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Bitcoin / Legal / IRS Notice 2014-21 vs. Code Section 1031 "Like-Kind"
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on: January 30, 2018, 02:33:56 AM
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DISCLAIMER: I am not a tax advisor... this is only for discussion
(check my nickname for God's sake!!)
We are all preparing taxes, but tax regulation is not clear at the moment. 1- THE CRYSTAL CLEAR PART:
IRS stated in the Notice 2014-21 that Cryptocurrencies are "PROPERTY" " For federal tax purposes, virtual currency is treated as property. General tax
principles applicable to property transactions apply to transactions using virtual
currency. " Trading vs. the USD pair and generating gains are taxable events: A taxpayer generally realizes " capital gain or loss on the sale or exchange of virtual currency that is a capital asset in
the hands of the taxpayer. For example, stocks, bonds, and other investment property
are generally capital assets. A taxpayer generally realizes ordinary gain or loss on the
sale or exchange of virtual currency that is not a capital asset in the hands of the
taxpayer." 2- THE ELEPHANT IN THE ROOM: "Like Kind"
"Like-Kind" qualification allows the taxpayer to consider some exchanges without generating a tax liability. A like-kind exchange under United States tax law, also known as a 1031 exchange, is a transaction or series of transactions that allows for the disposal of an asset and the acquisition of another replacement asset without generating a current tax liability from the sale of the first asset. It technically says that you can treat cryptocurrency trades as like-kind, and not count them in your tax liability. The immediate consequence is that you would ONLY pay taxes on transactions involving the USD: - BTC/USD, ETH/USD, LTCUSD or similar trades - Cashing-out cryptos for USD The new 2018 tax law is out, and clarified the "like-kind": only for "REAL property" (ie: real estate and tangible assets) It clarified the panorama regarding "Property" taxation for 2018, but also created a wschism with 2017. Some experts are therefore suggesting that like-kind would be OK for 2017. (because the IRS HAD TO change the law for 2018) https://www.forbes.com/sites/robertwood/2017/12/28/loophole-allows-tax-free-bitcoin-exchanges-into-2018/#4ddf204612fa<<Some say the fact that Congress changed the law (prospectively) makes it clear that before the change in the law, crypto swaps were OK. Others say the reverse. It is not clear what the IRS will say.>> 3- WHAT TO DO ?
I would admit... I don't know. From a pure legal perspective, the 2018 clarification does not apply to 2017, hence like kind exchanges would apply for cryptocurrencies. From a "risk/reward" point of view, the 2017 tax law give the taxpayer interpretation of how to declare taxes: the IRS can come back and DECIDE that the way you did your taxes is not correct, and give you a hefty fine (I'd still personally consider such fine as totally illegal because the law for 2017 is not clear... but it's another topic). -> did anyone already looked at this ?? What are your plans for the tax season ? pay only on your USD related trades and "exits", od declare EVERY SINGLE TRADE form every single exchange as a tax liability ?Thanks. P.S.: your CPA is clueless... your tax attorney knows.
Links:https://www.irs.gov/pub/irs-drop/n-14-21.pdfhttps://www.irs.gov/newsroom/like-kind-exchanges-under-irc-code-section-1031http://fortune.com/2017/12/21/bitcoin-tax/
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Alternate cryptocurrencies / Speculation (Altcoins) / CB Insights report: 30 Big Industries Blockchain Could Transform
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on: October 06, 2017, 05:44:46 PM
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https://www.cbinsights.com/research/industries-disrupted-blockchain/For those who to not know CB Insights... I suggest you google it. They are a huge market intelligence company, following trends and preparing reports. Basically, when they say something about a company, it tend to succeed immediately after. The link below is the AUGUST2017 report, and contains great links to innovative startups. These are mostly already know by experts (coinbase...), but some names here are good to follow, especially when their coins are available. The list on the site contains 80% of companies WITHOUT TOKENS... but I did look for the 20%, they are the next big players in their field. Here is the TL;DR, with links to mentioned companies which HAVE TOKENS AVAILABLE.8. FORECASTING
https://augur.netIt's the 1st TOKEN, and it is in the top10. Awesome news for Augur, such a great project. 11. STOCK TRADING
https://tzero.comtzero is the OVERSTOCK.com exchange. It's huge. I have no idea where to buy the OSTKP coin ... 16. CLOUD STORAGE
https://storj.ioGood to see this one. SiaCoin should be mentionned too. 18. SPORTS MANAGEMENT
https://www.jetcoininstitute.comTokenization of sport events and IP of athletes!! And (finally) there is a coin available!! I heard they are re-launching the coin in 2017 (it's from 2014). It's a fantastic project. 21. GUN TRACKING
http://www.blocksafefoundation.comthe TRIG token already had a massive price increase in the recent months. 26. HUMAN RESOURCES
https://chronobank.ioTIME and LH tokens available Great project. 27. BUSINESS AND CORPORATE GOVERNANCE
https://aragon.one30. CROWDFUNDING
https://www.real.marketsI'd personally add Crowdholding here.
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Local / Annonces / [ANN][JET] Jetcoin - Supporting Tomorrow's Champions [FRENCH]
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on: October 06, 2017, 12:42:17 AM
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--- INTRODUCTION A JETCOINLa Fintech et la Blockchain arrivent aujourd’hui dans le monde du sport et du spectacle ! Jetcoin, (JET) Jetcoin, nouveau carburant digital pour le monde du sport et du spectacle, donne aux fans et aux supporters l’opportunité unique de bénéficier directement du succès de leurs athlètes et stars favoris. Jetcoin révolutionne la relation traditionnelle entre fans et athlètes/talents en permettant à chacun de lancer et soutenir les carrières des stars de demain. En utilisant la technologie Blockchain, Jetcoin décentralise le monde du sport et du spectacle, domine aujourd’hui par le pouvoir central des agents et des grandes corporations. Jetcoin renverse la balance traditionnelle en établissant la toute première plateforme ou chacun peut détenir des parts de propriété intellectuelle des athlètes et talents de demain. --- LA TECHNOLOGIE JETCOIN, LE SYSTEME DE RECOMPENSESLe token JETCOIN (JET) est certifie ERC-20 construit sur la plateforme Ethereum. Le token est officiellement listé sur MyEtherWallet sous le symbole JET et le supply maximum est de 80,000,000 de tokens. (Pour plus d’informations concernant JET, visitez la page etherscan.io dediée) Le moyen le plus facile d’entrer dans l’ecosysteme Jetcoin, est de telecharger l’application Jetcoin: Google play: https://play.google.com/store/apps/details?id=com.jetcoinApple Store: https://itunes.apple.com/us/app/jetcoin/id1029876424L’apps est gratuite. Une fois installée, cliquez simplement sur “Register Wallet” et suivez les instructions (en anglais). Faire partie de l’écosystème Jetcoin permet aux fans et supporters d’accéder a des expériences uniques : upgrade de places, access aux zonesVIP, accès au « backstage » pour rencontrer les stars, voire même des évènements réservés ou des soirées privées ouvertes seulement au membres Jetcoin. En plus de donner un accès à ces expériences uniques, l’écosystème Jetcoin permet également aux fans d’augmenter leur revenus grâce à des Contrats Jetcoin et leur système innovant de récompense sur les media sociaux P.O.S.E (Proof Of Social Engagement). Plus vous faites la promotion de votre star ou athlète favori sur les médias sociaux, vous êtes récompensés en Jetcoins. Aidez une jeune pousse à percer, et permettez lui de devenir un véritable champion, bénéficiez de sa réussite! --- L'HISTORE DE JETCOINJetcoin n'est pas une aventure qui vient juste de commencer : L’histoire Jetcoin à débuté en 2014. En Aout 2014, dans le cadre du lancement de la marque Jetcoin sur la scène internationale, et afin de pouvoir commencer à tester une certaines innovations technologiques au travers de concepts de crowd-sourcing (financement participatif), Jetcoin est devenue la première cryptomonnaie a devenir le sponsor principal de 2 équipes de football de SerieA italienne A.C. ChievoVerona et Hellas Verona.  Cliquer sur l’image pour accéder à la vidéo de la signature du contrat entre
le CEO de Jetcoin Mr. Eric Alexandre et le General Manager de HV, Mr. Giovanni Gardini.Dans le cadre du développement d’un écosystème de partenariats avec JetCoin, de nombreux contrats ont été signés avec de grands-noms comme Samsung Sportsflow ou Pogosea. L’institut Jetcoin a également récemment développé et lancé iStadia, une application gratuite destinée à augmenter les possibilités d’interaction entre fans pendant les matches de football en direct. En 2017, d’autres partenariats prestigieux sont annoncés : En aout 2017, Jetcoin continue d’etendre sa relation avec le club Hella Verona, en ouvrant le Jetcoin Institute’s first talent search for rising soccer stars, dont le but est de découvrir les talents de demain. Hellas Verona offre en retour une exposition digitale incroyable pour Jetcoin en affichant le logo Jetcoin pendant les matches, diffusés dans plus de 80 pays. En Septembre 2017, Jetcoin est fier d’être un sponsor official de Sky Grandé Prix 2017, les meilleures soirées rooftop of Singapore sur le thème de la Formule 1. Enfin, tout récemment, en octobre 2017 Jetcoin étend sa stratégie au monde du luxe et du lifefstyle, en sponsorisant l’évènement « Singapore Rendezvous 2017 » avec en featuring le prestigieux DJ Motiv8 le DJ original des Black-Eyed Peas.--- JET FAQ, EXCHANGES ET SOCIAL-MEDIAPour toute question, visitez le site de JetcoinInstitute: https://www.jetcoininstitute.com/jet-qa/(JET) est disponible sur de nombreuses plateformes d’echange de cryptomonnaies ( lien coinmarketcap) |  |  |  | | COSS.io | Coinexchange.io | EtherDelta |
Pour nous suivre sur vos médias sociaux favoris : © Jetcoin - Fueling the World of Sports and Entertainment 2017 |
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Bitcoin / Bitcoin Discussion / Be ready for more rumors and fud from China
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on: September 08, 2017, 03:31:01 PM
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Reason is simple:
It has been TWICE that china got burnt on BTC, selling as low as $3,900 last weekend, and as low at $4,100 today.
Every time, BTC showed strong resilience and systematically went back up in the $4,400
Lots of Chinese traders lots money, and WILL want to make this money back... spreading FUD and fake news on BTC.
Just be ready... hodl or trade... but it will happen again.
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Alternate cryptocurrencies / Speculation (Altcoins) / Anybody with $10,000 worth of BTC+Alts today should be a Millionnaire in 2025
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on: August 03, 2017, 11:17:28 PM
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Provocative title... but so true... Today, the market cap off all the Cryptos is north of $100B.It is EXTREMELY low compared to the values seen in the tech world (except for some shady ICOs ;-) ) In details, Bitcoin counts for $50B mk, and if we only take the top20 alts, we are at roughly $45B mk to add, the rest being peanuts. If we take the biggest financial places in the world: NYSE = $16T NASDAQ = $7.4T ... ... KOREA Exchange = $1.3T ... etc. http://money.visualcapitalist.com/all-of-the-worlds-stock-exchanges-by-size/There are 60 major exchanges in the world, with a mk of $70 Trillion ($70,000 Billion!) There are lots of sh1t companies listed to the stock exchanges as there are lots of sh1tcoins on the alts-market, it's a "reasonable" statement to compare them as they both deal with a wide array of technology companies. -> That means a market cap of cca. $13 Trillion to reach for the crypto market. Doable, at least on paper. Compared vs today, that is a x130 factor vs. the current market cap of the "BTC+ALTS world" That said, if you have $10,000 worth of BTC+ALTs, you should end with $1.3M in the next years if the market raises to the aforementioned levels. Of course, not ALL your coins will raise, and you may lose a significant part of your portfolio... but even if 30% goes to dust (or to exchanges...), you should end up with the magic 7-figure. Your thoughts? P.S.: if we assume that BTC will continue to trust the top and will account for at least 30%-40% of the total marketcap, it means a BTC mk at cca $5Trillion with 21M coins, that is $250,000 per coin. John McAffee is just x2 more bullish but we are in the same realm of figures; and he could be right... |
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Bitcoin / Bitcoin Discussion / If you believe that forking will give you 2 coins worth more than 1 coin
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on: July 28, 2017, 04:11:40 PM
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please keep in mind that
1BTC + 1BCC worth $1,000 is not as smart as 1 BTC worth $3,000...
BCC is a scam, it is almost sort of "pre-mined" by Bitmain (hash power and 1st move advantage), and was only created to enrich Bitmains' greedy board.
Too bad, beacuse the idea of a way bigger block size is great and that is what BTC needs (up to a certain extend, to keep the "decentralized" idea, even if 1% of holders have 69% of BTC...)
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Alternate cryptocurrencies / Altcoin Discussion / The one and only real way to see the market raise
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on: June 26, 2017, 04:12:08 PM
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(such a shady title right?)
In this highly finance oriented world of cryptos, with all the exchanges, and charts we see and analyze, I believe that adding a bit of basic economics it healthy.
The reason is simple: trading techniques and chart analysis are for the short term, and a more macro-economic approach will help on the long run. The explanation is even simpler: trading techniques target the existing market and try to optimize flows within this semi-closed market.
They don’t increase the demand from the outside, and their constantly evolving algorithms generate more and more disturbances. The vicious circle is that volatility can yield to better results sometimes for day-trading, and let the algorithm think it is getting better... thus going this way (it's like cancer...).
Bottom line is: Pump groups, robot-block-walls on the exchanges, signal analysis, or even simple Stop-Loss orders are only generating more volatility on the market and do not bring added value to the system. They just re-shuffle temporary the values of its' components (coins).
What we need is more DEMAND, from the outside. More Fiat turned into BTC, en thturned into alts.
-> If we want a x10 or even a x100, we therefore simply need more people to be interested in altcoins.
(Note: And this is where volatility is our enemy, it can scare the newcomers).
From a stupidly basic economic point of view, we have an offer vs. demand issue... and hence a solution.
The OFFER of altcoins is increasing, with all the ICOs, therefore, if we do not ensure that DEMAND raises, we will see bad times coming soon.
When I say DEMAND, I speak about NEW-ENTRANTS in the markets, people who will trade their "K or W earned" EUR, KRW or USD for BTC and then into Alt-coins. (Note; W stands of WORK, K for Capital)
When demand raises, the market grows. Offer vs. Demand is always right. Elasticity creates pricing power when the offer starts to be challenged by the demand. Everything raises because we pump the value from the fiat market.
CONCLUSION: the ONLY way out up is to have more and more people jumping in the crytpo-currency world.
A recent study shows that only 3 Million people in the world are trading alt-coins. We need this figure to be x10, it can even be x100 easily in the mid-term.
-> Stop evangelizing here on this specialized place, you preach in your own church: become a missionary and speak the world about cryptos.
(and please... undo your stop-loss orders..., you will lose your shirt, sawing the branch on which you are seated because you see it bending a bit.)
We need more DEMAND.
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