Bitcoin Cracks $5000

[Mordan]

The banker who gave me the 6k tip now turned bullish to 23k

unfortunately i only bought 30% of my position at 6k. Price didn't stay there long enough.

Rumors of Saudi Princes wanting to buy positions in Bitcoin.

 

[dannno]

$10,035

 

[kpitcher]

The projection from last year that it would end 2018 @ 40k still seems possible

 

[AuH20]

Go to a bitcoin atm. Scan your barcode. Walk away with fiat ANONYMOUSLY. Sorry IRS.

 

[AuH20]

I took a significant chunk of my bitcoins at 12500-9500 and reinvested in reputable alts. I can make multiples of my money in the runup.

 

[Carlybee]

For what? Like taxes? Haven't you heard? Paying taxes on cryptos is for suckers. It's anonymous and decentralized and private and revolutionary and cool and 'cuz Bilderberger Peter Thiel and Hedge Fund Wall Streeter Novogratz like it the deep state hates it. So forget about taxes and P/L statements and lame stuff like that. Just be cool and edgy and trade da coins. You'll get a Lambo, promise!

(Until the notice from the IRS shows up and the coiners realize that Coinbase's board of directors is full of fedgov)

I’m a bookkeeper. I have a few people asking about how to keep track.

 

[devil21]

I’m a bookkeeper. I have a few people asking about how to keep track.

Just send them my message.

Go to a bitcoin atm. Scan your barcode. Walk away with fiat ANONYMOUSLY. Sorry IRS.

Except for that part where you turned over all of your personal info to the exchange to buy them in the first place. Ever since then, your name has been attached to everything you've done. You think you can cash out a bitcoin that has your name attached to it at an ATM and it not be on record? I fear there will be a lot of people in for a very, very rude awakening when it becomes clear what is meant by a GLOBAL currency.

 

[AuH20]

Just send them my message.




Except for that part where you turned over all of your personal info to the exchange to buy them in the first place. Ever since then, your name has been attached to everything you've done. You think you can cash out a bitcoin that has your name attached to it at an ATM and it not be on record? I fear there will be a lot of people in for a very, very rude awakening when it becomes clear what is meant by a GLOBAL currency.

However, there is no transaction available to the IRS of one actually selling the said coin(s). All they have is a point of origin and some blockchain traces in some instances. Understand that I have anonymous accounts on exchanges in the Far East. You can move it all over the internet to your heart's delight. Anonymous personal wallets exist. The burden of proof is on the IRS to prove that you sold the coin, but once it goes down the rabbit hole ( see Monero ), they are lost. ROFL This is the primary reason the TPTB are crying out for regulation.

As long as you don't spend the washed fiat on a high profile luxury item that doesn't mesh with your annual income, you are in the clear. The IRS is completely powerless unless you are dumb enough to reconvert with an IRS assisting company like Coinbase.

 

[devil21]

However, there is no transaction available to the IRS of one actually selling the said coin(s).

How do you figure? If you did it through an exchange that you had to log in to (which also has your IP address, device MAC address, etc) everything you did was recorded and attached to your name (it's not "your" name but that's outside the scope of this convo). What, exactly, do you think the purpose of total information awareness is? You want to bet there's a camera in that bitcoin ATM with facial recognition software? If you have an ID, your face is already in a global facial recognition database! Some of you seem to have no idea just how interlinked everything is now.

All they have is a point of origin in some instances. Understand that I have anonymous accounts on exchanges in the Far East. You can move it all over the internet to your heart's delight. Anonymous personal wallets exist. The burden of proof is on the IRS to prove that you sold the coin, but once it goes down the rabbit hole, they are lost. ROFL

So cute. Still clinging to a notion of anonymity even though you're surrounded by advanced cameras, your devices ID you to everything you interact with (IoT), the exchanges themselves obviously communicate with each other (otherwise there would be no network in the first place) and can/do send your ID info all over.

As long as you don't spend the washed fiat on a high profile luxury item that doesn't mesh with your annual income, you are in the clear. The IRS is completely powerless unless you are dumb enough to reconvert with an IRS assisting company like Coinbase.

You go ahead and believe that. Your only saving grace, for the moment, is that it may not be 100% completely integrated and operational yet. Yet. Do you feel lucky?

 

[AuH20]

Like I said, the IRS is in trouble against an invisible foe, but it remains to be seen for how long this will continue.

https://www.nytimes.com/2018/01/22/opinion/irs-bitcoin-fear.html

Blockchain technologies can also make it difficult for the I.R.S. to tax cryptocurrency trading profits. Here is a simple tax dodge that would be hard for the I.R.S. to prove: Suppose A, B and C are electronic addresses you own. You let the I.R.S. know you own A, but not B and C. You buy one Bitcoin at $15,000 and park it at A, expecting the price to go up. Just a few hours later, when a Bitcoin is worth $15,500, you send that Bitcoin to B and then to C.

A few months later, when your Bitcoin is now worth $25,000, you send it from C to A and tell the I.R.S., “I sold a Bitcoin to an anonymous counterparty at B back at $15,500 and just now bought a Bitcoin from another anonymous counterparty at C for $25,000.” As a result, you owe taxes on capital gains of just $500 rather than $10,000.

The I.R.S. can observe all the transactions between A, B and C on the Bitcoin blockchain, but it cannot disprove that B and C are “arm’s length” counterparties (that is, independent and not colluding). Rules in the United States that require financial institutions to verify the identity of address holders do not solve the problem, because as far as the I.R.S. knows, B and C could have been set up by a foreign institution that does not comply with such rules.

 

[devil21]

Not sure I'd quote an NYT opinion piece as a bastion of truth reporting, but hey I hope it works out for you.

 

[Mordan]

Dan Larimer creator of upcoming EOS says: remove all taxes.

Pay for everything with inflation.

That's how EOS will work. Block producers will be paid with inflation.

 

[anaconda]

$10,559

 

[specsaregood]

. The burden of proof is on the IRS to prove that you sold the coin,

I'm pretty sure the irs puts the burden of proof on you to prove you didn't.

 

[dannno]

I'm pretty sure the irs puts the burden of proof on you to prove you didn't.

I made a typo and sent 'em to the wrong wallet address

 

[specsaregood]

I made a typo and sent 'em to the wrong wallet address

Then you should have no problem proving that. It's all public.

 

[dannno]

Then you should have no problem proving that. It's all public.

Right, it's in the blockchain, I think part B in the NYT diagram.

 

[dannno]

11,091

 

[dannno]

11,552

 

[Mordan]

10500