crypto currency discussion

[stickbit]

Hey guys - any thoughts on Cardano at these levels? Looks like it’s at .72 right now - thinking of grabbing some

Good entry point ?

[Arky]

Hey guys - any thoughts on Cardano at these levels? Looks like it’s at .72 right now - thinking of grabbing some

Good entry point ?

Let's see, lowest price in 12 days so yes, would normally be a good entry point if you subscribe to buy low, sell high. But this is crypto - it could go lower.....

[A4K]

Guys serious question

Lets say you buy $500 worth of ETH from Coinbase. Transfer it to Binance and buy Ripple using ETH. Then you make $500 from the trade because the price of Ripple went up on the exchange. However, you are holding long term on the exchange and not withdrawing to fiat. Do you have to claim capital gains at tax season? Figuring out what you have to claim is confusing. I though

Even the IRS has not decided yet. It used to be that you could trade like items for like items and not pay a tax but when asked about crypto currencies the IRS did NOT give an answer.

[ans61201]

Technically if you want to get super Particular about capital gains you should be tracking every trade you make. The only person in the world
Doing that right now is shocka haha

But really with 10% of people claiming it at all I’m sure the irs is going to be pleased with you if you say what you invested and what you pulled out and pay tax on the profit.

[A4K]

Guys serious question

Lets say you buy $500 worth of ETH from Coinbase. Transfer it to Binance and buy Ripple using ETH. Then you make $500 from the trade because the price of Ripple went up on the exchange. However, you are holding long term on the exchange and not withdrawing to fiat. Do you have to claim capital gains at tax season? Figuring out what you have to claim is confusing. I though

Even the IRS has not decided yet. It used to be that you could trade like items for like items and not pay a tax but when asked about crypto currencies the IRS did NOT give an answer.

https://www.cnbc.com/2017/12/14/gop-tax-bill-blocks-potential-bitcoin-gains-gambit.html

[A4K]

Looks like the GOP closed the tax loophole. Now, 1031 exchanges only apply to real estate transactions and not crypto currencies.

https://www.cnbc.com/2017/12/14/gop-tax-bill-blocks-potential-bitcoin-gains-gambit.html

[Mac4Lyfe]

Yep, if you bought a coin and made 50% gain, if you sell it and use that money to buy another coin, your supposed to report the gain. Meanwhile the coin you just bought may tank. As long as you hold, you don't have to report the gain until you sell.

If you deposit 10k in Coinbase and you cash out 50k, you damn sure better report the gain.

[shocka1212]

Guys serious question

Lets say you buy $500 worth of ETH from Coinbase. Transfer it to Binance and buy Ripple using ETH. Then you make $500 from the trade because the price of Ripple went up on the exchange. However, you are holding long term on the exchange and not withdrawing to fiat. Do you have to claim capital gains at tax season? Figuring out what you have to claim is confusing. I though

no, you only have to claim it as a gain if you sell it.

[Mac4Lyfe]

Looks like the GOP closed the tax loophole. Now, 1031 exchanges only apply to real estate transactions and not crypto currencies.

https://www.cnbc.com/2017/12/14/gop-...ns-gambit.html

LoL...


In an examination of tax returns from 2013 to 2015, the IRS found that in each year only about 800 taxpayers claimed bitcoin gains. During that time, it rose to $430 from about $13.

[bonzaii]

[ans61201]

Here come the Asians to ruin a nice day 🤦🏻*♂️

[Bucketwah]

Here come the Asians to ruin a nice day 🤦🏻*♂️

Their awake earlier then normal

[Ro0k]

I could have missed it throughout the thread but what do you guys think of BAT? I installed the Brave browser yesterday and can honestly say its the fastest browser I've ever used plus the security options are really intriguing.

[ans61201]

Their awake earlier then normal

Thought that too or maybe the Americans tired of them taking all their profits everyday and beat em to the punch 😂😂

[The Kraken]

I could have missed it throughout the thread but what do you guys think of BAT? I installed the Brave browser yesterday and can honestly say its the fastest browser I've ever used plus the security options are really intriguing.

Its likely the fastest because you're the only one on it

[The Kraken]

We need a market tracker that will break down not only volume in real time but which part of the world is driving the volume, that way we can know with certainty who to blame

[TheMoneyShot]

What happened to ETH? People selling out now? A correction?

[proteinfart]

What happened to ETH? People selling out now? A correction?

was wondering the same. I sold off everything but ETH to hold long term

[mrpapageorgio]

Just got the ability to buy/sell Bitcoin activated on my Square Cash app. I can buy and send Bitcoin, sent a message seeing if I can receive Bitcoin since there's no obvious option showing how to get a receiving address. If so, this gives me another option besides Coinbase when buying/selling crypto. If anything, I can at least buy using Square and sell on Coinbase.

[Chi_archie]

[Mac4Lyfe]

Just got the ability to buy/sell Bitcoin activated on my Square Cash app. I can buy and send Bitcoin, sent a message seeing if I can receive Bitcoin since there's no obvious option showing how to get a receiving address. If so, this gives me another option besides Coinbase when buying/selling crypto. If anything, I can at least buy using Square and sell on Coinbase.

Wow, I didn't know that. How are the fees?

[Bluehorseshoe]

What happened to ETH? People selling out now? A correction?

Has to do with the Korea news....

According to industry website CryptoCompare, more than 10 percent of ethereum is traded against the South Korean won — the second largest concentration in terms of fiat currencies behind the dollar. Meanwhile, 5 percent of all bitcoin are traded against the won.

[IAG]

Even the IRS has not decided yet. It used to be that you could trade like items for like items and not pay a tax but when asked about crypto currencies the IRS did NOT give an answer.

Actually they have They are not like transactions. Gains/loss must calculated every transaction...

[ans61201]

Actually they have They are not like transactions. Gains/loss must calculated every transaction...

If not selling to usd and swapping a coin for a coin, i don’t anticipate 1% of people doing this. With how little people are claiming crypto at all, when people cash out I’m sure at least for now a simple deposited x, cashed out Y, they’ll be more than happy with, nor do they have the current man power to do otherwise

[IAG]

https://youtu.be/q5VCq3pX3ys

going to be a nightmare

[IAG]

If not selling to usd and swapping a coin for a coin, i don’t anticipate 1% of people doing this. With how little people are claiming crypto at all, when people cash out I’m sure at least for now a simple deposited x, cashed out Y, they’ll be more than happy with, nor do they have the current man power to do otherwise

I hope you’re right. I initially just assumed that is how it would be calculated. I have tens of thousands of trades between six exchanges and no records other than what I paid in and when I’ve cashed out. Trying to determine what bitcoin was worth on a certain date and what the pairing coin was worth at a certain time.....There is no way I would be able to calculate it.

When I realize that every time you made a trade and swap the coins you had to calculate the gain or loss I was already too far gone so I said screw it. There is no way I can calculate that. It will probably cost me more claiming a straight gainbut it’s the only way I know to do it. I don’t think they understand it well enough to know what they are asking people to do when it wasn’t officially clear until the end of December.

[Chi_archie]

https://youtu.be/q5VCq3pX3ys


going to be a nightmare

oh my oh my

[bigtymer56]

Thought that too or maybe the Americans tired of them taking all their profits everyday and beat em to the punch 

lmao...guys cashing out at the end of the day now

[mrpapageorgio]

Wow, I didn't know that. How are the fees?

From their website:

Conversion Fees: <br>
You are not charged a conversion fee, or any other fees, to buy or sell Bitcoin through the Cash App. <br>

Exchange Rate:<br>

Your exchange rate for buying and selling Bitcoin through the Cash App is calculated using the current market rate across the most popular U.S. exchanges, plus a spread determined by the size of your transaction and market volatility. The exchange rate may differ between transactions, and may also differ from exchange rates available to you from other buyers and sellers of Bitcoin.

Only catch is you can't receive Bitcoin yet (they're working on it) so it's hard to sell proceeds from outside sources, but you can send the Bitcoin out after going through ID verification so it's a quick and easy way to obtain Bitcoin.

Edit: Just bought some and the spread is a little over 1% when I bought so I ended up with about $24.70 in Bitcoin when I purchased $25 worth as a tester. Currently beats the hell out of an instant purchase on Coinbase.

[ans61201]

I hope you’re right. I initially just assumed that is how it would be calculated. I have tens of thousands of trades between six exchanges and no records other than what I paid in and when I’ve cashed out. Trying to determine what bitcoin was worth on a certain date and what the pairing coin was worth at a certain time.....There is no way I would be able to calculate it.

When I realize that every time you made a trade and swap the coins you had to calculate the gain or loss I was already too far gone so I said screw it. There is no way I can calculate that. It will probably cost me more claiming a straight gainbut it’s the only way I know to do it. I don’t think they understand it well enough to know what they are asking people to do when it wasn’t officially clear until the end of December.

I mean to be technical you should be, but when less than 1% of traders claimed past year, I’m sure they’ll take what they can get if your being somewhat honest about overall gain

[IAG]

I mean to be technical you should be, but when less than 1% of traders claimed past year, I’m sure they’ll take what they can get if your being somewhat honest about overall gain

I am exaggerating when I say no records, but not exaggerating when I say tens of thousands oftransactions and different fill amounts and various exchanges, I bought BTC at 1800and Eth at 72 and they will get a very nice sized check, probably more than they would if I made every event a taxable one,l,but I am not paying an accountant 20k to wade thru that if they even could.

[IAG]

oh my oh my

Archie!

[ans61201]

I am exaggerating when I say no records, but not exaggerating when I say tens of thousands oftransactions and different fill amounts and various exchanges, I bought BTC at 1800and Eth at 72 and they will get a very nice sized check, probably more than they would if I made every event a taxable one,l,but I am not paying an accountant 20k to wade thru that if they even could.

You’re not paying an accountant, and neither are they To go through thousands of trades for millions of people. Most people will say what they gained, and if they are unlucky enough to get audited wellll...then you jump off a building hahaha

[ace7550]

https://youtu.be/q5VCq3pX3ys


going to be a nightmare

I do use a bot. Literally hundreds of thousands of trades. No way I'm keeping track. If I started with 20k and I end up with 80k I'll pay taxes on 60k. Even if I kept track of every little loss and gain that's what it would come out to anyway right?

[proteinfart]

Bitcoin sends going slow again?