Climber
Well-known member
Aren't you way too young for them?
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bitcoins
- Thread starter enki
- Start date
jt2
Eschew Obfuscation
Far past that point. Calling the top of a bubble is a dangerous game if you're investing based on that call. Very hard to tell a dip from the start of a crash.
Capital gains are only such if you realize them (i.e., convert to actual cash). Any theft is a separate event, and is deductible as a general loss.
If you purchase crypto that appreciates on paper, but is stolen before you realize those gains, your deduction is only for the cash @ purchase price, not the appreciated value.
TripleSeven
...
Lots of people in chat rooms saying "fuck paying tax on crypto" seems like a seriously bad idea lol.
jt2
Eschew Obfuscation
It is downright idiotic. Loan sharks have nothing on the IRS when it comes to collecting on debts.
Dubbington
Slamdunk Champion
I don't see it as being anonymous as everyone says. It required a lot of personal verification in order to buy.
Yakoo752
USN
It’s a lot of work to be anonymous and it’s getting harder to do so as the IRS wants their cut.
None of the exchanges want to be in the tax payment management business so they push that responsibility on to the end user. They do so by the user ID verification. At the end of the year, I imagine they turn over users p/l statements via 1099 or similar.
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when will you listen?
a few years ago i told you to short GoPro and you guys laughed at me. i told you it was nothing but a camera on a stick.....they will never be innovative again.
it was 3 weeks ago when i told you to check out litecoin and etherum. bitcoin is exciting but it requires too much of a investment. the other crypto currencies are much more affordable and just as practical. bitcoin may be our future, but etherum will be how we build our new infrastructure
a few years ago i told you to short GoPro and you guys laughed at me. i told you it was nothing but a camera on a stick.....they will never be innovative again.
it was 3 weeks ago when i told you to check out litecoin and etherum. bitcoin is exciting but it requires too much of a investment. the other crypto currencies are much more affordable and just as practical. bitcoin may be our future, but etherum will be how we build our new infrastructure
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you guys talking about paying taxes to the government make me laugh. do you really expect anyone truly invested in crypto-currency to pay there correct share of taxes to the US government? crypto-currency is suppose to under mine the federal government. thats part of the plan. why give the government a tax and interest free loan every year and in return get nothing that helps you? do crappy roads, and horrible health insurance rates make you feel better paying your taxes? i hope not. the government needs to fear the public. un-regulated crypto currency will help
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MikeyRocks
Free Dickbutt
What you mean by "it requires too much of an investment"?
SM610
Well-known member
- Joined
- Dec 22, 2004
- Location
- former TL, Foothills now
- Moto(s)
- TTR 125 L, 08 WR250F, CRF230, CRF150F, Surron Ultra Bee, the little bikes are starting to pile up...
https://youtu.be/SF362xxcfdk
I realize that this thread has moved way past the point of explaining what "bitcoin" is, but i thought that this vid does a great job of breaking it down for the rest of us who dont really get it. Its really long, but the real explaining happens in the first 10 minutes or so.
It goes on to look at hashgraph, something id never heard of ( sorry if its been discussed here, i must have missed it). Its a does what blockchain does faster, and without the energy use. Quite amazing...
I realize that this thread has moved way past the point of explaining what "bitcoin" is, but i thought that this vid does a great job of breaking it down for the rest of us who dont really get it. Its really long, but the real explaining happens in the first 10 minutes or so.
It goes on to look at hashgraph, something id never heard of ( sorry if its been discussed here, i must have missed it). Its a does what blockchain does faster, and without the energy use. Quite amazing...
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afm199
Well-known member
This. That's what always gets people.
Yakoo752
USN
you might pick good investment opportunities but the IRS always gets their cut
good luck avoiding
Smash Allen
Active member
The computers I have are generating about $45/month mining Ethereum and Monero. Transfer each payout to Coinbase, then to my business checking account. From my checking account I transfer to Robinhood and buy a few shares of Ford (almost 5.0 div yield) commission free.
Almost 50 shares of Ford for free every year? Yes please!
Almost 50 shares of Ford for free every year? Yes please!
Climber
Well-known member
I suspect that the early people in are well cloaked/insulated from having their identities discovered, it's only the people who are contributing to the huge run-up in 'value' who are being forced to provide so much documentation on their identity....you might pick good investment opportunities but the IRS always gets their cut
good luck avoiding
The people who stand to profit the most will likely stay anonymous.
Yakoo752
USN
until bitcoin is more wildly accepted, converting it into a spendable unit will raise flags so extricating your money will be tough
but I agree the systems in place during the early adopter stage were much less "regulated"
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jt2
Eschew Obfuscation
Are you doing it on someone else's electrical?
A little back-of-the-envelope math:
Figure that a rig with decent horsepower is burning 200W crunching those numbers, 7/24 @ PG&E tier 3 rates, that $45 you make costs you $57.60 in juice. (it is unlikely if you're burning 144 KW/H per month mining you're on tier 1). And that's assuming you're making that much with just one computer.
Even if that doesn't make it a loss, you have to factor in the dedicated hardware. I suspect you'd be better off shutting that rig down, selling it and just putting the money you don't spend in the bank.
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Entoptic
Red Power!
Are you doing it on someone else's electrical?
A little back-of-the-envelope math:
Figure that a rig with decent horsepower is burning 200W crunching those numbers, 7/24 @ PG&E tier 3 rates, that $45 you make costs you $57.60 in juice. (it is unlikely if you're burning 144 KW/H per month mining you're on tier 1). And that's assuming you're making that much with just one computer.
Even if that doesn't make it a loss, you have to factor in the dedicated hardware. I suspect you'd be better off shutting that rig down, selling it and just putting the money you don't spend in the bank.
Don’t forget the 40% tax when mining.
Smash Allen
Active member
That’s the problem with back of the envelope math, not enough room for all the variables
My rig is on 24/7 already for work and my rates are shared with housemates. I can work remotely on the rig as it is mining and only lose around 10% hashrate
If I wanted some cash flow I could just charge more than $450 a month in rent, but that’s beyond the point
With an i5 and gtx 970 I was able to use idle resources to generate income. Pretty cool
My rig is on 24/7 already for work and my rates are shared with housemates. I can work remotely on the rig as it is mining and only lose around 10% hashrate
If I wanted some cash flow I could just charge more than $450 a month in rent, but that’s beyond the point
With an i5 and gtx 970 I was able to use idle resources to generate income. Pretty cool