An amazing amount of misinformation on this thread. I'm answering for the US. I don't know about other countries.
Of course you have to pay taxes on your profits in cryptocurrencies. This is well established.
Whether you have to pay taxes on exchanges of one cryptocurrency for another depends on whether such transactions can be claimed as "like kind" transactions. Whether "like kind" applies to exchanges between cryptocurrencies is controversial. I think that the IRS will eventually rule that these transactions are _not_ like kind and I've read extensively on the issue. Others disagree.
If you choose to treat exchanges between cryptocurrencies as like kind transactions you have to declare them as such on IRS form 8824! Absolutely everyone who trades cryptocurrencies ignores this (except me, of course).
If the IRS rules that these transactions are not like kind, and you have filed form 8824, you are likely to be OK except that you will owe taxes, interest, and possibly penalties. If you haven't filed form 8824 I wouldn't want to be you.
Not a lawyer - just my well researched opinion.
You are rite about we need to pay tax but IRS Form 8824 that is not compulsorily we can report taxes and we need to report taxes, IRS recognize Bitcoin and crypto currencies as property so which will come on Capital Gain and loss which occurs in each and every transaction so if we trade that with any other alt coin and we make some btc than profit btc should converted in USD for that day and calculated tax to report. Each and every transaction profit and loss record should be kept if IRS finds some error they might need that For me that didn't happen yetVery simple Understanding is If you buy your car in 1200 and sell in 1900 you have to pay Tax for 700 because it is more than 600$, You have to pay each and every capital gain which exceed $600 in a fiscal year. ^^ says the obedient slave ^^ |
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Do I need to pay taxes if I sell an alt coin for bitcoin then rebuy a different alt coin. I never took out actual USD so I am unsure how that would work. Or am I only taxes on actual USD made when I cash out?
You only pay taxes if you're dumb enough to report it. Stay under the radar, don't make any more than 5 digit USD moves per rolling 30 days. Use multiple bank accounts, multiple exchanges. Use your wife, your sister, brother. Buy visa gift cards. Buy gold/silver, then sell it. Taxes are theft. |
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Just got an email saying the ICO is postponed. Even though Chinese citizen were banned from the ICO, they still want to make sure they comply with all rules and regulations in place.
I wonder what's next..
This is never good news even if they want to comply with the law and that is good, the fact that the ico has to be postponed is a red flag, if you already invested see if you can get your money back because I think this is not the right time to invest in an ICO, let the dust settle a bit and see what comes out of it. I also received an email that we can still join out mainland China, We just need to provide our information that were not living in China and i think US if i am not mistaken. The ban is only temporary which means they can still continue the project after this. I'm expecting the value of Neo will rise up again affecting the Red Pulse ICO. Governments don't have temporary bans. Nixon said getting of the gold standard was temporary. Income taxes were supposed to be temporary. Don't bet on this one being temporary. Sorry, venting. |
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Perhaps one could forge their KYC details. It's not like you're going to get in trouble for trying.
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damn, I wanted to use my neo for RPX ICO but now the value is so low  Doesnt matter, you'll get the same number of tokens whether NEO is $1 or $1000 |
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i don't see any reason why to participate in ico. if it is a good project that you belive in just wait until the price goes down in the future maybe even below ico price and get it off exchange. why everybody likes icos so much i do not understand
I'm going to give it a try because my NEO are basically free. I made them through trading. So it's a free chance to risk a couple thousand dollars. I could potentially retire based on this. |
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I think Red Pulse can certainly be worth it because NEO team wants to be above Eth and can not go wrong at its first ICO!
Moreover, it is currently forbidden to Chinese and American investors, so they will want to buy on the first trading day, and then increase their value after ICO.
No, they can't forbid US customers. There's no way to forbid it. Is just words. Really? Tell me how are you going to be American? Send your photo with a document from your Canadian affiliate? And if you are Chinese citizen modify your passport with photoshop and write that you are a Filipino? In Red Pulse there is KYC! You can have and use all the VPNs you want, but you can not get around KYC .... if you do not commit any crime and you are legal! I'm not going to do any KYC. Im just going to send NEO to the address they advertise. I suspect they won't give the address to just anybody but the address will leak out. |
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I think Red Pulse can certainly be worth it because NEO team wants to be above Eth and can not go wrong at its first ICO!
Moreover, it is currently forbidden to Chinese and American investors, so they will want to buy on the first trading day, and then increase their value after ICO.
No, they can't forbid US customers. There's no way to forbid it. Is just words. |
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Red pulse is the first ICO on the NEO blockchain.
This in itself would make it worth a small investment, the NEO team will not want their first "Sub product" to fail.
Chinese investors are now no longer able to participate in the ICO, along with American investors, this means that they will have to either use a VPN system, which is doable, or buy on the exchanges after the ICO finishes.
This can only help the price if you do it from an investment perspective, the only downside of the ICO, now that America and China cannot participate the next biggest market would be Europe, and they have got the ICO starting at 4am in the morning for Europeans which is slightly annoying.
Yeah, I'm buying 59 NEO worth from the US with a european VPN IP. Should not be a problem. They say that crap to appease regulators but there's no way to enforce it. |
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guys, do you think, from the point of view of speculation, will it be advantageous to participate in the red pulse? or are projects more interesting?
Well, I believe everything is speculation because no ICO/startup is a sure shot. Concerning Red Pulse, the only reason I'll contribute a little bit on the first day is because I want to see what happens to the first ICO on the NEO platform. I think people involved in both projects want it to be a great success, so they'll push for it. That and because I was able to buy some extra NEO in the dip are the main reasons for me to join this ICO. Personally, I find projects like DeepOnion, KickIco and REAL far more interesting. They're concepts seem stronger, have more benefits and I have more knowledge about the areas they operate in. If you haven't already, I'd take a look at those as well and see if you're still excited about Red Pulse afterwards  I invested in kickico and real, they are also more clear to me. but I do not even have a wallet neo. I think whether it is worth it worry with this red pulse NEON wallet is easy to use, download it |
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The problem with this ico is that it says on the website : The Red Pulse RPX token sale is not open to United States, Chinese, or Singapore nationals. why is that? lol here is a link to the website to look for yourselves : https://coin.red-pulse.com/They all say that and US customers can still buy them. Is a statement to appease regulators. Is just words. |
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@kronos123 I did invest in crypto market (around 600% profit) and I'm still investing in cryptos (not exactly in ICOs). I know FEW coins, but I don't have time lately to better know the new interesting ones (I still make more money in doing other business). Their pages are non-informative (technical info). If you know the answer, share it, if don't I understand your advice but I don't need it I need info.
I see only so many new people approaching the crypto thinking of making easy money. I'm just saying that if you do not even know how to use myetherwallet or other wallets then it's best not to invest in this world. See also Ferret who does not know that the first day there is a 30% bonus and therefore 1 Neo = 1300 RPX For KYC then I believe we must get used to it ... it will increasingly be used by all new cryptoes and will eventually use it all! There's no way to do KYC in crypto. It's all politics. They can't possibly expect success with the ico and prove everyone's existence. I've bought a few supposedly banned for US customer tokens with no problem. I have the same thought. But when they send KYC, I'm a bit changing my mind. When you don't submit KYC with the full info., it's their decision to send you the contribution address to attend the ICO or not. Many crypto guys don't like the idea that they cannot control the situation like that. So people are going to verify every txn and that the KYC requirements are met? I don't think they will. I think if you send the NEO, you'll get the tokens. Other ico's, i.e. polybius, asked for KYC and I still got the tokens. |
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@kronos123 I did invest in crypto market (around 600% profit) and I'm still investing in cryptos (not exactly in ICOs). I know FEW coins, but I don't have time lately to better know the new interesting ones (I still make more money in doing other business). Their pages are non-informative (technical info). If you know the answer, share it, if don't I understand your advice but I don't need it I need info.
I see only so many new people approaching the crypto thinking of making easy money. I'm just saying that if you do not even know how to use myetherwallet or other wallets then it's best not to invest in this world. See also Ferret who does not know that the first day there is a 30% bonus and therefore 1 Neo = 1300 RPX For KYC then I believe we must get used to it ... it will increasingly be used by all new cryptoes and will eventually use it all! There's no way to do KYC in crypto. It's all politics. They can't possibly expect success with the ico and prove everyone's existence. I've bought a few supposedly banned for US customer tokens with no problem. |
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I just got an email from Red Pulse: Thank you for your interest in the Red Pulse RPX sale. We are implementing a pre-registration KYC (Know Your Customer) whitelist for our RPX sale. The form will require the following information:
Name
Email
Passport - proof of country of citizenship (US, Singaporean, China citizens not allowed)
NEO wallet address
For instructions on how to get a NEO wallet and address, please see: https://coin.red-pulse.com/neon-wallet-instructions. You may NOT use an exchange wallet address.
Contributions received during the RPX sale will not be accepted if any information is missing, or if the NEO wallet address does not match what you submitted. So as a US Citizen, it seems there's no way around this. I remember the polybius ICO asked for this information too but I didn't submit it and I received their tokens so is this real? I can't imagine they're going to go through thousands of transactions looking for KYC info. Seems like another CYA policy. I'm still going to buy tokens at ICO. |
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Im personally going to hold my NEO but you could speculate that now the Chinese cannot participate in the ICO the demand post-ico will be huge from the chinese investors looking to get in.
Ahh good point, is that how it works legally in America too? As in the SEC has no problem with you buying securities as long as its not in the ICO / IPO? just use a VPN. I buy restricted ico's all the time You never run into a KYC form when you try to get your coins out? No, it's just statement to cover their asses. |
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Im personally going to hold my NEO but you could speculate that now the Chinese cannot participate in the ICO the demand post-ico will be huge from the chinese investors looking to get in.
Ahh good point, is that how it works legally in America too? As in the SEC has no problem with you buying securities as long as its not in the ICO / IPO? just use a VPN. I buy restricted ico's all the time |
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What wallet software to use to buy? ETH uses wallets like metamask, what does NEO use?
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It's just a ledger. It's not connected to anything. Information could be false. You can put 1,000,000 btc in there just to feel rich. What are they gonna do? Nothing to fear.
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the moment it came out on the exchanger was about around 3$ people dumped now its at low 1,75 $ USD
1.71 0.00070124
VOL
850275.47 348.42928694
BID
1.71 0.00070106
ASK
1.71 0.00070124
24H HIGH
4636.59 1.90000000
24H LOW
1.71 0.00070025
Well how and why is it at $4636 high? |
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1.9 BTC high price on bittrex, is $1.71 now. Wtf! Who buys MCO for 1.9 BTC?
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