[Pinoy-T-X]

https://www.forbes.com/sites/robertw.../#33e042889cd0

[jjgold]

It will be regulated

[TheMoneyShot]

Again, IRS will go after the people hiding 100k+ in overall gains etc.

Not worth the person gaining 5-10k in my opinion. (Waste of manpower.)

Let's face it... there are some "HEAVY HITTERS" that know the ins and outs of Bitcoin... probably better than stocks... and they are making a killing right now.

[Pinoy-T-X]

Here's a good read how an IRS agent tracked a BTC user.

http://www.libra.tech/blog/how-the-i...isnt-reported/

[Da Manster!]

I predicted this would happen in several threads on this forum...one of the main reasons why i have refrained from using bitcoin.

[shocka1212]

Again, IRS will go after the people hiding 100k+ in overall gains etc.

Not worth the person gaining 5-10k in my opinion. (Waste of manpower.)

Let's face it... there are some "HEAVY HITTERS" that know the ins and outs of Bitcoin... probably better than stocks... and they are making a killing right now.

killing it off the volatility.. its amazing. don't mind paying taxes. means I'm making money

[chico2663]

If i get caught I'm pinching roy bacon

[PaperTrail07]

well yeah.....they'll try........GOOD LUCK

https://www.forbes.com/sites/robertw.../#33e042889cd0

[PaperTrail07]

absolute KILLING.......new levels...

Again, IRS will go after the people hiding 100k+ in overall gains etc.

Not worth the person gaining 5-10k in my opinion. (Waste of manpower.)

Let's face it... there are some "HEAVY HITTERS" that know the ins and outs of Bitcoin... probably better than stocks... and they are making a killing right now.

[bonzaii]

If the Irs ever came after me I'd do what this guy did. Fck the IRS

[indio]

It will be regulated

It can't be "regulated" by a central authority, that was the whole reason it was created in the first place. When they can't beat them, they'll join them, and try and create their own dominant version. Fractional reserve banking will be dead by the year 2100.

After your Bitcoin related posts from 5 years ago where you constantly called it a fad and kept predicting its demise ever since, I'm surprised you would continue to embarrass yourself talking about it. I really am.

[TheMoneyShot]

It can't be "regulated" by a central authority, that was the whole reason it was created in the first place. When they can't beat them, they'll join them, and try and create their own dominant version. Fractional reserve banking will be dead by the year 2100.

After your Bitcoin related posts from 5 years ago where you constantly called it a fad and kept predicting its demise ever since, I'm surprised you would continue to embarrass yourself talking about it. I really am.

You are correct. It can't be regulated 100%... but... if the USA really wanted to attempt to shut it down... for USA citizens... they would make a law and prosecute all affiliated brokers with a USA address who sell bitcoin. Sort of like how the govt forced Paypal and Neteller to change their ways back in the day for gambling purposes.

Sure, you would still have plenty of bitcoins floating around offshore for users... but it would drastically stop the trading of bitcoins in the USA by a very high percentage.

[Mac4Lyfe]

Here's a good read how an IRS agent tracked a BTC user.

http://www.libra.tech/blog/how-the-i...isnt-reported/

"Therefore, if a person has any deposits or withdraws to or from their bank account from a Bitcoin exchange"

Here's your answer... You DO NOT deposit money from a Bitcoin exchange into a US bank account. Pretty common sense.

[grease lightnin]

"Therefore, if a person has any deposits or withdraws to or from their bank account from a Bitcoin exchange"

Here's your answer... You DO NOT deposit money from a Bitcoin exchange into a US bank account. Pretty common sense.

It says withdrawals as well.

I knew btc would not be as anonymous as everyone thought.

Good thing I am small potatoes

[Chi_archie]

ohhhhhhhh shiiiiiiittt

Sam9ball,SBR

sbr point store needs some options to get attorneys on retainer in there at a discount, since you got us in this bind with BTC

common, do the right thing here SBR

[TheMoneyShot]

SBR will be deleting that option shortly

[RudyRuetigger]

I hope they find me

maybe I can get a few thousand back

[Mac4Lyfe]

It says withdrawals as well.
I knew btc would not be as anonymous as everyone thought.
Good thing I am small potatoes

I agree that you should not deposit or withdraw from a US account into a bitcoin exchange. The US account will always get tracked. Withdraw cash then move that into an exchange. Then get cash when you need it from the exchange.

But, you should be okay if all you do is withdraw money from a US account. The IRS cannot prove that you made a profit if they don't see money coming back into the account.You can always put the same amount of money you withdrew in the account and tell the IRS that you broke even. They could easily assume how much you made with the increase in BTC price but they have no way of proving it. That is the beauty of BTC. NO ONE can trace it if you are smart. You and I can transfer thousands of dollars without anyone knowing the better. Shouldn't it be that way anyway? Why the hell must I let the banks or government know what I do with my money? That's bullshit. The IRS basically double taxes people in many instances which is shitty. Why must big brother watch us in everything we do? This basic freedom is why BTC is going to keep growing.

[stevenash]

I predicted this would happen in several threads on this forum...one of the main reasons why i have refrained from using bitcoin.

I can't trust bitcoin either, bitcoin has the stigma of secret cash used for illegal reasons and to the IRS that's like fresh meat to a shark in open waters.

JJ says it thinks it'll be regulated, I don't think so.

[Mac4Lyfe]

I can't trust bitcoin either, bitcoin has the stigma of secret cash used for illegal reasons and to the IRS that's like fresh meat to a shark in open waters.

JJ says it thinks it'll be regulated, I don't think so.

We are pawns. The only reason BTC has a stigma attached is because people have given in to their freedom. Most people roll over instead of fighting the establishment. How can anyone be free when the government can track every transaction you make? Why must we feel bad with our own money? That's bullshit. BTC will never be regulated.

[stevenash]

We are pawns. The only reason BTC has a stigma attached is because people have given in to their freedom. Most people roll over instead of fighting the establishment. How can anyone be free when the government can track every transaction you make? Why must we feel bad with our own money? That's bullshit. BTC will never be regulated.

My take on things is a little different than others.

I'd rather big brother not track everybody, but if the government wants to keep tabs on me that's fine.
I'm not a gun runner, I don't sell coke and dope, I don't hide massive amounts of cash overseas or offshore, I'm not a kid toucher, I'm a small fish that pays his taxes, I live a normal comfortable life.

Tap my phones for all I care, I'm a nobody pretty much minding my own business.

[RangeFinder]

I pay taxes on winnings anyway so what's the diff if I deposit to my bank acct from a bitcoin exchange? Zero

Pay your taxes people

[bonzaii]

I'm getting a little off topic here but do you know the real reason why there was a revolution in this country about 250 years ago? It had very little to do with taxes which is what you are taught when you go through school. It was because the King of England made it illegal for the colonists at the time to continue to use their own currency.

Not long after passage of the Sugar Act, Parliament enacted another new law—a law which would plunge the colonies into financial depression. Businesses had been expanding quickly in the colonies. Small fortunes were already being made as the colonists begin to develop the bountiful eastern half of North America. Shipbuilding was already a big industry. Colonial shipyards were building one-third of all the merchant vessels sailing under the British flag.
To make business easier to pursue, the colonies created their own paper money. It was called colonial scrip. It was money issued by colonial governments for the benefit of the people in general. British bankers didn’t like this. With the colonies printing their own money, America’s economy appeared to be getting out of the control of Britain.
To prevent this, the British Parliament passed the Currency Act of 1764. This made colonial scrip illegal and forced the colonists to exchange it for British money, issued by the Bank of England. To make matters worse, the British only gave the colonists one Bank of England note for every two notes of colonial scrip. As Benjamin Franklin put it, “the circulating medium of exchange was thus reduced by half.”
Suddenly, all-American products for half price! The Americans had to pay twice the price for all the British products they bought. Cutting the money supply to the colonies in half caused tremendous financial problems. Concerning the Act, Franklin wrote:
“In one year the conditions were so reversed that the era of prosperity ended, and a depression set in, to such an extent on the streets of the Colonies were filled with the unemployed.”
In fact, Franklin believed that the anger caused by this depression was one of the major factors for the Revolutionary War.

Again, they don't teach this to you in school, and I think it's pretty obvious why they don't

[PaperTrail07]

you sir are a saint........guy drops hundo in the church collection plate.....I envy you.....but could never be you

I pay taxes on winnings anyway so what's the diff if I deposit to my bank acct from a bitcoin exchange? Zero

Pay your taxes people

[TheMoneyShot]

I agree that you should not deposit or withdraw from a US account into a bitcoin exchange. The US account will always get tracked. Withdraw cash then move that into an exchange. Then get cash when you need it from the exchange.

But, you should be okay if all you do is withdraw money from a US account. The IRS cannot prove that you made a profit if they don't see money coming back into the account.You can always put the same amount of money you withdrew in the account and tell the IRS that you broke even. They could easily assume how much you made with the increase in BTC price but they have no way of proving it. That is the beauty of BTC. NO ONE can trace it if you are smart. You and I can transfer thousands of dollars without anyone knowing the better. Shouldn't it be that way anyway? Why the hell must I let the banks or government know what I do with my money? That's bullshit. The IRS basically double taxes people in many instances which is shitty. Why must big brother watch us in everything we do? This basic freedom is why BTC is going to keep growing.

I appreciate your input on this Mac. I'm just confused on the part when you said...

Just move everything into an exchange?!?!?!!? Then dip into the exchange when you need it? Ok... but what if I need cash from that Bitcoin in the exchange?

[Mac4Lyfe]

I appreciate your input on this Mac. I'm just confused on the part when you said...
Just move everything into an exchange?!?!?!!? Then dip into the exchange when you need it? Ok... but what if I need cash from that Bitcoin in the exchange?

There's many ways to do this. One quick way is to google "bitcoin atms near me". Then find one that does not require a photo id, phone number or palm print. Another quick way is to convert BTC into gift cards. Most do not require any identification. That's for small amounts. Larger amounts, you need to find an exchanger that does not require ID. Search exchangers that do not require verification. If you buy and sell large amounts of BTC, I would recommend doing it anonymously, out of the US prying eyes. Not that you're doing anything illegally, you just don't want anyone in your business.

The best way for me is to use an overseas account. Check out several Caribbean islands and take a trip. Some places do not require you to be there in person. Open an account using a pseudo name and ID, don't use your SSN. You can get an account here in the US without ID if you look. Many people have stopped using their SSN's as ID. It is very difficult to trace when using different ID's/numbers. Small transactions over several accounts are much harder to find and safer for you in the long run. You just have to be careful with all the outrageous fees most of these exchanges charge. They get you coming and going.

[kidcudi92]

just buy silver and gold

christ it’s not that complicated

turn your BTC into solid Money

if ya don’t hold it, ya don’t own it

[milwaukee mike]

There's many ways to do this. One quick way is to google "bitcoin atms near me". Then find one that does not require a photo id, phone number or palm print. Another quick way is to convert BTC into gift cards. Most do not require any identification. That's for small amounts. Larger amounts, you need to find an exchanger that does not require ID. Search exchangers that do not require verification. If you buy and sell large amounts of BTC, I would recommend doing it anonymously, out of the US prying eyes. Not that you're doing anything illegally, you just don't want anyone in your business.

The best way for me is to use an overseas account. Check out several Caribbean islands and take a trip. Some places do not require you to be there in person. Open an account using a pseudo name and ID, don't use your SSN. You can get an account here in the US without ID if you look. Many people have stopped using their SSN's as ID. It is very difficult to trace when using different ID's/numbers. Small transactions over several accounts are much harder to find and safer for you in the long run. You just have to be careful with all the outrageous fees most of these exchanges charge. They get you coming and going.

i think it's easier to report the bitcoin transactions, show about breakeven or small gain/loss on schedule D (unless you're making a lot, in which case show a bigger gain) ... than get into the bigger civil and criminal problems of having unreported foreign bank accounts.

if you're going to eventually move overseas then i might agree, otherwise it's probably awfully difficult to get the money back here.

irs/media trying to scare people into paying taxes, and trying to scare people away from bitcoin

[evo34]

https://www.forbes.com/sites/robertw.../#33e042889cd0

You're posting an article from August, which is primarily about an IRS notice from 2014?

[Slipknot26]

Again, IRS will go after the people hiding 100k+ in overall gains etc.

Not worth the person gaining 5-10k in my opinion. (Waste of manpower.)

Let's face it... there are some "HEAVY HITTERS" that know the ins and outs of Bitcoin... probably better than stocks... and they are making a killing right now.

Yep , our government is awesome using lean manufacturing .
While 99.9% businesses would see no overall cost merit , the Feds aren't in the business of merit based . They'll hurl Manpower at anything just to prove a point .
Get ready because here they come .

[milwaukee mike]

Yep , our government is awesome using lean manufacturing .
While 99.9% businesses would see no overall cost merit , the Feds aren't in the business of merit based . They'll hurl Manpower at anything just to prove a point .
Get ready because here they come .

irs is so understaffed at the moment... in many places an irs employee has to actually make an appointment to use an office

[jjgold]

coin is getting too much attention and will be regulated to the hilt

[bitcoinLuke]

Let's face it... there are some "HEAVY HITTERS" that know the ins and outs of Bitcoin... probably better than stocks... and they are making a killing right now.

I can tell you one thing......its not the guy who says "Bitcoin will never reach $5,000 again"

[Ghenghis Kahn]

IRS is an organized thugs owned by the international banksters. international bankster's biggest threat is cryptocurrencies since their worthless fiat will eventually be replaced by cryptos.

fyi, federal reserve is a private bank owned by international banksters and they're not part of the US government. so tell me, why doesn't the IRS go after them? amazingly, they have never been audited. think for a second, federal reserve prints money out of thin air as much as they want but they've never been audited?

the international banksters run this country and the world. of course they want to go after bitcoin since it's their competition but how will they do it? even if bitcoin goes down there will be others.

[senseionline]

i doubt anyone on sbr pay tax on bitcoin gain