Quote: (12-30-2017 12:18 PM)redonion Wrote:  

For the US guys out there, has anyone found any documentation regarding the impact of the new tax plan? I'm mainly interested in the fact that crypto-to-crypto transactions will now be a taxable event. This is absolutely devastating to me since I'm working on a project to that will do high-frequency crypto trading. I'm trying to figure out what the tax rate will be on these events (30%? 10%? < 1%?), but haven't had much success. A high tax rate will make day trading unprofitable.

Im planning for it to be 30% short term cap gains rate.

Im not even sure that you can claim a 1031 "like kind exchange" for day trading this tax year either since you would have to realize profits in USD equivalent according to this IRS memo. Say you bought BTC-XRP at 1.00, then sold it in the pump yesterday @ 2.80 for BTC you would have a realized gain of 1.80 USD. Or to get even more confusing the gains/losses will most likely be in BTC or SATs which would then need to be converted into USD equivalent value at the time of the tx.

Quote:Quote:

Q-5: How is the fair market value of virtual currency determined?
A-5: For U.S. tax purposes, transactions using virtual currency must be reported in U.S. dollars. Therefore, taxpayers will be required to determine the fair market value of virtual currency in U.S. dollars as of the date of payment or receipt. If a virtual currency is listed on an exchange and the exchange rate is established by market supply and demand, the fair market value of the virtual currency is determined by converting the virtual currency into U.S. dollars (or into another real currency which in turn can be converted into U.S. dollars) at the exchange rate, in a reasonable manner that is consistently applied.

Q-6: Does a taxpayer have gain or loss upon an exchange of virtual currency for other property?
A-6: Yes. If the fair market value of property received in exchange for virtual currency exceeds the taxpayer’s adjusted basis of the virtual currency, the taxpayer has taxable gain. The taxpayer has a loss if the fair market value of the property received is less than the adjusted basis of the virtual currency. See Publication 544, Sales and Other Dispositions of Assets, for information about the tax treatment of sales and exchanges, such as whether a loss is deductible.

At least thats how I read current law in a worst case scenario. Would love to be wrong here.

In reply to:
Posted by redonion - Today 12:18 PM
For the US guys out there, has anyone found any documentation regarding the impact of the new tax plan? I'm mainly interested in the fact that crypto-to-crypto transactions will now be a taxable event. This is absolutely devastating to me since I'm working on a project to that will do high-frequency crypto trading. I'm trying to figure out what the tax rate will be on these events (30%? 10%? < 1%?), but haven't had much success. A high tax rate will make day trading unprofitable.

RO - I have an acquaintance who is an extremely successful and rich futures trader... he had this issue years ago and being the son of a USMC Korean War combat Marine had no intention of giving up his US Citizenship - so he hired Swiss consultants who advised him to set up Three IBCs or International Business Corporations in the British Commonwealth Territories with Global Safe Banks - several (3) for countrparty risk diversification...

So Three IBCs - each account costs about $2M to set up and $50K a year in fees and the British Commonwealth Common Laws make it very unattractive for US or EU etc snoops to go on fishing expeditions so three IBCs or International Business Corporations very popular with UK and UK Friendly nation businessman - IBC fees keep these commonwealths floating on legal business enterprise Cash and IBCs are legal Offshore Business Entities so not under personal FBAR and or FATCA compliance rules as IBCs are Offshore Corporate Entities that do not exist in the USA...

He has two trading accounts tied to each of two IBCs in two separate banks and periodically sweeps surplus electronic trading proceeds into a separate 3rd IBC's Bank acount for additional Privacy and Risk mitigation.

So since you will likely be trading much more than lunch money in High Freq Tradin - all trades are executed on US Global Exchanges bby legal IBC offshore entities and the funds sourced and swept into the IBC's Banks daily again to mitigate exchanges counter party risk - any exchange especially cryptos that accept to many Futures Shorts can go bankrupt at any time so funds trade daily on open exchanges and held in the IBC accounts and trasferred out daily or at most weekly to the IBC's accounts - IBCs can have beneficial ownership in Asset Protection Trusts that add further layers of Privacy...

We live in a Globalized World and a Globalized Economy and you have to think Globally to deal with too many prying eyes and onerous regs - your HighFreq cyrpto buy/sells are done in the account and name of the legal offshore entity an IBC (Entity Does not Exist in USA according to our research was a product of the UK Empire needs to diversify global wealth when facing NAZI and now EuroFacist threats of armed invasion...

Of course success is secrecy and secrecy is success so a Red Pill Man never shares this private information with jealous Drinking Buddies or Bitchy Banglers that might be in a position to rat him out or worse try for Divorce Rape - forewarned is for-armed.

HTH...

In case you missed the pump on NXT it seems to have bottomed out at .50 and slowly climbing back up. Probably an easy 50% by next week. Enjoy!

REQ giving me x10+ making my investment in it even better than my original in bitcoin in mid 2016.

Here's to another year of sick gains.

Look out for Zilliqa, Bluezelle, Nucleus Vision and Beetoken this month.

Most bullish on Zilliqa.

Quote: (12-31-2017 02:50 AM)Travel Museums Wrote:  

In case you missed the pump on NXT it seems to have bottomed out at .50 and slowly climbing back up. Probably an easy 50% by next week. Enjoy!

Why? It only pumped in the first place because people (including myself) bought for the free Ignis airdrop. Once that happened, it immediately dropped, then corrected itself.

All the future gains will be either from Ignis or Ardor, as NXT is forgotten.

How many guys feeling eREQT?

At 85 cents, sold 10% of my REQ stack and cashed it out into fiat. Won't be needing to cash out anymore for the rest of the year. HODL for long term cap gains.

[deleted]

Get into BCPT folks. It'll be on Bittrex soon. That'll make a good pump.

Bought 21 XRB at 26$, hope it hits Binance this week.

Also picked up more than a 1000 XLM when it dipped to 60c

ZCL is a monster that won’t slow down until after th fork. I got 100 if these when the fork announcement with bitcoin was made at $27 I’m sure it will continue to grow currently $240

Quote: (01-07-2018 11:52 AM)little wing Wrote:  

Bought 21 XRB at 26$, hope it hits Binance this week.

Also picked up more than a 1000 XLM when it dipped to 60c

Bought some XRB also somewhere around $25. Couldn't really tell since Kucoin was lagging so bad. Do you know if you can send XRB to Binance prior to the big release?

Quote: (01-01-2018 05:04 AM)NewMeta Wrote:  

REQ giving me x10+ making my investment in it even better than my original in bitcoin in mid 2016.

Here's to another year of sick gains.

Look out for Zilliqa, Bluezelle, Nucleus Vision and Beetoken this month.

Most bullish on Zilliqa.

Where do you go to get early ICO info? The whitelist is closed for all of those except Beetoken I believe.

I like icodrop.

Very bullish on Coss.

Quote: (01-07-2018 03:45 PM)westcoastlink Wrote:  

Quote: (01-07-2018 11:52 AM)little wing Wrote:  

Bought 21 XRB at 26$, hope it hits Binance this week.

Also picked up more than a 1000 XLM when it dipped to 60c

Bought some XRB also somewhere around $25. Couldn't really tell since Kucoin was lagging so bad. Do you know if you can send XRB to Binance prior to the big release?

At the moment you cannot withdraw any XRB from KuCoin. As soon as you can, I recommend sending them to your RaiWallet (https://raiwallet.com/) and store them there. The transaction is free and only takes a couple of seconds.

do you guys buy alt coins with fiat or with Btc/Eth?

Quote: (01-09-2018 10:44 AM)Zimbuc Wrote:  

do you guys buy alt coins with fiat or with Btc/Eth?

BTC/ETH. This is why it's important to make sure that you measure your gains in both fiat and BTC/ETH. Ex: I held OMG since September, and while it doubled since then, BTC and ETH have each quadrupled, making it a shitty investment.

Just found the next coin going to the Moon boys.

https://coinmarketcap.com/currencies/trumpcoin/

https://www.trumpcoin.com/

You can thank me later, PM me if you want a crypto address to donate to.

OK, here are some more serious suggestions. What are people's thoughts on this coin Qlink?

https://coinmarketcap.com/currencies/qlink/

It wants to be a decentralised mobile network, I don't know how viable that is, however it has only been out for a couple weeks and is listed on Kucoin. It has an unknown market cap and is listed around 1000, but the 24 hour volume has been around 10-13 million for the last few days, which is extremely high for a coin with a low market cap. So when the market cap is realised and put onto Coinmarketcap.com it will probably go up around 500 places.

Quote: (01-10-2018 12:36 PM)RedPillUK Wrote:  

OK, here are some more serious suggestions. What are people's thoughts on this coin Qlink?

https://coinmarketcap.com/currencies/qlink/

It wants to be a decentralised mobile network, I don't know how viable that is, however it has only been out for a couple weeks and is listed on Kucoin. It has an unknown market cap and is listed around 1000, but the 24 hour volume has been around 10-13 million for the last few days, which is extremely high for a coin with a low market cap. So when the market cap is realised and put onto Coinmarketcap.com it will probably go up around 500 places.

It generates consistent good returns on Kucoin but it's gotta be getting near the 300-500 million marketcap range.
I need to sell mine.

Long time I didn't update. December was very solid with a 9x increase in USD, not too hard considering even shitcoins pumped.

My only big trade these last weeks was riding the REQ pump from the bottom down to almost the very top, selling all to ETH riding that shitcoin up from $800 to $1300 and now all into BTC, need that one to go up next, using my one-time please Jesus. BTC at this very moment could go any side really but broke resistance so it's looking for a solid run and cucking all alts on its way up.

Also got me some GTO, part as a trade and to keep long term. Coin itself will be used for the http://www.up.live/ platform for hungry cucks to give virtual gifts to sloots who don't even get naked. This is a very normal thing in Asia. Uplive does about $100M in revenue and 25M virtual gift transactions per month are sold with 25M users. Still completely undiscovered ($107M MCAP - https://coinmarketcap.com/currencies/gifto/#charts) and I expect some massive Asian FOMO once the news I'm banking on gets out (can share in PM but not in public).

Who was it who recommended VIBE here?

If you were an ICO buyer, you are up 60000%.

Congratulations.

Samuel do you have any more altcoin picks as of late?

I'm waiting on a wire transfer, and then probably buying Po.et and Basic Attention Token.

I work in publishing, and feel like these two coins have demonstrated a potential for real long-term value.

Just curious to hear what's been on your mind in terms of altcoins.

GAT and Oracles Network (Whenever the hell they list) for low caps. Both have 10x potential.

For mid caps, PART is another potential 10x.

ICOs Vice Token if you can get into it. Gems is another one that'll be hard to get into but rewarding.

XMR is undervalued at its marketcap given how much people use it compared to other stuff.