Badassname
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Activity: 40
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April 24, 2018, 03:45:07 AM |
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It seems many American posters don't understand that Crypto is classified as an Asset in the U.S.
That means every time u sell it (buy something) its a Taxable event requiring a Capital Gains Tax.
Every American here should know this since we just filed our Taxes.
This classification makes using Crypto as a Currency an Acquired price/Sold price pain in the ass!
From what I've read Europe and Asia have labeled crypto an "Alternative" Currency so the TenX model
is still viable in those regions.
I get this. What I don't really get: If you trade for something of equal value, what would be taxed? The problem is the Tax Man doesn't consider it a "trade". They say u are selling one crypto and acquiring another all within that one transaction. Let's say I Buy Nano with BitCoin on an exchange. My Capital Gains Tax is from any profit between BitCoins value when I acquired it and when I used it (considered selling) to buy Nano. If the amount of BTC used was worth $375 when acquired and worth $600 when I used it in the purchase the $225 rise in BTC value incurs a Capital Gains Tax. This CNBC article outlines Crypto Taxes: https://www.c[Suspicious link removed]m/2018/02/21/everything-you-need-to-know-about-bitcoin-and-your-taxes.html Hey, thanks for this. From my understanding, cryptos are considered property, not currency in the US. So, if I trade a bottle of water to you for a bag of beans and then a month later, you decide you really want your beans back. I say those beans will cost you 3 bottles of water now. This is a taxable event and I will have to pay tax on 2 bottles of water? Sounds rediculous to me. |
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"The nature of Bitcoin is such that once version 0.1 was released, the
core design was set in stone for the rest of its lifetime." -- Satoshi
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c0in_junkie
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April 24, 2018, 12:37:10 PM
Last edit: April 25, 2018, 08:01:40 PM by c0in_junkie |
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is there a summary from todays q&a? not time to look atm  |
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russaa8
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April 24, 2018, 02:56:04 PM |
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I already said, but I repeat that TenX is not just plastic cards. This is a project that seeks to combine the classical world of money with the crypto-world. And plastic cards are not the only way!
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Homerdusud
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April 24, 2018, 04:36:35 PM |
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I already said, but I repeat that TenX is not just plastic cards. This is a project that seeks to combine the classical world of money with the crypto-world. And plastic cards are not the only way!
Yeah, but plastic cards allow people to use crypto in real stores just near them. Like to buy gasoline, or bread. Changes everything. |
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NeuroticFish
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Looking for campaign manager? Contact icopress!
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April 24, 2018, 06:56:33 PM |
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Come on, look at the bright side: the lack of cards "helped" people NOT spend too much Bitcoin while it was low. Maybe TenX has plans to release only when Bitcoin touches a certain level. 25k?  |
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russaa8
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April 25, 2018, 08:10:43 AM |
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I already said, but I repeat that TenX is not just plastic cards. This is a project that seeks to combine the classical world of money with the crypto-world. And plastic cards are not the only way!
Yeah, but plastic cards allow people to use crypto in real stores just near them. Like to buy gasoline, or bread. Changes everything. The introduction of NFC / non-contact payments associated with a wallet can be much simpler to use. You can buy products using your smartphone. It's much better than Mastercard and Visa. |
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Freaks
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April 25, 2018, 08:47:01 AM |
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Come on, look at the bright side: the lack of cards "helped" people NOT spend too much Bitcoin while it was low. Maybe TenX has plans to release only when Bitcoin touches a certain level. 25k? That is nice excuse let us wait until bitcoin reach that level but investors don't care about any tech or any level of price. They only want to make profit and this is reality of crypto we need a good solution to resolve this issue asap. |
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Homerdusud
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April 25, 2018, 09:17:41 AM |
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I already said, but I repeat that TenX is not just plastic cards. This is a project that seeks to combine the classical world of money with the crypto-world. And plastic cards are not the only way!
Yeah, but plastic cards allow people to use crypto in real stores just near them. Like to buy gasoline, or bread. Changes everything. The introduction of NFC / non-contact payments associated with a wallet can be much simpler to use. You can buy products using your smartphone. It's much better than Mastercard and Visa. Only work for small amounts... But would be a good start. |
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BroganBloodstone
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April 25, 2018, 10:50:32 AM |
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Hi;
Since "Visa" thing happened, this gateway option does not make any sense to me anymore. I guess Pundi X will be the answer. We will see.
Kind regards
PUNDIX!!!!!! I killed it on that trade (kept some just in case). Almost makes this TenX car wreck bearable. Check out PalmPay.io too. Cool idea using instant conversion to pegged crypto using BitShares. Saves merchants from volatility. One could have called PundiX a wreck also as people who participated on the ICO made a loss up until about a week ago when it boomed. TenX will boom also once they get their banking license. |
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desgrippes
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April 25, 2018, 11:19:16 AM |
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One could have called PundiX a wreck also as people who participated on the ICO made a loss up until about a week ago when it boomed. TenX will boom also once they get their banking license.
[/quote]
Problem with that is cash burn in the meantime. The banking licence ain't coming pre 2020 IMO, TokenPay can't even get one in a hurry in Vanautu, TenX are trying in Europe, do we think they have enough ETH to get them to there?
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BroganBloodstone
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April 25, 2018, 11:51:58 AM |
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One could have called PundiX a wreck also as people who participated on the ICO made a loss up until about a week ago when it boomed. TenX will boom also once they get their banking license.
Problem with that is cash burn in the meantime. The banking licence ain't coming pre 2020 IMO, TokenPay can't even get one in a hurry in Vanautu, TenX are trying in Europe, do we think they have enough ETH to get them to there? [/quote] Not sure, but I intend to keep my coins as I feel TenX has a better chance at it than their competition. |
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russaa8
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April 26, 2018, 11:55:17 AM |
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One could have called PundiX a wreck also as people who participated on the ICO made a loss up until about a week ago when it boomed. TenX will boom also once they get their banking license.
Problem with that is cash burn in the meantime. The banking licence ain't coming pre 2020 IMO, TokenPay can't even get one in a hurry in Vanautu, TenX are trying in Europe, do we think they have enough ETH to get them to there? Not sure, but I intend to keep my coins as I feel TenX has a better chance at it than their competition. [/quote] I also hope that the first who will do this is the TenKs project. This project has a very good team and a good community that trusts the team, and this is already very much. Early or late this project will be very successful. |
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denysrodman
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April 26, 2018, 12:39:10 PM |
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TenX token (PAY) – is a cryptocurrency of the same-name platform, which offers crypto-debit cards and cryptocurrency wallets, as well as applications for Webapp, iOS, Android.
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frcat
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April 26, 2018, 01:20:18 PM |
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So this projects also dont have cards right now? As far as I remember they had cards in Europe, Turkey and Israel... and now?
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Theodorre
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April 26, 2018, 05:03:55 PM |
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People are really unsecure with theire funds, i've seen so many people losing theire phone and such and not having the 2FA anymore.
Also they didn't write down theire backup-key either.If I use a TenX card to pay for something, does that company that I made purchase from see my name? Or how private is it?
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codemanX
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April 27, 2018, 06:42:38 AM |
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So this projects also dont have cards right now? As far as I remember they had cards in Europe, Turkey and Israel... and now?
Yes, at the moment they don't have a working card since the Wavecrest shutdown. We are all waiting for good news, hopefully soon. |
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maot4
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April 27, 2018, 01:35:49 PM |
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Hi;
Since "Visa" thing happened, this gateway option does not make any sense to me anymore. I guess Pundi X will be the answer. We will see.
Kind regards
I agree with this, with the number of PundiX POS they are looking to release it could be widespread in no time and will serve as a great alternative for Tenx to consider when looking at card options etc, |
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riskthebiscuit
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April 28, 2018, 03:59:15 PM |
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People are really unsecure with theire funds, i've seen so many people losing theire phone and such and not having the 2FA anymore.
Also they didn't write down theire backup-key either.If I use a TenX card to pay for something, does that company that I made purchase from see my name? Or how private is it?
This may not be an exact indication of if they see your name or not, but it shows you the level of security the company has. I would feel secure knowing this. https://www.youtube.com/watch?v=rizic7LozcQ |
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saugwurm
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April 29, 2018, 08:41:28 PM |
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I don't get it.. They update the app on a regular basis and add new coins (LTC) but without a working card the app is quite useless? Can somebody tell me if the wavecrest cards distributed last year still working? Haven't used it for a while and don't want to get embaressed at the cashier in supermarket when the card get not accepted  |
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