Bitcoin

[Dolemite censored]

I understand I’ve lost 50% since you convinced me to buy crypto.com

Hammer came clean about that and said he learned from his mistakes. So its not his fault. This time, he's right about Bitcoin.

In the meantime, just get some A & D ointment and apply it liberally.

 

[Dolemite censored]

@Dole ver 2.0 wonder who I thought of when I saw this?

Bitcoin's value depends on new buyers' demand for it.

This is why people like you are hawking it so aggressively.

Classic. Ponzi. Scheme.

 

[HammerDown]

I understand I’ve lost 50% since you convinced me to buy crypto.com

I’ve got oceanfront property in Arizona. When can we talk?

 

[HammerDown]

Bitcoin's value depends on new buyers' demand for it.

This is why people like you are hawking it so aggressively.

Classic. Ponzi. Scheme.

Either you’re still as ignorant as you’ve been all along or you’re trolling.

I tend to believe… both.

 

[Dolemite censored]

Either you’re still as ignorant as you’ve been all along or you’re trolling.

I tend to believe… both.

Its the duality of man. You know, the Jungian thing.

 

[Inquisitor]

Put Hammer in a bunny suit, change Energizer to Bitcoin, and you have this thread.

 

[Gatorchip]

I’ve got oceanfront property in Arizona. When can we talk?

I heard land is a good investment now. DM me!

 

[HammerDown]

I heard land is a good investment now. DM me!

I have a bridge for sale as well, ser!

 

[Dolemite censored]

I heard land is a good investment now. DM me!

Arizona? Water not included...

 

[HammerDown]

 

[Red_Alert]

Okay, which one of youse guise is this???

Andy reminds me of 'Pat' from SNL

 

[HammerDown]

Live video has surfaced of me minutes after my limit order for .15 $BTC was filled this morning at $28,200. It went straight onto a hot wallet, never to return to exchanges again. It's mine!

Reminder: the easiest way to buy Bitcoin is on CashApp.

 

[Gatorchip]

Live video has surfaced of me minutes after my limit order for .15 $BTC was filled this morning at $28,200. It went straight onto a hot wallet, never to return to exchanges again. It's mine!

Reminder: the easiest way to buy Bitcoin is on CashApp.

Can I buy any with my $4000 $2000 bucks of crypto?

 

[HammerDown]

Can I buy any with my $4000 $2000 bucks of crypto?

Ummmm… if you’d like? I guess?

 

[Wild Turkey]

@Wild Turkey whats the story with taxes and bitcoin? You had mentioned something earlier in a different thread.

The IRS has become super interested and even added a question that must be answered that basically asks if did any transactions with bitcoin. They are also starting to lower the boom on small businesses that use like PayPal and Venmo making people report payments.

The pain in the ass is when people do multiple trades and you have to record them on the schedule D. Let’s just put this way if you did multiple trades we are charging you an extra $100 minimum as a pain in the ass penalty to prepare the tax return.

 

[dbldwn711]

The IRS has become super interested and even added a question that must be answered that basically asks if did any transactions with bitcoin. They are also starting to lower the boom on small businesses that use like PayPal and Venmo making people report payments.

The pain in the ass is when people do multiple trades and you have to record them on the schedule D. Let’s just put this way if you did multiple trades we are charging you an extra $100 minimum as a pain in the ass penalty to prepare the tax return.

so, in a nutshell, if you actively trade bitcoin you must claim the gains as ordinary income and you can claim the losses as well?

 

[Wild Turkey]

so, in a nutshell, if you actively trade bitcoin you must claim the gains as ordinary income and you can claim the losses as well?

If they are short term gains or losses they are treated as ordinary income. If held longer than a year then 20% max rate.

Think of them like stocks because that’s how the losses and gains work.

Honestly I’d stay away from it because it’s only a matter of time before the feds crack down even harder. Cryto is already banned in China and other governments are going to see it as a security risk making it easier for terrorist and criminals to move money (which is 100% true).

 

[CorpRebel]

The IRS has become super interested and even added a question that must be answered that basically asks if did any transactions with bitcoin. They are also starting to lower the boom on small businesses that use like PayPal and Venmo making people report payments.

The pain in the ass is when people do multiple trades and you have to record them on the schedule D. Let’s just put this way if you did multiple trades we are charging you an extra $100 minimum as a pain in the ass penalty to prepare the tax return.

I believe PayPal/Venmo (Venmo is owned by PP) sends to IRS and me when transactions total $20K or more. I wonder if they have changed that yet...

I need to check with my CPA to see what else has changed for this tax season.

 

[Inquisitor]

If they are short term gains or losses they are treated as ordinary income. If held longer than a year then 20% max rate.

Think of them like stocks because that’s how the losses and gains work.

Honestly I’d stay away from it because it’s only a matter of time before the feds crack down even harder. Cryto is already banned in China and other governments are going to see it as a security risk making it easier for terrorist and criminals to move money (which is 100% true).

That's pretty much how I thought they work.

I'm sticking with stocks for now.

 

[HammerDown]

I believe PayPal/Venmo (Venmo is owned by PP) sends to IRS and me when transactions total $20K or more. I wonder if they have changed that yet...

I need to check with my CPA to see what else has changed for this tax season.

It’s $600 for PayPal. You get a 1099-K