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Tax-Free Bitcoin-To-Ether Trading in US to End Under GOP Plan

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Re: Tax-Free Bitcoin-To-Ether Trading in US to End Under GOP Plan

#181

Post by KirinDave »

drvdevd wrote: post #162
KirinDave wrote: post #51

Wash sale rules still apply (as has been noted elsewhere). But it's pretty likely this government will start to aim for that as well. The only policy lens by which this current congress's bill makes sense is on that "rewards existing businesses moving into new markets" as opposed to "new businesses competing with existing via new markets." And while I'm not a fan of the bill or its primary authors, I'm simply not abl…

This fits quite nicely with having less “net neutrality” doesn’t it?

I believe so. The existing GOP agenda appears to be to reward large corporate donors by systematically opposing competition. They're actually much less of a capitalist party than the democrats.

This is why every libertarian should be doing everything they can do to piss on this tax bill. It's MUCH worse than the status quo.

Re: Tax-Free Bitcoin-To-Ether Trading in US to End Under GOP Plan

#182

Post by jMyles »

mancerayder wrote: post #156
jMyles wrote: post #106

Earlier quoted context omitted.

> 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.

Spoken like somebody who has never had a taxpayer-funded clusterbomb dropped on their children. Spoken like someone who likes to speak for someone else using a curious line of reasoning. You don't want to pay taxes because taxes pay for bombs. But they also pay for poor people to get health care (yes, even in the U.S., at least up until now), older people to get health care, and much more.

That is an excuse, not a line of reasoning. The fact that taxes are used for some good things is a really shitty excuse for the misery and slavery that empire casts upon the world.

Furthermore, I have every confidence in people to care for each other as brothers and sisters in the absence of the state. The internet will not tolerate the bombs and the fake money, but it will facilitate health care and, as you say, "much more."

Re: Tax-Free Bitcoin-To-Ether Trading in US to End Under GOP Plan

#183

Post by s73ver_ »

cgmg wrote: post #179
s73ver_ wrote: post #169

Earlier quoted context omitted.

"you had no option but to pay the government or risk being tortured" Also known as just "following the law." You could also say you had no choice but to not rape someone or risk being tortured.

I don't understand your analogy. Are you trying to draw an equivalence between tax resistance and rape?

No, I am trying to say that the, "You have to pay tax or be tortured" is ridiculous. You're not going to be tortured at all. You're going to be penalized just like you would if you failed to follow any other law on the books.

Re: Tax-Free Bitcoin-To-Ether Trading in US to End Under GOP Plan

#184

Post by s73ver_ »

dnautics wrote: post #166
s73ver_ wrote: post #163

Earlier quoted context omitted.

The safest and simplest is probably the rate of the exchange you're using.

Some exchanges don't have usd. Even for those that do, it takes about 30-90 minutes to typically move ~100k in assets from one currency to another, double that if you're going between two altcoins via Bitcoin. During that time the effective usd exchange can have nontrivial swings.

You go with the price when the transaction actually goes through.

Re: Tax-Free Bitcoin-To-Ether Trading in US to End Under GOP Plan

#185

Post by dnautics »

s73ver_ wrote: post #184
dnautics wrote: post #166

Earlier quoted context omitted.

Some exchanges don't have usd. Even for those that do, it takes about 30-90 minutes to typically move ~100k in assets from one currency to another, double that if you're going between two altcoins via Bitcoin. During that time the effective usd exchange can have nontrivial swings.

You go with the price when the transaction actually goes through.

Which transaction? Moving money like that is not a single tx

Re: Tax-Free Bitcoin-To-Ether Trading in US to End Under GOP Plan

#187

Post by notjesse »

IIAOPSW wrote: post #186

I have a spanner to throw at this. I'm American. I used to live in China. I bought some bitcoin in China. Later I changed some of that bitcoin for an altcoin. I now live in Japan and sometimes do more alt coin exchanges. How if at all am I taxed?

You should honestly consult a tax professional about this, as it's not a good idea to get tax advice from strangers on the internet.

But according to the IRS, you are only taxed at time of disposal when capital gains were realized. I am not at all familiar with Chinese or Japanese tax law, so I couldn't tell you what your liabilities might be there.

Re: Tax-Free Bitcoin-To-Ether Trading in US to End Under GOP Plan

#189

Post by BeetleB »

jMyles wrote: post #182
mancerayder wrote: post #156

Earlier quoted context omitted.

Spoken like somebody who has never had a taxpayer-funded clusterbomb dropped on their children. Spoken like someone who likes to speak for someone else using a curious line of reasoning. You don't want to pay taxes because taxes pay for bombs. But they also pay for poor people to get health care (yes, even in the U.S., at least up until now), older people to get health care, and much more.

That is an excuse, not a line of reasoning. The fact that taxes are used for some good things is a really shitty excuse for the misery and slavery that empire casts upon the world. Furthermore, I have every confidence in people to care for each other as brothers and sisters in the absence of the state. The internet will not tolerate the bombs and the fake money, but it will facilitate health care and, as you say, "mu…

>That is an excuse, not a line of reasoning.

I believe he was pointing the same about your comment, just in reverse.

>The fact that taxes are used for some good things is a really shitty excuse for the misery and slavery that empire casts upon the world.

The fact that taxes are used for some evil things is a shitty excuse for not letting it be used for the good things.

>Furthermore, I have every confidence in people to care for each other as brothers and sisters in the absence of the state.

You are as entitled to that opinion as those who have little confidence in it.

Re: Tax-Free Bitcoin-To-Ether Trading in US to End Under GOP Plan

#190

Post by zxcmx »

nemild wrote: post #77
sixdimensional wrote: post #76

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…

There's lot here, but I'll make it short: - The fed does not exercise control over Bitcoin directly, so Bitcoin is still fundamentally different than fiat currencies - All fiat onramps into crypto are controlled by governments, which is one way to regulate it (KYC, AML) - You still have to follow the rules for your country, and if the government finds out you haven't, it can censure you; with crypto, it can be harder…

Nearly all fiat onramps have AML/KYC. There's also localbitcoins.com, one way to meet parties who are interested in transacting person to person.

Naturally you are still supposed to pay your taxes if you do this.

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