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Discussion in 'Off-Topic Discussion' started by jokerthief, Dec 26, 2016.
Don't expect to get away with tax evasion. But this is only a summons on user data from 2013-2015 and only on accounts that transferred over 20K. But keep track of your buy and sell price and pay your capital gains.
So when I do my taxes this coming year, I should bring up my bitcoin raises? Even if it’s just sitting in an account
Don't quote me on this, but I think it's only taxable when you cash out. If it's just sitting in the account it's not earned income yet. But I could be wrong.
That never happens.
I also made a very very small investment in ethereum and litecoin
Here's a great podcast with Kevin Rose and Andreas Antonopolous on bitcoin. This is a good primer for those of you who are still unsure about the technology.
Do you invest in the other crypto currencies
No. I think Bitcoin is going to massively outperform them all. I did make a shitload of money on ethereum earlier this year though. It was funny, I sold at the top right before ethereum went through its 6-month bear market and bitcoin exploded in value. I put all my profit and principle back into bitcoin and made out pretty well. I got caught up in the mania initially, but then, as I educated myself more on ethereum, I became skeptical of its technology and its value-proposition. Since then, Ethereum has recovered, and it's currently trading about 14% higher than when I sold it. But bitcoin is up 418% in that same time-period. You can search earlier in this thread to find posts where I outlined some of my skepticism of ethereum. I have more concerns now, but I probably won't be able to find the time to post them.
Because you're an asshole.
I can't tell if your joking or trolling. Either way, please stop. At least in this thread.
And if I'm doing neither of those things?
Well, I asked you. Which, to anyone halfway intelligent, implies that I can't do anything about it. I believe you are more than halfway intelligent, and I asked with very good manners and no disrespect. So, I hope you can perform the honorable act of respecting my wishes without being an asshole about it.
This is a very complicated and serious subject that had alreafy changed a few people's future because of Jokerthief's research and experience. If you don't care to learn about it or better yourself, then please troll people else where.
I guess I can't. Good luck with your get rich quick scheme, doofus.
Fuck you, jokerthief.
I am extremely grateful for the guidance given and effort put into doing so. I could cash out this instant with $13k before taxes from something I started only less than 90 days ago. If it reaches even a fraction of its potential, it will have surely impacted my life and my loved ones dearly. I wouldn't have made the choices I did if it weren't for having someone to answer all of my novice questions and explained to me in haste and detail. If it weren't for paying attention to this thread since the beginning of the year, there's a good chance I would be sitting here at this moment still afraid to take a risk.
If for some reason it were to tank (it won't), I would still appreciate the hand given in attempt to help as there's nothing to benefit from creating this thread except spreading potential wealth.
I just want to say that unless you have a PhD in computer science, cryptography, finance, economics, and political science, you don't fully understand bitcoin—so no one fully understands it yet. This rabbit hole goes down and down and down forever, it seems. I could write up a 5,000 word post right now about some things that I, myself, would not have been able to understand 8 months ago. So I have to be careful with what I post. It takes a lot of time to get up to speed. Bitcoin is a bleeding-edge technology. It's also the birth of a new major asset-class. It can be very overwhelming. The feeling of being overwhelmed is something that I've struggled with, and I'll tell you, it's no joke. This space is moving so fast that I don't have time to cover it all in this thread. It would probably be too overwhelming for most even if I could. So I'm just going to try to answer questions and post what I consider to be the essential information. Everyone who is on this journey is just beginning to learn. This includes even the smartest bitcoin developers out there. The further down you go, the more you realize how much down there actually is.