Bitcoin Surge
- Thread starter Flash
- Start date
StapleMammal1
Contributor
If I were to sell my house I get reamed due to Capital Gains. Only right the same applies to crypto. As far as IRS is concerned if you have been doing what you are supposed to do pertaining to taxes you, like me, have nothing to worry about when the IRS shows up with a huge boner for your poop hole.
HelenKeller
Blind BitchXV
It's not surprising, and if you sell your warcraft gold for cash or barter for real world goods with it, it is subject to tax.
In most cases bitcoin earnings are treated as capital gains which isn't taxed that heavily, and it's the same as any other stock. And I'm pretty sure under the bartering rules you could owe taxes for purchasing stuff with it after it has appreciated in value. A barter economy doesn't let you avoid the men with guns.
StapleMammal1
Contributor
Post the article elsewhere. Watch the almost instant emotional responses kick in. Even if you understand crypto and have done well with crypto those who don't know that you know your shit will accuse you of not understanding how crypto works and you will be accused of other nonsense.
Cult like behaviour of which I personally find fascinating on a psychological level.
I was deep in the mud on bitcointalk.org from like 2011-2014. I was very vocally anti-bitcoin. it is a new-gen ponzi/pyramid scheme and it will eventually crash and burn and be replaced by something much better. that said, I happen to have a stash that is worth a solid amount at the moment.
StapleMammal1
Contributor
Agreed and right on. 
And yet still up 18% over the previous week even under 10k
I've already turned a few thousand into a few hundred thousand in a few months with crypto (and cashed out quite a bit of that, so profits safe). I don't care if it's a ponzy or a scam, I've made money off it and will continue trying until it finally dies (the trading experience I'm getting might transfer into stocks/forex someday at least). Sucks that I have to worry about taxes and what not, but that was going to happen eventually regardless, big brother always wants a cut. 
No doubt there is money to be made. I am concerned with the people dumping their savings and retirement plus credit cards to get in.. the ones you are making money from. Those people are the ones that will be looking for a handout if they aren't careful.
My point being is whatever you have out there better be money you can afford to lose
My point being is whatever you have out there better be money you can afford to lose
1teaminlondon
Veteran X
p sure anyone dumb enough to pump their savings, retirement, and credit cards into this either have already or will eventually lose everything on some dumbass scheme (and scratchers)
1teaminlondon
Veteran X
yes obviously an investment bubble generated by global speculation indicates with certainty that lower middle class americans are maxing out their credit cards and dumping their retirement/savings into bitcoin
can't believe i missed that, thanks for pointing that out
can't believe i missed that, thanks for pointing that out
If only u could protect them all from the free market