If you have crypto currency better sell it !
#7320075
08/02/21 07:09 PM
08/02/21 07:09 PM
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Joined: Feb 2014
Posts: 13,155 Ky
jbyrd63
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OP
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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.
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Re: If you have crypto currency better sell it !
[Re: jbyrd63]
#7320088
08/02/21 07:28 PM
08/02/21 07:28 PM
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Joined: May 2010
Posts: 10,485 MN
Steven 49er
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I think I'll hang on to mine.
"Inflation is always and everywhere a monetary phenomenon". Milton Friedman.
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Re: If you have crypto currency better sell it !
[Re: jbyrd63]
#7320103
08/02/21 07:56 PM
08/02/21 07:56 PM
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Joined: Jun 2007
Posts: 4,688 Illinois
foxkidd44
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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
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Re: If you have crypto currency better sell it !
[Re: SNIPERBBB]
#7320284
08/02/21 10:38 PM
08/02/21 10:38 PM
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Joined: Feb 2014
Posts: 13,155 Ky
jbyrd63
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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.
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Re: If you have crypto currency better sell it !
[Re: jbyrd63]
#7320295
08/02/21 10:46 PM
08/02/21 10:46 PM
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Joined: May 2010
Posts: 10,485 MN
Steven 49er
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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.
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Re: If you have crypto currency better sell it !
[Re: jbyrd63]
#7320398
08/03/21 04:57 AM
08/03/21 04:57 AM
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Joined: Dec 2006
Posts: 29,894 williamsburg ks
danny clifton
"Grumpy Old Man"
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"Grumpy Old Man"
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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)
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Re: If you have crypto currency better sell it !
[Re: jbyrd63]
#7320399
08/03/21 05:00 AM
08/03/21 05:00 AM
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Joined: Dec 2006
Posts: 29,894 williamsburg ks
danny clifton
"Grumpy Old Man"
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"Grumpy Old Man"
Joined: Dec 2006
Posts: 29,894
williamsburg ks
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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)
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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
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Joined: Jan 2007
Posts: 6,491 central Haudenosaunee, the De...
white marlin
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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.
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Re: If you have crypto currency better sell it !
[Re: white17]
#7320444
08/03/21 06:47 AM
08/03/21 06:47 AM
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Joined: Dec 2006
Posts: 17,660 Rodney,Ohio
SNIPERBBB
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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
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Re: If you have crypto currency better sell it !
[Re: SNIPERBBB]
#7320611
08/03/21 10:31 AM
08/03/21 10:31 AM
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Joined: Feb 2014
Posts: 13,155 Ky
jbyrd63
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OP
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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
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Re: If you have crypto currency better sell it !
[Re: jbyrd63]
#7320800
08/03/21 02:14 PM
08/03/21 02:14 PM
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Joined: Feb 2014
Posts: 13,155 Ky
jbyrd63
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