Cryptocurrency

[mr.yuck]

8 hours ago, KILZ FILLZ said:

@mr.yuckBitcoin *is* an inefficient way to move money. The fees are ‘tarded. 
 

nano and doge have no fees. If you wanted to pay someone use these. 

Whether bitcoin is one thing or another, I just found it funny that some one from the federal reserve is shit talking another currency for being backed by nothing. 

[Mercer]

Try moving large amounts of money (domestically & internationally) using the banking system, the fees, and long delays make bitcoin look like venmo. Had to drop a downpayment on a house, holy shit it was frustrating and retarded. 

[ndv]

Wanting to confirm and at what percentage?  So I heard IRS treats BTC as property, so there's a property tax charge on gains?  

 

True story?

[NightmareOnElmStreet]

9 hours ago, Mercer said:

Try moving large amounts of money (domestically & internationally) using the banking system, the fees, and long delays make bitcoin look like venmo. Had to drop a downpayment on a house, holy shit it was frustrating and retarded. 

Thats whats up though. Did it all work out in the end??

[Mercer]

36 minutes ago, NightmareOnElmStreet said:

Thats whats up though. Did it all work out in the end??

 

Yes /prohomoner

[mr.yuck]

1 hour ago, ndv said:

Wanting to confirm and at what percentage?  So I heard IRS treats BTC as property, so there's a property tax charge on gains?  

 

True story?

 

A federal property tax, though? I dont know either. Just thinking out loud with you.

[CLICKCLACKONER]

1 hour ago, ndv said:

Wanting to confirm and at what percentage?  So I heard IRS treats BTC as property, so there's a property tax charge on gains?  

 

True story?

Are you hodling or did you cash out? If your hodling (from my understanding) you don’t have to report shit. If you sold within a year then you’ll get taxed I think 30% for short term gains. After a year it’s long term I think at 15%. Basically the same formula for capital gains taxes for stocks. Somebody correct me if I’m wrong. 

[ndv]

Just now, mr.yuck said:

 

A federal property tax, though? I dont know either. Just thinking out loud with you.

 

I am thinking its federal property tax.  From my understanding you only pay the property tax if you sell the btc for more than you purchased.  But if you never sell,  you never pay tax. 

 

My other question is what about state property taxes?

[mr.yuck]

6 minutes ago, ndv said:

 

I am thinking its federal property tax.  From my understanding you only pay the property tax if you sell the btc for more than you purchased.  But if you never sell,  you never pay tax. 

 

My other question is what about state property taxes?

I would say thats a weird flex for the government to tax something nontangible as property, but they protect intelectual property, too

[ndv]

2 minutes ago, CLICKCLACKONER said:

Are you hodling or did you cash out? If your hodling (from my understanding) you don’t have to report shit. If you sold within a year then you’ll get taxed I think 30% for short term gains. After a year it’s long term I think at 15%. Basically the same formula for capital gains taxes for stocks. Somebody correct me if I’m wrong. 

 

I think you're right. I read the same thing.  I am just trying to get a better understanding.  And f there's a way to avoid the tax, considering btc or any other crypto currency is technically a non tangible thing.  Basically it doesn't exist but it does.  In others words I have never seen or held a crypto so arguably btc doesn't truly exist.  So how can something that doesn't exist be taxed.  Will we be taxed on imagination?   I just find the crypto taxation more so baphoon-ery and firmly believe the argument that something that doesn't exist cannot be taxed.  But if so, then one should be able to, with validity, pay the property tax with their imagination.  

 

^^ thats some funny sh** 😄 right there.  But seriously tho. 

[ndv]

5 minutes ago, mr.yuck said:

I would say thats a weird flex for the government to tax something nontangible as property, but they protect intelectual property, too

 

But is intellectual property taxed?

[mr.yuck]

9 minutes ago, ndv said:

 

But is intellectual property taxed?

 

You know thats interesting. The IP isnt taxed until sold. But if you are selling something like digital music thats a nontangible product as well. This also makes me think of an article or something I was reading a while ago about the weight of data. I might start a new thread about why the government is so faggoty.

[ndv]

12 minutes ago, mr.yuck said:

 

You know thats interesting. The IP isnt taxed until sold. But if you are selling something like digital music thats a nontangible product as well. This also makes me think of an article or something I was reading a while ago about the weight of data. I might start a new thread about why the government is so faggoty.

 

I get that.  So now the plant thickens.  So if you're saying that digital music stimulates a tangible thing (hearing. Tangible buy being validated buy hearing.  Validated as airwaves can be felt which now scientifically is proven to be a mass), then I can see how it can now taxed because audio is tangible amd can be felt.  So there for its tangible.  

 

So then would the argument of valid taxation of crypto, be argued that since we can use crypto to purchase things that gives us pleasure or pain (a smile or feeling, a smile is physical and is felt/seen as tangible) then crypto has to be taxed.  Because we are technically validating its existence so therefore it's tangible?  

 

Then my argument is, should a def person have to pay tax on digital music or any thing that produces sound at all have to pay the tax?   Because even if the def can feel sound waves there is still no way of proving or persuading the def there's sound.  So with that said, if the blind have btc, prove to them crypto even exists.  

 

I can see how my analogies come off as Mickey Mouse but with all seriousness I raise question not to totally question tax itself as anti tax.  But raise question to what the government has right to codify what should be taxed and what isn't in the same manner as 1776.

 

 

[mr.yuck]

[poes]

On 3/27/2021 at 1:51 PM, Mercer said:

@poes2/3rds ETH, 1/3rd BTC now, and just shitcoin collection less than 1% Too much riding on crypto to risk it on anything speculative, or anything that isn't in high demand for actual use. Don't think ADA is anything to sleep on, just have confidence there's plenty of room for growth in ETH/BTC.

 

Bitcoin is now a trillion dollar plus world reserve currency. Ethereum is providing almost everything else the dim age financial industry offered, and then some in the decentralized realm of finance, and is moving into scalability/POS with a 90% network effect already built in.

Thanks, obviously not your first rodeo.

This IS my first rodeo and have gone from being all about ETH to some crypto-euphoria FOMO/YOLO options. It's treated me well so far but will make an effort to reign in it a bit before I get burnt.

 

I read this recently which got me excited about ETH again after the price hasn't moved much for a couple of months:

 

[KILZ FILLZ]

Cardano fully decentralized today

converted all my DGB to ADA

tried to convert all TRX to ADA but exodus is a lil bitch 

 

tempted to convert my ETH and LINK into to ADA ina YOLO but I’m not there yet

 

let’s fucking go 

 

edit: HBAR still making me smile. 😊 

[KILZ FILLZ]

Also : embedded Reddit post for the damn win. Well Done. IDK how. 

[Mercer]

[KILZ FILLZ]

Looks like I should’ve held that XRP...sheeeeit

 

all well. 

[lord_casek]

On 4/6/2021 at 9:09 PM, KILZ FILLZ said:

Looks like I should’ve held that XRP...sheeeeit

 

all well. 

I dropped some money into ADA a couple of weeks ago and CHAINLINK a week or so ago. I'm hearing LINK will go up 10x in the next 50 days. 
Keeping my ETH. I love where it's headed. 

[Mercer]

XRP is still a pump and dump scam IMO, most XRP has never been in circulation yet and is dumped strategically after the strategic pump. You can never time when to get out (unless you're the whale finna dump). I remember last bear market when you could watch Ripple dumping it down to near zero 2018-2019.

 

 

Anyway, on to the next scam.

 

Ever wonder why NFT's sell for millions in their initial auction, then a week or two later sell for $200K?

 

 

 

Artconomics game ready for 2041 AD

[CLICKCLACKONER]

🤔🤔🤔

[KILZ FILLZ]

Hbar gang

ada gang

link gang

 

said adios to digibyte and stellar

not a single disappoint so far 

 

Eth and btc are gold and silver 

 

just wish I had more capital!!!

 

sheit

[NightmareOnElmStreet]

Out here cashin and dashin, yo. Being yolo and buying my Harley. Fuck it. 

[NightmareOnElmStreet]

I don’t know how to hang on to the entire hodl life. Keep some, save some, spend some buy some more🧐 lol?

[Mercer]

1 hour ago, NightmareOnElmStreet said:

Out here cashin and dashin, yo. Being yolo and buying my Harley. Fuck it. 

 

Same here, decided to just buy a whip recently. Life is good.

[abrasivesaint]

I have just accepted that i have no fucking clue what i’m doing, haha. I just got money sitting in places and assume one day it’ll either be more money than i had, or it’ll be less money than i had, and i’m hoping for the best. 

[abrasivesaint]

Got some shit in: 

 

BTC 

ETH

ADA

DGB

LINK

BAT 

 

... aaand i think that’s it? But i may be missing something. I’ve just thrown some extra cash into some stuff every now and then just to see what happens over the course of a couple weeks or months.

[NightmareOnElmStreet]

5 hours ago, Mercer said:

 

Same here, decided to just buy a whip recently. Life is good.

Whatchu get dawg??? 

[NightmareOnElmStreet]

1 hour ago, abrasivesaint said:

I have just accepted that i have no fucking clue what i’m doing, haha. I just got money sitting in places and assume one day it’ll either be more money than i had, or it’ll be less money than i had, and i’m hoping for the best. 

Basically it seems as though you know exactly what you’re doing breh...Lolol.