Let's talk about Bitcoins BG, We're doomed!!! The Sky is Falling!!!!!

[RKenshin]

anyone have an education guess on which coinbase currency I can expect to retain the most value (or even go up!) over the next 7 days? bout to transfer over some racks and don't want to get Archi'd.

I'm a firm believer in ETH out of the 4.

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Seconded for ETH.

ETH is not only typically the most stable, but you have very low fees & fast transaction times for when you convert the ETH into something else.

Plus, IMO is also ETH the most valuable of the four as a bonus.

[Salodin]

Anyone know specifics on how taxing cryptocurrency works now? Who tracks it? Is binance subject to American tax laws? Man, I think this will be the first year I don't do my own taxes.

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[tyven]

Seconded for ETH.

ETH is not only typically the most stable, but you have very low fees & fast transaction times for when you convert the ETH into something else.

Plus, IMO is also ETH the most valuable of the four as a bonus.

thx, ryko

[Fondue]

I'm not sure what happened but I can't use the 25/50/75/100% buttons to sell on the binance app anymore

[RKenshin]

thx, ryko

harrrr, the old days...

Should have Ryko update his lolLJ on crypto.

[Salodin]

I'm not sure what happened but I can't use the 25/50/75/100% buttons to sell on the binance app anymore

It glitches for me all the damn time. Half the time when I'm selling it bring up my btc holdings instead of the currency I want to trade. My only solution is to kill all my apps and restart, that usually fixes it.

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[thetruepandagod]

DO WE HAVE ANY OTHER ETH SUPPORT?

cosigning.

Also in my gut I am believing more and more that when coinbase adds coins this january xlm may actually be among them and not just xrp.

[RKenshin]

Anyone know specifics on how taxing cryptocurrency works now? Who tracks it? Is binance subject to American tax laws? Man, I think this will be the first year I don't do my own taxes.

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Cryptocurrency is taxed exactly the same as any other investment right now.

Buy and sell it within <1-year and it's a short-term gain that is taxed at your current federal income tax bracket rate. Say you made $50k/year in 2017, then you're in the 25% tax bracket, and proceeds from investment profits are directly taxed at 25%. Likewise, losses will reduce your taxable income dollar for dollar.

Buy and sell it in longer than 1-year and it's a long-term gain, which for most tax-payers is a straight 15% tax rate.

There's talk about whether the IRS will consider any exchange of crypto currency a taxable event (ex: buying ETH with BTC), but that would be ridiculous and overly complex. The only thing I would really concern yourself with is if/when you convert to USD, as that is absolutely taxable.

I advice reporting any realized income (conversions to USD) and keeping records though, because the IRS will eventually catch up. Ex: Coinbase was been subpoenaed for a history of all transactions over $20,000 between 2013-2015. Though, that's the only thing they've done so far.

The official IRS write-up is here:
https://www.irs.gov/pub/irs-drop/n-14-21.pdf

Unfortunately, Coinbase nor any other website is going to make it easy for you and send over a 1099 with all your gains/losses/etc... so again, you kind of have to keep your own records. Just know how much USD you've put in and how much you've taken out.

This website is also a good way to keep track of things and/or generate your own forms, for bitcoin or any other altcoins:
https://bitcoin.tax/

[RKenshin]

What Binance app are you guys using?

I don't see one in the App Store, or is there not one for iOS?

[tyven]

so now that i've got like 6 racks invested, is my money safe in binance or do i need a ledger?

[tyven]

What Binance app are you guys using?

I don't see one in the App Store, or is there not one for iOS?

you have to DL it from some website i think, my phone doesnt let me use it so i just use the binance mobile website

[Salodin]

Android only broski. Thanks for the write up.

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[thetruepandagod]

There's talk about whether the IRS will consider any exchange of crypto currency a taxable event (ex: buying ETH with BTC), but that would be ridiculous and overly complex. The only thing I would really concern yourself with is if/when you convert to USD, as that is absolutely taxable.

Bruh, this was passed into law on january 1st when they specified that like-kind exchanges only applied to real estate, and yes it's overly complex but since they are all 70yrs old and don't know what it actually is they don't realize that.

https://www.bloomberg.com/news/artic...under-gop-plan

http://bitcoinist.com/cryptocurrency...ose-tax-break/

[octopus]

thanks trump

[Daydreamer]

Bruh, this was passed into law on january 1st when they specified that like-kind exchanges only applied to real estate, and yes it's overly complex but since they are all 70yrs old and don't know what it actually is they don't realize that.

https://www.bloomberg.com/news/artic...under-gop-plan

http://bitcoinist.com/cryptocurrency...ose-tax-break/

Heads up that cointracking.info has a tax section to help with this. It includes taxable profits from coin to coin transactions.

[Daydreamer]

On this note does this mean that since I haven't traded anything this year that I'm good for coin to coin trading since this only was implemented on the first of this year? Or is it retroactive.

[thetruepandagod]

Heads up that cointracking.info has a tax section to help with this. It includes taxable profits from coin to coin transactions.

U mean cointracking puts everything in a nice easy place for the IRS to find, TRY AGAIN MR TAXMAN

It is not retroactive, and probably why you saw so much money pulled out of crypto in the very last days of 2017.

[Daydreamer]

U mean cointracking puts everything in a nice easy place for the IRS to find, TRY AGAIN MR TAXMAN

It is not retroactive, and probably why you saw so much money pulled out of crypto in the very last days of 2017.

Sounds good to me. I really like my current portfolio and have no plans to touch it for a while.

[archibaldcrane]

Buying back into XLM at 95000/ETH after selling at 79000 sucks but oh well.

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[archibaldcrane]

http://bitcoinist.com/cryptocurrency...ose-tax-break/

How tf do you even establish value on alt-coins when they literally can't be exchanged for USD on the market?

One cow was worth two horses, and each horse was worth $500, so the cow was worth $1000. But it was also worth 110 chickens, which were $10 each, so maybe the cow was worth $1100?

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