Quote from: Biodom on November 21, 2014, 05:25:44 PM

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Quote from: Biodom on November 21, 2014, 03:51:13 PM

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Quote from: zeurpiet on November 21, 2014, 01:45:31 AM

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

Maybe cause it's a bubble? Huh

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.

How do you claim losses if you don't sell your bitcoins for less than you paid for them?

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)

Lose money just so you can claim to lose money. If everyone did that it would be musical chairs and you would be left without a chair.

No, the point is to get rid of extra capital gains in other assets WHILE maintaining the same number of bitcoin as you want.
Basically, you are replacing bitcoins bought during the year with bitcoins that you are buying in Nov28-Nov 30 timeframe.

I mean volatility. My point is that if everyone sells, then the price drops and you get more loss. If everyone buys, you get less coins. Both ways you lose and the tax credit is trivial.