The bulk of thes forks will disappear into obscurity and make Bitcoin look like a joke, just people trying to make a quick buck off the Bitcoin name. I hope they all start with zero value and stay that way
I myself, expected the same by now.In other words say BCH has value, eventually, that value would just fold itself back into BTC was my view....or at worse the other alts...but
the whole crypto world is such a mess, I'm not sure anymore....as an example no more like kind in the USA on capital gains....so you used to be able to move ETH to LTC to BTC
say and if you never moved the BTC no capital gains..now for each move of coin to coin..you have to figure out capital gains at the time...now for instant xfers not a problem...
for keeping many alts etc...that ain't gonna happen with me an IRS....so my movement of such is now limited
again, I think the IRS if they want to, could dump crypto prices by half, with 1 stupid rule, likely on purpose......I mean they went after coinbase database of
15 million folks, and also demanded all passwords, because they found 3 folk cheating thru coinbase on their taxes....
thus, I expect some major idiocy in some manner to come out of IRS when they finally (after 3 years of stalling congress) come out with some rules
I can't do much about it ..I'm at 50% tax rate on mining (w/10% tax for my state in USA added) and if less than a year moving coin 40% capital gains on the old hoard
(which would be most of it) more than 1 year an day held....and again 10% of that added for the state I'm in)
Just gonna have to ride this horse till it dies I guess, but while the ride is exciting....I'm having a hard time, figuring out how to stop the damn horse and get off
w/o my ass being handed to me, by above taxes, a correction, or hell who knows what?
fun times, be careful what you wish for you may surely get it!
brad
If the forks are worth something, I'm the last one who hates them.
I also don't think they are bad for the "true" bitcoin, so why not, it's literally free money!
Ah, but there is always a CATCH, on such free money..I'm not sure what it is gonna be though...before 2013 every miner was happy as hell,
then the IRS came along and really, really disliked mining $$$ from thin air..thus income tax on mining and the other 2013 rule all spent crypto
had capital gains from 2009 onward...so that 2009 BTC you got for 10c and got a T.V. with for $1,000.00, you owed IRS equivelent of $999.90 in
capital gains tax.....fun stuff like that ...Imagine what the IRS or powers that be in Gov't can do with all that free blockchain $$$ falling form the sky!
shudder!
Again, it is UNLIKELY as hell, that if you don't touch any of this forked coin (imho) that it will be taxed...but the 1 out of 20 chance, makes me
squirm, such an event as calling such income, would drop all crypto to 1/2 its current value imho.
perhaps, I just like scaring the f*ck out of myself (on the other hand I got to talk to the SEC in 2013, because my bank called them up, because
all BTC was evil drug lords, so after getting the letter from the bank, I walked around town, secretly knowing that people thought I was NOTORIOUS
CRIME BOSS!....it was great....I'd walk into the bank...no one would make eye contact.....needless to say the SEC was NOT amused to find out I was normal and boring)
yeah, I changed banks don't ya know soon after.....frigging idiots
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