Yeah, every trade is a taxable event to US persons. Whether that is buying coffee or litecoin. It is property according to the IRS.
Even if you thought you could get away with the like kind exchange rule, you still have to report every trade individually on the exemption form.
If it were classified as a stock, you could just report net gains and losses but not so with property.
They have made compliance nearly impossible so unless someone passes a law to exempt transactions prior to a certain date, a lot of people are going to owe back taxes and penalties if not jail time.
^^^yes yes everyone saying it's a legit loophole is going to be in for a beating once they realize they took an aggressive position without any basis to do so. Good luck to them, their back taxes and their prison buddies.
But that news is also bad for bitcoin as a lot of the bitcoin demand was for gambling in places like the Poloniex casino, so it lowers liquidity for the entire crypto market.
I don't think many traders/investors/HODLERS actually know what a like kind exchange is so I don't think this is the reason for the route.
You're crazy. The BTC market is controlled by a VERY small number of people moving large amounts of cash. As soon as bitcoin topped out, the same money that was used to pump BTC was all shifted into altcoins at Poloniex. These are entities like Pantera capital, Goldman Sachs, etc, constantly going back and forth between coins like BTC and Ethereum. The people who are actually moving these markets are all utilizing that loophole. It doesn't matter what the small fish know.
You act like tax law is clear hear when it's definitely NOT.
Taking the position that these transactions qualify as a LKEs is an extremely aggressive position to take tax wise. I sure as hell wouldn't take it.
But that news is also bad for bitcoin as a lot of the bitcoin demand was for gambling in places like the Poloniex casino, so it lowers liquidity for the entire crypto market.
I don't think many traders/investors/HODLERS actually know what a like kind exchange is so I don't think this is the reason for the route.
I know this link (https://blockchain.info/unconfirmed-transactions) shows total unconfirmed transactions...but does anyone have a link that shows a linear chart over time with the unconfirmed transactions?
Trying to get a feel for the trend. Although I know it's up in general would still like to see it...
I know this link (https://blockchain.info/unconfirmed-transactions) shows total unconfirmed transactions...but does anyone have a link that shows a linear chart over time with the unconfirmed transactions?
Trying to get a feel for the trend. Although I know it's up in general would still like to see it...
Just bought more BCH and LTC. I have plenty of BTC and other alts. First time my BTC stash is under 40% of my crypto holdings. I'm all about diversification...
At this stage there are more old school bitcoiners that sank their battleship in shit coins than there are old schoolers left. You have the goose that lays the golden egg and you are willingly giving it up. Not a smart idea. The internet is a winner takes all economy.
You can't see into the future so I don't know how you can claim it's not a smart idea. So far it has worked out and if I exchange my alts back to BTC I'd have more BTC.
Diversifying is not only smart. It is usually more profitable. Get with the program.
I have insurance, which is mostly Monero and ETH and less than 10% of my portfolio. This protects me in case of a wipe out event in Bitcoin. But we both know that when the first Bitcoin ETF is announced early next year, Bitcoin will go vertical and your BTC/Alt pairs will collapse, including my Monero and ETH pairs.
I disagree that we both know that will happen. The only alts I own are mostly in the top 25 by market cap and few outliers that I like the concept of so I have faith in them. There's space for alts and master Bitcoin. I'm still HODLING some Bitcoin from 2014 when I got in so I love Bitcoin. I just love diversification and playing the game also it makes life more interesting.
Edit: Also if my alts keep gaining on BTC in terms of their exchange rate I may convert them all back to BTC only time will tell. I don't have an allegiance to one coin. I know many on here do and that's great, but that's not my style.
Just bought more BCH and LTC. I have plenty of BTC and other alts. First time my BTC stash is under 40% of my crypto holdings. I'm all about diversification...
At this stage there are more old school bitcoiners that sank their battleship in shit coins than there are old schoolers left. You have the goose that lays the golden egg and you are willingly giving it up. Not a smart idea. The internet is a winner takes all economy.
You can't see into the future so I don't know how you can claim it's not a smart idea. So far it has worked out and if I exchange my alts back to BTC I'd have more BTC.
Diversifying is not only smart. It is usually more profitable. Get with the program.
Just bought more BCH and LTC. I have plenty of BTC and other alts. First time my BTC stash is under 40% of my crypto holdings. I'm all about diversification...
Don't be shocked if Coinbase adds Ripple next. If that doesn't show their true colors, I don't know what will.
I presume Coinbase's ultimate aim is to be bought out by Goldman Sachs et al. They are not anyone's friend and don't have anything's best interest at heart other than their own value.
No one should be shocked by this, but I am slightly surprised at the blatantness of this particular move taking place during blockchain spamming, difficulty readjustment, all time high in attention and super high fees.
Coinbase merely added Bitcoin Cash as fast as they could...stop acting like there's a conspiracy behind the time of the release.
Originally they said Jan 1st, 2018 so I'm glad they are ahead of schedule.