101–110 of 194 posts
I don't mind being taxed at all. What I find stressful is calculating - not just the 'what was the USD price at the time of the exchange' that has to be manually entered and looked up into the exported CSV spreadsheet... BUT tying that to the movement of coin from Coinbase to the exchange. It's a pain. I regret using Bittrex, as there's almost no tooling for this available.
I on the other hand, mind being taxed.
Most tax advisers I spoke with recommended against treating this as an in-kind exchange anyways.
But if this bill means that the IRS will only reject like-kind starting January 1, 2018, then those advisors (and their clients) made an expensive error-on-the-side-of-caution, didn't they? Perhaps even to the extent that people who followed that advice might dare to amend their 2016-and-earlier returns? This year, the case for 'in-kind' exchange might be best for Bitcoin and its baby Bitcoins (Bitcoin Cash and Bitco…
Earlier quoted context omitted.
I on the other hand, mind being taxed.
Not saying I disagree with you, but I'd like to understand your reasoning...
Can somebody explain something to me... I haven't been participating in the Bitcoin/cryptocurrency movement for better or worse, just following it from afar: I thought the premise of these currencies was to avoid government and banking oversight/control... but with both the SEC and IRS putting controls around virtual currency (which I think we all expected to happen), how does that change the original inspiration? Do…
Bitcoin was set up to disproportionally reward the early adopters. The early adopters were cyberpunks, cryptography enthusiasts, and darknet merchants. Since we can only speculate about the inventor(s), the motivation can range from a US-hostile government wanting to loosen the grip the US has on fiat and digital currency, to Libertarian Anarchists wanting to switch trust from bank-bailing-out governments to technology.
It seems one goal "to protect Bitcoin from the select few" is already close to impossible, as Bitcoin shows a highly skewed power distribution (a select few has thousands of Bitcoin).
I don't mind being taxed at all. What I find stressful is calculating - not just the 'what was the USD price at the time of the exchange' that has to be manually entered and looked up into the exported CSV spreadsheet... BUT tying that to the movement of coin from Coinbase to the exchange. It's a pain. I regret using Bittrex, as there's almost no tooling for this available.
Spoken like somebody who has never had a taxpayer-funded clusterbomb dropped on their children.
Taxes pay for evil. The only reason I pay them is because I don't want to be a victim of violence myself.
Probably good news for investors long term. Bitcoin again continues to grow up and be treated as an equal to bonds, stocks, etc. If you are a holder, or HODL as the kids say, then you get the benefit of long term rates, if you are a short term trader then you pay the short term capital gains rates, just like any other currency/commodity. trade. Concrete rules will bring in more conservative money. This was the last l…
without wash trades to pump up its value, what good is bitcoin for?? - bitcoin isn't usable as a transactional currency. it costs $30-40 per transaction. Plus other currencies are gaining steam, and offering other choices for people to transact - bitcoin isn't rare to be a store of value.....everyday there's a new viable cryptocurrency springing up - bitcoin isn't safer than dollar.....it can drop 90% in any day; no…
Can you please explain in clear terms how a wash trade pushes up the value of bitcoin?
I can see it increasing the volume but not the value.
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The difference is brokerages will actually issue you a 1099 form. The crypto exchange sites won't. Let's not kid ourselves... Nobody is going to be reporting crypto-to-crypto exchanges.
If you want to be compliant, and not commit tax fraud, you will. Just because it will require some effort to track you down doesn't make it ok.
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I also wonder how this will deal with crypto coins that are specifically designed to avoid monitoring. Seeing as it's insanely easy to set up an alternate address in any coin, and that whatever the US government knows of my coins could just be a tiny percentage.. how would they know how much to tax me on? It seems so difficult as to be almost useless. Makes me think they'd be better off just considering it a foreign…
What good is the coin if you can't ever spend it? Sure, you can hid it away somewhere the government can't find, and just sit on it... but then what? When you eventually want to spend it on SOMETHING , unless you're going completely black market, there's going to be a record. When the guy making $50k/year suddenly buys a $2.5 million house, the government is going to ask you where that money came from.
If I make 50k/y and buy a 2.5m house with cash, the gov is going to ask me where it came from too. What's this have to do with my comment questioning the governments ability to track anonymous coins?
Anonymous coins _(if working properly)_ are effectively the same as cash. So the same concepts and limitations apply regarding the governments taxation on it. No?
I don't mind being taxed at all. What I find stressful is calculating - not just the 'what was the USD price at the time of the exchange' that has to be manually entered and looked up into the exported CSV spreadsheet... BUT tying that to the movement of coin from Coinbase to the exchange. It's a pain. I regret using Bittrex, as there's almost no tooling for this available.
> I don't mind being taxed at all. Spoken like somebody who has never had a taxpayer-funded clusterbomb dropped on their children. Taxes pay for evil. The only reason I pay them is because I don't want to be a victim of violence myself.