Cryptocurrency

[Judge]

Does anyone know a trustworthy broker that allows you to buy and sell in Russia, a popular broker called coinbase for example doesn't allow you from inside Russia.

With Putin recently being all for cryptocurrency earlier last month but now seems to have changed his mind and wants to crackdown on it.

Just last month, statements from Russia’s finance minister Anton Siluanov indicated that cryptocurrency would soon be treated like regular financial securities, an approach similar to the one adopted by US Securities Exchange Commission.

Over the same period, Russia has sent competing signals indicating that a crackdown on cryptocurrency may be imminent.

https://www.theverge.com/2017/10/31/...ain-technology

[Judge]

No cryptoites on the site!!!!

[bydand]

I wouldn't call myself a cryptoite, but I intend on taking a small (beginning) stake. Hard to tell who is not trustworthy until people, or you, are already screwed. I'm not a client yet but will probably use Kraken www.kraken.com if only because the trustee for the MtGox scandal trusted them to deal with it.

Don't know yet if I can become a client, you might find out before me (been kinda busy). You however (if I understand correctly you have British citizenship) might want to consider a broker in Germany. Germany because they have passed a law such that any crypto held for more than a year is not taxable like capital gains on a security, and because GB and Germany are EU.

Hope this thread grows legs!

[Judge]

I wouldn't call myself a cryptoite, but I intend on taking a small (beginning) stake. Hard to tell who is not trustworthy until people, or you, are already screwed. I'm not a client yet but will probably use Kraken www.kraken.com if only because the trustee for the MtGox scandal trusted them to deal with it.

Don't know yet if I can become a client, you might find out before me (been kinda busy). You however (if I understand correctly you have British citizenship) might want to consider a broker in Germany. Germany because they have passed a law such that any crypto held for more than a year is not taxable like capital gains on a security, and because GB and Germany are EU.

Hope this thread grows legs!

I'll look into Kraken, GB won't be in the EU soon, capital gains is worth taking into account.This is where I understood Russian authorities in this, with the cryptoruble they want to regulate it, make it safer and tax it, hopefully Russia will embrace it too.

[Remington]

I'm a miner. You can use coinbase with VPN. As far as I know, Russian exchanges don't allow ordinary folks to trade crypto coins as one needs to be a licensed trader. Your options are to use coinbase, kraken or any exchanges outside of Russia. I personally use coinbase as I use my relative's US address.

[Judge]

I'm a miner. You can use coinbase with VPN. As far as I know, Russian exchanges don't allow ordinary folks to trade crypto coins as one needs to be a licensed trader. Your options are to use coinbase, kraken or any exchanges outside of Russia. I personally use coinbase as I use my relative's US address.

Ok, that's clear, what about linking your bank card to coinbase, I only have Russian cards, the authorities here will see the transactions.
I also can use a foreign address and get a foreign bank card in that country, by using VPN, could this work?
I've never used VPN, which is best one?
What's a basic set up to start mining, I mean to make it worthwhile regarding electricity bills.. I pay 2ru a KW,
You both mentioned Kraken, will look into this one, lesser the commission fees is important.
I think I've missed the boat with bitcoin, looking into buying ethereum and ripple, besides these two, any others worth a punt on....

[Remington]

Ok, that's clear, what about linking your bank card to coinbase, I only have Russian cards, the authorities here will see the transactions.
I also can use a foreign address and get a foreign bank card in that country, by using VPN, could this work?
I've never used VPN, which is best one?
What's a basic set up to start mining, I mean to make it worthwhile regarding electricity bills.. I pay 2ru a KW,
You both mentioned Kraken, will look into this one, lesser the commission fees is important.
I think I've missed the boat with bitcoin, looking into buying ethereum and ripple, besides these two, any others worth a punt on....

PIA VPN is good. Always use VPN when using coinbase or kraken as they can refuse service to some residents due to their country's laws. Russia is not listed as supported country on Coinbase.
https://www.privateinternetaccess.com

I use GDAX as their fees are better and it's connected with Coinbase as well.
https://www.gdax.com

You can use crypto debit card such as Shift by Coinbase or CryptoPay.
https://www.shiftpayments.com/card
https://cryptopay.me/bitcoin-debit-card

As for mining, if you are a computer geek then it's better to mine as it requires building computer and electrical skills. Mining machines doesn't last very long as difficulty rises and profitability decreases. Some machines can become unprofitable within few months to a year. It is like running a portable heater 24/7 and if your flat circuits and wires aren't up to code then it's a fire hazard. It's also loud enough to annoy your neighbors. With recent Putin's recommendations that miners will need to be licensed to run mining operations is another thing you will have to consider so you could run into problems importing mining machines. Russian legislations in regard to crypto coins continues to be in flux so there are risks.

I wouldn't concern too much about tax as it is difficult to track crypto coins transactions and it is a lot more difficult for authorities to track. You don't pay UK tax since you are not a UK resident and Russian authorities will think you're using a foreign debit card so no tax either. Just don't cash out your crypto coins in Russia as it'll be tax event. Do a wire transfer to your Russian bank account or use crypto debit card.

It's never too late to invest in Bitcoin. It will continue to go up regardless. Just buy at the dip and hold. I thought the same thing when bitcoin was at $200 and now it's $7,000. I ought to kick myself for being a skeptic.

[Judge]

Why can't it all be straight forward, after trying to get my head around cryptocurrencies, blockchaines,etc.... now need to look into VPN and crypto debit cards..

Just buy at the dip and hold.

easier said than done, i'll probably one of many who panic when the whales start to dump..

I thought the same thing when bitcoin was at $200 and now it's $7,000. I ought to kick myself for being a skeptic.

same here, been following it for a few years , now that we have some big names and governments dismissing cryptocurrencies, which is a sign of them being worried....who'd have thought 14 years ago Amazon would be selling more than e-books? took them a decade to dominate the high street and now they are taking on walmart, same can be for cryptocurrencies/blockchaines..

[Remington]

Why can't it all be straight forward, after trying to get my head around cryptocurrencies, blockchaines,etc.... now need to look into VPN and crypto debit cards..

It's a whole new ball game and it definitely will replace the fiat in the near future as governments are starting to recognize it or even test their own crypto coins.

With Russia possible regulating mining machines. My best suggestion is to buy a motherboard with 6 PCIe slots with risers and buy 6 highly efficient video cards like nVidia 1060. It'll cost around $3,000 to start with. It should net you around $300 to $400 a month. You will at least need minimum 1200 watts power supply. You can get nVidia 1070/1080 but it's overpriced and longer return on investment.

You also can buy mining machines from https://www.bitmain.com/ but its pre-order with wait time from 1 to 3 months. This is more risky as I said difficulty rise and profitability decreases over time. You can find out what's the payout for specific machines or algorithms via https://www.coinwarz.com/cryptocurrency and https://www.nicehash.com/profitability-calculator

Again, do a bit of research before jumping into mining so you know what you're doing without getting burned. All mining manufacturers sell without a refund so if mining machines becomes unprofitable by the time you receive it then you're stuck with it or sell it. Most mining machines become obsolete very quickly (6 to 12 months) due to the fact there are too many miners out there.

[rumple_stilskin]

Its a pity the thread I had started has been merged with this thread, because it's a slightly different topic. This topic was specifically about cryptocurrencies, whereas the theme of my thread is more about the existing corrupt monetary system and how Bitcoin might affect that. Bitcoin and other crypto currencies are only one aspect of the larger topic. Or even how the rise of the Chinese Yuan might affect that. So the topic is different...

[Judge]

Its a pity the thread I had started has been merged with this thread, because it's a slightly different topic. This topic was specifically about cryptocurrencies, whereas the theme of my thread is more about the existing corrupt monetary system and how Bitcoin might affect that. Bitcoin and other crypto currencies are only one aspect of the larger topic. Or even how the rise of the Chinese Yuan might affect that. So the topic is different...

Okay,all moved back

[rumple_stilskin]

Okay,all moved back

Thanks Judge. There are a few overlapping threads with similar topics but sometimes their themes are quite different. For a moment i considered adding it to the one by annasophia...but that was different again.