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The most adventurous ive been doing has been boring vanguard roth IRAs so i'll never do this, but god the people that come out of the woodwork because of crypto are amazing. How do US taxes work when it comes to bitcoin? Say you sell 100k worth of bitcoin after a boom, buy an additional 100k worth of bitcoin, then the market crashes so you hold onto that second purchase of bitcoin since the market is bad. Are you getting taxed for that 100k sale you made at the end of the year, even when you basically threw that income away on another purchase? Basically, are there people who made killings on btc during the year, lost it by the end of the year, and then found themselves having to pay taxes on those initial killings, even if they're penniless? Sorry, im really dumb when it comes to finances and taxes which is why I dont think i'll ever get into this craze.
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Jan 3, 2021 21:14
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buglord posted:The most adventurous ive been has been boring vanguard roth IRAs so i'll never do this, but god the people that come out of the woodwork because of crypto are amazing. its taxed as capital gains
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Jan 3, 2021 21:15
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quote:Are you getting taxed for that 100k sale you made at the end of the year, even when you basically threw that income away on another purchase? yes There was a very funny example of that when the last bubble popped just after the end financial year and people who had been trading throughout the rise were ruined because of the loss of value and but also owed a fuckload of taxes because of the profit on all the trades they'd made during the year
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Jan 3, 2021 21:18
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jre posted:yes that was around the time one of our very own bitcoin experts declared that it was dumb for the government to expect him to track every trade he makes, and that the only important thing was USD In -> USD Out. He either made a profit that could be taxed overall or he didn't. https://forums.somethingawful.com/showthread.php?threadid=3814718&userid=75772&perpage=40&pagenumber=3 quote:Im not doing all that poo poo. I've kept track of the total USD ive invested and will report and pay taxes on the total I withdraw over that original investment. quote:Some days I do 100 trades at 2476 satoshi 7598 satoshi and 100034 satoshi. Then the coins move up or down. It is litterally impossible to keep track of this poo poo. quote:Anyone looking to evade taxes can use this site to buy and sell monero with individuals. Rectal Death Adept fucked around with this message at 21:27 on Jan 3, 2021 |
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Jan 3, 2021 21:24
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Dogecoin hit like .01 because a porn star apparently has some Doges? The gently caress. It was at like 0.003 a week ago. People getting rich off of joke currency is amazing.
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Jan 3, 2021 21:24
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Rectal Death Adept posted:that was around the time one of our very own bitcoin experts declared that it was dumb for the government to expect him to track every trade he makes, and that the only important thing was USD In -> USD Out. He either made a profit that could be taxed overall or he didn't. tbf it is kinda bullshit for everyone that the government knows what we owe and makes us do the legwork, but yeah knowing that this is what happens, its real dumb to not take it into account
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Jan 3, 2021 21:25
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buglord posted:The most adventurous ive been doing has been boring vanguard roth IRAs so i'll never do this, but god the people that come out of the woodwork because of crypto are amazing. What hosed bitcoiners in 2017 (and will likely gently caress them again this year) is this happened: They bought $100k of Bitcoin at $10k and the price went up to $20k, so now they had $200k in Bitcoin. Instead of cashing out they traded their Bitcoin for other cryptocurrencies (like Tether or Litecoin or Ether or random shitcoins that are GOING TO THE MOOOOOOOOOOOOOON) in late December. This meant they realized their gains and now owed the IRS a cut of their profits. In early 2018 the market crashed and now their shitcoins were worth a fraction of what they were in December. Instead of having $200k in cash they have $60k of shitcoins and then they get a letter from the IRS explaining that they they owe taxes on the $100k in profit they made in 2017. They do not have that money. They are hosed. Here is a real-world example: quote:Did I ruin my life by trading crypto? 
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Jan 3, 2021 21:32
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FilthyImp posted:Dogecoin hit like .01 because a porn star apparently has some Doges? The gently caress. It was at like 0.003 a week ago. It sounds more amazing than people just getting rich off a joke currency. It sounds like people literally printing their own money like some one-man federal reserve drawing dollar signs with a sharpie on sheets of A4 paper, and somehow finding others stupid enough to grant it value.
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Jan 3, 2021 21:37
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buglord posted:How do US taxes work when it comes to bitcoin? Say you sell 100k worth of bitcoin after a boom, buy an additional 100k worth of bitcoin, then the market crashes so you hold onto that second purchase of bitcoin since the market is bad. Are you getting taxed for that 100k sale you made at the end of the year, even when you basically threw that income away on another purchase? Incidentally if you're being a responsible short term capital gambler you start cleaning out accounts if needed to set aside tax money in December unless you want to gamble upon gambling or, like most beginner day traders and bitcoin holders, you have zero idea how the taxes work because you didn't tell an accountant till that next March.
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Jan 3, 2021 21:43
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Rectal Death Adept posted:This does prove that if tether were no longer around then at least three billion(!!!!) $3,000,000,000 of bitcoin demand would go with it. The price would drop. Straight White Shark posted:if Seraph liquidated all of his bitcoin a year ago and put it all in TSLA he would have twice as much money now
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Jan 4, 2021 03:53
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PAWG Girlfriend posted:Bitcoin has a market cap of over 600 billion as of this post. 3 billion wouldn't even move it 1% at this point. This is a giant nothing burger made of irrelevant noise. Quoting to preserve the stunningly braindead irony in this post.
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Jan 4, 2021 05:04
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serf84 instead of buying bitcoin or $TSLA buy a washer and dryer you utter ziploc of foot fungus flakes hell they even have those lovely all-in-one laundry machines you can drain into your sink but too bad the hosed up dry cycle would melt your one pair of cheap polyester socks use your vast wealth to rent your own sink and toilet for a month because even people in federal supermax have those
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Jan 4, 2021 05:14
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the ironicat is so large I'm just going to assume that post wasn't sincere and leave it at that take your meds seraph
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Jan 4, 2021 09:28
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https://twitter.com/TheStalwart/status/1346038379960537089?s=19
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Jan 4, 2021 11:24
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Nah this is good for bitcoin. People are merely selling their stores of value to pay taxes and christmas credit card charges, releasing bitcoin back into the ecosystem allowing more adopters to buy in.
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Jan 4, 2021 11:33
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Didn't this movie play last year around this time too?
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Jan 4, 2021 11:43
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It's a reference to the 2017 bubble, I think.
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Jan 4, 2021 11:48
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ilmucche posted:Nah this is good for bitcoin. People are merely selling their stores of value to pay taxes and christmas credit card charges, releasing bitcoin back into the ecosystem allowing more adopters to buy in. Yeah but what about when the second guy sells??
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Jan 4, 2021 12:08
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Do you think this crash has anything to do with the #ProofOfKeys stunt?
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Jan 4, 2021 12:54
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ghosTTy posted:We are going to make it. https://www.youtube.com/watch?v=fZfg1Gtcg08
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Jan 4, 2021 13:17
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Probably not an unique sentiment, but Bitcoin used to be more fun when there were more "Woolong-device"-type true believers to laugh at.
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Jan 4, 2021 13:20
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Lambert posted:It's a reference to the 2017 bubble, I think. I think the correct word is “homage.”
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Jan 4, 2021 14:58
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Why'd you fuckers tell me not to buy this poo poo five years ago? I could be a billionaire!!!!
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Jan 4, 2021 17:11
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turnip kid posted:Why'd you fuckers tell me not to buy this poo poo five years ago? I could be a billionaire!!!! as if you wouldn't have panic sold after the first bubble popped edit: I mean, buy buy buy! the dip is now! it can only go up, 100000 USD in 2022! ymgve fucked around with this message at 17:38 on Jan 4, 2021 |
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Jan 4, 2021 17:35
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lollin at seraph quoting the market cap of bitcoin like market cap for a cryptocurrency means anything. Dogecoin has a market cap of $1,200,000,000 you loving idiot. It means something in the actual stock market but just taking (Current Price) and Multiplying (Coin Supply) doesn't do anything big create impressive sounding numbers. Ripple, the cryptocurrency currently being sued multiple ways that has no actual use or purpose? $10,400,000,000 market cap. Cardano, the "Cryptocurrency designed by PHDs" which also has no actual use or purpose? $6,400,000,000 market cap. However If you tried to sell a million dollars of these coins it would knock way more than that off the market cap because there aren't that many outstanding buy orders for useless digital gambling tokens. Jesus christ.
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Jan 4, 2021 17:55
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Rectal Death Adept posted:However If you tried to sell a million dollars of these coins- Woah hold on a minute there professor. If you tried to sell a million dollars worth of these coins... who would be the buyer?
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Jan 4, 2021 17:58
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PAWG Girlfriend posted:Bitcoin has a market cap of over 600 billion as of this post. 3 billion wouldn't even move it 1% at this point.
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Jan 4, 2021 18:30
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Bronze Fonz posted:Woah hold on a minute there professor. If you tried to sell a million dollars worth of these coins... who would be the buyer? loving aquaman?!
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Jan 4, 2021 18:32
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I miss the days of bitcoin where we all laughed about laptops being stolen and phones vibrating off of chairs and drones. Now all we get are brain damaged weirdos posting pictures of their poverty bedrooms and lying about making money. Sad  Edit: I forgot the "conference" being scheduled in Pattaya lmao
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Jan 4, 2021 18:59
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Captain Yossarian posted:I miss the days of bitcoin where we all laughed about laptops being stolen and phones vibrating off of chairs and drones. Now all we get are brain damaged weirdos posting pictures of their poverty bedrooms and lying about making money. Sad There's still the self organizing collective intelligence article and the one person from like 2017 asking reddit how to weasel out of the ATF investigating a purchase of a fully automatic shotgun from "Eurasia" after trying to buy it with bitcoins and someone different on reddit asking how to get back a package of Chinese fentanyl stolen by teenagers so no crypto drug money is wasted and maybe the internet of things involving your washing machine whoring itself out to strangers doing laundry in your house at random hours to pay off the toaster's ponzi debts but with bitcoin. And of course the classic "libertarians discover taxes exist, news at 11"  
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Jan 4, 2021 19:07
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Bronze Fonz posted:Woah hold on a minute there professor. If you tried to sell a million dollars worth of these coins... who would be the buyer? Rubes?
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Jan 4, 2021 19:39
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hey look a chart of seraph’s posting frequency lmao
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Jan 4, 2021 19:41
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EorayMel posted:There's still the self organizing collective intelligence article and the one person from like 2017 asking reddit how to weasel out of the ATF investigating a purchase of a fully automatic shotgun from "Eurasia" after trying to buy it with bitcoins and someone different on reddit asking how to get back a package of Chinese fentanyl stolen by teenagers so no crypto drug money is wasted and maybe the internet of things involving your washing machine whoring itself out to strangers doing laundry in your house at random hours to pay off the toaster's ponzi debts but with bitcoin. Lmao God bless
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Jan 4, 2021 19:44
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Shumagorath posted:serf84 instead of buying bitcoin or $TSLA buy a washer and dryer you utter ziploc of foot fungus flakes I really enjoyed this post. Thanks for making it.
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Jan 4, 2021 19:53
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Captain Yossarian posted:I miss the days of bitcoin where we all laughed about laptops being stolen and phones vibrating off of chairs and drones. Now all we get are brain damaged weirdos posting pictures of their poverty bedrooms and lying about making money. Sad If it makes you feel any better, right now in this world there is a man performing the digital equivalent of dissolving his couch in acid to get a few motes of copper from long removed pennies. 
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Jan 4, 2021 20:30
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ymgve posted:as if you wouldn't have panic sold after the first bubble popped Absolutely. I did buy some eth a couple years ago because I felt like I was missing out on something and it's currently doing ok, I guess, but poo poo...what does it actually do? Why is it worth anything? Def. feeling tempted to dump this junk right now. $1,000 per token is pretty sweet.
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Jan 4, 2021 20:42
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I think this is because that goon liquidated.
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Jan 4, 2021 21:17
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Bronze Fonz posted:Woah hold on a minute there professor. If you tried to sell a million dollars worth of these coins... who would be the buyer? Some guy in an Arbys parking lot with a million dollars in Home Depot gift cards (stolen, non-functional) and a switchblade. You know, some “rich” hodler. Edit: ^^^^^Dude, it gets harder and harder to get actual, spendable USD the more you try. $1,000 per token is possible, somewhat depending on how many you want to liquidate at a time. We make fun of coiners because the ideologues are ignorant rubes who has Dunning-Kruger’d their way to insolvency, but nobody denies there have been some lucky people that have realized (small) gains. If you bought some near the creation of eth and didn’t lose it to a “smart” contract Ponzi, absolutely sell and be happy. With my blessing, and I think ether is even stupider than btc! Just, I’m, don’t allow them to convince you to “cash out” for Tether. DerekSmartymans fucked around with this message at 01:37 on Jan 5, 2021 |
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Jan 5, 2021 01:22
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i remember this day
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Jan 5, 2021 23:57
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bitcoin reached 40000 briefly. currently plummeting
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Jan 7, 2021 19:42
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