Bitcoin and other cryptocurrencies

[OFFascist]

https://techcrunch.com/2017/11/28/one-bitcoin-is-now-worth-10000/

It happened. One bitcoin is now worth $10,000.
...
This $10,000 marks a bull rally essentially never before seen in modern financial markets. For perspective, bitcoin is now up 1,258% over the past year, with the cumulative value of all cryptocurrencies up 2,174% to a total of $316B. Bitcoin alone currently represents about 54% of this total market cap.

Anyone here mess with Bitcoin and the like? I have some and while I think it is likely to drop a bunch at some point in the short term, I think in the long term it will do even better.

 

[robertc1024]

We had a good discussion about it a few years ago:
https://www.texasguntalk.com/threads/bitcoin.52770/

 

[Darkpriest667]

People were laughing at us when we said it would hit 10k before the year ended. It's very possible it will be worth 1M by 2020. Go ahead laugh again. It's almost 11k right now and it only hit 10k about 9 hours ago.

 

[Younggun]

I still raf.

 

[grasshopperglock]

My son bought a ~bunch~ of Bitcoins when they were $400 each. Now he has a 11,000% return on his investment. That's per coin...btw.

 

[toddnjoyce]

My son bought a ~bunch~ of Bitcoins when they were $400 each. Now he has a 11,000% return on his investment. That's per coin...btw.

That ROI is only on paper until the asset is liquidated when the gains can be realized. Then, there’s the tax bill.

ETA: or the losses recorded.

 

[OFFascist]

Anyone know any online gun stores that accept bitcoin? Or any other decent stores? I bet there are at least some people who would like to take some profits without necessarily using an exchange to convert to USD or leaving a paper trail.

I know of these places:
Newegg.com - computers and electronics
Overstock.com - basically a lesser Walmart

 

[Southpaw]

Then, there’s the tax bill.

Ouch!!

 

[Bozz10mm]

If you buy something with bit coin for $5,000, how do you get your change?

 

[Vaquero]

If you buy something with bit coin for $5,000, how do you get your change?

.55 bitcoin.

 

[Southpaw]

Coinbase ordered to report 14,355 users to the IRS
Anyone moving more than $20,000 on the platform is subject to the new order

Today, Coinbase suffered a major defeat at the hands of the Internal Revenue Service, nearly a year after the case was initially filed. A California federal court has ordered Coinbase to turn over identifying records for all users who have bought, sold, sent, or received more than $20,000 through their accounts in a single year between 2013 and 2015. Coinbase estimates that 14,355 users meet the government’s requirements. The full order is embedded below.

.........

The government made no claim of suspicion against individual users, but instead argued that the order was justified based on the discrepancy between Coinbase users and US citizens reporting Bitcoin gains to the IRS. Coinbase boasts nearly 6 million customers, but according to a government filing, fewer than 1,000 US citizens have reported cryptocurrency holdings on their taxes.

https://www.theverge.com/2017/11/29/16717416/us-coinbase-irs-records

 

[Vaquero]

Rut roh.

 

[robertc1024]

Going after the Walter Whites?

 

[ZX9RCAM]

Why shouldn't they be taxed...

 

[Darkpriest667]

You don't report holdings, you report earnings.. so they don't have to report shit unless they sold their BTC and exchanged it for USD in which case they actually posted a profit (capital gains tax.)

 

[Moonpie]

Did anyone really think the IRS was just going to let this pass?

 

[Darkpriest667]

Did anyone really think the IRS was just going to let this pass?

I never have. I knew as soon as big money was being made theyd come for their piece of flesh too. However they forgot that there are ways to get your cryptocurrency turned into cash outside of coinbase.

Sent from my Nexus 6P using Tapatalk

 

[OFFascist]

Did anyone really think the IRS was just going to let this pass?

Well at least for now they are letting everyone who made less than $20k on Coinbase slide.

People who intend to hold bitcoin long term should be moving it off the exchange onto a private wallet just in case the exchange goes out of business like Mt. Gox did.

 

[oldag]

Goes into the category of speculation, to me anyhow.

 

[Texas42]

I

We had a good discussion about it a few years ago:
https://www.texasguntalk.com/threads/bitcoin.52770/

was reading it and didn’t realize it was from 2013.