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Author Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion  (Read 21335596 times)
This is a self-moderated topic. If you do not want to be moderated by the person who started this topic, create a new topic. (104 posts by 20 users deleted.)
JSRAW
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August 06, 2019, 02:20:02 PM

@LFC

British tax authority seeks customer data from crypto exchanges in search of tax evaders

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HM Revenue & Customs, the British tax authority, is pressuring cryptocurrency exchanges to reveal customers’ names and transaction histories, in a bid to claw back unpaid taxes, industry sources said.

Letters requesting lists of customers and transaction data have landed on the doorsteps of at least three exchanges doing business in the U.K. – Coinbase, eToro and CEX.IO – in the last week or so, the sources said. None of the three firms would comment by press time.

“If they [HMRC] do only go back two or three years, I think the interesting thing here is, that the individuals who went into crypto very early on in 2012-13 will not be affected. The ones who probably made the largest gains won’t be affected, it will be the people who came in around the time crypto peaked.”
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LFC_Bitcoin
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August 06, 2019, 02:26:03 PM

@LFC

British tax authority seeks customer data from crypto exchanges in search of tax evaders

Quote
HM Revenue & Customs, the British tax authority, is pressuring cryptocurrency exchanges to reveal customers’ names and transaction histories, in a bid to claw back unpaid taxes, industry sources said.

Letters requesting lists of customers and transaction data have landed on the doorsteps of at least three exchanges doing business in the U.K. – Coinbase, eToro and CEX.IO – in the last week or so, the sources said. None of the three firms would comment by press time.

“If they [HMRC] do only go back two or three years, I think the interesting thing here is, that the individuals who went into crypto very early on in 2012-13 will not be affected. The ones who probably made the largest gains won’t be affected, it will be the people who came in around the time crypto peaked.”


I started buying in May 2014. I’ve never declared any tax at all. Correct me if I’m wrong but you only pay capital gains tax when you start to sell?

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August 06, 2019, 02:26:32 PM
Last edit: August 06, 2019, 02:39:51 PM by JSRAW

yes



Yes and yes i read it  Grin

Yes, you must!!



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August 06, 2019, 02:28:48 PM

I started buying in May 2014. I’ve never declared any tax at all. Correct me if I’m wrong but you only pay capital gains tax when you start to sell?

Only when you sell for fiat. If you convert to another digital asset you don't pay capital gains. At least not yet.
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August 06, 2019, 02:51:05 PM

...it's not even really possible for mining to go up like 10x anymore...

Maths: you can always make a math problem harder and it will need more work to be solved. Always

Infinite dams needed? ROFL

Make the reward interesting enough, and everybody will join and mine.


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August 06, 2019, 02:52:00 PM

yes



Yes and yes i read it  Grin

Yes, you must!!





Lol

Ninja edit, didn’t want to incriminate myself Cheesy
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August 06, 2019, 03:00:55 PM

There were originally reports of r0ach sockpuppets spreading conspiracy theories and race hatred.

Quoting nonsense:  ignored
VB1001
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August 06, 2019, 03:06:42 PM
Merited by bitcoinPsycho (1)


Both are garbage.  Since Bitcoin is not fungible, the govt will just claim ANY attempt to mix or obfuscate transaction history is a money laundering crime.  So the default state of Bitcoin's existence will always just be a govt tracking and control system that abolishes the 5th amendment where everything you do is monitored in real-time.

This is among the long lists of reasons why you should NEVER support any piece of shit, non-fungible currency and should always insist on using real, fungible, physical commodity money (gold, silver, copper, etc) that doesn't function as both a tracking system and permissioned ledger.  Anything non-fungible will always be a permissioned ledger in the end.  The only possible endgame evolution of craptocurrency will be identical to the Chinese social credit score system.  You 3rd world Indian children scammers need to fuck off with your shilling for crypto garbage that are just trojan horses for a cashless society slavery system from (((the state))).



Quote
Since the 1st of the month. If you are not bullish on Bitcoin you are doing it wrong.

$BTC $XAU $SPX
https://twitter.com/CanteringClark/status/1158375817904369667

Keep buying rocks.
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August 06, 2019, 03:08:35 PM
Last edit: August 06, 2019, 03:19:22 PM by realr0ach

There were originally reports of multiple shooters at different areas of the walmart/mall.

Quoting nonsense:  ignored

Even PBS says there were 4 shooters at walmart and PBS is by no means right wing.  The false flag is completely blown apart.  Fuck off anti-1st and 2nd amendment shitlibs and your Mossad false flag terrorism.

https://www.pbs.org/newshour/nation/police-warn-of-an-active-shooter-at-an-el-paso-texas-mall

Besides, this is Wall Observer.  We fly the swastika here m8.
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August 06, 2019, 03:27:00 PM

I started buying in May 2014. I’ve never declared any tax at all. Correct me if I’m wrong but you only pay capital gains tax when you start to sell?

Only when you sell for fiat. If you convert to another digital asset you don't pay capital gains. At least not yet.

Nope. In the UK and US every move to fiat or alts is a disposal and therefore taxable. Could be totally different where you're at but everyone should do a little homework or you may end up with a tax bill 100x bigger than your current holdings.
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August 06, 2019, 03:34:19 PM

Bitmex is a FUD dump factory, disguised  as a crypto exchange

Quit trolling, Marcus of Tel Aviv.  It's not the bucketshop Bitmex holding down the price of Bitcoin, it's the fact Bitcoin has zero fundamentals because it's designed to centralize giving it no reason to even exist, not to mention being utter shit compared to physical metals even if it wasn't designed to centralize.  That and mining expansion is required to pump and dump Bitcoin higher but global mining is already enormous and cannot increase ten fold to support any of these idiotic, unrealistic price numbers people claim unless you're willing to wait 20-40 years for numerous more halvings.
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August 06, 2019, 03:36:09 PM


https://twitter.com/lopp/status/1158718880451301377
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August 06, 2019, 03:38:46 PM
Last edit: August 06, 2019, 04:19:54 PM by kurious

I started buying in May 2014. I’ve never declared any tax at all. Correct me if I’m wrong but you only pay capital gains tax when you start to sell?

Only when you sell for fiat. If you convert to another digital asset you don't pay capital gains. At least not yet.

Actually HMRC considers any transaction that involves a gain, even if it is crypto-to-crypto is taxable, not just conversion to fiat.  So if you have some BTC from way back and convert some into (say) LTC, there is a gain that is taxable if what you paid originally is converted now into something that is more valuable in the transaction.

There is good software to help with this.  

Where LFC is OK, is that if you are just a hodler and have never traded you are ok, as you have never realised the gains; so no CGT is due.  If you do trade into anything else (buy Lambo with BTC, buy some alts etc) it's a capital gain if the value realised is worth more than you originally paid.

Another reason to HODL, for the UK-based OGs...

EDIT:  Gentlemand beat me to it. Props, Sir!
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August 06, 2019, 03:38:48 PM

Please stop quoting idiots who believe in the Walmart false flag shooting.  You can already extrapolate what's going on from Shitunlocker the JIDF shill.  The kikes are blackmailing Trump with threats of linking him to Epstein and Trump folded.  Did Trump hang out on Lolita island and do criminal stuff?  Hell if I know.  But even if he didn't he folded like a bitch to threats of them attempting to frame him and is now committing treason and trying to get rid of the 2nd amendment for the evil cult of Judaism.
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August 06, 2019, 03:40:23 PM

I started buying in May 2014. I’ve never declared any tax at all. Correct me if I’m wrong but you only pay capital gains tax when you start to sell?

Only when you sell for fiat. If you convert to another digital asset you don't pay capital gains. At least not yet.

Nope. In the UK and US every move to fiat or alts is a disposal and therefore taxable. Could be totally different where you're at but everyone should do a little homework or you may end up with a tax bill 100x bigger than your current holdings.

Yes you are right, my information was incorrect. Not sure if it was outdated or I just never learned it correctly, but I agree with your warning. Here's some more recent info applicable to US folks:

When US president Donald Trump signed his monumental tax bill into effect late last year, it more clearly defined cryptocurrency as a taxable entity. It included an amendment to section 1031 (a)(1), which concerns “like kind exchanges,” meaning any crypto being traded for another is now legally taxable. So even if you have never converted your crypto into fiat currency (i.e. the US dollar), but you have traded between two cryptos (like buying ethereum using your bitcoin), then you need to declare it. If you unintentionally earned money through one of your currencies forking, even though you didn’t have control over it, then that’s also a taxable event.
https://qz.com/1247447/bitcoin-and-ethereum-income-tax-if-you-traded-crypto-on-coinbase-you-owe-the-irs/
VB1001
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August 06, 2019, 03:44:04 PM
Last edit: August 06, 2019, 04:06:47 PM by VB1001

I started buying in May 2014. I’ve never declared any tax at all. Correct me if I’m wrong but you only pay capital gains tax when you start to sell?

Only when you sell for fiat. If you convert to another digital asset you don't pay capital gains. At least not yet.

Actually HMRC considers any transaction that involves a gain, even if it is crypto-to-crypto is taxable, not just conversion to fiat.  So if you have some BTC from way back and convert some into (say) LTC, there is a gain that is taxable if what you paid originally is converted now into something that is more valuable in the transaction.

There is good software to help with this.  

Where LFC is OK, is that if you are just a hodler and have never traded you are ok, as you have never realised the gains; so no CGT is due.  If you do trade into anything else (buy Lambo with BTC, buy some alts etc) it's a capital gain if the value realised is worth more than you originally paid.

Another reason to HODL, for the UK-based OGs...



https://cointracking.info/

Accept BTCitcoin payment, but it has free version up to 200 transactions.

CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies

https://bitcointalk.org/index.php?topic=220238
Paashaas
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August 06, 2019, 04:02:03 PM

Keep stacking Satoshi's. Smiley

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August 06, 2019, 04:02:48 PM

"Please stop quoting idiots"

Oops
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August 06, 2019, 04:18:11 PM

Thank you, bitcoinPsycho, JayJuanGee, Trollgoossens, and Elwar for demonstrating your talented ability to make a crackpipe glow red.
kurious
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August 06, 2019, 04:27:23 PM

I started buying in May 2014. I’ve never declared any tax at all. Correct me if I’m wrong but you only pay capital gains tax when you start to sell?

Only when you sell for fiat. If you convert to another digital asset you don't pay capital gains. At least not yet.

Actually HMRC considers any transaction that involves a gain, even if it is crypto-to-crypto is taxable, not just conversion to fiat.  So if you have some BTC from way back and convert some into (say) LTC, there is a gain that is taxable if what you paid originally is converted now into something that is more valuable in the transaction.

There is good software to help with this.  

Where LFC is OK, is that if you are just a hodler and have never traded you are ok, as you have never realised the gains; so no CGT is due.  If you do trade into anything else (buy Lambo with BTC, buy some alts etc) it's a capital gain if the value realised is worth more than you originally paid.

Another reason to HODL, for the UK-based OGs...



https://cointracking.info/

Accept BTCitcoin payment, but it has free version up to 200 transactions.

CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies

https://bitcointalk.org/index.php?topic=220238

Actually I did try this one last year and I found it was OK on US, not so on UK.

This one is more expensive - but it did my tax return last year and was worth every cent:

IMHO - this one is superb:  https://www.cointracker.io
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