Thursday, October 17, 2024

Reporting Bitcoin sales from a very old wallet balance

So back in 2013 I pool-mined like $3 in Bitcoin and forgot about it. Come 2023 I found out it was still sitting in my wallet and worth almost $1000, so I moved it all to CashApp and sold it off within the year. So now I've got a 1099B from CashApp, which only reports total proceeds. Supposedly I have to fill out a form 8949 to show individual sales.

So here's my question: Do I have to file something special to show that mining event way back before the law even considered it taxable? Or can I just use form 8949, reporting the 2013 date for when the amount was acquired (box 1b), followed by the 2023 CashApp sale date (box 1c) and that's good enough since it's all gain and no cost-basis?

I really thought it'd just be the 1099B and I wouldn't have to bother with anything more.


Bitcoin reserves on exchanges hit lowest level ever, CryptoQuant reports

Bitcoin reserves on cryptocurrency exchanges have hit their lowest level since CryptoQuant began monitoring it in October 2021.

According to recent data, users have withdrawn over 51,000 Bitcoins from major exchanges in the past month. This has reduced the available liquid supply and indicates that investors are moving their assets into long-term storage wallets.

This movement of Bitcoins out of exchanges and into cold storage wallets has been going on for several years. It is possibly related to the increase in the price of BTC and to factors such as the approval of spot Bitcoin ETFs and the anticipation surrounding the next cryptocurrency halving event.

As of October 2021, Bitcoin reserves on exchanges were around 3.2 million units, which represents a drop of approximately 590,000 coins since then.

According to Julio Moreno, head of research at CryptoQuant, the decline in Bitcoin reserves on exchanges this year is partly related to Mt. Gox distributing assets to its creditors, as well as Coinbase's reduced reserves.

“Coinbase reserves are being held in specific wallets, possibly those of large institutional investors, which reduces the selling pressure on Bitcoin,” Moreno explained in an interview with The Block.

Bitcoin reserves on exchanges plummet

Moreno also highlighted that, when excluding data from Mt. Gox and Coinbase, overall exchange reserve levels for 2024 appear more stable, suggesting that the current drop is concentrated primarily in these two sources. The decline in reserves coincides with an increase in Bitcoin accumulation by new institutional participants.

Data from CryptoQuant shows that institutional wallets, which exclude miners and exchanges, have increased their Bitcoin accumulation over the past 30 days.

“The buying pressure from these new accumulations is unprecedented. New whales are pushing Bitcoin prices higher by buying more. Currently, these new whales hold around 1.97 million Bitcoins,” CryptoQuant community analyst JA Maartunn told The Block.

Maartunn noted that these acquisitions are not limited to spot Bitcoin ETFs, but also involve other large investors.

CryptoQuant highlighted that a dynamic is occurring where large investors continue to accumulate coins, while small investors are reducing their positions. According to CryptoQuant analysts, this trend could drain the selling power of retail trading, which could subsequently try to buy back Bitcoins at higher prices when market sentiment becomes more optimistic.

“On the other hand, large institutional investors have been building their positions ahead of this improvement in sentiment, which will allow them to allocate their coins on upcoming price increases,” the analysts added.

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  3. Top 3 Stocks & Crypto Investment Newsletters

Facebook suspended for 180 days Bs

I've been on FB since 2011. Account suspended 3 times. 1st time 30 days for a post someone posted on my page 11 years ago & I replied that I didn't post it. Then they asked delete post? I replied yes. Year later 60 for 60 days for the same damn post. Delete post? Yes! Even went back to the date tthey said it was posted & the post wasn't there. The next year 90 days for the same sht & now another year later for 180 days without reason. I did everything to get the page back & nothing! Tutorials, Appeal process, nothing! Call Meta, 5 different phone numbers that was listed and the same person answered that didn't speak English well telling me that they can turn my page back on for $400 but in Bitcoin! Wtf is this sht? Tried to create a new page & they suspended the page 5 days later. Because of the suspension, I lost my job (Job monitors employees pages), lost communication with family & close friends, business opportunities & all pictures, videos etc. Kids birthdays, football, basketball games, weddings, graduations, birth of grandchildren, community events, EVERYTHING! LOST IT ALL! But what goes against community guidelines it's OK to post such as violence, porn & racism. I post djs playing music & get flagged! Don't understand it & it's straight up bull! Meta let people hack billions of peoples pages & lively hoods. Since they took over, it has been down hill from there.πŸ‘ŽπŸΎπŸ’―% Nothing is safe anymore! No one to help or talk to about this irritating sh*t. Sorry for the long comment.


Novax Profit System Review 2024 - Is it Scam or Legit?

Ever wondered how people are making money while lounging in their PJs at home? The buzz around trading platforms like Novax Profit System is reaching new heights, and everyone's talking about it. With the rise of technology, more folks are diving into trading, hoping to hit it big without the need for a Wall Street office. If you're curious about jumping on this bandwagon, you're in the right place. I'll be unpacking the ins and outs of the Novax Profit System, giving you a peek into what sets it apart from the rest. Whether you're a trading newbie or a seasoned pro, there's something here for you. So, grab a cup of coffee, and let's dive in!

πŸ‘‰ Open Your Novax Profit System Account Now

Summary

Feature Description
Platform Name Novax Profit System
Minimum Deposit $250
Device Compatibility Desktop, Mobile
Supported Countries Global (except restricted countries)
Customer Support 24/7 Live Chat, Email
Demo Account Yes
Security Advanced encryption and data protection

What is Novax Profit System?

Novax Profit System is a trading platform designed to make the world of trading accessible to everyone. It's not just for the financial wizards on Wall Street; it's for folks like you and me who want to dip our toes into the world of trading. The platform promises to offer real-time market analysis and a user-friendly interface that even your grandma could navigate.

Think of it as your personal trading assistant, equipped with tools and features that aim to maximize your potential profits. Whether you're interested in cryptocurrencies, stocks, or forex, Novax Profit System claims to have you covered. But, as with any trading platform, it's essential to go in with your eyes wide open and understand the potential risks involved.

Who Created Novax Profit System?

The brains behind Novax Profit System remain a bit of a mystery, much like the origins of Bitcoin itself. It's said to be developed by a team of experienced traders and software engineers who wanted to create a platform that was both powerful and easy to use. While the lack of specific names might raise an eyebrow, it's not uncommon in the trading world.

The creators' vision was to democratize trading, making it available to the masses, not just the elite few. The system reportedly benefits from cutting-edge algorithms that analyze market trends, aiming to help users make informed decisions. While the anonymity might be a bit unsettling, the platform's growing popularity suggests that it's doing something right.

πŸ”₯ Start Trading with Novax Profit System Today

How Does Novax Profit System Work?

So, you're probably wondering how this whole thing works. The Novax Profit System uses advanced algorithms to analyze market data and identify potentially profitable trading opportunities. It's like having a super-smart robot do the heavy lifting for you. The system claims to process vast amounts of data at lightning speed, giving you an edge in the fast-paced trading world.

Once it identifies a promising trade, the platform can either alert you or execute the trade automatically, depending on your settings. This feature is particularly appealing to those who may not have the time or expertise to monitor the markets constantly. But remember, while the system can increase your chances of success, it's not a guaranteed money-making machine. As with any investment, there's a level of risk involved.

Novax Profit System Pros and Cons

Like any tool, Novax Profit System has its strengths and weaknesses. Here's a quick rundown:

Pros: - User-Friendly Interface: Easy navigation for both beginners and experts. - Real-Time Data: Provides up-to-date market analysis to make informed decisions. - Automation: Offers automated trading for those who prefer a hands-off approach. - Diverse Trading Options: Supports multiple assets, including cryptocurrencies and stocks.

Cons: - Risk of Loss: Like any trading platform, there's no guarantee of profit. - Limited Information: The anonymity of its creators can be a concern for some. - Internet Dependence: Requires a stable internet connection for optimal performance.

πŸ‘‰ Open Your Novax Profit System Account Now

What Devices Can be Used to Access Novax Profit System?

One of the perks of the Novax Profit System is its versatility in terms of device compatibility. Whether you're at your desktop, lounging on the couch with a tablet, or on the go with your smartphone, you can access the platform. This flexibility means you can keep an eye on your trades and make decisions whenever and wherever you are.

The platform's design is responsive, ensuring that it functions smoothly across different devices. The mobile version is particularly handy for those who want to check their trades during their morning commute or a quick coffee break. However, remember that a stable internet connection is crucial to ensure seamless operation.

Novax Profit System – Supported Countries

Novax Profit System is pretty inclusive when it comes to supported countries. It's available globally, meaning most people can access it regardless of their location. Of course, there are exceptions due to legal and regulatory constraints, but these are relatively few.

It's always a good idea to check whether your country is supported before signing up. The platform aims to accommodate a diverse user base, providing localized support in various languages. This global reach is a testament to its user-friendly approach and commitment to making trading accessible to everyone.

Novax Profit System – Top Features

Real-Time Market Analysis

One of the standout features of the Novax Profit System is its real-time market analysis. This tool is designed to provide users with up-to-the-minute data, helping them make informed decisions. The platform's algorithms sift through heaps of information, spotting trends and opportunities that might otherwise go unnoticed.

User-Friendly Interface

The user-friendly interface is something that Novax Profit System takes pride in. It's designed to be intuitive, ensuring that even those new to trading can navigate it with ease. The layout is clean and straightforward, with all the essential tools and information readily accessible.

Mobile Accessibility

In our fast-paced world, being able to trade on the go is a significant advantage. The mobile accessibility of Novax Profit System means you can manage your trades from your smartphone or tablet. Whether you're waiting in line or taking a break at work, you can stay connected to your trading activities.

Customizable Alerts

Customizable alerts are another nifty feature. You can set up notifications for specific market conditions or trading events, ensuring you never miss a beat. This level of customization allows you to tailor the platform to suit your trading style and preferences.

Multiple Asset Trading

Diversity is the name of the game with multiple asset trading. Novax Profit System doesn't limit you to just one type of asset. Whether you're interested in cryptocurrencies, stocks, or forex, you can explore various options and diversify your trading portfolio.

Is Novax Profit System a Scam?

Let's get real—it's only natural to wonder if the Novax Profit System is a scam. After all, the internet is rife with dubious schemes. The good news is that, based on user reviews and its growing reputation, the platform appears to be legit. It boasts advanced security measures to protect your data and funds, which is always reassuring.

However, like any investment, it's essential to proceed with caution. While Novax Profit System provides tools to improve your trading experience, there's no guarantee of success. Always do your research, start with a small investment, and never trade more than you can afford to lose.

What is the Minimum Deposit Required on Novax Profit System?

To start trading, Novax Profit System requires a minimum deposit of $250. This amount is pretty standard among trading platforms and is considered a manageable entry point for most people. It allows you to get a feel for the platform without committing a massive sum upfront.

Keep in mind that this deposit isn't a fee; it's your trading capital. You can use it to explore the various trading options and see what works best for you. As always, it's wise to start small, especially if you're new to the world of trading.

Novax Profit System Customer Support

Having reliable customer support is crucial, and Novax Profit System delivers on this front. They offer 24/7 support through live chat and email, ensuring that help is always just a message away. Whether you have questions about the platform or need assistance with a specific issue, their team is ready to assist.

The support staff is reportedly friendly and knowledgeable, which is a huge plus. It's comforting to know that you're not alone in your trading journey and that expert help is readily accessible if you need it.

How do you start trading on Novax Profit System?

Getting started with Novax Profit System is as easy as pie. Here's a simple three-step process to help you kick off your trading journey:

Step 1: Sign Up for a Free Account

The first step is to sign up for a free account. Visit the Novax Profit System website and fill out the registration form with your basic details. Once completed, you'll receive a confirmation email to verify your account.

Step 2: Verify and Fund Your Account

After verifying your account, the next step is to fund it. Remember, the minimum deposit is $250. You can choose from various payment methods, including credit/debit cards and bank transfers. This deposit will serve as your trading capital.

Step 3: Start Trading

With your account funded, you're all set to start trading. Explore the platform, familiarize yourself with its features, and begin by placing small trades. As you gain confidence, you can adjust your strategies and explore different assets.

How to Delete a Novax Profit System Account?

If you ever decide that Novax Profit System isn't for you, deleting your account is a straightforward process. Simply reach out to their customer support team via email or live chat, and they will guide you through the steps. Ensure that you've withdrawn any remaining funds before proceeding with the account deletion.

πŸ”₯ Start Trading with Novax Profit System Today

The Verdict

So, what's the bottom line on Novax Profit System? Overall, it appears to be a reliable and user-friendly trading platform. It offers a range of features designed to simplify the trading process and accommodate traders of all levels. While it's not without its risks, it provides valuable tools and insights to help you make informed trading decisions.

If you're looking to get into trading or explore new platforms, Novax Profit System is worth considering. Just remember to do your due diligence, start small, and never invest more than you can afford to lose. Happy trading!

FAQs

What is the Novax Profit System?

The Novax Profit System is a trading platform designed to simplify trading for both beginners and experienced traders. It offers real-time market analysis and a user-friendly interface.

How does the Novax Profit System generate profits?

The system uses advanced algorithms to analyze market trends and identify potentially profitable trades. It can execute these trades automatically or alert users to take action.

Is Novax Profit System suitable for beginners?

Yes, the platform is designed to be accessible to beginners, with a user-friendly interface and customizable features to suit different trading styles.

What are the risks associated with using Novax Profit System?

As with any trading platform, there's a risk of financial loss. It's essential to start small and trade responsibly.

Can I access Novax Profit System on mobile devices?

Yes, the platform is mobile-friendly, allowing you to trade on the go using your smartphone or tablet.

How do I contact customer support for Novax Profit System?

You can reach out to their 24/7 customer support team via live chat or email for assistance.

What payment methods are accepted on Novax Profit System?

The platform accepts various payment methods, including credit/debit cards and bank transfers.

Is there a demo account available on Novax Profit System?

Yes, Novax Profit System offers a demo account, allowing users to familiarize themselves with the platform without risking real money.

How secure is my personal information on Novax Profit System?

The platform uses advanced encryption and data protection measures to ensure your personal information is secure.

Can I withdraw my funds easily from Novax Profit System?

Yes, withdrawing funds is a straightforward process. Simply follow the platform's instructions to transfer your money back to your bank account or card.


Looking to add to my SF4 Body Count

My gamer tag is Forest Lionhart. I play Ultra SF4 on PC and have bodied the following players on numerous occasions:

NuckleDu Afro Cole Alex Meyers Floe PR Balrog Smug Ed Ma Inflitration KBrad Ricky Ortiz Chris G Flash Metroid Gootecks James Oil Jones Cast Blanka Arturo Sanchez Poonkgo AmbulateVega Xian Jamnetic Filipino Champ Bitcoin City Mike Ross Cod Fish Broly Legs Elroy Preston

I’m looking to add to this list. If you think you are good enough to beat me please add me on Steam. I’m only interested in playing the very best. I main dhalsim and blanka. DM me if you would like to setup a first to ten MM as I will not discuss details for those events in this forum.