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Author Topic: IRS guidance on Bitcoin - Will it affect litecoin  (Read 942 times)
equinox9
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March 27, 2014, 01:48:16 PM
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The recent ruling on Bitcoin by the IRS has effectively killed Bitcoin in the United States. It can no longer be used a currency in that country as compliance with new tax obligations will render far more expensive than fiat.

Bitcoins future is in serious doubt.

Unless this decision is revisited then expect a huge drop in the price of bitcoin. Its currency trading at $540 and will go in free fall when the true implications of this become known. I expect it to be worth $200 by the end of april.

Will this lead to a rise in the price of litecoin? Most likely. Remember..there are enough alternative crypto's out there to effectively keep moving funds from one to the other to avoid irs tax claims. This ruling by the irs is not on cryptos..it is purely on bitcoin.

Thus I believe the natural cause of events will propogate a second generation coin to the fore sooner than many think.

Expect a switch of capital from Bitcoin to Litecoin...and then to the another yet to be known coin
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March 27, 2014, 01:50:53 PM
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Will this lead to a rise in the price of litecoin? Most likely.
Heh. I see what you did there.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
equinox9
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March 27, 2014, 01:52:31 PM
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Will this lead to a rise in the price of litecoin? Most likely.
Heh. I see what you did there.

I hold some Bitcoins and some litecoins in order to minimise/maximise my exposure. I win either way. I suggest those who have put all their eggs into bitcoins basket seriously consider diversifying.

Bitcoin is about to die. I know it but can't bring myself to admit it.
c0ldfusi0nz
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March 27, 2014, 01:55:15 PM
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IRS guidance applies to all digital currencies. You should try actually reading it before spreading FUD to support your alt-coins. http://www.irs.gov/pub/irs-drop/n-14-21.pdf
equinox9
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March 27, 2014, 01:56:54 PM
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IRS guidance applies to all digital currencies. You should try actually reading it before spreading FUD to support your alt-coins. http://www.irs.gov/pub/irs-drop/n-14-21.pdf

Then this thread is redundant.
Thanks.

Mod: Remove this thread pls.
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March 27, 2014, 01:57:28 PM
 #6

You have misread what the IRS said. You CAN still use bitcoin to make purchases. Also the IRS does not differentiate between bitcoin and litecoin. It applies to all crypto-currencies.  

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March 27, 2014, 02:03:12 PM
 #7

all cryptocurrencies are viewed the same

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March 27, 2014, 04:42:20 PM
 #8

I actually see this as positive for Paysha and other companies like us

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paddox
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March 27, 2014, 05:00:23 PM
 #9

Someone said the IRS let you offset $3000 trading losses a year against your tax bill. I only have his word that this is correct, but it's something that might encourage US bitcoin adoption if it's correct.
envy2010
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March 27, 2014, 05:11:11 PM
 #10

Virtual currencies are treated as income for businesses that accept payment and then convert to USD (which is all major businesses accepting BTC/LTC), or for anyone mining and converting to USD. They are treated as capital investments for anyone investing and/or trading for profit, just like stocks.

There really isn't anything new here, and I don't see this causing any major crash.
greentea
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March 27, 2014, 05:35:09 PM
 #11

The recent ruling on Bitcoin by the IRS has effectively killed Bitcoin in the United States. It can no longer be used a currency in that country as compliance with new tax obligations will render far more expensive than fiat.

Bitcoins future is in serious doubt.

Unless this decision is revisited then expect a huge drop in the price of bitcoin. Its currency trading at $540 and will go in free fall when the true implications of this become known. I expect it to be worth $200 by the end of april.

Will this lead to a rise in the price of litecoin? Most likely. Remember..there are enough alternative crypto's out there to effectively keep moving funds from one to the other to avoid irs tax claims. This ruling by the irs is not on cryptos..it is purely on bitcoin.

Thus I believe the natural cause of events will propogate a second generation coin to the fore sooner than many think.

Expect a switch of capital from Bitcoin to Litecoin...and then to the another yet to be known coin

you do know that crypto is worldwide and not US centric?

plus their rulings apply to all coins not just bitcoin, if you think bitcion is going to $200, I'd be happy to buy them from you now, keep you from waiting 1 month Smiley

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March 28, 2014, 09:05:11 PM
 #12

I actually see this as positive for Paysha and other companies like us

you think? create more useless laws that will only be enforced on selective cases?hmmmm What's the point of Paysha anyways if the wallets are secure why do we need a middleman? =\

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