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> Is anyone in the BITCOIN market?
LV Eric
post Feb 2 2018, 01:03 PM
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QUOTE (Fortis @ Feb 1 2018, 02:00 PM) *
In business things have to logical, add up and make sense, when things do not make sense you best to stay away.

Greed is the worse trait to poses, greedy people are easily manipulated and a lot of manipulation happen when people can take advantage of greed because generally logic and common sense flies out the window, there will always be some sort of short therm gain depending on where in the cycle you are lucky to be placed but there is no longevity, IMO longevity, steadiness is what you need in business because that leads to stability and therefore comfort.



Please allow me to summarize this thought,

“The greedier they are the harder they fall”


Hope all is good with you ,

Eric smile.gif
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BigBadLambo
post Feb 2 2018, 02:17 PM
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QUOTE (Redlambo @ Feb 2 2018, 03:37 PM) *
Coinbase Issues 1099s: Reminds Users to Pay Taxes on Bitcoin Gains

https://www.investopedia.com/news/coinbase-...&yptr=yahoo


Anyone know how this works?

Lets say I would put $10K into coinbase and then transfer it all to Bittrex and it just sits in Bittrex for 5 years and never goes back to coinbase, and I never made any money in coinbase, what would the resulting taxes be in that?

And if I transferred $10K back to coinbase and then back to my checking account what then?

Even if it climbed to a billion in Bittrex coinbase wouldn't know.


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jhbchess
post Feb 2 2018, 05:11 PM
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QUOTE (BigBadLambo @ Feb 2 2018, 04:17 PM) *
Anyone know how this works?

Lets say I would put $10K into coinbase and then transfer it all to Bittrex and it just sits in Bittrex for 5 years and never goes back to coinbase, and I never made any money in coinbase, what would the resulting taxes be in that?

And if I transferred $10K back to coinbase and then back to my checking account what then?

Even if it climbed to a billion in Bittrex coinbase wouldn't know.


I read that these were 1099-K forms payment transactions. https://www.irs.gov/pub/irs-pdf/f1099k.pdf to business users and some GDAX folks win high volume trades.

In the regular sense, of you get an incorrect 1099 you go back to issuer and ask for an amendment. Letting an erroneous 1099 go by can increase your audit risk.


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Redlambo
post Feb 2 2018, 06:05 PM
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QUOTE (jhbchess @ Feb 2 2018, 05:11 PM) *
I read that these were 1099-K forms payment transactions. https://www.irs.gov/pub/irs-pdf/f1099k.pdf to business users and some GDAX folks win high volume trades.

In the regular sense, of you get an incorrect 1099 you go back to issuer and ask for an amendment. Letting an erroneous 1099 go by can increase your audit risk.


I would not consider over 200 trades high volume, nor would I consider a $20,000.00 dollar gain a big gain. However the IRS will, and yes it appears that individuals that break these thresholds and use coinbase are receiving these 1099's as well. Vic


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BigBadLambo
post Feb 2 2018, 06:10 PM
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QUOTE (Redlambo @ Feb 2 2018, 09:05 PM) *
I would not consider over 200 trades high volume, nor would I consider a $20,000.00 dollar gain a big gain. However the IRS will, and yes it appears that individuals that break these thresholds and use coinbase are receiving these 1099's as well. Vic


But I have never really traded anything in coinbase, I have always transferred it to somewhere else. So I have made $0 in coinbase.

Will I not have any liability?


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jhbchess
post Feb 2 2018, 06:45 PM
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QUOTE (BigBadLambo @ Feb 2 2018, 08:10 PM) *
But I have never really traded anything in coinbase, I have always transferred it to somewhere else. So I have made $0 in coinbase.

Will I not have any liability?


IRS seems to be treating it like stock so you seem to get taxed on gains.

https://www.irs.gov/newsroom/irs-virtual-currency-guidance

http://fortune.com/2018/01/29/bitcoin-taxe...tocurrency-irs/


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BigBadLambo
post Feb 2 2018, 06:47 PM
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QUOTE (jhbchess @ Feb 2 2018, 09:45 PM) *


So with the way I use coinbase I should never show any gains. And since they haven't brought the hammer down on bittrex, binance or the others I am fine for now.


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Fortis
post Feb 3 2018, 01:01 PM
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QUOTE (LV Eric @ Feb 3 2018, 07:03 AM) *
Please allow me to summarize this thought,

“The greedier they are the harder they fall”


Hope all is good with you ,

Eric smile.gif


True!

I am doing very good, thank you 👍
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megachad
post Feb 5 2018, 12:43 PM
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QUOTE (BigBadLambo @ Feb 2 2018, 03:17 PM) *
Anyone know how this works?

Lets say I would put $10K into coinbase and then transfer it all to Bittrex and it just sits in Bittrex for 5 years and never goes back to coinbase, and I never made any money in coinbase, what would the resulting taxes be in that?

And if I transferred $10K back to coinbase and then back to my checking account what then?

Even if it climbed to a billion in Bittrex coinbase wouldn't know.


As i understand, any exchange for one currency to another is like exchanging to US dollar first and then to the other currency. So any exchange from one currency to another becomes a taxable transaction.


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Smurf Balls
post Feb 6 2018, 07:42 AM
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“In my opinion, there is a gigantic speculative bubble related to bitcoin because this is neither a serious method of payment nor a good way to store capital,” he said. “Bitcoin feeds on itself” and there are no fundamental reasons for its price to reach such levels, Roubini explained"


Roubini said that "HODL nuts" will hold bitcoin until it plummets to zero.

source


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Tara
post Feb 6 2018, 08:55 AM
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So can I claim a loss?


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Torn
post Feb 6 2018, 10:43 AM
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QUOTE (Tara @ Feb 6 2018, 11:55 AM) *
So can I claim a loss?



You can write off the loss up to 3000; any losses higher than that can be pushed into subsequent years.
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Supercar Ace
post Feb 6 2018, 01:48 PM
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Time to buy icon_mrgreen.gif


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Top Gear: In eleven years at the company you’ve met a huge number of your customers, can you tell us what a typical Lamborghini owner is like?

Stephan Winkleman: It seems very superficial, but it’s really male. Usually, they’re all self-made men – ranging from those in the 20s right up to men in their 70s. They’re very proud of their product, and they have no fear to be seen in a car like this.

And when I speak to them, I feel that they buy into a world, not only into a product. So it’s also a lifestyle, an idea they see behind that. And they enjoy the car as something that is rewarding them for the hard work they’re doing, or a dream that came true after, say, saving for 20 years.
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oufan2929
post Feb 6 2018, 02:59 PM
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QUOTE (Supercar Ace @ Feb 6 2018, 03:48 PM) *
Time to buy icon_mrgreen.gif

Blood in the streets!


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Supercar Ace
post Feb 6 2018, 04:44 PM
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QUOTE (oufan2929 @ Feb 6 2018, 02:59 PM) *
Blood in the streets!


Translation = There's opportunity eusa_dance.gif


--------------------

- Without Fear -

QUOTE
Top Gear: In eleven years at the company you’ve met a huge number of your customers, can you tell us what a typical Lamborghini owner is like?

Stephan Winkleman: It seems very superficial, but it’s really male. Usually, they’re all self-made men – ranging from those in the 20s right up to men in their 70s. They’re very proud of their product, and they have no fear to be seen in a car like this.

And when I speak to them, I feel that they buy into a world, not only into a product. So it’s also a lifestyle, an idea they see behind that. And they enjoy the car as something that is rewarding them for the hard work they’re doing, or a dream that came true after, say, saving for 20 years.
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jhbchess
post Feb 9 2018, 07:57 AM
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And now crazy Russian nuclear scientists are trying to mine bitcoin using supercomputers... Maybe they could host this site?

http://www.bbc.com/news/world-europe-43003740


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Smurf Balls
post Feb 11 2018, 04:17 AM
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QUOTE (jhbchess @ Feb 9 2018, 04:57 PM) *
And now crazy Russian nuclear scientists are trying to mine bitcoin using supercomputers... Maybe they could host this site?

http://www.bbc.com/news/world-europe-43003740



icon_mrgreen.gif


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US/UK-Diablo
post Mar 12 2018, 06:08 AM
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Here yu go. I think this will clear things up.

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MasterShake
post Mar 29 2018, 12:07 PM
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Has anyone heard anything about the apollo currency? Seems to me that an unregulated crypto would be a farce?

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TestShoot
post Mar 29 2018, 05:12 PM
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i have this prediction that it will dip below 5k before it really re-ignites.


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