Bitcoin

Wild Turkey said:
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).
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It’s super simple. Answer yes to the question, mail in the forms the exchange gives you. I paid nothing.

And even better this year, I will have some trades to report but since my strategy is now Bitcoin ownership, it’ll only get simpler.

To avoid profit because you might pay taxes is insanity.
 
Kburjr said:
Bitcoin is like land. They ain't making anymore of it.
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The vast majority of people don’t understand the perfect engineering of Bitcoin or they understand it but dismiss it because an individual or entity whose existence is threatened by it convinced them it’s “risky” or “worthless” or “a scam” or “volatile” or “it’ll be banned” or “you can’t buy anything with it” or “[insert ignorance and deceit here]” or “[insert something Dole said here]”.
 
Kburjr said:
Bitcoin is like land. They ain't making anymore of it.
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so how did they get to the amount they have.
&
how did they come to the decision to stop making anymore?
 
Schmoopy1000 said:
so how did they get to the amount they have.
&
how did they come to the decision to stop making anymore?
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Inquriring minds? If you can create an economic currency built on a Malthusian model of limited supply, it naturally appreciates. Fiat currency does not have limitations to supply. It depreciates.
 
CorpRebel said:
This article is from July 2020 but may give some insights...

decrypt.co

Why is Bitcoin’s supply limit set to 21 million? - Decrypt

Like many other cryptocurrencies, Bitcoin was designed around the principle of a finite supply. That means there will only ever be 21 million Bitcoin.
decrypt.co decrypt.co

:pop2::martini:
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so down the road with everyone using credit & what not. What would stop bitcoin from deciding to put more than 21 million out there? (change their mind in essence)
 
Schmoopy1000 said:
so down the road with everyone using credit & what not. What would stop bitcoin from deciding to put more than 21 million out there? (change their mind in essence)
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There is no "their" there. Look at it like land. All the land exists. The prices rises and falls according to demand. What you eventually will end up with is trading of fractionals.
 
Schmoopy1000 said:
so down the road with everyone using credit & what not. What would stop bitcoin from deciding to put more than 21 million out there? (change their mind in essence)
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The blockchain is decentralized. It's impervious to attack or change unless 51% or more of the network nodes say so.

It's been documented that the cost of attack on Bitcoin is so mathematically unlikely as to be virtually nil but even if it weren't, the cost would be prohibitive.

Bitcoin is decentralized and permissionless. It's divisible by the universe and it's perfectly-engineered money.
 
Inquisitor said:
So the government is gonna send its thugs and take it away from you?
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They can confiscate whatever they want, except for Bitcoin.

If you can memorize your 12-word seed phrase, you become your own bank.

The power of Bitcoin to affect positive, global change is incredible. The more I learn, the more I'm amazed and wished I'd started sooner!

Have you ever met an ex-Bitcoin maximalist?
 
dbldwn711 said:
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?
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I sent a print-out summary from the exchange I trade with and despite being profitable on the year owed no taxes. I keep hearing people say it's complicated. It's just like getting a 1099. You enter the amounts, send them the document they request. It's as simple as that but the haters lie and say you'll be on the IRS radar and will get in trouble and have to pay a bunch of taxes.
 
Wild Turkey said:
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).
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This is your opinion and I hear it a lot, which doesn't make it true. The terrorists and criminals and drug dealers thing is silly and common FUD. What anyone chooses to do with it is no concern at all to me, since when do we criticize other currencies because they're used by criminals? And the Chinese bans have only made it more popular. They banned Bitcoin mining and it's only increased.

The proposed legislation from the two Senators only strengthens the case for protecting and innovating on Bitcoin.
 
Swurv said:
This is your opinion and I hear it a lot, which doesn't make it true. The terrorists and criminals and drug dealers thing is silly and common FUD. What anyone chooses to do with it is no concern at all to me, since when do we criticize other currencies because they're used by criminals? And the Chinese bans have only made it more popular. They banned Bitcoin mining and it's only increased.

The proposed legislation from the two Senators only strengthens the case for protecting and innovating on Bitcoin.
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At the same time, the proposed bill and SEC oversight will devastate crypto (securities) and protect Bitcoin (property).
 
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