tubby_mcgee 686 Posted January 29, 2018 So what do all of these people who are making a "killing" on CC doing with their profits? Just keep them invested until it drops to zero or be millionaires in cyber space? I seriously don't know. We will hear stories by mid to end of 2018 for the 2017 tax season. Or we might have to wait til 2019. At that point, we will know more. I'd say some will get "caught", some will avoid taxes and then some gray area in between. What about losses. How much will they allow you to claim in a year? With stocks, there is a max loss allowed per fiscal tax year. You can damn well bet that people will claim their losses (if substantial). So, the IRS will be dealing with tons of people claiming losses, but those with gains will be hiding it. At that point, the IRS may step up their efforts to find CC accounts/profits. Share this post Link to post Share on other sites
NorthernVike 2,080 Posted January 29, 2018 Anyone who has gained enough to flag the IRS would deserve it if they actually put the money in a US bank account. Self report, not sure where bandrus is going with this. Mensa must have a better plan? Share this post Link to post Share on other sites
bandrus1 413 Posted January 29, 2018 Im not really going anywhere with it.. I actually didnt know people were reporting profits on this stuff as income... it is really news to me 1 Share this post Link to post Share on other sites
IMMensaMind 459 Posted January 29, 2018 Mensa must have a better plan? I dunno what you talkin' about. Share this post Link to post Share on other sites
vuduchile 1,941 Posted January 29, 2018 Coinbase has already been ordered to report certain clients to the IRS https://www.google.com/amp/s/www.cnbc.com/amp/2017/11/30/bitcoin-investors-beware-the-irs-wants-its-cut-and-you-may-not-know-it.html Share this post Link to post Share on other sites
NorthernVike 2,080 Posted January 29, 2018 Im not really going anywhere with it.. I actually didnt know people were reporting profits on this stuff as income... it is really news to me Well then, It's a good thing I axed the question. You can thank me by gifting me $10,000 worth of crypto. Share this post Link to post Share on other sites
bandrus1 413 Posted January 29, 2018 Well then, It's a good thing I axed the question. You can thank me by gifting me $10,000 worth of crypto. LOL im not reporting my small profits to the IRS so it didnt really save myself anything Share this post Link to post Share on other sites
tanatastic 2,061 Posted January 29, 2018 Heads up to anyone using credit for buying, they are starting to charge cash advance fees for coinbase purchases. Yet another reason to sign up and look forward to Robinhood and hopefully leave coinbase behind soon. If anyone still hasnt signed up but wants to, use my referral and we both get a free random stock. https://share.robinhood.com/montanc6 Share this post Link to post Share on other sites
Frozenbeernuts 1,652 Posted January 29, 2018 The anonymous portion of crypto is when it's tramaferes p2p basically. I will give you x product, you deposit y crypto currency into my account. Still, feds are able to track some bitcoin purchases. It's why Monero is preferred as a privacy coin. It's also why some governments are banning privacy coins. Bitcoin is not yet officially a privacy coin Share this post Link to post Share on other sites
mmmmm...beer 691 Posted January 29, 2018 Banks have to report any deposit over 10,000... it's how they keep dope money in check. Also if you tey to get around it by making several smaller deposits over time it flags as well... can't remember the formula they use. Share this post Link to post Share on other sites
bandrus1 413 Posted January 29, 2018 I deposited 25k in cash in my checking account when I purchased house and never heard a single thing... in the grand scheme of things it's not a lot of money and if the irs has time to check into transactions that small we should all be worried Share this post Link to post Share on other sites
mmmmm...beer 691 Posted January 29, 2018 I deposited 25 in cash in my checking account when I purchased house and never heard a single thing... in the grand scheme of things it's not a lot of money and if the irs has time to check into transactions that small we should all be worried https://www.google.com/amp/s/amp.businessinsider.com/the-irs-can-seize-your-cash-through-forfeiture-2014-10 Share this post Link to post Share on other sites
nobody 2,037 Posted January 29, 2018 And people said bitcoin wasn't for criminals. Share this post Link to post Share on other sites
tubby_mcgee 686 Posted January 30, 2018 Banks have to report any deposit over 10,000.. Only cash. They don't report every deposit over 10k. They report cash withdrawals or deposits 10k or over. Share this post Link to post Share on other sites
Drizzay 645 Posted January 30, 2018 Heads up to anyone using credit for buying, they are starting to charge cash advance fees for coinbase purchases. Yet another reason to sign up and look forward to Robinhood and hopefully leave coinbase behind soon. If anyone still hasnt signed up but wants to, use my referral and we both get a free random stock. https://share.robinhood.com/montanc6 I got Zynga as my free stock. Never heard of it. Thanks for the free $3.54 though. Share this post Link to post Share on other sites
tanatastic 2,061 Posted January 30, 2018 I got Zynga as my free stock. Never heard of it. Thanks for the free $3.54 though. Same here. Share this post Link to post Share on other sites
Drizzay 645 Posted January 30, 2018 Same here. Apparently they make online games, such as Farmville. Share this post Link to post Share on other sites
tanatastic 2,061 Posted January 30, 2018 Apparently they make online games, such as Farmville. I’m familiar. They used to be huge when those games were popular but lost steam as mobile gaming really took off after that. Companies now like Supercell and tencent make millions upon millions A DAY in revenue just from their mobile games. Share this post Link to post Share on other sites
IMMensaMind 459 Posted January 30, 2018 There is a serious CC squeeze happening atm. Clearly an effort to squeeze out those who trade and don't hold. Share this post Link to post Share on other sites
Frozenbeernuts 1,652 Posted January 30, 2018 There is a serious CC squeeze happening atm. Clearly an effort to squeeze out those who trade and don't hold. I think it's just market fear. The bitfinex/tether news, the hacking news, plus new regulation news. It's interesting to see the psychology behind these massive sell offs Share this post Link to post Share on other sites
IMMensaMind 459 Posted January 30, 2018 I think it's just market fear. The bitfinex/tether news, the hacking news, plus new regulation news. It's interesting to see the psychology behind these massive sell offsIt's clear that there are levels of $BTC which are 'liquidity pools': automatic stop loss levels set by 'pools' of BTC investors, and MM's are targeting these pools by trying to drive down market sentiment to harvest these automatically traded levels if hit. This is a great time to have done what you did: consolidate into BTC and wait out the effort. Should be a strong rebound subsequent; I'm hoping with the good IOTA news coming out that the same will happen to IOTA; though it's done nothing but go down at every entry point I've chosen. Share this post Link to post Share on other sites
IMMensaMind 459 Posted January 30, 2018 Another major factor for CCs will be Robinhood coming online with close to 2 million new traders just itching to pour money into CCs. Share this post Link to post Share on other sites
Frozenbeernuts 1,652 Posted January 30, 2018 Another major factor for CCs will be Robinhood coming online with close to 2 million new traders just itching to pour money into CCs. 2 million new traders to crypto, or 2 million accounts total? Share this post Link to post Share on other sites
IMMensaMind 459 Posted January 30, 2018 2 million new traders to crypto, or 2 million accounts total? I'm guessing probably 1/3 of those are new traders. Share this post Link to post Share on other sites
edjr 5,552 Posted January 30, 2018 Bitcoin Cash went from 2800 to 1487 in a little over a momf Share this post Link to post Share on other sites
Frozenbeernuts 1,652 Posted January 30, 2018 Bitcoin Cash went from 2800 to 1487 in a little over a momf A lot of alts are down even more than that. It was way overinflated Share this post Link to post Share on other sites
mmmmm...beer 691 Posted January 31, 2018 Getting crushed.. boo Share this post Link to post Share on other sites
Frozenbeernuts 1,652 Posted January 31, 2018 Getting crushed.. boo Really? I'm down, but not crushed Share this post Link to post Share on other sites
IMMensaMind 459 Posted January 31, 2018 There is no question that if I wanted max returns over this timeline, I should have kept in ETH, and ETH only. Diversifying out of it into IOTA has taken about 40% of my paper gains away. But I now own a whole lot of a CC in which I believe whole-heartedly. I've become an avid follower of all things IOTA, and I can tell you that things like Taipei, Japan and the Netherlands signing on with IOTA to build their smart-city technology is just the tip of the iceberg. This is long-term bet for me, and I haven't felt as certain about an investment I've made as I do about this one in my memory. Share this post Link to post Share on other sites
vuduchile 1,941 Posted January 31, 2018 SK is not going to ban cryptos. They will regulate instead. https://www.yahoo.com/news/south-korea-regulate-not-ban-133100135.html Share this post Link to post Share on other sites
edjr 5,552 Posted January 31, 2018 Saw a prediction that LTC will go to 85 that's how you piss away 1500 folks Share this post Link to post Share on other sites
tubby_mcgee 686 Posted January 31, 2018 Saw a prediction that LTC will go to 85 that's how you piss away 1500 folks I'm not into CC's....but...there is also probably a prediction somewhere that says its going to 500 Just because you saw a prediction....meh...doesn't mean much. Share this post Link to post Share on other sites
edjr 5,552 Posted January 31, 2018 I'm not into CC's....but...there is also probably a prediction somewhere that says its going to 500 Just because you saw a prediction....meh...doesn't mean much. Not like I'll sell it. Either way. Share this post Link to post Share on other sites
RaiderHaters Revenge 3,569 Posted January 31, 2018 LTC bought at 89, sold at 281, waiting ETH bought at 323, sold at 1222, waiting 1 Share this post Link to post Share on other sites
bandrus1 413 Posted January 31, 2018 LTC bought at 89, sold at 281, waiting ETH bought at 323, sold at 1222, waiting Better report that Share this post Link to post Share on other sites
RaiderHaters Revenge 3,569 Posted January 31, 2018 Better report that dont need to report when I haven't cashed out Share this post Link to post Share on other sites
WhiteWonder 2,171 Posted February 1, 2018 I deposited 25k in cash in my checking account when I purchased house and never heard a single thing... in the grand scheme of things it's not a lot of money and if the irs has time to check into transactions that small we should all be worried They don't tell you they are monitoring your large cash transactions Share this post Link to post Share on other sites
WhiteWonder 2,171 Posted February 1, 2018 It's pretty clear right now that with most CCs down pretty big off their all time highs and in a period of stagnation (relatively speaking) that the way to make money is to play to volatility. Buy 5k of ethereum as it drops near 1k. Sell as it approaches 1200. Rinse and repeat. Buy rippLe below 1.10. Sell over 1.30. I don't have the time to monitor it but was looking at some charts today and you could have turned some nice profits that way. The continuous gains have gone stale. Share this post Link to post Share on other sites
joneo 529 Posted February 1, 2018 It's pretty clear right now that with most CCs down pretty big off their all time highs and in a period of stagnation (relatively speaking) that the way to make money is to play to volatility. Buy 5k of ethereum as it drops near 1k. Sell as it approaches 1200. Rinse and repeat. Buy rippLe below 1.10. Sell over 1.30. I don't have the time to monitor it but was looking at some charts today and you could have turned some nice profits that way. The continuous gains have gone stale. Agree about Ripple on the buy price, but I'd wait to $1.50 to sell. Wait for correction and repeat. Share this post Link to post Share on other sites
joneo 529 Posted February 1, 2018 From the looks of it this morning, there should be an upward surge soon. BUY BUY BUY Share this post Link to post Share on other sites
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