its amazing how optimistic a lot of people over at HT still are. Bunch of suckers
Delusional. They've lost a LOT of $. I can't blame some of them holding on for dear life. sad but true.
yeah I am in NJ and I have a friend in south Jersey I told him sell sell sell sell back in DEC last year. this guy Josh is like Bernie Madoff. I have not heard from my buddy since early dec. I hope he sold some of it.
I explained to him that there are tax issues with paycoin. When paycoin was issued and had some value it was 4-8 bucks. So if you had got in early you could be at a cost basis of 2 bucks. so:
2 x 1000 = 2000 was his cost to get the 1000 coins
6 x 1000 = 6000 was what they were worth when he got them.
profit = 4000. this was his profit the day he could have sold them off.
if you are usa based the feds say in 2014 you made 4k pay us the tax. they don't give a shit it bombed out in 2015 for 2014 you owe tax. the 2015 result is a year later.
So if you had 1000 paycoins and held them you will now pay about 1000 taxes on them with the 2014 return.
So his initial investment of 2k and a tax bill of 1k and those coins are now worth 41 cents or 410 usd. he will have lost 2600
