I bought in at 1000 , 750 , 650 , 450 , 350 , 270 , 350 , 420 , 350
Why are we still going down?
Is bitcoin failing?
It looks like he is right..
https://www.youtube.com/watch?v=GYJdOiLqSxE
Why are we still going down?
Is bitcoin failing?
It looks like he is right..
https://www.youtube.com/watch?v=GYJdOiLqSxE
Maybe cause it's a bubble?
An "asset" with no intrinsic value???
Best to sell now before it gets to zero.
What did it for me was, as a US citizen, having to report all conversions of BTC to the IRS. BTC -> USD, BTC -> gold, BTC -> dinner .. all require IRS disclosure. Basically, it makes Bitcoin irrelevant as a "currency" if you plan on following the rules. Well played, IRS, well played.
I dont think so. You are required to pay capital gains tax at the end of the year. Who said you need to report all conversions?
This. Also, you are assuming that you'll have any BTC-related income to report. I think, for most people this year, the IRS provisions are a Godsend because they can now claim losses.
If you want to take losses in bitcoin this year, there is one interesting strategy that I have seen described on stock boards.
1. You buy whatever the number of bitcoins you want to keep on or before November 30 (Nov 29, 28).
2. You sell previously bought bitcoins (those that you bought before those that you buy in #1) on December 31.
3. You claim loss in BTC trade against your other capital gains for the year until ALL such gains are gone+$3000
4. You should not buy any new bitcoin until after Jan 31 so you don't have wash sales.
Result: you will have newly bought bitcoins, but you reduce your tax on other capital gains if you had them (plus $3000)