Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[bones261]

Ugh, I just did my taxes on TurboTax and can't bring myself to hit the send button.   This sucks. Should I just suck it up, sell 0.2BTC and transfer to my bank and be done with it? I despise giving the US government any more money.

[Ibian]

Why do we need a different coin for each investment fund in each industry? We already have bitcoin/etc which is already capable of doing this. Cant we just build a kickstarter app on top of bitcoin?

WE NEED SPARTAN COIN. TO DEFEND AGAINST THE BANKING CARTEL. WE NEED IT NOW.

[DPoS2]

Ugh, I just did my taxes on TurboTax and can't bring myself to hit the send button.   This sucks. Should I just suck it up, sell 0.2BTC and transfer to my bank and be done with it? I despise giving the US government any more money.

Why?  Did TurboTax peek into your wallet file?

[Rosewater Foundation]

sell body > sell btc

Dig it.

[yefi]

lulz. YOU'D BE BANANAS NOT TO GO FOR THIS !!!

I better start hoarding real-life bananas, as the price will explode now.

Droves will complain that their favourite fruit has become unaffordable. Tough shit I say, eat plantains!

[Rosewater Foundation]

The Droves: I'd to sell my body for a banana coins, but transaction fees are too high.
Plantains: WTF is wrong with y'all? Just use Plaintain coins!
The Droves: Why are banana coins keep cost more??

[bones261]

Ugh, I just did my taxes on TurboTax and can't bring myself to hit the send button.   This sucks. Should I just suck it up, sell 0.2BTC and transfer to my bank and be done with it? I despise giving the US government any more money.

Why?  Did TurboTax peek into your wallet file?

I input the data into Turbotax to see the damage if I decide to be on the up and up. Also, I have used Coinbase to transfer funds directly to my bank. The only reason that I am considering reporting my capital gains, is the IRS is relentless. I could try to be sly about this whole thing, but if the IRS catches a whiff of this without me even trying to report something, I'm sure they will bend me over with no lube. I'm sure they will find ways to turn the 2 grand to a whole lot more. I really don't want them to garnish, levy and attach the shirt off my back. Furthermore, they could pursue me criminally as well. It may be a pittance, but you never know when the US federal government wants to pick you to be made an example of.

[Bloomie]

Ugh, I just did my taxes on TurboTax and can't bring myself to hit the send button.   This sucks. Should I just suck it up, sell 0.2BTC and transfer to my bank and be done with it? I despise giving the US government any more money.

Why?  Did TurboTax peek into your wallet file?

I input the data into Turbotax to see the damage if I decide to be on the up and up. Also, I have used Coinbase to transfer funds directly to my bank. The only reason that I am considering reporting my capital gains, is the IRS is relentless. I could try to be sly about this whole thing, but if the IRS catches a whiff of this without me even trying to report something, I'm sure they will bend me over with no lube. I'm sure they will find ways to turn the 2 grand to a whole lot more. I really don't want them to garnish, levy and attach the shirt off my back. Furthermore, they could pursue me criminally as well. It may be a pittance, but you never know when the US federal government wants to pick you to be made an example of.

Gotta pay those taxes bro, sorry.

[yefi]

There's going to be a massive divide in society between the impoverished plantainians and the wealthy bananites. Cities will crumble before it is over.

[bones261]

I suppose that I could redo the Schedule d and do LIFO instead of FIFO, and save. However, from what I have read so far from surfing the net is that LIFO is not recommended. Should I stick with the FIFO?

[TERA2]

How exactly do you guys deal with taxes if youve made 1000 trades this year and each trade has dozens of people who traded against your trade and you have complex interactions between altcoins and different exchanges. Do you just kind of estimate how much profit you made based on your account balances? That worked for me in 2013-2016 and I've never been audited but I was once audited for a $1500 Health Savings Account  I didnt report...

[bitserve]

How exactly do you guys deal with taxes if youve made 1000 trades this year and each trade has dozens of people who traded against your trade and you have complex interactions between altcoins and different exchanges. Do you just kind of estimate how much profit you made based on your account balances? That worked for me in 2013-2016 and I've never been audited but I was once audited for a $1500 Health Savings Account  I didnt report...

https://bitcoin.tax/

It supports the report format of most major exchanges.

[Dabs]

I can't count, nor did I document, the tens of thousands of trades I personally did, or the hundred thousand trades some of my bots did, or the million rolls of dice I did (do those count as losses?).

I did use a bunch of different accounts on different exchanges, some of them went Gox and BTC-e ... the others are doing fine. I managed to get some of them verified for liquidity purposes, so I can move more crypto.

But then again, I'm not a US citizen ... I pay my regular taxes from my regular job, that is, when I used to have one. I might get a new gig as a "blockchain consultant" ... that'll be treated differently.

[bitserve]

I can't count, nor did I document, the tens of thousands of trades I personally did, or the hundred thousand trades some of my bots did, or the million rolls of dice I did (do those count as losses?).

I did use a bunch of different accounts on different exchanges, some of them went Gox and BTC-e ... the others are doing fine. I managed to get some of them verified for liquidity purposes, so I can move more crypto.

But then again, I'm not a US citizen ... I pay my regular taxes from my regular job, that is, when I used to have one. I might get a new gig as a "blockchain consultant" ... that'll be treated differently.

You dont need to keep track... the exchanges do for you and give you a nice detailed report of every single trade in csv.

For exchanges that doesnt exist anymore... well, they should believe your word if what you report is consistent. Problem would be if they were able to obtain the reports and it didnt match yours.

The most important thing is that EVERY bank transfer is perfectly matched in whatever you report. Of course in a proper audit that would be nowhere good enough if they were to obtain contradictory data from the exchanges.

[TERA2]

The exchanges do not do very good (if any) reports at all and I've used various paid tools/sites to import the data and they were all completely wrong with errors. They cant keep up with margin vs exchange wallet, altcoins, deposits/withdrawals, etc.

[CinemaAI]

How exactly do you guys deal with taxes if youve made 1000 trades this year and each trade has dozens of people who traded against your trade and you have complex interactions between altcoins and different exchanges. Do you just kind of estimate how much profit you made based on your account balances? That worked for me in 2013-2016 and I've never been audited but I was once audited for a $1500 Health Savings Account  I didnt report...

Estimates are fine, until you get audited. Then the burden of proof is on you, not the IRS (or whatever tax authority you are under).

[bitserve]

The exchanges do not do very good (if any) reports at all and I've used various paid tools/sites to import the data and they were all completely wrong with errors.

Well, in an audit the most they will be able to get are exchanges reports and bank reports. If the exchange report is incomplete thats ok as soon as it is consistent with your bank transfers. If you are not able to get more detailed information from the exchange the tax agency most probably wont either.

What sort of errors? Some manual tuning might be necessary, like choosing LIFO/FIFO/etc and stuff like that.

[bones261]

The exchanges do not do very good (if any) reports at all and I've used various paid tools/sites to import the data and they were all completely wrong with errors. They cant keep up with margin vs exchange wallet, altcoins, deposits/withdrawals, etc.

I used https://bitcoin.tax/ and did the best that I could. Is it perfect? Nope. At least I tried.

[BRPINDIA]

Banana fucking coin. Give me a viking coin or a spartan coin, it would make as much sense. Might even buy a bit because vikings and spartans. Fuck.

BananaCash the the real bitcoin !    *trust me*

Ha ha ha ..

[realr0ach]

teh crash

On the next dump, I would like everyone to run around the room like this and yell "BITCONNNNEEEEEEEEHHHHHH"

http://www.youtube.com/watch?v=9wlDhciUDD0