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Author Topic: Reason Behind Bitcoin’s Price Crash Revealed  (Read 665 times)
audaciousbeing
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August 15, 2018, 06:04:58 AM
 #41

Early investors in Bitcoin are faced with large capital gain taxes from the profit they made in 2017.

Read more here: https://smartereum.com/5636/the-real-reason-behind-bitcoins-price-crash-revealed-tue-aug-7/

Qoute from that link,way back 2014 IRS made an announcement that crypto's are defined as a property and not a currency.
So as such they are entitle to pay thier taxes as property owners.

Capital gains only arises when you sell and that should not be a problem for someone who wants to comply with tax laws and also there is the option of roll over whereby the money generated from the disposal of the asset that generated the initial capital gain is used to purchased another asset. The capital gain at the time is then rolled forward to the time when the new asset is eventually disposed off. So with this, several options are available based on my understanding of the dynamics of Capital Gains Tax which should not be too different across countries

1. If I kept my bitcoin in my wallet all through 2017 saw a significant increase but I didn't sell, I am not liable to pah CGT because I didn't make any gain.

2. If I sell in 2017 and kept my money, then CGT becomes payable.

3. If I sell in 2017 and I used the proceed to buy more bitcoin when the price crashed, then I will pay my CGT when I eventually sell.

In conclusion, its not about CGT as not everyone in bitcoin lives in one particular jurisdiction to have made such huge effect on price.

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August 15, 2018, 06:07:25 AM
 #42

I highly doubt about the authenticity of the article you provided, for two reasons mainly. First, the deadline for paying the taxes was in April. But, the bearish trend started a couple of weeks ago. Second, it is not possible to track down the owners since the transactions are not traceable and that is what makes Bitcoin unique. So, it is impossible for IRS' tax collection to cause the market to crash.
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August 15, 2018, 06:35:36 AM
 #43

If this is true, it will definitely affect bitcoin. But at this moment it will be very hard to read cover those loophole and the evasion. Because the market is seriously bad. I hope they find a way to make it bad debt written off. They when the market is OK, they give them all out things.
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August 15, 2018, 06:49:41 AM
 #44

Thats funny way to put up why crypto currency is crashing. I guess if they earned huge money back in 2017 then they would have already gotten the idea that they will need to pay huge taxes next year during the financial year. I think this reason is too bullish that crypto is dropping right now because of the tax stuff. Its too tiny reason by the way and what it is getting affected is different events that happened this year. For example 400 billion dumping of Mt Gox, Exchangers getting hacked and SEC decisions making delays and much more. Now these are the reasons which are crushing the bitcoin prices.  Wink

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August 15, 2018, 07:01:27 AM
 #45



but this law only applies to US citizen. they are already collecting taxes from it so why is there a council to decide whether BTC shall be approved on ETF when they are already considered property? its going to be a lot of work again when for them. i suppose if this had been going on since 2014 then it can go on and ETF will still not be approved after Sept.


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August 15, 2018, 09:36:54 AM
 #46



but this law only applies to US citizen. they are already collecting taxes from it so why is there a council to decide whether BTC shall be approved on ETF when they are already considered property? its going to be a lot of work again when for them. i suppose if this had been going on since 2014 then it can go on and ETF will still not be approved after Sept.

Oh how I wish ETF gets finally approved this September. It looks like bitcoin is in a shaky situation if no ETF approvals unless some solid news can support a bullish run.

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August 15, 2018, 09:56:16 AM
 #47

Any good thing or idea can be spoiled by taxing it Wink Smiley
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August 15, 2018, 10:00:44 AM
 #48

Early investors in Bitcoin are faced with large capital gain taxes from the profit they made in 2017.

Read more here: https://smartereum.com/5636/the-real-reason-behind-bitcoins-price-crash-revealed-tue-aug-7/

Qoute from that link,way back 2014 IRS made an announcement that crypto's are defined as a property and not a currency.
So as such they are entitle to pay thier taxes as property owners.
So this could be mean the mere reason why crypto market price always falls down. However, i am still confused when they said that it is the year of 2017 that bitcoin should pay the capital gain taxes wherein fact it is already 2018. How come they are not getting it to the record on 2017? Is this really the possible reason behind for the market price adjustments?

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August 15, 2018, 10:04:56 AM
 #49

Let's be real: a genius created it, a genius will make it explode. Isn't it how it works. The fate of higher stuff

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August 15, 2018, 11:51:31 AM
 #50

That's not the real reason. That's a bias news as usual. Cryptocurreny is a currency but encrypted. I think the real reason why Bitcoin is down this week is because the people are just following the trend. Also, Most Chinese are withdrawing money during this times.
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August 15, 2018, 04:05:17 PM
 #51

Early investors in Bitcoin are faced with large capital gain taxes from the profit they made in 2017.

Read more here: https://smartereum.com/5636/the-real-reason-behind-bitcoins-price-crash-revealed-tue-aug-7/

Qoute from that link,way back 2014 IRS made an announcement that crypto's are defined as a property and not a currency.
So as such they are entitle to pay thier taxes as property owners.
To be honest it is logical reason but it is more interesting for me to know the reason why and how bitcoin will be recovered and mostly I want to know when it would be taking place.

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August 16, 2018, 06:04:09 PM
 #52

In crypto market most of the coins are suffering for price based on this Tax cannot be the only reason for price fall of BTC based on this there are also other reasons behind this.
Tax is not a big issue as people knows that bitcoin gives good profit so they never think of it negative for it to pay a fair tax, but I think those people who has negative mindset and they sell coin at panic are being a reason for the price fall, it is good to keep bitcoin than selling as it will be worth nothing if the person will sell it, panic selling wrong news and high availability than demand makes it down temporary.
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August 16, 2018, 09:22:49 PM
 #53

It will be very difficult to make a tax because Bitcoin value fluctuates so often. Moreover this is a wrong time of the year for taxes.
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August 16, 2018, 09:28:45 PM
 #54

I don’t agree with the idea that Bitcoin price has fallen for this bad for taxes. I researched the price earlier this year and came to the conclusion that Bitcoin holders are responsible for this.
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August 16, 2018, 10:32:21 PM
 #55

I don't think this is the reason behind it. Even it doesn't look like price crash to me. Fluctuations are quite normal for a cryptocurrency like bitcoin. So i think we should not worry much.
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August 16, 2018, 10:42:17 PM
 #56

Yo me I think this reason is too bullish that crypto is dropping right now because of the tax stuff. Its too tiny reason by the way and what it is getting affected is different events that happened this year. For example 400 billion dumping of Mt Gox, Exchangers getting hacked and SEC decisions making delays and much more and these are the reasons which are crushing the Bitcoin.
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August 16, 2018, 11:03:03 PM
 #57

There are various reasons behind price fall from my opinion. But i am confused about the tax thing. How can they take tax for a volatile currency? Anyways i hope that bitcoin will be recovered soon.
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August 16, 2018, 11:28:43 PM
 #58

I think we can not mention it as a dump. The price is increasing slowly for two days. I think it was just a normal price fluctuation. Besides i am hoping for the fifth wave which will probably bring the bull back.
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August 17, 2018, 10:31:08 AM
 #59

Still not clear how they are imposing taxes over BTC gain. The transaction is still decentralized, It would only be possible if you buy something using crypto. But in that case the tax should be incorporated in the product price. Need some more information about this.
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August 17, 2018, 11:09:52 AM
 #60

Maybe it can be a reason behind BTC price fall, but it cannot be the only reason. Because the price fall is larger than if everyone paid their tax completely.
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