Was anyone else long on Bitcoin Cash before today?

Lol i says godamn i says...



https://www.reddit.com/r/personalfinance/comments/84huks/i_just_discovered_that_i_owe_the_irs_50k_that_i/?utm_content=title&utm_medium=hot&utm_source=reddit&utm_name=personalfinance

" Based on the information that has been provided, not much relief.
Assuming he ends up selling all his current crypto holdings for $30k. Here is what his tax situation would look like in a broad sense.
2017 tax year - he has $110k+ in recognized short term capital gains.
2018 tax year - he has $90k in recognized short term capital losses. However, the IRS only allows you to claim $3,000 in a net capital loss every year. The remainder is carried over (until its exhausted)."

Oops?

 

I dont have much sympothy for someone that doesnt understand that nothing is free. You can assume your going to pay 43-ish% on your gains. If you dont put aside enough for taxes when you sell it then...

Also, if this person re-invested the gains from one coin to the other they wouldnt have to recognize all those gains. Something doesnt add up. If they cashed out, transferred the $$ to a bank account then only re-invested some, of course you pay the tax on all the gains.

 

Probably transferred to something like Binance to buy other coins, which is off the radar and a different market tool.

Gov't would look at Coinbase in a vacuum. You put in $7k to Coinbase, it went up to $120k, you took it out. They don't or can't know what you did with it next. Its fucked up cause he probably figured he was re-investing since he wasn't actually seeing the cash and instead going from coin to coin, but damn. I wonder if a good lawyer (with money he doesn't have now) could argue that case, but it'd probably be no different than if you had a Vanguard account, made a bunch of money, then transferred it right to an investment property down payment, but that deal went under. Still realized the gain there. I dunno.

 

Anyone ready to go to jail over this stuff yet?

https://gizmodo.com/child-pornography-that-researchers-found-in-the-blockch-1823927566

 

Surprise surprise. The world goverments trying to make crypto currencies illegal because you know...."save the children". Let the propaganda fly.

 

That’s not propaganda. Pedophiles been using it since day one. The fact that the scum of the earth prefer it is just Another one of the many issues with crypto currencies.


Ride safe,
AAron

 

You mean cryptography. He's not right, he's focused on the wrong item.

Governments hate civilians having cryptography. Maybe we should just shut down the internet. That would curb child porn, too.

 

Nope I’m not wrong.

Ride safe,
AAron

 

Do you have any background in cryptography and the relationship with criminal elements and law enforcement?

 

I thought only drug dealers and terrorists used cryptos, now the pedophiles are in on it too?

 

Yes.

Ride safe,
AAron

 

Then maybe you can help me understand what unique challenges block chain presents that cryptography in general does not?

 

I’m assuming you aren’t that dumb and are being facetious.

Ride safe,
AAron

 

Specific to child porn distribution, what does block chain present that cryptography in general does not?

 

Troll much?
You and I both know you don’t need an explanation.

Ride safe,
AAron

 

I'm being serious. For that scenario, cryptography already poses innumerable challenges, some of which are essentially insurmountable, for law enforcement.

 

"that" being cryptography generically or block chain?

Trying to understand the question before I respond.