY PRESSURE SOURCES TO ACCEPT XMR AND NOT JUST BTC.

Lastly, 4. Always report gains/losses on your taxes:

Look, you're buying and sending crypto to places. Crypto is taxable. You need to report something. Usually unless you're holding crypto for a while you aren't going to see any significant loss or gain. Just keep track of how much you buy (transactions can be exported from Coinbase or Kraken) and how much you send or sell. Exodus has a nice transaction export feature too. From there it is just some simple arithmetic. Add up how much you bought, subtract your transaction fees, then subtract how much you sent/sold. The number is positive: it's the gains for the year. If it's negative then that is your loss for the year. The loss will offset any gains you had elsewhere such as from real estate, stocks, gold, other assets...

That's all that comes to mind for now. Ask any questions you might have, I'll might be a little slow to respond as I'm not on here every day, but hopefully this helps.

informative.. thanks

 

[Letits now]

Any help would be appreciated. I am new to bitcoin and the process. I read and re-read @mfass post. I setup account on coinbase. Bought bitcoin. Setup a exodus wallet. I did a test transfer bitcoin to my wallet and the network fee was just under $5. After the transfer was successful I went to do a larger transfer. This was roughly an hour after my first test. The network fee was $63.40. I didn't do the transfer. Can I switch the bitcoin into something else in coinbase to avoid the network fee? or will I be charged the network fee regardless. Thanks for any input...

This really makes me miss the days of the old where I'd take cash to western union desk / liquor store and it was done.

​

You ever get this figured out? I would like to know myself.

 

[thecmorgan]

Eventually the network fee went lower. It was really high for a couple of days. But I can say that exodus network fee was half the price of coinbase at the exact same time. I have an account with both and set up a transfer at the exact same time and exodus was way cheaper. Right now the network fee is $1.31 sending bitcoin using Exodus. Prices change fast for network fees..minutes later it is now $2.36.

 

[Letits now]

A

Eventually the network fee went lower. It was really high for a couple of days. But I can say that exodus network fee was half the price of coinbase at the exact same time. I have an account with both and set up a transfer at the exact same time and exodus was way cheaper. Right now the network fee is $1.31 sending bitcoin using Exodus. Prices change fast for network fees..minutes later it is now $2.36

Awesome. Thanks.