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If you have crypto currency better sell it ! #7320075
08/02/21 07:09 PM
08/02/21 07:09 PM
Joined: Feb 2014
Posts: 9,950
Ky
J
jbyrd63 Offline OP
trapper
jbyrd63  Offline OP
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J

Joined: Feb 2014
Posts: 9,950
Ky
The new infrastructure bill has a clause added into it that as worded requires anyone or any company to report "anyone" that benefits or profits from selling or trading to report ALL info to the IRS. The whole attraction to crypto currency was the lack of Gov being able to see who "owns" are how much their amount is worth.

https://www.nytimes.com/2021/07/30/us/politics/infrastructure-deal-cryptocurrency.html

Last edited by jbyrd63; 08/02/21 07:10 PM.
Re: If you have crypto currency better sell it ! [Re: jbyrd63] #7320088
08/02/21 07:28 PM
08/02/21 07:28 PM
Joined: May 2010
Posts: 9,050
mn north of blakely
S
Steven 49er Offline
trapper
Steven 49er  Offline
trapper
S

Joined: May 2010
Posts: 9,050
mn north of blakely
I think I'll hang on to mine.


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: If you have crypto currency better sell it ! [Re: jbyrd63] #7320099
08/02/21 07:44 PM
08/02/21 07:44 PM
Joined: Apr 2010
Posts: 3,493
Ohio
S
stinkypete Offline
trapper
stinkypete  Offline
trapper
S

Joined: Apr 2010
Posts: 3,493
Ohio
Another law that they will write and speedily pass. Without any insight from the industry. They couldn’t even pass a credit limit before the expiration date which was last Saturday. Now the Fed is in a scramble not to default on debt. Didn’t see that in the head lines today did you NOPE. This administration will be the biggest money grab/ tax administration in history IMO

Re: If you have crypto currency better sell it ! [Re: jbyrd63] #7320103
08/02/21 07:56 PM
08/02/21 07:56 PM
Joined: Jun 2007
Posts: 3,962
shelbyville, illinois 50years ...
foxkidd44 Offline
trapper
foxkidd44  Offline
trapper

Joined: Jun 2007
Posts: 3,962
shelbyville, illinois 50years ...
ok gang.......this was a theory I had a few months ago.........stimulus after stimulus to intentionally make our money worthless.......then the govt takes over the banks and financial institutions,,,,,,,,,,,everyone gets a govt debit card that's based on cryptocurrncy,,,,,,,,,,a govt cryptocurrncy.............they can moniter each and every financial transaction...............and can approve or deny the sale of certain things..............like............firearms....ammo?


Stand by your principles, Stand by your guns, and victory complete and permanent is sure at last.
Abraham Lincoln
Re: If you have crypto currency better sell it ! [Re: jbyrd63] #7320120
08/02/21 08:16 PM
08/02/21 08:16 PM
Joined: Dec 2006
Posts: 15,181
Rodney,Ohio
SNIPERB🦝 Offline
trapper
SNIPERB🦝  Offline
trapper

Joined: Dec 2006
Posts: 15,181
Rodney,Ohio
Originally Posted by jbyrd63
The new infrastructure bill has a clause added into it that as worded requires anyone or any company to report "anyone" that benefits or profits from selling or trading to report ALL info to the IRS. The whole attraction to crypto currency was the lack of Gov being able to see who "owns" are how much their amount is worth.

https://www.nytimes.com/2021/07/30/us/politics/infrastructure-deal-cryptocurrency.html

No that's not the point of crypto. Anyone that says it's untraceable is an idiot.

Re: If you have crypto currency better sell it ! [Re: jbyrd63] #7320258
08/02/21 10:07 PM
08/02/21 10:07 PM
Joined: Mar 2007
Posts: 33,547
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
white17  Offline

"General (Mr.Sunshine) Washington"
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Joined: Mar 2007
Posts: 33,547
McGrath, AK
The new reporting requirements are on the broker or whatever entity facilitates a transaction.

Not on the individual. Nevertheless the reporting will be used to collect capital gains tax when/if due. Just like with stocks.

The important thing for individuals to do is keep track of any and all purchase transactions so that you can prove your basis at tax time


Mean As Nails
Re: If you have crypto currency better sell it ! [Re: SNIPERB🦝] #7320284
08/02/21 10:38 PM
08/02/21 10:38 PM
Joined: Feb 2014
Posts: 9,950
Ky
J
jbyrd63 Offline OP
trapper
jbyrd63  Offline OP
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J

Joined: Feb 2014
Posts: 9,950
Ky
Originally Posted by SNIPERB🦝
Originally Posted by jbyrd63
The new infrastructure bill has a clause added into it that as worded requires anyone or any company to report "anyone" that benefits or profits from selling or trading to report ALL info to the IRS. The whole attraction to crypto currency was the lack of Gov being able to see who "owns" are how much their amount is worth.

https://www.nytimes.com/2021/07/30/us/politics/infrastructure-deal-cryptocurrency.html

No that's not the point of crypto. Anyone that says it's untraceable is an idiot.


Alan Rappaport is the "idiot" that wrote the article. Your words not mine. If this passes watch it drop like a rock. It may drop just because it's being voted on.

Re: If you have crypto currency better sell it ! [Re: jbyrd63] #7320295
08/02/21 10:46 PM
08/02/21 10:46 PM
Joined: May 2010
Posts: 9,050
mn north of blakely
S
Steven 49er Offline
trapper
Steven 49er  Offline
trapper
S

Joined: May 2010
Posts: 9,050
mn north of blakely
If it drops like a rock, I'll buy more. Like just about anything, there are ways to buy and sell crypto without the gubbemint ever knowing.

The whole "attraction" of bitcoin wasn't only that it's hard to trace, the biggest attraction is that it''s not fiat.

You are in an arena that is overyour paygrade.


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: If you have crypto currency better sell it ! [Re: jbyrd63] #7320398
08/03/21 04:57 AM
08/03/21 04:57 AM
Joined: Dec 2006
Posts: 24,919
williamsburg ks
D
danny clifton Offline
"Grumpy Old Man"
danny clifton  Offline
"Grumpy Old Man"
D

Joined: Dec 2006
Posts: 24,919
williamsburg ks
Of course its fiat currency. Created out of thin air. Not long ago BTW drug addicts and pedophiles thought the Onion Router was anonymous . I am not telling anyone what to do but at least be realistic


Those who would give up essential liberty, to purchase a little temporary safety, deserve neither liberty nor safety. Benjamin Franklin (1706-1790)
Re: If you have crypto currency better sell it ! [Re: jbyrd63] #7320399
08/03/21 05:00 AM
08/03/21 05:00 AM
Joined: Dec 2006
Posts: 24,919
williamsburg ks
D
danny clifton Offline
"Grumpy Old Man"
danny clifton  Offline
"Grumpy Old Man"
D

Joined: Dec 2006
Posts: 24,919
williamsburg ks
And to say no more can be created is just silly. Computer technology changes hourly. Somebody somewhere is going to create a program to “counterfeit” crypto for lack of a better word


Those who would give up essential liberty, to purchase a little temporary safety, deserve neither liberty nor safety. Benjamin Franklin (1706-1790)
Re: If you have crypto currency better sell it ! [Re: jbyrd63] #7320408
08/03/21 05:12 AM
08/03/21 05:12 AM
Joined: Nov 2011
Posts: 947
Pennsylvania, 1B
PaRay Offline
trapper
PaRay  Offline
trapper

Joined: Nov 2011
Posts: 947
Pennsylvania, 1B
Crypto is a disruptive technology and the government can’t wrap their head around it. That’s why they’re throwing out all these scare tactics.

1st they ignore you

2nd they laugh at you

3rd they fight you

4th they accept you

HODL

Re: If you have crypto currency better sell it ! [Re: danny clifton] #7320422
08/03/21 05:46 AM
08/03/21 05:46 AM
Joined: Jan 2007
Posts: 5,317
SW PA
W
white marlin Offline
trapper
white marlin  Offline
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Joined: Jan 2007
Posts: 5,317
SW PA
Originally Posted by danny clifton
And to say no more can be created is just silly. Computer technology changes hourly. Somebody somewhere is going to create a program to “counterfeit” crypto for lack of a better word


or the original creators.

just because they SAY there'll only be so many, doesn't mean they can't/won't make as many as they need/want.



Re: If you have crypto currency better sell it ! [Re: white17] #7320444
08/03/21 06:47 AM
08/03/21 06:47 AM
Joined: Dec 2006
Posts: 15,181
Rodney,Ohio
SNIPERB🦝 Offline
trapper
SNIPERB🦝  Offline
trapper

Joined: Dec 2006
Posts: 15,181
Rodney,Ohio
Originally Posted by white17
The new reporting requirements are on the broker or whatever entity facilitates a transaction.

Not on the individual. Nevertheless the reporting will be used to collect capital gains tax when/if due. Just like with stocks.

The important thing for individuals to do is keep track of any and all purchase transactions so that you can prove your basis at tax time


Not sure about all the exchanges but Coinbas records it all. There's a third party app called Coindesk that collates it all into for a snapshot of taxes or harvestable tax losses

Re: If you have crypto currency better sell it ! [Re: SNIPERB🦝] #7320611
08/03/21 10:31 AM
08/03/21 10:31 AM
Joined: Feb 2014
Posts: 9,950
Ky
J
jbyrd63 Offline OP
trapper
jbyrd63  Offline OP
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J

Joined: Feb 2014
Posts: 9,950
Ky
Originally Posted by SNIPERB🦝
Originally Posted by white17
The new reporting requirements are on the broker or whatever entity facilitates a transaction.

Not on the individual. Nevertheless the reporting will be used to collect capital gains tax when/if due. Just like with stocks.

The important thing for individuals to do is keep track of any and all purchase transactions so that you can prove your basis at tax time


Not sure about all the exchanges but Coinbas records it all. There's a third party app called Coindesk that collates it all into for a snapshot of taxes or harvestable tax losses


I think the problem is most aren't reporting Gains but are reporting the losses. That's why bobo wants to monitor so he can get 28 billion I new taxes. BUT he is spending 560 billion to get it ? Yea that makes good sense. Politicians 101

Re: If you have crypto currency better sell it ! [Re: jbyrd63] #7320800
08/03/21 02:14 PM
08/03/21 02:14 PM
Joined: Feb 2014
Posts: 9,950
Ky
J
jbyrd63 Offline OP
trapper
jbyrd63  Offline OP
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J

Joined: Feb 2014
Posts: 9,950
Ky

Re: If you have crypto currency better sell it ! [Re: jbyrd63] #7320818
08/03/21 02:47 PM
08/03/21 02:47 PM
Joined: Jul 2016
Posts: 3,785
NY
Canvasback2 Offline
trapper
Canvasback2  Offline
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Joined: Jul 2016
Posts: 3,785
NY
That IRS reporting works if the Cryptocurrency was bought or sold, on a Centralized Cryptocurrency Exchange. Don't know how they would know if someone bought or sold Cryptocurrency , through a Decentralized Cryptocurrency exchange.

Re: If you have crypto currency better sell it ! [Re: jbyrd63] #7321389
08/04/21 08:25 AM
08/04/21 08:25 AM
Joined: Dec 2006
Posts: 15,181
Rodney,Ohio
SNIPERB🦝 Offline
trapper
SNIPERB🦝  Offline
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Joined: Dec 2006
Posts: 15,181
Rodney,Ohio
Originally Posted by jbyrd63

What panic? Bitcoin dropped a tad yesterday and is slightly above level from yesterday. General market on Coinbase for all cryptos is up 1.28% from yesterday.

Re: If you have crypto currency better sell it ! [Re: jbyrd63] #7322519
08/05/21 02:37 PM
08/05/21 02:37 PM
Joined: Dec 2006
Posts: 15,181
Rodney,Ohio
SNIPERB🦝 Offline
trapper
SNIPERB🦝  Offline
trapper

Joined: Dec 2006
Posts: 15,181
Rodney,Ohio
Bitcoin is now above 40k. It's up 3% for the week.

Re: If you have crypto currency better sell it ! [Re: jbyrd63] #7329929
08/14/21 01:12 PM
08/14/21 01:12 PM
Joined: May 2010
Posts: 9,050
mn north of blakely
S
Steven 49er Offline
trapper
Steven 49er  Offline
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S

Joined: May 2010
Posts: 9,050
mn north of blakely
Glad I didn't sell.


"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
Re: If you have crypto currency better sell it ! [Re: Steven 49er] #7329985
08/14/21 02:19 PM
08/14/21 02:19 PM
Joined: Dec 2006
Posts: 3,962
PA
E
elkaholic Online shocked
trapper
elkaholic  Online Shocked
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Joined: Dec 2006
Posts: 3,962
PA
Originally Posted by Steven 49er
Glad I didn't sell.



Me too


Millions of trees die every year to print environmentalist publications
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