Bitcoin....who's gotten into it?

[4matic]

Perfect day for the DOJ to call crypto a nefarious source of terror funding.

[Lindahl]

That would be the nail in the coffin for sure.

[splat]

Considering the drop and the all too common sense expectation warnings here and elsewhere, I guess it's like any stock - you can justify your actions forever but the bottom dollar is the one that lands in the bank.

[4matic]

you can justify your actions forever but the bottom dollar is the one that lands in the bank.

A certain irony there.

[splat]

Yeah, huh? I almost sound like you.

[4matic]

Yeah, huh? I almost sound like you.

The irony is equating bitcoin profits represented as “dollars in the bank.”

[ICantLogIn]

Im still up but lost some $$ off the top. Either way its a great learning tool to go through.

[ICantLogIn]

How about Charlie Lee selling everything just before this, what foresight

[splat]

The irony is equating bitcoin profits represented as “dollars in the bank.”

When people tally their profits, is it in bitcoins or dollars?

If history is any guide, there should be a dead cat bounce up to 14 or 16k.

Sound assumption. Maybe a couple bounces. Then a slow drag from the bumper of a lambo through the hoods until only the tail is left behind a 74 Corolla?

[4matic]

How about Charlie Lee selling everything just before this, what foresight

1990 : BS in Genetics, University of Alberta

1993 : MS in Experimental Pathology, University of Alberta

1996 : PhD in Medical Sciences, University of Alberta

1996-1999 : NSERC Fellow, University of Cambridge, UK

1999-2001 : Clinical Cytogenetics Fellow, Harvard Medical School

[4matic]

When people tally their profits, is it in bitcoins or dollars?

Exactly, why not measure in LTC or ETH? And, that transfer to dollar profits is a taxable event.

[ICantLogIn]

When people tally their profits, is it in bitcoins or dollars?



Sound assumption. Maybe a couple bounces. Then a slow drag from the bumper of a lambo through the hoods until only the tail is left behind a 74 Corolla?

Id rather have btc. And the 74 Corolla had a great engine.

[Bobby Stainless]

If history is any guide, there should be a dead cat bounce up to 14 or 16k.

[4matic]

I wonder what the IRS will do with schedule D crypto losses claimed?

[JimmyCarter]

I wonder what the IRS will do with schedule D crypto losses claimed?

If they're taxing gains I dont know how they wouldn't respect losses too, but alot of the people taking the L here aren't US taxpayers...

[4matic]

If they're taxing gains I dont know how they wouldn't respect losses too, but alot of the people taking the L here aren't US taxpayers...

If I were the IRS I’d reject every one of them and demand documentation. Of course, I believe unregulated trading platforms should be illegal in US.

[mall walker]

didn't the IRS say they are treating BTC as a security and as such it is subject to capital gains/losses under the "ordinary" rules?

[4matic]

I'm not quite sure how to document trades against btc as the price of the underlying changes so much. Using spot price is insane, so you'd need a minute chart to somewhat accurately approximate. Maybe use transfers as a basis, then approximations based on the average daily price?

You know what price your transactions are executed. Pretty simple.

[splat]

If they're taxing gains I dont know how they wouldn't respect losses too, but alot of the people taking the L here aren't US taxpayers...

The IRS only allows you to write off gambling losses off up to the amount of winnings.
I'd bet a similar rule will exist.

[JimmyCarter]

The IRS only allows you to write off gambling losses off up to the amount of winnings.
I'd bet a similar rule will exist.

As has already been said, they established the tax rules already. Its cap gains treatment, not gambling.

[4matic]

The IRS only allows you to write off gambling losses off up to the amount of winnings.
I'd bet a similar rule will exist.

It’s either a currency or property transaction. Cash or stock.

[mall walker]

lol so $3k of loss per year in perpetuity!

[4matic]

lol so $3k of loss per year in perpetuity!

I been there.

[DJSapp]

I'm out. Got everything out and I'm on the right side of the line. Could have done better, but them's the breaks.

Shit is all over the mainstream media. It's over.

[JimmyCarter]

All short term too