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

[hodl_2015]

Do you realise that "spending" the coins is a taxable event?

No. If you don't convert, you don't need to pay anything at least not in Europe.

At least in the Netherlands, you still have to pay 30% income tax on a fictive 4% gain, which works out as a fixed 1.2% tax per year, based on the total value of property (excluding one house and car, but including bitcoin, gold, cash above a few hundred bucks, etc.).
The 4% is fixed. Even if your savings account pays 0.1% interest you have to pay for a 4% gain. if bitcoin is going up or down 99%, you still pay for a 4% gain. Value is based _only_ on the value at jan 1st, which kind of sucks if bitcoun peaks around newjear.

Short-term hodling is seen as speculating "work" and full income tax (upto 52% here) is due on the actual gains.
Long-term hodling is seen as investment and not taxed, except for the above 1.2% / year.

We still pay 21% sales tax if we spend any money, but conversions between bitcoin and euro's are not counted as spending.

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[turboblade]

BCH now 30% more profitable as per coin dance. What happens now. Is anyone else panicking?

[JimboToronto]

Cool. Just caught the dip and bought $1000CAD worth when it was below $4kUSD.
 
It can go up now.  

[El duderino_]

And How high Will BTH go ...... Just holding it But big part of me wants to sell another part as wel ...........

korea is leading this run by a country mile which means it could go crazy high as they don't seem to care what they're pumping.

they were the ones who pushed ethereum to the absolute heights.

i don't think it's a ver pump any more. anyone might regret getting rid now.

Yeah watching it closely this crazy run where Will it end.....

[becoin]

Thanks for the free money drop, Ver and Wu! Veeeeery nice.  

[El duderino_]

Cool. Just caught the dip and bought $1000CAD worth when it was below $4kUSD.
 
It can go up now.  

Got A Nice amount of fiat as wel ready to buy the dip , But Allmost thinking of buying BTH in Its run Haha
BUT no stick with my original plan buy A Nice dip of btc only thinking to buy now or want A little Any suggestions ?

[lightfoot]

In the US, you owe taxes on the value when you receive it and then again if there are gains when you sell it.

Are you really declaring your ownership of BTC? OMG. 

Not as such. If you receive it as payment (as I do) you have to pay the normal income taxes on it at the rate of the bitcoin at the time. Then if you sell it later you need to take into account capital gains or losses and pay taxes on only that differential amount.

It's one reason I use LIFO accounting: I can fix things for people, take bitcoins, then convert some into cash to set aside for taxes and for buying equipment/parts/shipping. Normally the fluctuation is minimal short term so no STCG taxes and no screwing with the old stuff (which has appreciated but I'm using LIFO). Bit screwy this year with the bouncing, but still not bad.

(One of the 500 or so people who actually paid all taxes on bitcoins earned last year. It was kind of a silly return but accurate)

[Last of the V8s]

Thanks for the free money drop, Ver and Wu! Veeeeery nice.  

Yeah and it's nice to mine a shitcoin once in a while. ppc, dgb-sha, dem, bcc all convert quite nicely to hard currency.

Anyone remember mining paycoin back in the day? How long did Garza get in jail?

[bitserve]

In the US, you owe taxes on the value when you receive it and then again if there are gains when you sell it.

Are you really declaring your ownership of BTC? OMG.  

Not as such. If you receive it as payment (as I do) you have to pay the normal income taxes on it at the rate of the bitcoin at the time. Then if you sell it later you need to take into account capital gains or losses and pay taxes on only that differential amount.

It's one reason I use FIFO accounting: I can fix things for people, take bitcoins, then convert some into cash to set aside for taxes and for buying equipment/parts/shipping. Normally the fluctuation is minimal short term so no STCG taxes and no screwing with the old stuff (which has appreciated but I'm using FIFO). Bit screwy this year with the bouncing, but still not bad.

(One of the 500 or so people who actually paid all taxes on bitcoins earned last year. It was kind of a silly return but accurate)

but FIFO means if you had early Bitcoins (like at $5 or $50 each) those are the ones you are first selling. how is that no screwing with the "old stuff".

[JimboToronto]

Cool. Just caught the dip and bought $1000CAD worth when it was below $4kUSD.
 
It can go up now.  

Got A Nice amount of fiat as wel ready to buy the dip , But Allmost thinking of buying BTH in Its run Haha
BUT no stick with my original plan buy A Nice dip of btc only thinking to buy now or want A little Any suggestions ?

I also have more fiat waiting for a further dip but after it dropped over $500USD in 2 days, I jumped at it.  Anything under $4kUSD is a bargain.

As for AltcoinCash, I'll continue holding my forking windfall but I'm not ready to throw any fiat at it quite yet. Let's wait and see.

[YamashitaRen]

Cool. Just caught the dip and bought $1000CAD worth when it was below $4kUSD.
 
It can go up now.  

Got A Nice amount of fiat as wel ready to buy the dip , But Allmost thinking of buying BTH in Its run Haha
BUT no stick with my original plan buy A Nice dip of btc only thinking to buy now or want A little Any suggestions ?

Seems like this BCH train is a nice ride to have... for now. Sadly I missed its last halt so I will just go sleep and check where both trains are tomorrow
Doubt BCH pump will end there though...

[BlindMayorBitcorn]

Cool. Just caught the dip and bought $1000CAD worth when it was below $4kUSD.
 
It can go up now.  

Got A Nice amount of fiat as wel ready to buy the dip , But Allmost thinking of buying BTH in Its run Haha
BUT no stick with my original plan buy A Nice dip of btc only thinking to buy now or want A little Any suggestions ?

I also have more fiat waiting for a further dip but after it dropped over $500USD in 2 days, I jumped at it.  Anything under $4kUSD is a bargain.

As for AltcoinCash, I'll continue holding my forking windfall but I'm not ready to throw any fiat at it quite yet. Let's wait and see.

How come?

[lightfoot]

In the US, you owe taxes on the value when you receive it and then again if there are gains when you sell it.

Are you really declaring your ownership of BTC? OMG.  

Not as such. If you receive it as payment (as I do) you have to pay the normal income taxes on it at the rate of the bitcoin at the time. Then if you sell it later you need to take into account capital gains or losses and pay taxes on only that differential amount.

It's one reason I use FIFO accounting: I can fix things for people, take bitcoins, then convert some into cash to set aside for taxes and for buying equipment/parts/shipping. Normally the fluctuation is minimal short term so no STCG taxes and no screwing with the old stuff (which has appreciated but I'm using FIFO). Bit screwy this year with the bouncing, but still not bad.

(One of the 500 or so people who actually paid all taxes on bitcoins earned last year. It was kind of a silly return but accurate)

but FIFO means if you had early Bitcoins (like at $5 or $50 each) those are the ones you are first selling. how is that no screwing with the "old stuff".

Fuck, I meant LIFO. My error.

[r0ach]

I dislike the current dump.

[bitserve]

Every BCH holder please go onto your seats and expect high turbulence and downtrend as the next block -after more than hour- arrives the exchanges. You have all been warned.

[BlindMayorBitcorn]

I for one have started to migrate my coins out of their old private keys slumber. I'm tired of being forced to own fork coins.

+1

At 20% it'd be rude not to.

[YamashitaRen]

Blah usual "I'm too sleepy, I'll stay in USD", look at BTC recover from sub-4k and buy at 4060 because it would be dumb to miss the train...
Now I can chose between putting a "no-loss" stop order which is likely to get hit and a ~4k stop order which is unlikely to get hit if market recover but would net me not so nice losses...

[becoin]

Except Ver and Wu, who else sold at the bottom?

[soullyG]

Bear Trap over? Back up to $4140 already and BCH down to 0.16

[bitserve]

Except Ver and Wu, who else sold at the bottom?

I did. I sold some BCH at over 0.19 when BTC bottomed.