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

[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.

[1638641760]

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[1638641760]

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[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?

[realr0ach]

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 ...

You are not required to do that because Jews at CNN money (who control the money supply) said math is racist:

[RoomBot]

well i sold @12800

Your entire stash ?

It’s a bit like those guys who sold their entire stash at $8 per coin because it can’t go any higher.

yeah...  when kicking myself for selling  a chunk at $1000 early last year, (lesson learned, dont listen to delusional jew haters, lol)
 I think of those that sold everything at $8, and I don't feel so bad....

Ya gotta live a little!
Life is for living, not hoarding.
I don't regret my BTC purchases, although in today's $USD, my first BTC hoodie cost $90,000 

[RoomBot]

sell body > sell btc

LOL!  Only a TRUE geek makes existential philosophy into an equation.

[RoomBot]

Did you actually buy some back in the 9's Bob?  That is like gravy money for ya. LOL  Who the heck needs to cash out when you can make a killing off people panic selling.

TBH, I can't wait for the next round of panic in late 2018, when I'm fully retired, and can "play the markets" with wild abandon, knowing my retirement has been secured.

Looking forward to a lot of lulz at the expense of panic sellers.

Good thing I pay my accounting firm so well to deal with the tax headaches, and making sure I'm above-board with the IRS.

BTW, Gemini support is terrible. Absolutely awful. I apologize for being blunt, but I've been working through issues cashing out $1M USD from a sale back above $14k, and still have not received a single freaking response from customer service.

Their system for getting verified is a bit convoluted - Wire in money from your financial institution, and, in theory, that sets up a two-way channel for them to initiate wires back to you.

Well, this works great for my primary financial institution, but not for the institution that is handling my retirement portfolio.

Long-story-short, I'm needing to wire funds out of Gemini into Financial Institution A, and then walk into Institution A and say "Greetings folks. I would like to make a Wire Transfer to Institution B. Here is my account information."... wait a moment while they pull up my account, sigh to myself as their eyes bug out and raise a curious eyebrow towards me, look further into my account history, and say "Yessir Mister Lawblaw. We'll get right on that. Would you like covfefe while you wait ? We'll need the manager to sign off on this..."

Coinbase has better support, for the love of God.

Coinbase at least allows me to ACH direct into Institution B. I feel dirty supporting Coinbase tho.

All the exchanges are shit.

Just learned that you can cash out from Conbase at 2.5% using paypal 

[jojo69]

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?

kind of makes this whole government thing seem kind of silly doesn't it

[realr0ach]

my first BTC hoodie cost $90,000  

That's not a valid way to think of it.  Bitcoin isn't an actual store of value or anything.  Whether you want to admit it or not, it's a 'scheme'.  Either a flat out fly by night pump and dump at worst, or an imaginary token of a dysfunctional Rube Goldberg machine that will eventually collapse at best.  

Anything acquired with it is the equivalent of black looters rushing a Footlocker and trying to run out with shoes.  Some looters will get only one shoe and will have completely wasted their time.  Others will get several boxes of shoes or a 6 pack of Heineken. But you can't feel sorry for the people who didn't get as much because they were all just looters looking for free shit without working by participating in some type of scheme anyway.

[RoomBot]

Spam faucet flooding again at 1 sat. 

I Can Haz MOAR COINZ!?111

            

Oh crap, they're sh!tcoins.


              

[RoomBot]

[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.

As long as it's not XRP or BCH, I'm cool.

Seems i'm outnumbered and I believe in Satoshi's Code, so I'll let The People decide. 

Share away! 

[thrax]

well i sold @12800

Your entire stash ?

It’s a bit like those guys who sold their entire stash at $8 per coin because it can’t go any higher.

yeah...  when kicking myself for selling  a chunk at $1000 early last year, (lesson learned, dont listen to delusional jew haters, lol)
 I think of those that sold everything at $8, and I don't feel so bad....

The guys that sold everything at $8 probably don't feel so bad when they think of the guys that shorted at $4 and got squeezed.

People sold for $ is the only reason.

I remember shorting at $4 waiting to close the short at $3.50.

It reached $3.60 then shot up to $4.50....short squeeze.

That was with several hundred bitcoins.

[infofront]

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?

In the US:
The 1 Eth mined is taxed as income.
When you trade the ETH for BTC, assuming you held the ETH for <1 year, you'd pay short term capital gains tax on the amount the ETH appreciated since it was mined.
After you sold the BTC, you'd pay long term capital gains tax on the entire amount.

[DaRude]

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?

In the US:
The 1 Eth mined is taxed as income.
When you trade the ETH for BTC, assuming you held the ETH for <1 year, you'd pay short term capital gains tax on the amount the ETH appreciated since it was mined.
After you sold the BTC, you'd pay long term capital gains tax on the entire amount.

Hmm how about we throw some dates on this, this is how i understand it, but i'm not a tax professional:

1 June 2015 1 ETH mined (ETH spot price $1)
1 January 2016 sold 1 ETH for 0,01 BTC (ETH spot $10)
2 January 2018 sold 0,01 BTC (BTC spot $20000)

So first in 2015 income on mined ETH $1 is fully taxed as regular income (but can expense equipment costs and electric bills?)
2016 $9 ($10spot - $1base) is taxed at short term capital gains
2018 $190 ($200gross - $10base) is taxed at long term capital gains

[realr0ach]

After discovering this old Peter Thiel quote, I think I will now refer to bitcoin as "Thiel's Folly 2.0":

"PayPal will give citizens worldwide more direct control over their currencies than they ever had before. It will be nearly impossible for corrupt governments to steal wealth from their people through their old means, because if they try, the people will switch to dollars or pounds or yen, in effect dumping the worthless local currency for something more secure."

[infofront]

1. So first in 2015 income on mined ETH $1 is fully taxed as regular income (but can expense equipment costs and electric bills?)
2. 2016 $9 ($10spot - $1base) is taxed at short term capital gains
3. 2018 $190 ($200gross - $10base) is taxed at long term capital gains

1. Yes, and yes - you can deduct electricity and probably part of the equipment
2. Yes, if you've been holding it for 364 days or less. That's where it gets tricky though, since you might've been mining something like .02 ETH per day. Anyway, if you were holding it 365 days or more you'd pay long term capital gains on the $9.
3. Yes

[Azazel333]

Ok so I made a blockchain wallet a long time ago and have the private key. This was before the wallet supported Ethereum and Bitcoin Cash.

Will that old private key still work if I'm holding Ethereum in the wallet? I see the wallet now says "export private key" on the ethereum tab. So i was thinking it may not.

Appreciate it if anyone helps me out with this.