Coinbase may have some annoying policies but it is as close to a normie crypto exchange as you're going to find. You may have to exercise a bit of caution in not engaging in dodgy transactions from it, but you can be pretty sure you aren't going to get goxed.
All I'm really going to do is transfer the crypto I mine into my Coinbase wallet, turn it into USD and drop it into my bank account. I'm not really playing the crypto market so much as just selling at the current market rate for cash.
I bought some coins from them before, but I couldn't deal with the ridiculous transfer fees. They take a fee to purchase the coins with USD, then charge another fee to transfer it to my wallet on my PC. I've tried Kraken and Binance.us, and their fees are similar, but those sites are glitchy and never seem to work for me.
I am just converting them to USD and putting them in my bank account. I am not investing tbh.
If that's your plan, then make sure to add it as Additional Income to your taxes. Coinbase's database might as well be in the same data center as IRS at this point.
There's really nowhere for me to go. My state is EXCEEDINGLY strict about crypto and even the AG is going after the 'shadier' websites. If there are better sites to
There's lots of ways you could hide your gains, esp with a foreign exchange and a vpn. But unfortunately, once you covert back to USD, and especially if it goes back to a bank you'll find taxman's nose in your asshole.
I would recommend just going the legit route. 3k will not be taxed that much and you don't want to fuck around with the IRS.
I'm using nicehash, so technically I'm renting out my machine to people who are paying for it, and they pay in Bitcoin, so I get paid in Bitcoin. I'd have to convert it over to Eth, and right now its a $10 price difference. So unfortunately unless I ditch Nicehash which I've been using for a bit, I'd have to switch over to something else.
Yeah, I am just going to hold onto it for now. Question: Would a hardware wallet be better or is storing it all in coin base be better?
It depends on how much you want for security. Nothing wrong with a hardware wallet. I've seen people fuckup a hardware wallet transfer and lose a ton of btc, but that was back in the day and ledger may have some safety features now. If you do have a HW wallet, you could mine and send to that address, which sidesteps any coinbase/irs tracking, but still run into the issue of cashing out.
Thanks man, you've been a great help. I think I'm going to go straight coin base. The only reason I worry is I'm on IBR on student loans, and it might push me to start making payments. But if I actually do make 3,700, that's about two credit cards fully paid off which was used to buy the rig, and half of another.
After the endless Ledger hacks, I wouldn't buy a hardware wallet unless you're sure you can get it without ever giving up any personally identifiable information.
Yeah. to be clear though, the Ledger device wasn't hacked, it was the customer data on their servers. If you're holding $300 of btc, no one cares,
Right. What makes the Ledger hack dangerous beyond all these is that it gives malicious actors a readymade list of "People seriously into bitcoins".
Meaning what?
I personally wouldn't bother redlining the card to squeeze out an extra couple percent. The auto-configuration done by XMRig (which I assume you're using) already does all the common software tweaks.
I like MoneroOcean because it lets you mine worthless garbage coins and get back Monero, at a higher rate than if you just mined Monero directly. (Of course this also means you're not supporting the Monero network itself most of the time, but...)
Yes, it can do both, though I believe if you have them both enabled in the same config they'll always be locked to the same algorithm. Better to set up one config for CPU-only and one for GPU-only, and run both separately.
