So they're going to go in on bitcoin

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  1. #1
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    So they're going to go in on bitcoin

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

    18 Apr, 2021 07:45



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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.

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    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)?
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    Cash in the mail isn't gonna work.
    Those days are gone.
    :: prudence ::

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    Figures I just learned how to do Bitcoin with minimal issues and now the feds are gonna take a shit on it. 🤬

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    Same here.
    But what can they really do?
    :: prudence ::

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    its not down that much. $55,000 now.

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    Quote Originally Posted by AR-15 View Post
    Figures I just learned how to do Bitcoin with minimal issues and now the feds are gonna take a shit on it. 郎
    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...
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    Quote Originally Posted by MindlessWork View Post
    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...
    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

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    I've honestly been waiting for this to happen since day one. Banning and/or regulation.

  10. #10
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    Quote Originally Posted by LowTman View Post
    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
    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.
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    Quote Originally Posted by MindlessWork View Post
    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.
    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 by twisted; 04-18-2021 at 04:24 PM.

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    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.


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    Quote Originally Posted by MindlessWork View Post
    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.
    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.

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    Quote Originally Posted by big_rich View Post
    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
    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?
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    They only ask if you sold any in 2020 not how much you are holding.

    Quote Originally Posted by MindlessWork View Post
    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...

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