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

[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

[HairyMaclairy]

Ahh there’s the weekend dump. 

[jojo69]

no man, they abandoned the potassium proofs

bananacash classic it where it's at

[RoomBot]

I’m not here to shill so I will only say it once - but this is coming from someone who correctly called Dentacoin and Mediblocks.

Telcoin on Kucoin is shaping up as a nice shitcoin. Cheap, is rising nicely and still deep in the ranks at 137 on CMC. Lots of headroom just don’t be greedy.  

Please let me know if this sort of commentary is unwanted and I won’t mention other things I find.

Awesome contribution, but not for here.  Please start a new thread & share the link.

BTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTC

[bitserve]

Ahh there’s the weekend dump. 

A dump? This is not even a fart.

[Dabs]

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

I actually don't keep track at all, particularly for the crypto-crypto only exchanges. The unverified ones I used pseudo-anonymous gmail accounts created from free wifi on a coffee shop one city away while wearing a baseball cap. After getting 2FA set up, they are never again accessed from anywhere else but through tor.

For the exchanges where I cash out to fiat, some of them don't require verification at all (I guess because they do have my bank account info already). The ones that require verification, I just borrow someone else's ID. Sometimes I make them up using mad photoshop skillz, and they seem to work too.

As far as the government and the tax authorities are concerned, I'm a normal person paying normal taxes. They have other bigger fish to catch and fry. I'm also a part of the government, so maybe that helps that no one bothers me otherwise, fringe benefits and all that.

[TERA2]

but, but, bitcoin is not allowed to fall or retrace ever, only rise in a perpetual staircase pattern.

[TERA2]

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

The report the exchanges give me is tens of thousands of pages long full of everyone I traded against. They wont group it by just my trades. So it's impossible to work with. I already do a large amount of trades by myself.

[realr0ach]

Another day debunking lies from cryptocurrency scammers who try to re-write the laws of reality:

Central banks already feel greshams law pressuring them. Sooner or later they will be fully reserved in crypto

An imaginary token is not a "reserve", it's an IOU.  Not sure how you people are this uneducated.  If a nation buys a foreign currency, they're entering an informal contract and receiving an IOU or credit of the other country. Bitcoin is the same thing except instead of signing up for an informal credit contract with another nation, you have essentially scammed yourself and signed up to allow a withdrawal to anonymously be made from your coffers with no possible way to recoup it unless you can trick someone else into taking your place as creditor to this unknown entity.

This is why the people who issue paper money (aka IOUs) make fun of the people who accept it such as the picture below.  Since humans live in the physical plane of existence and not inside of a computer where scarcity doesn't even exist, unless you have taken physical delivery of some type of object in this plane of existence, you're a creditor.  You can then argue about whether you got a good deal or not on the markup or seigniorage fee of the product afterwards, but those are the facts.

[HairyMaclairy]

[snip]

Awesome contribution, but not for here.  Please start a new thread & share the link.

BTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTCBTC

Understood.  It was well meaning and quite profitable but we don’t want to pollute this thread either.

[TERA2]

[RoomBot]

Do people call it Baroke? lol


On another note: https://www.ccn.com/bitcoin-will-totally-collapse-even-takes-100-years-nobel-prize-winner/

Omg, things that exist eventually (given enough time) disappear!!! Thank god for Noble prize Economists enlightening us about the universe.

Oh noes!  It must be the end of MATHS!

idiots. 

[adaseb]

How do you guys compute your taxes when...

You mined 1 ETH with your GPU ....

You sold 1 ETH and bought BTC ....

You held that BTC for a long time and then sold for USD ...

The 1 ETH is business income?
The BTC is considered capital gains?

[TERA2]

How do you guys compute your taxes when...

You mined 1 ETH with your GPU ....

You sold 1 ETH and bought BTC ....

You held that BTC for a long time and then sold for USD ...

The 1 ETH is business income?
The BTC is considered capital gains?

Heres my question. In 2017. Ive held bitcoin for 3 years, then that bitcoin forked into bitcoin cash, which i sold for bitcoin. then i used the bitcoin and the bitcoin cash proceeds to trade dogecoin and make more bitcoin profits. then finally I sell some bitcoins for cash and withdrawal. How much of this is short term gains and how much is long term gains, or is it all long term gains since cash was the only thing that mattered in 2017? Also are the remaining bitcoins that I made in profit but havent sold taxable or not?