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You post don't make sense, you bought then did you become millionaire or not, if you are looking to attract people into your project, there should be a better strategy to go about it, alot of millionaires in this space not making noise they are millionaires
Probably a millionaire in pesos..  |
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You sure thats 20k in profits? How would they even know the 20k you are cashing out is profits? Or you mean if you cash out 20k using coinbase? Someone that is cashing out 20k from coinbase could easily be down money on other exchanges etc. So how would they base the 20k on?
I am not sure if its profits, but I just logged into Coinbase and a popup announcement came up "don't forget to pay your taxes". Then when you click on it, it goes to a page with their tax policy, and it clearly states the $20,000 figure that it will be reported to the IRS. I can dig up the link for you later but take my word for it. I am in the 4 figures of trades/profits anyway. I made a lot more gains on altcoins, like way more than anything on Coinbase/GDAX. Anyone else have any insight on this? |
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Bump
Has anyone heard any development in this? for GEMINI specifically.
My understanding is, Coinbase sends a 1099 forum for profits in excess of $20,000. What about Gemini?
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Exposing crypto currencies as ponzi schemes and showing that they never had nor ever will have anything to do with money is an incredibly easy task to do. All one needs to do is to look at one simple concept -the concept of number. A number is defined as a mathematical object used to count, measure, or label things. Now, given this concept let us ask one simple question: What 'thing', is measured, counted, or labeled, with the number called bitcoin? .... the rest you can watch in this short Youtube video: https://youtu.be/gcNngl8fCUYAnd what is money? It only recognizes papers as a value. Why BTC can not be money. It's a contractual issue. Depends on demand and supply ... In a banking system all money comes from debt. So when new money, dollars for e.g., are created, in the same time, some individual, company, or organization became legally obligated to pay these dollars back. That's the nature of debt - it must be paid. In other words, every dollar that is currently in circulation, must eventually be returned to FED or commercial banks. That means that those who received dollar loans and put dollars into circulation are forced to get these dollars back by selling their goods or services to people who have dollars. Otherwise they will fail to make necessary loan payments and as a result they will be taken to court and the banks will seize their property. So due to the fact that dollars come from debt and debt must be paid, people who have dollars do not have just a piece of paper with some numbers on it, but instead, they have legally enforceable rights to goods or services of people who received the loans. Dollar is therefore a property, which is by definition a resource with real or intrinsic value.Regarding cryptocurrencies, since they didn't originated from debt, nobody is legally obligated to use them to repay the debt, which is why cryptocurrency holders have nothing but mere numbers. And if a situation occurs where nobody wants to accept cryptocurrencies in exchange for goods and services, no legally enforceable right exist upon which they can get some kind of value out of them. Hence, all that these people have is hope and faith that someone will exchange their numbers for something useful. I'll have to agree with you. The only thing that has every created wealth for me was learning skills and talents that are valuable in the marketplace. So far, fiat (USD) is the only useful currency. It has enabled me to buy real estate (now worth >$1.5MM in equity), which ALSO generates income for me every month. I could stop working today and easily live off the real estate INCOME. Bitcoin and cryptocurrency will NEVER PRODUCE CASH FLOW, so therefore cannot be valuated. I work in a very technologically oriented field within medicine as a physician, and I have played around buying some crypto. I am still not seeing very much utility. >95% of people buy crypto NOT to actually use it in the way it was intended, rather to hold and speculate that it will rise in value. That is dangerous and just foolish. Until a real use for cryptocurrency is realized, I will not put more than 0.5% of my assets into cryptoassets. |
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umm , bitcoin is good investment , but we dont know what will happent next , i think make it as faith is exaggerating
Calling it a good investment is arguable, sure. But it is not "money", it is not a "currency", because it fails all 3 criteria of being a currency. |
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No it's dipping because bitcoin is likely to have a two legged correction down to at least $10K.
Hope so. |
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I think Bitcoin transaction fees now are cheaper in bank transaction fees if you will send a huge amount but if it just a small amount, it will cost you high and sometimes, the transaction fees are much higher than the amount you are going to send. Lol. It is one of the major problems of Bitcoin nowadays. It cannot be solve anymore but I think some forked coins will.
That is not correct. I have wired $50,000 - $200,000 many times. $20 for a domestic wire. $30 for an international wire. Can Bitcoin beat those fees? I don't think so. |
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you move 1 mil in btc into 1 mil in eth, the irs wants 20% NOW on the gains
Quite probably a very stupid question but where is the actual gain? Your initial dollar Bitcoin buy in versus the Bitcoin value at the time of the ETH swap? Is it all dollar denominated? actually that was very bright, miners can claim not 'investment' since no buy, just work from assets so their coin has no clear investment but other than miners everyone else traded or bought with fiat so you're a drug czar and traded coke for coin how much did the coke cost haha oh, you bought 5 buck coin from mt gox and cold storaged it before the hacks so you had very minor cost but literally the irs is now saying as soon as btc moves from btc into anything pay them 20% on gain so miners, how do you cost out your gain? good question, it could be the work is not an investment no cash or fiat to get it so they could challenge first trade rule but everyone else, how did you get your btc you bought in on exchange you know the cost you traded, well what did you trade for so non fiat buys you can say you traded whatever and put huge value on it and low gains if any, you could take losses all day I traded my 52 mint mantle worth 100k for 50k of coin, so I lost 50K so now the 90K I got is a 10K loss so miners and real traders can play games but if you took fiat into btc, they know the cost and most with profits are in really cheap but think what this does to traders you have huge numbers in btc now with a few coins you want to test eth and ltc or xrp you do it after the end of this year, instantly the trade is taxable so don't use gdax and coinbase or winkies gemini or the vegas exchange this law just pushed crypto exchanges all outside the usa in a year or two you won't have one usa based exchange due to this great move donald you just killed off any hope of the usa having crypto exchanges the game now is trading btc into ico's and taking some profits to the moon with new ico's you want to hodl btc forever, okay, good luck, the next 3 years is all ico plays and the hope of coinbase being a legit ipo is over 1031 has killed any usa based exchange so if you got coins and cash MOVE IT NOW coinbase will have problems soon paying people as it is they limit accounts to a lousy 50k fiat exit a week, expect it to go down to 5k now haha anyway, that is what the end of 1031 means, it means usa exchanges can no longer compete with foreign exchanges if you are a us citizen and want to pay gains on the btc you got cheap, go ahead, sure exit into fiat is fair 20% but when you're talking about moving into other coins, that's just wrong Bittrex (based in the US) will be dead once this new law takes effect. Every Crypto Trade being a taxable event is pure madness. Prices at the times of trades are not always the same as the cash out price. ╥Aztek Yep I doubt any USA exchanges will see 2019 Bye bye coinbase gemini bittrex no way will any traders with big wallets that had cheap coins do one trade now at a usa exchange donald the moron killed usa based crypto exchanges with this ending of 1031 wow I'm amazed they let that moron do this incredible I can see it crushing high end real estate too art for mansions was a common trade, it's gone so now only cash for those 30 million mansions, yeah sure trades are more common in high end RE deals than cash wow New tax bill benefits real estate investors to a great extent. Very happy!  |
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I am definitely not a lawyer, but weren't we required to pay taxes on any bitcoin
capital gains anyway? Can you break down what's new in this? I'm sure whatever
IS new is going to be summarily ignored by the bitcoin using masses anyhow.
what changed was the like for like exemption it's how mega millionaires avoided capital gains for decades oh you got a nice 10 mil ocean front mansion, I got a picasso let's TRADE well now 1031 is gone so the I got 1 mil in btc for 1 mil in eth is gone you move 1 mil in btc into 1 mil in eth, the irs wants 20% NOW on the gains so you got in btc at mining costs, gear and elect and time, you made maybe millions you don't cash it out, but merely trade, and now that trade is taxable and you got no cash all I can say is BINANCE coinbase will now be crushed by this rule it's one thing to pay on exit money, but when you have to pay gains on trades, no way so I guess coinbase is okay to buy coin in, then you move to gdax then you move to binance or whatever and do the trades outside the usa so now your gains is in china or korea or where ever you do trades in gdax they are taxable that's how I see it you never do anything now on gdax it will eventually end up with the irs so the question becomes how do you exit out of the foreign exchanges into fiat I think the centra card is nice exit to spend gains but if you plan on using coinbase for exits or trades the irs has you big time so coinbase will never go public now, 1031 killed the future of coinbase Hey, do you mind if we catch more about this off of this forum? Shoot me a PM and lets get on an email (and maybe whatsapp) chat. Very interesting. sorry brother got no free time and I sure don't want to brag about my crazy rates for 15 min consults I say my mind here, so read it a few times I yell at my girl friends when they call me, I multi task all day coding, designing and investing had a little time over holidays but I don't chat for free, sorry Who will pay you any significant money for a consult? LoL Tons of grammar and syntax errors all over your posts. Work on your humility brother. Those who actually get a lot of poon and girlfriends, don't brag to anonymous strangers on the internet about it.  |
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Since you paid a hefty $24 transaction fee, expect it to arrive sooner or later. Most likely not more than 5 hours or so. Good move on investing on a Ledger Nano S though. Security should always be a priority  $24 isn't hefty. Its the price of a nice lunch or lousy dinner in a higher cost of living area in the US I will plug my Nano S in 3 hours and check. Coinbase had a message on their 'support' site saying that BTC transfers are delayed 'a couple hours'. From my reading, it seems like cold storage on the Ledger is a good way to ensure that I would get the Segwit2x fork. Does that sound about right? |
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I just transfered not a large amount of Bitcoin from Coinbase to the Ledger Nano S (segwit address). How long is this transaction expected to take? I just realized I could have first transferred to GDAX then sent to the Ledger for no fees, but I guess I got excited and my brain wasn't working  I don't mind the $24 fee, no big deal. Thanks for commenting! |
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I am definitely not a lawyer, but weren't we required to pay taxes on any bitcoin
capital gains anyway? Can you break down what's new in this? I'm sure whatever
IS new is going to be summarily ignored by the bitcoin using masses anyhow.
what changed was the like for like exemption it's how mega millionaires avoided capital gains for decades oh you got a nice 10 mil ocean front mansion, I got a picasso let's TRADE well now 1031 is gone so the I got 1 mil in btc for 1 mil in eth is gone you move 1 mil in btc into 1 mil in eth, the irs wants 20% NOW on the gains so you got in btc at mining costs, gear and elect and time, you made maybe millions you don't cash it out, but merely trade, and now that trade is taxable and you got no cash all I can say is BINANCE coinbase will now be crushed by this rule it's one thing to pay on exit money, but when you have to pay gains on trades, no way so I guess coinbase is okay to buy coin in, then you move to gdax then you move to binance or whatever and do the trades outside the usa so now your gains is in china or korea or where ever you do trades in gdax they are taxable that's how I see it you never do anything now on gdax it will eventually end up with the irs so the question becomes how do you exit out of the foreign exchanges into fiat I think the centra card is nice exit to spend gains but if you plan on using coinbase for exits or trades the irs has you big time so coinbase will never go public now, 1031 killed the future of coinbase Hey, do you mind if we catch more about this off of this forum? Shoot me a PM and lets get on an email (and maybe whatsapp) chat. Very interesting. |
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As always, not a single reply. I don't think anyone wants to even know anything about Bitcoin taxes. Just sitting there like an ostrish with your head in the sand, pretending that no one told you Bitcoin is taxable is most people's strategy. They still think it's 'anonymous' haha try to cash out in an exchange you got to give more id than you can imagine then they limit you to a lousy 50K a week so if you made a big hit, it would take years to withdraw yet the irs wants taxes on it as soon as the exchange sells it and the main exchanges know who you really are so 1. it's not anonymous when you exit 2. the exchanges are a trap for big exits, they won't let you take out huge wins the more you look at all crypto the more you see big brother sure when it's in a wallet you can't use it is anonymous try to spend it, impossible so you sell it have big wallet in cash in exchange then you can't move much out haha so no one is really talking about what is the end game all it did is trap you into the coin with no real hope of exiting mega millions even if you made them now, they want to instantly collect on gains when you just move into a new coin so forget about coinbase, they will soon be feeding the irs every account holders info then bitcoin gains will pay off the debt Exactly! That is the big elephant in the room that no one wants to address. Bitcoin and crypto is highly illiquid, highly unusable, and highly taxed. That is why I am only spending 0.25% of my net worth investing in crypto. Its not a viable asset for the reasons you mentioned. Also, Bitcoin and crypto produces NO INCOME. I will continue to invest in real estate which have made me financially free at an early age, and pays me every month. Also, it had the best tax benefits out of any investment known. |
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The last sentence though  , oh god can barely contain myself. Yeah I would argue that is the consensus among the community here although that seems to be short-sighted to me. People in the USA are going to get screwed more but there are a few places which you can avoid getting taxed double or even avoid altogether. In the end though you gotta realize 20% is much less than 40-50% which would be the normal rate given how much people are making so we should be happy to pay the little tax we have to. The only thing I am unclear about: is it just the crypto that we cashed out into $$ that is taxable (on a cost-basis, capital gain) ? or is it every single crypto trade? I am leaning to just treat the former as taxable. It will certainly simplify the accounting greatly. |
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Yes in technical point BTX is much more advanced. But they don't put money in marketing like other coins, and they still distributing the coins via weekly airdrop.
Just make a test with the client, havn't seen so much speed somewhere else.
But Segwit2x is no longer cancelled. I think it will be out tomorrow. |
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As always, not a single reply. I don't think anyone wants to even know anything about Bitcoin taxes. Just sitting there like an ostrish with your head in the sand, pretending that no one told you Bitcoin is taxable is most people's strategy. |
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Hi guys, i'm new in this forum. And i'm learning a lot by all of you! Thank you.
I've got one account in coinbase and another in binance. I'm holding btc in coinbase. My doubt is: Will i receive the free corresponding money when a fork occurs? Should i transfer my btc to binance instead? Should i make anything else? Thank you
the best thing to do so you can be sure that you will receive the forked coins is to move your bitcoins to an address that you have its private key this is 100% , binance may distribute the fork coins but if they don't make an announcement then there is no guarantee but when you have the coins in your own address you would be able to get all the fork coins in the future Would you say transferring to the Ledger Nano S is more of a sure bet than to Binance? I hold my BTC on Coinbase currently. |
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I currently store my BTC on Coinbase.
I did just get a Ledger Nano S. Is it recommended for me to move the Bitcoin to the Ledger? Which one is more guaranteed to get the Segwit2x fork? ty guys
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Its smart to sell at $15K/BTN. If you bought at $5K or $10K, that's a nice profit. Holding Bitcoin like a scared fool without ever selling, will guarantee that you'll have ZERO profit.
Such a smart choice when we've seen the likes of $20k throughout the month till now and a sudden dip is provoking you to sell everything for much lower. Holding has always been for the brave ones and always yielded huge profits, unlike for panic sellers like yourself. KEEP SELLING GENTS !!! NO ONE HAS EVER WENT BROKE TAKING A PROFIT. Do whatever the heck you want with your coins but don't play an influence on others' decisions. Let the believers continue to HODL while you continue to sell for cheapish profit. Eventually, you'll damn yourself when the next big surge occurs. Its kinda hard for me to "damn myself" when I am independently wealthy through medicine and real estate. $5-$10K in Crypto is just baby money and its just fun for me. Unlike 99.9% of the people buying Bitcoin, I got my wealth through education, hard work, and creating VALUE. I can stop working tomorrow and my real estate will cover all my basic life expenses. I'm young too. I am not looking to get rich quick by buying BTC. I invest in real assets like human capital and real estate which produce INCOME. Something bitcoin can never do. |
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DONT DO IT!!! HOLD YOUR BITCOIN!!!! YOU WILL FEEL VERY FOOLISH WHEN IT HITS 25K IN LATE JANUARY-EARLY FEBRUARY!!!!!
Its smart to sell at $15K/BTN. If you bought at $5K or $10K, that's a nice profit. Holding Bitcoin like a scared fool without ever selling, will guarantee that you'll have ZERO profit. KEEP SELLING GENTS !!! NO ONE HAS EVER WENT BROKE TAKING A PROFIT. |
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