actually that was very bright, miners can claim not 'investment' since no buy, just work from assets

so their coin has no clear investment

but other than miners everyone else traded or bought with fiat

so you're a drug czar and traded coke for coin

how much did the coke cost

haha

oh, you bought 5 buck coin from mt gox and cold storaged it before the hacks

so you had very minor cost

but literally the irs is now saying as soon as btc moves from btc into anything pay them 20% on gain

so miners, how do you cost out your gain? good question, it could be the work is not an investment no cash or fiat to get it

so they could challenge first trade rule

but everyone else, how did you get your btc

you bought in on exchange you know the cost

you traded, well what did you trade for

so non fiat buys you can say you traded whatever and put huge value on it and low gains if any, you could take losses all day

I traded my 52 mint mantle worth 100k for 50k of coin, so I lost 50K so now the 90K I got is a 10K loss

so miners and real traders can play games

but if you took fiat into btc, they know the cost

and most with profits are in really cheap

but think what this does to traders

you have huge numbers in btc now with a few coins

you want to test eth and ltc or xrp

you do it after the end of this year, instantly the trade is taxable

so don't use gdax and coinbase or winkies gemini or the vegas exchange

this law just pushed crypto exchanges all outside the usa

in a year or two you won't have one usa based exchange due to this

great move donald you just killed off any hope of the usa having crypto exchanges

the game now is trading btc into ico's and taking some profits to the moon with new ico's

you want to hodl btc forever, okay, good luck, the next 3 years is all ico plays

and the hope of coinbase being a legit ipo is over

1031 has killed any usa based exchange

so if you got coins and cash MOVE IT NOW

coinbase will have problems soon paying people

as it is they limit accounts to a lousy 50k fiat exit a week, expect it to go down to 5k now

haha

anyway, that is what the end of 1031 means, it means usa exchanges can no longer compete with foreign exchanges

if you are a us citizen and want to pay gains on the btc you got cheap, go ahead, sure exit into fiat is fair 20%

but when you're talking about moving into other coins, that's just wrong