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So they're going to go in on bitcoin

bigtime916

bigtime916

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Get Shredded!
So I've been waiting for a good time to get in and yeah I know I'm late. I feel like I need to move some cash to fight inflation. But now bitcoin dropped 15% because they're cracking down on it. What's your thoughts?



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HomeBusiness News

Bitcoin crashes 15% as global regulators hesitate to greenlight crypto for commercial use

18 Apr, 2021 07:45



21

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Just days after reaching another record high, bitcoin, the world’s number one digital currency, saw a dramatic plunge of more than 15% – the biggest drop in more than seven weeks.

The token fell by 9.72% to $56,074 as of 7am GMT, after having dropped by as much as 15.1% to $51,707.51 earlier. Other digital assets are also trading in the red. Ether, the second-largest cryptocurrency, fell more than 10% to $2,216. Ripple dropped to $1.35, losing about 20%.
ALSO ON RT.COMCoinbase IPO ‘monumental’ for crypto industry but has fueled kind of frenzy that ‘never ends well’ – investor Mike Novogratz
Last week, bitcoin hit a record high of $64,870 ahead of the debut trade for the cryptocurrency exchange Coinbase Global on the Nasdaq. Market capitalization of the world’s most valued cryptocurrency topped $1 trillion after a surge of more than 800% in the past year.
Bitcoin extended its 4% loss recorded earlier this week shortly after Turkey’s central bank banned the use of cryptocurrencies and crypto assets for buying goods and services. According to the regulator, the use of digital currencies would cause “irreparable” damage and transaction risks.
ALSO ON RT.COMTurkey bans use of cryptocurrencies for payments, citing possible ‘irreparable’ damages
The latest crash may reportedly be attributed to speculation that the US Treasury is planning to crack down on money-laundering practices carried out via digital assets, among other factors.
 
So looks like crypto is being frowned on by the Feds and may soon be under as much scrutiny as MG and WU have been. Now will sources start accepting CIM (Cash in Mail)?
 
Cash in the mail isn't gonna work.
Those days are gone.
 
Figures I just learned how to do Bitcoin with minimal issues and now the feds are gonna take a shit on it. 🤬
 
Same here.
But what can they really do?
 
AR-15 said:
Figures I just learned how to do Bitcoin with minimal issues and now the feds are gonna take a shit on it. 郎
Click to expand...
Yes the IRS now asks if you have ANY crypto holdings and I am sure they soon will be asking all exchanges that are registered to do business with US citizens to report any and all holdings so that they can cross check with tax returns. Also it gets harder to do any business with exchanges that are under the radar...
 
MindlessWork said:
Yes the IRS now asks if you have ANY crypto holdings and I am sure they soon will be asking all exchanges that are registered to do business with US citizens to report any and all holdings so that they can cross check with tax returns. Also it gets harder to do any business with exchanges that are under the radar...
Click to expand...

If this is true, and I am not doubting it, this is to go after the investor who are holding large amounts. Finding ways to tax that, not people using it to pay for transactions. Those types go on buy btc, make a transaction, then move the balance back to cash. IMO nothing is going to change for those people using it that way.

But, the government knows that there are people like Elon Musk who are making big moves and they hate that and want their piece of the pie. It frustrates them like no end that BTC has been able to grow (financially/popularity) without the help of big brother and outside the reach of big brother.

imo

LowT
 
LowTman said:
If this is true, and I am not doubting it, this is to go after the investor who are holding large amounts. Finding ways to tax that, not people using it to pay for transactions. Those types go on buy btc, make a transaction, then move the balance back to cash. IMO nothing is going to change for those people using it that way.

But, the government knows that there are people like Elon Musk who are making big moves and they hate that and want their piece of the pie. It frustrates them like no end that BTC has been able to grow (financially/popularity) without the help of big brother and outside the reach of big brother.

imo

LowT
Click to expand...
As of the 2019 tax year they ask on the 1040 if you have ever bought or sold crypto and it's a simple yes or no answer. Exchanges from what I hear need to report to the IRS about certain holdings if they meet certain criteria (I suspect frequent trades involving large amounts) of US citizens. Remember exchanges are required to perform KYC verifications of any account holder in the US as well.

So yes Big Government wants in on the action thus a cut. The possibility of directives and regulations (as well as Congressional action) regarding crypto coming are very strong so be wary and alert!

My .02 cents on this.
 
IML Gear Cream!
MindlessWork said:
As of the 2019 tax year they ask on the 1040 if you have ever bought or sold crypto and it's a simple yes or no answer. Exchanges from what I hear need to report to the IRS about certain holdings if they meet certain criteria (I suspect frequent trades involving large amounts) of US citizens. Remember exchanges are required to perform KYC verifications of any account holder in the US as well.

So yes Big Government wants in on the action thus a cut. The possibility of directives and regulations (as well as Congressional action) regarding crypto coming are very strong so be wary and alert!

My .02 cents on this.
Click to expand...

Heres my .02 on you pedo ...you hang out around here contributing on the fence bullshit...only time you did post any kinda committed posts here was when you were backin up a mental case ex member ... encouraging and empowering his posts he makes with his gimmicks ....you and him sit on forums talkin shit about this one....you my friend are on my shit list , I did at one time not make any decisions on who you are or what your about ...but now I will ...your a pedo and poser ...and you can go fuck yourself..we lost krossout and gained your pathetic ass
 
Last edited:
This fall is the norm, look at the history of price movements. Such falls occur periodically. I do not think that history will repeat itself as in 2018, now the cryptocurrency market is on a completely different level. I am not encouraging you to invest, I am just voicing my thoughts.
 
MindlessWork said:
As of the 2019 tax year they ask on the 1040 if you have ever bought or sold crypto and it's a simple yes or no answer. Exchanges from what I hear need to report to the IRS about certain holdings if they meet certain criteria (I suspect frequent trades involving large amounts) of US citizens. Remember exchanges are required to perform KYC verifications of any account holder in the US as well.

So yes Big Government wants in on the action thus a cut. The possibility of directives and regulations (as well as Congressional action) regarding crypto coming are very strong so be wary and alert!

My .02 cents on this.
Click to expand...
You only have to report closed trades. If you buy and hodl a coin you do not have to claim until a trade is completed as u cash out or trade to a different coin that is a taxable event just buying and holding isnt a taxable event.

Sent from my SM-A102U using Tapatalk
 
big_rich said:
You only have to report closed trades. If you buy and hodl a coin you do not have to claim until a trade is completed as u cash out or trade to a different coin that is a taxable event just buying and holding isnt a taxable event.

Sent from my SM-A102U using Tapatalk
Click to expand...
True but even a purchase of a product using Bitcoin is taxable from what I heard. Perhaps only reported if a sale of Bitcoin reaches a certain threshold?
 
They only ask if you sold any in 2020 not how much you are holding.

MindlessWork said:
Yes the IRS now asks if you have ANY crypto holdings and I am sure they soon will be asking all exchanges that are registered to do business with US citizens to report any and all holdings so that they can cross check with tax returns. Also it gets harder to do any business with exchanges that are under the radar...
Click to expand...
 
JUST IN - Turkey adds all cryptocurrency service providers to money laundering, terror financing rules.
 
Multislacking said:
JUST IN - Turkey adds all cryptocurrency service providers to money laundering, terror financing rules.
Click to expand...
That's gonna impact anyone doing business in Turkey...
 
MindlessWork said:
That's gonna impact anyone doing business in Turkey...
Click to expand...

In what way??? Are you referring to people buying pharmaceuticals in Turkey? They’ll simply have accounts outside of Turkey (which is the case now anyway). They are doing shit illegal already dummy.

This thread is classic MindlessWork parroting shit. YOU know nothing about Bitcoin. You had like $55 left over from the last time you bought gear years ago. Yet you speak as if you got some inside info. STFU.


Sent from my iPhone using Tapatalk
 
KrossOut said:
In what way??? Are you referring to people buying pharmaceuticals in Turkey? They’ll simply have accounts outside of Turkey (which is the case now anyway). They are doing shit illegal already dummy.

This thread is classic MindlessWork parroting shit. YOU know nothing about Bitcoin. You had like $55 left over from the last time you bought gear years ago. Yet you speak as if you got some inside info. STFU.


Sent from my iPhone using Tapatalk
Click to expand...

Isn't the US government doing the same shit?

I'm not giing to pretend I know shit about bitcoin. I watch it trade and that's about it. But the people in high places don't like where it's going it seems. I would think they would have enough power to crush it when they want. After they pull their money out first. Lol
 
I dont know if this is true but I was told if everyone cashed out there's not enough cash to cover the payouts. Is this true or BS? This came up because I heard China is heavily invested in bitcoin and if they want to pull the plug and screw the US they can.
 
Get Shredded!
KrossOut said:
In what way??? Are you referring to people buying pharmaceuticals in Turkey? They’ll simply have accounts outside of Turkey (which is the case now anyway). They are doing shit illegal already dummy.

This thread is classic MindlessWork parroting shit. YOU know nothing about Bitcoin. You had like $55 left over from the last time you bought gear years ago. Yet you speak as if you got some inside info. STFU.


Sent from my iPhone using Tapatalk
Click to expand...

Hey whats up krossout .....
 
I said this would happen:

JUST IN - US Treasury Secretary Yellen says cryptocurrency regulation is "well-worth addressing"
 
Multislacking said:
I said this would happen:

JUST IN - US Treasury Secretary Yellen says cryptocurrency regulation is "well-worth addressing"
Click to expand...
Um yes, of course all these will be regulated, regulate made up shit that can be hacked etc.... And then put some tangibles behind it like gold and silver... Etc....

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