Anyone Invested in crypto?

[dave29]

Yep, JP Morgan Chase. Crooked Banksters.

Sounds about right.

 

[CHCRandy]

 

[snapping turtle]

Hit 5k today. Got my first two at 22 each. Nice little investmwnt

 

[hoosierdoc]

Hit 5k today. Got my first two at 22 each. Nice little investmwnt

Score!

curious, is the IRS involved in capital gains here?

 

[Bfish]

Hit 5k today. Got my first two at 22 each. Nice little investmwnt

That's crazy! I learned of all of this from this thread a little while back, I think I could have happily jumped in early on had I known. Pretty awesome how it worked out for you though!

 

[Kutnupe14]

That's crazy! I learned of all of this from this thread a little while back, I think I could have happily jumped in early on had I known. Pretty awesome how it worked out for you though!

While I expect a pullback, the price of one Bitcoin(BTC) at the time of this post, is $5621. And I used to say what you said too. Know, that you doing have to buy a full BTC. You can buy pieces of them called "Satoshis," which you can purchase in whatever dollar amount you'd like. Buy $100 dollars, worth of BTC, and it will appreciate in accordance with it's proportion.
For those who are skeptical about BTC, or cryptos, in general, I was too.... and then a friend showed by this video:
(this is from 1999)
https://en.wikipedia.org/wiki/Milton_Friedman
[video=youtube;onn34J74dnU]https://www.youtube.com/watch?v=onn34J74dnU[/video]

 

[Kutnupe14]

Score!

curious, is the IRS involved in capital gains here?

Not yet, but they are working on something.

 

[snapping turtle]

Score!

curious, is the IRS involved in capital gains here?

bitcoin is considered property and taxed as capitol gains and losses accordingly. If proof of when purchased and sold exists within your bitcoin wallet. Access to the wallet by IRS ect hard to prove as of this moment but we should see this increase in the future.

That said many would cash bitcoin out in another country transfired into say a friendly (Swiss or Caribbean countries) bank account then either used to pay out bills from that account or cashed out and brought into the country as cash (10k a trip I think) under the radar. Or cashing out in Mexico ect. These methods would be like what a company as Apple does to keep it's cash made in countries outside the USA from paying taxes in USA on that money.

In other words yes capital gains is taxed on bitcoin.

 

[Kutnupe14]

bitcoin is considered property and taxed as capitol gains and losses accordingly. If proof of when purchased and sold exists within your bitcoin wallet. Access to the wallet by IRS ect hard to prove as of this moment but we should see this increase in the future.

That said many would cash bitcoin out in another country transfired into say a friendly (Swiss or Caribbean countries) bank account then either used to pay out bills from that account or cashed out and brought into the country as cash (10k a trip I think) under the radar. Or cashing out in Mexico ect. These methods would be like what a company as Apple does to keep it's cash made in countries outside the USA from paying taxes in USA on that money.

In other words yes capital gains is taxed on bitcoin.

That only applies to if you sell though, right?

 

[snapping turtle]

Yes holding of property is not cashing out. If you have say under armor stock that is in a downward spiraled trend you can take the loss on it to offset the gains on the bitcoin. I have 11 bitcoins some bit cash now also. Two are at 22 each some a 400 ish and a few higher but under 1k. It might be time to look at getting out but like a gambler let it ride for now.

 

[Kutnupe14]

Yes holding of property is not cashing out. If you have say under armor stock that is in a downward spiraled trend you can take the loss on it to offset the gains on the bitcoin. I have 11 bitcoins some bit cash now also. Two are at 22 each some a 400 ish and a few higher but under 1k. It might be time to look at getting out but like a gambler let it ride for now.

I'd cash out the BCC, and the upcoming fork coin Bitcoin Gold, and either keep it as fiat, or reinvest into BTC. Now is certainly not the time to get out. That whole FUD behind China banning cryptos, seems to not have been all that accurate. From what I've been hearing, China put the stops on because it wasn't in the game. Apparently they are going to license the exchanges so that they can get their cut. That 1.6B people potentially entering the market... and with the Asian Markets being the strongest (and China the strongest before the "ban") I think we'll see another significant spike. If it hits $10K by the Christmas, I imagine it will be $25K by April.

 

[Bfish]

Thanks for the video Kut as well as the advice on the satoshis. There is a documentary on it that you can watch on netflix I saw last night too I think I'm going to watch and what not. I'd like to learn all about it for sure.

 

[Kutnupe14]

Thanks for the video Kut as well as the advice on the satoshis. There is a documentary on it that you can watch on netflix I saw last night too I think I'm going to watch and what not. I'd like to learn all about it for sure.

No problem. Honestly, while cryptos are called "currencies," and some were created to be solely that, the most exciting about them, is the blockchain technology that was created. It's truly a technology that will change our lives. Read up on Ethereum (ETH), the applications that are coming out of that are ridiculous. It allows people to write decentralized programs attached to blockchain of almost anything the mind can image.

 

[budm]

No problem. Honestly, while cryptos are called "currencies," and some were created to be solely that, the most exciting about them, is the blockchain technology that was created. It's truly a technology that will change our lives. Read up on Ethereum (ETH), the applications that are coming out of that are ridiculous. It allows people to write decentralized programs attached to blockchain of almost anything the mind can image.

Ethereum has really been a game changer with the applications around it. Seems like the hard fork went mostly smoothly. Would love to see it go up though. darn thing has been messing with my portfolio.

 

[Kutnupe14]

Ethereum has really been a game changer with the applications around it. Seems like the hard fork went mostly smoothly. Would love to see it go up though. darn thing has been messing with my portfolio.

It will. The reason, IMO that the other cryptos haven't rallied like bitcoin, is due to the upcoming segwit2X fork. People are moving their money out of the smaller cap coins and putting into bitcoin so that they can catch the "free" money when the coin forks.

 

[Kutnupe14]

Bitcoin approaching $6000, broke out of it's bull flag

 

[Kutnupe14]

And now it hit it!!!!! Lord.
$10,000 by the begging of the year?

 

[BiscuitsandGravy]

Interesting thread. My son is all about crypto currencies but he wants to study international banking and currency. Now you guys have me interested...

 

[Kutnupe14]

Interesting thread. My son is all about crypto currencies but he wants to study international banking and currency. Now you guys have me interested...

That makes perfect sense, as crypto currencies are a serious threat to international banking in the long term. They may never supplant it, but they certainly have the ability to take a sizable share of the market.

 

[Kutnupe14]

CME will now be trading Bitcoin futures. Price is consistently making new all-time highs... currently at $6,600. And as a reminder, the cost of Bitcoin when this thread started, in July, was approx $2700.