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Buy, sell, send and receive Bitcoin Cash on Coinbase

blog.coinbase.com

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Re: Buy, sell, send and receive Bitcoin Cash on Coinbase

#261

Post by asaph »

bencollier49 wrote: post #234
schrodinger wrote: post #217

Earlier quoted context omitted.

Wouldn’t it not count as income until you sold it for USD? In which case you wouldn’t be liable for every fork, just the ones you benefitted from.

That's the way it's treated in UK law, but apparently in the US, you're liable for the tax as soon as you have access to the asset. I think the same thing causes people problems with stock options. Seems like an odd bit of legislation.

It seems to me that forks are treated more like RSUs (restricted stock units) than stock options. When a company grants you RSUs, you're immediately responsible for tax on the value of the shares. If you then hold the stock for any period of time, and later sell at a profit, you'll need to pay tax on that profit too. You get taxed twice.

EDIT: IANAL, IANAA, etc...

Re: Buy, sell, send and receive Bitcoin Cash on Coinbase

#262

Post by JonnyNova »

ambicapter wrote: post #248
Cthulhu_ wrote: post #235

Earlier quoted context omitted.

> I can't believe people just start to buy a cryptocurrency because they suddenly can more easily. Well now you know. Speaking for myself, I can't be bothered to upload my ID to another exchange again. I probably should because I haven't been able to send money to Coinbase in forever but eh. Coinbase is very simple to use, and you should never underestimate the value of convenience. It's one of the things that made A…

Coinbase is very simple to use until they flag you for no reason and then you're fucked. Source: Me, trying to access the GDAX account that supposedly comes with a coinbase account.

Using GDAX requires an ID because you can store USD in it. Same goes for using the USD wallet in Coinbase.

Re: Buy, sell, send and receive Bitcoin Cash on Coinbase

#263

Post by sandworm101 »

teekert wrote: post #232
product50 wrote: post #198

Earlier quoted context omitted.

If this was so obvious to you in the hindsight, you could have made a ton of money by backing this with investments.

Only if he knew that it wasn't obvious to anyone else ;). I guess people that have been playing with crypto currencies for a long time (like me) have been having a lot of "wtf, why now" moments lately. I find myself explaining blockchains at birthdays all of a sudden. No one cared whe I first started voicing my enthusiasm over this tech in 2011 or so and then again in 2014. I didn't get rich from it, I really don't u…

>> have been having a lot of "wtf, why now" moments

Because the market is dominated by irrational actors. Other markets are dominated by large corporate entities who, as a rule, move according to established principals backed by a body of government regulations. The BC market is dominated by naive small investors and shady large players. The small players are dumping money in on the expectation of getting rich. The big players are leveraging the lack of regulation to pull tricks that they could not in other markets, tricks that look strange and irrational to anyone who doesn't know the game. So prices move wildly based on a combination of fashion and intrigue.

Re: Buy, sell, send and receive Bitcoin Cash on Coinbase

#264

Post by kbody »

cvoss wrote: post #78
wickedlogic wrote: post #60

I suspect they have some fixing to do yet... common prices listed on indexes are ~$3,539.82 USD at the moment. Coinbase UI has the UI pegged at $8,499.03 .. with console errors, and ssl to be distrusted errors.

The UI's prices were/are accurate as far as I can tell. I think the trading was just that unstable. When it opened at 17:20 PST, the price was indeed ~$3.5k, then shot up and down violently until they pulled the plug three minutes later at ~$9.5k.

They screwed it up badly. If you checked BTC/BCH, there were open orders buying 1 BCH for 3 BTC, which is totally ridiculous. Obviously there was some effort on pumping it a lot.

Coinbase basically did one of the most basic mistakes for new markets (or any newly-online market), to not allow orderbooks to be filled before trades can take place. And so people took advantage of it. I just hope inexperienced people didn't get caught in the middle of it.

Re: Buy, sell, send and receive Bitcoin Cash on Coinbase

#265

Post by dumbfounder »

colinbartlett wrote: post #77

So if I sell my newfound BCH today, which was birthed from thin air a few months ago, but originates from BTC I bought years ago, is it short term capital gains or long term?

I would treat it as a dividend. If you roll it back in then don't pay taxes. If you sell it and take the cash then I assume it would be taxed based on when you bought the bitcoin. There is precedent here with trading stocks. (disclaimer: I am not an accountant)

Re: Buy, sell, send and receive Bitcoin Cash on Coinbase

#266

Post by [deleted] »

hyprCoin wrote: post #206
cohnnton wrote: post #23

it's hilarious how many suckers will get drawn to this scam over and over..... 1.) omg this cryptocurrency is so transactional/rare 2.) nope. this isn't transactional at all! it costs me $350 to send $350! 3.) nope. it's not rare, coinbase just added ANOTHER transactional/rare crytocurrency! 4.) time to lose 80% on another cryotocurrency!

You and I seem to have had very different differences in crypto currency. 1) Rarity does play a factor in some currencies. Others less so. You get to choose what is important to you. 2) Transaction fees for BTC are hovering at $30 last I checked. Still huge but other coins have low to no fees. 3) There is only one vitalik. Some resources are scarce. 4) The only way you could have lost money in the last year was by da…

[deleted]

Re: Buy, sell, send and receive Bitcoin Cash on Coinbase

#267

Post by usrusr »

Cthulhu_ wrote: post #237
alva wrote: post #223

Earlier quoted context omitted.

They have shut down numerous times when there is large (usually downward trending) volatility. It is very suspicious. This has been happening for years now.

And yet there's nothing you can do about it unless you can prove they did it for personal gain; they operate a service outside the requirements given to e.g. the NYSE, and you the consumer agree to that risk by giving them your money.

So long as they don't actively mess with customer owned BTC (as in: only stall transaction orders, not outright take them away if that is even possible) I would not even be sure that provable personal gains would be courtroom material. (At least for and user vs exchange company, not for exchange company vs employee)

Re: Buy, sell, send and receive Bitcoin Cash on Coinbase

#268

Post by JonnyNova »

plaguuuuuu wrote: post #124
twodave wrote: post #30

Why is anyone surprised by this? Coinbase sent an email out months ago saying they'd do this by Jan 1, 2018. Dear Coinbase customer, ... We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time. ... Thank you, Coinbase Team Am I crazy? Edit: let me answer those who think I am crazy. BTC literally tripled overnight a few weeks ago when there was "specula…

I can only assume that there is some population of speculators that are only able to purchase bitcoin cash through Coinbase.. maybe the other exchanges make it too difficult?

A number of friends of mine in the US only want to deal with Coinbase. It is probably a combination of having already set up there and not wanting to submit ID to other exchanges, and having trust issues with other ones.

Re: Buy, sell, send and receive Bitcoin Cash on Coinbase

#269

Post by vkou »

makomk wrote: post #233
elliotec wrote: post #151

Earlier quoted context omitted.

The actual fork, because that's when it became yours technically.

It was literally impossible for most holders to sell at the price when the Bitcoin Cash fork happened because none of the exchanges were accepting deposits. Part of the reason the price was so high then was exactly because people couldn't sell; it dropped as soon as deposits opened. (Since this happened at different times on different exchanges, the prices diverged quite a lot too.)

It's literally impossible for most holders of pre-ipo options to sell them, or their stock, but their tax bill is due the day the leave their employer, not the day that those options/stocks become liquid.

Surprise, tax law isn't fair. Surprise, nobody is looking to change that.

Re: Buy, sell, send and receive Bitcoin Cash on Coinbase

#270

Post by zaphar »

gtrubetskoy wrote: post #80
wickedlogic wrote: post #60

I suspect they have some fixing to do yet... common prices listed on indexes are ~$3,539.82 USD at the moment. Coinbase UI has the UI pegged at $8,499.03 .. with console errors, and ssl to be distrusted errors.

This would all be fun and games, but I suspect the SEC will want an explanation and I'm not so sure Coinbase has a good one. I wouldn't be surprised if they are shutdown tomorrow before sunrise.

It would appear that you were wrong. They seem to be just fine this morning well after sunrise.
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