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Web 3.0 (Ethereum) is happening, and most people have no idea what it even is.

powderhound100

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What happens when the anonymity of bitcoin goes away and the IRS gets involved?

A lot of people I know think they are just going to skate by without paying tax on any of this money.

Anonymity is a major catalyst of bitcoin. When that goes away, which it will; what kind of effect do you see it having on the price of bitcoin and the overall crypto world in general?

Thanks

There are a number of different privacy coins that fulfill the anonymous needs of people.
I think as more institutional money comes into a space, there will be less people trying to skirt the law and will be fine with paying the minimum legal amount of taxes their accountants can figure out.

What is everyone's plan here tax wise? I read that in the US starting 2018 taxes need to be paid on the earnings of each trade.
 
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steelandchrome

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Crazy part is they consider every transaction a taxable event (trading ETH for alt coin for example). The ETH is taxable as a sale at that point for full amount and if you trade back to ETH or any other token then it is taxable again not just when you cash out.... keep good records

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powderhound100

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If you make make money , pay your tax. Other wise you will be looking over your shoulder hoping you dont get caught later. But not until you take your gains out into fiat.
I agree 100%, I am planning to pay taxes for sure. As steelandchrome mentioned, gotta keep good records.
 

ZeroTo100

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There are a number of different privacy coins that fulfill the anonymous needs of people.
I think as more institutional money comes into a space, there will be less people trying to skirt the law and will be fine with paying the minimum legal amount of taxes their accountants can figure out.

What is everyone's plan here tax wise? I read that in the US starting 2018 taxes need to be paid on the earnings of each trade.

I could be wrong, but isn’t the whole point of cryptocurrency to avoid governments, borders, middlemen, etc. I understand there are many other reasons such as security but speaking as a realist, people and companies use it for the points noted above. We see it with ICOs avoiding the SEC for example.

When bitcoin/cryptos lose the anonymous factor so goes the rest. Once there is human intervention (govt) > less privacy > it damages the entire purpose of cryptos. The crazy thing is, this would be worse than countries banning it.

Anyway, all good stuff.

Happy New Year!
 
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Nigel B

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Amazed how many people think their capital gains in crypto should go untaxed.

Good luck moving back to fiat - if you do not declare your gains the alarm bells will ring for criminal/terrorists activity instead and you'll really wish you'd paid your taxes!

Just as 10K of cash is a reporting trigger today for banks, I feel sure that it will not be long before any significant transfer from a known crypto exchange will be a trigger.
 

Daniel Burt

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Pending approval by @fhs8 and @masterneme, Dubai is planning to be the world's first blockchain city:

Dubai Plans to be the World's First Blockchain City - CryptoCoinsNews

What's the hold up guys? Governments, banks, scientists and corporate entities are just waiting for your go-ahead. Literally tens of thousands of engineers and geniuses are on the edge of their seats waiting on your word.

tumblr_oa1rckS4Zd1vx7mv8o1_500.gif
Hey man,

Are you based in Dubai? I live and work here currently and am keen to connect with like minded people.
 

arcola

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You guys are all crazy the value is just as a currency what’s the point of diversifying. There isn’t going to be 10 prevalent cryptos there’s just going to be bitcoin
 

Patrick R

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@arcola Without trying to sound rude or anything, but that's actually completely incorrect. That's like saying "what's the point of diversifying, there aren't thousands of real companies, Apple is the only stock that there will be."

The term cryptocurrency is actually very misleading. While yes, they are all a currency, each token (or coin) is based around an incredibly complex technology that has actual purpose. Whether it is blockchain or tangle tech or something similar, they have real uses.

Most people are using crypto as a simple investment similar to the stock market just with hopes of much bigger returns. They just don't take the time to learn the technology behind it and why they exist.

For example, some of the most popular currencies right now are Ripple (XRP) and TRON. You can look at them and say "oh good investments" or you can decide to utilize them because Ripple is changing the way currency is exchanged cross-border and how long it takes. Or because TRON is used to make a decentralized content entertainment platform.

Decentraland (MANA) is another one I can't wait to see explode this year. And it is a completely virtual world where you can purchase plots of land, build businesses or anything you want and use them to make real money (i.e. you build an arcade and then charge people to play in your arcade).

These are all just as real as Apple or Amazon or US Bank. Just in a virtual fashion. Bitcoin is becoming the "gold" of the crypto world (although I think it will eventually be replaced) and all the others will be valued against them similar to USD-Gold or Euro-Gold etc.

Cryptocurrency is literally infinitely more than a simple method of investing, investing is just a portion of what is can to (and currently the most popular). Just like Amazon is more than a stock ticker.
 

MJ DeMarco

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ETH been flirting with $1000, BTC seems range based 12-17K.
 
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LionS2

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ETH been flirting with $1000, BTC seems range based 12-17K.

I started reading this thread a few months ago, bookmarked it. Glad to see your interest in this space has not dwindled. :)

I was heavily invested in bitcoin for the last few months, but really see Ethereum and its network of Dapps taking the market majority in 2018.
(This is my first post, so I will not be shilling individual ERC20 coins, as I do not want to come off that way.)

I think trying to push Bitcoin to be a decentralized currency at this point is a wasted effort, it has become a digital store of value ("stability" in this crazy market).
 
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arcola

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@arcola Without trying to sound rude or anything, but that's actually completely incorrect. That's like saying "what's the point of diversifying, there aren't thousands of real companies, Apple is the only stock that there will be."

The term cryptocurrency is actually very misleading. While yes, they are all a currency, each token (or coin) is based around an incredibly complex technology that has actual purpose. Whether it is blockchain or tangle tech or something similar, they have real uses.

Most people are using crypto as a simple investment similar to the stock market just with hopes of much bigger returns. They just don't take the time to learn the technology behind it and why they exist.

For example, some of the most popular currencies right now are Ripple (XRP) and TRON. You can look at them and say "oh good investments" or you can decide to utilize them because Ripple is changing the way currency is exchanged cross-border and how long it takes. Or because TRON is used to make a decentralized content entertainment platform.

Decentraland (MANA) is another one I can't wait to see explode this year. And it is a completely virtual world where you can purchase plots of land, build businesses or anything you want and use them to make real money (i.e. you build an arcade and then charge people to play in your arcade).

These are all just as real as Apple or Amazon or US Bank. Just in a virtual fashion. Bitcoin is becoming the "gold" of the crypto world (although I think it will eventually be replaced) and all the others will be valued against them similar to USD-Gold or Euro-Gold etc.

Cryptocurrency is literally infinitely more than a simple method of investing, investing is just a portion of what is can to (and currently the most popular). Just like Amazon is more than a stock ticker.

Dude all these different companies offer completely different specialized uses and operate in different verticals. Currencies have a single purpose - transactions. The fact you're offering an analogy that they are like Apple and Amazon blows my mind. These are currencies dude. 99% of these currencies are never going to have any transaction value. I bet half the currencies you mention have NEVER been used to buy or sell anything.

Bitcoin actually has been used as a currency and has real value.

Theres a reason states/countries only have 1 currency! Because any other currency would just be redundant. You guys think you are buying commodities or stocks in companies or something. I literally know nothing about crypto, but I do know there is only going to be 2-3 currencies that will survive the crash of this bubble because thats all the world needs. We could probably survive off of just bitcoin to be honest.

The only value of a currency is how many places except it! People that think vendors and customers are going to use 20-30 different currencies are just crazy. Theres only going to be 1...maybe 2 or 3.

The bubble is going to bust when all you guys realize all the functions the different coins are trying to sell dont matter because they never become ubiquitous, and it turns out the whole increases they've been having has been completely between you people buying it an selling but never actually using it to buy or sell THINGS

The culling is coming. I say by 2019 all these currencies go to 0 except bitcoin and MAYBE ETH
 
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arcola

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How many currencies are accepted ubiquitously in the US ?

How many of the currencies people have mentioned in this thread other than Bitcoin have had a single transaction to actually buy something?

How many have just been bought and sold as investment?

What is the intrinsic value of a currency?

You aren't a smart person
 

Coalission

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How many currencies are accepted ubiquitously in the US ?

How many of the currencies people have mentioned in this thread other than Bitcoin have had a single transaction to actually buy something?

How many have just been bought and sold as investment?

What is the intrinsic value of a currency?

You aren't a smart person

KDy9bqk.gif
 

GlobalWealth

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How many of the currencies people have mentioned in this thread other than Bitcoin have had a single transaction to actually buy something?
I find this level of ignorance a huge indicator that crypto is nowhere near a bubble.

Even 10 minutes of Google research on his own question would show how ridiculous this is.

And this is perfect.

Crypto is not mainstream.

Most people have zero understanding of crypto our Blockchain utility.

We are nowhere even remotely close to a bubble.

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arcola

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I find this level of ignorance a huge indicator that crypto is nowhere near a bubble.

Even 10 minutes of Google research on his own question would show how ridiculous this is.

And this is perfect.

Crypto is not mainstream.

Most people have zero understanding of crypto our Blockchain utility.

We are nowhere even remotely close to a bubble.

Sent from my VTR-L29 using Tapatalk

Answer the question - how many have actually been used in transactions?

Can a fiat currency actually exist solely as a store of value and no one uses it in transactions?

You people keep calling me an idiot without answering the questions that prove my point


And btw Bitcoin is all over mainstream news along with crypto scams

https://gizmodo.com/initial-coin-offering-backed-startup-confido-goes-dark-1820629969
 

maverick

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ICOs are used as a way to raise funds for a startup, based on cryptocurrencies. The currency is directly linked to the startup product or service.

You're confusing cryptocurrency with fiat money.
 

KingAlex

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I think Cryptocurrencies are overhyped actually, but nevertheless, the technology behind this is really revolutionary. A good starting point for discussing might be (exuse the advertisement) the book "The Internet of Money". If you dont want to buy it, just check the Youtube Channel of the Author, he's a really good speaker by the way, covering a lot of relevant topics.

To be honest I'm worrying about strict regulations regarding the crypto world, because the current development cant be healthy. I see people doubling their investments in a week (including me) just by speculating a little bit with Altcoins. Market entry is nearly zero (you just need money and an ID). So what have we learned about low market entry in TMFL? ;)

Furthermore I cant really believe, that the biggest and most powerful institutions (Im talking about banks) with dozens of strategic thinkers will give their power away by just dezentralizing their power to the residents due to cryptocurrencies. This just wont happen, its more likely they will invent their own crypto currency.

Please correct me if something is wrong, I think we should discuss on this place with a less ego based opinion exchange (dont take this personal though) because we probably are all struggling with a REAL understanding.

Cheers!
Alex
 
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GlobalWealth

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Answer the question - how many have actually been used in transactions?

Can a fiat currency actually exist solely as a store of value and no one uses it in transactions?

You people keep calling me an idiot without answering the questions that prove my point


And btw Bitcoin is all over mainstream news along with crypto scams

https://gizmodo.com/initial-coin-offering-backed-startup-confido-goes-dark-1820629969
ETH is used for a lot of different types of transactions including payments, ICO's, and validating smart contracts.

BTC is used for millions of payments. BCH is growing rapidly as a payment application.

XLM is becoming a huge small payment coin and just recently signed a deal with WeChat as a payment solution (huge market).

XRP is adding banks and other financial institutions daily for international transfers and will eventually replace the SWIFT system.

DASH just signed a deal with the POS company that had 70% market share in the US cannabis market allowing dispensaries to accept DASH at the register instead of cash (most dispensaries do not have bank accounts).

I never said you were stupid. You're just trying to confirm your own biases and likely too lazy to do any homework that would easily invalidate your idea that crypto isn't used for transactions.

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GlobalWealth

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MJ DeMarco

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I literally know nothing about crypto... but then proceeds to make an argument against it...

Oh this is beautiful.

Imagine the insanity of arguing quantum physics with a variety of physicists after you've admitted the extent of you're education rounds out to about 7th grade mathematics and empirical "I see with my eyes" evidence.

That oughta go well.
 
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BD64

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Hopefully this ain't getting off-topic but what are your thoughts on
1. Accepting cryptos as payment for products/services?
2. Dollar-cost averaging your way into the market (specifically with bitcoin)

These both seem like good options for someone to get into the space while putting some hedges against risk. Thoughts?
 

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