If you have crypto currency better sell it !

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

I think I'll hang on to mine.

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

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?

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

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

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.

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.

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

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

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

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.

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

Hear that crash ? That ain't thunder !!

https://www.fool.com/investing/2021/08/02/should-bitcoin-dogecoin-xrp-investors-panic/

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.

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.

Bitcoin is now above 40k. It's up 3% for the week.

Glad I didn't sell.

Me too

Lol this sky is falling thread aged wonderfully. Why is jbyrd hoping for this to fail?

Why should crypto investing be tax-exempt? If you and I have to pay taxes on our earnings, why shouldn't everyone.

It already falls under capital gains. What this bill as far as I understand it does is impose additional reporting requirements.

Just for fun, last week of crypto price charts....

I have no interest in owning crypto but understand fully why the swamp is after it. When a credit card is used it runs through up to 8 hands all filling their pockets. In turn those pockets fill the pockets of the politicians in the swamp. Crypto undercuts all those hands so it must go.

Not according to the all knowing ones

Not hoping ! No dog in this fight. BUT in order for the world to go back to some what normal , all this MAKE BELIVE money needs to correct itself. Until the market and interest rates are where they "should be based on the rate of inflation. Higher prices for EVERYTHING will continue. I'm waiting on the real estate to crash and burn then I'll jump in for some bargains. IT WILL HAPPEN as soon as the feds quite throwing money left and right into the economy. I waited too long not getting into the market so that ship has sailed. Not getting in while record highs happen.

Please explain the eight hands evolved in a credit card transaction. Inquiring minds want to know how it feeds politicians, etc.

A credit company just offered me $15,000, interest free. I pay nothing for their money assuming i repay on schedule, which I would. I don't send mine to politicians.
When I buy something with a credit card, I pay on time. No interest. The retailer takes a small hit for the convenience of selling to me.
They make their money from undisciplined spenders.

No Capital Gains tax, if you move to Porto Rico

No federal income tax either.

This thread is really aging well.......

WOW 50,000 yep sell sell BEFORE the feds start taxing it LOL !!!!

What do you think the Taliban is going to use for Currency? They will be the needed excuse to regulate Crypto imo. I'll keep playing the downside of Crypto not the up.

BINGO WE HAVE A WINNER !!!!!!!!!!!!!
Once the feds investigate this type of make believe money someone is going to be crying.

How many times must it be explained that crypto currencies are not untraceable. There are ways to launder it or transfer it physical wallets which are all highly suspect to frauds as they typically involve criminals...

You ever "seen" a bit coin? I ain't seen unicorns or sasquatch , My parents said things you can't see touch or feel were make believe..... But world is full of koolaid salesmen

You are an amazing individual. It's about 4pm in Kentucky. I'm gonna hang it out there and say you prolly aren't at work.

Any trade on any market is a risk. Some more so then others. That is the nature of it. Fortunes have been made and loss. All in the same day. It is up to an individual what they are comfortable trading and investing in. Crypto is just another form of currency. I personally don’t invest in it. Because I don’t understand the concept. But many do. So have at it. Make a fortune. Stock market for long term is by far better then anything else at this time.

Not terribly different than our current fiat currency other than who sets the value....private individuals or governments.

That kool-aid sure has made a lot of people rich. Unfortunately like you I don't understand it or how it gets value so never bought in when I could have afford it. I wish I did now though. I would be retired.

I don't pretend to understand crypto but I do know a young man a few towns over who is into it and he just bought a new truck had work done on his house and paid it off with profits from his investment so I think it is a little more than make believe. Oh yes he still has a large sum invested.

If I can't take it down to the convenience store and buy a six pack it is worthless to me.

Don't most people end between 3 and 4?

Easiest way to explain cryptos is that they are internet payment processors. Credit card companies are payment processors, paypal is a payment processor, etc. They all get fees for transferring money from one place to another. Bitcoin miners and most other crypto miners, with notable exceptions, get their fees for handling these transactions in the way of the "coins" or "tokens". These days, the rewards are partial coins at least in the case of the bigger coins like Bitcoin.

Rex123. And there you go. Good for the guy. That is what America is all about. Higher the risk. Bigger the reward. But can go the other way just as easily. But I am happy for him. Thanks for sharing that info.

Crypto is a crazy thing. If you can’t see it, is it really real? Oh wait, that’s 401k as well!!! Well, I started playing with Crypto on June 11 2021. My rate of return so far has been 277%. Have I been lucky? Have I been playing a game? Have I been fortunate? Have I been taking a risk? Yes, Yes, Yes and Yes.

Are you really that clueless? The profits on bitcoin have always been taxable.

Governments will do whatever they can to keep their control over fiat currency. Eventually, they will lose.